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)

One Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Sean O’Malley, Esq. Senior Vice President and Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210	Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1. Shareholder Reports.

Annual Report

December 31, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

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

Annual Report

December 31, 2019

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		27

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, 2019 (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 Standard & Poor’s 500 Stock Index. The Fund seeks to replicate the return of the S&P 500 Index while holding transaction costs low and minimizing portfolio turnover. The Fund’s benchmark is S&P 500 Index (the “Index”).

For the 12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 31.05%, and the Index was 31.49%. 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. Fees, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index

The Index started the new year just a hair above 2,500 in terms of price index levels. As the recovery in stocks took shape amid expectations for easing monetary conditions, technical strategists noted that a level of 2,600 was likely to provide some resistance. Right around mid-January the Index overtook that psychological level, amid some encouraging early signs from fourth-quarter earnings. The progression of both economic data points and earnings releases provided a reasonable amount of fodder for both bulls and bears to latch onto, but a temporary measure to end the US government shutdown and a dovish turn from the Federal Reserve helped the Index eclipse 2,700 by the end of January. This meant the Index returned over 8% for the month. The next two months of Q1 posted positive returns, albeit at a decelerating pace, to end the quarter up 13.65%.

April marked another solid month for growth assets as investors embraced optimism about trade policy between the United States and China, and earnings results continued to outpace analyst estimates. The Index closed the month at a new all-time high. As quickly as the monthly calendar turned, investors were met with increasingly uncomfortable developments. On the very first day of May, Federal Reserve Chair Jerome Powell pushed back on market expectations for interest rate cuts by suggesting that recent low levels of inflation were likely transitory. From there, trade conflict between the United States and the rest of the world took center stage, battering equity markets. As May turned to June, liquidity returned and sent the Index to new all-time highs. The Index after the first six months closed with a positive 18.54% return.

Markets entered the third quarter with a sense of cautious optimism following the G20 summit in Japan, where the United States and China reached a truce on the ongoing trade conflict and also agreed to restart trade negotiations. The favorable sentiment would prevail for much of July, as the Index eclipsed 3,000 for the first time ever. However, as the calendar shifted into August and September the market flattened and barely posted any gain over the next two months.

Apart from some modest hiccups at the beginning of October and end of November, US equities made mostly uninterrupted progress during the fourth quarter. Markets started out with some back and forth price action as investors balanced weak manufacturing data and the likelihood of lower interest rates with third-quarter earnings expectations that were relatively downbeat. An apparent truce in the US/China trade conflict helped lift sentiment in US equities as the US agreed to delay a tariff hike that was scheduled for the middle of October. Turning to November, the S&P 500 Index advanced nearly 1% on the first day of month. US stocks then hit a modest soft patch amidst some negative trade headlines and the passage of the Hong Kong Human Rights and Democracy Act in the US House of Representatives. Equity markets recovered right up until the end of November when news that President Trump had signed that same bill led to a risk-off environment. US markets were still a little jittery in early December as President Trump announced the re-imposition of steel and aluminum tariffs on Brazil and Argentina, but the announcement later in the month of a Phase One trade deal with China carried equity markets into a strong close for 2019. The Index rallied 9.07% in the fourth quarter and added 31.49% for the Reporting Period overall.

The Fund used futures in order to obtain full equity exposure and equitize cash and income receivable. The Fund’s use of futures helped the Fund track the Index.

On a sector level, the top positive contributors to the Fund’s performance during the Reporting Period were Information Technology and Financials. The top negative contributors to the Fund’s performance during the Reporting Period were Energy and Materials.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Apple Inc., Facebook, Inc. Class A, and Microsoft Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Occidental Petroleum Corporation, Pfizer Inc., and AbbVie 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 S&P 500 Index V.I.S. Fund

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

Understanding Your Fund’s Expenses — December 31, 2019 (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, 2019.

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, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,107.40	$	1,023.49
Expenses Paid During the Period*	$	1.81	$	1.73

* Expenses are equal to the Fund’s annualized expense ratio of 0.34% (for the period July 1, 2019 - December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Apple Inc.	4.56	%
Microsoft Corp.	4.47	%
Amazon.com Inc.	2.86	%
Facebook Inc., Class A	1.84	%
Berkshire Hathaway Inc., Class B	1.65	%
JPMorgan Chase & Co.	1.63	%
Alphabet Inc., Class A	1.50	%
Alphabet Inc., Class C	1.49	%
Johnson & Johnson	1.43	%
Visa Inc., Class A	1.19	%

Sector Allocation as of December 31, 2019

Portfolio composition as a % of Fair Value of $186,613 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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		31.05	%		11.34	%		13.21	%	$	34,571
S&P 500® Index		31.49	%		11.70	%		13.56	%	$	35,656

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional Liquid Reserves Fund — Premier Class.

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

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, 2019 (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, 2019

	Number of Shares		Fair Value $
Common Stock - 99.4% †
Advertising - 0.1%
Omnicom Group Inc.		1,543		125,014
The Interpublic Group of Companies Inc.		2,720		62,832
				187,846
Aerospace & Defense - 2.4%
Arconic Inc.		2,788		85,787
General Dynamics Corp.		1,612		284,276
Huntington Ingalls Industries Inc.		300		75,264
L3Harris Technologies Inc.		1,565		309,667
Lockheed Martin Corp.		1,731		674,017
Northrop Grumman Corp.		1,097		377,335
Raytheon Co.		1,961		430,910
Textron Inc.		1,525		68,015
The Boeing Co.		3,689		1,201,729
TransDigm Group Inc.		333		186,480
United Technologies Corp.		5,552		831,467
				4,524,947
Agricultural & Farm Machinery - 0.2%
Deere & Co.		2,226		385,677
Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		3,924		181,877
Air Freight & Logistics - 0.5%
CH Robinson Worldwide Inc.		1,029		80,468
Expeditors International of Washington Inc.		1,199		93,546
FedEx Corp.		1,688		255,242
United Parcel Service Inc., Class B		4,776		559,079
				988,335
Airlines - 0.4%
Alaska Air Group Inc. (a)		1,000		67,750
American Airlines Group Inc.		2,398		68,775
Delta Air Lines Inc.		3,906		228,423
Southwest Airlines Co.		3,334		179,969
United Airlines Holdings Inc. (b)		1,450		127,730
				672,647
Alternative Carriers - 0.1%
CenturyLink Inc.		7,333		96,869
Apparel Retail - 0.5%
L Brands Inc.		1,488		26,962
Ross Stores Inc.		2,577		300,014
The Gap Inc.		1,676		29,632
The TJX Companies Inc.		8,495		518,705
				875,313

	Number of Shares		Fair Value $
Apparel, Accessories & Luxury Goods - 0.3%
Capri Holdings Ltd. (b)		1,222		46,619
Hanesbrands Inc.		2,400		35,640
PVH Corp.		518		54,468
Ralph Lauren Corp.		400		46,888
Tapestry Inc.		2,289		61,735
Under Armour Inc., Class A (b)		1,700		36,720
Under Armour Inc., Class C (b)		1,712		32,836
VF Corp.		2,202		219,451
				534,357
Application Software - 1.8%
Adobe Inc. (a)(b)		3,309		1,091,341
ANSYS Inc. (b)		600		154,446
Autodesk Inc. (b)		1,548		283,996
Cadence Design Systems Inc. (b)		1,900		131,784
Citrix Systems Inc.		907		100,586
Intuit Inc.		1,787		468,069
salesforce.com Inc. (b)		6,112		994,056
Synopsys Inc. (b)		999		139,061
				3,363,339
Asset Management & Custody Banks - 0.8%
Ameriprise Financial Inc.		905		150,755
BlackRock Inc.		809		406,684
Franklin Resources Inc.		2,000		51,960
Invesco Ltd.		2,050		36,859
Northern Trust Corp.		1,496		158,935
State Street Corp. (c)		2,611		206,530
T Rowe Price Group Inc.		1,540		187,634
The Bank of New York Mellon Corp.		5,837		293,776
				1,493,133
Auto Parts & Equipment - 0.1%
Aptiv PLC		1,856		176,264
BorgWarner Inc.		1,347		58,433
				234,697
Automobile Manufacturers - 0.3%
Ford Motor Co.		27,626		256,922
General Motors Co.		8,886		325,227
				582,149
Automotive Retail - 0.3%
Advance Auto Parts Inc. (a)		522		83,604
AutoZone Inc. (b)		166		197,757
CarMax Inc. (b)		1,190		104,327
O’Reilly Automotive Inc. (b)		549		240,605
				626,293

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, 2019

	Number of Shares		Fair Value $
Biotechnology - 2.0%
AbbVie Inc. (a)		10,163		899,832
Alexion Pharmaceuticals Inc. (a)(b)		1,601		173,148
Amgen Inc.		4,164		1,003,816
Biogen Inc. (b)		1,258		373,286
Gilead Sciences Inc.		8,751		568,640
Incyte Corp. (b)		1,200		104,784
Regeneron Pharmaceuticals Inc. (b)		550		206,514
Vertex Pharmaceuticals Inc. (b)		1,800		394,110
				3,724,130
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		1,298		69,962
Broadcasting - 0.2%
Discovery Inc., Class A (b)		1,106		36,210
Discovery Inc., Class C (b)		2,636		80,372
Fox Corp., Class A		2,615		96,938
Fox Corp., Class B (b)		1,130		41,132
ViacomCBS Inc., Class B		3,494		146,643
				401,295
Building Products - 0.3%
Allegion PLC		733		91,288
AO Smith Corp. (a)		972		46,306
Fortune Brands Home & Security Inc.		1,000		65,340
Johnson Controls International PLC		5,142		209,331
Masco Corp.		1,824		87,533
				499,798
Cable & Satellite - 1.1%
Charter Communications Inc., Class A (b)		1,105		536,014
Comcast Corp., Class A		31,431		1,413,452
DISH Network Corp., Class A (b)		1,581		56,078
				2,005,544
Casinos & Gaming - 0.2%
Las Vegas Sands Corp.		2,400		165,696
MGM Resorts International		3,500		116,445
Wynn Resorts Ltd.		657		91,238
				373,379
Commodity Chemicals - 0.2%
Dow Inc. (b)		5,284		289,193
LyondellBasell Industries N.V., Class A		1,762		166,474
				455,667

	Number of Shares		Fair Value $
Communications Equipment - 1.0%
Arista Networks Inc. (b)		350		71,190
Cisco Systems Inc.		29,399		1,409,976
F5 Networks Inc. (b)		400		55,860
Juniper Networks Inc.		2,247		55,344
Motorola Solutions Inc.		1,144		184,344
				1,776,714
Computer & Electronics Retail - 0.1%
Best Buy Company Inc.		1,559		136,880
Construction & Engineering - 0.1%
Jacobs Engineering Group Inc.		850		76,355
Quanta Services Inc.		1,200		48,852
				125,207
Construction Machinery & Heavy Trucks - 0.6%
Caterpillar Inc.		3,908		577,133
Cummins Inc.		1,056		188,982
PACCAR Inc.		2,403		190,077
Westinghouse Air Brake Technologies Corp.		1,297		100,907
				1,057,099
Construction Materials - 0.1%
Martin Marietta Materials Inc.		400		111,856
Vulcan Materials Co.		973		140,102
				251,958
Consumer Electronics - 0.0%*
Garmin Ltd.		800		78,048
Consumer Finance - 0.7%
American Express Co.		4,642		577,883
Capital One Financial Corp.		3,295		339,088
Discover Financial Services		2,277		193,135
Synchrony Financial		4,277		154,015
				1,264,121
Copper - 0.1%
Freeport-McMoRan Inc.		10,498		137,734
Data Processing & Outsourced Services - 4.1%
Alliance Data Systems Corp. (a)		325		36,465
Automatic Data Processing Inc.		3,053		520,537
Broadridge Financial Solutions Inc.		800		98,832
Fidelity National Information Services Inc.		4,300		598,087
Fiserv Inc. (b)		4,058		469,227
FleetCor Technologies Inc. (b)		600		172,632
Global Payments Inc.		2,088		381,185

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, 2019

	Number of Shares		Fair Value $
Jack Henry & Associates Inc.		600		87,402
Mastercard Inc., Class A		6,144		1,834,537
Paychex Inc.		2,334		198,530
PayPal Holdings Inc. (b)		8,243		891,645
The Western Union Co.		3,224		86,339
Visa Inc., Class A		11,827		2,222,293
				7,597,711
Department Stores - 0.1%
Kohl’s Corp.		1,273		64,859
Macy’s Inc.		2,334		39,678
Nordstrom Inc.		592		24,231
				128,768
Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		1,294		87,475
Constellation Brands Inc., Class A		1,179		223,715
				311,190
Distributors - 0.1%
Genuine Parts Co.		945		100,387
LKQ Corp. (b)		1,952		69,687
				170,074
Diversified Banks - 4.4%
Bank of America Corp.		56,026		1,973,236
Citigroup Inc.		15,032		1,200,907
JPMorgan Chase & Co.		21,781		3,036,271
U.S. Bancorp		9,749		578,018
Wells Fargo & Co.		26,599		1,431,026
				8,219,458
Diversified Chemicals - 0.0%*
Eastman Chemical Co.		918		72,761
Diversified Support Services - 0.1%
Cintas Corp.		564		151,761
Copart Inc. (b)		1,300		118,222
				269,983
Drug Retail - 0.2%
Walgreens Boots Alliance Inc.		5,313		313,254
Electric Utilities - 2.0%
Alliant Energy Corp. (a)		1,600		87,552
American Electric Power Company Inc.		3,483		329,178
Duke Energy Corp.		5,082		463,529
Edison International		2,442		184,151
Entergy Corp.		1,253		150,109
Evergy Inc.		1,599		104,079
Eversource Energy		2,330		198,213

	Number of Shares		Fair Value $
Exelon Corp.		6,934		316,121
FirstEnergy Corp.		3,854		187,305
NextEra Energy Inc.		3,402		823,828
Pinnacle West Capital Corp.		700		62,951
PPL Corp.		5,037		180,728
The Southern Co.		7,258		462,335
Xcel Energy Inc.		3,606		228,945
				3,779,024
Electrical Components & Equipment - 0.5%
AMETEK Inc.		1,600		159,584
Eaton Corporation PLC		2,800		265,216
Emerson Electric Co.		4,230		322,580
Rockwell Automation Inc.		819		165,987
				913,367
Electronic Components - 0.2%
Amphenol Corp., Class A		2,000		216,460
Corning Inc.		5,134		149,451
				365,911
Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc.		1,100		57,277
Keysight Technologies Inc. (b)		1,400		143,682
Zebra Technologies Corp., Class A (b)		300		76,632
				277,591
Electronic Manufacturing Services - 0.1%
IPG Photonics Corp. (b)		300		43,476
TE Connectivity Ltd.		2,254		216,023
				259,499
Environmental & Facilities Services - 0.3%
Republic Services Inc.		1,415		126,826
Rollins Inc.		1,200		39,792
Waste Management Inc.		2,703		308,034
				474,652
Fertilizers & Agricultural Chemicals - 0.2%
CF Industries Holdings Inc.		1,685		80,442
Corteva Inc. (b)		5,417		160,127
FMC Corp.		981		97,923
The Mosaic Co.		2,500		54,100
				392,592
Financial Exchanges & Data - 1.1%
Cboe Global Markets Inc.		800		96,000
CME Group Inc.		2,519		505,614
Intercontinental Exchange Inc.		3,813		352,893
MarketAxess Holdings Inc.		250		94,778
Moody’s Corp.		1,156		274,446

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, 2019

	Number of Shares		Fair Value $
MSCI Inc.		600		154,908
Nasdaq Inc.		834		89,321
S&P Global Inc.		1,657		452,444
				2,020,404
Food Distributors - 0.2%
Sysco Corp.		3,618		309,484
Food Retail - 0.1%
The Kroger Co.		5,490		159,155
Footwear - 0.5%
NIKE Inc., Class B		8,642		875,521
Gas Utilities - 0.1%
Atmos Energy Corp.		900		100,674
General Merchandise Stores - 0.5%
Dollar General Corp.		1,812		282,636
Dollar Tree Inc. (b)		1,692		159,132
Target Corp.		3,495		448,094
				889,862
Gold - 0.1%
Newmont Goldcorp Corp.		5,411		235,108
Health Care REITs - 0.3%
Healthpeak Properties Inc.		3,274		112,855
Ventas Inc.		2,629		151,798
Welltower Inc.		2,800		228,984
				493,637
Healthcare Distributors - 0.2%
AmerisourceBergen Corp.		1,061		90,206
Cardinal Health Inc.		1,868		94,483
Henry Schein Inc. (b)		1,098		73,259
McKesson Corp.		1,189		164,463
				422,411
Healthcare Equipment - 3.3%
Abbott Laboratories (a)		12,214		1,060,908
ABIOMED Inc. (a)(b)		300		51,177
Baxter International Inc.		3,377		282,385
Becton Dickinson and Co.		1,883		512,120
Boston Scientific Corp. (b)		9,799		443,111
Danaher Corp.		4,400		675,312
Edwards Lifesciences Corp. (b)		1,400		326,606
Hologic Inc. (b)		1,900		99,199
IDEXX Laboratories Inc. (b)		622		162,423
Intuitive Surgical Inc. (b)		796		470,555
Medtronic PLC		9,247		1,049,072
ResMed Inc.		986		152,801
STERIS PLC		500		76,210
Stryker Corp.		2,181		457,879

	Number of Shares		Fair Value $
Teleflex Inc.		300		112,932
Varian Medical Systems Inc. (b)		634		90,034
Zimmer Biomet Holdings Inc.		1,337		200,122
				6,222,846
Healthcare Facilities - 0.2%
HCA Healthcare Inc.		1,891		279,509
Universal Health Services Inc., Class B		558		80,050	��
				359,559
Healthcare Services - 0.8%
Cigna Corp. (b)		2,565		524,517
CVS Health Corp.		9,141		679,085
DaVita Inc. (b)		558		41,866
Laboratory Corporation of America Holdings (b)		700		118,419
Quest Diagnostics Inc.		1,000		106,790
				1,470,677
Healthcare Supplies - 0.2%
Align Technology Inc. (a)(b)		461		128,638
DENTSPLY SIRONA Inc.		1,532		86,696
The Cooper Companies Inc.		315		101,206
				316,540
Healthcare Technology - 0.1%
Cerner Corp.		2,100		154,119
Home Building - 0.2%
D.R. Horton Inc.		2,400		126,600
Lennar Corp., Class A		2,100		117,159
NVR Inc. (b)		20		76,168
PulteGroup Inc.		1,535		59,558
				379,485
Home Furnishings - 0.1%
Leggett & Platt Inc.		1,000		50,830
Mohawk Industries Inc. (b)		400		54,552
				105,382
Home Improvement Retail - 1.2%
Lowe’s Companies Inc.		5,331		638,440
The Home Depot Inc.		7,589		1,657,286
				2,295,726
Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc.		4,517		83,790
Hotels, Resorts & Cruise Lines - 0.5%
Carnival Corp.		2,900		147,407
Hilton Worldwide Holdings Inc.		1,900		210,729

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, 2019

	Number of Shares		Fair Value $
Marriott International Inc., Class A		1,882		284,991
Norwegian Cruise Line Holdings Ltd. (b)		1,500		87,615
Royal Caribbean Cruises Ltd.		1,263		168,623
				899,365
Household Appliances - 0.0%*
Whirlpool Corp.		462		68,159
Household Products - 1.7%
Church & Dwight Company Inc.		1,838		129,285
Colgate-Palmolive Co.		5,853		402,920
Kimberly-Clark Corp.		2,412		331,771
The Clorox Co.		859		131,891
The Procter & Gamble Co.		17,251		2,154,650
				3,150,517
Housewares & Specialties - 0.0%*
Newell Brands Inc.		2,334		44,859
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		875		55,256
Hypermarkets & Super Centers - 1.1%
Costco Wholesale Corp.		2,998		881,172
Walmart Inc.		9,848		1,170,336
				2,051,508
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)		4,826		96,037
NRG Energy Inc.		1,738		69,086
				165,123
Industrial Conglomerates - 1.3%
3M Co. (a)		4,006		706,739
General Electric Co.		59,994		669,533
Honeywell International Inc.		4,949		875,973
Roper Technologies Inc.		728		257,879
				2,510,124
Industrial Gases - 0.6%
Air Products & Chemicals Inc. (a)		1,541		362,119
Linde PLC		3,722		792,414
				1,154,533
Industrial Machinery - 0.8%
Dover Corp.		1,009		116,297
Flowserve Corp.		900		44,793
Fortive Corp.		2,149		164,162
IDEX Corp.		500		86,000
Illinois Tool Works Inc.		1,960		352,075
Ingersoll-Rand PLC		1,600		212,672

	Number of Shares		Fair Value $
Parker-Hannifin Corp.		934		192,236
Pentair PLC		1,146		52,567
Snap-on Inc.		409		69,285
Stanley Black & Decker Inc.		1,099		182,148
Xylem Inc.		1,281		100,930
				1,573,165
Industrial REITs - 0.3%
Duke Realty Corp.		2,500		86,675
Prologis Inc. REIT		4,457		397,297
				483,972
Insurance Brokers - 0.5%
Aon PLC		1,634		340,346
Arthur J Gallagher & Co.		1,227		116,847
Marsh & McLennan Companies Inc.		3,526		392,832
Willis Towers Watson PLC		858		173,264
				1,023,289
Integrated Oil & Gas - 2.1%
Chevron Corp.		13,193		1,589,889
Exxon Mobil Corp.		29,339		2,047,275
Occidental Petroleum Corp.		6,029		248,455
				3,885,619
Integrated Telecommunication Services - 2.0%
AT&T Inc.		50,766		1,983,935
Verizon Communications Inc.		28,692		1,761,689
				3,745,624
Interactive Home Entertainment - 0.3%
Activision Blizzard Inc. (a)		5,400		320,868
Electronic Arts Inc. (b)		2,105		226,309
Take-Two Interactive Software Inc. (b)		800		97,944
				645,121
Interactive Media & Services - 4.9%
Alphabet Inc., Class A (a)(b)		2,086		2,793,968
Alphabet Inc., Class C (b)		2,072		2,770,305
Facebook Inc., Class A (b)		16,749		3,437,732
Twitter Inc. (b)		5,100		163,455
				9,165,460
Internet & Direct Marketing Retail - 3.3%
Amazon.com Inc. (b)		2,889		5,338,410
Booking Holdings Inc. (b)		293		601,743
eBay Inc.		5,260		189,938
Expedia Group Inc.		850		91,919
				6,222,010

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, 2019

	Number of Shares		Fair Value $
Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (a)(b)		1,133		97,869
VeriSign Inc. (b)		724		139,500
				237,369
Investment Banking & Brokerage - 0.8%
E*TRADE Financial Corp.		1,640		74,407
Morgan Stanley		8,329		425,778
Raymond James Financial Inc.		904		80,872
The Charles Schwab Corp.		7,911		376,247
The Goldman Sachs Group Inc.		2,203		506,536
				1,463,840
IT Consulting & Other Services - 1.2%
Accenture PLC, Class A (a)		4,445		935,984
Cognizant Technology Solutions Corp., Class A		3,976		246,592
DXC Technology Co.		1,824		68,564
Gartner Inc. (b)		600		92,460
International Business Machines Corp.		6,111		819,118
Leidos Holdings Inc.		1,000		97,890
				2,260,608
Leisure Products - 0.0%*
Hasbro Inc.		796		84,066
Life & Health Insurance - 0.6%
Aflac Inc. (a)		5,226		276,455
Globe Life Inc.		666		70,097
Lincoln National Corp.		1,560		92,056
MetLife Inc.		5,560		283,393
Principal Financial Group Inc.		1,711		94,105
Prudential Financial Inc.		2,801		262,566
Unum Group		1,589		46,335
				1,125,007
Life Sciences Tools & Services - 1.0%
Agilent Technologies Inc. (a)		2,022		172,497
Illumina Inc. (b)		1,001		332,072
IQVIA Holdings Inc. (b)		1,300		200,863
Mettler-Toledo International Inc. (b)		179		141,997
PerkinElmer Inc.		711		69,038
Thermo Fisher Scientific Inc.		2,728		886,245
Waters Corp. (b)		484		113,087
				1,915,799
Managed Healthcare - 1.7%
Anthem Inc.		1,775		536,103
Centene Corp. (b)		3,027		190,308
Humana Inc.		927		339,764

	Number of Shares		Fair Value $
UnitedHealth Group Inc.		6,600		1,940,268
WellCare Health Plans Inc. (b)		300		99,063
				3,105,506
Metal & Glass Containers - 0.1%
Ball Corp.		2,382		154,044
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		1,135		42,211
Movies & Entertainment - 1.5%
Live Nation Entertainment Inc. (b)		800		57,176
Netflix Inc. (b)		2,990		967,474
The Walt Disney Co.		12,527		1,811,780
				2,836,430
Multi-Line Insurance - 0.3%
American International Group Inc.		6,229		319,735
Assurant Inc.	��	339		44,436
The Hartford Financial Services Group Inc.		2,544		154,599
				518,770
Multi-Sector Holdings - 1.6%
Berkshire Hathaway Inc., Class B (b)		13,596		3,079,494
Multi-Utilities - 1.0%
Ameren Corp.		1,642		126,106
CenterPoint Energy Inc.		3,718		101,390
CMS Energy Corp.		2,000		125,680
Consolidated Edison Inc.		2,255		204,010
Dominion Energy Inc.		5,717		473,482
DTE Energy Co.		1,280		166,233
NiSource Inc.		2,515		70,018
Public Service Enterprise Group Inc.		3,492		206,202
Sempra Energy		1,800		272,664
WEC Energy Group Inc.		2,209		203,736
				1,949,521
Office REITs - 0.2%
Alexandria Real Estate Equities Inc. (a)		800		129,264
Boston Properties Inc.		898		123,798
SL Green Realty Corp.		600		55,128
Vornado Realty Trust		1,211		80,532
				388,722

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, 2019

	Number of Shares		Fair Value $
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		900		40,887
Oil & Gas Equipment & Services - 0.4%
Baker Hughes Co.		3,481		89,218
Halliburton Co.		6,458		158,027
National Oilwell Varco Inc.		2,846		71,292
Schlumberger Ltd.		9,384		377,237
TechnipFMC PLC		2,686		57,588
				753,362
Oil & Gas Exploration & Production - 1.0%
Apache Corp.		2,948		75,439
Cabot Oil & Gas Corp.		3,135		54,580
Cimarex Energy Co.		700		36,743
Concho Resources Inc.		1,500		131,355
ConocoPhillips		7,635		496,504
Devon Energy Corp.		2,992		77,702
Diamondback Energy Inc.		1,100		102,146
EOG Resources Inc.		4,100		343,416
Hess Corp.		1,818		121,461
Marathon Oil Corp.		5,742		77,977
Noble Energy Inc.		3,700		91,908
Pioneer Natural Resources Co.		1,200		181,644
				1,790,875
Oil & Gas Refining & Marketing - 0.5%
HollyFrontier Corp.		900		45,639
Marathon Petroleum Corp.		4,576		275,704
Phillips 66		3,161		352,167
Valero Energy Corp.		2,828		264,842
				938,352
Oil & Gas Storage & Transportation - 0.4%
Kinder Morgan Inc.		13,304		281,646
ONEOK Inc.		3,000		227,010
The Williams Companies Inc.		8,571		203,304
				711,960
Packaged Foods & Meats - 1.1%
Campbell Soup Co.		1,215		60,045
Conagra Brands Inc.		3,254		111,417
General Mills Inc.		4,136		221,524
Hormel Foods Corp.		1,800		81,198
Kellogg Co.		1,701		117,641
Lamb Weston Holdings Inc.		1,100		94,633
McCormick & Company Inc.		900		152,757
Mondelez International Inc., Class A		10,136		558,291
The Hershey Co.		1,016		149,332
The JM Smucker Co.		847		88,198

	Number of Shares		Fair Value $
The Kraft Heinz Co.		4,395		141,211
Tyson Foods Inc., Class A		2,166		197,193
				1,973,440
Paper Packaging - 0.3%
Amcor PLC (b)		11,782		127,717
Avery Dennison Corp.		492		64,363
International Paper Co.		2,530		116,507
Packaging Corporation of America		685		76,713
Sealed Air Corp.		931		37,082
WestRock Co.		1,775		76,165
				498,547
Personal Products - 0.2%
Coty Inc., Class A		1,910		21,487
The Estee Lauder Companies Inc., Class A		1,579		326,127
				347,614
Pharmaceuticals - 4.6%
Allergan PLC		2,249		429,941
Bristol-Myers Squibb Co.		16,244		1,042,702
Eli Lilly & Co.		5,842		767,814
Johnson & Johnson		18,327		2,673,360
Merck & Company Inc.		17,568		1,597,810
Mylan N.V. (b)		3,904		78,470
Perrigo Company PLC		975		50,369
Pfizer Inc.		38,535		1,509,801
Zoetis Inc.		3,346		442,843
				8,593,110
Property & Casualty Insurance - 0.8%
Chubb Ltd.		3,161		492,041
Cincinnati Financial Corp.		1,092		114,824
Loews Corp.		1,862		97,736
The Allstate Corp. (a)		2,186		245,816
The Progressive Corp.		4,103		297,016
The Travelers Companies Inc.		1,867		255,686
WR Berkley Corp.		1,000		69,100
				1,572,219
Publishing - 0.0%*
News Corp., Class A		2,596		36,707
Railroads - 0.9%
CSX Corp.		5,400		390,744
Kansas City Southern		700		107,212
Norfolk Southern Corp.		1,845		358,170
Union Pacific Corp.		4,808		869,238
				1,725,364

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, 2019

	Number of Shares		Fair Value $
Real Estate Services - 0.1%
CBRE Group Inc., Class A (b)		2,321		142,254
Regional Banks - 1.2%
Citizens Financial Group Inc.		3,000		121,830
Comerica Inc.		1,148		82,369
Fifth Third Bancorp		4,735		145,554
First Republic Bank		1,200		140,940
Huntington Bancshares Inc.		6,934		104,565
KeyCorp		6,928		140,223
M&T Bank Corp.		890		151,077
People’s United Financial Inc.		3,200		54,080
Regions Financial Corp.		7,168		123,003
SVB Financial Group (b)		400		100,416
The PNC Financial Services Group Inc.		3,039		485,115
Truist Financial Corp.		9,118		513,526
Zions Bancorp NA		1,000		51,920
				2,214,618
Reinsurance - 0.0%*
Everest Re Group Ltd.		300		83,052
Research & Consulting Services - 0.3%
Equifax Inc.		846		118,542
IHS Markit Ltd. (b)		2,800		210,980
Nielsen Holdings PLC		2,328		47,258
Verisk Analytics Inc.		1,200		179,208
				555,988
Residential REITs - 0.4%
Apartment Investment & Management Co., Class A		977		50,462
AvalonBay Communities Inc.		972		203,829
Equity Residential		2,508		202,947
Essex Property Trust Inc.		450		135,387
Mid-America Apartment Communities Inc.		800		105,488
UDR Inc.		1,900		88,730
				786,843
Restaurants - 1.2%
Chipotle Mexican Grill Inc. (b)		160		133,937
Darden Restaurants Inc.		886		96,583
McDonald’s Corp.		5,267		1,040,812
Starbucks Corp.		8,200		720,944
Yum! Brands Inc.		2,174		218,987
				2,211,263
Retail REITs - 0.4%
Federal Realty Investment Trust		500		64,365
Kimco Realty Corp.		3,097		64,139
Realty Income Corp.		2,000		147,260

	Number of Shares		Fair Value $
Regency Centers Corp.		1,299		81,954
Simon Property Group Inc.		2,179		324,584
				682,302
Semiconductor Equipment - 0.5%
Applied Materials Inc.		6,438		392,976
KLA Corp.		1,078		192,067
Lam Research Corp.		1,031		301,464
				886,507
Semiconductors - 3.7%
Advanced Micro Devices Inc. (a)(b)		7,600		348,536
Analog Devices Inc.		2,587		307,439
Broadcom Inc.		2,768		874,743
Intel Corp.		30,101		1,801,545
Maxim Integrated Products Inc.		1,800		110,718
Microchip Technology Inc.		1,600		167,552
Micron Technology Inc. (b)		7,668		412,385
NVIDIA Corp.		4,238		997,201
Qorvo Inc. (b)		900		104,607
QUALCOMM Inc.		7,968		703,017
Skyworks Solutions Inc.		1,196		144,572
Texas Instruments Inc.		6,409		822,211
Xilinx Inc.		1,787		174,715
				6,969,241
Soft Drinks - 1.6%
Monster Beverage Corp. (b)		2,756		175,144
PepsiCo Inc.		9,682		1,323,239
The Coca-Cola Co.		26,669		1,476,129
				2,974,512
Specialized Consumer Services - 0.0%*
H&R Block Inc.		1,579		37,075
Specialized REITs - 1.3%
American Tower Corp.		3,081		708,075
Crown Castle International Corp.		2,923		415,505
Digital Realty Trust Inc.		1,500		179,610
Equinix Inc.		596		347,885
Extra Space Storage Inc.		800		84,496
Iron Mountain Inc.		1,886		60,107
Public Storage		1,030		219,349
SBA Communications Corp.		733		176,646
Weyerhaeuser Co.		4,967		150,003
				2,341,676
Specialty Chemicals - 0.8%
Albemarle Corp. (a)		769		56,168
Celanese Corp.		900		110,808
DuPont de Nemours Inc.		5,117		328,511

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, 2019

	Number of Shares		Fair Value $
Ecolab Inc.		1,702		328,469
International Flavors & Fragrances Inc.		647		83,476
PPG Industries Inc.		1,659		221,460
The Sherwin-Williams Co.		563		328,533
				1,457,425
Specialty Stores - 0.1%
Tiffany & Co.		704		94,090
Tractor Supply Co.		837		78,209
Ulta Salon Cosmetics & Fragrance Inc. (b)		400		101,256
				273,555
Steel - 0.1%
Nucor Corp.		2,259		127,137
Systems Software - 5.2%
Fortinet Inc. (b)		900		96,084
Microsoft Corp.		52,935		8,347,850
Nortonlifelock Inc.		3,572		91,157
Oracle Corp.		15,213		805,985
ServiceNow Inc. (b)		1,300		367,016
				9,708,092
Technology Distributors - 0.1%
CDW Corp.		1,000		142,840
Technology Hardware, Storage & Peripherals - 4.9%
Apple Inc.		28,981		8,510,271
Hewlett Packard Enterprise Co.		9,619		152,557
HP Inc.		10,254		210,720
NetApp Inc.		1,470		91,507
Seagate Technology PLC		1,732		103,054
Western Digital Corp.		2,077		131,827
Xerox Holdings Corp. (b)		1,211		44,650
				9,244,586

	Number of Shares		Fair Value $
Tobacco - 0.8%
Altria Group Inc.		12,839		640,795
Philip Morris International Inc.		10,737		913,611
				1,554,406
Trading Companies & Distributors - 0.2%
Fastenal Co.		3,900		144,105
United Rentals Inc. (b)		564		94,058
WW Grainger Inc.		282		95,463
				333,626
Trucking - 0.1%
JB Hunt Transport Services Inc.		520		60,726
Old Dominion Freight Line Inc.		400		75,912
				136,638
Water Utilities - 0.1%
American Water Works Company Inc.		1,200		147,420
Wireless Telecommunication Services - 0.1%
T-Mobile US Inc. (b)		2,200		172,524
Total Common Stock (Cost $66,522,351)				185,716,338
Short-Term Investments - 0.5%
State Street Institutional Liquid Reserves Fund - Premier Class 1.73% (d)(e) (Cost $896,950)		896,863		896,953
Total Investments (Cost $67,419,301)				186,613,291
Other Assets and Liabilities, net - 0.1%				157,319
NET ASSETS - 100.0%				186,770,610

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		March 2020		9	$	1,432,370	$	1,453,974	$	21,604

During the period ended December 31, 2019, average notional value related to long futures contracts was $2,660,500.

See Notes to Schedule of Investments and 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, 2019

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, 2019, all or a portion of this security was pledged to cover collateral requirements for futures.

(b) Non-income producing security.

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

(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, 2019.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	185,716,338	$	—	$	—	$	185,716,338
Short-Term Investments		896,953		—		—		896,953
Total Investments in Securities	$	186,613,291	$	—	$	—	$	186,613,291
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	21,604	$	—	$	—	$	21,604

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Corp.		2,911	$	183,597	$	—	$	20,585	$	(661	)	$	44,179		2,611	$	206,530	$	5,311
State Street Institutional Liquid Reserves Fund, Premier Class		—		—		7,978,660		7,081,710		—			3		896,863		896,953		19,139
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,781,046		1,781,046		13,864,380		15,645,426		—			—		—		—		32,838
TOTAL			$	1,964,643	$	21,843,040	$	22,747,721	$	(661	)	$	44,182			$	1,103,483	$	57,288

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														4/15/85
Net asset value, beginning of period	$	38.13		$	44.09		$	38.22		$	36.16		$	36.60
Income/(loss) from investment operations:
Net investment income		0.75	(a)		0.74	(a)		0.71	(a)		0.72			0.69
Net realized and unrealized gains/(losses) on investments		11.09			(2.86	)		7.52			3.49			(0.28	)
Total income/(loss) from investment operations		11.84			(2.12	)		8.23			4.21			0.41
Less distributions from:
Net investment income		0.62			0.80			0.79			0.73			0.85
Net realized gains		2.74			3.04			1.57			1.42			—
Total distributions		3.36			3.84			2.36			2.15			0.85
Net asset value, end of period	$	46.61		$	38.13		$	44.09		$	38.22		$	36.16
Total Return(b)		31.05	%		(4.73	)%		21.50	%		11.61	%		1.07	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	186,771		$	160,902		$	194,117		$	180,761		$	179,395
Ratios to average net assets:
Net expenses		0.34	%		0.33	%		0.32	%		0.34	%(c)		0.37	%(c)
Gross expenses		0.34	%		0.33	%		0.32	%		0.37	%		0.42	%
Net investment income		1.67	%		1.62	%		1.69	%		1.86	%		1.72	%
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) 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, 2019

Assets
Investments in securities, at fair value (cost $66,375,203)	$	185,509,808
Investments in affiliated securities, at fair value (cost $1,044,098)		1,103,483
Net cash collateral on deposit with broker for future contracts		38,511
Receivable for investments sold		208,085
Income receivables		186,975
Receivable for fund shares sold		8,218
Income receivable from affiliated investments		3,173
Receivable for accumulated variation margin on futures contracts		21,625
Other assets		985
Total assets		187,080,863
Liabilities
Due to custodian		1,885
Payable for fund shares redeemed		223,158
Payable to the Adviser		39,204
Payable for custody, fund accounting andsub-administration fees		4,465
Accrued other expenses		41,541
Total liabilities		310,253
Net Assets	$	186,770,610
Net Assets Consist of:
Capital paid in	$	70,181,874
Total distributable earnings (loss)		116,588,736
Net Assets	$	186,770,610
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,007,110
Net asset value per share	$	46.61

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 fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	3,503,339
Income from affiliated investments		57,288
Total income		3,560,627
Expenses
Advisory and administration fees		441,437
Directors’ fees		19,212
Custody, fund accounting andsub-administration fees		37,980
Professional fees		38,753
Printing and shareholder reports		24,946
Other expenses		42,488
Total Expenses		604,816
Net investment income	$	2,955,811
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	10,201,466
Affiliated investments		(661	)
Futures		492,014
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		33,538,216
Affiliated investments		44,182
Futures		111,735
Net realized and unrealized gain (loss) on investments		44,386,952
Net Increase in Net Assets Resulting from Operations	$	47,342,763

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, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,955,811		$	3,026,780
Net realized gain (loss) on investments and futures		10,692,819			13,212,356
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		33,694,133			(23,393,093	)
Net increase (decrease) from operations		47,342,763			(7,153,957	)
Distributions to shareholders:
Total distributions		(12,616,644	)		(14,751,301	)
Increase (decrease) in assets from operations and distributions		34,726,119			(21,905,258	)
Share transactions:
Proceeds from sale of shares		4,643,425			2,837,356
Value of distributions reinvested		12,616,644			14,751,301
Cost of shares redeemed		(26,117,849	)		(28,898,496	)
Net increase (decrease) from share transactions		(8,857,780	)		(11,309,839	)
Total increase (decrease) in net assets		25,868,339			(33,215,097	)
Net Assets
Beginning of year		160,902,271			194,117,368
End of year	$	186,770,610		$	160,902,271
Changes in Fund Shares
Shares sold		103,613			61,494
Issued for distributions reinvested		269,932			389,731
Shares redeemed		(586,550	)		(634,062	)
Net decrease in fund shares		(213,005	)		(182,837	)

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, 2019

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.

20 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

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, 2019 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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Notes to Financial Statements 21

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

Notes to Financial Statements, continued — December 31, 2019

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, 2019, 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, 2019 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 S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	21,625	$	—	$	21,625

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	$	—	$	—	$	—	$	492,014	$	—	$	492,014

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	111,735	$	—	$	111,735

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 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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 are disclosed in the Schedule of Investments.

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.

22 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

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 year ended, December 31, 2019 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	2,944,618		$	19,442,921

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 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 fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	2,536,339		$	10,080,305		$	12,616,644

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

Ordinary Income			Long-Term Capital Gains			Total
	$	3,385,045		$	11,366,256		$	14,751,301

At December 31, 2019, 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
	$	695,615		$	—		$	1,525,335		$	114,367,786		$	—		$	116,588,736

Notes to Financial Statements 23

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

Notes to Financial Statements, continued — December 31, 2019

As of December 31, 2019, 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)
	$	72,267,110		$	117,555,370		$	3,187,585		$	114,367,785

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions.

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. 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, 2019.

9. Risks

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

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

10. Subsequent Events

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

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 of State Street S&P 500 Index V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, by correspondence with the custodian, brokers and others. 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, 2020

Report of Independent Registered Public Accounting Firm 25

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

Tax Information — December 31, 2019 (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, 2019.

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, 2019 in the amount of $10,080,305.

26 Tax Information

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

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports onForm N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedule of investments are available upon request, without charge, by calling 1-800-242-0134.

Information 27

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

Other Information, continued — December 31, 2019 (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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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: Until successor is elected and qualified Served: Since January 2019	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 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

28 Other Information

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

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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 and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None
INTERESTED DIRECTORS(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None

Other Information 29

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

Other Information, continued — December 31, 2019 (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 (continued)
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

30 Other Information

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

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

Other Information 31

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

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

32 Other Information

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

Other Information, continued — December 31, 2019 (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):
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

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

Annual Report

December 31, 2019

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
Other Information		25

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, 2019 (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, 2019 (Unaudited)

The State Street Small-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 the 12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 26.12% and the Index was 25.52%. 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.

Allocations by sub-advisers SouthernSun, Champlain and GlobeFlex were primary drivers of Fund performance during the Reporting Period relative to the Index. The performance of assets allocated to SouthernSun rebounded in 2019 off of a weak 2018, returning approximately11% more than the Russell 2000 Index. This was driven by the concentrated, deeper value nature of tis allocation and its investment thesis playing out in the market generating outsized returns. With an agriculture and industrial bias in SouthernSun’s allocation, the trade war with China helped domestic producers of steel and industrial goods which propelled its allocation forward. Champlain’s allocation was also a strong contributor, outperforming the index by almost 1.5%. Champlain’s allocation had a heavy technology bias which was additive to returns throughout the year particularly in cloud computing and software-as-a-service holdings. GlobeFlex’s allocation was the only laggard in the portfolio, underperforming the Russell 2000 Index by more than 4%. Despite a market backdrop of growth outperforming, GlobeFlex’s focus on higher quality growth stocks was not rewarded. The largest detractor from performance in GlobeFlex’s allocation was Biotech.

Derivatives did not meaningfully add or detract from returns and are only used to neutralize the cash in the liquidity sleeve of the account to manage daily flows. The only derivative contracts used were the Russell 2000 e-Mini Futures to match the benchmark and not to speculate in either direction.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Koppers Holdings, Sanderson Farms Inc., and Insulet Corp. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Thor Industries Inc., New Relic Inc., and Extended Stay America Units, 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 StreetSmall-Cap Equity V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2019 (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, 2019.

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, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,070.70	$	1,019.01
Expenses Paid During the Period*	$	6.42	$	6.26

* Expenses are equal to the Fund’s annualized expense ratio of 1.23%** (for the period July 1, 2019-December 31, 2019), 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, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Darling Ingredients Inc.	1.29	%
Dycom Industries Inc.	1.12	%
The Brink’s Co.	1.08	%
The Timken Co.	1.05	%
Koppers Holdings Inc.	1.00	%
MSA Safety Inc.	0.98	%
Barnes Group Inc.	0.97	%
John Wiley & Sons Inc., Class A	0.94	%
Extended Stay America Inc.	0.93	%
Belden Inc.	0.88	%

Sector Allocation as of December 31, 2019

Portfolio composition as a % of Fair Value of $33,616 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Small-Cap Equity V.I.S. Fund		26.12	%		8.78	%		12.54	%	$	32,588
Russell 2000 Index		25.52	%		8.23	%		11.83	%	$	30,582

(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, 2019 (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 StreetSmall-Cap Equity V.I.S. Fund

Schedule of Investments — December 31, 2019

	Number of Shares		Fair Value $
Common Stock - 94.3%†
Aerospace & Defense - 0.6%
Teledyne Technologies Inc. (a)		594		205,845
Agricultural & Farm Machinery - 0.8%
AGCO Corp.		3,272		252,762
Agricultural Products - 1.3%
Darling Ingredients Inc. (a)		15,404		432,544
Air Freight & Logistics - 0.2%
Echo Global Logistics Inc. (a)		911		18,858
Forward Air Corp.		356		24,902
Hub Group Inc., Class A (a)		402		20,618
				64,378
Airlines - 0.0%*
Hawaiian Holdings Inc.		404		11,833
Apparel Retail - 0.8%
American Eagle Outfitters Inc.		3,604		52,979
Burlington Stores Inc. (a)		447		101,929
Chico’s FAS Inc.		5,306		20,216
The Buckle Inc.		3,448		93,234
				268,358
Apparel, Accessories & Luxury Goods - 0.4%
G-III Apparel Group Ltd. (a)		3,542		118,657
Application Software - 5.0%
ACI Worldwide Inc. (a)		5,427		205,602
Altair Engineering Inc., Class A (a)		1,640		58,892
Blackbaud Inc.		2,843		226,303
Blackline Inc. (a)		3,353		172,881
Cornerstone OnDemand Inc. (a)		1,611		94,324
Digital Turbine Inc. (a)		2,124		15,144
Envestnet Inc. (a)		1,850		128,816
LogMeIn Inc.		217		18,606
Mitek Systems Inc. (a)		1,989		15,216
New Relic Inc. (a)		2,695		177,088
Q2 Holdings Inc. (a)		2,900		235,132
RealPage Inc. (a)		1,474		79,228
SPS Commerce Inc. (a)		134		7,426
Verint Systems Inc. (a)		856		47,388
Yext Inc. (a)		12,800		184,576
Zix Corp. (a)		3,780		25,628
				1,692,250
Asset Management & Custody Banks - 0.1%
Brightsphere Investment Group Inc. (a)		1,307		13,357

	Number of Shares		Fair Value $
Cohen & Steers Inc.		364		22,845
				36,202
Auto Parts & Equipment - 0.5%
Dana Inc.		1,492		27,154
Gentherm Inc. (a)		252		11,186
LCI Industries		522		55,922
Modine Manufacturing Co. (a)		2,166		16,678
Standard Motor Products Inc.		1,317		70,091
				181,031
Automobile Manufacturers - 0.9%
Thor Industries Inc.		3,609		268,113
Winnebago Industries Inc.		433		22,940
				291,053
Automotive Retail - 1.4%
America’sCar-Mart Inc. (a)		678		74,350
Group 1 Automotive Inc.		1,518		151,800
Lithia Motors Inc., Class A		107		15,729
Monro Inc.		782		61,152
Murphy USA Inc. (a)		1,507		176,319
				479,350
Biotechnology - 0.4%
Emergent BioSolutions Inc. (a)		638		34,420
Heron Therapeutics Inc. (a)		3,025		71,088
Ironwood Pharmaceuticals Inc. (a)		1,165		15,506
Vanda Pharmaceuticals Inc. (a)		885		14,523
				135,537
Brewers - 0.2%
The Boston Beer Company Inc., Class A (a)		155		58,567
Building Products - 0.7%
American Woodmark Corp. (a)		428		44,730
Apogee Enterprises Inc.		659		21,418
Builders FirstSource Inc. (a)		1,166		29,628
CSW Industrials Inc.		575		44,275
Patrick Industries Inc.		359		18,822
Universal Forest Products Inc.		1,648		78,610
				237,483
Casinos & Gaming - 0.0%*
Everi Holdings Inc. (a)		1,063		14,276
Commodity Chemicals - 1.1%
AdvanSix Inc. (a)		795		15,868
Koppers Holdings Inc. (a)		8,810		336,718
				352,586

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Communications Equipment - 0.7%
Extreme Networks Inc. (a)		9,238		68,084
Infinera Corp. (a)		2,140		16,992
Lumentum Holdings Inc. (a)		981		77,793
NETGEAR Inc. (a)		898		22,010
Plantronics Inc.		1,540		42,104
				226,983
Computer & Electronics Retail - 0.0%*
Rent-A-Center Inc.		561		16,179
Construction & Engineering - 2.1%
Aegion Corp. (a)		9,764		218,421
Comfort Systems USA Inc.		284		14,157
Dycom Industries Inc. (a)		7,960		375,314
EMCOR Group Inc.		298		25,717
Great Lakes Dredge & Dock Corp. (a)		2,363		26,773
MasTec Inc. (a)		355		22,777
Valmont Industries Inc.		167		25,013
				708,172
Construction Machinery & Heavy Trucks - 1.4%
Alamo Group Inc.		583		73,196
Astec Industries Inc.		1,173		49,266
The Greenbrier Companies Inc.		1,084		35,154
The Manitowoc Company Inc. (a)		2,465		43,137
Trinity Industries Inc.		11,252		249,232
Wabash National Corp.		2,144		31,495
				481,480
Construction Materials - 0.2%
Eagle Materials Inc.		394		35,720
Summit Materials Inc., Class A (a)		1,624		38,814
				74,534
Consumer Electronics - 0.0%*
Universal Electronics Inc. (a)		255		13,326
Consumer Finance - 0.2%
Curo Group Holdings Corp. (a)		963		11,729
Enova International Inc. (a)		1,543		37,125
Green Dot Corp., Class A (a)		542		12,629
				61,483
Data Processing & Outsourced Services - 1.8%
Broadridge Financial Solutions Inc.		1,459		180,245
Cass Information Systems Inc.		194		11,202
CoreLogic Inc. (a)		3,566		155,870
CSG Systems International Inc.		1,768		91,547
EVERTEC Inc.		967		32,917

	Number of Shares		Fair Value $
I3 Verticals Inc. Class A (a)		801		22,628
MAXIMUS Inc.		350		26,036
NIC Inc.		4,200		93,870
				614,315
Distillers & Vintners - 0.3%
MGP Ingredients Inc.		2,290		110,951
Distributors - 0.6%
Core-Mark Holding Company Inc.		614		16,695
LKQ Corp. (a)		4,890		174,573
				191,268
Diversified Metals & Mining - 0.4%
Compass Minerals International Inc.		1,804		109,972
Materion Corp.		381		22,650
				132,622
Diversified REITs - 0.2%
American Assets Trust Inc.		1,050		48,195
Essential Properties Realty Trust Inc.		1,324		32,848
				81,043
Diversified Support Services - 1.3%
Healthcare Services Group Inc.		4,798		116,687
Ritchie Bros Auctioneers Inc.		6,496		279,003
UniFirst Corp.		227		45,850
				441,540
Education Services - 0.2%
K12 Inc. (a)		3,575		72,751
Electric Utilities - 0.9%
ALLETE Inc.		471		38,231
IDACORP Inc.		2,481		264,971
				303,202
Electrical Components & Equipment - 0.6%
Atkore International Group Inc. (a)		822		33,258
EnerSys		185		13,844
Generac Holdings Inc. (a)		607		61,058
GrafTech International Ltd.		1,713		19,905
Regal Beloit Corp.		691		59,156
				187,221
Electronic Components - 1.3%
Belden Inc.		5,356		294,580
Littelfuse Inc.		816		156,101
				450,681

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Electronic Equipment & Instruments - 0.9%
Itron Inc. (a)		308		25,857
National Instruments Corp.		1,595		67,532
Novanta Inc. (a)		300		26,532
OSI Systems Inc. (a)		66		6,649
Zebra Technologies Corp., Class A (a)		685		174,976
				301,546
Electronic Manufacturing Services - 0.7%
Fabrinet (a)		423		27,427
Methode Electronics Inc.		1,556		61,229
Plexus Corp. (a)		799		61,475
Sanmina Corp. (a)		676		23,146
TTM Technologies Inc. (a)		3,331		50,132
				223,409
Environmental & Facilities Services - 0.9%
Clean Harbors Inc. (a)		3,227		276,715
Harsco Corp. (a)		594		13,668
				290,383
Food Distributors - 0.6%
Performance Food Group Co. (a)		3,679		189,395
Food Retail - 0.1%
Casey’s General Stores Inc.		141		22,418
Sprouts Farmers Market Inc. (a)		1,166		22,562
				44,980
Footwear - 0.8%
Deckers Outdoor Corp. (a)		632		106,720
Wolverine World Wide Inc.		4,410		148,793
				255,513
Forest Products - 0.1%
Boise Cascade Co.		675		24,658
Gas Utilities - 0.3%
Chesapeake Utilities Corp.		210		20,124
South Jersey Industries Inc.		1,101		36,311
Spire Inc.		585		48,737
				105,172
Health Care REITs - 0.3%
National Health Investors Inc.		542		44,162
Physicians Realty Trust		2,588		49,017
				93,179
Healthcare Distributors - 0.2%
Covetrus Inc. (a)		4,359		57,539

	Number of Shares		Fair Value $
Healthcare Equipment - 4.7%
AtriCure Inc. (a)		2,120		68,921
Cantel Medical Corp.		2,580		182,922
Cardiovascular Systems Inc. (a)		4,065		197,518
CONMED Corp.		1,830		204,649
Hill-Rom Holdings Inc.		2,513		285,301
Integer Holdings Corp. (a)		305		24,531
Integra LifeSciences Holdings Corp. (a)		4,550		265,174
IntriCon Corp. (a)		2,195		39,510
LeMaitre Vascular Inc.		985		35,411
LivaNova PLC (a)		345		26,023
Masimo Corp. (a)		570		90,094
NuVasive Inc. (a)		650		50,271
Orthofix Medical Inc. (a)		880		40,639
Penumbra Inc. (a)		445		73,100
				1,584,064
Healthcare Facilities - 0.7%
Acadia Healthcare Company Inc. (a)		3,980		132,216
Hanger Inc. (a)		925		25,539
Select Medical Holdings Corp. (a)		1,132		26,421
Tenet Healthcare Corp. (a)		432		16,429
The Ensign Group Inc.		415		18,828
				219,433
Healthcare Services - 1.1%
Amedisys Inc. (a)		182		30,379
AMN Healthcare Services Inc. (a)		1,359		84,679
BioTelemetry Inc. (a)		2,099		97,184
Chemed Corp.		68		29,870
MEDNAX Inc. (a)		4,170		115,884
R1 RCM Inc. (a)		1,724		22,378
				380,374
Healthcare Supplies - 0.7%
Avanos Medical Inc. (a)		5,640		190,068
Haemonetics Corp. (a)		52		5,975
Lantheus Holdings Inc. (a)		1,154		23,668
				219,711
Healthcare Technology - 1.4%
Computer Programs & Systems Inc.		629		16,606
HMS Holdings Corp. (a)		5,252		155,459
Inspire Medical Systems Inc. (a)		1,100		81,631
NextGen Healthcare Inc. (a)		1,080		17,355
Omnicell Inc. (a)		462		37,755
Teladoc Health Inc. (a)		2,060		172,463
				481,269

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Home Building - 0.7%
Cavco Industries Inc. (a)		194		37,904
LGI Homes Inc. (a)		711		50,232
Meritage Homes Corp. (a)		219		13,383
Skyline Champion Corp. (a)		1,643		52,083
TopBuild Corp. (a)		658		67,827
				221,429
Home Furnishing Retail - 0.7%
Aaron’s Inc.		2,916		166,533
RH (a)		170		36,295
Sleep Number Corp. (a)		374		18,416
				221,244
Hotel & Resort REITs - 0.5%
Pebblebrook Hotel Trust		1,694		45,416
RLJ Lodging Trust		6,404		113,479
				158,895
Hotels, Resorts & Cruise Lines - 1.0%
Extended Stay America Inc.		21,114		313,754
Hilton Grand Vacations Inc. (a)		358		12,312
				326,066
Household Appliances - 0.1%
Helen of Troy Ltd. (a)		169		30,385
Human Resource & Employment Services - 0.5%
ASGN Inc. (a)		447		31,723
Barrett Business Services Inc.		217		19,630
Heidrick & Struggles International Inc.		448		14,560
Insperity Inc.		348		29,942
Kforce Inc.		768		30,490
Korn Ferry		493		20,903
TriNet Group Inc. (a)		111		6,284
				153,532
Hypermarkets & Super Centers - 0.1%
BJ’s Wholesale Club Holdings Inc. (a)		941		21,398
Industrial Machinery - 7.9%
Actuant Corp., Class A		9,259		241,012
Altra Industrial Motion Corp.		7,434		269,185
Barnes Group Inc.		5,271		326,591
Crane Co.		3,350		289,373
Evoqua Water Technologies Corp. (a)		2,315		43,869
Franklin Electric Company Inc.		458		26,252
Hillenbrand Inc.		489		16,289
John Bean Technologies Corp.		2,180		245,599

	Number of Shares		Fair Value $
Kennametal Inc.		665		24,532
LB Foster Co., Class A (a)		1,278		24,768
Lydall Inc. (a)		1,170		24,008
Mueller Industries Inc.		4,105		130,334
Standex International Corp.		1,325		105,139
The Timken Co.		6,289		354,133
TriMas Corp. (a)		2,780		87,320
Watts Water Technologies Inc., Class A		1,122		111,931
Welbilt Inc. (a)		12,800		199,808
Woodward Inc.		1,063		125,902
				2,646,045
Industrial REITs - 0.7%
EastGroup Properties Inc.		1,205		159,867
Innovative Industrial Properties Inc.		264		20,030
Monmouth Real Estate Investment Corp.		3,184		46,104
Rexford Industrial Realty Inc.		538		24,571
				250,572
Interactive Home Entertainment - 0.1%
Glu Mobile Inc. (a)		2,997		18,132
Interactive Media & Services - 0.0%*
The Meet Group Inc. (a)		2,148		10,761
Internet & Direct Marketing Retail - 0.1%
1-800-Flowers.com Inc., Class A (a)		1,274		18,473
Investment Banking & Brokerage - 0.9%
Evercore Inc., Class A		294		21,979
Greenhill & Company Inc.		1,175		20,069
Houlihan Lokey Inc.		635		31,033
Piper Sandler Cos.		668		53,400
Raymond James Financial Inc.		1,542		137,947
Stifel Financial Corp.		809		49,066
				313,494
IT Consulting & Other Services - 0.2%
Perficient Inc. (a)		627		28,886
Virtusa Corp. (a)		747		33,861
				62,747
Leisure Facilities - 0.1%
SeaWorld Entertainment Inc. (a)		588		18,645
Leisure Products - 0.9%
Callaway Golf Co.		1,252		26,542
Malibu Boats Inc., Class A (a)		628		25,717

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
MasterCraft Boat Holdings Inc. (a)		986		15,529
Polaris Inc.		2,434		247,538
				315,326
Life & Health Insurance - 0.2%
Trupanion Inc. (a)		1,408		52,744
Life Sciences Tools & Services - 2.6%
Bruker Corp.		3,074		156,682
ICON PLC (a)		1,329		228,894
Medpace Holdings Inc. (a)		356		29,925
PRA Health Sciences Inc. (a)		289		32,122
Repligen Corp. (a)		2,090		193,325
Syneos Health Inc. (a)		3,636		216,251
				857,199
Managed Healthcare - 0.1%
Magellan Health Inc. (a)		269		21,049
Metal & Glass Containers - 0.0%*
Silgan Holdings Inc.		218		6,775
Mortgage REITs - 0.2%
Blackstone Mortgage Trust Inc., Class A		651		24,230
Redwood Trust Inc.		2,245		37,133
				61,363
Multi-Line Insurance - 0.4%
Horace Mann Educators Corp.		2,534		110,634
National General Holdings Corp.		807		17,835
				128,469
Multi-Utilities - 0.1%
Black Hills Corp.		456		35,814
Office REITs - 1.0%
Corporate Office Properties Trust		1,727		50,739
Cousins Properties Inc.		5,589		230,267
Easterly Government Properties Inc.		2,599		61,674
				342,680
Office Services & Supplies - 1.4%
Herman Miller Inc.		614		25,573
HNI Corp.		1,027		38,472
Knoll Inc.		1,000		25,260
MSA Safety Inc.		2,594		327,778
Steelcase Inc., Class A		2,205		45,114
				462,197
Oil & Gas Drilling - 0.1%
Nabors Industries Ltd.		9,797		28,215

	Number of Shares		Fair Value $
Oil & Gas Equipment & Services - 0.7%
Apergy Corp. (a)		817		27,598
Natural Gas Services Group Inc. (a)		1,268		15,546
Oil States International Inc. (a)		9,171		149,579
ProPetro Holding Corp. (a)		4,699		52,864
				245,587
Oil & Gas Exploration & Production - 1.3%
Callon Petroleum Co. (a)		22,970		110,947
Encana Corp.		30,013		140,761
Gulfport Energy Corp. (a)		2,332		7,089
PDC Energy Inc. (a)		1,889		49,435
Range Resources Corp.		7,818		37,917
SM Energy Co.		7,858		88,324
				434,473
Oil & Gas Refining & Marketing - 0.1%
Delek US Holdings Inc.		1,491		49,993
Packaged Foods & Meats - 4.0%
B&G Foods Inc.		5,400		96,822
Freshpet Inc. (a)		2,220		131,180
Hostess Brands Inc. (a)		16,550		240,637
J&J Snack Foods Corp.		220		40,539
Lancaster Colony Corp.		1,320		211,332
Sanderson Farms Inc.		1,671		294,464
The Simply Good Foods Co. (a)		6,590		188,078
TreeHouse Foods Inc. (a)		2,950		143,075
				1,346,127
Paper Products - 0.1%
Neenah Inc.		534		37,610
Personal Products - 0.3%
elf Beauty Inc. (a)		5,920		95,490
Medifast Inc.		178		19,505
				114,995
Pharmaceuticals - 1.6%
ANI Pharmaceuticals Inc. (a)		404		24,915
Catalent Inc. (a)		3,487		196,318
Collegium Pharmaceutical Inc. (a)		1,098		22,597
Endo International PLC (a)		1,166		5,469
Horizon Therapeutics PLC (a)		1,306		47,277
Prestige Consumer Healthcare Inc. (a)		6,031		244,255
Supernus Pharmaceuticals Inc. (a)		538		12,761
				553,592
Property & Casualty Insurance - 1.9%
AMERISAFE Inc.		1,690		111,591
Argo Group International Holdings Ltd.		3,520		231,440

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
James River Group Holdings Ltd.		2,070		85,305
Kemper Corp.		193		14,957
Palomar Holdings Inc. (a)		585		29,537
RLI Corp.		1,280		115,226
Selective Insurance Group Inc.		312		20,339
Stewart Information Services Corp.		333		13,583
				621,978
Publishing - 0.9%
John Wiley & Sons Inc., Class A		6,546		317,612
Real Estate Services - 0.0%*
Newmark Group Inc., Class A		837		11,262
Regional Banks - 8.7%
1st Source Corp.		1,013		52,554
Atlantic Union Bankshares Corp.		1,339		50,279
BankUnited Inc.		694		25,373
Banner Corp.		1,076		60,891
Bryn Mawr Bank Corp.		1,745		71,964
Cadence BanCorp		2,902		52,613
Camden National Corp.		696		32,058
Columbia Banking System Inc.		915		37,227
Community Bank System Inc.		1,650		117,051
Cullen/Frost Bankers Inc.		1,287		125,843
CVB Financial Corp.		4,140		89,341
Enterprise Financial Services Corp.		1,221		58,864
Equity Bancshares Inc., Class A (a)		1,681		51,892
First Interstate BancSystem Inc., Class A		1,215		50,933
Franklin Financial Network Inc.		838		28,769
Fulton Financial Corp.		7,259		126,524
German American Bancorp Inc.		1,980		70,528
Hancock Whitney Corp.		853		37,430
HBT Financial Inc. (a)		935		17,756
Home BancShares Inc.		1,774		34,877
IBERIABANK Corp.		2,243		167,844
Independent Bank Corp.		1,990		165,668
Investors Bancorp Inc.		2,124		25,307
Lakeland Financial Corp.		502		24,563
Origin Bancorp Inc.		1,352		51,160
Pinnacle Financial Partners Inc.		412		26,368
Prosperity Bancshares Inc.		3,606		259,235
Renasant Corp.		5,063		179,331
Sandy Spring Bancorp Inc.		1,094		41,441
Stock Yards Bancorp Inc.		1,640		67,338
UMB Financial Corp.		2,880		197,683
United Community Banks Inc.		1,656		51,137
Valley National Bancorp		1,115		12,767
Washington Trust Bancorp Inc.		1,390		74,768
Westamerica Bancorporation		2,200		149,094

	Number of Shares		Fair Value $
Western Alliance Bancorp		3,274		186,618
Wintrust Financial Corp.		893		63,314
				2,936,403
Research & Consulting Services - 0.3%
Resources Connection Inc.		6,871		112,203
Residential REITs - 0.1%
NexPoint Residential Trust Inc.		887		39,915
Restaurants - 1.0%
Bloomin’ Brands Inc.		448		9,887
Brinker International Inc.		562		23,604
Cracker Barrel Old Country Store Inc.		387		59,498
Dave & Buster’s Entertainment Inc.		359		14,421
Ruth’s Hospitality Group Inc.		1,655		36,021
Texas Roadhouse Inc.		2,462		138,660
The Cheesecake Factory Inc.		1,643		63,847
				345,938
Retail REITs - 0.1%
Retail Opportunity Investments Corp.		1,844		32,565
Security & Alarm Services - 1.1%
The Brink’s Co.		3,990		361,813
Semiconductor Equipment - 0.4%
ACM Research Inc., Class A (a)		480		8,856
Brooks Automation Inc.		868		36,421
Ichor Holdings Ltd. (a)		802		26,682
Onto Innovation Inc. (a)		2,090		76,369
				148,328
Semiconductors - 0.5%
Diodes Inc. (a)		567		31,962
Semtech Corp. (a)		2,845		150,500
				182,462
Soft Drinks - 0.3%
Cott Corp.		6,560		89,741
Specialized Consumer Services - 0.0%*
WW International Inc. (a)		357		13,641
Specialized REITs - 0.6%
CoreSite Realty Corp.		745		83,530
National Storage Affiliates Trust		1,007		33,855
PotlatchDeltic Corp.		1,131		48,938
QTS Realty Trust Inc., Class A		506		27,461
				193,784

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

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

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

Schedule of Investments, continued — December 31, 2019

	Number of Shares		Fair Value $
Specialty Chemicals - 4.0%
Chase Corp.		390		46,207
HB Fuller Co.		3,439		177,349
Ingevity Corp. (a)		2,091		182,712
Innospec Inc.		1,080		111,715
Minerals Technologies Inc.		598		34,463
PolyOne Corp.		4,574		168,278
Quaker Chemical Corp.		937		154,155
Sensient Technologies Corp.		4,298		284,055
Stepan Co.		1,853		189,821
				1,348,755
Specialty Stores - 0.8%
Hudson Ltd., Class A (a)		977		14,987
National Vision Holdings Inc. (a)		2,780		90,155
Sally Beauty Holdings Inc. (a)		9,198		167,864
				273,006
Steel - 0.4%
Carpenter Technology Corp.		880		43,806
Commercial Metals Co.		4,163		92,710
				136,516
Systems Software - 1.1%
CommVault Systems Inc. (a)		266		11,874
Progress Software Corp.		693		28,794
Qualys Inc. (a)		510		42,519
SailPoint Technologies Holding Inc. (a)		6,230		147,028
Tenable Holdings Inc. (a)		6,350		152,146
				382,361
Technology Distributors - 0.2%
ePlus Inc. (a)		171		14,413
Insight Enterprises Inc. (a)		448		31,490
SYNNEX Corp.		206		26,533
				72,436
Technology Hardware, Storage & Peripherals - 0.7%
Pure Storage Inc., Class A (a)		13,260		226,879
Thrifts & MortgageFinance - 0.8%
Axos Financial Inc. (a)		1,136		34,398
Essent Group Ltd.		494		25,683

	Number of Shares		Fair Value $
Flagstar Bancorp Inc.		275		10,519
FS Bancorp Inc.		237		15,118
HomeStreet Inc. (a)		1,271		43,214
Kearny Financial Corp.		565		7,814
NMI Holdings Inc., Class A (a)		856		28,402
WSFS Financial Corp.		2,538		111,647
				276,795
Tires & Rubber - 0.2%
Cooper Tire & Rubber Co.		1,798		51,693
Trading Companies & Distributors - 0.9%
Applied Industrial Technologies Inc.		3,260		217,409
BMC Stock Holdings Inc. (a)		998		28,633
Foundation Building Materials Inc. (a)		1,042		20,163
GMS Inc. (a)		840		22,747
Herc Holdings Inc. (a)		530		25,938
				314,890
Trucking - 0.5%
ArcBest Corp.		448		12,365
Avis Budget Group Inc. (a)		538		17,345
Marten Transport Ltd.		1,706		36,662
PAM Transportation Services Inc. (a)		103		5,944
Saia Inc. (a)		1,111		103,456
				175,772
Total Common Stock (Cost $24,118,938)				31,703,862
Short-Term Investments - 5.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (Cost $1,912,318) (b)(c)(d)		1,912,318		1,912,318
Total Investments (Cost $26,031,256)				33,616,180
Liabilities in Excess of Other Assets,net - (0.0)%*				(16,622	)
NET ASSETS - 100.0%				33,599,558

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		March 2020		5	$	416,593	$	417,650	$	1,057

During the year ended December 31, 2019, average notional value related to long futures contracts was $531,460.

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

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

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

Notes to Schedule of Investments — December 31, 2019

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, 2019, 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, 2019.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	31,703,862	$	—	$	—	$	31,703,862
Short-Term Investments		1,912,318		—		—		1,912,318
Total Investments in Securities	$	33,616,180	$	—	$	—	$	33,616,180
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	1,057	$	—	$	—	$	1,057

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,256,107	$	1,256,107	$	10,636,912	$	9,980,701	$	—	$	—		1,912,318	$	1,912,318	$	39,736
TOTAL			$	1,256,107	$	10,636,912	$	9,980,701	$	—	$	—			$	1,912,318	$	39,736

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

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

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

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														4/28/00
Net asset value, beginning of period	$	11.24		$	14.73		$	14.40		$	12.20		$	14.39
Income/(loss) from investment operations:
Net investment income (loss)		(0.00	)(a)††		(0.02	)(a)		(0.02	)(a)		(0.03	)		(0.04	)
Net realized and unrealized gains/(losses) on investments		2.94			(1.43	)		1.86			2.93			(0.52	)
Total income/(loss) from investment operations		2.94			(1.45	)		1.84			2.90			(0.56	)
Less distributions from:
Net investment income		—			—			—			—			—
Net realized gains		1.02			2.04			1.51			0.70			1.63
Total distributions		1.02			2.04			1.51			0.70			1.63
Net asset value, end of period	$	13.16		$	11.24		$	14.73		$	14.40		$	12.20
Total Return(b)		26.12	%		(9.70	)%		12.71	%		23.77	%		(4.12	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	33,600		$	30,781		$	40,711		$	42,320		$	38,359
Ratios to average net assets:
Net expenses		1.24	%		1.20	%		1.25	%		1.40	%		1.36	%
Gross expenses		1.24	%		1.20	%		1.25	%		1.40	%		1.36	%
Net investment loss		(0.02	)%		(0.13	)%		(0.13	)%		(0.22	)%		(0.30	)%
Portfolio turnover rate		29	%		33	%		32	%		36	%		42	%

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.

* 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.

†† Rounds to less than $0.01.

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

14 Financial Highlights

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

Statement of Assets and Liabilities — December 31, 2019

Assets
Investments in securities, at fair value (cost $24,118,938)	$	31,703,862
Short-term affiliated investments, at fair value		1,912,318
Cash		695
Net cash collateral on deposit with broker for future contracts		51,435
Receivable for investments sold		41,712
Income receivables		28,249
Receivable for fund shares sold		2,183
Income receivable from affiliated investments		2,723
Receivable for accumulated variation margin on futures contracts		1,068
Other assets		184
Total assets	��	33,744,429
Liabilities
Payable for investments purchased		75,759
Payable for fund shares redeemed		31,137
Payable to the Adviser		27,055
Payable for custody, fund accounting andsub-administration fees		2,610
Accrued other expenses		8,310
Total liabilities		144,871
Net Assets	$	33,599,558
Net Assets Consist of:
Capital paid in	$	25,850,050
Total distributable earnings (loss)		7,749,508
Net Assets	$	33,599,558
Shares outstanding ($0.01 par value; unlimited shares authorized)		2,552,951
Net asset value per share	$	13.16

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

Statement of Assets and Liabilities 15

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

Statement of Operations — For the fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	367,737
Income from affiliated investments		39,736
Less: Foreign taxes withheld		(1,602	)
Total income		405,871
Expenses
Advisory and administration fees		314,862
Directors’ fees		16,819
Custody, fund accounting andsub-administration fees		31,064
Professional fees		37,503
Other expenses		11,899
Total Expenses		412,147
Net investment loss	$	(6,276	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	2,717,609
Futures		105,036
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		4,800,116
Futures		19,239
Net realized and unrealized gain (loss) on investments		7,642,000
Net Increase in Net Assets Resulting from Operations	$	7,635,724

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

16 Statement of Operations

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

Statements of Changes in Net Assets

	Year Ended December 31, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(6,276	)	$	(46,009	)
Net realized gain (loss) on investments and futures		2,822,645			4,440,893
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		4,819,355			(7,508,138	)
Net increase (decrease) from operations		7,635,724			(3,113,254	)
Distributions to shareholders:
Total distributions		(2,413,108	)		(4,717,857	)
Increase (decrease) in assets from operations and distributions		5,222,616			(7,831,111	)
Share transactions:
Proceeds from sale of shares		346,157			513,653
Value of distributions reinvested		2,413,108			4,717,857
Cost of shares redeemed		(5,163,732	)		(7,330,360	)
Net increase (decrease) from share transactions		(2,404,467	)		(2,098,850	)
Total increase (decrease) in net assets		2,818,149			(9,929,961	)
Net Assets
Beginning of year		30,781,409			40,711,370
End of year	$	33,599,558		$	30,781,409
Changes in Fund Shares
Shares sold		26,431			34,303
Issued for distributions reinvested		183,506			425,032
Shares redeemed		(396,476	)		(482,858	)
Net decrease in fund shares		(186,539	)		(23,523	)

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

Statements of Changes in Net Assets 17

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

Notes to Financial Statements — December 31, 2019

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 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.

18 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

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, 2019 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, 2019, 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 StreetSmall-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments 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, 2019, 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, 2019 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 StreetSmall-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	1,068	$	—	$	1,068

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	$	—	$	—	$	—	$	105,036	$	—	$	105,036

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	$	—	$	—	$	—	$	19,239	$	—	$	19,239

4. Fees and Transactions with Affiliates

Advisory FeeSSGA 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 FeesState 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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with AffiliatesThe Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 are disclosed in the Schedule of Investments.

20 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

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, 2019 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	8,904,733		$	14,254,078

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, net operating losses, REIT basis adjustments, Non-REIT return of capital open basis adjustments and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	—		$	2,413,108		$	2,413,108

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

Notes to Financial Statements 21

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

Notes to Financial Statements, continued — December 31, 2019

At December 31, 2019, 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
	$	—		$	—		$	651,511		$	7,097,997			$	7,749,508

As of December 31, 2019, 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)
	$	26,519,240		$	8,277,657		$	1,179,660		$	7,097,997

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions.

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. 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, 2019.

10. Risks

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

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

11. Subsequent Events

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

22 Notes to Financial Statements

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of State StreetSmall-Cap Equity V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State StreetSmall-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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, 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, 2020

Report of Independent Registered Public Accounting Firm 23

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

Tax Information — December 31, 2019 (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, 2019.

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, 2019 in the amount of $2,413,108.

24 Tax Information

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

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedule of investments are available upon request, without charge, by calling 1-800-242-0134.

Other Information 25

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

Other Information — December 31, 2019 (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 andCo-Chairperson of the Board	Term: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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 andCo-Chairperson of the Board	Term: Until successor is elected and qualified Served: Since January 2019	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 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	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 andCo-Chairperson of the Qualified Legal Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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 andCo-Chairperson of the Audit Committee	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

26 Other Information

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

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None

Other Information 27

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

Other Information, continued — December 31, 2019 (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)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

28 Other Information

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

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

Other Information 29

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

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

30 Other Information

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

Other Information, continued — December 31, 2019 (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)
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

State Street U.S. Equity V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

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

Annual Report

December 31, 2019

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
Other Information		22

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, 2019 (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, 2019 (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, 2019 (the “Reporting Period”), the total return for the Fund was 31.77% and the Index was 31.49%. 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.

Broad-based outperformance in the technology, communications services, consumer staples, real estate, and industrial sectors were primary drivers of Fund performance during the Reporting Period relative to the Index. The Fund benefitted from an overweight to the information technology sector, which was the best performing sector in the Index. In addition, the Fund’s holdings in the sector outperformed with strong performance from a rebound in semiconductor stocks (e.g. Applied Materials & ASML), IT services (Visa), and software (e.g. ServiceNow & Microsoft). In communication services, Charter Communications surged as it has continued to realize synergistic benefit from its 2016 acquisition of Time Warner Cable and strength in its broadband business. Underperformance within the healthcare sector detracted from the Fund’s relative performance. Mylan NV fell in the first half of 2019 amid declining prices for generic drugs and some manufacturing issues. The stock was largely range-bound during the rest of the year as it announced a merger with a unit of Pfizer. Other detractors such as Gilead and UnitedHealth Group were up during the year but couldn’t keep up with the strength of the broader market.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Microsoft, and Visa. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lyft, Mylan, and Abiomed.

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, 2019 (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, 2019.

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, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,102.30	$	1,020.82
Expenses Paid During Period*	$	4.61	$	4.43

* Expenses are equal to the Fund’s annualized expense ratio of 0.87%** (for the period July 1, 2019-December 31, 2019), 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 U.S. Equity V.I.S. Fund 3

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

Performance Summary — December 31, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Microsoft Corp.	5.00	%
Apple Inc.	4.65	%
Amazon.com Inc.	3.60	%
JPMorgan Chase & Co.	3.34	%
Alphabet Inc., Class A	2.69	%
Visa Inc., Class A	2.64	%
Merck & Company Inc.	2.36	%
UnitedHealth Group Inc.	1.96	%
Facebook Inc., Class A	1.90	%
The Walt Disney Co.	1.84	%

Sector Allocation as of December 31, 2019

Portfolio Composition as a % of Fair Value of $25,920 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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		31.77	%		10.27	%		11.80	%	$	30,517
S&P 500® Index		31.49	%		11.70	%		13.56	%	$	35,666

(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, 2019 (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, 2019

	Number of Shares		Fair Value $
Common Stock - 97.0%†
Aerospace & Defense - 1.1%
Hexcel Corp.		924		67,738
Raytheon Co.		620		136,239
The Boeing Co.		256		83,395
				287,372
Air Freight & Logistics - 0.3%
United Parcel Service Inc., Class B		771		90,253
Application Software - 2.4%
Adobe Inc. (a)		489		161,277
Intuit Inc.		164		42,957
salesforce.com Inc. (a)		2,513		408,714
				612,948
Asset Management & Custody Banks - 0.3%
The Blackstone Group Inc., Class A		1,645		92,021
Auto Parts & Equipment - 0.2%
Aptiv PLC		462		43,876
Automotive Retail - 0.5%
O’Reilly Automotive Inc. (a)		295		129,287
Biotechnology - 3.0%
Alexion Pharmaceuticals Inc. (a)		907		98,092
BioMarin Pharmaceutical Inc. (a)		1,052		88,947
Gilead Sciences Inc.		6,443		418,666
Vertex Pharmaceuticals Inc. (a)		769		168,372
				774,077
Building Products - 0.2%
Allegion PLC		409		50,937
Cable & Satellite - 1.9%
Charter Communications Inc., Class A (a)		646		313,362
Comcast Corp., Class A		4,116		185,096
				498,458
Commodity Chemicals - 0.1%
Dow Inc. (a)		546		29,883
Communications Equipment - 0.6%
Cisco Systems Inc.		3,214		154,143
Construction Materials - 0.1%
Vulcan Materials Co.		155		22,318

	Number of Shares		Fair Value $
Data Processing & Outsourced Services - 4.0%
Fidelity National Information Services Inc.		648		90,130
Mastercard Inc., Class A		847		252,906
Visa Inc., Class A		3,638		683,580
				1,026,616
Diversified Banks - 3.3%
JPMorgan Chase & Co.		6,219		866,929
Diversified Support Services - 0.2%
Cintas Corp.		170		45,744
Electric Utilities - 1.4%
American Electric Power Company Inc.		739		69,843
Duke Energy Corp.		635		57,918
Exelon Corp.		1,617		73,719
NextEra Energy Inc.		655		158,615
				360,095
Electrical Components & Equipment - 0.5%
Emerson Electric Co.		1,555		118,584
Electronic Components - 2.5%
Amphenol Corp., Class A		2,797		302,719
Corning Inc.		11,931		347,312
				650,031
Environmental & Facilities Services - 0.6%
Republic Services Inc.		524		46,966
Waste Connections Inc.		230		20,882
Waste Management Inc.		782		89,117
				156,965
Fertilizers & Agricultural Chemicals - 0.2%
Corteva Inc. (a)		1,536		45,404
Financial Exchanges & Data - 3.0%
CME Group Inc.		1,707		342,629
MSCI Inc.		315		81,326
S&P Global Inc.		1,078		294,348
Tradeweb Markets Inc., Class A		1,422		65,910
				784,213
Footwear - 0.7%
NIKE Inc., Class B		1,852		187,626
General Merchandise Stores - 0.3%
Dollar Tree Inc. (a)		795		74,770

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, 2019

	Number of Shares		Fair Value $
Gold - 0.1%
Newmont Goldcorp Corp.		683		29,676
Healthcare Equipment - 2.7%
ABIOMED Inc. (a)		318		54,247
Becton Dickinson and Co.		378		102,805
Boston Scientific Corp. (a)		6,633		299,944
IDEXX Laboratories Inc. (a)		39		10,184
Intuitive Surgical Inc. (a)		146		86,308
Medtronic PLC		1,331		151,002
				704,490
Healthcare Services - 1.1%
Cigna Corp. (a)		947		193,652
Quest Diagnostics Inc.		792		84,578
				278,230
Home Improvement Retail - 0.5%
Lowe’s Companies Inc.		435		52,095
The Home Depot Inc.		365		79,709
				131,804
Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		529		80,106
Household Products - 1.2%
Colgate-Palmolive Co.		1,088		74,898
The Procter & Gamble Co.		1,950		243,555
				318,453
Hypermarkets & Super Centers - 0.3%
Walmart Inc.		688		81,762
Industrial Conglomerates - 1.9%
Honeywell International Inc.		2,100		371,700
Roper Technologies Inc.		325		115,125
				486,825
Industrial Gases - 0.6%
Air Products & Chemicals Inc.		482		113,265
Linde PLC		149		31,722
				144,987
Industrial Machinery - 2.2%
Ingersoll-Rand PLC		2,525		335,623
Xylem Inc.		2,883		227,152
				562,775
Insurance Brokers - 0.4%
Marsh & McLennan Companies Inc.		829		92,359

	Number of Shares		Fair Value $
Integrated Oil & Gas - 2.3%
Chevron Corp.		3,284		395,755
Exxon Mobil Corp.		2,734		190,778
				586,533
Integrated Telecommunication Services - 0.7%
AT&T Inc.		1,442		56,353
Verizon Communications Inc.		1,854		113,836
				170,189
Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		664		39,455
Electronic Arts Inc. (a)		338		36,338
				75,793
Interactive Media & Services - 6.0%
Alphabet Inc., Class A (a)		521		697,822
Alphabet Inc., Class C (a)		267		356,984
Facebook Inc., Class A (a)		2,402		493,011
				1,547,817
Internet & Direct Marketing Retail - 4.2%
Amazon.com Inc. (a)(b)		505		933,159
Booking Holdings Inc. (a)		78		160,191
				1,093,350
Investment Banking & Brokerage - 0.1%
The Charles Schwab Corp.		810		38,524
IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		444		93,493
International Business Machines Corp.		616		82,569
				176,062
Life & Health Insurance - 0.2%
Lincoln National Corp.		746		44,021
Life Sciences Tools & Services - 1.7%
Avantor Inc. (a)		2,281		41,400
Illumina Inc. (a)		464		153,928
IQVIA Holdings Inc. (a)		1,563		241,499
				436,827
Managed Healthcare - 1.9%
UnitedHealth Group Inc.		1,724		506,822
Movies & Entertainment - 2.3%
Netflix Inc. (a)		366		118,427
The Walt Disney Co.		3,304		477,857
				596,284

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, 2019

	Number of Shares		Fair Value $
Multi-Line Insurance - 0.4%
American International Group Inc.		1,075		55,180
The Hartford Financial Services Group Inc.		684		41,566
				96,746
Multi-Sector Holdings - 1.3%
Berkshire Hathaway Inc., Class B (a)		1,451		328,652
Multi-Utilities - 1.8%
CMS Energy Corp.		570		35,819
Dominion Energy Inc.		858		71,060
Sempra Energy		2,361		357,644
				464,523
Oil & Gas Equipment & Services - 0.9%
Schlumberger Ltd.		5,866		235,813
Oil & Gas Exploration & Production - 0.8%
Concho Resources Inc.		111		9,720
ConocoPhillips		1,261		82,003
Diamondback Energy Inc.		515		47,823
EOG Resources Inc.		434		36,352
Pioneer Natural Resources Co.		225		34,058
				209,956
Oil & Gas Refining & Marketing - 0.3%
Marathon Petroleum Corp.		1,204		72,541
Packaged Foods & Meats - 1.5%
General Mills Inc.		1,085		58,112
Mondelez International Inc., Class A		6,084		335,107
				393,219
Personal Products - 0.5%
The Estee Lauder Companies Inc., Class A		650		134,251
Pharmaceuticals - 5.5%
Allergan PLC (b)		1,785		341,238
Bristol-Myers Squibb Co.		2,611		167,600
Elanco Animal Health Inc. (a)		3,090		91,001
Johnson & Johnson		794		115,821
Merck & Company Inc.		6,737		612,730
Mylan N.V. (a)		4,549		91,435
				1,419,825
Property & Casualty Insurance - 0.5%
Chubb Ltd.		498		77,519

	Number of Shares		Fair Value $
The Progressive Corp.		746		54,003
				131,522
Railroads - 0.5%
Union Pacific Corp.		727		131,434
Regional Banks - 2.9%
First Republic Bank		3,927		461,226
Regions Financial Corp.		8,127		139,459
SVB Financial Group (a)		636		159,662
				760,347
Restaurants - 0.8%
Domino’s Pizza Inc.		135		39,660
McDonald’s Corp.		906		179,035
				218,695
Semiconductor Equipment - 2.2%
Applied Materials Inc.		7,181		438,328
ASML Holding N.V.		293		86,711
Lam Research Corp.		151		44,152
				569,191
Semiconductors - 2.0%
Broadcom Inc.		334		105,551
Intel Corp.		2,090		125,087
NVIDIA Corp.		918		216,005
QUALCOMM Inc.		692		61,055
				507,698
Soft Drinks - 1.6%
PepsiCo Inc.		3,115		425,727
Specialized REITs - 1.0%
American Tower Corp.		557		128,010
Extra Space Storage Inc.		1,245		131,497
				259,507
Specialty Chemicals - 0.6%
Albemarle Corp. (b)		339		24,761
DuPont de Nemours Inc.		932		59,834
PPG Industries Inc.		510		68,080
				152,675
Specialty Stores - 0.3%
Ulta Salon Cosmetics & Fragrance Inc. (a)		334		84,549
Systems Software - 5.9%
Microsoft Corp.		8,210		1,294,717

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, 2019

	Number of Shares		Fair Value $
Oracle Corp.		2,384		126,305
ServiceNow Inc. (a)		404		114,057
				1,535,079
Technology Hardware, Storage & Peripherals - 4.6%
Apple Inc.		4,103		1,204,846
Tobacco - 0.5%
Philip Morris International Inc.		1,470		125,082
Trading Companies & Distributors - 1.0%
United Rentals Inc. (a)		1,638		273,169
Trucking - 0.3%
Lyft Inc., Class A (a)		1,990		85,610

	Number of Shares		Fair Value $
Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		667		52,306
Total Common Stock (Cost $17,449,627)				25,159,202
Short-Term Investments - 2.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (Cost $760,740) (c)(d)		760,740		760,740
Total Investments (Cost $18,210,367)				25,919,942
Other Assets and Liabilities, net - 0.1%				30,580
NET ASSETS - 100.0%				25,950,522

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		March 2020		3	$	474,397	$	484,665	$	10,268

During the year ended December 31, 2019, average notional value related to long futures contracts and short futures contracts was $210,725 and $34,602, 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, 2019

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, 2019, 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, 2019.

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, 2019:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	25,159,202	$	—	$	—	$	25,159,202
Short-Term Investments		760,740		—		—		760,740
Total Investments in Securities	$	25,919,942	$	—	$	—	$	25,919,942
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	10,268	$	—	$	—	$	10,268

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		743,662	$	743,662	$	5,719,155	$	5,702,077		—		—		760,740	$	760,740	$	11,844

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														1/3/95
Net asset value, beginning of period	$	38.07		$	44.20		$	42.02		$	42.25		$	48.44
Income/(loss) from investment operations:
Net investment income		0.33	(a)		0.37	(a)		0.35	(a)		0.55			0.53
Net realized and unrealized gains/(losses) on investments		11.78			(1.90	)		8.03			3.41			(1.56	)
Total income/(loss) from investment operations		12.11			(1.53	)		8.38			3.96			(1.03	)
Less distributions from:
Net investment income		0.32			0.41			0.38			0.54			0.53
Net realized gains		2.89			4.19			5.82			3.65			4.63
Total distributions		3.21			4.60			6.20			4.19			5.16
Net asset value, end of period	$	46.97		$	38.07		$	44.20		$	42.02		$	42.25
Total Return(b)		31.77	%		(3.40	)%		19.91	%		9.31	%		(2.30	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	25,951		$	23,473		$	28,308		$	27,336		$	31,405
Ratios to average net assets:
Net expenses		0.88	%		0.80	%		0.85	%		0.83	%		0.76	%
Gross expenses		0.88	%		0.80	%		0.85	%		0.83	%		0.76	%
Net investment income		0.74	%		0.81	%		0.75	%		1.16	%		1.04	%
Portfolio turnover rate		31	%		41	%		80	%		37	%		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.

* 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, 2019

Assets
Investments in securities, at fair value (cost $17,449,627)	$	25,159,202
Short-term affiliated investments, at fair value		760,740
Cash		1,396
Net cash collateral on deposit with broker for future contracts		11,636
Income receivables		29,074
Receivable for fund shares sold		404
Income receivable from affiliated investments		1,039
Receivable for accumulated variation margin on futures contracts		10,275
Other assets		145
Total assets		25,973,911
Liabilities
Payable for fund shares redeemed		3,972
Payable to the Adviser		11,996
Payable for custody, fund accounting andsub-administration fees		1,728
Accrued other expenses		5,693
Total liabilities		23,389
Net Assets	$	25,950,522
Net Assets Consist of:
Capital paid in	$	17,913,396
Total distributable earnings (loss)		8,037,126
Net Assets	$	25,950,522
Shares outstanding ($0.01 par value; unlimited shares authorized)		552,524
Net asset value per share	$	46.97

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 fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	403,182
Income from affiliated investments		11,844
Less: Foreign taxes withheld		(259	)
Total income		414,767
Expenses
Advisory and administration fees		140,543
Directors’ fees		16,676
Custody, fund accounting andsub-administration fees		20,631
Professional fees		32,900
Printing and shareholder reports		13,440
Other expenses		1,267
Total Expenses		225,457
Net investment income	$	189,310
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	1,675,651
Futures		21,955
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		5,049,408
Futures		20,288
Net realized and unrealized gain (loss) on investments		6,767,302
Net Increase in Net Assets Resulting from Operations	$	6,956,612

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, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	189,310		$	224,719
Net realized gain (loss) on investments and futures		1,697,606			2,185,851
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		5,069,696			(3,055,035	)
Net increase (decrease) from operations		6,956,612			(644,465	)
Distributions to shareholders:
Total distributions		(1,660,269	)		(2,528,893	)
Increase (decrease) in assets from operations and distributions		5,296,343			(3,173,358	)
Share transactions:
Proceeds from sale of shares		499,825			241,533
Value of distributions reinvested		1,660,269			2,528,893
Cost of shares redeemed		(4,979,288	)		(4,431,611	)
Net increase (decrease) from share transactions		(2,819,194	)		(1,661,185	)
Total increase (decrease) in net assets		2,477,149			(4,834,543	)
Net Assets
Beginning of year		23,473,373			28,307,916
End of year	$	25,950,522		$	23,473,373
Changes in Fund Shares
Shares sold		11,190			5,408
Issued for distributions reinvested		35,227			66,920
Shares redeemed		(110,556	)		(96,095	)
Net decrease in fund shares		(64,139	)		(23,767	)

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, 2019

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, 2019

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, 2019 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, 2019, 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, 2019

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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments 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, 2019, 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, 2019 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 U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	10,275	$	—	$	10,275

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	$	—	$	—	$	—	$	21,955	$	—	$	21,955

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	$	—	$	—	$	—	$	20,288	$	—	$	20,288

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%.

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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Notes to Financial Statements 17

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

Notes to Financial Statements, continued — December 31, 2019

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 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, 2019 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	7,626,480		$	11,912,985

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 futures contracts, return of capital distributions received and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	176,836		$	1,483,433		$	1,660,269

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

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Tax Exempt Income			Capital Loss Carryforwards			Undistributed Long Term Gain			Net Unrealized Gain (Losses)			Total
	$	74,542		$	—		$	—		$	453,600		$	7,508,984		$	8,037,126

18 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

As of December 31, 2019, 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)
	$	18,421,226		$	7,933,723		$	424,739		$	7,508,984

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 2020 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. 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, 2019.

9. Risks

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

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

10. Subsequent Events

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

Notes to Financial Statements 19

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of State Street U.S. Equity V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, 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, 2020

20 Report of Independent Registered Public Accounting Firm

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

Tax Information — December 31, 2019 (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, 2019.

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, 2019 in the amount of $1,483,433.

Tax Information 21

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

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedules of investments are available upon request, without charge, by calling 1-800-242-0134.

22 Other Information

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

Other Information, continued — December 31, 2019 (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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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: Until successor is elected and qualified Served: Since January 2019	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 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

Other Information 23

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

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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 and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None

24 Other Information

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

Other Information, continued — December 31, 2019 (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)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

Other Information 25

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

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

26 Other Information

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

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

Other Information 27

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

Other Information, continued — December 31, 2019 (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):
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

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

Annual Report

December 31, 2019

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		6
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
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 Premier Growth Equity V.I.S. Fund

Notes to Performance — December 31, 2019 (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, 2019 (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 the 12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 37.33% and the returns for the Russell 1000 Growth Index and the S&P 500 Index were 36.39% and 31.49%, respectively. 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 Indices are unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Broad-based outperformance in the technology, communications services, industrial, real estate, and consumer sectors were primary drivers of Fund performance during the Reporting Period relative to the Indices. The Fund outperformed significantly in IT, with strong performance from a rebound in semiconductor stocks (e.g. Applied Materials & ASML), software (e.g. ServiceNow & Microsoft), and IT services (Visa). In communication services, Charter Communications, among the Fund’s largest overweights, surged as it continued to realize synergistic benefits from its 2016 acquisition of Time Warner Cable and strength in its broadband business. On the negative side, the Fund’s holdings in financials were up more than 26% for the year but this was well behind the broader market. Some of the lagging stocks in this sector included CME Group and Charles Schwab. Both companies fell behind as interest rates declined during the year.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Microsoft, and Applied Materials. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lyft, Albemarle Corp, and Elanco Animal Health.

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, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2019.

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)
Account Value at the
Beginning of the Period July 1, 2019	$	1,000.00	$	1,000.00
Account Value at the End of the Period December 31, 2019	$	1,130.20	$	1,020.67
Expenses Paid During the Period*	$	4.83	$	4.58

* Expenses are equal to the Fund’s annualized expense ratio of 0.90%** (for the period July 1, 2019-December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-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, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Microsoft Corp.	8.78	%
Apple Inc.	7.61	%
Amazon.com Inc.	4.98	%
Alphabet Inc., Class C	4.84	%
Visa Inc., Class A	4.67	%
Facebook Inc., Class A	3.94	%
Saleforce.com Inc.	3.51	%
UnitedHealth Group Inc.	3.17	%
Allergan PLC	2.95	%
Applied Materials Inc.	2.80	%

Sector Allocation as of December 31, 2019

Portfolio composition as a % of Fair Value of $35,470 December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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		37.33	%		12.67	%		14.24	%	$	37,865
S&P 500® Index		31.49	%		11.70	%		13.56	%	$	35,666
Russell 1000® Growth Index		36.39	%		14.63	%		15.22	%	$	41,234

(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 Premier Growth Equity V.I.S. Fund

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

Performance Summary, continued — December 31, 2019 (Unaudited)

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

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, 2019

	Number of Shares		Fair Value $
Common Stock - 95.5%†
Application Software - 3.5%
salesforce.com Inc. (a)		7,660		1,245,822
Biotechnology - 4.2%
Alexion Pharmaceuticals Inc. (a)		6,973		754,130
Vertex Pharmaceuticals Inc. (a)		3,457		756,910
				1,511,040
Cable & Satellite - 2.4%
Charter Communications Inc., Class A (a)		1,770		858,592
Data Processing & Outsourced Services - 8.2%
Fidelity National Information Services Inc.		4,671		649,689
Mastercard Inc., Class A		1,988		593,597
Visa Inc., Class A		8,822		1,657,654
				2,900,940
Electronic Components - 1.6%
Corning Inc.		19,055		554,691
Financial Exchanges & Data - 4.7%
CME Group Inc.		3,764		755,510
S&P Global Inc.		3,365		918,813
				1,674,323
Healthcare Equipment - 5.2%
Abbott Laboratories		3,920		340,491
Boston Scientific Corp. (a)		19,676		889,749
Intuitive Surgical Inc. (a)		1,036		612,431
				1,842,671
Industrial Conglomerates - 1.6%
Honeywell International Inc.		3,275		579,675
Interactive Media & Services - 10.5%
Alphabet Inc., Class A (a)		458		613,441
Alphabet Inc., Class C (a)		1,283		1,715,397
Facebook Inc., Class A (a)		6,809		1,397,547
				3,726,385
Internet & Direct Marketing Retail - 8.4%
Alibaba Group Holding Ltd. ADR (a)(b)		2,871		608,939
Amazon.com Inc. (a)		955		1,764,687
Booking Holdings Inc. (a)(b)		302		620,227
				2,993,853
Managed Healthcare - 3.2%
UnitedHealth Group Inc.		3,828		1,125,355

	Number of Shares		Fair Value $
Movies & Entertainment - 2.6%
The Walt Disney Co.		6,406		926,500
Oil & Gas Equipment & Services - 0.8%
Schlumberger Ltd. (b)		6,786		272,797
Pharmaceuticals - 4.1%
Allergan PLC		5,481		1,047,803
Elanco Animal Health Inc. (a)		13,701		403,494
				1,451,297
Regional Banks - 1.5%
First Republic Bank		4,532		532,283
Semiconductor Equipment - 4.0%
Applied Materials Inc.		16,273		993,304
ASML Holding N.V.		1,451		429,409
				1,422,713
Semiconductors - 1.4%
NVIDIA Corp.		2,102		494,601
Soft Drinks - 2.8%
PepsiCo Inc.		7,192		982,931
Specialized REITs - 1.7%
American Tower Corp.		2,667		612,930
Specialty Chemicals - 0.9%
Albemarle Corp.		4,373		319,404
Systems Software - 11.2%
Microsoft Corp.		19,756		3,115,521
ServiceNow Inc. (a)		3,027		854,583
				3,970,104
Technology Hardware, Storage & Peripherals - 7.6%
Apple Inc.		9,186		2,697,469
Trading Companies & Distributors - 2.7%
United Rentals Inc. (a)		5,698		950,256
Trucking - 0.7%
Lyft Inc., Class A (a)		6,265		269,520
Total Common Stock (Cost $19,006,272)				33,916,152
Exchange Traded & Mutual Funds - 0.9%
Consumer Discretionary Select Sector SPDR Fund (Cost $315,498) (b)(c)		2,634		330,356
Total Investments in Securities (Cost $19,321,770)				34,246,508

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, 2019

	Number of Shares		Fair Value $
Short-Term Investments - 3.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (Cost $1,223,418) (c)(d)		1,223,418		1,223,418
Total Investments (Cost $20,545,188)				35,469,926
Other Assets and Liabilities, net - 0.1%				32,561
NET ASSETS - 100.0%				35,502,487

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		March 2020		3	$	477,034	$	484,665	$	7,631

During the year ended December 31, 2019, average notional values related to long and short futures contracts was $249,981 and $43,475, 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, 2019

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, 2019, 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, 2019.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	33,916,152	$	—	$	—	$	33,916,152
Exchange Traded & Mutual Funds		330,356		—		—		330,356
Short-Term Investments		1,223,418		—		—		1,223,418
Total Investments in Securities	$	35,469,926	$	—	$	—	$	35,469,926
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	7,631	$	—	$	—	$	7,631

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
Consumer Discretionary Select Sector SPDR Fund		—		—		397,565		83,435		1,368		14,858		2,634	$	330,356		1,824
State Street Institutional U.S. Government Money Market Fund, Class G Shares		311,364		311,364		7,873,158		6,961,104		—		—		1,223,418		1,223,418		17,998
TOTAL			$	311,364	$	8,270,723	$	7,044,539	$	1,368	$	14,858			$	1,553,774	$	19,822

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														12/12/97
Net asset value, beginning of period	$	82.51		$	99.23		$	86.08		$	94.07		$	106.58
Income/(loss) from investment operations:
Net investment income		0.03	(a)		0.12	(a)		0.32	(a)		0.50			0.52
Net realized and unrealized gains/(losses) on investments		30.84			(2.88	)		24.10			1.90			3.25
Total income/(loss) from investment operations		30.87			(2.76	)		24.42			2.40			3.77
Less distributions from:
Net investment income		—			0.15			0.34			0.48			0.53
Net realized gains		12.49			13.81			10.93			9.91			15.75
Total distributions		12.49			13.96			11.27			10.39			16.28
Net asset value, end of period	$	100.89		$	82.51		$	99.23		$	86.08		$	94.07
Total Return(b)		37.33	%		(2.66	)%		28.34	%		2.47	%		3.30	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	35,502		$	30,369		$	36,404		$	33,219		$	36,858
Ratios to average net assets:
Net expenses		0.91	%		0.87	%		0.85	%		0.84	%		0.81	%
Gross expenses		0.91	%		0.87	%		0.85	%		0.84	%		0.81	%
Net investment income		0.03	%		0.11	%		0.31	%		0.52	%		0.46	%
Portfolio turnover rate		22	%		27	%		21	%		22	%		19	%

Notes to Financial Highlights

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

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

* 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, 2019

Assets
Investments in securities, at fair value (cost $19,006,272)	$	33,916,152
Investments in affiliated securities, at fair value (cost $315,498)		330,356
Short-term affiliated investments, at fair value		1,223,418
Net cash collateral on deposit with broker for future contracts		14,286
Receivable for investments sold		34,575
Income receivables		29,609
Receivable for fund shares sold		123
Income receivable from affiliated investments		1,881
Receivable for accumulated variation margin on futures contracts		7,638
Other assets		190
Total assets		35,558,228
Liabilities
Payable for fund shares redeemed		29,734
Payable to the Adviser		18,372
Payable for custody, fund accounting andsub-administration fees		1,959
Accrued other expenses		5,676
Total liabilities		55,741
Net Assets	$	35,502,487
Net Assets Consist of:
Capital paid in	$	20,364,118
Total distributable earnings (loss)		15,138,369
Net Assets	$	35,502,487
Shares outstanding ($0.01 par value; unlimited shares authorized)		351,900
Net asset value per share	$	100.89

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 fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	296,244
Income from affiliated investments		19,822
Less: Foreign taxes withheld		(754	)
Total income		315,312
Expenses
Advisory and administration fees		217,733
Directors’ fees		16,808
Custody, fund accounting andsub-administration fees		21,340
Professional fees		33,396
Printing and shareholder reports		11,278
Other expenses		4,182
Total Expenses		304,737
Net investment income	$	10,575
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	4,003,350
Affiliated investments		1,368
Futures		(12,719	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		6,495,047
Affiliated investments		14,858
Futures		8,481
Net realized and unrealized gain (loss) on investments		10,510,385
Net Increase in Net Assets Resulting from Operations	$	10,520,960

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, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	10,575		$	40,859
Net realized gain (loss) on investments and futures		3,991,999			4,399,877
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		6,518,386			(4,978,924	)
Net increase (decrease) from operations		10,520,960			(538,188	)
Distributions to shareholders:
Total distributions		(3,931,647	)		(4,400,219	)
Increase (decrease) in assets from operations and distributions		6,589,313			(4,938,407	)
Share transactions:
Proceeds from sale of shares		356,759			175,763
Value of distributions reinvested		3,931,647			4,400,219
Cost of shares redeemed		(5,743,877	)		(5,672,877	)
Net increase (decrease) from share transactions		(1,455,471	)		(1,096,895	)
Total increase (decrease) in net assets		5,133,842			(6,035,302	)
Net Assets
Beginning of year		30,368,645			36,403,947
End of year	$	35,502,487		$	30,368,645
Changes in Fund Shares
Shares sold		3,443			1,683
Issued for distributions reinvested		38,755			53,766
Shares redeemed		(58,360	)		(54,267	)
Net increase (decrease) in fund shares		(16,162	)		1,182

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, 2019

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, 2019

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, 2019 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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments 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, 2019

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, 2019, 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, 2019 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 Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	7,638	$	—	$	7,638

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	$	—	$	—	$	—	$	(12,719	)	$	—	$	(12,719	)

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	$	—	$	—	$	—	$	8,481	$	—	$	8,481

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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 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, 2019

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, 2019 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	7,174,374		$	13,526,988

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. Temporary booktax differences will reverse in the future. These book tax differences are primarily due to futures contracts and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	186,046		$	3,745,601		$	3,931,647

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

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

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Tax Exempt Income		Capital Loss Carryforwards		Undistributed long term gain		Net Unrealized Gains (Losses)		Qualified Late-Year Losses		Total
State Street Premier Growth Equity V.I.S. Fund	$	39,609	$	—	$	—	$	503,628	$	14,595,132	$	—	$	15,138,369

16 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

As of December 31, 2019, 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)
	$	20,882,425		$	15,222,778		$	627,646		$	14,595,132

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 2020 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. 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, 2019.

9. Risks

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

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

10. Subsequent Events

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

Notes to Financial Statements 17

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of State Street Premier Growth Equity V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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 (the “Company”)), including the schedule of investments, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, 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, 2020

18 Report of Independent Registered Public Accounting Firm

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

Tax Information — December 31, 2019 (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, 2019.

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 fiscal year ended December 31, 2019 in the amount of

$3,745,601.

Tax Information 19

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

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedule of investments are available upon request, without charge, by calling 1-800-242-0134.

20 Other Information

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

Other Information — December 31, 2019 (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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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: Until successor is elected and qualified Served: Since January 2019	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 2009-2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

Other Information 21

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

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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 and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None
INTERESTED DIRECTORS(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None

22 Other Information

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

Other Information, continued — December 31, 2019 (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) (continued)
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 –March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

Other Information 23

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

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

24 Other Information

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

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

Other Information 25

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

Other Information, continued — December 31, 2019 (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):
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

State Street Income V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

State Street Income V.I.S. Fund

Annual Report

December 31, 2019

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		23
Statement of Assets and Liabilities		24
Statement of Operations		25
Statements of Changes in Net Assets		26
Notes to Financial Statements		27
Report of Independent Registered Public Accounting Firm		35
Other Information		36

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, 2019 (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, 2019 (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 the 12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 8.62% and the Index was 8.72%. 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.

Asset allocation and duration, which each had a positive impact, and security selection, which had a negative impact, were the primary drivers of Fund performance during the Reporting Period relative to the Index.

Reflecting our view that the credit and economic cycle would persist, which was bolstered by a new round of monetary stimulus, the Fund maintained an over-weight asset allocation to credit sectors during the Reporting Period. Largely in response to renewed monetary policy stimulus, credit spreads tightened over the Reporting Period. Credit performance versus duration-equivalent treasuries was positive over the Reporting Period, with investment-grade credit and high-yield strongly out-performing risk-free assets. As such, the Fund’s allocation to credit generated positive excess returns relative to the Index.

Over the course of the Reporting Period, the ten-year government interest rate decreased from 2.69% to 1.92%. During the third quarter of 2019, we felt that long-term rates were nearing a cyclical low, which turned out to be the case, as the ten-year government interest rate hit a low of 1.46%. During that period, we established a short duration position relative to the Index, positively impacting the Fund’s performance relative to the Index.

Security selection in the investment-grade credit allocation generated positive excess returns relative to the Index, which was offset by security selection in the agency MBS and treasury allocations, with each generating negative excess returns relative to the Index.

The Fund used treasury futures, interest rate swaps, options on treasury futures and index credit default swaps in order to actively manage duration and credit spread duration during the Reporting Period. The Fund’s use of treasury futures contributed to Fund performance relative to the Index, while its use of interest rate swaps, options on treasury futures and index credit default swaps detracted from Fund performance relative to the Index.

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, 2019 (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, 2019.

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, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,021.60	$	1,019.76
Expenses Paid During Period*	$	5.50	$	5.50

* Expenses are equal to the Fund’s annualized expense ratio of 1.08%** (for the period July 1, 2019-December 31, 2019), 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, 2019 (Unaudited)

Quality Ratings

as of December 31, 2019 as a % of Fair Value^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		4.1	%
Aa / AA		73.1	%
A / A		5.3	%
Baa / BBB		15.4	%
Ba / BB and lower		1.6	%
NR / Other		0.5	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $19,766 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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		8.62	%		2.54	%		3.66	%	$	14,329
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		3.05	%		3.75	%	$	14,445

(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, 2019 (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, 2019

	Principal Amount ($)		Fair Value $
Bonds and Notes - 92.8%†
U.S. Treasuries - 21.0%
U.S. Treasury Bonds
2.25%, 08/15/46 (a)		135,000		131,541
3.00%, 08/15/48 (a)		753,400		850,871
U.S. Treasury Notes 1.63%, 02/15/26 (a)		465,300		461,156
1.88%, 06/30/20 - 12/15/20 (a)		1,319,600		1,321,867
2.25%, 03/31/20 (a)		805,000		806,195
2.63%, 02/15/29 (a)		27,000		28,633
				3,600,263
Agency Mortgage Backed - 36.9%
Federal Home Loan Mortgage Corp.
3.00%, 03/01/43 (a)		274,606		282,520
4.00%, 01/01/48 (a)		376,680		396,253
4.05%, 09/25/28 (a)(b)		31,000		34,611
4.50%, 06/01/33 - 02/01/35 (a)		3,657		3,920
5.00%, 07/01/35 (a)		30,965		34,319
5.50%, 05/01/20 - 01/01/38 (a)		31,360		35,058
6.00%, 04/01/29 - 11/01/37 (a)		95,518		106,984
6.50%, 02/01/29 (a)		44		50
6.93%, 06/01/26 (a)(c)		60,000		77,797
7.00%, 06/01/29 - 08/01/36 (a)		21,369		24,383
7.50%, 01/01/30 - 09/01/33 (a)		3,898		4,280
8.00%, 11/01/30 (a)		4,359		4,924
8.50%, 04/01/30 (a)		3,754		4,765
Federal National Mortgage Assoc.
3.50%, 06/01/44 - 07/01/47 (a)		560,951		590,962
4.00%, 01/01/41 - 10/01/47 (a)		420,313		444,483
4.50%, 02/01/20 - 02/01/40 (a)		32,724		35,312
5.00%, 03/01/34 - 08/01/35 (a)		39,336		43,514
5.50%, 06/01/20 - 01/01/39 (a)		123,726		138,305
6.00%, 02/01/20 - 07/01/35 (a)		147,204		166,001
6.50%, 10/01/28 - 08/01/34 (a)		22,682		24,797
7.00%, 10/01/32 - 02/01/34 (a)		5,325		5,758
7.50%, 11/01/22 - 03/01/33 (a)		15,286		16,287
8.00%, 08/01/25 - 10/01/31 (a)		7,004		7,751
9.00%, 12/01/22 (a)		148		151
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 4.47%, 04/01/37 (a)(b)		905		930
Federal National Mortgage Assoc. TBA
2.50% TBA (d)		622,000		627,623
3.50% TBA (d)		130,000		133,709
4.00% TBA (a)(d)		1,410,325		1,471,110
4.00% TBA (d)		452,000		470,071

	Principal Amount ($)		Fair Value $
Government National Mortgage Assoc.
3.00%, 12/20/42 (a)		355,585		368,323
3.50%, 05/20/45 (a)		375,300		391,727
4.00%, 01/20/41 - 04/20/43 (a)		116,090		123,834
4.50%, 08/15/33 - 03/20/41 (a)		84,077		90,390
6.00%, 04/15/27 - 04/15/34 (a)		74,521		83,219
6.50%, 03/15/24 - 08/15/34 (a)		31,702		34,753
7.00%, 01/15/28 - 10/15/36 (a)		23,519		25,313
7.50%, 11/15/31 (a)		135		135
9.00%, 12/15/21 (a)		61		63
Government National Mortgage Assoc. 1.50% + 1 year CMT 4.00%, 02/20/23 - 02/20/26 (a)(b)		1,330		1,346
4.13%, 12/20/24 (a)(b)		612		620
				6,306,351
Agency Collateralized Mortgage Obligations - 1.1%
Federal Home Loan Mortgage Corp. 0.08%, 09/25/43 (a)(b)(e)		395,212		1,338
2.43%, 08/25/29 (a)		102,000		101,993
2.51%, 07/25/29 (a)		55,000		55,384
Federal Home Loan Mortgage Corp. REMIC
3.50%, 09/15/29 - 11/15/30 (a)(e)		27,285		1,400
5.50%, 06/15/33 (a)(e)		16,996		3,057
7.50%, 07/15/27 (a)(e)		1,645		245
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.86%, 08/15/25 (a)(b)(e)		11,151		468
Federal Home Loan Mortgage Corp. STRIPS 1.47%, 08/01/27 (a)(f)(g)		191		170
8.00%, 02/01/23 - 07/01/24 (a)(e)		480		58
Federal National Mortgage Assoc. REMIC 1.09%, 12/25/42 (a)(b)(e)		20,730		820
5.00%, 09/25/40 (a)(e)		13,388		1,454
7.00%, 09/25/20 (a)		10		10
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.21%, 07/25/38 (a)(b)(e)		5,853		846
Federal National Mortgage Assoc. STRIPS 1.87%, 12/25/34 (a)(f)(g)		13,909		11,994
4.50%, 08/25/35 - 01/25/36 (a)(e)		17,462		2,679
5.00%, 03/25/38 - 05/25/38 (a)(e)		9,646		1,620
5.50%, 12/25/33 (a)(e)		4,297		854
6.00%, 01/25/35 (a)(e)		7,250		1,383

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, 2019

	Principal Amount ($)		Fair Value $
7.50%, 11/25/23 (a)(e)		2,041		203
8.00%, 08/25/23 - 07/25/24 (a)(e)		1,000		121
8.50%, 07/25/22 (a)(e)		9		1
9.00%, 05/25/22 (a)(e)		9		1
Government National Mortgage Assoc. REMIC 4.50%, 08/16/39 (a)(e)		7,771		237
5.00%, 09/20/38 (a)(e)		794		3
				186,339
Asset Backed - 2.5%
American Express Credit Account Master Trust 0.24% + 1 month USD LIBOR 1.98%, 04/15/24 (a)(b)		100,000		100,078
American Express Credit Account Master Trust2018-8 3.18%, 04/15/24 (a)		104,000		106,330
BA Credit Card Trust2018-A1 2.70%, 07/17/23 (a)		44,000		44,417
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR 2.06%, 09/15/22 (a)(b)(h)		124,000		124,016
Nissan Auto Lease Trust2019-A 2.76%, 03/15/22 (a)		45,000		45,418
				420,259
Corporate Notes - 26.7%
3M Co. 3.13%, 09/19/46 (a)		9,000		8,569
Abbott Laboratories 3.75%, 11/30/26 (a)		6,000		6,558
4.90%, 11/30/46 (a)		8,000		10,490
AbbVie Inc. 2.60%, 11/21/24 (a)(h)		10,000		10,087
2.95%, 11/21/26 (a)(h)		15,000		15,252
3.20%, 05/14/26 (a)		4,000		4,142
3.20%, 11/21/29 (a)(h)		10,000		10,205
4.05%, 11/21/39 (a)(h)		5,000		5,249
4.25%, 11/21/49 (a)(h)		5,000		5,303
4.45%, 05/14/46 (a)		11,000		11,865
4.88%, 11/14/48 (a)		3,000		3,461
Aetna Inc. 3.50%, 11/15/24 (a)		8,000		8,380
Aflac Inc. 4.00%, 10/15/46 (a)		3,000		3,280
Aircastle Ltd. 4.25%, 06/15/26 (a)		7,000		7,390
Albemarle Wodgina Pty Ltd. 3.45%, 11/15/29 (a)(h)		15,000		15,033

	Principal Amount ($)		Fair Value $
Alexandria Real Estate Equities Inc. 4.70%, 07/01/30 (a)		3,000		3,449
Alimentation Couche-Tard Inc. 2.70%, 07/26/22 (a)(h)		8,000		8,093
Allegion PLC 3.50%, 10/01/29 (a)		5,000		5,112
Allergan Finance LLC 3.25%, 10/01/22 (a)		6,000		6,135
4.63%, 10/01/42 (a)		2,000		2,084
Allergan Funding SCS
3.00%, 03/12/20 (a)		9,000		9,007
3.45%, 03/15/22 (a)		8,000		8,186
Allergan Sales LLC 5.00%, 12/15/21 (a)(h)		9,000		9,416
Ally Financial Inc. 5.75%, 11/20/25 (a)		6,000		6,729
Altria Group Inc. 2.95%, 05/02/23 (a)		5,000		5,130
3.80%, 02/14/24 (a)		4,000		4,210
4.25%, 08/09/42 (a)		2,000		1,979
4.50%, 05/02/43 (a)		3,000		3,055
4.80%, 02/14/29 (a)		7,000		7,793
Amazon.com Inc. 2.80%, 08/22/24 (a)		5,000		5,176
3.15%, 08/22/27 (a)		4,000		4,236
3.88%, 08/22/37 (a)		2,000		2,270
4.05%, 08/22/47 (a)		5,000		5,901
Ameren Corp. 2.50%, 09/15/24 (a)		15,000		15,055
3.65%, 02/15/26 (a)		5,000		5,231
American Campus Communities Operating Partnership LP 4.13%, 07/01/24 (a)		4,000		4,273
American Express Co. 3.00%, 10/30/24 (a)		8,000		8,273
American International Group Inc. 4.25%, 03/15/29 (a)		8,000		8,906
4.50%, 07/16/44 (a)		7,000		8,073
6.40%, 12/15/20 (a)		7,000		7,290
American Tower Corp. 3.70%, 10/15/49 (a)		3,000		3,002
3.80%, 08/15/29 (a)		10,000		10,691
American Water Capital Corp. 2.95%, 09/01/27 (a)		9,000		9,181
Amgen Inc. 2.65%, 05/11/22 (a)		9,000		9,134
3.20%, 11/02/27 (a)		5,000		5,263
4.66%, 06/15/51 (a)		3,000		3,532

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, 2019

	Principal Amount ($)		Fair Value $
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. 4.70%, 02/01/36 (a)		8,000		9,256
4.90%, 02/01/46 (a)		9,000		10,707
Anheuser-Busch InBev Worldwide Inc. 4.00%, 04/13/28 (a)		4,000		4,397
4.38%, 04/15/38 (a)		13,000		14,626
4.75%, 04/15/58 (a)		7,000		8,177
5.55%, 01/23/49 (a)		6,000		7,796
Anthem Inc. 2.88%, 09/15/29 (a)		3,000		2,998
3.30%, 01/15/23 (a)		6,000		6,206
3.70%, 09/15/49 (a)		3,000		2,990
Apache Corp. 4.38%, 10/15/28 (a)		3,000		3,138
5.10%, 09/01/40 (a)		7,000		7,120
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) 4.95%, 01/14/50 (a)(b)(h)		10,000		10,137
Apple Inc. 2.20%, 09/11/29 (a)		7,000		6,879
2.85%, 05/11/24 (a)		7,000		7,240
2.95%, 09/11/49 (a)		5,000		4,883
3.35%, 02/09/27 (a)		7,000		7,468
3.45%, 02/09/45 (a)		10,000		10,586
Applied Materials Inc. 4.35%, 04/01/47 (a)		6,000		7,241
Aptiv PLC 4.40%, 10/01/46 (a)		7,000		6,767
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (a)		6,000		6,104
Ascension Health 4.85%, 11/15/53 (a)		10,000		12,622
AstraZeneca PLC 3.50%, 08/17/23 (a)		6,000		6,281
4.00%, 01/17/29 (a)		3,000		3,333
4.38%, 08/17/48 (a)		2,000		2,374
AT&T Inc. 4.35%, 03/01/29 (a)		4,000		4,443
4.45%, 04/01/24 (a)		7,000		7,580
4.50%, 05/15/35 (a)		12,000		13,375
4.55%, 03/09/49 (a)		4,000		4,442
4.75%, 05/15/46 (a)		4,000		4,523
4.80%, 06/15/44 (a)		7,000		7,987
4.85%, 03/01/39 (a)		8,000		9,242
5.15%, 11/15/46 (a)		2,000		2,389
5.25%, 03/01/37 (a)		5,000		5,984
5.35%, 12/15/43 (a)		7,000		8,240
5.45%, 03/01/47 (a)		7,000		8,670

	Principal Amount ($)		Fair Value $
Athene Holding Ltd. 4.13%, 01/12/28 (a)		4,000		4,123
Avangrid Inc. 3.15%, 12/01/24 (a)		9,000		9,291
Bank of America Corp. 3.95%, 04/21/25 (a)		7,000		7,467
4.18%, 11/25/27 (a)		11,000		11,942
4.25%, 10/22/26 (a)		11,000		12,005
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)		8,000		8,159
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)		2,000		2,094
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter) 3.56%, 04/23/27 (a)(b)		15,000		15,855
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)		3,000		3,418
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		3,335
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter) 4.33%, 03/15/50 (a)(b)		5,000		6,007
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44%, 01/20/48 (a)(b)		3,000		3,668
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)		9,000		9,498
Barrick North America Finance LLC 5.70%, 05/30/41 (a)		3,000		3,708
BAT Capital Corp. 2.76%, 08/15/22 (a)		7,000		7,105

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, 2019

	Principal Amount ($)		Fair Value $
3.56%, 08/15/27 (a)		5,000		5,110
4.39%, 08/15/37 (a)		7,000		7,107
4.54%, 08/15/47 (a)		4,000		4,016
Becton Dickinson and Co. 2.89%, 06/06/22 (a)		11,000		11,182
3.70%, 06/06/27 (a)		10,000		10,644
3.73%, 12/15/24 (a)		2,000		2,124
4.67%, 06/06/47 (a)		3,000		3,571
4.69%, 12/15/44 (a)		2,000		2,327
Berkshire Hathaway Energy Co. 3.25%, 04/15/28 (a)		4,000		4,229
3.80%, 07/15/48 (a)		5,000		5,404
6.13%, 04/01/36 (a)		5,000		6,869
Berkshire Hathaway Finance Corp. 4.25%, 01/15/49 (a)		6,000		7,138
Boardwalk Pipelines LP 4.80%, 05/03/29 (a)		10,000		10,652
Boston Scientific Corp. 4.70%, 03/01/49 (a)		4,000		4,859
BP Capital Markets America Inc. 3.02%, 01/16/27 (a)		11,000		11,397
3.22%, 11/28/23 (a)		8,000		8,323
Brighthouse Financial Inc. 3.70%, 06/22/27 (a)		2,000		1,994
Bristol-Myers Squibb Co. 3.20%, 06/15/26 (a)(h)		7,000		7,355
3.40%, 07/26/29 (a)(h)		7,000		7,499
3.45%, 11/15/27 (a)(h)		2,000		2,134
4.13%, 06/15/39 (a)(h)		5,000		5,764
4.25%, 10/26/49 (a)(h)		5,000		5,941
4.55%, 02/20/48 (a)(h)		7,000		8,580
5.00%, 08/15/45 (a)(h)		5,000		6,410
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.65%, 01/15/23 (a)		3,000		3,017
3.00%, 01/15/22 (a)		6,000		6,090
3.13%, 01/15/25 (a)		3,000		3,043
3.88%, 01/15/27 (a)		2,000		2,078
Brown-Forman Corp. 4.00%, 04/15/38 (a)		2,000		2,239
Bunge Limited Finance Corp. 3.75%, 09/25/27 (a)		3,000		3,068
Burlington Northern Santa Fe LLC 4.15%, 12/15/48 (a)		8,000		9,251
4.55%, 09/01/44 (a)		11,000		13,123
Cameron LNG LLC 3.30%, 01/15/35 (a)(h)		6,000		6,102
3.70%, 01/15/39 (a)(h)		2,000		2,052
Campbell Soup Co. 3.30%, 03/15/21 (a)		11,000		11,163

	Principal Amount ($)		Fair Value $
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (a)		7,000		7,465
4.95%, 06/01/47 (a)		2,000		2,447
Cantor Fitzgerald LP 4.88%, 05/01/24 (a)(h)		10,000		10,671
Capital One Financial Corp. 3.75%, 07/28/26 (a)		9,000		9,477
4.75%, 07/15/21 (a)		12,000		12,496
Cardinal Health Inc. 2.62%, 06/15/22 (a)		6,000		6,062
3.08%, 06/15/24 (a)		4,000		4,119
Caterpillar Inc. 3.25%, 09/19/49 (a)		7,000		7,028
3.80%, 08/15/42 (a)		4,000		4,466
Cenovus Energy Inc. 4.25%, 04/15/27 (a)		2,000		2,117
5.25%, 06/15/37 (a)		3,000		3,314
5.40%, 06/15/47 (a)		3,000		3,481
Centene Corp. 4.25%, 12/15/27 (a)(h)		15,000		15,447
4.63%, 12/15/29 (a)(h)		5,000		5,265
CenterPoint Energy Inc. 2.50%, 09/01/22 (a)		13,000		13,115
3.60%, 11/01/21 (a)		8,000		8,213
Charter Communications Operating LLC/Charter Communications Operating Capital 4.46%, 07/23/22 (a)		11,000		11,563
4.91%, 07/23/25 (a)		5,000		5,511
5.05%, 03/30/29 (a)		12,000		13,589
5.75%, 04/01/48 (a)		10,000		11,692
6.38%, 10/23/35 (a)		3,000		3,788
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/25 (a)		12,000		13,512
Chevron Corp. 3.19%, 06/24/23 (a)		4,000		4,169
Chubb INA Holdings Inc. 4.35%, 11/03/45 (a)		8,000		9,718
Cigna Corp. 3.25%, 04/15/25 (a)(h)		7,000		7,261
3.40%, 09/17/21 (a)		7,000		7,165
3.40%, 03/01/27 (a)(h)		5,000		5,192
3.75%, 07/15/23 (a)		6,000		6,299
3.88%, 10/15/47 (a)(h)		6,000		6,139
4.13%, 11/15/25 (a)		7,000		7,600
4.38%, 10/15/28 (a)		3,000		3,329
4.80%, 08/15/38 (a)		3,000		3,498
4.90%, 12/15/48 (a)		3,000		3,587
Cisco Systems Inc. 5.90%, 02/15/39 (a)		5,000		7,017

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, 2019

	Principal Amount ($)		Fair Value $
Citigroup Inc. 2.70%, 10/27/22 (a)		8,000		8,132
4.40%, 06/10/25 (a)		5,000		5,437
4.45%, 09/29/27 (a)		4,000		4,408
4.65%, 07/23/48 (a)		13,000		16,255
4.75%, 05/18/46 (a)		9,000		10,785
5.50%, 09/13/25 (a)		10,000		11,445
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88%, 07/24/23 (a)(b)		7,000		7,117
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) 2.98%, 11/05/30 (a)(b)		9,000		9,139
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		7,720
Citigroup Inc. (5.88% fixed rate until 03/27/20; 4.06% + 3 month USD LIBOR thereafter) 5.88%, 12/29/49 (a)(b)		23,000		23,180
CME Group Inc. 3.75%, 06/15/28 (a)		2,000		2,215
CMS Energy Corp. 4.88%, 03/01/44 (a)		11,000		13,110
CNA Financial Corp. 3.45%, 08/15/27 (a)		5,000		5,200
3.90%, 05/01/29 (a)		10,000		10,751
CNH Industrial Capital LLC 4.38%, 11/06/20 (a)		7,000		7,136
4.88%, 04/01/21 (a)		8,000		8,258
Comcast Corp. 3.20%, 07/15/36 (a)		7,000		7,163
3.25%, 11/01/39 (a)		9,000		9,136
3.38%, 08/15/25 (a)		5,000		5,304
3.45%, 02/01/50 (a)		5,000		5,134
3.97%, 11/01/47 (a)		6,000		6,612
4.15%, 10/15/28 (a)		7,000		7,881
4.60%, 08/15/45 (a)		3,000		3,599
4.70%, 10/15/48 (a)		4,000		4,935
CommonSpirit Health 4.35%, 11/01/42 (a)		16,000		16,345
Conagra Brands Inc. 3.80%, 10/22/21 (a)		11,000		11,346
5.30%, 11/01/38 (a)		3,000		3,563
5.40%, 11/01/48 (a)		4,000		4,893
Conagra Brands Inc. 0.75% + 3 month USD LIBOR 2.70%, 10/22/20 (a)(b)		9,000		9,006
Concho Resources Inc. 3.75%, 10/01/27 (a)		3,000		3,157

	Principal Amount ($)		Fair Value $
4.88%, 10/01/47 (a)		4,000		4,637
ConocoPhillips Co. 4.30%, 11/15/44 (a)		8,000		9,394
Consolidated Edison Company of New York Inc. 2.90%, 12/01/26 (a)		12,000		12,309
3.88%, 06/15/47 (a)		4,000		4,352
Constellation Brands Inc. 3.15%, 08/01/29 (a)		8,000		8,103
3.70%, 12/06/26 (a)		6,000		6,374
4.50%, 05/09/47 (a)		8,000		8,772
Continental Resources Inc. 4.50%, 04/15/23 (a)		12,000		12,574
Corning Inc. 4.38%, 11/15/57 (a)		6,000		6,147
Crown Castle International Corp. 5.20%, 02/15/49 (a)		6,000		7,412
CSX Corp. 4.50%, 03/15/49 - 08/01/54 (a)		14,000		16,269
CubeSmart LP 4.38%, 02/15/29 (a)		7,000		7,679
CVS Health Corp. 3.00%, 08/15/26 (a)		6,000		6,124
3.25%, 08/15/29 (a)		5,000		5,101
3.35%, 03/09/21 (a)		6,000		6,096
4.30%, 03/25/28 (a)		2,000		2,188
4.78%, 03/25/38 (a)		3,000		3,413
5.00%, 12/01/24 (a)		6,000		6,643
5.05%, 03/25/48 (a)		8,000		9,490
Dell International LLC/EMC Corp. 4.00%, 07/15/24 (a)(h)		9,000		9,432
4.42%, 06/15/21 (a)(h)		11,000		11,320
5.30%, 10/01/29 (a)(h)		7,000		7,882
5.45%, 06/15/23 (a)(h)		5,000		5,424
6.02%, 06/15/26 (a)(h)		5,000		5,773
8.10%, 07/15/36 (a)(h)		2,000		2,627
8.35%, 07/15/46 (a)(h)		4,000		5,475
Deutsche Bank AG 2.70%, 07/13/20 (a)		12,000		12,009
Devon Energy Corp. 5.00%, 06/15/45 (a)		6,000		7,007
DH Europe Finance II Sarl 2.60%, 11/15/29 (a)		4,000		3,993
3.25%, 11/15/39 (a)		3,000		3,037
3.40%, 11/15/49 (a)		3,000		3,076
Diamondback Energy Inc. 2.88%, 12/01/24 (a)		10,000		10,117
3.25%, 12/01/26 (a)		5,000		5,058
3.50%, 12/01/29 (a)		5,000		5,092
5.38%, 05/31/25 (a)		18,000		18,908
Digital Realty Trust LP 3.60%, 07/01/29 (a)		10,000		10,449

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, 2019

	Principal Amount ($)		Fair Value $
Discovery Communications LLC 2.95%, 03/20/23 (a)		9,000		9,183
3.95%, 03/20/28 (a)		5,000		5,345
4.95%, 05/15/42 (a)		2,000		2,217
5.00%, 09/20/37 (a)		3,000		3,400
Dollar Tree Inc. 4.00%, 05/15/25 (a)		7,000		7,485
4.20%, 05/15/28 (a)		4,000		4,297
Dominion Energy Inc. 2.58%, 07/01/20 (a)		9,000		9,023
3.07%, 08/15/24 (a)(c)		5,000		5,117
Dover Corp. 2.95%, 11/04/29 (a)		5,000		5,037
DTE Energy Co. 2.85%, 10/01/26 (a)		8,000		8,047
3.85%, 12/01/23 (a)		7,000		7,345
Duke Energy Carolinas LLC 3.95%, 03/15/48 (a)		5,000		5,589
Duke Energy Corp. 1.80%, 09/01/21 (a)		7,000		6,988
3.55%, 09/15/21 (a)		6,000		6,136
3.75%, 09/01/46 (a)		3,000		3,094
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88%, 12/31/99 (a)(b)		9,000		9,439
Duke Energy Progress LLC 4.15%, 12/01/44 (a)		11,000		12,413
Duke Realty LP 3.25%, 06/30/26 (a)		4,000		4,144
3.38%, 12/15/27 (a)		3,000		3,131
DuPont de Nemours Inc. 5.32%, 11/15/38 (a)		3,000		3,576
5.42%, 11/15/48 (a)		3,000		3,696
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (a)(h)		11,000		11,008
Eastman Chemical Co. 3.50%, 12/01/21 (a)		8,000		8,192
3.60%, 08/15/22 (a)		7,000		7,246
4.50%, 01/15/21 - 12/01/28 (a)		15,000		15,812
Eaton Corp. 3.10%, 09/15/27 (a)		4,000		4,162
Ecolab Inc. 3.25%, 12/01/27 (a)		2,000		2,108
3.95%, 12/01/47 (a)		4,000		4,484
Edison International 2.40%, 09/15/22 (a)		18,000		17,915
Eli Lilly & Co. 3.95%, 03/15/49 (a)		8,000		9,248
Emera US Finance LP 4.75%, 06/15/46 (a)		3,000		3,468

	Principal Amount ($)		Fair Value $
Enbridge Energy Partners LP 5.50%, 09/15/40 (a)		4,000		4,767
Enbridge Inc. 4.00%, 11/15/49 (a)		4,000		4,195
Energy Transfer Operating LP 4.25%, 03/15/23 (a)		8,000		8,347
4.50%, 04/15/24 (a)		2,000		2,129
4.95%, 06/15/28 (a)		4,000		4,388
6.50%, 02/01/42 (a)		8,000		9,513
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23 (a)		4,000		4,229
Entergy Louisiana LLC 3.05%, 06/01/31 (a)		10,000		10,320
4.00%, 03/15/33 (a)		3,000		3,380
Enterprise Products Operating LLC 4.25%, 02/15/48 (a)		7,000		7,593
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		7,051
EOG Resources Inc. 5.10%, 01/15/36 (a)		4,000		4,904
EPR Properties 4.95%, 04/15/28 (a)		4,000		4,378
EQM Midstream Partners LP 4.75%, 07/15/23 (a)		2,000		2,006
5.50%, 07/15/28 (a)		2,000		1,965
Equinor ASA 3.25%, 11/18/49 (a)		5,000		5,045
ERP Operating LP 4.50%, 07/01/44 (a)		9,000		10,702
Exelon Corp. 3.50%, 06/01/22 (a)		9,000		9,239
4.45%, 04/15/46 (a)		7,000		7,868
FedEx Corp. 3.10%, 08/05/29 (a)		3,000		3,001
4.10%, 02/01/45 (a)		12,000		11,678
Fifth Third Bancorp 3.65%, 01/25/24 (a)		12,000		12,660
FirstEnergy Corp. 3.90%, 07/15/27 (a)		2,000		2,141
FirstEnergy Transmission LLC 4.55%, 04/01/49 (a)(h)		7,000		8,038
Fiserv Inc. 3.50%, 07/01/29 (a)		5,000		5,263
4.40%, 07/01/49 (a)		5,000		5,687
Florida Power & Light Co. 4.13%, 02/01/42 (a)		13,000		14,872
Ford Motor Co. 4.35%, 12/08/26 (a)		6,000		6,180

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, 2019

	Principal Amount ($)		Fair Value $
General Mills Inc. 3.70%, 10/17/23 (a)		5,000		5,265
4.55%, 04/17/38 (a)		2,000		2,319
4.70%, 04/17/48 (a)		3,000		3,600
General Motors Co. 5.20%, 04/01/45 (a)		3,000		3,033
5.40%, 04/01/48 (a)		2,000		2,069
General Motors Financial Company Inc. 3.45%, 01/14/22 - 04/10/22 (a)		19,000		19,429
3.55%, 04/09/21 (a)		7,000		7,117
4.20%, 11/06/21 (a)		4,000		4,143
5.25%, 03/01/26 (a)		8,000		8,875
Georgia-Pacific LLC 3.60%, 03/01/25 (a)(h)		11,000		11,609
Gilead Sciences Inc. 2.95%, 03/01/27 (a)		3,000		3,117
3.50%, 02/01/25 (a)		4,000		4,245
3.65%, 03/01/26 (a)		2,000		2,152
4.15%, 03/01/47 (a)		9,000		10,014
GlaxoSmithKline Capital Inc. 3.38%, 05/15/23 (a)		7,000		7,308
3.63%, 05/15/25 (a)		6,000		6,430
GlaxoSmithKline Capital PLC 3.38%, 06/01/29 (a)		9,000		9,653
Glencore Finance Canada Ltd. 4.95%, 11/15/21 (a)(h)		7,000		7,319
Glencore Funding LLC 4.88%, 03/12/29 (a)(h)		7,000		7,635
Halliburton Co. 3.80%, 11/15/25 (a)		5,000		5,335
5.00%, 11/15/45 (a)		6,000		6,847
Hasbro Inc. 3.00%, 11/19/24 (a)		18,000		18,092
HCA Inc. 4.13%, 06/15/29 (a)		5,000		5,311
Hess Corp. 5.60%, 02/15/41 (a)		4,000		4,711
5.80%, 04/01/47 (a)		2,000		2,449
Hewlett Packard Enterprise Co. 6.35%, 10/15/45 (a)		5,000		6,044
Highwoods Realty LP 4.13%, 03/15/28 (a)		7,000		7,488
4.20%, 04/15/29 (a)		11,000		11,842
Honeywell International Inc. 2.70%, 08/15/29 (a)		8,000		8,204
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		16,505

	Principal Amount ($)		Fair Value $
Hyundai Capital America 3.10%, 04/05/22 (a)(h)		7,000		7,092
Ingersoll-Rand Luxembourg Finance S.A. 3.50%, 03/21/26 (a)		11,000		11,518
3.55%, 11/01/24 (a)		7,000		7,336
3.80%, 03/21/29 (a)		11,000		11,853
Intel Corp. 2.45%, 11/15/29 (a)		18,000		17,976
2.60%, 05/19/26 (a)		8,000		8,177
2.88%, 05/11/24 (a)		3,000		3,112
International Paper Co. 4.40%, 08/15/47 (a)		7,000		7,491
Interstate Power & Light Co. 3.40%, 08/15/25 (a)		8,000		8,220
Jabil Inc. 3.95%, 01/12/28 (a)		4,000		4,106
Jefferies Group LLC 5.13%, 01/20/23 (a)		10,000		10,813
Johnson & Johnson 3.63%, 03/03/37 (a)		5,000		5,522
Johnson Controls International PLC 4.50%, 02/15/47 (a)		5,000		5,409
JPMorgan Chase & Co. 3.30%, 04/01/26 (a)		11,000		11,570
3.63%, 12/01/27 (a)		5,000		5,282
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)		7,000		7,430
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)		2,000		2,213
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)		10,000		11,236
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) 3.96%, 01/29/27 (a)(b)		12,000		13,019
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		4,390

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, 2019

	Principal Amount ($)		Fair Value $
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)		7,000		7,990
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)		7,000		7,656
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 5.41%, 12/29/49 (a)(b)		8,000		8,070
Keurig Dr Pepper Inc. 4.50%, 11/15/45 (a)		3,000		3,311
Kinder Morgan Energy Partners LP 3.50%, 03/01/21 (a)		11,000		11,157
4.70%, 11/01/42 (a)		2,000		2,114
5.00%, 03/01/43 (a)		2,000		2,191
5.30%, 09/15/20 (a)		7,000		7,160
6.38%, 03/01/41 (a)		4,000		4,968
Kinder Morgan Inc. 5.05%, 02/15/46 (a)		9,000		10,115
KLA Corp. 4.65%, 11/01/24 (a)		15,000		16,539
Kraft Heinz Foods Co. 2.80%, 07/02/20 (a)		2,000		2,004
4.38%, 06/01/46 (a)		10,000		9,855
L3Harris Technologies Inc. 3.85%, 12/15/26 (a)(h)		6,000		6,424
Lam Research Corp. 4.00%, 03/15/29 (a)		11,000		12,109
Las Vegas Sands Corp. 3.50%, 08/18/26 (a)		5,000		5,172
Lear Corp. 4.25%, 05/15/29 (a)		10,000		10,347
5.25%, 05/15/49 (a)		5,000		5,207
Liberty Property LP 4.38%, 02/01/29 (a)		8,000		9,102
Lincoln National Corp. 3.63%, 12/12/26 (a)		4,000		4,226
4.35%, 03/01/48 (a)		7,000		7,707
Lockheed Martin Corp. 4.50%, 05/15/36 (a)		7,000		8,312
Lowe’s Companies Inc. 4.05%, 05/03/47 (a)		4,000		4,321
4.55%, 04/05/49 (a)		7,000		8,243
LYB International Finance BV 4.88%, 03/15/44 (a)		5,000		5,688
Marathon Oil Corp. 3.85%, 06/01/25 (a)		7,000		7,406

	Principal Amount ($)		Fair Value $
Marsh & McLennan Companies Inc. 3.50%, 03/10/25 (a)		7,000		7,394
4.90%, 03/15/49 (a)		6,000		7,607
Masco Corp. 3.50%, 11/15/27 (a)		2,000		2,068
McDonald’s Corp. 3.63%, 09/01/49 (a)		3,000		3,066
3.70%, 01/30/26 (a)		5,000		5,373
3.80%, 04/01/28 (a)		9,000		9,804
4.88%, 12/09/45 (a)		8,000		9,685
McKesson Corp. 3.65%, 11/30/20 (a)		8,000		8,116
Medtronic Inc. 4.63%, 03/15/45 (a)		2,000		2,513
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52 (a)		17,000		19,345
Merck & Company Inc. 2.75%, 02/10/25 (a)		7,000		7,257
3.40%, 03/07/29 (a)		8,000		8,667
4.00%, 03/07/49 (a)		6,000		7,023
MetLife Inc. 4.05%, 03/01/45 (a)		3,000		3,477
4.72%, 12/15/44 (a)		10,000		12,172
Microsoft Corp. 2.40%, 08/08/26 (a)		6,000		6,077
3.45%, 08/08/36 (a)		5,000		5,482
3.50%, 02/12/35 (a)		3,000		3,311
3.70%, 08/08/46 (a)		11,000		12,413
3.95%, 08/08/56 (a)		5,000		5,906
4.10%, 02/06/37 (a)		4,000		4,724
4.50%, 02/06/57 (a)		3,000		3,889
Molson Coors Brewing Co. 2.10%, 07/15/21 (a)		7,000		7,005
4.20%, 07/15/46 (a)		6,000		5,983
Morgan Stanley 3.70%, 10/23/24 (a)		7,000		7,434
3.95%, 04/23/27 (a)		5,000		5,355
4.35%, 09/08/26 (a)		12,000		13,123
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter) 2.72%, 07/22/25 (a)(b)		12,000		12,169
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (a)(b)		10,000		11,139
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter) 4.43%, 01/23/30 (a)(b)		7,000		7,915

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, 2019

	Principal Amount ($)		Fair Value $
MPLX LP 3.38%, 03/15/23 (a)		5,000		5,135
5.20%, 12/01/47 (a)(h)		3,000		3,226
5.25%, 01/15/25 (a)(h)		14,000		14,698
6.25%, 10/15/22 (a)(h)		10,000		10,151
MPLX LP 1.10% + 3 month USD LIBOR 2.99%, 09/09/22 (a)(b)		10,000		10,028
Mylan Inc. 5.20%, 04/15/48 (a)		5,000		5,564
Mylan N.V. 3.15%, 06/15/21 (a)		7,000		7,090
3.95%, 06/15/26 (a)		2,000		2,079
National Oilwell Varco Inc. 3.60%, 12/01/29 (a)		9,000		9,039
National Retail Properties Inc. 4.00%, 11/15/25 (a)		6,000		6,444
Newfield Exploration Co. 5.63%, 07/01/24 (a)		30,000		33,089
Newmont Goldcorp Corp. 4.88%, 03/15/42 (a)		7,000		8,185
Nexen Inc. 6.40%, 05/15/37 (a)		7,000		9,581
NextEra Energy Capital Holdings Inc. 3.25%, 04/01/26 (a)		11,000		11,458
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) 5.65%, 05/01/79 (a)(b)		7,000		7,773
Noble Energy Inc. 3.85%, 01/15/28 (a)		6,000		6,330
3.90%, 11/15/24 (a)		4,000		4,234
4.20%, 10/15/49 (a)		6,000		6,093
5.05%, 11/15/44 (a)		3,000		3,319
Nordstrom Inc. 4.38%, 04/01/30 (a)		5,000		5,097
5.00%, 01/15/44 (a)		2,000		1,960
Norfolk Southern Corp. 3.95%, 10/01/42 (a)		6,000		6,451
Northrop Grumman Corp. 2.55%, 10/15/22 (a)		5,000		5,075
3.85%, 04/15/45 (a)		4,000		4,302
4.03%, 10/15/47 (a)		3,000		3,349
Novartis Capital Corp. 3.00%, 11/20/25 (a)		3,000		3,157
Nucor Corp. 3.95%, 05/01/28 (a)		6,000		6,527
Nutrien Ltd. 4.00%, 12/15/26 (a)		3,000		3,201
4.90%, 06/01/43 (a)		6,000		6,753

	Principal Amount ($)		Fair Value $
Occidental Petroleum Corp. 2.70%, 08/15/22 (a)		5,000		5,055
2.90%, 08/15/24 (a)		4,000		4,063
3.50%, 08/15/29 (a)		5,000		5,099
4.10%, 02/15/47 (a)		6,000		5,828
4.85%, 03/15/21 (a)		3,000		3,090
6.20%, 03/15/40 (a)		5,000		5,973
Omnicom Group Inc./Omnicom Capital Inc. 3.63%, 05/01/22 (a)		7,000		7,248
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (a)		2,000		2,200
ONEOK Inc. 4.35%, 03/15/29 (a)		6,000		6,516
5.20%, 07/15/48 (a)		8,000		9,122
Oracle Corp. 2.40%, 09/15/23 (a)		4,000		4,064
2.65%, 07/15/26 (a)		7,000		7,165
3.80%, 11/15/37 (a)		3,000		3,274
4.00%, 07/15/46 - 11/15/47 (a)		15,000		16,694
Oshkosh Corp. 5.38%, 03/01/25 (a)		6,000		6,209
Owens Corning 4.40%, 01/30/48 (a)		5,000		4,830
PacifiCorp 6.25%, 10/15/37 (a)		4,000		5,597
Packaging Corp. of America 3.00%, 12/15/29 (a)		10,000		10,083
Parker-Hannifin Corp. 3.25%, 06/14/29 (a)		5,000		5,215
Patterson-UTI Energy Inc. 5.15%, 11/15/29 (a)		4,000		4,087
PayPal Holdings Inc. 2.65%, 10/01/26 (a)		10,000		10,135
2.85%, 10/01/29 (a)		5,000		5,040
PepsiCo Inc. 2.63%, 07/29/29 (a)		10,000		10,222
3.45%, 10/06/46 (a)		6,000		6,359
Petroleos Mexicanos 5.35%, 02/12/28 (a)		10,000		9,949
5.63%, 01/23/46 (a)		10,000		9,013
6.35%, 02/12/48 (a)		10,000		9,655
6.50%, 03/13/27 (a)		15,000		15,890
7.69%, 01/23/50 (a)(h)		10,000		10,934
Pfizer Inc. 3.45%, 03/15/29 (a)		4,000		4,305
3.60%, 09/15/28 (a)		7,000		7,663
3.90%, 03/15/39 (a)		5,000		5,637
4.40%, 05/15/44 (a)		4,000		4,778
Philip Morris International Inc. 3.38%, 08/15/29 (a)		7,000		7,341
4.13%, 03/04/43 (a)		7,000		7,555

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, 2019

	Principal Amount ($)		Fair Value $
Phillips 66 3.90%, 03/15/28 (a)		7,000		7,640
Phillips 66 Partners LP 3.75%, 03/01/28 (a)		3,000		3,130
4.68%, 02/15/45 (a)		6,000		6,476
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/29 (a)		15,000		14,782
3.65%, 06/01/22 (a)		11,000		11,294
PPL Capital Funding Inc. 3.10%, 05/15/26 (a)		12,000		12,222
Precision Castparts Corp. 4.38%, 06/15/45 (a)		10,000		11,664
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		13,740
Public Service Company of Colorado 3.70%, 06/15/28 (a)		7,000		7,632
Public Service Electric & Gas Co. 2.38%, 05/15/23 (a)		12,000		12,157
QUALCOMM Inc. 2.90%, 05/20/24 (a)		2,000		2,064
3.00%, 05/20/22 (a)		5,000		5,125
3.25%, 05/20/27 (a)		2,000		2,104
4.30%, 05/20/47 (a)		3,000		3,437
Realty Income Corp. 3.00%, 01/15/27 (a)		5,000		5,149
Reynolds American Inc. 4.45%, 06/12/25 (a)		4,000		4,308
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (a)		6,000		6,879
Rockwell Automation Inc. 4.20%, 03/01/49 (a)		6,000		6,987
Rockwell Collins Inc. 3.50%, 03/15/27 (a)		3,000		3,190
Rogers Communications Inc. 5.00%, 03/15/44 (a)		4,000		4,860
Roper Technologies Inc. 2.95%, 09/15/29 (a)		9,000		9,091
RPM International Inc. 3.75%, 03/15/27 (a)		2,000		2,067
Ryder System Inc. 2.50%, 09/01/24 (a)		15,000		15,103
2.90%, 12/01/26 (a)		15,000		15,159
3.65%, 03/18/24 (a)		8,000		8,403
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (a)		4,000		4,244
5.00%, 03/15/27 (a)		2,000		2,205
Santander Holdings USA Inc. 3.70%, 03/28/22 (a)		12,000		12,337
4.40%, 07/13/27 (a)		4,000		4,324

	Principal Amount ($)		Fair Value $
Schlumberger Holdings Corp. 3.90%, 05/17/28 (a)(h)		8,000		8,513
Selective Insurance Group Inc. 5.38%, 03/01/49 (a)		8,000		9,409
Sempra Energy 3.80%, 02/01/38 (a)		2,000		2,089
4.00%, 02/01/48 (a)		4,000		4,189
Shell International Finance BV 2.38%, 08/21/22 (a)		11,000		11,155
3.13%, 11/07/49 (a)		12,000		11,835
3.75%, 09/12/46 (a)		7,000		7,674
4.13%, 05/11/35 (a)		8,000		9,321
Shire Acquisitions Investments Ireland DAC 2.40%, 09/23/21 (a)		7,000		7,040
2.88%, 09/23/23 (a)		3,000		3,060
3.20%, 09/23/26 (a)		3,000		3,092
Simon Property Group LP 3.38%, 06/15/27 (a)		4,000		4,236
Southern California Edison Co. 2.40%, 02/01/22 (a)		10,000		10,054
2.90%, 03/01/21 (a)		11,000		11,096
4.00%, 04/01/47 (a)		12,000		12,622
4.20%, 03/01/29 (a)		11,000		12,118
Southern Company Gas Capital Corp. 4.40%, 05/30/47 (a)		2,000		2,209
Southern Copper Corp. 5.88%, 04/23/45 (a)		8,000		10,001
Southwestern Electric Power Co. 2.75%, 10/01/26 (a)		7,000		6,982
Spectra Energy Partners LP 3.38%, 10/15/26 (a)		2,000		2,070
4.50%, 03/15/45 (a)		3,000		3,291
Spirit Realty LP 4.00%, 07/15/29 (a)		10,000		10,519
Starbucks Corp. 4.00%, 11/15/28 (a)		6,000		6,656
Steel Dynamics Inc. 2.80%, 12/15/24 (a)		5,000		5,043
3.45%, 04/15/30 (a)		5,000		5,069
4.13%, 09/15/25 (a)		25,000		25,713
Sumitomo Mitsui Financial Group Inc. 2.78%, 07/12/22 (a)		11,000		11,192
Suncor Energy Inc. 4.00%, 11/15/47 (a)		3,000		3,275
Sunoco Logistics Partners Operations LP
5.30%, 04/01/44 (a)		5,000		5,292
Sysco Corp. 3.25%, 07/15/27 (a)		4,000		4,187

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, 2019

	Principal Amount ($)		Fair Value $
Tampa Electric Co. 4.35%, 05/15/44 (a)		13,000		14,841
Target Corp. 2.50%, 04/15/26 (a)		5,000		5,115
Teck Resources Ltd. 5.40%, 02/01/43 (a)		7,000		7,396
Texas Instruments Inc. 3.88%, 03/15/39 (a)		6,000		6,817
The Allstate Corp. 4.20%, 12/15/46 (a)		3,000		3,501
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)		11,000		11,842
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)		6,000		6,317
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)		8,000		8,120
The Boeing Co. 2.70%, 02/01/27 (a)		10,000		10,122
2.95%, 02/01/30 (a)		7,000		7,144
3.25%, 03/01/28 (a)		3,000		3,127
3.75%, 02/01/50 (a)		4,000		4,253
The Cleveland Electric Illuminating Co. 4.55%, 11/15/30 (a)(h)		14,000		15,716
The Dow Chemical Co. 4.25%, 10/01/34 (a)		5,000		5,520
5.55%, 11/30/48 (a)		4,000		5,019
The Estee Lauder Companies Inc. 2.38%, 12/01/29 (a)		5,000		4,999
3.13%, 12/01/49 (a)		5,000		5,008
The George Washington University 4.13%, 09/15/48 (a)		8,000		9,213
The Goldman Sachs Group Inc. 3.50%, 11/16/26 (a)		12,000		12,630
3.85%, 01/26/27 (a)		4,000		4,258
4.25%, 10/21/25 (a)		2,000		2,174
5.15%, 05/22/45 (a)		5,000		6,159
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 (a)(b)		7,000		7,093

	Principal Amount ($)		Fair Value $
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)		11,000		11,179
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		4,288
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		6,524
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)		6,000		6,615
The Hartford Financial Services Group Inc. 2.80%, 08/19/29 (a)		15,000		15,196
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR 4.03%, 02/12/47 (a)(b)(h)		10,000		9,328
The Home Depot Inc. 3.50%, 09/15/56 (a)		7,000		7,357
3.90%, 12/06/28 (a)		6,000		6,727
4.50%, 12/06/48 (a)		4,000		4,942
The Interpublic Group of Companies Inc. 3.75%, 10/01/21 (a)		10,000		10,275
The Kroger Co. 2.95%, 11/01/21 (a)		7,000		7,118
4.65%, 01/15/48 (a)		4,000		4,373
The Mosaic Co. 5.63%, 11/15/43 (a)		3,000		3,550
The Sherwin-Williams Co. 2.75%, 06/01/22 (a)		4,000		4,069
The Southern Co. 4.40%, 07/01/46 (a)		4,000		4,440
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)		10,000		10,489
The Walt Disney Co. 3.38%, 11/15/26 (a)		5,000		5,355
4.75%, 11/15/46 (a)		4,000		5,129
6.65%, 11/15/37 (a)		8,000		11,884

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, 2019

	Principal Amount ($)		Fair Value $
The Williams Companies Inc. 3.75%, 06/15/27 (a)		3,000		3,130
4.85%, 03/01/48 (a)		7,000		7,676
5.40%, 03/04/44 (a)		4,000		4,501
Time Warner Cable LLC 4.50%, 09/15/42 (a)		3,000		3,071
6.55%, 05/01/37 (a)		5,000		6,188
Total Capital International S.A. 3.46%, 02/19/29 (a)		12,000		13,004
TransCanada PipeLines Ltd. 4.25%, 05/15/28 (a)		12,000		13,333
4.88%, 01/15/26 (a)		3,000		3,365
Transcontinental Gas Pipe Line Company LLC 4.00%, 03/15/28 (a)		6,000		6,371
Trinity Health Corp. 3.43%, 12/01/48 (a)		2,000		1,990
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter) 3.50%, 08/02/22 (a)(b)		6,000		6,129
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) 4.80%, 12/31/99 (a)(b)		17,000		17,500
TWDC Enterprises 18 Corp. 4.13%, 06/01/44 (a)		6,000		7,115
Tyco Electronics Group S.A. 3.13%, 08/15/27 (a)		5,000		5,152
Tyson Foods Inc. 4.00%, 03/01/26 (a)		12,000		12,993
4.55%, 06/02/47 (a)		2,000		2,292
U.S. Bancorp 3.15%, 04/27/27 (a)		10,000		10,506
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)		26,000		26,713
UDR Inc. 3.00%, 08/15/31 (a)		5,000		4,998
Union Pacific Corp. 3.50%, 06/08/23 (a)		12,000		12,571
3.60%, 09/15/37 (a)		3,000		3,117
4.10%, 09/15/67 (a)		5,000		5,161
4.30%, 03/01/49 (a)		5,000		5,781
United Technologies Corp. 3.13%, 05/04/27 (a)		10,000		10,479
3.65%, 08/16/23 (a)		7,000		7,382
3.95%, 08/16/25 (a)		2,000		2,182
4.13%, 11/16/28 (a)		2,000		2,252
4.15%, 05/15/45 (a)		5,000		5,729
4.45%, 11/16/38 (a)		4,000		4,728
4.50%, 06/01/42 (a)		4,000		4,801

	Principal Amount ($)		Fair Value $
UnitedHealth Group Inc. 4.45%, 12/15/48 (a)		6,000		7,170
4.75%, 07/15/45 (a)		8,000		9,840
Vale S.A. 5.63%, 09/11/42 (a)		5,000		5,870
Valero Energy Corp. 4.00%, 04/01/29 (a)		7,000		7,549
Valero Energy Partners LP 4.38%, 12/15/26 (a)		8,000		8,731
Ventas Realty LP 3.25%, 10/15/26 (a)		10,000		10,273
Verizon Communications Inc. 4.33%, 09/21/28 (a)		7,000		7,948
4.40%, 11/01/34 (a)		7,000		8,142
4.52%, 09/15/48 (a)		6,000		7,185
4.67%, 03/15/55 (a)		3,000		3,703
4.86%, 08/21/46 (a)		6,000		7,450
5.25%, 03/16/37 (a)		5,000		6,275
ViacomCBS Inc. 2.90%, 01/15/27 (a)		5,000		5,005
3.45%, 10/04/26 (a)		7,000		7,149
3.70%, 06/01/28 (a)		4,000		4,193
4.38%, 03/15/43 (a)		5,000		5,296
5.25%, 04/01/44 (a)		3,000		3,489
Virginia Electric & Power Co. 4.00%, 11/15/46 (a)		7,000		7,744
Visa Inc. 3.15%, 12/14/25 (a)		4,000		4,232
4.30%, 12/14/45 (a)		7,000		8,626
Vistra Operations Company LLC 3.55%, 07/15/24 (a)(h)		9,000		9,154
Vodafone Group PLC 4.38%, 05/30/28 (a)		8,000		8,867
5.25%, 05/30/48 (a)		4,000		4,812
Vornado Realty LP 3.50%, 01/15/25 (a)		4,000		4,174
Vulcan Materials Co. 3.90%, 04/01/27 (a)		4,000		4,228
Walmart Inc. 3.63%, 12/15/47 (a)		6,000		6,648
3.70%, 06/26/28 (a)		7,000		7,716
3.95%, 06/28/38 (a)		3,000		3,487
4.05%, 06/29/48 (a)		7,000		8,315
WEC Energy Group Inc. 3.55%, 06/15/25 (a)		10,000		10,616
Wells Fargo & Co. 3.90%, 05/01/45 (a)		3,000		3,405
4.15%, 01/24/29 (a)		8,000		8,937
4.75%, 12/07/46 (a)		2,000		2,408
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter) 2.88%, 10/30/30 (a)(b)		3,000		3,023

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, 2019

	Principal Amount ($)		Fair Value $
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) 3.20%, 06/17/27 (a)(b)		9,000		9,335
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)		9,000		10,080
Wells Fargo & Co. 3.77% + 3 month USD LIBOR 5.66%, 03/29/49 (a)(b)		9,000		9,123
Western Midstream Operating LP 4.00%, 07/01/22 (a)		11,000		11,304
5.38%, 06/01/21 (a)		10,000		10,292
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) 4.11%, 07/24/34 (a)(b)		7,000		7,356
Willis North America Inc. 3.60%, 05/15/24 (a)		6,000		6,278
WPP Finance 2010 3.75%, 09/19/24 (a)		10,000		10,541
WRKCo Inc. 3.00%, 09/15/24 (a)		4,000		4,083
Xilinx Inc. 2.95%, 06/01/24 (a)		5,000		5,142
Zoetis Inc. 3.00%, 09/12/27 (a)		3,000		3,080
3.90%, 08/20/28 (a)		6,000		6,508
				4,577,750
Non-Agency Collateralized Mortgage Obligations – 3.6%
Banc of America Commercial Mortgage Trust 2016-UBS10 4.91%, 07/15/49 (a)(b)		23,000		24,635
BANK 2018-BNK11 4.36%, 03/15/61 (a)(b)		12,000		13,110
BANK 2019-BNK17 4.52%, 04/15/52 (a)(b)		10,000		10,712
Cantor Commercial Real Estate Lending2019-CF3 3.01%, 01/15/53 (a)		68,000		69,771
CD2019-CD8 Mortgage Trust 2.91%, 08/15/57 (a)		63,000		64,265
Citigroup Commercial Mortgage Trust2016-P6 4.03%, 12/10/49 (a)(b)		31,273		33,546
Citigroup Commercial Mortgage Trust2018-C5 4.51%, 06/10/51 (a)(b)		21,000		22,955
COMM 2014-CR14 Mortgage Trust 4.53%, 02/10/47 (a)(b)		25,000		26,794

	Principal Amount ($)		Fair Value $
GS Mortgage Securities Trust2016-GS3 2.85%, 10/10/49 (a)		33,000		33,777
GS Mortgage Securities Trust2017-GS8 3.47%, 11/10/50 (a)		63,977		67,588
GS Mortgage Securities Trust2018-GS9 4.14%, 03/10/51 (a)(b)		25,000		26,964
JPMBB Commercial Mortgage Securities Trust2013-C12 4.04%, 07/15/45 (a)(b)		15,000		15,761
JPMBB Commercial Mortgage Securities Trust2015-C32 4.67%, 11/15/48 (a)(b)		20,000		21,020
MASTR Alternative Loan Trust2003-5 5.00%, 08/25/18 (a)(e)		740		24
Morgan Stanley Bank of America Merrill Lynch Trust2015-C21 0.90%, 03/15/48 (a)(b)(e)		369,528		13,328
Morgan Stanley Capital I Trust 2006-IQ11 6.07%, 10/15/42 (a)(b)		40,337		41,129
UBS Commercial Mortgage Trust2018-C12 4.79%, 08/15/51 (a)(b)		17,000		18,788
Wells Fargo Commercial Mortgage Trust2019-C50 4.35%, 05/15/52 (a)		15,000		15,713
WFRBS Commercial Mortgage Trust2013-C17 4.26%, 12/15/46 (a)		25,000		26,504
WFRBS Commercial Mortgage Trust 2014-LC14 4.35%, 03/15/47 (a)(b)		58,000		62,043
				608,427
Sovereign Bonds - 0.4%
Government of Mexico 4.00%, 10/02/23 (a)		12,000		12,646
4.75%, 03/08/44 (a)		20,000		22,118
Government of Peru 5.63%, 11/18/50 (a)		11,000		16,085
Government of Uruguay 5.10%, 06/18/50 (a)		14,040		16,885
				67,734
Municipal Bonds and Notes - 0.6%
American Municipal Power Inc. 6.27%, 02/15/50 (a)		15,000		20,038

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, 2019

	Principal Amount ($)		Fair Value $
Commonwealth of Massachusetts 2.90%, 09/01/49 (a)		5,000		4,719
New Jersey Transportation Trust Fund Authority 6.88%, 12/15/39 (a)		15,000		15,040
Port Authority of New York & New Jersey 4.46%, 10/01/62 (a)		25,000		30,640
State of California 4.60%, 04/01/38 (a)		15,000		16,620
State of Illinois 5.10%, 06/01/33 (a)		10,000		10,780
The University of Texas System 3.35%, 08/15/47 (a)		10,000		10,416
				108,253
Total Bonds and Notes (Cost $15,236,169)				15,875,376

	Numberof 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		25,528
Total Investments in Securities (Cost $15,259,469)				15,900,904
Short-Term Investments - 22.6%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57% (a)(g)(i)		2,365,049		2,365,049
U.S. Treasury Bills 1.47% (a)(g)		1,500,000		1,499,715
Total Short-Term Investments (Cost $3,864,686)				3,864,764
Total Investments (Cost $19,124,155)				19,765,668
Liabilities in Excess of Other Assets, net - (15.5)%				(2,653,977	)
NET ASSETS - 100.0%				17,111,691

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Buy Protection
Markit CDX North America Investment Grade Index	Intercontinental Exchange	$	245		1.00%/ Quarterly		06/20/24	$	(6,377	)	$	(4,015	)	$	(2,362	)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	591		5.00%/ Quarterly		06/20/24	$	58,417		$	33,517		$	24,900
														$	22,538

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, 2019

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		Pays/ Quarterly		3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(22,211	)	$	—	$	(22,211	)
CME Group, Inc.		884		Pays/ Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21		(22,290	)		—		(22,290	)
																$	(44,501	)

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Yr. U.S. Treasury Notes Futures		March 2020		16	$	3,446,276	$	3,448,000	$	1,724
5 Yr. U.S. Treasury Notes Futures		March 2020		9		1,067,078		1,067,484		406
10 Yr. U.S. Treasury Notes Futures		March 2020		4		516,719		513,688		(3,031	)
									$	(901	)

The Fund had the following short futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		March 2020		1	$	(183,824	)	$	(181,656	)	$	2,168
U.S. Long Bond Futures		March 2020		2		(318,168	)		(311,813	)		6,355
10 Yr. U.S. Treasury Ultra Futures		March 2020		4		(569,493	)		(562,813	)		6,680
											$	15,203
											$	14,302

During the period ended December 31, 2019, 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	$	288	$	—	$	29	$	—	$	5,366,185	$	972,460	$	681,331	$	1,766,945

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 — December 31, 2019

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, 2019, all or a portion of this security was pledged to cover collateral requirements for futures, swaps, and/or TBA’s.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. 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) 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.

(g) Coupon amount represents effective yield.

(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, 2019, these securities amounted to $503,381 or 2.94% 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 Fund’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, 2019.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

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, 2019:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasuries	$	—	$	3,600,263	$	—	$	3,600,263
Agency Mortgage Backed		—		6,306,351		—		6,306,351
Agency Collateralized Mortgage Obligations		—		186,339		—		186,339
Asset Backed		—		420,259		—		420,259
Corporate Notes		—		4,577,750		—		4,577,750
Non-Agency Collateralized Mortgage Obligations		—		608,427		—		608,427
Sovereign Bonds		—		67,734		—		67,734
Municipal Bonds and Notes		—		108,253		—		108,253
Preferred Stock		25,528		—		—		25,528
Short-Term Investments		2,365,049		1,499,715		—		3,864,764
Total Investments in Securities	$	2,390,577	$	17,375,091	$	—	$	19,765,668

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, continued — December 31, 2019

Investments	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	24,900		$	—	$	24,900
Credit Default Swap Contracts - Unrealized Depreciation		—			(2,362	)		—		(2,362	)
Interest Rate Swap Contracts - Unrealized Depreciation		—			(44,501	)		—		(44,501	)
Long Futures Contracts - Unrealized Appreciation		2,130			—			—		2,130
Long Futures Contracts - Unrealized Depreciation		(3,031	)		—			—		(3,031	)
Short Futures Contracts - Unrealized Appreciation		15,203			—			—		15,203
Total Other Financial Instruments	$	14,302		$	(21,963	)	$	—	$	(7,661	)

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,131,172	$	3,131,172	$	10,597,098	$	11,363,221	$	—	$	—		2,365,049	$	2,365,049	$	80,448

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

Financial Highlights

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														1/3/95
Net asset value, beginning of period	$	11.07		$	11.49		$	11.37		$	11.25		$	11.56
Income/(loss) from investment operations:
Net investment income		0.24	(a)		0.25	(a)		0.19	(a)		0.24			0.25
Net realized and unrealized gains/(losses) on investments		0.71			(0.41	)		0.18			0.09			(0.30	)
Total income/(loss) from investment operations		0.95			(0.16	)		0.37			0.33			(0.05	)
Less distributions from:
Net investment income		0.02			0.26			0.25			0.21			0.26
Total distributions		0.02			0.26			0.25			0.21			0.26
Net asset value, end of period	$	12.00		$	11.07		$	11.49		$	11.37		$	11.25
Total Return(b)		8.62	%		(1.42	)%		3.25	%		2.98	%		(0.42	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	17,112		$	18,685		$	21,847		$	25,582		$	28,375
Ratios to average net assets:
Net expenses		1.06	%		1.00	%		1.36	%		1.15	%		1.06	%(c)
Gross expenses		1.06	%		1.00	%		1.36	%		1.15	%		1.11	%
Net investment income		2.05	%		2.25	%		1.62	%		1.98	%		2.06	%
Portfolio turnover rate		90	%		182	%		255	%		220	%		241	%

Notes to Financial Highlights

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

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

(c) 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.

* 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 23

State Street Income V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2019

Assets
Investments in securities, at fair value (cost $15,259,469)	$	15,900,904
Short-term investments (cost $1,499,638)		1,499,715
Short-term affiliated investments, at fair value		2,365,049
Receivable for investments sold		990,773
Income receivables		82,418
Receivable for fund shares sold		238
Income receivable from affiliated investments		3,645
Receivable for accumulated variation margin on swap contracts		59,402
Receivable for accumulated variation margin on futures contracts		14,331
Other assets		97
Total assets		20,916,572
Liabilities
Net cash collateral on futures contracts due to broker		11,592
Net cash collateral on swap contracts due to broker		6,601
Payable for investments purchased		3,703,804
Payable for fund shares redeemed		8,020
Payable for accumulated variation margin on swap contracts		53,086
Payable to the Adviser		7,146
Payable for custody, fund accounting andsub-administration fees		6,354
Accrued other expenses		8,278
Total liabilities		3,804,881
Net Assets	$	17,111,691
Net Assets Consist of:
Capital paid in	$	16,326,017
Total distributable earnings (loss)		785,674
Net Assets	$	17,111,691
Shares outstanding ($0.01 par value; unlimited shares authorized)		1,426,526
Net asset value per share	$	12.00

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

24 Statement of Assets and Liabilities

State Street Income V.I.S. Fund

Statement of Operations — For the year ended December 31, 2019

Investment Income
Income
Dividend	$	1,527
Interest		475,921
Income from affiliated investments		80,448
Total income		557,896
Expenses
Advisory and administration fees		89,518
Directors’ fees		16,555
Custody, fund accounting andsub-administration fees		27,581
Professional fees		36,634
Printing and shareholder reports		18,713
Other expenses		1,211
Total expenses before waivers		190,212
Less: Fees waived by the adviser		(146	)
Net expenses		190,066
Net investment income	$	367,830
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	354,814
Futures		99,730
Written options		248
Swap contracts		(2,785	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		715,000
Futures		(51,068	)
Swap contracts		8,238
Net realized and unrealized gain (loss) on investments		1,124,177
Net Increase in Net Assets Resulting from Operations	$	1,492,007

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

Statement of Operations 25

State Street Income V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	367,830		$	446,877
Net realized gain (loss) on investments, futures, written options and swap contracts		452,007			(470,496	)
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		672,170			(306,952	)
Net increase (decrease) from operations		1,492,007			(330,571	)
Distributions to shareholders:
Total distributions		(34,589	)		(420,122	)
Increase (decrease) in assets from operations and distributions		1,457,418			(750,693	)
Share transactions:
Proceeds from sale of shares		215,396			412,104
Value of distributions reinvested		34,589			420,122
Cost of shares redeemed		(3,281,191	)		(3,243,066	)
Net increase (decrease) from share transactions		(3,031,206	)		(2,410,840	)
Total increase (decrease) in net assets		(1,573,788	)		(3,161,533	)
Net Assets
Beginning of year		18,685,479			21,847,012
End of year	$	17,111,691		$	18,685,479
Changes in Fund Shares
Shares sold		18,533			36,818
Issued for distributions reinvested		2,880			38,089
Shares redeemed		(283,071	)		(288,624	)
Net decrease in fund shares		(261,658	)		(213,717	)

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

26 Statements of Changes in Net Assets

State Street Income V.I.S. Fund

Notes to Financial Statements — December 31, 2019

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.

Notes to Financial Statements 27

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

• 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, 2019 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

28 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, 2019, 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, 2019, 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 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 29

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments 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, 2019, the Fund entered into futures contracts to manage interest rate risk.

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 the 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, 2019, the Fund purchased and wrote options in order to manage interest rate risk.

Credit Default Swaps  During the fiscal year ended December 31, 2019, 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

30 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, 2019, the Fund entered into interest rate swaps in order to manage interest rate risk.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2019 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	$	14,331	$	—	$	—	$	—	$	—	$	14,331
Swap Contracts		—		—		59,402		—		—		59,402

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	$	(46,628	)	$	—	$	(6,458	)	$	—	$	—	$	(53,086	)

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	$	99,730		$	—	$	—	$	—	$	—	$	99,730
Swap Contracts		(10,991	)		—		8,206		—		—		(2,785	)
Purchased Option Contracts(a)		(2,099	)		—		—		—		—		(2,099	)
Written Option Contracts		248			—		—		—		—		248

(a) 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	$	(51,068	)	$	—	$	—	$	—	$	—	$	(51,068	)
Swap Contracts		(21,627	)		—		29,865		—		—		8,238

Notes to Financial Statements 31

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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%. Effective May 1, 2019, with respect to the State Street Income V.I.S. Fund, SSGA FM is contractually obligated until May 1, 2020 to waive its management fee and/or reimburse certain expenses for the Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from the Fund’s holdings in acquired funds for cash management purpose, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to May 1, 2020 except with approval of the Board.

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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 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, 2019 were as follows:

U.S. Government Securities
Purchases			Sales
	$	61,736,753		$	62,067,726

Non-U.S. Government Securities
Purchases			Sales
	$	3,523,585		$	7,043,471

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 treatment for paydown losses, swap contracts, futures contracts, open straddle adjustments, amortization and accretion of premium and discount for financial statement purposes and wash sale loss deferrals.

32 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	34,589		$	—		$	34,589

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

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

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Tax Exempt Income			Capital Loss Carryforwards				Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses*			Total
	$	393,632		$	—		$	(78,543	)		$	—		$	470,585		$	—		$	785,674

As of December 31, 2019, 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
	$	—		$	78,543

As of December 31, 2019, 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)
	$	19,150,059		$	674,476		$	66,528		$	607,948

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 2020 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. 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, 2019.

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. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund’s investments.

Notes to Financial Statements 33

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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. Change in Accounting Principle

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20) — Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For callable debt securities held at a premium that have explicit, non-contingent call features and that are callable at fixed prices on preset dates, ASU 2017-08 requires the premium to be amortized to the earliest call date. The adoption resulted in a change in accounting principle, since the Fund had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Fund has adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by $8,663.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of the Fund. With respect to the Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

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.

34 Notes to Financial Statements

State Street Income V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of State Street Income V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for year ended December 31, 2015 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, 2019, 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, 2020

Report of Independent Registered Public Accounting Firm 35

State Street Income V.I.S. Fund

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedule of investments are available upon request, without charge, by calling 1-800-242-0134.

36 Other Information

State Street Income V.I.S. Fund

Other Information — December 31, 2019

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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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: Until successor is elected and qualified Served: Since January 2019	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 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

Other Information 37

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2019

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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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 and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None
INTERESTED DIRECTORS(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None

38 Other Information

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2019

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)
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

Other Information 39

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2019

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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); 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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).

40 Other Information

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2019

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):
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

Other Information 41

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

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

Annual Report

December 31, 2019

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
Other Information		19

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, 2019 (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, 2019 (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 the 12-month period ended December 31, 2019 (the “Reporting Period”), the total return for the Fund was 26.15% and the Index was 26.00%. 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 year 2019 was an exceptional year from a stock total return perspective across all asset classes. The REIT market in particular benefitted from the decline in interest rates, lower forward interest rate expectations and heightened concern about a global economic slowdown. The REIT market was on pace to outperform the broader equity markets up until November, when a ‘‘risk-on’’ investor sentiment took hold of markets following improving economic and geo-political conditions, specifically, the removal of uncertainty in the UK/Europe surrounding Brexit, the cooling of protests in the Hong Kong region and a phase-one trade deal between the United States and China. Also improving conditions for both REITs and broader equity markets was the continuation of accommodative monetary policy across the globe, with the Federal Reserve issuing three 25bp rate cuts in 2019, and with the Japanese and German bond yields remaining in negative territory.

Within the portfolio, stock selection within data centers, stock selection within net lease, and both our overweight to and positioning within alternative housing were primary drivers of Fund performance during the Reporting Period relative to the Index. In the data center sector, performance was driven by the portfolio’s overweight position in Equinix and underweight in Digital Realty. Within the net lease sector, the portfolio’s overweight to Vereit contributed meaningfully to alpha, as the renewed low interest rate environment toward the middle of the year boosted the net lease sector broadly. In alternative housing, the portfolio’s overweight to the sector contributed alpha, and was driven by our belief in affordable housing as a strong long term thematic based on the increasing demand for single family rentals (in particular by millennials, the largest demographic cohort in the US, with the peak of this group now entering their 30’s). Within alternative housing, our position in Sun Communities contributed to alpha, while the underweight to American Campus Communities, the weakest performer in the sector, also served the portfolio well.

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

The major detractor for the year was positioning within regional malls, driven by overweights to Macerich and Taubman. In addition, the increased appetite for risk during the fourth quarter led to junk rally in the sector, which we were not exposed to.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Prologis, Equinix, and Sun Communities. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Macerich, Taubman, and Simon Property Group. Given the strong absolute returns in the sector, performance was also negatively impacted by the small (<1%) cash position maintained for liquidity purposes.

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, 2019 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2019.

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, 2019 - December 31, 2019

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,067.10	$	1,020.06
Expenses Paid During Period*	$	5.31	$	5.19

* Expenses are equal to the Fund’s annualized expense ratio of 1.02%** (for the period July 1, 2019 - December 31, 2019), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-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, 2019 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2019 (as a % of Fair Value)^(a)(b)

Prologis Inc. REIT	7.01	%
Equinix Inc.	6.07	%
Healthpeak Properties Inc.	4.19	%
Equity Residential	3.98	%
Realty Income Corp.	3.81	%
Ventas Inc.	3.46	%
Simon Property Group Inc.	3.18	%
Sun Communities Inc.	3.02	%
Host Hotels & Resorts Inc.	2.97	%
UDR Inc.	2.94	%

Sector Allocation as of December 31, 2019

Portfolio composition as a % of Fair Value of $55,141 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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		26.15	%		7.29	%		12.27	%	$	31,827
FTSE NAREIT Equity REITs Index		26.00	%		7.21	%		11.94	%	$	30,894

(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, 2019 (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, 2019

	Number of Shares		Fair Value $
Common Stock (REITs) - 99.0%†
Alternate Housing - 7.3%
American Homes 4 Rent, Class A		37,640		986,544
Invitation Homes Inc.		46,911		1,405,923
Sun Communities Inc.		11,110		1,667,610
				4,060,077
Data Center - 9.7%
CyrusOne Inc.		12,392		810,809
Digital Realty Trust Inc.		10,080		1,206,979
Equinix Inc.		5,730		3,344,601
				5,362,389
Healthcare - 12.9%
CareTrust REIT Inc.		28,890		596,001
Diversified Healthcare Trust		37,860		319,538
Healthcare Trust of America Inc., Class A		24,348		737,258
Healthpeak Properties Inc.		67,020		2,310,179
Medical Properties Trust Inc.		26,670		563,004
Omega Healthcare Investors Inc.		16,837		713,047
Ventas Inc.		33,010		1,905,997
				7,145,024
Hotel - 5.1%
DiamondRock Hospitality Co.		35,180		389,794
Host Hotels & Resorts Inc.		88,390		1,639,635
Park Hotels & Resorts Inc.		30,791		796,563
				2,825,992
Industrial - 11.7%
Americold Realty Trust		21,140		741,168
Industrial Logistics Properties Trust		15,533		348,250
Liberty Property Trust		14,160		850,308
Prologis Inc. REIT		43,340		3,863,328
Rexford Industrial Realty Inc.		13,895		634,585
				6,437,639
Multifamily - 13.0%
Apartment Investment & Management Co., Class A		19,096		986,308
AvalonBay Communities Inc.		6,010		1,260,297
Equity Residential		27,130		2,195,360
Mid-America Apartment Communities Inc.		8,428		1,111,316
UDR Inc.		34,770		1,623,759
				7,177,040
Net Lease - 8.4%
National Retail Properties Inc.		14,456		775,131
Realty Income Corp.		28,539		2,101,326
STORE Capital Corp.		17,240		642,018

	Number of Shares		Fair Value $
VEREIT Inc.		120,100		1,109,724
				4,628,199
Office - 11.9%
Boston Properties Inc.		7,110		980,185
Brandywine Realty Trust		29,010		456,907
Columbia Property Trust Inc.		36,850		770,533
Cousins Properties Inc.		13,530		557,436
Empire State Realty Trust Inc., Class A		45,460		634,622
Hudson Pacific Properties Inc.		15,160		570,774
JBG SMITH Properties		34,840		1,389,768
Kilroy Realty Corp.		14,580		1,223,262
				6,583,487
Regional Malls - 3.9%
Simon Property Group Inc.		11,770		1,753,259
Taubman Centers Inc.		13,125		408,056
				2,161,315
Self Storage - 5.4%
Extra Space Storage Inc.		10,600		1,119,572
Life Storage Inc.		5,342		578,432
Public Storage		6,103		1,299,695
				2,997,699
Shopping Centers - 4.9%
Brixmor Property Group Inc.		24,260		524,259
Regency Centers Corp.		12,302		776,133
Retail Opportunity Investments Corp.		37,591		663,857
Retail Properties of America Inc., Class A		54,719		733,234
				2,697,483
Specialty - 4.8%
Iron Mountain Inc.		32,830		1,046,292
SBA Communications Corp.		3,110		749,479
VICI Properties Inc.		33,330		851,582
				2,647,353
Total Common Stock (REITs) (Cost $47,654,241)				54,723,697
Short-Term Investments - 0.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57%(Cost $417,366) (a)(b)		417,366		417,366
Total Investments (Cost $48,071,607)				55,141,063
Other Assets and Liabilities, net - 0.2%				124,809
NET ASSETS - 100.0%				55,265,872

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

Schedule of Investments, continued — December 31, 2019

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, 2019.

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, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
	Common Stock	$	54,723,697	$	—	$	—	$	54,723,697
	Short-Term Investments		417,366		—		—		417,366
Total Investments in Securities		$	55,141,063	$	—	$	—	$	55,141,063

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		66,693	$	66,693	$	7,276,033	$	6,925,360		—		—		417,366	$	417,366	$	3,650

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

	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														5/1/95
Net asset value, beginning of period	$	11.14		$	12.32		$	12.37		$	13.30		$	14.74
Income/(loss) from investment operations:
Net investment income		0.25	(a)		0.25	(a)		0.15	(a)		0.31			0.29
Net realized and unrealized gains/(losses) on investments		2.65			(0.95	)		0.57			0.71			0.41
Total income/(loss) from investment operations		2.90			(0.70	)		0.72			1.02			0.70
Less distributions from:
Net investment income		0.19			0.28			0.22			0.35			0.28
Net realized gains		0.93			0.16			0.55			1.60			1.86
Return of capital		—			0.04			—			—			—
Total distributions		1.12			0.48			0.77			1.95			2.14
Net asset value, end of period	$	12.92		$	11.14		$	12.32		$	12.37		$	13.30
Total Return(b)		26.15	%		(5.71	)%		5.84	%		8.00	%		4.56	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	55,266		$	50,360		$	61,685		$	72,483		$	78,912
Ratios to average net assets:
Net expenses		1.04	%		1.05	%		1.01	%		0.97	%		0.95	%
Gross expenses		1.04	%		1.05	%		1.01	%		0.97	%		0.95	%
Net investment income		1.91	%		2.11	%		1.16	%		1.95	%		1.80	%
Portfolio turnover rate		72	%		59	%		73	%		67	%		57	%

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.

* 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, 2019

Assets
Investments in securities, at fair value (cost $47,654,241)	$	54,723,697
Short-term affiliated investments, at fair value		417,366
Receivable for investments sold		33,959
Income receivables		250,281
Receivable for fund shares sold		295
Income receivable from affiliated investments		448
Other assets		307
Total assets		55,426,353
Liabilities
Payable for investments purchased		47,471
Payable for fund shares redeemed		59,922
Payable to the Adviser		39,237
Payable for custody, fund accounting andsub-administration fees		2,502
Accrued other expenses		11,349
Total liabilities		160,481
Net Assets	$	55,265,872
Net Assets Consist of:
Capital paid in	$	47,638,036
Total distributable earnings (loss)		7,627,836
Net Assets	$	55,265,872
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,278,921
Net asset value per share	$	12.92

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 fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	1,632,343
Income from affiliated investments		3,650
Total income		1,635,993
Expenses
Advisory and administration fees		471,132
Directors’ fees		17,176
Custody, fund accounting andsub-administration fees		23,573
Professional fees		34,974
Printing and shareholder reports		26,801
Other expenses		2,468
Total Expenses		576,124
Net investment income	$	1,059,869
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on investments	$	4,952,822
Increase (decrease) in unrealized appreciation/(depreciation) on investments		6,699,615
Net realized and unrealized gain (loss) on investments		11,652,437
Net Increase in Net Assets Resulting from Operations	$	12,712,306

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, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,059,869		$	1,195,948
Net realized gain (loss) on investments		4,952,822			(571,497	)
Net increase (decrease) in unrealized appreciation/depreciation on investments		6,699,615			(3,874,624	)
Net increase (decrease) from operations		12,712,306			(3,250,173	)
Distributions to shareholders:
Distributions to shareholders		(4,417,061	)		(1,861,401	)
Return of capital		—			(188,993	)
Total distributions		(4,417,061	)		(2,050,394	)
Increase (decrease) in assets from operations and distributions		8,295,245			(5,300,567	)
Share transactions:
Proceeds from sale of shares		1,937,025			5,027,170
Value of distributions reinvested		4,417,061			2,050,394
Cost of shares redeemed		(9,743,533	)		(13,101,821	)
Net increase (decrease) from share transactions		(3,389,447	)		(6,024,257	)
Total increase (decrease) in net assets		4,905,798			(11,324,824	)
Net Assets
Beginning of year		50,360,074			61,684,898
End of year	$	55,265,872		$	50,360,074
Changes in Fund Shares
Shares sold		147,090			419,885
Issued for distributions reinvested		345,083			185,388
Shares redeemed		(734,446	)		(1,090,576	)
Net decrease in fund shares		(242,273	)		(485,303	)

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, 2019

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

12 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2019

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, 2019 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, 2019, 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, 2019

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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 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, 2019 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	39,564,960		$	46,063,562

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, 2019

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 wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	1,411,368		$	3,005,693		$	4,417,061

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

Ordinary Income			Long Term Capital Gains			Tax Return of Capital			Total
	$	1,250,834		$	610,567		$	188,993		$	2,050,394

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Tax Exempt Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses			Total
	$	312,030		$	—		$	—		$	593,056		$	6,722,750		$	—		$	7,627,836

As of December 31, 2019, 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)
	$	48,418,313		$	7,445,943		$	723,193		$	6,722,750

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 2020 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. 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, 2019.

9. Risks

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

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

Notes to Financial Statements 15

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

Notes to Financial Statements, continued — December 31, 2019

10. Subsequent Events

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

16 Notes to Financial Statements

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of State Street Real Estate Securities V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, 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, 2020

Report of Independent Registered Public Accounting Firm 17

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

Tax Information — December 31, 2019 (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, 2019.

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, 2019 in the amount of $3,005,693.

18 Tax Information

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

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedule of investments are available upon request, without charge, by calling 1-800-242-0134.

Other Information 19

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

Other Information, continued — December 31, 2019 (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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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 andCo-Chairperson of the Board	Term: Until successor is elected and qualified Served: Since January 2019	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 – 2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

20 Other Information

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

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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 and Co-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None
INTERESTED DIRECTORS(1)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None

Other Information 21

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

Other Information, continued — December 31, 2019 (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) (continued)
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

⁽²⁾ Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

⁽³⁾ Ms. La Porta is an Interested Director because of her employment by SSGA, an affiliate of the Company.

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

22 Other Information

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

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

Other Information 23

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

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

24 Other Information

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

Other Information, continued — December 31, 2019 (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)
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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, 2019

State Street Total Return V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. 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. 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. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge. To do so, contact your Insurance Provider. Your election to receive reports in paper will apply to all funds held in your account.

State Street Total Return V.I.S Fund

Annual Report

December 31, 2019

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		27
Tax Information		28
Other Information		29

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, 2019 (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, 2019 (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, 2019 (the “Reporting Period”), the total return for the Fund’s Class 1 and Class 3 Shares was 15.81% and 15.57%, respectively. The total return for S&P 500 Index was 31.49%. The total return for MSCI All Country Worldex-U.S. Index was 21.51%. The total return for Bloomberg Barclays U.S. Aggregate Bond Index was 8.72%. 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.

Asset allocation decisions and performance of the investment options across asset classes were primary drivers of Fund performance during the Reporting Period relative to the Index. Diversifying investments in emerging market equity, commodities and fixed income securities within the Fund all contributed negatively to benchmark relative returns when compared to the S&P 500 Index of large cap domestic equities. Across regional investment options within equities, US large cap stocks enjoyed a higher rate of return overall — as noted by the S&P 500 Index returns referenced above. In addition to the asset allocation decisions, the Fund’s factor based strategies underperformed when compared against their respective marketcap-weighted indices. The factor based strategies are designed to provide exposure to various investment style premia including value, quality, volatility, momentum and size. With the exception of favorable performance from the quality factor, all of the other factors underperformed for the Reporting Period. On the positive side, the decision to position the fixed income assets at the low end of their given strategic target allocation range proved beneficial for performance overall. Fixed income securities, particularly US aggregate bonds, provided positive returns overall but still trailed equities for the Reporting Period. Offsetting some of the benefit of investing in a lower allocation to fixed income was an overweight to cash relative to its given strategic target allocation for approximately half of the Reporting Period. The allocation to cash detracted from results given the strong performance generated by both equity and fixed income asset classes.

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, 2019 (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, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Class 1	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,043.80	$	1,022.20
Expenses Paid During Period*	$	3.04	$	3.01
Class 3	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2019	$	1,042.60	$	1,020.97
Expenses Paid During Period*	$	4.32	$	4.28

* Expenses are equal to the Fund’s annualized expense ratio of 0.59%** for Class 1 and 0.84%** for Class 3 (for the period July 1, 2019-December 31, 2019), 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, 2019 (Unaudited)

Top Ten Largest Equity Holdings

as of December 31, 2019 (as a % of Fair Value) ^(a)(b)

Berkshire Hathaway Inc., Class B	1.13	%
Johnson & Johnson	0.95	%
Accenture PLC, Class A	0.88	%
Honeywell International Inc	0.78	%
Danaher Corp.	0.75	%
Costco Wholesale Corp.	0.70	%
Target Corp.	0.65	%
Intuit Inc.	0.62	%
The Proctor & Gamble Co.	0.61	%
The TJX Companies, Inc.	0.59	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,938,218 (in thousands) as of December 31, 2019^(a)(b)

Average Annual Total Return for the periods ended December 31, 2019

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	15.81%		5.68	%		6.70	%	$	19,127
S&P 500® Index	31.49%		11.70	%		13.56	%	$	35,666
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%		3.05	%		3.75	%	$	14,445
MSCI All Country Worldex.-U.S.	21.51%		5.51	%		4.97	%	$	16,236

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	15.57%		5.42	%		6.43	%	$	18,657
S&P 500® Index	31.49%		11.70	%		13.56	%	$	35,666
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%		3.05	%		3.75	%	$	14,445
MSCI All Country Worldex-U.S.	21.51%		5.51	%		4.97	%	$	16,236

(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 Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Performance Summary, continued — December 31, 2019 (Unaudited)

Class 1 Shares

Class 3 Shares

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

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, 2019

	Number of Shares		Fair Value $
Equity Securities - 55.3%†
Communication Services - 3.1%
AT&T Inc.		118,300		4,623,164
Nippon Telegraph & Telephone Corp.		243,200		6,169,794
The Walt Disney Co.		74,857		10,826,568
Other Securities				37,651,401
				59,270,927
Consumer Discretionary - 7.7%
AutoZone Inc. (a)		4,617		5,500,278
FF Group (a)(c)		1,860		1,002
Ford Motor Co.		768,114		7,143,460
General Motors Co.		194,027		7,101,388
Starbucks Corp.		119,512		10,507,495
Target Corp.		97,900		12,551,759
The TJX Companies Inc.		187,548		11,451,681
Wesfarmers Ltd.		214,789		6,250,819
Other Securities				87,225,691
				147,733,573
Consumer Staples - 3.6%
China Huishan Dairy Holdings Company Ltd. (c)		55,000		—
Costco Wholesale Corp.		46,095		13,548,242
L’Oreal S.A.		26,423		7,830,188
The Procter & Gamble Co.		95,326		11,906,217
Tyson Foods Inc., Class A		56,478		5,141,757
Other Securities				30,921,383
				69,347,787
Energy - 1.9%
Phillips 66		83,016		9,248,813
Valero Energy Corp.		67,272		6,300,023
Other Securities				21,490,915
				37,039,751
Financials - 11.5%
Aflac Inc.		142,682		7,547,878
Allianz SE		29,731		7,288,670
Assicurazioni Generali S.p.A.		209,201		4,319,661
Berkshire Hathaway Inc., Class B (a)		96,307		21,813,535
China Common Rich Renewable Energy Investments Ltd. (c)		64,000		—
Chubb Ltd.		63,937		9,952,433
Muenchener Rueckversicherungs-Gesellschaft AG		26,084		7,700,450
Royal Bank of Canada		74,819		5,928,400

	Number of Shares		Fair Value $
Synchrony Financial		126,700		4,562,467
The Allstate Corp.		50,953		5,729,665
Zurich Insurance Group AG		21,819		8,947,514
Other Securities				137,866,073
				221,656,746
Healthcare - 4.4%
Danaher Corp.		95,035		14,585,972
HCA Healthcare Inc.		35,240		5,208,824
Johnson & Johnson		126,929		18,515,133
Roche Holding AG		21,820		7,075,417
Other Securities				40,138,187
				85,523,533
Industrials - 6.4%
Cummins Inc.		29,403		5,261,961
Honeywell International Inc.		85,347		15,106,419
Ingersoll-Rand PLC		39,338		5,228,807
Other Securities				96,949,503
				122,546,690
Information Technology - 8.4%
Accenture PLC, Class A		80,668		16,986,261
Apple Inc.		37,736		11,081,176
Applied Materials Inc.		181,200		11,060,448
Intel Corp.		145,529		8,709,911
Intuit Inc.		46,075		12,068,425
KLA Corp.		31,250		5,567,812
Lam Research Corp.		28,293		8,272,873
Microsoft Corp.		55,292		8,719,548
Paychex Inc.		63,035		5,361,757
Other Securities				73,068,709
				160,896,920
Materials - 2.5%
Air Products & Chemicals Inc.		43,268		10,167,547
Ferroglobe PLC (c)		1,316		—
Linde PLC		41,473		8,829,602
Other Securities				28,588,162
				47,585,311
Real Estate - 2.8%
Other Securities				54,591,626
Utilities - 2.7%
Eversource Energy		63,589		5,409,516
Xcel Energy Inc.		102,942		6,535,788
Other Securities				39,032,979
				50,978,283

See Notes to 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, 2019

	Principal Amount ($) or Number of Shares		Fair Value $
Preferred Stock - 0.3%
Other Securities				54,591,626
Total Equity Securities (Cost $940,508,817)				1,063,095,731
Bonds and Notes - 27.4%
U.S. Treasuries - 12.8%
U.S. Treasury Bonds
2.25% 08/15/46 - 08/15/49		1,300,000		1,265,688
2.38% 11/15/49		300,000		299,953
2.50% 02/15/45 - 05/15/46		2,710,000		2,773,023
2.75% 11/15/42 - 11/15/47		2,000,000		2,147,422
2.88% 05/15/43 - 05/15/49		2,600,000		2,857,125
3.00% 05/15/42 - 02/15/49		7,150,000		8,035,180
3.13% 08/15/44 - 05/15/48		1,500,000		1,719,000
3.38% 05/15/44 - 11/15/48		2,000,000		2,397,968
3.63% 08/15/43 - 02/15/44		1,540,000		1,895,278
3.75% 11/15/43		800,000		1,002,500
4.25% 05/15/39 - 11/15/40		900,000		1,187,734
4.38% 02/15/38 - 05/15/40		1,500,000		2,001,890
4.50% 02/15/36		1,700,000		2,257,547
4.63% 02/15/40		300,000		415,359
5.25% 02/15/29		200,000		255,875
5.50% 08/15/28		200,000		257,469
6.00% 02/15/26		427,000		531,482
6.13% 08/15/29		200,000		274,250
6.38% 08/15/27		200,000		264,625
7.63% 11/15/22 - 02/15/25		500,000		608,336
7.88% 02/15/21		1,000,000		1,068,320
U.S. Treasury Inflation Indexed Bonds
0.63% 02/15/43		1,287,138		1,304,827
0.75% 02/15/42 - 02/15/45		3,609,635		3,755,120
0.88% 02/15/47		1,385,813		1,487,683
1.00% 02/15/46 - 02/15/49		3,507,871		3,884,035
1.38% 02/15/44		1,766,608		2,086,996
1.75% 01/15/28		982,648		1,104,507
2.00% 01/15/26		648,255		721,115
2.13% 02/15/40 - 02/15/41		1,117,857		1,474,579
2.38% 01/15/25 - 01/15/27		3,835,676		4,328,011
2.50% 01/15/29		1,558,102		1,878,948
3.38% 04/15/32		579,892		797,554
3.63% 04/15/28		604,576		773,954
3.88% 04/15/29		2,347,965		3,136,799
U.S. Treasury Inflation Indexed Notes
0.13% 04/15/21 - 07/15/26		24,697,694		24,751,381
0.25% 01/15/25 - 07/15/29		7,657,453		7,731,749
0.38% 07/15/23 - 07/15/27		12,093,774		12,305,677
0.50% 04/15/24 - 01/15/28		4,191,793		4,287,853
0.63% 07/15/21 - 01/15/26		10,527,142		10,713,755
0.75% 07/15/28		2,547,473		2,681,625
0.88% 01/15/29		2,649,686		2,815,060
1.13% 01/15/21		2,705,582		2,731,824

	Principal Amount ($)		Fair Value $
U.S. Treasury Notes
1.13% 06/30/21 - 09/30/21		3,200,000		3,175,395
1.25% 10/31/21 - 08/31/24		2,500,000		2,465,390
1.38% 01/31/21 - 08/31/26		2,400,000		2,380,938
1.50% 09/30/21 - 08/15/26		6,100,000		6,067,078
1.63% 08/31/22 - 08/15/29		7,840,000		7,770,063
1.75% 11/30/21 - 11/15/29		6,700,000		6,716,282
1.88% 01/31/22 - 07/31/26		12,700,000		12,784,625
2.00% 02/28/21 - 11/15/26		8,194,000		8,289,507
2.13% 01/31/21 - 05/31/26		11,200,000		11,363,188
2.25% 03/31/21 - 11/15/27		9,890,000		10,111,855
2.38% 01/31/23 - 05/15/29		4,900,000		5,058,485
2.50% 02/28/21 - 01/31/25		7,000,000		7,198,164
2.63% 02/28/23 - 02/15/29		7,500,000		7,808,944
2.75% 09/15/21 - 02/15/28		12,400,000		12,946,359
2.88% 10/15/21 - 08/15/28		9,700,000		10,204,539
3.00% 10/31/25		500,000		534,414
3.13% 05/15/21 - 11/15/28		1,900,000		2,050,812
3.63% 02/15/21		700,000		715,258
				245,910,372
U.S. Government Sponsored Agency - 0.0%*
Tennessee Valley Authority		500,000		558,355
Agency Collateralized Mortgage Obligations - 0.2%
Federal Home Loan Mortgage Corp.
2.75% 01/25/26		300,000		308,284
3.06% 07/25/23 (e)		600,000		619,800
3.18% 11/25/28		302,372		315,715
3.30% 04/25/23 (e)		100,000		103,893
3.39% 03/25/24		200,000		210,059
3.49% 01/25/24		300,000		315,485
3.78% 08/25/28		195,545		210,332
Federal National Mortgage Assoc.
3.08% 06/25/27 (e)		261,000		274,799
3.38% 07/25/28 (e)		500,000		534,247
3.64% 08/25/30 (e)		200,000		218,745
Freddie Mac Multifamily Structured Pass Through Certificates		385,000		389,945
				3,501,304
Agency Mortgage Backed - 6.9%
Federal Home Loan Banks
1.63% 12/20/21		395,000		395,099
1.88% 07/07/21		925,000		928,672
2.50% 02/13/24		440,000		453,754
3.25% 11/16/28		125,000		136,837
Federal Home Loan Mortgage Corp.
1.13% 08/12/21		637,000		632,114
2.38% 01/13/22		1,100,000		1,116,159

See Notes to 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, 2019

	Principal Amount ($)		Fair Value $
2.50% 01/01/28 - 02/01/32		1,834,897		1,858,537
2.51% 11/25/22		300,000		303,781
3.00% 07/01/30 - 10/01/49		9,547,221		9,810,856
3.50% 03/01/26 - 04/01/48		8,287,866		8,682,775
4.00% 06/01/42 - 03/01/49		4,857,274		5,136,086
4.50% 05/01/42 - 03/01/49		1,307,643		1,383,917
5.00% 06/01/41		1,247,119		1,383,616
5.50% 01/01/38 - 04/01/39		274,468		307,163
6.00% 06/01/37 - 11/01/37		288,114		331,750
6.25% 07/15/32		250,000		359,717
Federal National Mortgage Assoc.
1.75% 07/02/24		225,000		225,252
1.88% 09/24/26		1,000,000		998,370
2.13% 04/24/26		700,000		710,612
2.25% 04/12/22		425,000		431,307
2.50% 09/01/28 - 10/01/31		1,691,743		1,713,090
2.63% 01/11/22		500,000		510,025
3.00% 01/01/28 - 05/01/47		10,638,631		10,946,942
3.50% 01/01/27 - 09/01/48		14,547,812		15,184,028
4.00% 10/01/41 - 11/01/48		9,542,707		10,122,249
4.50% 01/01/27 - 09/01/49		4,463,152		4,812,631
5.00% 12/01/39 - 05/01/41		232,053		255,967
5.50% 12/01/35 - 04/01/38		1,010,064		1,131,460
6.00% 03/01/34 - 08/01/37		1,309,946		1,499,231
6.63% 11/15/30		100,000		142,544
2.50% TBA (f)		2,100,000		2,103,704
3.00% TBA (f)		5,600,000		5,684,453
3.50% TBA (f)		4,100,000		4,221,857
4.00% TBA (f)		2,500,000		2,599,950
4.50% TBA (f)		350,000		368,487
Government National Mortgage Assoc.
2.50% 05/20/45		212,500		214,536
3.00% 10/15/42 - 12/20/49		7,120,136		7,363,507
3.50% 03/20/45 - 08/20/49		10,409,840		10,844,619
4.00% 12/20/40 - 06/20/49		5,900,457		6,219,495
4.50% 05/20/40 - 01/20/49		2,650,363		2,808,681
5.00% 08/15/41		1,637,645		1,811,097
3.00% TBA (f)		1,950,000		2,002,884
3.50% TBA (f)		1,950,000		2,009,670
4.00% TBA (f)		1,400,000		1,449,042
4.50% TBA (f)		1,000,000		1,045,480
				132,652,003
Asset Backed - 0.1%
Other Securities				1,932,451
Corporate Notes - 6.6%
Aflac Inc.
3.63% 11/15/24		150,000		160,407
Apple Inc.
2.25% 02/23/21		100,000		100,567
2.40% 01/13/23		50,000		50,766

	Principal Amount ($)		Fair Value $
2.50% 02/09/22		150,000		152,304
2.75% 01/13/25		50,000		51,673
3.00% 11/13/27		100,000		104,981
3.25% 02/23/26		160,000		169,346
3.75% 11/13/47		50,000		55,762
4.38% 05/13/45		165,000		199,678
4.50% 02/23/36		150,000		183,057
4.65% 02/23/46		185,000		232,229
Applied Materials Inc.
3.90% 10/01/25		160,000		174,646
AT&T Inc.
2.80% 02/17/21		100,000		100,889
3.40% 05/15/25		100,000		104,869
3.60% 07/15/25		100,000		105,823
4.10% 02/15/28		106,000		115,316
4.30% 02/15/30		20,000		22,220
4.35% 06/15/45		150,000		161,965
4.50% 05/15/35 - 03/09/48		145,000		161,141
4.75% 05/15/46		150,000		169,620
4.85% 03/01/39		150,000		173,284
5.15% 03/15/42		150,000		176,211
5.55% 08/15/41		154,000		189,400
6.10% 07/15/40		150,000		191,281
6.25% 03/29/41		100,000		130,237
AutoZone Inc.
3.75% 04/18/29		100,000		107,219
Costco Wholesale Corp.
2.15% 05/18/21		100,000		100,534
2.25% 02/15/22		85,000		85,914
3.00% 05/18/27		100,000		105,588
Eversource Energy
2.90% 10/01/24		100,000		102,226
3.15% 01/15/25		125,000		128,972
Ford Motor Co.
4.35% 12/08/26		100,000		102,996
4.75% 01/15/43		150,000		133,371
Honeywell International Inc.
2.70% 08/15/29		30,000		30,763
3.35% 12/01/23		50,000		52,655
5.38% 03/01/41		200,000		267,310
Intel Corp.
2.45% 11/15/29		100,000		99,866
2.60% 05/19/26		150,000		153,327
Johnson & Johnson
2.45% 12/05/21 - 03/01/26		175,000		177,770
2.90% 01/15/28		50,000		52,218
3.40% 01/15/38		25,000		26,826
3.50% 01/15/48		30,000		32,801
4.38% 12/05/33		150,000		179,106
KLA Corp.
4.65% 11/01/24		115,000		126,796

See Notes to 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, 2019

	Principal Amount ($)		Fair Value $
Lam Research Corp.
3.80% 03/15/25		115,000		123,117
Microsoft Corp.
1.55% 08/08/21		150,000		149,764
2.40% 02/06/22		100,000		101,422
2.88% 02/06/24		150,000		155,670
3.45% 08/08/36		200,000		219,290
3.50% 02/12/35		65,000		71,744
3.75% 05/01/43		150,000		167,578
4.10% 02/06/37		100,000		118,093
4.45% 11/03/45		125,000		156,676
Phillips 66
3.90% 03/15/28		50,000		54,572
4.88% 11/15/44		45,000		54,307
Phillips 66 Partners LP
3.15% 12/15/29		50,000		49,814
3.75% 03/01/28		10,000		10,433
4.68% 02/15/45		10,000		10,794
Royal Bank of Canada
2.30% 03/22/21		150,000		150,792
2.75% 02/01/22		50,000		50,925
2.80% 04/29/22		100,000		102,122
Starbucks Corp.
3.10% 03/01/23		50,000		51,615
3.50% 03/01/28		50,000		53,645
3.75% 12/01/47		35,000		36,030
Synchrony Financial
2.85% 07/25/22		15,000		15,200
3.95% 12/01/27		100,000		105,339
4.38% 03/19/24		35,000		37,335
Target Corp.
3.38% 04/15/29		50,000		54,348
3.90% 11/15/47		50,000		57,576
4.00% 07/01/42		150,000		172,293
The Allstate Corp.
4.20% 12/15/46		100,000		116,701
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (e)		50,000		53,827
The Procter & Gamble Co.
1.70% 11/03/21		100,000		100,303
2.45% 11/03/26		100,000		103,086
The Walt Disney Co.
3.38% 11/15/26		100,000		107,100
6.65% 11/15/37		179,000		265,901
Tyson Foods Inc.
4.00% 03/01/26		15,000		16,241
4.88% 08/15/34		70,000		83,795
5.10% 09/28/48		35,000		44,010
Valero Energy Corp.
6.63% 06/15/37		150,000		199,156

	Principal Amount ($) or Number of Shares		Fair Value $
Xcel Energy Inc.
3.30% 06/01/25		50,000		52,198
4.00% 06/15/28		100,000		109,420
Other Securities				117,236,041
				126,322,203
Non-Agency Collateralized Mortgage Obligations - 0.3%
Other Securities				5,931,408
Sovereign Bonds - 0.4%
Other Securities				7,747,468
Municipal Bonds and Notes - 0.1%
Other Securities				2,485,095
Total Bonds and Notes (Cost $506,659,170)				527,040,659
Exchange Traded Funds - 15.0%
Exchange Traded & Mutual Funds - 15.0%
Invesco Optimum Yield Diversified Commodity Strategy NoK-1 ETF		3,527,990		58,423,515
SPDR Bloomberg Barclays High Yield Bond ETF (h)		1,233,354		135,101,597
SPDR Dow Jones REIT ETF (h)		917,656		93,619,265
Total Exchange Traded Funds (Cost $283,988,898)				287,144,377
Total Investments in Securities (Cost $1,731,156,885)				1,877,280,767
Short-Term Investments - 3.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57%(Cost $60,902,376) (b)(h)(i)		60,902,376		60,902,376
Total Investments (Cost $1,792,059,261)				1,938,183,143
Liabilities in Excess of Other Assets, net - (0.9)%				(17,079,153	)
NET ASSETS - 100.0%				1,921,103,990

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		March 2020		6	$	501,180	$	8,174
MSCI EAFE Mini Index Futures		March 2020		15		1,527,375		9,814
MSCI Emerging Market Mini Futures		March 2020		83		4,648,830		244,500
S&P 500 Emini Index Futures		March 2020		7		1,130,885		18,171
							$	280,659

During the year ended December 31, 2019, average notional values related to long futures contracts was $13,659,352.

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.

(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.

(e) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. 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.

(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, 2019.

* Less than 0.05%.

Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
	Investments in Securities
	Foreign Equity	$	417,940,796	$	110,025	$	1,002	$	418,051,823
	Domestic Equity		645,043,581		327		—		645,043,908
	U.S. Treasuries		—		245,910,372		—		245,910,372
	U.S. Government Sponsored Agencies		—		558,355		—		558,355
	Agency Collateralized Mortgage Obligations		—		3,501,304		—		3,501,304
	Agency Mortgage Backed		—		132,652,003		—		132,652,003
	Asset Backed		—		1,932,451		—		1,932,451
	Corporate Notes		—		126,322,203		—		126,322,203
	Non-Agency Collateralized Mortgage Obligations		—		5,931,408		—		5,931,408
	Sovereign Bonds		—		7,747,468		—		7,747,468
	Municipal Bonds and Notes		—		2,485,095		—		2,485,095
	Exchange Traded & Mutual Funds		287,144,377		—		—		287,144,377
	Short-Term Investments		60,902,376		—		—		60,902,376
	Total Investments in Securities	$	1,411,031,130	$	527,151,011	$	1,002	$	1,938,183,143
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	280,659	$	—	$	—	$	280,659

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

The Fund was invested in the following countries/territories at December 31, 2019 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		75.54%
Japan		3.21%
United Kingdom		2.61%
Canada		2.15%
Switzerland		2.14%
France		1.44%
Australia		1.33%
Germany		1.21%
China		1.17%
Ireland		0.99%
Hong Kong		0.72%
Taiwan		0.58%
Sweden		0.56%
Netherlands		0.46%
South Korea		0.44%
Italy		0.43%
India		0.39%
Bermuda		0.38%
Singapore		0.36%
Supranational		0.30%
Brazil		0.30%
Finland		0.30%
Spain		0.28%
Israel		0.26%
Russian Federation		0.23%
Denmark		0.20%
South Africa		0.19%
Belgium		0.15%
Mexico		0.15%
New Zealand		0.15%
Thailand		0.12%

Country/Territory	Percentage (based on Fair Value)
Puerto Rico		0.11%
Malaysia		0.10%
Luxembourg		0.10%
Norway		0.09%
Cayman Islands		0.08%
Colombia		0.08%
Poland		0.07%
Chile		0.06%
Saudi Arabia		0.06%
Panama		0.06%
Turkey		0.05%
Philippines		0.05%
Indonesia		0.05%
Qatar		0.05%
Portugal		0.04%
Hungary		0.03%
Iraq		0.03%
Greece		0.03%
Uruguay		0.02%
United Arab Emirates		0.02%
Peru		0.02%
Czech Republic		0.02%
Austria		0.01%
Czech		0.01%
Monaco		0.01%
Guernsey		0.01%
Pakistan		0.00%
UAE		0.00%
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2019 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		14.81%		0.00%		14.81%
Property & Casualty Insurance		1.96%		0.35%		2.31%
Multi-Line Insurance		0.30%		1.38%		1.68%
Pharmaceuticals		1.01%		0.64%		1.65%
Semiconductor Equipment		1.47%		0.06%		1.53%
IT Consulting & Other Services		0.32%		1.14%		1.46%
Electric Utilities		0.88%		0.50%		1.38%
Multi-Sector Holdings		1.13%		0.23%		1.36%
Life & Health Insurance		0.56%		0.76%		1.32%
Integrated Telecommunication Services		0.24%		1.04%		1.28%
Industrial Machinery		0.59%		0.66%		1.25%
Healthcare Equipment		0.98%		0.18%		1.16%
Diversified Banks		0.00%		1.15%		1.15%
Technology Hardware, Storage & Peripherals		0.65%		0.48%		1.13%
Application Software		1.11%		0.00%		1.11%
Industrial Gases		0.52%		0.55%		1.07%
Automobile Manufacturers		0.74%		0.30%		1.04%

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

Industry	Domestic		Foreign		Total
Oil & Gas Refining & Marketing		0.96%		0.07%		1.03%
General Merchandise Stores		0.65%		0.34%		0.99%
Industrial Conglomerates		0.87%		0.06%		0.93%
Home Building		0.32%		0.53%		0.85%
Retail REITs		0.47%		0.34%		0.81%
Semiconductors		0.60%		0.17%		0.77%
Hypermarkets & Super Centers		0.70%		0.06%		0.76%
Movies & Entertainment		0.68%		0.05%		0.73%
Reinsurance		0.10%		0.63%		0.73%
Apparel Retail		0.67%		0.05%		0.72%
Packaged Foods & Meats		0.44%		0.27%		0.71%
Mortgage REITs		0.70%		0.00%		0.70%
Restaurants		0.66%		0.01%		0.67%
Food Retail		0.07%		0.60%		0.67%
Household Products		0.61%		0.05%		0.66%
Integrated Oil & Gas		0.21%		0.45%		0.66%
Systems Software		0.57%		0.04%		0.61%
Data Processing & Outsourced Services		0.55%		0.05%		0.60%
Multi-Utilities		0.42%		0.18%		0.60%
Auto Parts & Equipment		0.20%		0.39%		0.59%
Trading Companies & Distributors		0.18%		0.39%		0.57%
Regional Banks		0.41%		0.13%		0.54%
Tires & Rubber		0.02%		0.46%		0.48%
Asset Management & Custody Banks		0.17%		0.29%		0.46%
Construction & Engineering		0.23%		0.22%		0.45%
Diversified REITs		0.20%		0.24%		0.44%
Aerospace & Defense		0.33%		0.11%		0.44%
Personal Products		0.01%		0.42%		0.43%
Consumer Finance		0.42%		0.00%		0.42%
Metal & Glass Containers		0.41%		0.00%		0.41%
Automotive Retail		0.36%		0.04%		0.40%
Technology Distributors		0.36%		0.04%		0.40%
Gas Utilities		0.13%		0.25%		0.38%
Healthcare Facilities		0.36%		0.00%		0.36%
Diversified Support Services		0.35%		0.00%		0.35%
Healthcare Distributors		0.24%		0.10%		0.34%
Internet & Direct Marketing Retail		0.18%		0.17%		0.35%
Construction Machinery & Heavy Trucks		0.29%		0.05%		0.34%
Financial Exchanges & Data		0.17%		0.15%		0.32%
Research & Consulting Services		0.16%		0.14%		0.30%
Advertising		0.24%		0.05%		0.29%
Environmental & Facilities Services		0.29%		0.00%		0.29%
Steel		0.10%		0.17%		0.27%
Biotechnology		0.24%		0.01%		0.25%
Office REITs		0.06%		0.18%		0.24%
Specialized REITs		0.23%		0.00%		0.23%
Health Care REITs		0.23%		0.00%		0.23%
Managed Healthcare		0.22%		0.00%		0.22%
Specialty Chemicals		0.04%		0.18%		0.22%
Electronic Manufacturing Services		0.17%		0.05%		0.22%
Electronic Equipment & Instruments		0.07%		0.15%		0.22%
Diversified Real Estate Activities		0.00%		0.22%		0.22%
Industrial REITs		0.01%		0.20%		0.21%
Healthcare Services		0.12%		0.09%		0.21%

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

Industry	Domestic		Foreign		Total
Electronic Components		0.03%		0.18%		0.21%
Cable & Satellite		0.15%		0.06%		0.21%
Apparel, Accessories & Luxury Goods		0.01%		0.19%		0.20%
Footwear		0.14%		0.06%		0.20%
Specialty Stores		0.17%		0.03%		0.20%
Independent Power Producers & Energy Traders		0.08%		0.11%		0.19%
Trucking		0.16%		0.03%		0.19%
Human Resource & Employment Services		0.11%		0.08%		0.19%
Distributors		0.18%		0.00%		0.18%
Wireless Telecommunication Services		0.01%		0.17%		0.18%
Building Products		0.12%		0.05%		0.17%
Air Freight & Logistics		0.17%		0.00%		0.17%
Life Sciences Tools & Services		0.10%		0.07%		0.17%
Broadcasting		0.09%		0.07%		0.16%
Thrifts & Mortgage Finance		0.15%		0.00%		0.15%
Leisure Products		0.03%		0.12%		0.15%
Interactive Media & Services		0.04%		0.10%		0.14%
Real Estate Development		0.00%		0.14%		0.14%
Real Estate Operating Companies		0.00%		0.14%		0.14%
Department Stores		0.00%		0.13%		0.13%
Other Diversified Financial Services		0.05%		0.08%		0.13%
Airlines		0.03%		0.10%		0.13%
Diversified Metals & Mining		0.00%		0.12%		0.12%
Food Distributors		0.10%		0.02%		0.12%
Marine		0.00%		0.12%		0.12%
Consumer Electronics		0.12%		0.00%		0.12%
Commodity Chemicals		0.01%		0.10%		0.11%
Insurance Brokers		0.11%		0.00%		0.11%
Commercial Printing		0.01%		0.09%		0.10%
Oil & Gas Storage & Transportation		0.05%		0.05%		0.10%
Electrical Components & Equipment		0.08%		0.02%		0.10%
Investment Banking & Brokerage		0.10%		0.00%		0.10%
Household Appliances		0.00%		0.09%		0.09%
Home Improvement Retail		0.04%		0.05%		0.09%
Home Furnishing Retail		0.08%		0.00%		0.08%
Internet Services & Infrastructure		0.00%		0.08%		0.08%
Hotel & Resort REITs		0.07%		0.00%		0.07%
Gold		0.00%		0.07%		0.07%
Residential REITs		0.07%		0.00%		0.07%
Construction Materials		0.00%		0.07%		0.07%
Paper Packaging		0.07%		0.00%		0.07%
Soft Drinks		0.05%		0.02%		0.07%
Agricultural Products		0.00%		0.06%		0.06%
Renewable Electricity		0.00%		0.06%		0.06%
Railroads		0.00%		0.06%		0.06%
Airport Services		0.03%		0.02%		0.05%
Coal & Consumable Fuels		0.01%		0.04%		0.05%
Agricultural & Farm Machinery		0.05%		0.00%		0.05%
Interactive Home Entertainment		0.05%		0.00%		0.05%
Hotels, Resorts & Cruise Lines		0.05%		0.00%		0.05%
Communications Equipment		0.04%		0.01%		0.05%
Publishing		0.02%		0.02%		0.04%
Healthcare Supplies		0.04%		0.00%		0.04%
Brewers		0.04%		0.00%		0.04%

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

Industry	Domestic		Foreign		Total
Oil & Gas Equipment & Services		0.04%		0.00%		0.04%
Computer & Electronics Retail		0.00%		0.04%		0.04%
Drug Retail		0.00%		0.03%		0.03%
Education Services		0.03%		0.00%		0.03%
Diversified Capital Markets		0.00%		0.03%		0.03%
Highways & Railtracks		0.00%		0.03%		0.03%
Marine Ports & Services		0.00%		0.02%		0.02%
Diversified Chemicals		0.00%		0.02%		0.02%
Water Utilities		0.00%		0.02%		0.02%
Casinos & Gaming		0.00%		0.02%		0.02%
Oil & Gas Drilling		0.02%		0.00%		0.02%
Office Services & Supplies		0.02%		0.00%		0.02%
Tobacco		0.02%		0.00%		0.02%
Real Estate Services		0.02%		0.00%		0.02%
Security & Alarm Services		0.00%		0.02%		0.02%
Motorcycle Manufacturers		0.00%		0.02%		0.02%
Paper Products		0.02%		0.00%		0.02%
Oil & Gas Exploration & Production		0.01%		0.00%		0.01%
Precious Metals & Minerals		0.00%		0.01%		0.01%
Fertilizers & Agricultural Chemicals		0.00%		0.01%		0.01%
Copper		0.00%		0.01%		0.01%
Alternative Carriers		0.01%		0.00%		0.01%
Healthcare Technology		0.01%		0.00%		0.01%
Specialized Finance		0.00%		0.01%		0.01%
Textiles		0.00%		0.01%		0.01%
Specialized Consumer Services		0.00%		0.00%		0.00%
Home Furnishings		0.00%		0.00%		0.00%
Aluminum		0.00%		0.00%		0.00%
Banks		0.00%		0.00%		0.00%
						69.67%

Sector	Percentage (based on Fair Value)
U.S. Treasuries		12.69%
Agency Mortgage Backed		6.84%
Corporate Notes		6.52%
Sovereign Bonds		0.40%
Non-Agency Collateralized Mortgage Obligations		0.30%
Agency Collateralized Mortgage Obligations		0.18%
Municipal Bonds and Notes		0.13%
Asset Backed		0.10%
U.S. Government Sponsored Agencies		0.03%
		27.19%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		3.14%
		3.14%
		100.00%

See Notes to 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

Summary Schedule of Investments, continued — December 31, 2019

Affiliate Table

	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		2,846,551	$	95,615,648	$	83,544,615	$	52,501,879	$	(347,906	)	$	8,791,119		1,233,354	$	135,101,597	$	7,362,300
SPDR Dow Jones REIT ETF		410,485		35,301,710		110,472,890		62,269,080		2,020,884			8,092,861		917,656		93,619,265		3,193,298
State Street Institutional U.S. Government Money Market Fund, Class G Shares		90,625,489		90,625,489		553,501,715		583,224,828		—			—		60,902,376		60,902,376		1,321,374
TOTAL			$	221,542,847	$	747,519,220	$	697,995,787	$	1,672,978		$	16,883,980			$	289,623,238	$	11,876,972

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

State Street Total Return V.I.S. Fund 15

State Street Total Return V.I.S. Fund

Financial Highlights

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

	Class 1
	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														7/1/85
Net asset value, beginning of period	$	14.06		$	19.94		$	18.08		$	17.66		$	18.81
Income/(loss) from investment operations:
Net investment income		0.34	(a)		0.40	(a)		0.36	(a)		0.35			0.31
Net realized and unrealized gains/(losses) on investments		1.88			(1.69	)		2.46			0.77			(0.52	)
Total income/(loss) from investment operations		2.22			(1.29	)		2.82			1.12			(0.21	)
Less distributions from:
Net investment income		0.37			0.45			0.41			0.35			0.34
Net realized gains		—			4.14			0.55			0.35			0.60
Total distributions		0.37			4.59			0.96			0.70			0.94
Net asset value, end of period	$	15.91		$	14.06		$	19.94		$	18.08		$	17.66
Total Return(b)		15.81	%		(6.34	)%		15.58	%		6.35	%		(1.13	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	764,667		$	733,417		$	856,665		$	797,448		$	807,584
Ratios to average net assets:
Net expenses		0.61	%		0.62	%		0.62	%		0.60	%		0.61	%
Gross expenses		0.61	%		0.62	%		0.62	%		0.60	%		0.61	%
Net investment income		2.24	%		2.01	%		1.83	%		1.85	%		1.56	%
Portfolio turnover rate		81	%		97	%		15	%		45	%		70	%
	Class 3
	12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date														5/1/06
Net asset value, beginning of period	$	14.01		$	19.88		$	18.03		$	17.61		$	18.75
Income/(loss) from investment operations:
Net investment income		0.30	(a)		0.35	(a)		0.31	(a)		0.30			0.27
Net realized and unrealized gains/(losses) on investments		1.88			(1.69	)		2.44			0.77			(0.51	)
Total income/(loss) from investment operations		2.18			(1.34	)		2.75			1.07			(0.24	)
Less distributions from:
Net investment income		0.33			0.39			0.35			0.30			0.30
Net realized gains		—			4.14			0.55			0.35			0.60
Total distributions		0.33			4.53			0.90			0.65			0.90
Net asset value, end of period	$	15.86		$	14.01		$	19.88		$	18.03		$	17.61
Total Return(b)		15.57	%		(6.61	)%		15.26	%		6.08	%		(1.34	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,156,437		$	1,165,809		$	1,464,061		$	1,508,428		$	1,633,723
Ratios to average net assets:
Net Expenses		0.86	%		0.87	%		0.87	%		0.85	%		0.86	%
Gross Expenses		0.86	%		0.87	%		0.87	%		0.85	%		0.86	%
Net investment income		1.99	%		1.76	%		1.59	%		1.60	%		1.31	%
Portfolio turnover rate		81	%		97	%		15	%		45	%		70	%

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.

* 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, 2019

Assets
Investments in securities, at fair value (cost $1,509,163,573)	$	1,648,559,905
Investments in affiliated securities, at fair value (cost $221,993,312)		228,720,862
Short-term affiliated investments, at fair value		60,902,376
Cash		38,362
Net cash collateral on deposit with broker for future contracts		109,138
Foreign currency (cost $1,151,258)		1,158,097
Receivable for investments sold		333,466
Income receivables		5,082,923
Receivable for fund shares sold		31,327
Income receivable from affiliated investments		73,886
Receivable for accumulated variation margin on futures contracts		280,960
Other assets		10,897
Total assets		1,945,302,199
Liabilities
Payable for investments purchased		21,849,320
Payable for fund shares redeemed		427,156
Payable to the Adviser		567,737
Payable for custody, fund accounting andsub-administration fees		57,046
Accrued other expenses		90,321
Distribution and service fees		1,206,629
Total liabilities		24,198,209
Net Assets	$	1,921,103,990
Net Assets Consist of:
Capital paid in	$	1,793,103,466
Total distributable earnings (loss)		128,000,524
Net Assets	$	1,921,103,990
Class 1
Net Assets	$	764,666,966
Shares outstanding ($0.01 par value, unlimited shares authorized)		48,064,257
Net asset value, offering and redemption price per share	$	15.91
Class 3
Net Assets	$	1,156,437,024
Shares outstanding ($0.01 par value, unlimited shares authorized)		72,924,862
Net asset value per share	$	15.86
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 fiscal year ended December 31, 2019

Investment Income
Income
Dividend	$	29,326,755
Interest		15,693,844
Income from affiliated investments		11,876,972
Less: Foreign taxes withheld		(1,572,967	)
Total income		55,324,604
Expenses
Advisory and administration fees		6,808,860
Distribution and service fees
Class 1		1,523,127
Class 3		5,327,213
Directors’ fees		49,752
Custody, fund accounting andsub-administration fees		599,666
Professional fees		193,993
Other expenses		243,189
Total expenses		14,745,800
Net investment income	$	40,578,804
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	1,943,976	*
Affiliated investments		1,672,978
Futures		2,228,567
Foreign currency transactions		(125,454	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		218,396,145	**
Affiliated investments		16,883,980
Futures		600,227
Foreign currency translations		17,197
Net realized and unrealized gain (loss) on investments		241,617,616
Net Increase in Net Assets Resulting from Operations	$	282,196,420

* Includes $51,745 of net realized gains from foreign capital tax gain.

** Includes change in accrued foreign capital gains tax of $45,596.

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, 2019			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	40,578,804		$	40,212,947
Net realized gain (loss) on investments, futures and foreign currency related transactions		5,720,067			405,529,321
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency transactions		235,897,549			(578,300,573	)
Net increase (decrease) from operations		282,196,420			(132,558,305	)
Distributions to shareholders:
Total distributions
Class 1		(17,548,395	)		(180,207,716	)
Class 3		(23,703,106	)		(284,866,389	)
Total distributions		(41,251,501	)		(465,074,105	)
Increase (decrease) in assets from operations and distributions		240,944,919			(597,632,410	)
Share transactions:
Proceeds from sale of shares
Class 1		10,132,130			20,964,003
Class 3		13,995,283			30,059,171
Value of distributions reinvested
Class 1		17,548,395			180,207,716
Class 3		23,703,106			284,866,389
Cost of shares redeemed
Class 1		(90,189,216	)		(94,290,832	)
Class 3		(194,257,291	)		(245,672,997	)
Net increase (decrease) from share transactions		(219,067,593	)		176,133,450
Total increase (decrease) in net assets		21,877,326			(421,498,960	)
Net Assets
Beginning of year		1,899,226,664			2,320,725,624
End of year	$	1,921,103,990		$	1,899,226,664
Changes in Fund Shares
Class 1
Shares sold		659,598			1,059,253
Issued for distributions reinvested		1,101,594			12,899,622
Shares redeemed		(5,867,922	)		(4,756,048	)
Net increase (decrease) in fund shares		(4,106,730	)		9,202,827
Class 3
Shares sold		912,764			1,521,278
Issued for distributions reinvested		1,492,639			20,449,848
Shares redeemed		(12,678,384	)		(12,429,805	)
Net increase (decrease) in fund shares		(10,272,981	)		9,541,321

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, 2019

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

20 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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.

• 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 NAV 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, 2019 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 21

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, 2019, 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, 2019, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Summary Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions  The Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of“to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

4. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering

22 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments 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, 2019, 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, 2019 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 Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	280,960	$	—	$	280,960

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	$	—	$	—	$	—	$	2,228,567	$	—	$	2,228,567

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	$	—	$	—	$	—	$	600,227	$	—	$	600,227

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.

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

Notes to Financial Statements 23

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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 as custody, fund accounting andsub-administration fees in the Statement of Operations.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street Corporation, 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, 2019 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, 2019 were as follows:

U.S. Government Securities
Purchases			Sales
	$	297,939,422		$	384,040,270

Non-U.S. Government Securities
Purchases			Sales
	$	1,233,545,843		$	1,322,286,793

8. Income Tax Information

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.

24 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

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. Thesebook-tax differences are primarily due to nontaxable dividend adjustments to income, foreign currencies, REITs, foreign capital gains taxes, investments in futures, passive foreign investment company gains and losses, paydown gains and losses and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	41,251,501		$	—		$	41,251,501

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

Ordinary Income			Long-Term Capital Gains			Total
	$	42,336,791		$	422,737,314		$	465,074,105

At December 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undisributed Ordinary Income			Tax Exempt Income			Capital Loss Carryforwards				Undistributed Long Term Gain		Net Unrealized Gain (Losses)			Total
	$	1,714,148		$	—		$	(14,860,172	)		$		$	141,146,548		$	128,000,524

As of December 31, 2019, 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
	$	14,860,172		$	—

As of December 31, 2019, 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)
	$	1,797,324,094		$	161,892,667		$	20,757,338		$	141,135,329

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 2020 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. 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, 2019.

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. Changes in governmental

Notes to Financial Statements 25

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2019

policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund’s investments.

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. Change in Accounting Principle

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20) — Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For callable debt securities held at a premium that have explicit, non-contingent call features and that are callable at fixed prices on preset dates, ASU 2017-08 requires the premium to be amortized to the earliest call date. The adoption resulted in a change in accounting principle, since the Fund had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Fund has adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by $9,975.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of the Fund. With respect to the Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

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 of State Street Total Return V.I.S. Fund and the Board of Directors of State Street Variable Insurance Series Funds, Inc.

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four 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 FormN-CSR), and the schedule of investments in securities as of December 31, 2019 (included in Item 6 of thisForm 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, 2019, 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 four years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2015 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, 2019, 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, 2020

Report of Independent Registered Public Accounting Firm 27

State Street Total Return V.I.S. Fund

Tax Information — December 31, 2019 (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, 2019.

Dividends Received Deduction

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

deduction.

28 Tax Information

State Street Total Return V.I.S. Fund

Other Information — December 31, 2019 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage the Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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

Following the Fund’s first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Fund’s schedules of investments are available upon request, without charge, by calling 1-800-242-0134.

Other Information 29

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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: Until successor is elected and qualified Served: Since January 2019	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		68	Director, the Holland Series Fund, Inc.; 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: Until successor is elected and qualified Served: Since January 2019	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 2009-2019, Independent Director, SSGA Qualified Funds PLC.		68	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 Compliance Committee	Term: Until successor is elected and qualified Served: Since 1997	Senior Advisor to NGN Capital LLC (December 2019 – Present); Managing General Partner, NGN Capital LLC (2006 – December 2019); and Managing Director, Vice President of Walden Capital Management (1996 – present).		68	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – 2018); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Director, Muscular Dystrophy Association (since 2019); Trustee of GE Funds (1993 – February 2011); 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: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		68	Director-Graduate Management Admissions Council (2015 – present).

30 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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 Compliance Committee	Term: Until successor is elected and qualified Served: Since January 2019	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).		68	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: Until successor is elected and qualified Served: Since January 2019	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).		68	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Chairperson of the Valuation Committee	Term: Until successor is elected and qualified Served: Since January 2019	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		68	None

Other Information 31

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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)
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Term: Until successor is elected and qualified Served: Since January 2019	President and Director, SSGA Funds Management, Inc. (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).		68	None
Jeanne La Porta(3) c/o SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director & President	Term: Until successor is elected and qualified Served: Since 2014	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 – September 2018); 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 –March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016).		18	None

† 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.

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

(2) Ms. Needham is an Interested Director because of her employment by SSGA FM, an affiliate of the Company.

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

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

32 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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:
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 – September 2018); Senior Vice President and Commercial Operations Leader at 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 of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – April 2014); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Vice President and Deputy Treasurer	Term: Indefinite Elected: 4/19	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Deputy Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Deputy Treasurer	Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

Other Information 33

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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	Deputy Treasurer	Term: Indefinite Elected: 4/19	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).
Sujata Upreti SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Assistant Director, Cambridge Associates, LLC (July 2014 – January 2015); Vice President, Bank of New York Mellon (July 2012 – August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 – July 2012).
Daniel Foley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1972	Assistant Treasurer	Term: Indefinite Elected: 4/19	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 – present).*
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).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer	Term: Indefinite Elected: 7/16 Term: Indefinite Elected: 4/19	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – Present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Chief Legal Officer	Term: Indefinite Elected: 8/19	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – present).
Andrew DeLorme SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1975	Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2016 – present); Vice President and Counsel, State Street Global Advisors (August 2014 – March 2016).

34 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2019 (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)
Kevin Morris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1982	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (January 2016 – April 2019); Director, Asset Management Compliance, Fidelity Investments (June 2015 – January 2016); Senior Compliance Advisor, Asset Management Compliance, Fidelity Investments (June 2012 – June 2015).
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985	Assistant Secretary	Term: Indefinite Elected: 8/19	Vice President and Senior Counsel, State Street Global Advisors (April 2019 – present); Vice President and Counsel, State Street Global Advisors (August 2015 – April 2019); Associate, Ropes & Gray LLP (November 2012 – August 2015).

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

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

Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant 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. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of 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, 2019 and December 31, 2018, 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, 2019 and December 31, 2018, 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, 2019 and December 31, 2018, 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 $49,100, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2019 and December 31, 2018, 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, 2019 and December 31, 2018, 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 $6,939,666 and $6,581,832, 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, 2019 and December 31, 2018, the aggregatenon-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 $35,152,927 and $36,297,003, respectively.

(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, 2019

State Street Total Return V.I.S. Fund

	Number of Shares		Fair Value
Domestic Equity – 33.6% †
Common Stock – 33.6%
Advertising – 0.3%
Clear Channel Outdoor Holdings Inc.		18,800	$	53,768	(a)
Fluent Inc.		20,900		52,250	(a)
Marchex Inc., Class B		17,900		67,662	(a)
National CineMedia Inc.		26,200		190,998
Omnicom Group Inc.		42,327		3,429,335
The Interpublic Group of Companies Inc.		45,133		1,042,572
				4,836,585
Aerospace & Defense – 0.3%
HEICO Corp.		7,605		868,111
HEICO Corp., Class A		14,938		1,337,399
Hexcel Corp.		7,905		579,516
National Presto Industries Inc.		2,096		185,265
Park Aerospace Corp.		8,694		141,451
Teledyne Technologies Inc.		7,064		2,447,959	(a)
TransDigm Group Inc.		953		533,680
Vectrus Inc.		4,900		251,174	(a)
				6,344,555
Agricultural & Farm Machinery – 0.1%
AGCO Corp.		12,238		945,385
Air Freight & Logistics – 0.2%
Atlas Air Worldwide Holdings Inc.		2,200		60,654	(a)
Expeditors International of Washington Inc.		33,670		2,626,933
Hub Group Inc., Class A		7,572		388,368	(a)
Radiant Logistics Inc.		17,700		98,589	(a)
				3,174,544
Airlines – 0.0% *
Alaska Air Group Inc.		8,734		591,729
Mesa Air Group Inc.		5,400		48,276	(a)
				640,005
Airport Services – 0.0% *
Macquarie Infrastructure Corp.		14,389		616,425
Alternative Carriers – 0.0% *
Anterix Inc.		4,000		172,840
Apparel Retail – 0.7%
Abercrombie & Fitch Co., Class A		5,647		97,637
Genesco Inc.		2,500		119,800	(a)
Guess? Inc.		10,859		243,024
Shoe Carnival Inc.		4,213		157,061
The Buckle Inc.		12,509		338,243
The Cato Corp., Class A		9,337		162,464
The TJX Companies Inc.		187,548		11,451,681
Zumiez Inc.		7,972		275,353	(a)
				12,845,263
Apparel, Accessories & Luxury Goods – 0.0% *
Delta Apparel Inc.		3,100		96,410	(a)
Application Software – 1.1%
American Software Inc., Class A		12,928		192,369
Aspen Technology Inc.		13,395		1,619,857	(a)
Avalara Inc.		9,216		675,072	(a)
Cadence Design Systems Inc.		39,715		2,754,632	(a)
Digital Turbine Inc.		33,900		241,707	(a)
Fair Isaac Corp.		5,608		2,101,206	(a)
Intelligent Systems Corp.		3,100		123,814	(a)
Intuit Inc.		46,075		12,068,425
Manhattan Associates Inc.		12,459		993,605	(a)
SharpSpring Inc.		4,200		48,174	(a)
SPS Commerce Inc.		5,800		321,436	(a)
Synchronoss Technologies Inc.		19,100		90,725	(a)
Telaria Inc.		9,400		82,814	(a)

	Number of Shares		Fair Value
Telenav Inc.		16,200	$	78,732	(a)
Zix Corp.		23,700		160,686	(a)
				21,553,254
Asset Management & Custody Banks – 0.2%
Ares Management Corp., Class A		6,900		246,261
Cohen & Steers Inc.		10,015		628,541
Diamond Hill Investment Group Inc.		1,411		198,189
Franklin Resources Inc.		54,239		1,409,129
Legg Mason Inc.		17,047		612,158
Silvercrest Asset Management Group Inc., Class A		4,314		54,270
Waddell & Reed Financial Inc., Class A		13,194		220,604
Westwood Holdings Group Inc.		3,500		103,670
				3,472,822
Auto Parts & Equipment – 0.2%
American Axle & Manufacturing Holdings Inc.		27,000		290,520	(a)
Dorman Products Inc.		7,680		581,530	(a)
Fox Factory Holding Corp.		700		48,699	(a)
Gentex Corp.		49,696		1,440,190
Lear Corp.		11,961		1,641,049
				4,001,988
Automobile Manufacturers – 0.7%
Ford Motor Co.		768,114		7,143,460
General Motors Co.		194,027		7,101,388
				14,244,848
Automotive Retail – 0.4%
America’s Car-Mart Inc.		1,000		109,660	(a)
AutoNation Inc.		10,546		512,852	(a)
AutoZone Inc.		4,617		5,500,278	(a)
Penske Automotive Group Inc.		6,599		331,402
Sonic Automotive Inc., Class A		10,622		329,282
				6,783,474
Biotechnology – 0.2%
Achillion Pharmaceuticals Inc.		59,200		356,976	(a)
Adverum Biotechnologies Inc.		24,140		278,093	(a)
Anika Therapeutics Inc.		5,836		302,596	(a)
ArQule Inc.		23,200		463,072	(a)
Arrowhead Pharmaceuticals Inc.		13,860		879,140	(a)
Avid Bioservices Inc.		21,900		167,973	(a)
BioSpecifics Technologies Corp.		2,800		159,432	(a)
CareDx Inc.		5,700		122,949	(a)
Catalyst Pharmaceuticals Inc.		31,600		118,500	(a)
CEL-SCI Corp.		5,700		52,155	(a)
Chimerix Inc.		23,900		48,517	(a)
Enanta Pharmaceuticals Inc.		600		37,068	(a)
Epizyme Inc.		6,200		152,520	(a)
Fate Therapeutics Inc.		18,610		364,198	(a)
Homology Medicines Inc.		2,814		58,250	(a)
Invitae Corp.		8,500		137,105	(a)
Krystal Biotech Inc.		1,500		83,070	(a)
Lineage Cell Therapeutics Inc.		36,700		32,663
MediciNova Inc.		5,100		34,374	(a)
MeiraGTx Holdings PLC		2,700		54,054	(a)
Molecular Templates Inc.		8,400		117,474	(a)
Palatin Technologies Inc.		101,000		79,002	(a)
PDL BioPharma Inc.		51,867		168,308	(a)
Protagonist Therapeutics Inc.		8,500		59,925	(a)
Ra Pharmaceuticals Inc.		2,500		117,325	(a)
Syndax Pharmaceuticals Inc.		10,000		87,800	(a)
Synlogic Inc.		6,100		15,738	(a)
Veracyte Inc.		6,700		187,064	(a)
				4,735,341
Brewers – 0.0% *
The Boston Beer Company Inc., Class A		2,150		812,377	(a)
Broadcasting – 0.1%
Cumulus Media Inc., Class A		7,200		126,504	(a)
Fox Corp., Class B		32,020		1,165,528	(a)
Media General Inc.		2,076		208	(b,c)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Saga Communications Inc., Class A		1,700	$	51,680
Sinclair Broadcast Group Inc., Class A		12,277		409,315
				1,753,235
Building Products – 0.1%
AAON Inc.		10,800		533,628
Fortune Brands Home & Security Inc.		27,300		1,783,782
				2,317,410
Cable & Satellite – 0.2%
Altice USA Inc., Class A		59,184		1,618,090	(a)
Cable One Inc.		859		1,278,596
				2,896,686
Casinos & Gaming – 0.0% *
Century Casinos Inc.		8,000		63,360	(a)
Coal & Consumable Fuels – 0.0% *
Arch Coal Inc., Class A		3,170		227,416
Energy Fuels Inc.		23,900		45,649	(a)
NACCO Industries Inc., Class A		1,800		84,294
				357,359
Commercial Printing – 0.0% *
Ennis Inc.		10,700		231,655
RR Donnelley & Sons Co.		17,700		69,915
				301,570
Commodity Chemicals – 0.0% *
Hawkins Inc.		3,300		151,173
Communications Equipment – 0.0% *
Digi International Inc.		12,000		212,640	(a)
NETGEAR Inc.		8,099		198,507	(a)
Tessco Technologies Inc.		3,000		33,660
Ubiquiti Inc.		1,633		308,604
				753,411
Computer & Electronics Retail – 0.0% *
GameStop Corp., Class A		12,200		74,176
Construction & Engineering – 0.2%
Argan Inc.		6,100		244,854
Construction Partners Inc.		5,800		97,846	(a)
Great Lakes Dredge & Dock Corp.		25,900		293,447	(a)
IES Holdings Inc.		2,800		71,848	(a)
Jacobs Engineering Group Inc.		25,238		2,267,129
MYR Group Inc.		4,805		156,595	(a)
Northwest Pipe Co.		2,300		76,613	(a)
Quanta Services Inc.		27,725		1,128,685
Tutor Perini Corp.		2,600		33,436	(a)
				4,370,453
Construction Machinery & Heavy Trucks – 0.3%
Cummins Inc.		29,403		5,261,961
Miller Industries Inc.		4,886		181,417
The Greenbrier Companies Inc.		3,200		103,776
				5,547,154
Construction Materials – 0.0% *
United States Lime & Minerals Inc.		957		86,417
Consumer Electronics – 0.1%
Garmin Ltd.		22,953		2,239,295
Consumer Finance – 0.4%
Ally Financial Inc.		74,626		2,280,571
Curo Group Holdings Corp.		5,405		65,833	(a)
Medallion Financial Corp.		10,100		73,427	(a)
Navient Corp.		38,096		521,153
Santander Consumer USA Holdings Inc.		20,103		469,807
Synchrony Financial		126,700		4,562,467
World Acceptance Corp.		1,500		129,600	(a)
				8,102,858
Data Processing & Outsourced Services – 0.6%
Euronet Worldwide Inc.		9,802		1,544,403	(a)
Genpact Ltd.		9,458		398,844
NIC Inc.		27,519		615,050
Paychex Inc.		63,035		5,361,757
Paysign Inc.		8,400		85,260

	Number of Shares		Fair Value
Sykes Enterprises Inc.		17,000	$	628,830	(a)
The Western Union Co.		82,200		2,201,316
				10,835,460
Department Stores – 0.0% *
Dillard’s Inc., Class A		870		63,928
Distributors – 0.2%
Core-Mark Holding Company Inc.		15,800		429,602
Funko Inc., Class A		7,790		133,676	(a)
Genuine Parts Co.		27,564		2,928,124
Weyco Group Inc.		2,959		78,266
				3,569,668
Diversified Metals & Mining – 0.0% *
Materion Corp.		1,058		62,898
Diversified REITs – 0.2%
Armada Hoffler Properties Inc.		21,080		386,818
One Liberty Properties Inc.		6,498		176,681
PS Business Parks Inc.		5,610		924,921
STORE Capital Corp.		38,572		1,436,421
VEREIT Inc.		98,509		910,223
				3,835,064
Diversified Support Services – 0.4%
Copart Inc.		39,400		3,583,036	(a)
KAR Auction Services Inc.		25,159		548,215
McGrath RentCorp.		10,378		794,332
UniFirst Corp.		6,539		1,320,747
Viad Corp.		7,249		489,307
				6,735,637
Education Services – 0.0% *
Graham Holdings Co., Class B		857		547,614
Electric Utilities – 0.9%
Avangrid Inc.		8,190		419,000
Eversource Energy		63,589		5,409,516
Genie Energy Ltd., Class B		7,100		54,883
Hawaiian Electric Industries Inc.		21,254		995,963
OGE Energy Corp.		39,186		1,742,601
Pinnacle West Capital Corp.		21,976		1,976,302
Xcel Energy Inc.		102,942		6,535,788
				17,134,053
Electrical Components & Equipment – 0.1%
American Superconductor Corp.		10,300		80,855	(a)
Encore Wire Corp.		6,948		398,815
Powell Industries Inc.		3,800		186,162
Preformed Line Products Co.		1,505		90,827
Regal Beloit Corp.		7,959		681,370
Vivint Solar Inc.		13,400		97,284	(a)
				1,535,313
Electronic Components – 0.0% *
Airgain Inc.		3,400		36,346	(a)
AVX Corp.		19,725		403,771
Vishay Intertechnology Inc.		11,900		253,351
				693,468
Electronic Equipment & Instruments – 0.1%
Badger Meter Inc.		12,373		803,379
Napco Security Technologies Inc.		5,000		146,950	(a)
PAR Technology Corp.		4,900		150,626	(a)
Vishay Precision Group Inc.		4,537		154,258	(a)
				1,255,213
Electronic Manufacturing Services – 0.2%
Benchmark Electronics Inc.		16,697		573,709
Jabil Inc.		29,193		1,206,547
Kimball Electronics Inc.		10,700		187,785	(a)
Plexus Corp.		12,875		990,602	(a)
Sanmina Corp.		10,200		349,248	(a)
				3,307,891
Environmental & Facilities Services – 0.3%
ABM Industries Inc.		13,800		520,398
PICO Holdings Inc.		9,000		100,080	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Republic Services Inc.		41,856	$	3,751,553
Waste Management Inc.		9,457		1,077,720
				5,449,751
Financial Exchanges & Data – 0.2%
CME Group Inc.		4,447		892,602
Donnelley Financial Solutions Inc.		14,200		148,674	(a)
MarketAxess Holdings Inc.		4,245		1,609,322
Morningstar Inc.		3,612		546,532
				3,197,130
Food Distributors – 0.1%
United Natural Foods Inc.		22,300		195,348	(a)
US Foods Holding Corp.		42,800		1,792,892	(a)
				1,988,240
Food Retail – 0.1%
Casey’s General Stores Inc.		7,130		1,133,599
Natural Grocers by Vitamin Cottage Inc.		4,228		41,730
Village Super Market Inc., Class A		3,547		82,290
Weis Markets Inc.		4,203		170,180
				1,427,799
Footwear – 0.1%
Rocky Brands Inc.		3,145		92,558
Skechers U.S.A. Inc., Class A		25,800		1,114,302	(a)
Steven Madden Ltd.		35,232		1,515,328
				2,722,188
Gas Utilities – 0.1%
Atmos Energy Corp.		22,947		2,566,851
General Merchandise Stores – 0.7%
Target Corp.		97,900		12,551,759
Health Care REITs – 0.2%
Community Healthcare Trust Inc.		7,527		322,607
LTC Properties Inc.		12,360		553,357
Medical Properties Trust Inc.		88,851		1,875,645
Omega Healthcare Investors Inc.		39,904		1,689,934
				4,441,543
Healthcare Distributors – 0.2%
Henry Schein Inc.		28,760		1,918,867	(a)
McKesson Corp.		16,469		2,277,992
Patterson Companies Inc.		20,600		421,888
				4,618,747
Healthcare Equipment – 1.0%
Alphatec Holdings Inc.		8,700		61,727	(a)
Conformis Inc.		31,400		47,100	(a)
Danaher Corp.		95,035		14,585,972
IntriCon Corp.		2,300		41,400	(a)
Masimo Corp.		9,238		1,460,158	(a)
SeaSpine Holdings Corp.		6,900		82,869	(a)
STERIS PLC		16,457		2,508,376
Varian Medical Systems Inc.		2,619		371,924	(a)
Zynex Inc.		7,600		59,812	(a)
				19,219,338
Healthcare Facilities – 0.4%
Community Health Systems Inc.		37,000		107,300	(a)
HCA Healthcare Inc.		35,240		5,208,824
National HealthCare Corp.		5,322		459,980
Tenet Healthcare Corp.		2,101		79,901	(a)
The Ensign Group Inc.		10,700		485,459
The Joint Corp.		2,600		41,964	(a)
The Pennat Group Inc.		5,250		173,618	(a)
US Physical Therapy Inc.		3,250		371,638
				6,928,684
Healthcare Services – 0.1%
Addus HomeCare Corp.		4,650		452,073	(a)
Amedisys Inc.		2,100		350,532	(a)
CorVel Corp.		3,873		338,345	(a)
Cross Country Healthcare Inc.		15,900		184,758	(a)
Guardant Health Inc.		7,200		562,608	(a)
Premier Inc., Class A		10,118		383,270	(a)
				2,271,586

	Number of Shares		Fair Value
Healthcare Supplies – 0.0% *
Atrion Corp.		620	$	465,930
BioLife Solutions Inc.		3,300		53,394	(a)
Meridian Bioscience Inc.		17,963		175,499
Utah Medical Products Inc.		1,505		162,389
				857,212
Healthcare Technology – 0.0% *
Simulations Plus Inc.		5,272		153,257
Home Building – 0.3%
Beazer Homes USA Inc.		12,800		180,864	(a)
M/I Homes Inc.		11,700		460,395	(a)
MDC Holdings Inc.		21,100		805,176
Meritage Homes Corp.		4,440		271,328	(a)
NVR Inc.		642		2,444,999	(a)
PulteGroup Inc.		49,451		1,918,699
William Lyon Homes, Class A		9,100		181,818	(a)
				6,263,279
Home Furnishing Retail – 0.1%
Bed Bath & Beyond Inc.		13,300		230,090
Haverty Furniture Companies Inc.		7,900		159,264
Williams-Sonoma Inc.		15,358		1,127,892
				1,517,246
Home Furnishings – 0.0% *
Ethan Allen Interiors Inc.		3,300		62,898
Home Improvement Retail – 0.0% *
Floor & Decor Holdings Inc.		13,564		689,187	(a)
Hotel & Resort REITs – 0.1%
Apple Hospitality REIT Inc.		41,201		669,516
Service Properties Trust		31,961		777,611
				1,447,127
Hotels, Resorts & Cruise Lines – 0.1%
Wyndham Destinations Inc.		17,520		905,609
Household Appliances – 0.0% *
Hamilton Beach Brands Holding Co., Class A		3,017		57,625
Household Products – 0.6%
The Procter & Gamble Co.		95,326		11,906,217
Human Resource & Employment Services – 0.1%
BG Staffing Inc.		4,000		87,560
GP Strategies Corp.		5,800		76,734	(a)
Kelly Services Inc., Class A		14,409		325,355
Kforce Inc.		6,283		249,435
ManpowerGroup Inc.		11,476		1,114,320
Robert Half International Inc.		5,722		361,344
				2,214,748
Hypermarkets & Super Centers – 0.7%
Costco Wholesale Corp.		46,095		13,548,242
Independent Power Producers & Energy Traders – 0.1%
AES Corp.		77,714		1,546,509
Industrial Conglomerates – 0.9%
Carlisle Companies Inc.		11,000		1,780,240
Honeywell International Inc.		85,347		15,106,419
				16,886,659
Industrial Gases – 0.5%
Air Products & Chemicals Inc.		43,268		10,167,547
Industrial Machinery – 0.6%
Gencor Industries Inc.		4,500		52,515	(a)
Hurco Companies Inc.		2,833		108,674
Hyster-Yale Materials Handling Inc.		3,300		194,568
Ingersoll-Rand PLC		39,338		5,228,807
ITT Inc.		17,218		1,272,582
Mueller Industries Inc.		16,300		517,525
Omega Flex Inc.		1,200		128,748
Snap-on Inc.		10,642		1,802,755
The Eastern Co.		2,734		83,469
The Gorman-Rupp Co.		7,475		280,313

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
The Timken Co.		6,131	$	345,237
Woodward Inc.		10,767		1,275,243
				11,290,436
Industrial REITs – 0.0% *
Innovative Industrial Properties Inc.		1,969		149,388
Insurance Brokers – 0.1%
Brown & Brown Inc.		46,225		1,824,963
eHealth Inc.		700		67,256	(a)
Goosehead Insurance Inc., Class A		4,303		182,447
				2,074,666
Integrated Oil & Gas – 0.2%
Exxon Mobil Corp.		57,047		3,980,740
Integrated Telecommunication Services – 0.2%
AT&T Inc.		118,300		4,623,164
Frontier Communications Corp.		30,500		27,133	(a)
IDT Corp., Class B		8,200		59,122	(a)
Pareteum Corp.		29,200		12,769	(a)
				4,722,188
Interactive Home Entertainment – 0.1%
Zynga Inc., Class A		154,187		943,624	(a)
Interactive Media & Services – 0.1%
DHI Group Inc.		25,100		75,551	(a)
Match Group Inc.		10,571		867,985	(a)
				943,536
Internet & Direct Marketing Retail – 0.2%
1-800-Flowers.com Inc., Class A		10,660		154,570	(a)
Amazon.com Inc.		1,674		3,093,284	(a)
Duluth Holdings Inc., Class B		3,800		40,014	(a)
The Rubicon Project Inc.		20,900		170,544	(a)
				3,458,412
Investment Banking & Brokerage – 0.1%
Cowen Inc., Class A		12,000		189,000	(a)
Greenhill & Company Inc.		7,700		131,516
Houlihan Lokey Inc.		14,505		708,859
INTL. FCStone Inc.		6,450		314,954	(a)
Moelis & Co., Class A		12,759		407,267
Oppenheimer Holdings Inc., Class A		2,487		68,343
				1,819,939
IT Consulting & Other Services – 0.3%
Amdocs Ltd.		26,615		1,921,337
Booz Allen Hamilton Holding Corp.		26,720		1,900,593
CACI International Inc., Class A		4,830		1,207,452	(a)
ManTech International Corp., Class A		11,369		908,156
Perficient Inc.		3,660		168,616	(a)
				6,106,154
Leisure Products – 0.0% *
Escalade Inc.		5,300		52,099
Johnson Outdoors Inc., Class A		2,004		153,707
MasterCraft Boat Holdings Inc.		8,348		131,481	(a)
Sturm Ruger & Company Inc.		5,400		253,962
				591,249
Life & Health Insurance – 0.6%
Aflac Inc.		142,682		7,547,878
Brighthouse Financial Inc.		21,194		831,441	(a)
FBL Financial Group Inc., Class A		2,063		121,573
Globe Life Inc.		20,885		2,198,146
Independence Holding Co.		1,669		70,231
National Western Life Group Inc., Class A		915		266,155
				11,035,424
Life Sciences Tools & Services – 0.1%
Bruker Corp.		7,033		358,472
Luminex Corp.		2,465		57,089
Medpace Holdings Inc.		9,350		785,961	(a)
Quanterix Corp.		2,265		53,522	(a)
Repligen Corp.		8,560		791,800	(a)
				2,046,844
Managed Healthcare – 0.2%
Anthem Inc.		13,810		4,171,034

	Number of Shares		Fair Value
Metal & Glass Containers – 0.4%
AptarGroup Inc.		12,500	$	1,445,250
Ball Corp.		63,390		4,099,431
Crown Holdings Inc.		25,487		1,848,827	(a)
Greif Inc., Class B		2,000		103,540
Silgan Holdings Inc.		15,282		474,965
				7,972,013
Mortgage REITs – 0.7%
AG Mortgage Investment Trust Inc.		12,514		192,966
AGNC Investment Corp.		106,058		1,875,105
Annaly Capital Management Inc.		278,667		2,625,043
Anworth Mortgage Asset Corp.		42,100		148,192
Apollo Commercial Real Estate Finance Inc.		66,575		1,217,657
Ares Commercial Real Estate Corp.		12,007		190,191
Arlington Asset Investment Corp., Class A		13,922		77,546
ARMOUR Residential REIT Inc.		21,700		387,779
Blackstone Mortgage Trust Inc., Class A		49,375		1,837,737
Capstead Mortgage Corp.		40,653		321,972
Cherry Hill Mortgage Investment Corp.		7,084		103,356
Chimera Investment Corp.		36,488		750,193
Dynex Capital Inc.		10,458		177,158
Ellington Financial Inc.		13,200		241,956
Great Ajax Corp.		6,100		90,341
MFA Financial Inc.		88,007		673,254
PennyMac Mortgage Investment Trust		25,800		575,082
Ready Capital Corp.		7,700		118,734
Starwood Property Trust Inc.		53,457		1,328,941
Two Harbors Investment Corp.		49,429		722,652
				13,655,855
Movies & Entertainment – 0.7%
AMC Entertainment Holdings Inc., Class A		11,300		81,812
Roku Inc.		16,719		2,238,674	(a)
The Walt Disney Co.		74,857		10,826,568
				13,147,054
Multi-Line Insurance – 0.3%
American Financial Group Inc.		14,438		1,583,127
Assurant Inc.		10,477		1,373,325
The Hartford Financial Services Group Inc.		47,600		2,892,652
				5,849,104
Multi-Sector Holdings – 1.1%
Berkshire Hathaway Inc., Class B		96,307		21,813,535	(a)
Multi-Utilities – 0.4%
Ameren Corp.		48,052		3,690,394
Unitil Corp.		5,120		316,518
WEC Energy Group Inc.		43,282		3,991,899
				7,998,811
Office REITs – 0.1%
Columbia Property Trust Inc.		22,803		476,811
Equity Commonwealth		23,616		775,313
				1,252,124
Office Services & Supplies – 0.0% *
Steelcase Inc., Class A		18,481		378,121
Oil & Gas Drilling – 0.0% *
Diamond Offshore Drilling Inc.		4,600		33,074	(a)
Nabors Industries Ltd.		88,500		254,880
Noble Corporation PLC		111,716		136,294	(a)
				424,248
Oil & Gas Equipment & Services – 0.0% *
Era Group Inc.		9,400		95,598	(a)
Frank’s International N.V.		31,700		163,889	(a)
Geospace Technologies Corp.		6,600		110,682	(a)
Liberty Oilfield Services Inc., Class A		3,332		37,052
Mammoth Energy Services Inc.		5,798		12,755
Matrix Service Co.		11,568		264,676	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Smart Sand Inc.		10,400	$	26,208	(a)
Solaris Oilfield Infrastructure Inc., Class A		7,114		99,596
				810,456
Oil & Gas Exploration & Production – 0.0% *
Evolution Petroleum Corp.		11,902		65,104
Extraction Oil & Gas Inc.		18,000		38,160	(a)
Gulfport Energy Corp.		40,700		123,728	(a)
				226,992
Oil & Gas Refining & Marketing – 1.0%
CVR Energy Inc.		7,736		312,766
PBF Energy Inc., Class A		23,385		733,587
Phillips 66		83,016		9,248,813
Renewable Energy Group Inc.		15,600		420,420	(a)
REX American Resources Corp.		2,500		204,900	(a)
Valero Energy Corp.		67,272		6,300,023
World Fuel Services Corp.		28,700		1,246,154
				18,466,663
Oil & Gas Storage & Transportation – 0.0% *
DHT Holdings Inc.		38,500		318,780
Dorian LPG Ltd.		12,300		190,404	(a)
Nordic American Tankers Ltd.		60,000		295,200
				804,384
Other Diversified Financial Services – 0.1%
AXA Equitable Holdings Inc.		39,837		987,161
Packaged Foods & Meats – 0.4%
General Mills Inc.		10,200		546,312
J&J Snack Foods Corp.		4,431		816,500
Lancaster Colony Corp.		8,182		1,309,938
Pilgrim’s Pride Corp.		10,397		340,138	(a)
Tootsie Roll Industries Inc.		7,111		242,770
Tyson Foods Inc., Class A		56,478		5,141,757
				8,397,415
Paper Packaging – 0.1%
Sonoco Products Co.		19,508		1,204,034
UFP Technologies Inc.		2,871		142,430	(a)
				1,346,464
Paper Products – 0.0% *
Domtar Corp.		7,762		296,819
Personal Products – 0.0% *
Lifevantage Corp.		6,900		107,709	(a)
Pharmaceuticals – 1.0%
Axsome Therapeutics Inc.		6,700		692,512	(a)
Chiasma Inc.		17,100		84,816	(a)
CorMedix Inc.		11,800		85,904	(a)
Johnson & Johnson		126,929		18,515,133
Lannett Company Inc.		14,700		129,654	(a)
Mallinckrodt PLC		14,700		51,303	(a)
Zynerba Pharmaceuticals Inc.		11,400		68,856	(a)
				19,628,178
Property & Casualty Insurance – 2.0%
AMERISAFE Inc.		8,224		543,031
Arch Capital Group Ltd.		75,182		3,224,556	(a)
Assured Guaranty Ltd.		18,257		894,958
Axis Capital Holdings Ltd.		16,171		961,204
Chubb Ltd.		63,937		9,952,433
Cincinnati Financial Corp.		29,844		3,138,097
Donegal Group Inc., Class A		5,072		75,167
Employers Holdings Inc.		7,600		317,300
Erie Indemnity Co., Class A		4,859		806,594
Fidelity National Financial Inc.		51,831		2,350,536
First American Financial Corp.		21,410		1,248,631
James River Group Holdings Ltd.		1,500		61,815
Kinsale Capital Group Inc.		8,489		862,992
Loews Corp.		50,230		2,636,573
Old Republic International Corp.		55,234		1,235,584
Protective Insurance Corp., Class B		4,514		72,630
Safety Insurance Group Inc.		6,313		584,142
The Allstate Corp.		50,953		5,729,665

	Number of Shares		Fair Value
The Hanover Insurance Group Inc.		7,763	$	1,060,969
United Fire Group Inc.		1,100		48,103
White Mountains Insurance Group Ltd.		572		638,072
WR Berkley Corp.		28,241		1,951,453
				38,394,505
Publishing – 0.0% *
News Corp., Class B		24,333		353,072
Scholastic Corp.		1,500		57,675
				410,747
Real Estate Operating Companies – 0.0% *
Rafael Holdings Inc., Class B		5,200		92,768	(a)
Real Estate Services – 0.0% *
Marcus & Millichap Inc.		2,500		93,125	(a)
Realogy Holdings Corp.		23,600		228,448
				321,573
Regional Banks – 0.4%
1st Constitution Bancorp		3,776		83,563
ACNB Corp.		2,967		112,212
American National Bankshares Inc.		1,488		58,880
Ames National Corp.		4,113		115,411
Arrow Financial Corp.		5,510		208,278
Bank First Corp.		900		63,009
Bank of Hawaii Corp.		7,782		740,535
Bank of Marin Bancorp		3,000		135,150
Baycom Corp.		5,057		114,996	(a)
Cambridge Bancorp		1,884		151,003
Chemung Financial Corp.		1,735		73,738
Citizens & Northern Corp.		5,441		153,708
City Holding Co.		4,236		347,140
Community Trust Bancorp Inc.		5,349		249,477
Evans Bancorp Inc.		1,187		47,599
Fidelity D&D Bancorp Inc.		1,358		84,481
Financial Institutions Inc.		4,000		128,400
First Business Financial Services Inc.		2,100		55,293
First Capital Inc.		1,600		116,800
First Community Bancshares Inc.		6,200		192,324
First Financial Corp.		5,055		231,115
First Financial Northwest Inc.		3,803		56,817
First Hawaiian Inc.		25,672		740,637
First Mid Bancshares Inc.		5,032		177,378
First Northwest Bancorp		2,900		52,577
FNB Corp.		50,095		636,206
Franklin Financial Services Corp.		2,100		81,249
Hawthorn Bancshares Inc.		2,800		71,400
Independent Bank Corp.		79		6,577
Investar Holding Corp.		2,700		64,800
LCNB Corp.		4,398		84,881
Level One Bancorp Inc.		2,039		51,301
Mackinac Financial Corp.		3,200		55,872
Metropolitan Bank Holding Corp.		1,299		62,651	(a)
Mid Penn Bancorp Inc.		490		14,112
MutualFirst Financial Inc.		2,502		99,254
National Bankshares Inc.		2,886		129,668
Nicolet Bankshares Inc.		3,450		254,783	(a)
Northrim BanCorp Inc.		2,926		112,066
Norwood Financial Corp.		2,672		103,941
Oak Valley Bancorp		3,274		63,712
Ohio Valley Banc Corp.		2,071		82,053
Orrstown Financial Services Inc.		2,744		62,069
Park National Corp.		4,355		445,865
Parke Bancorp Inc.		2,300		58,397
PCB Bancorp		2,800		48,384
Penns Woods Bancorp Inc.		2,218		78,872
Peoples Bancorp of North Carolina Inc.		2,300		75,555
Premier Financial Bancorp Inc.		5,592		101,439
Prosperity Bancshares Inc.		13,249		952,471
Republic Bancorp Inc., Class A		2,200		102,960
Select Bancorp Inc.		2,769		34,059	(a)
Shore Bancshares Inc.		5,893		102,302
The Community Financial Corp.		1,500		53,355
				8,580,775

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Reinsurance – 0.1%
Reinsurance Group of America Inc.		12,302	$	2,005,964
Research & Consulting Services – 0.2%
CBIZ Inc.		22,083		595,358	(a)
CRA International Inc.		3,235		176,210
Exponent Inc.		22,314		1,539,889
Forrester Research Inc.		4,532		188,984
ICF International Inc.		3,575		327,542
Resources Connection Inc.		13,014		212,519
				3,040,502
Residential REITs – 0.1%
American Campus Communities Inc.		26,094		1,227,201
Bluerock Residential Growth REIT Inc.		9,600		115,680
BRT Apartments Corp.		4,877		82,763
				1,425,644
Restaurants – 0.7%
BJ’s Restaurants Inc.		1,700		64,532
Brinker International Inc.		16,246		682,332
Chipotle Mexican Grill Inc.		828		693,127	(a)
Starbucks Corp.		119,512		10,507,495
The Cheesecake Factory Inc.		18,190		706,864
Wingstop Inc.		1,000		86,230
				12,740,580
Retail REITs – 0.5%
Brixmor Property Group Inc.		58,143		1,256,470
Getty Realty Corp.		14,145		464,946
Kimco Realty Corp.		79,185		1,639,921
National Retail Properties Inc.		31,905		1,710,746
Realty Income Corp.		15,809		1,164,017
Retail Properties of America Inc., Class A		41,717		559,008
RPT Realty		7,700		115,808
SITE Centers Corp.		28,040		393,121
Spirit Realty Capital Inc.		17,955		883,027
Weingarten Realty Investors		24,001		749,791
Whitestone REIT		15,900		216,558
				9,153,413
Semiconductor Equipment – 1.5%
Amkor Technology Inc.		43,200		561,600	(a)
Applied Materials Inc.		181,200		11,060,448
AXT Inc.		11,000		47,850	(a)
KLA Corp.		31,250		5,567,812
Lam Research Corp.		28,293		8,272,873
Photronics Inc.		28,491		449,018	(a)
Teradyne Inc.		32,787		2,235,746
Ultra Clean Holdings Inc.		3,100		72,757	(a)
Xperi Corp.		12,000		222,000
				28,490,104
Semiconductors – 0.6%
Alpha & Omega Semiconductor Ltd.		8,200		111,684	(a)
Cirrus Logic Inc.		5,100		420,291	(a)
Diodes Inc.		17,300		975,201	(a)
DSP Group Inc.		3,400		53,516	(a)
Intel Corp.		145,529		8,709,911
NVE Corp.		2,066		147,512
SunPower Corp.		3,300		25,740	(a)
Universal Display Corp.		5,281		1,088,256
				11,532,111
Soft Drinks – 0.1%
Keurig Dr Pepper Inc.		36,565		1,058,557
Specialized Consumer Services – 0.0% *
Collectors Universe Inc.		3,600		82,980
Specialized Finance – 0.0% *
NewStar Financial Inc.		492		119	(b,c)
Specialized REITs – 0.2%
EPR Properties		15,159		1,070,832
Farmland Partners Inc.		13,700		92,886
Jernigan Capital Inc.		8,191		156,776
Lamar Advertising Co., Class A		16,652		1,486,357

	Number of Shares		Fair Value
Life Storage Inc.		9,143	$	990,004
Outfront Media Inc.		27,979		750,397
				4,547,252
Specialty Chemicals – 0.0% *
Flotek Industries Inc.		26,800		53,600	(a)
FutureFuel Corp.		11,200		138,768
NewMarket Corp.		1,304		634,422
				826,790
Specialty Stores – 0.2%
Dick’s Sporting Goods Inc.		12,530		620,110
Hibbett Sports Inc.		7,905		221,656	(a)
MarineMax Inc.		9,631		160,741	(a)
Sally Beauty Holdings Inc.		7,300		133,225	(a)
Sportsman’s Warehouse Holdings Inc.		13,200		105,996	(a)
Tractor Supply Co.		20,856		1,948,785
				3,190,513
Steel – 0.1%
Reliance Steel & Aluminum Co.		12,747		1,526,581
Warrior Met Coal Inc.		18,301		386,700
				1,913,281
Systems Software – 0.6%
Microsoft Corp.		55,292		8,719,548
SecureWorks Corp., Class A		4,160		69,306	(a)
VMware Inc., Class A		15,077		2,288,538	(a)
				11,077,392
Technology Distributors – 0.4%
Arrow Electronics Inc.		15,877		1,345,417	(a)
Avnet Inc.		19,664		834,540
Insight Enterprises Inc.		15,097		1,061,168	(a)
PC Connection Inc.		5,005		248,548
ScanSource Inc.		10,588		391,227	(a)
SYNNEX Corp.		8,084		1,041,219
Tech Data Corp.		16,290		2,339,244	(a)
				7,261,363
Technology Hardware, Storage & Peripherals – 0.7%
Apple Inc.		37,736		11,081,176
AstroNova Inc.		3,400		46,648
Diebold Nixdorf Inc.		18,700		197,472	(a)
Xerox Holdings Corp.		35,141		1,295,649	(a)
				12,620,945
Thrifts & Mortgage Finance – 0.2%
Capitol Federal Financial Inc.		56,600		777,118
ESSA Bancorp Inc.		4,700		79,665
FS Bancorp Inc.		1,639		104,552
Luther Burbank Corp.		7,970		91,894
MMA Capital Holdings Inc.		2,500		79,500	(a)
NMI Holdings Inc., Class A		7,300		242,214	(a)
Northwest Bancshares Inc.		40,990		681,664
OP Bancorp		6,521		67,623
Provident Financial Holdings Inc.		2,500		54,750
Territorial Bancorp Inc.		3,616		111,879
Timberland Bancorp Inc.		1,747		51,956
TrustCo Bank Corp.		39,856		345,551
Waterstone Financial Inc.		10,600		201,718
Western New England Bancorp Inc.		4,900		47,187
				2,937,271
Tires & Rubber – 0.0% *
Cooper Tire & Rubber Co.		14,200		408,250
Tobacco – 0.0% *
Pyxus International Inc.		4,100		36,654	(a)
Turning Point Brands Inc.		2,119		60,603
Vector Group Ltd.		17,500		234,325
				331,582
Trading Companies & Distributors – 0.2%
Aircastle Ltd.		23,200		742,632
BlueLinx Holdings Inc.		4,130		58,852	(a)
CAI International Inc.		7,400		214,452	(a)
Foundation Building Materials Inc.		6,953		134,541	(a)
Kaman Corp.		11,820		779,174

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Lawson Products Inc.		2,000	$	104,200	(a)
NOW Inc.		16,500		185,460	(a)
Rush Enterprises Inc., Class A		1,600		74,400
Rush Enterprises Inc., Class B		2,289		104,607
Titan Machinery Inc.		8,800		130,064	(a)
Transcat Inc.		3,300		105,138	(a)
WESCO International Inc.		8,209		487,533	(a)
				3,121,053
Trucking – 0.2%
AMERCO		1,406		528,403
Heartland Express Inc.		19,900		418,895
Landstar System Inc.		2,728		310,637
Marten Transport Ltd.		16,601		356,755
PAM Transportation Services Inc.		1,007		58,114	(a)
Ryder System Inc.		10,335		561,294
US Xpress Enterprises Inc., Class A		10,600		53,318	(a)
Werner Enterprises Inc.		19,774		719,576
				3,006,992
Wireless Telecommunication Services – 0.0% *
Spok Holdings Inc.		8,200		100,286
Total Domestic Equity (Cost $558,975,839)				645,043,910
Foreign Equity – 21.8%
Common Stock – 21.5%
Advertising – 0.0% *
Cheil Worldwide Inc.		2,431		50,556
Hakuhodo DY Holdings Inc.		25,248		410,752
WPP PLC		23,390		330,465
				791,773
Aerospace & Defense – 0.1%
Meggitt PLC		147,238		1,281,112
Singapore Technologies Engineering Ltd.		295,900		867,026
				2,148,138
Agricultural Products – 0.1%
China Agri-Industries Holdings Ltd.		86,043		45,607
Wilmar International Ltd.		363,994		1,115,275
				1,160,882
Air Freight & Logistics – 0.0% *
Hyundai Glovis Company Ltd.		1,056		130,579
Airlines – 0.1%
AirAsia Group Bhd		148,500		61,716
Copa Holdings S.A.		6,116		661,018
Japan Airlines Company Ltd.		21,840		682,682
Singapore Airlines Ltd.		68,108		457,886
				1,863,302
Airport Services – 0.0% *
SATS Ltd.		105,563		397,240
Aluminum – 0.0% *
China Zhongwang Holdings Ltd.		152,053		60,690
Apparel Retail – 0.1%
ABC-Mart Inc.		6,242		427,334
Hennes & Mauritz AB, Class B		16,476		335,256
Shimamura Company Ltd.		4,200		321,546
				1,084,136
Apparel, Accessories & Luxury Goods – 0.2%
Bosideng International Holdings Ltd.		394,000		142,090
Burberry Group PLC		77,959		2,277,241
FF Group		1,860		1,002	(a,c)
Li Ning Company Ltd.		111,500		334,137
Shenzhou International Group Holdings Ltd.		38,065		556,432
The Swatch Group AG		10,017		529,116
				3,840,018
Asset Management & Custody Banks – 0.3%
3i Group PLC		185,250		2,694,603

	Number of Shares		Fair Value
CI Financial Corp.		42,871	$	717,740
HDFC Asset Management Company Ltd.		5,209		233,506	(d)
IGM Financial Inc.		15,859		455,927
Magellan Financial Group Ltd.		24,276		971,841
Schroders PLC		8,999		397,461
				5,471,078
Auto Parts & Equipment – 0.4%
Faurecia S.A.		14,454		779,268
Fuyao Glass Industry Group Company Ltd., Class H		61,826		189,244	(d)
Magna International Inc.		56,431		3,098,428
Sumitomo Electric Industries Ltd.		142,841		2,171,367
Toyoda Gosei Company Ltd.		12,365		312,325
Valeo S.A.		25,874		912,258
				7,462,890
Automobile Manufacturers – 0.2%
BAIC Motor Corporation Ltd., Class H		200,500		113,736	(d)
Dongfeng Motor Group Company Ltd., Class H		333,138		313,394
Ford Otomotiv Sanayi A/S		8,597		102,352
Great Wall Motor Company Ltd., Class H		379,907		280,842
Guangzhou Automobile Group Company Ltd., Class H		31,015		38,611
Isuzu Motors Ltd.		20		239
Kia Motors Corp.		29,171		1,117,450
Mazda Motor Corp.		107,697		929,559
Nissan Motor Company Ltd.		37,600		220,081
Peugeot S.A.		72,644		1,736,863
				4,853,127
Automotive Retail – 0.1%
Hotai Motor Company Ltd.		30,502		694,962
Petrobras Distribuidora S.A.		37,363		279,291
				974,253
Banks – 0.0% *
China Common Rich Renewable Energy Investments Ltd.		64,000		—	(c)
Biotechnology – 0.0% *
Affimed N.V.		24,100		66,034	(a)
Broadcasting – 0.1%
ITV PLC		686,579		1,373,414
Building Products – 0.1%
China Lesso Group Holdings Ltd.		133,000		170,521
LIXIL Group Corp.		50,700		881,273
				1,051,794
Cable & Satellite – 0.1%
Altice N.V., Class A		26,744		172,556	(a)
Cyfrowy Polsat S.A.		30,506		225,052
Eutelsat Communications S.A.		33,101		538,388
Megacable Holdings SAB de C.V.		36,679		150,414
				1,086,410
Casinos & Gaming – 0.0% *
Altus San Nicolas Corp.		1,515		155	(a)
Kangwon Land Inc.		14,413		368,909
				369,064
Coal & Consumable Fuels – 0.0% *
China Shenhua Energy Company Ltd., Class H		285,173		595,834
Commercial Printing – 0.1%
Dai Nippon Printing Company Ltd.		19,069		519,386
Toppan Printing Company Ltd.		53,000		1,102,673
				1,622,059
Commodity Chemicals – 0.1%
Advanced Petrochemical Co.		12,993		171,102
Mesaieed Petrochemical Holding Co.		406,947		280,537
Tosoh Corp.		49,500		772,050
				1,223,689

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Communications Equipment – 0.0% *
KMW Company Ltd.		3,165	$	139,852	(a)
Computer & Electronics Retail – 0.0% *
Yamada Denki Company Ltd.		119,100		633,447
Construction & Engineering – 0.2%
China Communications Services Corporation Ltd., Class H		292,121		212,948
China Railway Construction Corporation Ltd., Class H		162,600		178,005
Gamuda Bhd		212,000		202,127
IJM Corporation Bhd		50,900		27,002
Metallurgical Corporation of China Ltd., Class H		283,146		63,593
Skanska AB, Class B		64,758		1,464,501
Vinci S.A.		20,600		2,289,226
				4,437,402
Construction Machinery & Heavy Trucks – 0.1%
Doosan Bobcat Inc.		1,064		31,604	(a)
Hino Motors Ltd.		54,500		582,738
Weichai Power Company Ltd., Class H		118,546		250,121
Zoomlion Heavy Industry Science and Technology Company Ltd.		170,000		142,470
				1,006,933
Construction Materials – 0.1%
Anhui Conch Cement Company Ltd., Class H		28,429		207,239
Saudi Cement Co.		9,183		171,601
Semen Indonesia Persero Tbk PT		77,138		66,678
The Siam Cement PCL		2,440		31,932
The Siam Cement PCL NVDR		61,329		802,603
				1,280,053
Consumer Finance – 0.0% *
Qudian Inc. ADR		18,500		87,135	(a)
Copper – 0.0% *
Jiangxi Copper Company Ltd., Class H		144,560		198,886
Data Processing & Outsourced Services – 0.0% *
EVERTEC Inc.		26,140		889,806
Department Stores – 0.1%
Hyundai Department Store Company Ltd.		1,720		123,595
Next PLC		25,365		2,358,210
				2,481,805
Diversified Banks – 1.1%
Absa Group Ltd.		24,508		261,669
Agricultural Bank of China Ltd., Class H		2,840,895		1,250,580
Banco de Chile		1,718,825		182,180
Banco de Credito e Inversiones S.A.		2,553		115,775
Bancolombia S.A.		28,096		376,725
Bank Hapoalim BM		203,166		1,685,207
Bank Leumi Le-Israel BM		218,733		1,592,052
Bank of China Ltd., Class H		147,823		63,175
Bank of Communications Company Ltd., Class H		1,071,944		762,156
Bank of the Philippine Islands		15,220		26,416
Bank Polska Kasa Opieki S.A.		20,898		554,275
Banque Saudi Fransi		10,837		109,488
China CITIC Bank Corporation Ltd., Class H		1,093,953		655,659
China Everbright Bank Company Ltd., Class H		388,161		180,336
China Minsheng Banking Corporation Ltd., Class H		866,359		654,901
Dubai Islamic Bank PJSC		48,904		73,360
First Financial Holding Company Ltd.		249,134		196,967
Hong Leong Financial Group Bhd		28,112		116,145
Industrial & Commercial Bank of China Ltd., Class H		867,427		667,954
Industrial Bank of Korea		31,692		323,374	(a)
Israel Discount Bank Ltd., Class A		113,870		527,811

	Number of Shares		Fair Value
Komercni banka A/S		9,081	$	332,708
Krung Thai Bank PCL NVDR		77		42
MCB Bank Ltd.		18,029		24,564
Mega Financial Holding Company Ltd.		570,341		582,194
Mizrahi Tefahot Bank Ltd.		26,667		710,296
Moneta Money Bank A/S		62,593		234,994	(d)
Nedbank Group Ltd.		25,912		397,107
Postal Savings Bank of China Company Ltd., Class H		376,647		256,196	(d)
Qatar International Islamic Bank QSC		90,853		241,543
RHB Bank Bhd		95,248		134,588
Royal Bank of Canada		74,819		5,928,400
SinoPac Financial Holdings Company Ltd.		842,381		365,312
Taiwan Business Bank		506,073		212,714
Taiwan Cooperative Financial Holding Company Ltd.		502,040		347,511
The Shanghai Commercial & Savings Bank Ltd.		39,804		69,047
The Siam Commercial Bank PCL		6,210		25,293
The Siam Commercial Bank PCL NVDR		7,200		29,325
Turkiye Garanti Bankasi A/S		31,282		58,558	(a)
Turkiye Is Bankasi A/S, Class C		192,923		207,803	(a)
				20,534,400
Diversified Capital Markets – 0.0% *
Banco BTG Pactual S.A.		28,061		531,057
Diversified Chemicals – 0.0% *
Daicel Corp.		47,100		454,639
Diversified Metals & Mining – 0.1%
Boliden AB		52,072		1,382,312
Ferroglobe PLC		1,316		—	(c)
Korea Zinc Company Ltd.		1,040		382,204
Mitsubishi Materials Corp.		20,400		558,830
				2,323,346
Diversified Real Estate Activities – 0.2%
Aldar Properties PJSC		471,923		277,515
Hang Lung Properties Ltd.		65,000		142,650
Kerry Properties Ltd.		124,000		393,875
LendLease Group		107,401		1,328,757
Pakuwon Jati Tbk PT		579,800		23,806
Robinsons Land Corp.		254,506		138,447
Shenzhen Investment Ltd.		370,000		148,156
Swire Pacific Ltd., Class A		93,929		872,771
Wheelock & Company Ltd.		144,000		960,086
				4,286,063
Diversified REITs – 0.2%
Fibra Uno Administracion S.A. de C.V.		392,559		608,878
Fortress REIT Ltd., Class A		26,483		36,476
Growthpoint Properties Ltd.		363,921		575,413
H&R Real Estate Investment Trust		26,607		432,934
Mirvac Group		741,108		1,656,659
The GPT Group		343,412		1,351,849
				4,662,209
Drug Retail – 0.0% *
Clicks Group Ltd.		32,103		589,073
Electric Utilities – 0.5%
CLP Holdings Ltd.		310,437		3,263,019
Endesa S.A.		60,186		1,607,223
Enel Americas S.A.		639,285		141,978
Enel S.p.A.		19,946		158,338
HK Electric Investments & HK Electric Investments Ltd.		502,500		495,290
Hydro One Ltd.		62,121		1,201,461	(d)
Inter Rao UES PJSC		453,516		36,592	(a)
Interconexion Electrica S.A. ESP		18,487		110,421
Manila Electric Co.		27,616		172,856
Mercury NZ Ltd.		129,680		441,817
Red Electrica Corporacion S.A.		74,399		1,496,968
Terna Rete Elettrica Nazionale S.p.A.		64,665		432,179
				9,558,142

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Electrical Components & Equipment – 0.0% *
WEG S.A.		41,900	$	361,015
Electronic Components – 0.2%
Delta Electronics Inc.		35,446		179,140
Hirose Electric Company Ltd.		6,200		800,423
Kingboard Laminates Holdings Ltd.		132,020		163,674
Omron Corp.		31,300		1,849,054
Zhen Ding Technology Holding Ltd.		66,263		316,096
				3,308,387
Electronic Equipment & Instruments – 0.2%
China Railway Signal & Communication Corporation Ltd., Class H		181,075		101,091	(d)
Halma PLC		71,935		2,016,462
Hitachi High-Technologies Corp.		13,100		933,002
				3,050,555
Electronic Manufacturing Services – 0.1%
Fabrinet		15,400		998,536	(a)
Environmental & Facilities Services – 0.0% *
A-Living Services Company Ltd.		47,750		164,850	(d)
Fertilizers & Agricultural Chemicals – 0.0% *
Saudi Arabian Fertilizer Co.		10,859		224,342
Financial Exchanges & Data – 0.2%
ASX Ltd.		36,680		2,021,740
Singapore Exchange Ltd.		153,017		1,008,241
				3,029,981
Food Distributors – 0.0% *
The SPAR Group Ltd.		23,592		333,225
Food Retail – 0.6%
BIM Birlesik Magazalar A/S		37,406		293,289
Casino Guichard Perrachon S.A.		10,321		483,108
Colruyt S.A.		10,471		546,312
Empire Company Ltd., Class A		32,874		772,194
ICA Gruppen AB		17,159		801,397
Jeronimo Martins SGPS S.A.		47,923		788,882
Koninklijke Ahold Delhaize N.V.		145,382		3,638,348
Loblaw Companies Ltd.		34,898		1,803,097
Metro Inc.		48,333		1,997,428
Pick n Pay Stores Ltd.		6,099		27,866
WM Morrison Supermarkets PLC		179,599		475,372
				11,627,293
Footwear – 0.1%
ANTA Sports Products Ltd.		74,002		662,445
Pou Chen Corp.		38,515		50,365
Yue Yuen Industrial Holdings Ltd.		138,000		407,351
				1,120,161
Gas Utilities – 0.2%
Enagas S.A.		42,983		1,097,169
Osaka Gas Company Ltd.		71,022		1,366,524
Petronas Gas Bhd		54,571		221,726
Snam S.p.A.		385,941		2,030,062
				4,715,481
General Merchandise Stores – 0.3%
Harvey Norman Holdings Ltd.		107,016		306,173
Wesfarmers Ltd.		214,789		6,250,819
				6,556,992
Gold – 0.1%
Kirkland Lake Gold Ltd.		32,362		1,428,495
Healthcare Distributors – 0.1%
Alfresa Holdings Corp.		35,781		733,564
Medipal Holdings Corp.		34,877		774,403
Suzuken Company Ltd.		13,756		565,176
				2,073,143
Healthcare Equipment – 0.2%
Fisher & Paykel Healthcare Corporation Ltd.		35,325		529,071
Smith & Nephew PLC		110,162		2,674,299
				3,203,370

	Number of Shares		Fair Value
Healthcare Services – 0.1%
Sonic Healthcare Ltd.		85,744	$	1,732,871
Highways & Railtracks – 0.0% *
Jiangsu Expressway Company Ltd., Class H		149,062		204,315
Shenzhen Expressway Company Ltd.		88,000		126,266
Zhejiang Expressway Company Ltd., Class H		175,054		159,512
				490,093
Home Building – 0.5%
Barratt Developments PLC		193,830		1,917,093
Berkeley Group Holdings PLC		22,732		1,463,251
Iida Group Holdings Company Ltd.		27,900		492,662
Persimmon PLC		60,643		2,165,078
Sekisui House Ltd.		118,340		2,541,030
Taylor Wimpey PLC		624,423		1,599,814
				10,178,928
Home Improvement Retail – 0.1%
Kingfisher PLC		336,382		967,000
Household Appliances – 0.1%
Arcelik A/S		20,010		70,074	(a)
Electrolux AB, Class B		42,745		1,049,783
Rinnai Corp.		6,300		495,652
				1,615,509
Household Products – 0.0% *
Hindustan Unilever Ltd.		29,701		800,175
Unilever Indonesia Tbk PT		43,317		131,051
				931,226
Human Resource & Employment Services – 0.1%
Randstad N.V.		22,684		1,386,194
Hypermarkets & Super Centers – 0.1%
Carrefour S.A.		22,607		379,376
METRO AG		34,281		552,194
Wal-Mart de Mexico SAB de C.V.		59,236		169,860
				1,101,430
Independent Power Producers & Energy Traders – 0.1%
Aboitiz Power Corp.		180,325		121,771
China Power International Development Ltd.		540,724		115,892
Colbun S.A.		580,237		92,597
Electricity Generating PCL NVDR		35,557		389,357
Ratch Group PCL		22,937		52,645
Ratch Group PCL NVDR		66,000		151,484
Uniper SE		38,145		1,263,552
				2,187,298
Industrial Conglomerates – 0.1%
Grupo Carso SAB de C.V., Class A1		35,378		130,803
KOC Holding A/S		27,045		92,346
NWS Holdings Ltd.		296,071		414,936
Shanghai Industrial Holdings Ltd.		59,525		114,592
Siemens Ltd.		8,724		182,930
Sime Darby Bhd		316,004		171,502
				1,107,109
Industrial Gases – 0.5%
Air Liquide S.A.		6,805		963,992
Air Water Inc.		28,400		418,127
Linde PLC		41,473		8,829,602
Taiyo Nippon Sanso Corp.		15,000		335,128
				10,546,849
Industrial Machinery – 0.7%
Amada Holdings Company Ltd.		63,100		725,788
Atlas Copco AB, Class B		73,933		2,568,410
JTEKT Corp.		39,000		466,887
Kone Oyj, Class B		64,391		4,212,412
Kurita Water Industries Ltd.		18,700		560,096
Luxfer Holdings PLC		12,000		222,120
Mitsubishi Heavy Industries Ltd.		29,800		1,164,853
Schindler Holding AG		3,814		934,250

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
SKF AB, Class B		72,413	$	1,465,116
Sumitomo Heavy Industries Ltd.		21,000		604,831
				12,924,763
Industrial REITs – 0.2%
Goodman Group		147,638		1,387,567
Segro PLC		208,149		2,473,989
				3,861,556
Integrated Oil & Gas – 0.5%
Gazprom PJSC ADR		245,859		2,022,928	(e)
Imperial Oil Ltd.		6,820		180,657
LUKOIL PJSC ADR		12,267		1,216,641	(e,f)
LUKOIL PJSC ADR		4,018		396,617	(e,f)
MOL Hungarian Oil & Gas PLC		50,186		500,805
Oil & Natural Gas Corporation Ltd.		192,196		346,813
Royal Dutch Shell PLC, Class B		55,419		1,644,159
Surgutneftegas PJSC ADR		87,527		705,905	(e)
Total S.A.		31,162		1,720,983
				8,735,508
Integrated Telecommunication Services – 1.0%
BCE Inc.		28,920		1,341,683
Chunghwa Telecom Company Ltd.		431,168		1,582,162
Elisa Oyj		3,481		192,440
HKT Trust & HKT Ltd.		716,427		1,009,570
Nippon Telegraph & Telephone Corp.		243,200		6,169,794
PCCW Ltd.		804,527		475,997
Proximus SADP		28,832		825,927
Spark New Zealand Ltd.		348,018		1,016,642
Swisscom AG		4,908		2,598,070
Telia Company AB		143,682		617,794
Telkom S.A. SOC Ltd.		34,436		85,748
Telstra Corporation Ltd.		788,721		1,962,688
TELUS Corp.		37,564		1,456,501
				19,335,016
Interactive Media & Services – 0.1%
Tencent Holdings Ltd.		38,598		1,860,598
Internet & Direct Marketing Retail – 0.2%
Alibaba Group Holding Ltd. ADR		11,650		2,470,965	(a,e)
Vipshop Holdings Ltd. ADR		53,800		762,346	(a,e)
				3,233,311
Internet Services & Infrastructure – 0.1%
Shopify Inc., Class A		3,719		1,480,717	(a)
Investment Banking & Brokerage – 0.0% *
Meritz Securities Company Ltd.		15,014		49,205
IT Consulting & Other Services – 1.2%
Accenture PLC, Class A		80,668		16,986,261
HCL Technologies Ltd.		20,330		161,807
Infosys Ltd.		82,791		848,056
Itochu Techno-Solutions Corp.		18,200		514,976
NEC Corp.		46,900		1,950,660
Nomura Research Institute Ltd.		60,200		1,295,124
Wipro Ltd.		139,942		481,908
				22,238,792
Leisure Products – 0.1%
Bandai Namco Holdings Inc.		33,800		2,062,367
Sankyo Company Ltd.		8,500		283,529
				2,345,896
Life & Health Insurance – 0.8%
Bupa Arabia for Cooperative Insurance Co.		3,381		92,292
CNP Assurances		32,544		647,688
Great-West Lifeco Inc.		53,025		1,360,024
iA Financial Corporation Inc.		20,200		1,111,136
ICICI Prudential Life Insurance Company Ltd.		42,211		285,307	(d)
Liberty Holdings Ltd.		15,776		124,834
Medibank Private Ltd.		524,316		1,164,675
Momentum Metropolitan Holdings		110,057		171,892
New China Life Insurance Company Ltd., Class H		32,963		141,721

	Number of Shares		Fair Value
Poste Italiane S.p.A.		99,465	$	1,129,892	(d)
Power Corporation of Canada		57,338		1,479,049
Power Financial Corp.		50,625		1,364,054
Sony Financial Holdings Inc.		28,800		696,447
Sun Life Financial Inc.		35,333		1,613,316
Swiss Life Holding AG		6,396		3,208,733
				14,591,060
Life Sciences Tools & Services – 0.1%
Divi’s Laboratories Ltd.		9,755		252,259
Sartorius Stedim Biotech		5,242		869,088
WuXi AppTec Company Ltd.		9,400		116,598	(d)
				1,237,945
Managed Healthcare – 0.0% *
Triple-S Management Corp., Class B		10,100		186,749	(a)
Marine – 0.1%
Costamare Inc.		20,887		199,053
Kuehne + Nagel International AG		10,281		1,732,699
MISC Bhd		164,007		334,790
				2,266,542
Marine Ports & Services – 0.0% *
Kamigumi Company Ltd.		20,501		452,559
Westports Holdings Bhd		27,300		28,098
				480,657
Motorcycle Manufacturers – 0.0% *
Bajaj Auto Ltd.		6,922		308,870
Movies & Entertainment – 0.1%
Tencent Music Entertainment Group ADR		11,255		132,134	(a,e)
Toho Company Ltd.		21,500		899,172
				1,031,306
Multi-Line Insurance – 1.4%
Allianz SE		29,731		7,288,670
Assicurazioni Generali S.p.A.		209,201		4,319,661
Baloise Holding AG		9,291		1,679,068
BB Seguridade Participacoes S.A.		85,782		803,933
China Pacific Insurance Group Company Ltd., Class H		309,800		1,220,624
Gjensidige Forsikring ASA		38,077		798,389
Mapfre S.A.		205,203		543,603
Porto Seguro S.A.		11,864		185,037
Sampo Oyj, Class A		10,265		448,339
Sul America S.A.		35,232		524,797
Watford Holdings Ltd.		1,900		47,804	(a)
Zurich Insurance Group AG		21,819		8,947,514
				26,807,439
Multi-Sector Holdings – 0.2%
EXOR N.V.		20,647		1,601,015
Groupe Bruxelles Lambert S.A.		15,288		1,612,426
Haci Omer Sabanci Holding A/S		39,711		63,661
L E Lundbergforetagen AB, Class B		14,469		635,266
Pargesa Holding S.A.		7,290		605,649
				4,518,017
Multi-Utilities – 0.2%
Suez		64,774		980,478
Veolia Environnement S.A.		101,841		2,710,443
				3,690,921
Office REITs – 0.2%
Dexus		193,771		1,593,673
Japan Prime Realty Investment Corp.		149		653,310
Orix JREIT Inc.		499		1,080,421
				3,327,404
Oil & Gas Exploration & Production – 0.0% *
Oil & Gas Development Company Ltd.		47,964		44,041
Oil & Gas Refining & Marketing – 0.1%
Bharat Petroleum Corporation Ltd.		21,315		146,787
Cosan S.A.		19,595		338,883
Grupa Lotos S.A.		10,329		227,946
Hindustan Petroleum Corporation Ltd.		69,820		258,726

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Qatar Fuel QSC		57,093	$	359,085
Tupras Turkiye Petrol Rafinerileri A/S		6,898		146,978
				1,478,405
Oil & Gas Storage & Transportation – 0.1%
Petronet LNG Ltd.		38,204		143,416
Scorpio Tankers Inc.		5,500		216,370
SFL Corporation Ltd.		34,845		506,646
Teekay Tankers Ltd., Class A		10,375		248,689	(a)
				1,115,121
Other Diversified Financial Services – 0.1%
M&G PLC		487,325		1,531,326	(a)
Packaged Foods & Meats – 0.3%
China Huishan Dairy Holdings Company Ltd.		55,000		—	(c)
Chocoladefabriken Lindt & Spruengli AG		203		1,575,407
Dali Foods Group Company Ltd.		251,604		186,318	(d)
Indofood Sukses Makmur Tbk PT		537,800		307,010
Mowi ASA		5,998		155,764
Nestle Malaysia Bhd		3,301		118,628
NH Foods Ltd.		15,500		643,248
PPB Group Bhd		49,749		229,134
QL Resources Bhd		79,533		158,074
Toyo Suisan Kaisha Ltd.		16,900		720,009
WH Group Ltd.		992,000		1,024,872	(d)
Yihai International Holding Ltd.		55,346		324,612
				5,443,076
Personal Products – 0.4%
Colgate-Palmolive India Ltd.		7,996		163,879
Dabur India Ltd.		9,402		60,381
L’Oreal S.A.		26,423		7,830,188
Marico Ltd.		54,453		260,600
				8,315,048
Pharmaceuticals – 0.6%
China Medical System Holdings Ltd.		167,000		240,476
CSPC Pharmaceutical Group Ltd.		116,000		276,609
Kalbe Farma Tbk PT		2,583,870		301,521
Novo Nordisk A/S, Class B		55,005		3,194,785
Orion Oyj, Class B		19,883		921,091
Roche Holding AG		21,820		7,075,417
Sino Biopharmaceutical Ltd.		274,000		383,300
				12,393,199
Precious Metals & Minerals – 0.0% *
Impala Platinum Holdings Ltd.		22,648		232,448	(a)
Property & Casualty Insurance – 0.3%
Admiral Group PLC		35,844		1,096,414
Direct Line Insurance Group PLC		260,617		1,078,914
Intact Financial Corp.		26,415		2,860,377
Samsung Fire & Marine Insurance Company Ltd.		3,772		794,226
Tryg A/S		19,489		578,200
				6,408,131
Publishing – 0.0% *
Singapore Press Holdings Ltd.		286,007		463,686
Railroads – 0.1%
BTS Group Holdings PCL NVDR		277,200		122,156
MTR Corporation Ltd.		161,000		951,520
				1,073,676
Real Estate Development – 0.1%
China Aoyuan Group Ltd.		68,000		110,834
China Overseas Land & Investment Ltd.		64,026		249,389
China Resources Land Ltd.		92,074		458,491
China Vanke Company Ltd., Class H		7,276		31,049
Land & Houses PCL NVDR		393,703		128,808
Longfor Group Holdings Ltd.		195,576		916,159	(d)
Shimao Property Holdings Ltd.		130,801		506,968

	Number of Shares		Fair Value
Yuexiu Property Company Ltd.		853,354	$	197,135
Yuzhou Properties Company Ltd.		212,727		117,123
				2,715,956
Real Estate Operating Companies – 0.1%
Aroundtown S.A.		153,685		1,377,330
Azrieli Group Ltd.		2,545		186,049
Emaar Malls PJSC		52,166		25,989
Multiplan Empreendimentos Imobiliarios S.A.		7,795		64,140
Swire Properties Ltd.		221,827		735,931
Swiss Prime Site AG		1,928		222,795	(a)
				2,612,234
Regional Banks – 0.1%
Bendigo & Adelaide Bank Ltd.		92,283		634,432
Chongqing Rural Commercial Bank Company Ltd., Class H		292,526		149,420
Popular Inc.		18,704		1,098,860
				1,882,712
Reinsurance – 0.6%
China Reinsurance Group Corp., Class H		507,788		83,417
Hannover Rueck SE		11,480		2,220,309
IRB Brasil Resseguros S.A.		48,659		471,143
Muenchener Rueckversicherungs-Gesellschaft AG		26,084		7,700,450
RenaissanceRe Holdings Ltd.		8,550		1,675,971
				12,151,290
Renewable Electricity – 0.1%
Engie Brasil Energia S.A.		25,007		315,797
Meridian Energy Ltd.		243,976		822,992
				1,138,789
Research & Consulting Services – 0.1%
Thomson Reuters Corp.		37,923		2,716,536
Restaurants – 0.0% *
Haidilao International Holding Ltd.		45,000		180,767	(d)
Saudi Airlines Catering Co.		4,922		134,882
				315,649
Retail REITs – 0.3%
CapitaLand Mall Trust		489,353		895,258
First Capital Real Estate Investment Trust		33,204		529,267
Japan Retail Fund Investment Corp.		497		1,066,944
Link REIT		188,309		1,993,826
Mapletree Commercial Trust		383,800		682,171
RioCan Real Estate Investment Trust		28,310		584,211
SmartCentres Real Estate Investment Trust		12,704		305,758
Vicinity Centres		230,167		402,872
				6,460,307
Security & Alarm Services – 0.0% *
S-1 Corp.		2,095		169,745
Securitas AB, Class B		8,342		143,874
				313,619
Semiconductor Equipment – 0.1%
Advantest Corp.		15,100		855,910
Xinyi Solar Holdings Ltd.		394,722		280,142
				1,136,052
Semiconductors – 0.2%
Nanya Technology Corp.		128,000		356,113
Novatek Microelectronics Corp.		71,029		518,910
Phison Electronics Corp.		18,508		210,227
Realtek Semiconductor Corp.		58,908		461,800
SK Hynix Inc.		3,530		287,235	(a)
Taiwan Semiconductor Manufacturing Company Ltd.		136,962		1,512,307
Vanguard International Semiconductor Corp.		52,534		138,971
				3,485,563

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Soft Drinks – 0.0% *
Fraser & Neave Holdings Bhd		16,907	$	144,002
Osotspa PCL		92,000		124,392
				268,394
Specialized Finance – 0.0% *
REC Ltd.		68,230		136,789
Specialty Chemicals – 0.2%
Evonik Industries AG		17,015		519,693
Hitachi Chemical Company Ltd.		19,800		833,540
Johnson Matthey PLC		36,673		1,455,534
JSR Corp.		36,600		677,610
				3,486,377
Specialty Stores – 0.0% *
Jarir Marketing Co.		7,203		317,974
JUMBO S.A.		13,333		277,625
				595,599
Steel – 0.2%
Fortescue Metals Group Ltd.		263,782		1,982,199
Hitachi Metals Ltd.		40,600		602,602
Kumba Iron Ore Ltd.		7,891		235,345
Maanshan Iron & Steel Company Ltd., Class H		106,000		42,989
Maruichi Steel Tube Ltd.		10,642		301,609
Severstal PJSC GDR		9,072		137,350
				3,302,094
Systems Software – 0.0% *
Oracle Corporation Japan		7,300		668,369
Technology Distributors – 0.0% *
Synnex Technology International Corp.		163,768		204,867
WPG Holdings Ltd.		185,537		242,002
				446,869
Technology Hardware, Storage & Peripherals – 0.4%
Asustek Computer Inc.		6,561		50,668
Brother Industries Ltd.		7,400		154,639
Canon Inc.		25,200		692,522
Chicony Electronics Company Ltd.		72,353		214,812
Compal Electronics Inc.		512,693		322,389
FUJIFILM Holdings Corp.		68,244		3,284,252
Inventec Corp.		202,628		154,453
Lenovo Group Ltd.		38,019		25,519
Lite-On Technology Corp.		204,920		337,352
Quanta Computer Inc.		331,635		711,350
Samsung Electronics Company Ltd.		26,730		1,289,752
Wistron Corp.		347,607		328,741
				7,566,449
Textiles – 0.0% *
Formosa Taffeta Company Ltd.		103,043		117,559
Tires & Rubber – 0.5%
Bridgestone Corp.		108,200		4,052,211
Cie Generale des Etablissements Michelin SCA		32,535		3,984,389
Hankook Tire & Technology Company Ltd.		989		28,692
Sumitomo Rubber Industries Ltd.		32,600		401,069
The Yokohama Rubber Company Ltd.		22,500		441,201
				8,907,562
Trading Companies & Distributors – 0.4%
AerCap Holdings N.V.		23,366		1,436,308	(a)
BOC Aviation Ltd.		25,511		259,471	(d)
Ferguson PLC		43,610		3,957,408
Marubeni Corp.		296,304		2,210,113
Posco International Corp.		6,045		97,487
				7,960,787
Trucking – 0.0% *
ComfortDelGro Corporation Ltd.		410,564		726,689
Water Utilities – 0.0% *
Aguas Andinas S.A., Class A		320,312		135,886
Guangdong Investment Ltd.		146,057		305,543
				441,429

	Number of Shares		Fair Value
Wireless Telecommunication Services – 0.2%
China Mobile Ltd.		125,100	$	1,051,625
Intouch Holdings PCL		274,900		525,411
KDDI Corp.		9,700		290,353
SK Telecom Company Ltd.		683		140,563
Taiwan Mobile Company Ltd.		199,461		745,225
Vodacom Group Ltd.		78,707		648,973
				3,402,150
Total Common Stock (Cost $375,995,926)				412,127,237
Preferred Stock – 0.3%
Automobile Manufacturers – 0.1%
Bayerische Motoren Werke AG		10,640		657,484
Hyundai Motor Co.		2,799		192,175	(f)
Hyundai Motor Co.		2,834		175,708	(f)
				1,025,367
Commodity Chemicals – 0.0% *
FUCHS PETROLUB SE		13,232		655,905
LG Chem Ltd.		502		75,097
				731,002
Diversified Banks – 0.1%
Bancolombia S.A.		20,582		287,263
Grupo Aval Acciones y Valores S.A.		479,422		213,304
Itausa - Investimentos Itau S.A.		338,664		1,186,212
				1,686,779
Integrated Telecommunication Services – 0.0% *
Telefonica Brasil S.A.		48,007		691,935
Technology Hardware, Storage & Peripherals – 0.1%
Samsung Electronics Company Ltd.		45,583		1,789,501
Total Preferred Stock (Cost $5,682,748)				5,924,584
Total Foreign Equity (Cost $381,678,674)				418,051,821

		Principal Amount		Fair Value
Bonds and Notes – 27.4%
U.S. Treasuries – 12.8%
U.S. Treasury Bonds
2.25%	08/15/46 - 08/15/49	$	1,300,000		1,265,688
2.38%	11/15/49		300,000		299,953
2.50%	02/15/45 - 05/15/46		2,710,000		2,773,023
2.75%	11/15/42 - 11/15/47		2,000,000		2,147,422
2.88%	05/15/43 - 05/15/49		2,600,000		2,857,125
3.00%	05/15/42 - 02/15/49		7,150,000		8,035,180
3.13%	08/15/44 - 05/15/48		1,500,000		1,719,000
3.38%	05/15/44 - 11/15/48		2,000,000		2,397,968
3.63%	08/15/43 - 02/15/44		1,540,000		1,895,278
3.75%	11/15/43		800,000		1,002,500
4.25%	05/15/39 - 11/15/40		900,000		1,187,734
4.38%	02/15/38 - 05/15/40		1,500,000		2,001,890
4.50%	02/15/36		1,700,000		2,257,547
4.63%	02/15/40		300,000		415,359
5.25%	02/15/29		200,000		255,875
5.50%	08/15/28		200,000		257,469
6.00%	02/15/26		427,000		531,482
6.13%	08/15/29		200,000		274,250
6.38%	08/15/27		200,000		264,625
7.63%	11/15/22 - 02/15/25		500,000		608,336
7.88%	02/15/21		1,000,000		1,068,320
U.S. Treasury Inflation Indexed Bonds
0.63%	02/15/43		1,287,138		1,304,827
0.75%	02/15/42 - 02/15/45		3,609,635		3,755,120
0.88%	02/15/47		1,385,813		1,487,683
1.00%	02/15/46 - 02/15/49		3,507,871		3,884,035
1.38%	02/15/44		1,766,608		2,086,996

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
1.75%	01/15/28	$	982,648	$	1,104,507
2.00%	01/15/26		648,255		721,115
2.13%	02/15/40 - 02/15/41		1,117,857		1,474,579
2.38%	01/15/25 - 01/15/27		3,835,676		4,328,011
2.50%	01/15/29		1,558,102		1,878,948
3.38%	04/15/32		579,892		797,554
3.63%	04/15/28		604,576		773,954
3.88%	04/15/29		2,347,965		3,136,799
U.S. Treasury Inflation Indexed Notes
0.13%	04/15/21 - 07/15/26		24,697,694		24,751,381
0.25%	01/15/25 - 07/15/29		7,657,453		7,731,749
0.38%	07/15/23 - 07/15/27		12,093,774		12,305,677
0.50%	04/15/24 - 01/15/28		4,191,793		4,287,853
0.63%	07/15/21 - 01/15/26		10,527,142		10,713,755
0.75%	07/15/28		2,547,473		2,681,625
0.88%	01/15/29		2,649,686		2,815,060
1.13%	01/15/21		2,705,582		2,731,824
U.S. Treasury Notes
1.13%	06/30/21 - 09/30/21		3,200,000		3,175,395
1.25%	10/31/21 - 08/31/24		2,500,000		2,465,390
1.38%	01/31/21 - 08/31/26		2,400,000		2,380,938
1.50%	09/30/21 - 08/15/26		6,100,000		6,067,078
1.63%	08/31/22 - 08/15/29		7,840,000		7,770,063
1.75%	11/30/21 - 11/15/29		6,700,000		6,716,282
1.88%	01/31/22 - 07/31/26		12,700,000		12,784,625
2.00%	02/28/21 - 11/15/26		8,194,000		8,289,507
2.13%	01/31/21 - 05/31/26		11,200,000		11,363,188
2.25%	03/31/21 - 11/15/27		9,890,000		10,111,855
2.38%	01/31/23 - 05/15/29		4,900,000		5,058,485
2.50%	02/28/21 - 01/31/25		7,000,000		7,198,164
2.63%	02/28/23 - 02/15/29		7,500,000		7,808,944
2.75%	09/15/21 - 02/15/28		12,400,000		12,946,359
2.88%	10/15/21 - 08/15/28		9,700,000		10,204,539
3.00%	10/31/25		500,000		534,414
3.13%	05/15/21 - 11/15/28		1,900,000		2,050,812
3.63%	02/15/21		700,000		715,258
					245,910,372
Agency Mortgage Backed – 6.9%
Federal Home Loan Banks
1.63%	12/20/21		395,000		395,099
1.88%	07/07/21		925,000		928,672
2.50%	02/13/24		440,000		453,754
3.25%	11/16/28		125,000		136,837
Federal Home Loan Mortgage Corp.
1.13%	08/12/21		637,000		632,114
2.38%	01/13/22		1,100,000		1,116,159
2.50%	01/01/28 - 02/01/32		1,834,897		1,858,537
2.51%	11/25/22		300,000		303,781
3.00%	07/01/30 - 10/01/49		9,547,221		9,810,856
3.50%	03/01/26 - 04/01/48		8,287,866		8,682,775
4.00%	06/01/42 - 03/01/49		4,857,274		5,136,086
4.50%	05/01/42 - 03/01/49		1,307,643		1,383,917
5.00%	06/01/41		1,247,119		1,383,616
5.50%	01/01/38 - 04/01/39		274,468		307,163
6.00%	06/01/37 - 11/01/37		288,114		331,750
6.25%	07/15/32		250,000		359,717
Federal National Mortgage Assoc.
1.75%	07/02/24		225,000		225,252
1.88%	09/24/26		1,000,000		998,370
2.13%	04/24/26		700,000		710,612
2.25%	04/12/22		425,000		431,307
2.50%	09/01/28 - 10/01/31		1,691,743		1,713,090
2.63%	01/11/22		500,000		510,025
3.00%	01/01/28 - 05/01/47		10,638,631		10,946,942
3.50%	01/01/27 - 09/01/48		14,547,812		15,184,028
4.00%	10/01/41 - 11/01/48		9,542,707		10,122,249
4.50%	01/01/27 - 09/01/49		4,463,152		4,812,631
5.00%	12/01/39 - 05/01/41		232,053		255,967
5.50%	12/01/35 - 04/01/38		1,010,064		1,131,460
6.00%	03/01/34 - 08/01/37		1,309,946		1,499,231
6.63%	11/15/30		100,000		142,544
2.50%	TBA		2,100,000		2,103,704	(g)

		Principal Amount		Fair Value
3.00%	TBA	$	5,600,000	$	5,684,453	(g)
3.50%	TBA		4,100,000		4,221,857	(g)
4.00%	TBA		2,500,000		2,599,950	(g)
4.50%	TBA		350,000		368,487	(g)
Government National Mortgage Assoc.
2.50%	05/20/45		212,500		214,536
3.00%	10/15/42 - 12/20/49		7,120,136		7,363,507
3.50%	03/20/45 - 08/20/49		10,409,840		10,844,619
4.00%	12/20/40 - 06/20/49		5,900,457		6,219,495
4.50%	05/20/40 - 01/20/49		2,650,363		2,808,681
5.00%	08/15/41		1,637,645		1,811,097
3.00%	TBA		1,950,000		2,002,884	(g)
3.50%	TBA		1,950,000		2,009,670	(g)
4.00%	TBA		1,400,000		1,449,042	(g)
4.50%	TBA		1,000,000		1,045,480	(g)
					132,652,003
Agency Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp.
2.75%	01/25/26		300,000		308,284
3.06%	07/25/23		600,000		619,800	(h)
3.18%	11/25/28		302,372		315,715
3.30%	04/25/23		100,000		103,893	(h)
3.39%	03/25/24		200,000		210,059
3.49%	01/25/24		300,000		315,485
3.78%	08/25/28		195,545		210,332
Federal National Mortgage Assoc.
3.08%	06/25/27		261,000		274,799	(h)
3.38%	07/25/28		500,000		534,247	(h)
3.64%	08/25/30		200,000		218,745	(h)
Freddie Mac Multifamily Structured Pass Through Certificates
2.72%	06/25/22		385,000		389,945
					3,501,304
Asset Backed – 0.1%
American Express Credit Account Master Trust 2018-8
3.18%	04/15/24		171,000		174,832
Americredit Automobile Receivables Trust 2018-1
3.50%	01/18/24		75,000		76,903
BA Credit Card Trust
3.10%	12/15/23		200,000		203,720
Capital One Multi-Asset Execution Trust
1.66%	06/17/24		30,000		29,902
2.84%	12/15/24		250,000		255,053
Carmax Auto Owner Trust 2018-4
3.48%	02/15/24		150,000		155,458
Citibank Credit Card Issuance Trust
3.21%	12/07/24		300,000		311,224
Discover Card Execution Note Trust
3.32%	03/15/24		65,000		66,547
3.04%	07/15/24		60,000		61,402
Drive Auto Receivables Trust 2018-2
4.14%	08/15/24		150,000		153,446
GM Financial Automobile Leasing Trust 2019-2
2.67%	03/21/22		25,000		25,180
GM Financial Consumer Automobile Receivables Trust 2019-3
2.18%	04/16/24		100,000		100,455
Nissan Auto Receivables 2018-B Owner Trust
3.06%	03/15/23		115,000		116,577
Synchrony Credit Card Master Note Trust 2016-2
2.21%	05/15/24		100,000		100,363
World Omni Auto Receivables Trust 2018-D
3.33%	04/15/24		50,000		50,822
World Omni Automobile Lease Securitization Trust 2018-B
3.19%	12/15/21		50,000		50,567
					1,932,451
Corporate Notes – 6.6%
3M Co.
3.00%	09/14/21 - 08/07/25		50,000		52,200
3.25%	02/14/24		75,000		78,481
3.38%	03/01/29		50,000		53,189
3.63%	09/14/28		25,000		27,230
4.00%	09/14/48		55,000		60,533

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Abbott Laboratories
2.55%	03/15/22		$130,000		$132,107
3.75%	11/30/26		57,000		62,305
4.75%	11/30/36		100,000		124,574
4.90%	11/30/46		100,000		131,120
AbbVie Inc.
2.30%	05/14/21		100,000		100,362
2.30%	11/21/22		50,000		50,242	(d)
2.60%	11/21/24		50,000		50,438	(d)
3.20%	11/21/29		105,000		107,152	(d)
3.38%	11/14/21		100,000		102,554
3.75%	11/14/23		35,000		36,853
4.05%	11/21/39		35,000		36,747	(d)
4.25%	11/14/28		15,000		16,630
4.25%	11/21/49		45,000		47,726	(d)
4.30%	05/14/36		100,000		109,861
4.40%	11/06/42		150,000		162,430
4.50%	05/14/35		70,000		78,699
4.70%	05/14/45		150,000		167,379
4.88%	11/14/48		25,000		28,841
Adobe Inc.
3.25%	02/01/25		70,000		73,933
Advocate Health & Hospitals Corp.
3.39%	10/15/49		25,000		25,016
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.45%	10/01/25		100,000		107,745
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%	02/01/22		100,000		103,316
4.45%	04/03/26		150,000		160,980
Aetna Inc.
2.75%	11/15/22		50,000		50,807
Aflac Inc.
3.63%	11/15/24		150,000		160,407
African Development Bank
2.13%	11/16/22		100,000		101,227
3.00%	09/20/23		150,000		157,012
Agilent Technologies Inc.
2.75%	09/15/29		25,000		24,866
Air Lease Corp.
3.88%	04/01/21 - 07/03/23		150,000		154,515
4.25%	02/01/24		100,000		107,012
Aircastle Ltd.
4.13%	05/01/24		20,000		21,025
5.00%	04/01/23		20,000		21,369
5.13%	03/15/21		20,000		20,664
5.50%	02/15/22		20,000		21,255
Alabama Power Co.
3.45%	10/01/49		50,000		51,229
Alexandria Real Estate Equities Inc.
3.45%	04/30/25		100,000		105,399
4.00%	02/01/50		25,000		27,448
4.70%	07/01/30		15,000		17,247
Alibaba Group Holding Ltd.
3.13%	11/28/21		100,000		101,844
4.00%	12/06/37		100,000		107,176
4.20%	12/06/47		60,000		67,028
Allegion PLC
3.50%	10/01/29		15,000		15,337
Allergan Finance LLC
3.25%	10/01/22		50,000		51,129
Allergan Funding SCS
4.75%	03/15/45		100,000		108,811
Alphabet Inc.
3.38%	02/25/24		125,000		132,975
Altria Group Inc.
2.63%	09/16/26		100,000		98,930
3.80%	02/14/24		20,000		21,052
4.25%	08/09/42		113,000		111,813
4.80%	02/14/29		40,000		44,532
5.38%	01/31/44		70,000		78,953
5.80%	02/14/39		15,000		17,623
5.95%	02/14/49		40,000		48,453

		Principal Amount		Fair Value
6.20%	02/14/59	$	15,000	$	17,940
Amazon.com Inc.
3.15%	08/22/27		100,000		105,905
3.88%	08/22/37		100,000		113,522
4.25%	08/22/57		100,000		121,244
4.80%	12/05/34		150,000		188,589
America Movil SAB de C.V.
3.13%	07/16/22		150,000		153,654
6.13%	03/30/40		100,000		134,347
American Airlines 2019-1 Class AA Pass Through Trust
3.15%	02/15/32		75,000		76,800
American Campus Communities Operating Partnership LP
3.63%	11/15/27		30,000		31,589
American Electric Power Company Inc.
3.20%	11/13/27		100,000		103,006
American Express Co.
2.75%	05/20/22		100,000		101,806
3.00%	02/22/21 - 10/30/24		165,000		169,176
3.38%	05/17/21		50,000		50,951
3.40%	02/27/23		100,000		103,775
3.63%	12/05/24		150,000		158,989
3.70%	11/05/21		25,000		25,766
American Financial Group Inc.
3.50%	08/15/26		65,000		67,049
American Homes 4 Rent LP
4.90%	02/15/29		100,000		111,942
American Honda Finance Corp.
1.95%	05/20/22		15,000		15,040
2.40%	06/27/24		25,000		25,313
2.60%	11/16/22		100,000		102,157
3.38%	12/10/21		100,000		102,918
American International Group Inc.
4.25%	03/15/29		100,000		111,326
4.50%	07/16/44		150,000		172,990
4.88%	06/01/22		100,000		106,767
American Tower Corp.
3.50%	01/31/23		150,000		155,442
3.95%	03/15/29		100,000		107,735
Ameriprise Financial Inc.
3.00%	03/22/22		15,000		15,337
AmerisourceBergen Corp.
3.45%	12/15/27		100,000		104,356
Amgen Inc.
3.20%	11/02/27		100,000		105,264
4.56%	06/15/48		150,000		174,658
4.66%	06/15/51		105,000		123,611
Amphenol Corp.
2.80%	02/15/30		50,000		49,668
4.35%	06/01/29		25,000		27,993
Analog Devices Inc.
2.50%	12/05/21		100,000		100,821
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%	02/01/36		150,000		173,553
4.90%	02/01/46		120,000		142,760
Anheuser-Busch InBev Worldwide Inc.
4.00%	04/13/28		155,000		170,399
4.38%	04/15/38		215,000		241,892
4.60%	04/15/48		135,000		153,951
4.75%	01/23/29 - 04/15/58		105,000		122,230
5.45%	01/23/39		35,000		44,006
5.55%	01/23/49		165,000		214,383
5.80%	01/23/59		25,000		34,179
Anthem Inc.
3.30%	01/15/23		100,000		103,435
3.70%	08/15/21 - 09/15/49		237,000		239,865
4.38%	12/01/47		65,000		71,383
4.65%	01/15/43		100,000		113,114
Aon Corp.
3.75%	05/02/29		25,000		26,763
4.50%	12/15/28		100,000		112,741
Apache Corp.
4.38%	10/15/28		25,000		26,151

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
5.10%	09/01/40	$	150,000	$	152,574
5.35%	07/01/49		50,000		52,308
Apple Inc.
2.25%	02/23/21		100,000		100,567
2.40%	01/13/23		50,000		50,766
2.50%	02/09/22		150,000		152,304
2.75%	01/13/25		50,000		51,673
3.00%	11/13/27		100,000		104,981
3.25%	02/23/26		160,000		169,346
3.75%	11/13/47		50,000		55,762
4.38%	05/13/45		165,000		199,678
4.50%	02/23/36		150,000		183,057
4.65%	02/23/46		185,000		232,229
Applied Materials Inc.
3.90%	10/01/25		160,000		174,646
Aptiv Corp.
4.15%	03/15/24		150,000		159,331
ArcelorMittal S.A.
4.55%	03/11/26		100,000		106,490
6.13%	06/01/25		20,000		23,008
6.25%	02/25/22		25,000		26,957
7.00%	10/15/39		28,000		34,180
Arch Capital Finance LLC
4.01%	12/15/26		100,000		110,401
5.03%	12/15/46		100,000		124,880
Archer-Daniels-Midland Co.
4.02%	04/16/43		120,000		133,865
Ares Capital Corp.
4.20%	06/10/24		65,000		68,378
Arizona Public Service Co.
4.25%	03/01/49		25,000		28,250
Arrow Electronics Inc.
4.00%	04/01/25		40,000		41,898
Ascension Health
3.95%	11/15/46		125,000		140,072
Asian Development Bank
1.75%	09/19/29		50,000		48,933
1.88%	07/19/22		200,000		201,058
2.13%	03/19/25		200,000		203,446
2.25%	01/20/21		200,000		201,208
2.63%	01/30/24		200,000		206,930
2.75%	03/17/23		295,000		304,835
3.13%	09/26/28		25,000		27,356
Assurant Inc.
4.90%	03/27/28		50,000		54,843
AstraZeneca PLC
3.50%	08/17/23		25,000		26,172
4.00%	01/17/29		20,000		22,221
4.38%	08/17/48		20,000		23,745
6.45%	09/15/37		150,000		212,212
AT&T Inc.
2.80%	02/17/21		100,000		100,889
3.40%	05/15/25		100,000		104,869
3.60%	07/15/25		100,000		105,823
4.10%	02/15/28		106,000		115,316
4.30%	02/15/30		20,000		22,220
4.35%	06/15/45		150,000		161,965
4.50%	05/15/35 - 03/09/48		145,000		161,141
4.75%	05/15/46		150,000		169,620
4.85%	03/01/39		150,000		173,284
5.15%	03/15/42		150,000		176,211
5.55%	08/15/41		154,000		189,400
6.10%	07/15/40		150,000		191,281
6.25%	03/29/41		100,000		130,237
Atmos Energy Corp.
4.30%	10/01/48		100,000		117,633
Australia & New Zealand Banking Group Ltd.
3.70%	11/16/25		150,000		161,710
AutoNation Inc.
3.80%	11/15/27		50,000		50,642
AutoZone Inc.
3.75%	04/18/29		100,000		107,219

		Principal Amount		Fair Value
AvalonBay Communities Inc.
3.20%	01/15/28	$	40,000	$	41,736
3.45%	06/01/25		115,000		121,618
Avangrid Inc.
3.80%	06/01/29		50,000		53,052
AXA S.A.
8.60%	12/15/30		100,000		145,805
Baidu Inc.
4.38%	03/29/28		100,000		108,383
Baker Hughes a GE Company LLC/Baker Hughes Co-Obligor Inc.
2.77%	12/15/22		50,000		51,012
3.34%	12/15/27		50,000		52,169
4.08%	12/15/47		50,000		51,401
Banco Santander S.A.
3.13%	02/23/23		100,000		101,994
3.80%	02/23/28		100,000		105,333
4.25%	04/11/27		100,000		107,752
Bank of America Corp.
3.50%	04/19/26		145,000		154,268
3.88%	08/01/25		150,000		161,476
3.95%	04/21/25		155,000		165,338
4.00%	04/01/24		150,000		160,633
4.18%	11/25/27		100,000		108,564
6.11%	01/29/37		100,000		135,119
Bank of America Corp. (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)
2.46%	10/22/25		100,000		100,620	(h)
Bank of America Corp. (2.88% fixed rate until 10/22/29; 1.19% + 3 month USD LIBOR thereafter)
2.88%	10/22/30		100,000		101,130	(h)
Bank of America Corp. (3.00% fixed rate until 12/20/22; 0.79% + 3 month USD LIBOR thereafter)
3.00%	12/20/23		100,000		102,329	(h)
Bank of America Corp. (3.19% fixed rate until 07/23/29; 1.18% + 3 month USD LIBOR thereafter)
3.19%	07/23/30		50,000		51,773	(h)
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		112,381	(h)
Bank of America Corp. (3.46% fixed rate until 03/15/24; 0.97% + 3 month USD LIBOR thereafter)
3.46%	03/15/25		100,000		104,429	(h)
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		101,992	(h)
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		103,799	(h)
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%	04/23/27		100,000		105,700	(h)
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%	01/23/49		100,000		113,931	(h)
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		108,889	(h)
Bank of America Corp. (4.08% fixed rate until 04/23/39; 1.32% + 3 month USD LIBOR thereafter)
4.08%	04/23/40		150,000		170,527	(h)
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		173,406	(h)
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter)
4.33%	03/15/50		100,000		120,131	(h)
Bank of Montreal
2.05%	11/01/22		20,000		20,075
2.90%	03/26/22		50,000		50,983
3.10%	04/13/21		90,000		91,465
3.30%	02/05/24		100,000		104,235

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Barclays PLC
3.65%	03/16/25	$	150,000	$	156,870
Barclays PLC (4.61% fixed rate until 02/15/22; 1.40% + 3 month USD LIBOR thereafter)
4.61%	02/15/23		200,000		209,006	(h)
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97%	05/16/29		100,000		112,827	(h)
BAT Capital Corp.
2.76%	08/15/22		100,000		101,493
3.56%	08/15/27		100,000		102,210
Baxalta Inc.
4.00%	06/23/25		30,000		32,342
Baxter International Inc.
2.60%	08/15/26		130,000		130,976
BBVA USA
3.88%	04/10/25		150,000		157,347
Becton Dickinson and Co.
3.70%	06/06/27		66,000		70,253
3.73%	12/15/24		50,000		53,103
Bell Canada Inc.
4.30%	07/29/49		30,000		34,057
Berkshire Hathaway Energy Co.
4.45%	01/15/49		100,000		118,752
Berkshire Hathaway Finance Corp.
3.00%	05/15/22		100,000		102,819
4.20%	08/15/48		100,000		118,003
4.25%	01/15/49		100,000		118,970
Best Buy Company Inc.
4.45%	10/01/28		25,000		27,424
Biogen Inc.
4.05%	09/15/25		80,000		87,048
5.20%	09/15/45		150,000		181,011
Black Hills Corp.
3.88%	10/15/49		25,000		24,953
4.35%	05/01/33		30,000		33,007
BlackRock Inc.
3.25%	04/30/29		60,000		64,400
Boardwalk Pipelines LP
4.80%	05/03/29		20,000		21,304
Boeing Co.
3.10%	05/01/26		100,000		103,257
Booking Holdings Inc.
3.55%	03/15/28		100,000		106,637
Boston Properties LP
3.40%	06/21/29		50,000		52,384
3.85%	02/01/23		150,000		157,287
Boston Scientific Corp.
4.55%	03/01/39		50,000		58,734
BP Capital Markets America Inc.
3.41%	02/11/26		50,000		53,240
3.94%	09/21/28		100,000		110,549
4.23%	11/06/28		50,000		56,571
4.74%	03/11/21		100,000		103,443
BP Capital Markets PLC
2.50%	11/06/22		100,000		101,887
3.06%	03/17/22		110,000		112,852
BPCE S.A.
4.00%	04/15/24		150,000		160,867
Brandywine Operating Partnership LP
4.55%	10/01/29		25,000		27,243
Bristol-Myers Squibb Co.
2.00%	08/01/22		50,000		50,346
2.60%	05/16/22		50,000		50,830	(d)
2.75%	02/15/23		50,000		51,040	(d)
2.90%	07/26/24		55,000		56,766	(d)
3.40%	07/26/29		55,000		58,917	(d)
3.45%	11/15/27		50,000		53,350	(d)
4.13%	06/15/39		15,000		17,293	(d)
4.25%	10/26/49		40,000		47,529	(d)
4.35%	11/15/47		50,000		59,380	(d)
5.00%	08/15/45		150,000		192,300	(d)

		Principal Amount		Fair Value
5.25%	08/15/43	$	120,000	$	153,533	(d)
British Telecommunications PLC
9.63%	12/15/30		50,000		76,862
Brixmor Operating Partnership LP
4.13%	05/15/29		50,000		53,728
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%	01/15/23		100,000		100,579
3.00%	01/15/22		100,000		101,493
Broadcom Inc.
3.13%	10/15/22		15,000		15,300	(d)
4.75%	04/15/29		100,000		109,351	(d)
Broadridge Financial Solutions Inc.
3.40%	06/27/26		80,000		83,512
Brookfield Finance Inc.
3.90%	01/25/28		100,000		107,651
Brown & Brown Inc.
4.50%	03/15/29		100,000		110,181
Brown-Forman Corp.
4.00%	04/15/38		30,000		33,589
Bunge Limited Finance Corp.
4.35%	03/15/24		50,000		52,638
Burlington Northern Santa Fe LLC
3.55%	02/15/50		100,000		104,819
5.75%	05/01/40		200,000		269,606
California Institute of Technology
3.65%	09/01/19		20,000		19,456
Camden Property Trust
3.35%	11/01/49		10,000		10,003
4.10%	10/15/28		10,000		11,148
Campbell Soup Co.
3.65%	03/15/23		50,000		52,084
4.15%	03/15/28		50,000		54,233
4.80%	03/15/48		20,000		23,202
Canadian Imperial Bank of Commerce
2.70%	02/02/21		40,000		40,335
Canadian National Railway Co.
2.95%	11/21/24		155,000		160,130
Canadian Natural Resources Ltd.
3.80%	04/15/24		150,000		158,539
3.85%	06/01/27		100,000		106,638
3.90%	02/01/25		50,000		53,417
Canadian Pacific Railway Co.
2.90%	02/01/25		150,000		154,102
Capital One Financial Corp.
3.75%	07/28/26 - 03/09/27		230,000		243,682
3.90%	01/29/24		125,000		132,699
4.20%	10/29/25		90,000		97,128
Cardinal Health Inc.
3.20%	03/15/23		150,000		153,874
Caterpillar Financial Services Corp.
2.55%	11/29/22		50,000		50,983
2.90%	03/15/21		100,000		101,216
3.15%	09/07/21		15,000		15,327
3.25%	12/01/24		100,000		105,630
Caterpillar Inc.
3.80%	08/15/42		100,000		111,661
Celulosa Arauco y Constitucion S.A.
3.88%	11/02/27		100,000		101,063
Cenovus Energy Inc.
3.00%	08/15/22		35,000		35,467
4.25%	04/15/27		100,000		105,846
CenterPoint Energy Houston Electric LLC
4.25%	02/01/49		110,000		128,973
4.50%	04/01/44		50,000		59,622
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%	07/23/22		100,000		105,116
4.80%	03/01/50		95,000		100,187
4.91%	07/23/25		135,000		148,794
6.48%	10/23/45		150,000		186,783
Cheniere Corpus Christi Holdings LLC
3.70%	11/15/29		45,000		46,031	(d)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Chevron Corp.
2.10%	05/16/21	$	100,000	$	100,501
2.41%	03/03/22		45,000		45,612
2.90%	03/03/24		150,000		155,496
2.95%	05/16/26		100,000		104,569
Choice Hotels International Inc.
3.70%	12/01/29		25,000		25,190
Chubb INA Holdings Inc.
2.70%	03/13/23		150,000		153,004
4.35%	11/03/45		100,000		121,470
Cigna Corp.
3.40%	09/17/21		140,000		143,294
3.75%	07/15/23		55,000		57,737
4.38%	10/15/28		40,000		44,388
4.80%	08/15/38		30,000		34,976
4.90%	12/15/48		130,000		155,427
Cimarex Energy Co.
4.38%	03/15/29		150,000		158,577
Cintas Corporation No. 2
3.70%	04/01/27		100,000		108,636
Cisco Systems Inc.
2.20%	02/28/21		100,000		100,510
2.90%	03/04/21		125,000		126,622
5.90%	02/15/39		200,000		280,680
Citibank NA
2.85%	02/12/21		150,000		151,486
3.40%	07/23/21		100,000		102,133
3.65%	01/23/24		100,000		105,857
Citigroup Inc.
2.70%	10/27/22		100,000		101,654
2.90%	12/08/21		100,000		101,606
3.88%	03/26/25		150,000		158,820
4.30%	11/20/26		100,000		108,833
4.45%	09/29/27		150,000		165,298
4.75%	05/18/46		50,000		59,916
5.88%	01/30/42		172,000		242,044
6.13%	08/25/36		155,000		203,797
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%	11/05/30		50,000		50,770	(h)
Citigroup Inc. (3.35% fixed rate until 04/24/24; 0.90% + 3 month USD LIBOR thereafter)
3.35%	04/24/25		100,000		104,072	(h)
Citigroup Inc. (3.52% fixed rate until 10/27/27; 1.15% + 3 month USD LIBOR thereafter)
3.52%	10/27/28		100,000		105,409	(h)
Citigroup Inc. (3.98% fixed rate until 03/20/29; 1.34% + 3 month USD LIBOR thereafter)
3.98%	03/20/30		100,000		109,289	(h)
CME Group Inc.
3.00%	03/15/25		150,000		156,055
CNH Industrial Capital LLC
3.88%	10/15/21		15,000		15,408
4.38%	04/05/22		15,000		15,667
4.88%	04/01/21		15,000		15,484
CNH Industrial N.V.
3.85%	11/15/27		15,000		15,634
Colgate-Palmolive Co.
3.25%	03/15/24		150,000		158,526
Comcast Corp.
2.65%	02/01/30		35,000		35,164
3.15%	02/15/28		100,000		104,874
3.25%	11/01/39		50,000		50,754
3.38%	08/15/25		100,000		106,089
3.45%	10/01/21 - 02/01/50		175,000		179,777
3.55%	05/01/28		100,000		107,735
3.70%	04/15/24		55,000		58,661
3.90%	03/01/38		100,000		110,863
3.95%	10/15/25		100,000		109,123
3.97%	11/01/47		100,000		110,196
4.00%	03/01/48		50,000		55,403
4.15%	10/15/28		45,000		50,663
4.25%	01/15/33		100,000		115,641
4.60%	10/15/38		230,000		274,312

		Principal Amount		Fair Value
4.70%	10/15/48	$	40,000	$	49,354
Comerica Inc.
3.70%	07/31/23		25,000		26,309
4.00%	02/01/29		50,000		54,614
CommonSpirit Health
4.19%	10/01/49		100,000		100,533
Commonwealth Edison Co.
4.00%	03/01/49		100,000		112,077
4.60%	08/15/43		150,000		178,785
Conagra Brands Inc.
3.80%	10/22/21		10,000		10,315
4.30%	05/01/24		5,000		5,381
4.85%	11/01/28		25,000		28,649
5.30%	11/01/38		110,000		130,626
5.40%	11/01/48		20,000		24,466
Concho Resources Inc.
4.30%	08/15/28		25,000		27,253
4.85%	08/15/48		25,000		28,961
ConocoPhillips
6.50%	02/01/39		100,000		145,595
Consolidated Edison Company of New York Inc.
3.88%	06/15/47		100,000		108,789
3.95%	03/01/43		150,000		162,583
4.00%	12/01/28		25,000		27,807
4.13%	05/15/49		50,000		56,930
Constellation Brands Inc.
3.50%	05/09/27		100,000		104,434
4.75%	11/15/24		100,000		110,561
5.25%	11/15/48		15,000		18,295
Consumers Energy Co.
3.75%	02/15/50		100,000		110,049
4.05%	05/15/48		50,000		57,599
Continental Resources Inc.
3.80%	06/01/24		35,000		36,210
4.38%	01/15/28		35,000		37,231
4.50%	04/15/23		50,000		52,394
4.90%	06/01/44		25,000		26,594
5.00%	09/15/22		38,000		38,292
Cooperatieve Rabobank UA
2.50%	01/19/21		150,000		150,946
2.75%	01/10/22		100,000		101,595
3.95%	11/09/22		100,000		104,523
4.63%	12/01/23		150,000		162,637
Corning Inc.
2.90%	05/15/22		55,000		56,122
3.90%	11/15/49		50,000		50,745
Corporation Andina de Fomento
2.13%	09/27/21		150,000		149,677
Costco Wholesale Corp.
2.15%	05/18/21		100,000		100,534
2.25%	02/15/22		85,000		85,914
3.00%	05/18/27		100,000		105,588
Council Of Europe Development Bank
2.63%	02/13/23		120,000		123,434
Credit Suisse AG
3.63%	09/09/24		150,000		159,370
Credit Suisse Group Funding Guernsey Ltd.
4.88%	05/15/45		150,000		189,439
Crown Castle International Corp.
3.15%	07/15/23		155,000		159,329
3.80%	02/15/28		100,000		106,656
5.20%	02/15/49		50,000		61,769
CSX Corp.
2.60%	11/01/26		100,000		101,637
4.10%	03/15/44		68,000		74,407
4.50%	03/15/49		95,000		111,254
4.75%	11/15/48		65,000		78,616
CubeSmart LP
4.38%	02/15/29		15,000		16,455
CVS Health Corp.
2.63%	08/15/24		200,000		202,122
2.75%	12/01/22		150,000		152,445

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
3.35%	03/09/21	$	204,000	$	207,248
3.38%	08/12/24		150,000		156,225
3.70%	03/09/23		115,000		119,736
4.10%	03/25/25		150,000		161,316
4.30%	03/25/28		110,000		120,348
4.78%	03/25/38		145,000		164,977
5.05%	03/25/48		115,000		136,419
CyrusOne LP/CyrusOne Finance Corp.
2.90%	11/15/24		25,000		25,122
3.45%	11/15/29		30,000		30,138
Darden Restaurants Inc.
4.55%	02/15/48		15,000		15,234
Deere & Co.
3.90%	06/09/42		71,000		80,028
Dell International LLC/EMC Corp.
5.30%	10/01/29		100,000		112,596	(d)
6.02%	06/15/26		90,000		103,909	(d)
8.10%	07/15/36		100,000		131,358	(d)
Delmarva Power & Light Co.
4.15%	05/15/45		100,000		112,259
Delta Air Lines Inc.
3.40%	04/19/21		100,000		101,338
3.80%	04/19/23		30,000		31,139
4.38%	04/19/28		50,000		52,742
Deutsche Bank AG
3.30%	11/16/22		100,000		101,032
3.38%	05/12/21		150,000		151,318
Deutsche Bank AG (3.96% fixed rate until 11/26/24; 2.58% + SOFR thereafter)
3.96%	11/26/25		150,000		153,043	(h)
Deutsche Telekom International Finance BV
8.75%	06/15/30		150,000		219,979
Devon Energy Corp.
5.00%	06/15/45		100,000		116,784
DH Europe Finance II Sarl
3.40%	11/15/49		100,000		102,517
Diageo Investment Corp.
2.88%	05/11/22		150,000		153,180
Diamondback Energy Inc.
2.88%	12/01/24		30,000		30,350
3.25%	12/01/26		20,000		20,231
3.50%	12/01/29		50,000		50,919
Digital Realty Trust LP
4.45%	07/15/28		150,000		165,931
Discover Bank
4.20%	08/08/23		150,000		159,526
Discover Financial Services
4.50%	01/30/26		100,000		109,297
Discovery Communications LLC
3.25%	04/01/23		175,000		179,800
3.45%	03/15/25		135,000		140,895
3.90%	11/15/24		150,000		159,097
Dollar General Corp.
4.13%	05/01/28		70,000		77,066
Dollar Tree Inc.
3.70%	05/15/23		20,000		20,844
4.00%	05/15/25		50,000		53,465
4.20%	05/15/28		25,000		26,854
Dominion Energy Inc.
4.25%	06/01/28		50,000		55,350
Dominion Energy South Carolina Inc.
5.10%	06/01/65		50,000		65,030
DTE Electric Co.
3.70%	03/15/45		45,000		48,684
DTE Energy Co.
3.85%	12/01/23		50,000		52,462
Duke Energy Carolinas LLC
3.05%	03/15/23		50,000		51,589
3.70%	12/01/47		50,000		53,860
3.95%	03/15/48		50,000		55,886
Duke Energy Corp.
3.05%	08/15/22		139,000		142,232

		Principal Amount		Fair Value
Duke Energy Florida LLC
2.50%	12/01/29	$	50,000	$	49,884
3.20%	01/15/27		100,000		104,571
3.40%	10/01/46		100,000		101,299
3.80%	07/15/28		50,000		54,815
Duke Energy Ohio Inc.
3.65%	02/01/29		100,000		108,946
4.30%	02/01/49		100,000		117,179
Duke Energy Progress LLC
3.70%	09/01/28		100,000		109,170
Duke Realty LP
3.38%	12/15/27		50,000		52,190
DuPont de Nemours Inc.
4.21%	11/15/23		50,000		53,477
4.73%	11/15/28		50,000		56,761
5.32%	11/15/38		15,000		17,881
5.42%	11/15/48		40,000		49,284
Eaton Vance Corp.
3.50%	04/06/27		100,000		105,265
eBay Inc.
3.80%	03/09/22		145,000		149,931
Ecolab Inc.
2.38%	08/10/22		100,000		101,023
3.25%	12/01/27		70,000		73,768
Ecopetrol S.A.
4.13%	01/16/25		150,000		158,008
Edison International
4.13%	03/15/28		50,000		51,632
Eli Lilly & Co.
2.75%	06/01/25		22,000		22,679
3.38%	03/15/29		30,000		32,385
3.95%	03/15/49		50,000		57,801
4.15%	03/15/59		50,000		58,893
Emera US Finance LP
3.55%	06/15/26		60,000		62,403
Emerson Electric Co.
2.63%	02/15/23		100,000		102,213
Enable Midstream Partners LP
4.95%	05/15/28		60,000		60,810
Enbridge Energy Partners LP
5.88%	10/15/25		125,000		146,017
Enbridge Inc.
3.50%	06/10/24		65,000		68,002
Enel Chile S.A.
4.88%	06/12/28		50,000		55,619
Energy Transfer Operating LP
4.20%	09/15/23		25,000		26,268
4.50%	04/15/24		135,000		143,693
4.95%	06/15/28		75,000		82,271
5.25%	04/15/29		25,000		28,120
6.00%	06/15/48		50,000		58,329
6.25%	04/15/49		125,000		151,539
6.50%	02/01/42		150,000		178,363
Entergy Louisiana LLC
4.05%	09/01/23		50,000		53,234
Entergy Texas Inc.
4.00%	03/30/29		100,000		110,079
4.50%	03/30/39		100,000		115,421
Enterprise Products Operating LLC
2.80%	02/15/21		50,000		50,491
3.50%	02/01/22		25,000		25,768
3.70%	02/15/26		35,000		37,281
3.90%	02/15/24		75,000		79,684
4.15%	10/16/28		25,000		27,637
4.20%	01/31/50		35,000		37,783
4.25%	02/15/48		25,000		27,119
4.45%	02/15/43		142,000		156,108
4.80%	02/01/49		25,000		29,462
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		49,658	(h)
EOG Resources Inc.
3.15%	04/01/25		80,000		83,942

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
EPR Properties
4.95%	04/15/28	$	100,000	$	109,451
EQT Corp.
3.90%	10/01/27		150,000		139,572
Equifax Inc.
2.60%	12/01/24		50,000		50,245
Equinix Inc.
2.63%	11/18/24		65,000		65,268
5.38%	05/15/27		30,000		32,562
5.88%	01/15/26		35,000		37,223
Equinor ASA
2.45%	01/17/23		250,000		253,962
3.95%	05/15/43		100,000		111,433
ERP Operating LP
3.00%	04/15/23		150,000		155,283
Essex Portfolio LP
3.63%	05/01/27		100,000		105,646
European Bank for Reconstruction & Development
2.75%	04/26/21		450,000		456,102
European Investment Bank
2.00%	12/15/22		200,000		201,930
2.25%	06/24/24		250,000		255,435
2.38%	05/13/21		250,000		252,425
2.63%	03/15/24		285,000		295,186
2.88%	12/15/21		115,000		117,712
3.13%	12/14/23		200,000		210,918
Evergy Inc.
4.85%	06/01/21		104,000		107,272
Evergy Metro Inc.
4.20%	06/15/47		100,000		115,355
Eversource Energy
2.90%	10/01/24		100,000		102,226
3.15%	01/15/25		125,000		128,972
Expedia Group Inc.
3.25%	02/15/30		35,000		33,767	(d)
Exxon Mobil Corp.
1.90%	08/16/22		20,000		20,122
2.02%	08/16/24		50,000		50,169
2.22%	03/01/21		100,000		100,595
2.44%	08/16/29		50,000		50,292
2.71%	03/06/25		150,000		155,010
3.04%	03/01/26		50,000		52,454
3.10%	08/16/49		25,000		24,965
3.18%	03/15/24		150,000		157,257
Federal Realty Investment Trust
3.20%	06/15/29		50,000		51,818
FedEx Corp.
3.40%	02/15/28		100,000		102,118
4.05%	02/15/48		100,000		96,048
4.75%	11/15/45		95,000		100,836
Fibria Overseas Finance Ltd.
4.00%	01/14/25		50,000		51,748
Fidelity National Financial Inc.
4.50%	08/15/28		25,000		27,227
Fidelity National Information Services Inc.
4.25%	05/15/28		80,000		89,494
Fifth Third Bancorp
3.65%	01/25/24		100,000		105,499
Fifth Third Bank
2.88%	10/01/21		80,000		81,176
FirstEnergy Corp.
4.25%	03/15/23		30,000		31,628
7.38%	11/15/31		55,000		77,559
Fiserv Inc.
3.50%	07/01/29		45,000		47,370
3.80%	10/01/23		25,000		26,409
4.20%	10/01/28		30,000		33,182
4.40%	07/01/49		40,000		45,495
Flex Ltd.
4.88%	06/15/29		25,000		27,063
Florida Power & Light Co.
3.15%	10/01/49		55,000		55,400

		Principal Amount		Fair Value
4.13%	02/01/42	$	100,000	$	114,401
Fluor Corp.
4.25%	09/15/28		50,000		50,794
FMC Corp.
3.45%	10/01/29		50,000		51,759
FMS Wertmanagement
2.00%	08/01/22		200,000		201,638
2.75%	01/30/24		100,000		103,839
Ford Motor Co.
4.35%	12/08/26		100,000		102,996
4.75%	01/15/43		150,000		133,371
Ford Motor Credit Company LLC
3.34%	03/18/21		100,000		100,699
3.35%	11/01/22		100,000		101,127
3.81%	10/12/21		100,000		101,730
5.11%	05/03/29		100,000		103,074
5.60%	01/07/22		100,000		105,274
Fortune Brands Home & Security Inc.
3.25%	09/15/29		50,000		51,077
Fox Corp.
4.03%	01/25/24		125,000		133,169	(d)
FS KKR Capital Corp.
4.13%	02/01/25		25,000		25,384
GATX Corp.
3.50%	03/15/28		100,000		102,087
GE Capital International Funding Company Unlimited Co.
4.42%	11/15/35		100,000		106,784
General Dynamics Corp.
3.00%	05/11/21		50,000		50,800
3.38%	05/15/23		50,000		52,233
3.75%	05/15/28		55,000		60,574
General Electric Co.
2.70%	10/09/22		100,000		101,308
5.88%	01/14/38		100,000		120,949
6.75%	03/15/32		100,000		128,364
General Mills Inc.
3.20%	04/16/21		100,000		101,640
3.65%	02/15/24		50,000		52,588
4.55%	04/17/38		100,000		115,930
General Motors Financial Company Inc.
3.25%	01/05/23		50,000		51,103
3.45%	01/14/22		100,000		102,205
3.55%	04/09/21		100,000		101,665
3.70%	05/09/23		100,000		103,227
4.20%	03/01/21		100,000		102,111
4.35%	01/17/27		100,000		104,774
4.38%	09/25/21		100,000		103,561
5.25%	03/01/26		155,000		171,952
Georgia Power Co.
2.20%	09/15/24		100,000		99,948
2.65%	09/15/29		100,000		98,679
4.30%	03/15/42		172,000		188,859
Georgia-Pacific LLC
8.88%	05/15/31		50,000		77,934
Gilead Sciences Inc.
3.70%	04/01/24		150,000		159,241
4.80%	04/01/44		150,000		181,194
GlaxoSmithKline Capital Inc.
3.63%	05/15/25		55,000		58,940
3.88%	05/15/28		100,000		110,424
GlaxoSmithKline Capital PLC
3.13%	05/14/21		70,000		71,203
Global Payments Inc.
4.45%	06/01/28		100,000		110,350
Globe Life Inc.
4.55%	09/15/28		25,000		27,875
GLP Capital LP/GLP Financing II Inc.
5.25%	06/01/25		10,000		10,988
5.38%	11/01/23 - 04/15/26		30,000		33,041
5.75%	06/01/28		10,000		11,360
Halliburton Co.
3.50%	08/01/23		100,000		104,080

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
5.00%	11/15/45	$	150,000	$	171,168
Hasbro Inc.
3.00%	11/19/24		50,000		50,256
HCA Inc.
4.50%	02/15/27		30,000		32,411
4.75%	05/01/23		30,000		32,135
5.00%	03/15/24		50,000		54,681
5.25%	04/15/25 - 06/15/26		70,000		78,457
5.50%	06/15/47		35,000		40,371
Healthcare Trust of America Holdings LP
3.50%	08/01/26		30,000		31,397
Healthpeak Properties Inc.
3.00%	01/15/30		50,000		50,040
3.25%	07/15/26		100,000		103,720
Hewlett Packard Enterprise Co.
3.50%	10/05/21		50,000		51,192
6.35%	10/15/45		150,000		181,308
Highwoods Realty LP
4.20%	04/15/29		25,000		26,914
Honeywell International Inc.
2.70%	08/15/29		30,000		30,763
3.35%	12/01/23		50,000		52,655
5.38%	03/01/41		200,000		267,310
Host Hotels & Resorts LP
3.38%	12/15/29		100,000		100,925
HP Inc.
6.00%	09/15/41		162,000		179,580
HSBC Holdings PLC
2.65%	01/05/22		100,000		101,158
3.40%	03/08/21		100,000		101,627
3.90%	05/25/26		150,000		159,948
5.10%	04/05/21		100,000		103,688
HSBC Holdings PLC (2.63% fixed rate until 11/07/24; 1.14% + 3 month USD LIBOR thereafter)
2.63%	11/07/25		100,000		100,162	(h)
HSBC Holdings PLC (3.80% fixed rate until 03/11/24; 1.21% + 3 month USD LIBOR thereafter)
3.80%	03/11/25		100,000		105,001	(h)
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		105,073	(h)
HSBC Holdings PLC (3.97% fixed rate until 05/22/29; 1.61% + 3 month USD LIBOR thereafter)
3.97%	05/22/30		100,000		107,764	(h)
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29%	09/12/26		100,000		108,249	(h)
Hubbell Inc.
3.50%	02/15/28		50,000		51,589
Hudson Pacific Properties LP
4.65%	04/01/29		25,000		27,487
Humana Inc.
2.90%	12/15/22		100,000		101,977
Huntington Bancshares Inc.
3.15%	03/14/21		150,000		151,980
Huntsman International LLC
4.50%	05/01/29		20,000		21,304
Husky Energy Inc.
4.00%	04/15/24		100,000		105,601
IBM Credit LLC
2.65%	02/05/21		100,000		100,913
3.60%	11/30/21		100,000		103,347
IHS Markit Ltd.
4.25%	05/01/29		85,000		91,696
Illinois Tool Works Inc.
2.65%	11/15/26		100,000		102,969
3.50%	03/01/24		50,000		52,954
Indiana Michigan Power Co.
3.85%	05/15/28		25,000		27,189
ING Groep N.V.
3.95%	03/29/27		100,000		107,639

		Principal Amount		Fair Value
Ingersoll-Rand Global Holding Company Ltd.
4.25%	06/15/23	$	100,000	$	106,679
Ingersoll-Rand Luxembourg Finance S.A.
4.50%	03/21/49		100,000		111,838
Intel Corp.
2.45%	11/15/29		100,000		99,866
2.60%	05/19/26		150,000		153,327
Inter-American Development Bank
1.25%	09/14/21		400,000		397,372
2.13%	01/15/25		200,000		203,400
2.38%	07/07/27		200,000		206,546
2.63%	04/19/21		100,000		101,244
3.00%	09/26/22		50,000		51,774
Intercontinental Exchange Inc.
3.45%	09/21/23		90,000		94,433
International Bank for Reconstruction & Development
1.50%	08/28/24		200,000		197,802
2.50%	03/19/24 - 07/29/25		300,000		310,589
2.75%	07/23/21		200,000		203,354
3.00%	09/27/23		150,000		157,156
International Business Machines Corp.
2.50%	01/27/22		150,000		151,819
2.85%	05/13/22		100,000		102,203
3.50%	05/15/29		130,000		139,719
4.00%	06/20/42		150,000		165,081
International Finance Corp.
2.00%	10/24/22		100,000		100,953
2.13%	04/07/26		150,000		152,482
2.25%	01/25/21		100,000		100,599
International Flavors & Fragrances Inc.
5.00%	09/26/48		15,000		16,918
International Paper Co.
3.65%	06/15/24		150,000		157,981
Invesco Finance PLC
3.13%	11/30/22		100,000		102,759
Jabil Inc.
3.95%	01/12/28		100,000		102,661
4.70%	09/15/22		23,000		24,293
Jefferies Group LLC
5.13%	01/20/23		150,000		162,201
John Deere Capital Corp.
2.30%	06/07/21		100,000		100,635
2.35%	01/08/21		100,000		100,529
2.70%	01/06/23		100,000		102,172
2.88%	03/12/21		50,000		50,632
3.45%	06/07/23 - 03/13/25		75,000		79,457
Johnson & Johnson
2.45%	12/05/21 - 03/01/26		175,000		177,770
2.90%	01/15/28		50,000		52,218
3.40%	01/15/38		25,000		26,826
3.50%	01/15/48		30,000		32,801
4.38%	12/05/33		150,000		179,106
Johnson Controls International PLC
3.63%	07/02/24		75,000		78,529	(i)
JPMorgan Chase & Co.
3.13%	01/23/25		150,000		156,604
3.25%	09/23/22		136,000		140,572
3.38%	05/01/23		150,000		156,108
4.50%	01/24/22		103,000		108,263
4.63%	05/10/21		100,000		103,610
6.40%	05/15/38		100,000		145,130
JPMorgan Chase & Co. (2.30% fixed rate until 10/15/24; 1.16% + SOFR thereafter)
2.30%	10/15/25		125,000		124,857	(h)
JPMorgan Chase & Co. (2.74% fixed rate until 10/15/29; 1.51% + SOFR thereafter)
2.74%	10/15/30		100,000		100,144	(h)
JPMorgan Chase & Co. (3.21% fixed rate until 04/01/22; 0.70% + 3 month USD LIBOR thereafter)
3.21%	04/01/23		80,000		81,971	(h)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
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	$	102,144	(h)
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		159,099	(h)
JPMorgan Chase & Co. (3.70% fixed rate until 05/06/29; 1.16% + 3 month USD LIBOR thereafter)
3.70%	05/06/30		175,000		188,596	(h)
JPMorgan Chase & Co. (3.80% fixed rate until 07/23/23; 0.89% + 3 month USD LIBOR thereafter)
3.80%	07/23/24		100,000		105,413	(h)
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%	07/24/38		150,000		166,008	(h)
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%	01/23/49		100,000		112,365	(h)
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96%	01/29/27		100,000		108,488	(h)
JPMorgan Chase & Co. (3.96% fixed rate until 11/15/47; 1.38% + 3 month USD LIBOR thereafter)
3.96%	11/15/48		100,000		113,152	(h)
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		159,985	(h)
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		170,821	(h)
Juniper Networks Inc.
3.75%	08/15/29		50,000		52,056
Kansas City Southern
4.70%	05/01/48		50,000		58,339
Kellogg Co.
2.65%	12/01/23		84,000		85,573
Kennametal Inc.
4.63%	06/15/28		25,000		26,610
Kentucky Utilities Co.
4.38%	10/01/45		40,000		46,161
Keurig Dr Pepper Inc.
3.13%	12/15/23		100,000		103,106
Keurig Dr Pepper Inc.
3.55%	05/25/21		100,000		102,165
4.60%	05/25/28		50,000		56,316
4.99%	05/25/38		125,000		146,866
KeyBank NA
3.38%	03/07/23		150,000		156,259
3.90%	04/13/29		100,000		107,793
Keysight Technologies Inc.
3.00%	10/30/29		25,000		25,123
Kilroy Realty LP
3.45%	12/15/24		50,000		52,053
Kimberly-Clark Corp.
3.20%	07/30/46		125,000		125,159
Kimco Realty Corp.
3.70%	10/01/49		50,000		48,760
Kinder Morgan Energy Partners LP
5.00%	08/15/42		242,000		264,767
Kinder Morgan Inc.
4.30%	06/01/25		115,000		124,604
5.05%	02/15/46		150,000		168,576
5.30%	12/01/34		100,000		117,796
KLA Corp.
4.65%	11/01/24		115,000		126,796
Koninklijke Philips N.V.
6.88%	03/11/38		100,000		143,023
Kraft Heinz Foods Co.
3.38%	06/15/21		15,000		15,272
4.63%	01/30/29		50,000		54,972
5.00%	06/04/42		150,000		160,620
5.20%	07/15/45		150,000		163,438

		Principal Amount		Fair Value
Kreditanstalt fuer Wiederaufbau
1.75%	09/15/21	$	300,000	$	300,492
2.00%	09/29/22 - 05/02/25		350,000		353,518
2.50%	02/15/22		200,000		203,482
2.63%	04/12/21 - 02/28/24		375,000		384,782
2.88%	04/03/28		175,000		187,547
L3Harris Technologies Inc.
3.83%	04/27/25		150,000		160,050
3.85%	12/15/26		100,000		107,072	(d)
4.85%	04/27/35		40,000		47,196
Laboratory Corporation of America Holdings
4.00%	11/01/23		100,000		105,687
Lam Research Corp.
3.80%	03/15/25		115,000		123,117
Landwirtschaftliche Rentenbank
2.50%	11/15/27		100,000		104,269
Las Vegas Sands Corp.
2.90%	06/25/25		65,000		65,792
3.90%	08/08/29		40,000		41,889
Lazard Group LLC
4.38%	03/11/29		150,000		164,143
Lear Corp.
4.25%	05/15/29		25,000		25,867
Leggett & Platt Inc.
3.50%	11/15/27		50,000		51,570
4.40%	03/15/29		100,000		109,415
Liberty Property LP
4.38%	02/01/29		65,000		73,956
Life Storage LP
4.00%	06/15/29		50,000		53,470
Lincoln National Corp.
3.63%	12/12/26		50,000		52,826
4.20%	03/15/22		117,000		121,987
Lloyds Banking Group PLC
3.00%	01/11/22		100,000		101,571
3.90%	03/12/24		100,000		105,747
4.45%	05/08/25		100,000		109,174
4.65%	03/24/26		150,000		163,239
Lloyds Banking Group PLC (2.86% fixed rate until 03/23/22; 1.25% + 3 month USD LIBOR thereafter)
2.86%	03/17/23		100,000		101,257	(h)
Lockheed Martin Corp.
3.60%	03/01/35		55,000		60,152
4.70%	05/15/46		150,000		190,324
Loews Corp.
2.63%	05/15/23		100,000		101,985
Lowe’s Companies Inc.
2.50%	04/15/26		130,000		130,744
3.38%	09/15/25		30,000		31,695
LYB International Finance BV
4.88%	03/15/44		100,000		113,761
LYB International Finance II BV
3.50%	03/02/27		100,000		104,952
LyondellBasell Industries N.V.
6.00%	11/15/21		100,000		106,213
M&T Bank Corp.
3.55%	07/26/23		150,000		157,807
Macy’s Retail Holdings Inc.
3.88%	01/15/22		84,000		85,759
Marathon Petroleum Corp.
3.80%	04/01/28		30,000		31,526
4.50%	04/01/48		25,000		26,601
4.75%	12/15/23		50,000		54,284
5.13%	12/15/26		50,000		56,697
Markel Corp.
3.50%	11/01/27		50,000		51,738
Marriott International Inc.
4.00%	04/15/28		150,000		162,091
Marsh & McLennan Companies Inc.
3.88%	03/15/24		100,000		106,713
4.38%	03/15/29		25,000		28,523
4.75%	03/15/39		100,000		121,240

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
4.90%	03/15/49	$	15,000	$	19,016
Martin Marietta Materials Inc.
3.50%	12/15/27		50,000		52,347
Masco Corp.
3.50%	04/01/21		60,000		60,875
4.38%	04/01/26		40,000		43,188
Massachusetts Institute of Technology
3.89%	07/01/16		126,000		138,009
Mastercard Inc.
2.00%	03/03/25		100,000		99,770
2.95%	11/21/26		100,000		104,373
McDonald’s Corp.
3.63%	09/01/49		30,000		30,664
3.70%	02/15/42		150,000		153,405
3.80%	04/01/28		50,000		54,467
McKesson Corp.
3.80%	03/15/24		150,000		157,839
Mead Johnson Nutrition Co.
4.13%	11/15/25		110,000		120,825
Medtronic Inc.
4.63%	03/15/45		82,000		103,044
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		95,000		108,107
Merck & Company Inc.
2.40%	09/15/22		128,000		129,894
2.75%	02/10/25		70,000		72,571
3.40%	03/07/29		25,000		27,085
3.90%	03/07/39		25,000		28,579
4.00%	03/07/49		115,000		134,611
Mercy Health
4.30%	07/01/28		100,000		110,925
Methanex Corp.
5.25%	12/15/29		25,000		25,835
MetLife Inc.
4.13%	08/13/42		150,000		170,976
6.50%	12/15/32		150,000		211,258
Microchip Technology Inc.
3.92%	06/01/21		100,000		102,172
Micron Technology Inc.
4.64%	02/06/24		15,000		16,260
4.66%	02/15/30		100,000		110,154
Microsoft Corp.
1.55%	08/08/21		150,000		149,764
2.40%	02/06/22		100,000		101,422
2.88%	02/06/24		150,000		155,670
3.45%	08/08/36		200,000		219,290
3.50%	02/12/35		65,000		71,744
3.75%	05/01/43		150,000		167,578
4.10%	02/06/37		100,000		118,093
4.45%	11/03/45		125,000		156,676
Mid-America Apartments LP
4.20%	06/15/28		100,000		110,888
MidAmerican Energy Co.
3.65%	04/15/29		100,000		109,369
Mitsubishi UFJ Financial Group Inc.
2.76%	09/13/26		150,000		151,099
3.22%	03/07/22		100,000		102,421
3.46%	03/02/23		100,000		103,527
3.78%	03/02/25		100,000		106,536
3.96%	03/02/28		100,000		108,866
4.05%	09/11/28		100,000		110,103
4.15%	03/07/39		70,000		79,651
Mizuho Financial Group Inc.
3.55%	03/05/23		100,000		103,864
4.02%	03/05/28		100,000		109,035
Mizuho Financial Group Inc. (2.84% fixed rate until 07/16/24; 0.98% + 3 month USD LIBOR thereafter)
2.84%	07/16/25		100,000		101,231	(h)
Molson Coors Beverage Co.
3.00%	07/15/26		95,000		96,073
Mondelez International Inc.
4.13%	05/07/28		100,000		110,898

		Principal Amount		Fair Value
Moody’s Corp.
4.88%	02/15/24 - 12/17/48	$	150,000	$	177,777
Morgan Stanley
2.63%	11/17/21		100,000		101,159
2.75%	05/19/22		100,000		101,728
3.13%	01/23/23		100,000		102,789
3.95%	04/23/27		150,000		160,639
4.00%	07/23/25		95,000		102,827
4.10%	05/22/23		150,000		158,298
4.35%	09/08/26		150,000		164,035
4.88%	11/01/22		150,000		160,881
5.50%	07/28/21		98,000		103,222
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72%	07/22/25		15,000		15,212	(h)
Morgan Stanley (3.74% fixed rate until 04/24/23; 0.85% + 3 month USD LIBOR thereafter)
3.74%	04/24/24		110,000		114,931	(h)
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter)
3.77%	01/24/29		100,000		107,589	(h)
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter)
4.43%	01/23/30		100,000		113,074	(h)
Morgan Stanley (4.46% fixed rate until 04/22/38; 1.43% + 3 month USD LIBOR thereafter)
4.46%	04/22/39		100,000		117,815	(h)
Motorola Solutions Inc.
4.60%	02/23/28		100,000		108,535
MPLX LP
4.00%	03/15/28		35,000		36,310
4.25%	12/01/27		35,000		36,855	(d)
4.50%	04/15/38		30,000		30,592
4.70%	04/15/48		25,000		25,455
4.80%	02/15/29		70,000		76,806
4.90%	04/15/58		25,000		25,616
5.50%	02/15/49		70,000		79,414
MUFG Americas Holdings Corp.
3.00%	02/10/25		120,000		122,753
MUFG Union Bank NA
3.15%	04/01/22		100,000		102,354
Mylan Inc.
4.55%	04/15/28		100,000		107,652
Mylan N.V.
3.15%	06/15/21		100,000		101,283
National Australia Bank Ltd.
2.80%	01/10/22		100,000		101,695
National Fuel Gas Co.
4.75%	09/01/28		50,000		53,383
National Oilwell Varco Inc.
3.60%	12/01/29		100,000		100,433
National Retail Properties Inc.
3.60%	12/15/26		100,000		105,006
National Rural Utilities Cooperative Finance Corp.
2.90%	03/15/21		70,000		70,880
3.40%	02/07/28		100,000		106,202
3.70%	03/15/29		50,000		54,484
4.40%	11/01/48		10,000		11,892
NetApp Inc.
3.38%	06/15/21		110,000		111,879
Newmont Goldcorp Corp.
3.50%	03/15/22		150,000		153,883
Nexen Inc.
6.40%	05/15/37		100,000		136,875
NextEra Energy Capital Holdings Inc.
2.40%	09/01/21		50,000		50,371
2.75%	11/01/29		30,000		30,102
3.15%	04/01/24		100,000		103,656
3.50%	04/01/29		100,000		105,996
NIKE Inc.
2.38%	11/01/26		150,000		152,508
NiSource Inc.
2.65%	11/17/22		40,000		40,523

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
3.65%	06/15/23	$	100,000	$	104,040
4.38%	05/15/47		100,000		111,057
Noble Energy Inc.
3.25%	10/15/29		100,000		101,207
Nordic Investment Bank
2.25%	02/01/21		200,000		201,130
Nordstrom Inc.
4.38%	04/01/30		35,000		35,678
Norfolk Southern Corp.
3.80%	08/01/28		30,000		32,942
3.94%	11/01/47		160,000		171,850
Northern Trust Corp.
3.65%	08/03/28		100,000		109,461
Northrop Grumman Corp.
2.55%	10/15/22		100,000		101,503
2.93%	01/15/25		50,000		51,527
3.25%	01/15/28		65,000		67,805
4.03%	10/15/47		75,000		83,716
Northwell Healthcare Inc.
3.81%	11/01/49		50,000		50,398
Northwestern University
3.66%	12/01/57		10,000		11,057
Novartis Capital Corp.
2.40%	09/21/22		102,000		103,641
3.00%	11/20/25		150,000		157,839
NSTAR Electric Co.
3.20%	05/15/27		100,000		104,744
Nutrien Ltd.
3.63%	03/15/24		150,000		156,649
4.00%	12/15/26		100,000		106,710
5.00%	04/01/49		50,000		59,330
NXP BV/NXP Funding LLC
5.55%	12/01/28		100,000		117,082	(d)
O’Reilly Automotive Inc.
4.35%	06/01/28		100,000		111,526
Occidental Petroleum Corp.
2.70%	08/15/22		25,000		25,273
2.90%	08/15/24		30,000		30,475
3.40%	04/15/26		140,000		143,322
3.50%	08/15/29		20,000		20,397
4.10%	02/15/47		100,000		97,140
4.40%	08/15/49		15,000		15,456
6.20%	03/15/40		142,000		169,636
Oesterreichische Kontrollbank AG
2.63%	01/31/22		150,000		152,758
2.88%	09/07/21		100,000		101,933
Ohio Power Co.
4.15%	04/01/48		100,000		114,888
Oklahoma Gas & Electric Co.
3.30%	03/15/30		50,000		52,346
Omega Healthcare Investors Inc.
4.50%	04/01/27		100,000		108,052
Omnicom Group Inc./Omnicom Capital Inc.
3.63%	05/01/22		100,000		103,548
Oncor Electric Delivery Company LLC
2.75%	06/01/24		100,000		102,348
3.70%	11/15/28		100,000		109,096
3.80%	06/01/49		100,000		109,280
ONE Gas Inc.
4.50%	11/01/48		20,000		23,950
ONEOK Inc.
4.35%	03/15/29		50,000		54,297
ONEOK Partners LP
6.13%	02/01/41		162,000		196,650
Oracle Corp.
2.65%	07/15/26		100,000		102,358
3.25%	05/15/30		150,000		159,922
3.63%	07/15/23		125,000		132,151
4.00%	07/15/46		100,000		111,079
4.30%	07/08/34		100,000		117,105
Orange S.A.
9.00%	03/01/31		150,000		232,752

		Principal Amount		Fair Value
ORIX Corp.
4.05%	01/16/24	$	100,000	$	106,407
PACCAR Financial Corp.
3.10%	05/10/21		20,000		20,306
PacifiCorp
4.15%	02/15/50		50,000		57,448
6.25%	10/15/37		153,000		214,084
Packaging Corporation of America
3.40%	12/15/27		35,000		36,537
Parker-Hannifin Corp.
4.00%	06/14/49		20,000		21,696
4.20%	11/21/34		100,000		110,156
Patterson-UTI Energy Inc.
3.95%	02/01/28		100,000		97,035
PayPal Holdings Inc.
2.40%	10/01/24		35,000		35,341
2.85%	10/01/29		30,000		30,240
PepsiCo Inc.
2.00%	04/15/21		100,000		100,317
2.75%	03/01/23		150,000		154,071
2.88%	10/15/49		25,000		24,168
3.00%	10/15/27		100,000		105,969
3.38%	07/29/49		35,000		36,707
3.45%	10/06/46		50,000		52,990
PerkinElmer Inc.
3.30%	09/15/29		15,000		15,380
Petroleos Mexicanos
4.50%	01/23/26		100,000		99,531
5.50%	06/27/44		58,000		51,878
6.38%	01/23/45		150,000		145,318
6.49%	01/23/27		150,000		160,032	(d)
6.50%	01/23/29 - 06/02/41		242,000		244,693
6.75%	09/21/47		113,000		113,864
Pfizer Inc.
2.80%	03/11/22		100,000		102,237
3.00%	09/15/21		120,000		122,502
3.20%	09/15/23		125,000		130,440
3.45%	03/15/29		50,000		53,811
3.60%	09/15/28		50,000		54,735
3.90%	03/15/39		125,000		140,922
4.00%	12/15/36 - 03/15/49		125,000		142,436
4.30%	06/15/43		100,000		117,399
Philip Morris International Inc.
2.88%	05/01/24		150,000		154,192
3.13%	03/02/28		50,000		51,496
3.38%	08/15/29		50,000		52,433
3.88%	08/21/42		92,000		95,935
Phillips 66
3.90%	03/15/28		50,000		54,572
4.88%	11/15/44		45,000		54,307
Phillips 66 Partners LP
3.15%	12/15/29		50,000		49,814
3.75%	03/01/28		10,000		10,433
4.68%	02/15/45		10,000		10,794
Plains All American Pipeline LP/PAA Finance Corp.
3.85%	10/15/23		100,000		103,449
4.50%	12/15/26		100,000		106,376
PNC Bank NA
2.55%	12/09/21		150,000		151,798
2.95%	02/23/25		100,000		103,549
3.10%	10/25/27		100,000		104,514
PPG Industries Inc.
3.75%	03/15/28		50,000		54,278
PPL Electric Utilities Corp.
4.15%	06/15/48		100,000		113,706
President & Fellows of Harvard College
3.15%	07/15/46		50,000		50,929
Principal Financial Group Inc.
3.40%	05/15/25		150,000		156,832
Prologis LP
4.25%	08/15/23		150,000		160,603

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Providence Saint Joseph Health Obligated Group
3.93%	10/01/48	$	20,000	$	21,531
Providence St Joseph Health Obligated Group
2.53%	10/01/29		20,000		19,650
Prudential Financial Inc.
3.70%	03/13/51		50,000		52,645
3.94%	12/07/49		90,000		98,230
4.35%	02/25/50		100,000		115,266
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		114,504	(h)
Public Service Company of Colorado
3.70%	06/15/28		50,000		54,515
4.10%	06/15/48		30,000		34,518
Public Service Electric & Gas Co.
2.38%	05/15/23		100,000		101,309
3.20%	08/01/49		90,000		90,765
3.65%	09/01/28		25,000		27,233
Public Service Enterprise Group Inc.
2.88%	06/15/24		15,000		15,330
Public Storage
3.39%	05/01/29		30,000		31,895
Puget Energy Inc.
3.65%	05/15/25		50,000		51,631
QUALCOMM Inc.
4.30%	05/20/47		100,000		114,581
4.65%	05/20/35		150,000		178,699
Quest Diagnostics Inc.
4.25%	04/01/24		150,000		160,728
Raytheon Co.
3.15%	12/15/24		90,000		94,914
Realty Income Corp.
4.65%	08/01/23		100,000		108,250
Regency Centers LP
4.13%	03/15/28		50,000		54,022
Regions Financial Corp.
3.80%	08/14/23		100,000		105,884
Reinsurance Group of America Inc.
3.90%	05/15/29		50,000		53,668
RELX Capital Inc.
3.50%	03/16/23		30,000		31,218
4.00%	03/18/29		25,000		27,216
RenaissanceRe Holdings Ltd.
3.60%	04/15/29		25,000		26,381
Republic Services Inc.
2.50%	08/15/24		70,000		70,871
Reynolds American Inc.
4.45%	06/12/25		100,000		107,689
Rio Tinto Finance USA Ltd.
5.20%	11/02/40		150,000		196,623
Rockwell Automation Inc.
3.50%	03/01/29		45,000		48,470
Rogers Communications Inc.
2.90%	11/15/26		100,000		101,869
3.00%	03/15/23		50,000		51,315
3.63%	12/15/25		60,000		63,955
3.70%	11/15/49		100,000		101,438
Roper Technologies Inc.
3.80%	12/15/26		100,000		107,546
Royal Bank of Canada
2.30%	03/22/21		150,000		150,792
2.75%	02/01/22		50,000		50,925
2.80%	04/29/22		100,000		102,122
Royal Bank of Scotland Group PLC
3.88%	09/12/23		100,000		104,705
5.13%	05/28/24		80,000		86,922
6.00%	12/19/23		75,000		83,301
6.10%	06/10/23		35,000		38,542
6.13%	12/15/22		85,000		92,998
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		112,920	(h)

		Principal Amount		Fair Value
RPM International Inc.
4.25%	01/15/48	$	50,000	$	49,236
Ryder System Inc.
3.40%	03/01/23		150,000		154,606
S&P Global Inc.
4.40%	02/15/26		100,000		111,053
Sabine Pass Liquefaction LLC
5.63%	03/01/25		135,000		151,764
5.75%	05/15/24		35,000		39,047
Sabra Health Care LP
3.90%	10/15/29		25,000		25,098
San Diego Gas & Electric Co.
3.60%	09/01/23		100,000		104,612
Sanofi
3.63%	06/19/28		100,000		110,726
Santander Holdings USA Inc.
3.40%	01/18/23		50,000		51,277
4.40%	07/13/27		50,000		54,053
4.45%	12/03/21		100,000		103,910
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		102,309	(h)
Santander UK PLC
2.88%	06/18/24		100,000		102,198
Seagate HDD Cayman
4.75%	06/01/23		51,000		54,109
Sempra Energy
3.80%	02/01/38		100,000		104,436
4.05%	12/01/23		50,000		53,256
Service Properties Trust
4.65%	03/15/24		150,000		155,862
Shell International Finance BV
3.13%	11/07/49		100,000		98,621
3.50%	11/13/23		140,000		147,482
4.00%	05/10/46		150,000		170,829
4.13%	05/11/35		150,000		174,775
4.38%	05/11/45		100,000		119,292
Shire Acquisitions Investments Ireland DAC
3.20%	09/23/26		150,000		154,594
Simon Property Group LP
2.00%	09/13/24		100,000		99,664
2.45%	09/13/29		100,000		98,612
2.75%	02/01/23		121,000		123,707
3.25%	09/13/49		100,000		97,235
SL Green Operating Partnership LP
3.25%	10/15/22		30,000		30,746
Southern California Edison Co.
3.40%	06/01/23		100,000		103,264
3.60%	02/01/45		125,000		122,564
4.20%	03/01/29		100,000		110,164
Southern Copper Corp.
5.88%	04/23/45		155,000		193,764
Southwest Airlines Co.
3.00%	11/15/26		100,000		102,518
Southwestern Electric Power Co.
3.85%	02/01/48		100,000		103,393
Spectra Energy Partners LP
3.50%	03/15/25		150,000		157,090
Spirit Realty LP
3.40%	01/15/30		25,000		25,105
SSM Health Care Corp.
3.69%	06/01/23		10,000		10,398
Stanley Black & Decker Inc.
2.90%	11/01/22		150,000		153,708
Starbucks Corp.
3.10%	03/01/23		50,000		51,615
3.50%	03/01/28		50,000		53,645
3.75%	12/01/47		35,000		36,030
Stryker Corp.
3.65%	03/07/28		150,000		161,451
Sumitomo Mitsui Financial Group Inc.
2.70%	07/16/24		100,000		101,430

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
2.78%	10/18/22	$	100,000	$	101,934
3.01%	10/19/26		100,000		102,415
3.35%	10/18/27		50,000		52,128
3.94%	10/16/23		100,000		105,955
4.31%	10/16/28		100,000		111,759
Suncor Energy Inc.
6.85%	06/01/39		150,000		216,730
Sunoco Logistics Partners Operations LP
5.95%	12/01/25		150,000		171,612
Svensk Exportkredit AB
1.63%	11/14/22		200,000		199,494
Svenska Handelsbanken AB
3.35%	05/24/21		150,000		152,956
Synchrony Financial
2.85%	07/25/22		15,000		15,200
3.95%	12/01/27		100,000		105,339
4.38%	03/19/24		35,000		37,335
Takeda Pharmaceutical Company Ltd.
4.00%	11/26/21		100,000		103,471
4.40%	11/26/23		50,000		53,726
5.00%	11/26/28		50,000		58,258
Tampa Electric Co.
4.30%	06/15/48		50,000		57,820
Target Corp.
3.38%	04/15/29		50,000		54,348
3.90%	11/15/47		50,000		57,576
4.00%	07/01/42		150,000		172,293
TC PipeLines LP
3.90%	05/25/27		100,000		104,270
TD Ameritrade Holding Corp.
2.95%	04/01/22		150,000		153,343
Teck Resources Ltd.
6.25%	07/15/41		100,000		114,800
Telefonica Emisiones S.A.
4.10%	03/08/27		100,000		108,272
Telefonica Emisiones S.A.
4.90%	03/06/48		150,000		171,462
TELUS Corp.
4.60%	11/16/48		50,000		58,929
Texas Instruments Inc.
3.88%	03/15/39		100,000		113,610
Textron Inc.
3.90%	09/17/29		50,000		53,378
The Allstate Corp.
4.20%	12/15/46		100,000		116,701
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		53,827	(h)
The Bank of New York Mellon Corp.
2.80%	05/04/26		30,000		30,838
3.00%	02/24/25		105,000		109,115
3.45%	08/11/23		100,000		105,391
3.50%	04/28/23		100,000		104,821
3.85%	04/28/28		100,000		111,847
The Bank of Nova Scotia
2.00%	11/15/22		100,000		100,178
2.50%	01/08/21		100,000		100,577
3.13%	04/20/21		100,000		101,589
The Boeing Co.
2.30%	08/01/21		15,000		15,083
2.95%	02/01/30		50,000		51,028
3.20%	03/01/29		50,000		52,258
3.38%	06/15/46		150,000		148,078
3.75%	02/01/50		50,000		53,165
The Charles Schwab Corp.
3.85%	05/21/25		150,000		162,952
The Clorox Co.
3.50%	12/15/24		150,000		159,732
The Coca-Cola Co.
2.13%	09/06/29		100,000		97,548
The Dayton Power & Light Co.
3.95%	06/15/49		15,000		15,351	(d)

		Principal Amount		Fair Value
The Dow Chemical Co.
3.00%	11/15/22	$	137,000	$	140,163
4.38%	11/15/42		137,000		146,713
The Estee Lauder Companies Inc.
2.00%	12/01/24		20,000		20,055
2.38%	12/01/29		20,000		19,994
3.13%	12/01/49		30,000		30,049
The George Washington University
4.13%	09/15/48		50,000		57,583
The Goldman Sachs Group Inc.
3.00%	04/26/22		100,000		101,215
3.50%	11/16/26		150,000		157,873
3.63%	02/20/24		180,000		188,874
3.85%	07/08/24		150,000		158,752
4.80%	07/08/44		100,000		120,590
5.75%	01/24/22		100,000		107,291
6.25%	02/01/41		150,000		210,882
6.75%	10/01/37		100,000		138,561
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		100,000		101,329	(h)
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		100,000		108,728	(h)
The Hartford Financial Services Group Inc.
4.40%	03/15/48		100,000		115,416
The Hershey Co.
3.38%	05/15/23		50,000		52,314
The Home Depot Inc.
2.13%	09/15/26		45,000		44,913
2.63%	06/01/22		190,000		193,587
3.90%	12/06/28		100,000		112,123
4.20%	04/01/43		150,000		173,706
4.40%	04/01/21		150,000		153,876
The Interpublic Group of Companies Inc.
4.65%	10/01/28		10,000		11,254
The JM Smucker Co.
3.38%	12/15/27		100,000		104,296
The Kroger Co.
3.85%	08/01/23		150,000		158,304
4.50%	01/15/29		100,000		112,538
5.40%	01/15/49		100,000		121,736
The Mosaic Co.
3.25%	11/15/22		50,000		51,295
4.05%	11/15/27		50,000		52,076
The New York and Presbyterian Hospital
3.95%	08/01/19		35,000		34,997
The PNC Financial Services Group Inc.
2.20%	11/01/24		50,000		50,179
3.50%	01/23/24		110,000		116,032
The Procter & Gamble Co.
1.70%	11/03/21		100,000		100,303
2.45%	11/03/26		100,000		103,086
The Progressive Corp.
4.35%	04/25/44		100,000		117,371
The Sherwin-Williams Co.
3.95%	01/15/26		100,000		107,437
4.20%	01/15/22		100,000		103,652
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		105,038	(h)
The Timken Co.
4.50%	12/15/28		20,000		21,529
The Toronto-Dominion Bank
1.90%	12/01/22		25,000		25,024
2.65%	06/12/24		100,000		102,383
3.25%	06/11/21 - 03/11/24		200,000		206,765
The Travelers Companies Inc.
4.00%	05/30/47		100,000		112,979
5.35%	11/01/40		100,000		130,304
The Walt Disney Co.
3.38%	11/15/26		100,000		107,100

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
6.65%	11/15/37	$	179,000	$	265,901
The Western Union Co.
3.60%	03/15/22		150,000		154,750
The Williams Companies Inc.
3.70%	01/15/23		10,000		10,344
4.55%	06/24/24		40,000		43,160
4.85%	03/01/48		70,000		76,758
5.10%	09/15/45		150,000		166,761
5.75%	06/24/44		15,000		17,705
5.80%	11/15/43		150,000		177,882
Thermo Fisher Scientific Inc.
2.60%	10/01/29		150,000		148,623
4.15%	02/01/24		25,000		26,831
Time Warner Cable LLC
4.50%	09/15/42		150,000		153,567
Total Capital International S.A.
2.43%	01/10/25		50,000		50,663
2.75%	06/19/21		150,000		152,221
3.46%	02/19/29		100,000		108,363
Total Capital S.A.
3.88%	10/11/28		25,000		27,886
Toyota Motor Credit Corp.
2.60%	01/11/22		100,000		101,590
2.70%	01/11/23		100,000		102,160
2.95%	04/13/21		100,000		101,475
3.05%	01/08/21		25,000		25,310
3.45%	09/20/23		50,000		52,561
3.65%	01/08/29		100,000		109,799
TransCanada PipeLines Ltd.
4.25%	05/15/28		50,000		55,555
5.10%	03/15/49		50,000		61,177
7.63%	01/15/39		100,000		150,390
Transcontinental Gas Pipe Line Company LLC
4.00%	03/15/28		100,000		106,178
Truist Bank
2.63%	01/15/22		100,000		101,352
2.80%	05/17/22		50,000		50,961
3.00%	02/02/23		100,000		102,593
3.20%	04/01/24		50,000		52,021
Truist Financial Corp.
2.15%	02/01/21		100,000		100,287
2.85%	10/26/24		50,000		51,687
3.75%	12/06/23		100,000		106,001
4.00%	05/01/25		50,000		54,189
Tucson Electric Power Co.
4.85%	12/01/48		50,000		61,041
TWDC Enterprises 18 Corp.
2.30%	02/12/21		130,000		130,772
3.00%	07/30/46		60,000		59,268
Tyson Foods Inc.
4.00%	03/01/26		15,000		16,241
4.88%	08/15/34		70,000		83,795
5.10%	09/28/48		35,000		44,010
U.S. Bancorp
2.63%	01/24/22		100,000		101,690
3.00%	07/30/29		100,000		102,639
UDR Inc.
4.40%	01/26/29		50,000		55,754
Unilever Capital Corp.
2.00%	07/28/26		150,000		148,882
2.75%	03/22/21		100,000		101,108
2.90%	05/05/27		100,000		104,445
Union Electric Co.
2.95%	06/15/27		100,000		103,099
3.50%	03/15/29		25,000		26,879
3.65%	04/15/45		35,000		36,960
Union Pacific Corp.
3.00%	04/15/27		100,000		104,736
3.20%	06/08/21		100,000		101,871
3.50%	06/08/23		50,000		52,379
3.55%	08/15/39		15,000		15,554
3.70%	03/01/29		65,000		70,814

		Principal Amount		Fair Value
3.84%	03/20/60	$	105,000	$	106,602	(d)
3.95%	09/10/28 - 08/15/59		50,000		54,083
4.38%	09/10/38		15,000		17,086
United Airlines 2013-1 Class A Pass Through Trust
4.30%	08/15/25		188,162		201,604
United Parcel Service Inc.
2.05%	04/01/21		100,000		100,274
2.45%	10/01/22		175,000		177,786
3.05%	11/15/27		50,000		52,580
3.75%	11/15/47		50,000		53,688
United Technologies Corp.
3.35%	08/16/21		110,000		112,644
3.65%	08/16/23		20,000		21,092
3.95%	08/16/25		15,000		16,368
4.13%	11/16/28		30,000		33,773
4.45%	11/16/38		160,000		189,110
4.50%	06/01/42		158,000		189,646
4.63%	11/16/48		15,000		18,768
UnitedHealth Group Inc.
2.88%	08/15/29		75,000		77,173
2.95%	10/15/27		100,000		103,633
3.10%	03/15/26		150,000		156,807
3.50%	02/15/24 - 08/15/39		70,000		73,706
3.70%	12/15/25 - 08/15/49		75,000		80,575
3.75%	10/15/47		100,000		107,160
3.88%	12/15/28		15,000		16,573
4.45%	12/15/48		10,000		11,949
4.63%	07/15/35		45,000		54,608
6.88%	02/15/38		100,000		148,134
University of Notre Dame du Lac
3.39%	02/15/48		25,000		26,624
Unum Group
4.50%	12/15/49		30,000		29,412
US Bancorp
3.95%	11/17/25		100,000		109,740
US Bank NA
2.80%	01/27/25		150,000		155,124
Vale Overseas Ltd.
6.25%	08/10/26		100,000		117,136
6.88%	11/10/39		100,000		130,394
Valero Energy Corp.
6.63%	06/15/37		150,000		199,156
Valero Energy Partners LP
4.38%	12/15/26		100,000		109,132
Ventas Realty LP
4.00%	03/01/28		150,000		160,557
4.40%	01/15/29		100,000		110,069
VEREIT Operating Partnership LP
4.60%	02/06/24		20,000		21,635
4.88%	06/01/26		25,000		27,623
Verisk Analytics Inc.
4.13%	03/15/29		60,000		65,906
Verizon Communications Inc.
2.63%	08/15/26		100,000		101,680
3.38%	02/15/25		100,000		105,861
3.85%	11/01/42		136,000		146,964
3.88%	02/08/29		5,000		5,516
4.33%	09/21/28		109,000		123,755
4.40%	11/01/34		150,000		174,466
4.52%	09/15/48		150,000		179,635
4.81%	03/15/39		189,000		228,509
5.15%	09/15/23		100,000		111,055
5.25%	03/16/37		100,000		125,505
ViacomCBS Inc.
3.38%	03/01/22		150,000		153,495
4.00%	01/15/26		150,000		160,890
5.85%	09/01/43		100,000		125,643
Virginia Electric & Power Co.
3.80%	04/01/28		100,000		108,762
4.60%	12/01/48		60,000		73,807
4.65%	08/15/43		100,000		120,409

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Visa Inc.
2.15%	09/15/22	$	100,000	$	101,133
4.30%	12/14/45		100,000		123,228
Vodafone Group PLC
4.25%	09/17/50		55,000		57,739
4.38%	05/30/28- 02/19/43		205,000		222,196
5.00%	05/30/38		100,000		115,650
5.25%	05/30/48		50,000		60,146
Vornado Realty LP
3.50%	01/15/25		50,000		52,176
Vulcan Materials Co.
4.70%	03/01/48		50,000		56,612
Walgreens Boots Alliance Inc.
3.45%	06/01/26		55,000		55,932
4.50%	11/18/34		155,000		160,569
Walmart Inc.
2.35%	12/15/22		100,000		101,749
3.13%	06/23/21		50,000		51,069
3.25%	07/08/29		40,000		43,020
3.40%	06/26/23		50,000		52,536
3.63%	12/15/47		125,000		138,504
3.70%	06/26/28		100,000		110,224
3.95%	06/28/38		40,000		46,490
4.05%	06/29/48		185,000		219,752
Waste Connections Inc.
3.50%	05/01/29		50,000		52,968
Waste Management Inc.
2.90%	09/15/22		150,000		153,516
4.15%	07/15/49		65,000		74,293
WEC Energy Group Inc.
3.38%	06/15/21		65,000		66,301
Wells Fargo & Co.
2.50%	03/04/21		140,000		140,958
2.63%	07/22/22		100,000		101,567
3.75%	01/24/24		100,000		105,763
4.13%	08/15/23		150,000		159,219
4.15%	01/24/29		100,000		111,712
4.40%	06/14/46		150,000		172,246
4.65%	11/04/44		150,000		176,830
4.75%	12/07/46		100,000		120,398
5.61%	01/15/44		169,000		222,483
Wells Fargo & Co. (2.41% fixed rate until 10/30/24; 0.83% + 3 month USD LIBOR thereafter)
2.41%	10/30/25		90,000		90,046	(h)
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88%	10/30/30		100,000		100,765	(h)
Wells Fargo Bank NA
3.55%	08/14/23		150,000		157,167
3.63%	10/22/21		100,000		102,956
Welltower Inc.
3.63%	03/15/24		25,000		26,266
4.25%	04/15/28		115,000		126,195
Western Midstream Operating LP
5.45%	04/01/44		150,000		132,238
Westinghouse Air Brake Technologies Corp.
3.45%	11/15/26		100,000		100,976
Westlake Chemical Corp.
4.38%	11/15/47		50,000		50,425
Westpac Banking Corp.
2.00%	08/19/21		100,000		100,163
2.80%	01/11/22		100,000		101,638
3.30%	02/26/24		100,000		104,270
3.35%	03/08/27		100,000		105,549
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		105,641	(h)
Weyerhaeuser Co.
7.38%	03/15/32		100,000		138,224
Whirlpool Corp.
3.70%	05/01/25		150,000		158,535
Willis North America Inc.
3.88%	09/15/49		35,000		35,072

		Principal Amount		Fair Value
4.50%	09/15/28	$	50,000	$	55,163
Wisconsin Electric Power Co.
4.30%	10/15/48		10,000		11,670
Wisconsin Power & Light Co.
3.05%	10/15/27		100,000		103,418
Wisconsin Public Service Corp.
3.30%	09/01/49		20,000		19,995
WP Carey Inc.
3.85%	07/15/29		50,000		52,823
WRKCo Inc.
4.20%	06/01/32		50,000		54,827
4.65%	03/15/26		100,000		110,413
Xcel Energy Inc.
3.30%	06/01/25		50,000		52,198
4.00%	06/15/28		100,000		109,420
Zimmer Biomet Holdings Inc.
3.70%	03/19/23		75,000		78,100
Zoetis Inc.
4.70%	02/01/43		150,000		179,124
					126,322,203
Non-Agency Collateralized Mortgage Obligations – 0.3%
BANK 2018-BNK14
4.23%	09/15/60		191,106		213,813	(h)
BANK 2019-BNK20
3.01%	09/15/61		50,000		51,462
BANK 2019-BNK21
2.85%	10/17/52		350,000		355,481
BANK 2019-BNK22
2.98%	11/15/62		50,000		51,302
BBCMS Mortgage Trust 2018-C2
4.31%	12/15/51		50,000		56,244
Benchmark 2018-B5 Mortgage Trust
4.21%	07/15/51		100,000		111,870
Benchmark 2019-B13 Mortgage Trust
2.95%	08/15/57		100,000		102,386
Benchmark Mortgage Trust
4.12%	07/15/51		100,000		111,002	(h)
CD 2017-CD6 Mortgage Trust
3.46%	11/13/50		150,000		158,972
Citigroup Commercial Mortgage Trust 2014-GC21
4.03%	05/10/47		100,000		105,419
Citigroup Commercial Mortgage Trust 2014-GC25
4.02%	10/10/47		300,000		316,074
COMM 2012-CCRE 1 Mortgage Trust
3.39%	05/15/45		234,356		239,719
COMM 2013-CCRE12 Mortgage Trust
4.05%	10/10/46		200,000		212,181
COMM 2015-LC19 Mortgage Trust
3.18%	02/10/48		150,000		155,554
COMM 2016-DC2 Mortgage Trust
3.77%	02/10/49		190,000		202,915
CSAIL 2018-CX12 Commercial Mortgage Trust
4.22%	08/15/51		200,000		222,616	(h)
GS Mortgage Securities Trust 2015-GC28
3.98%	02/10/48		150,000		157,008
GS Mortgage Securities Trust 2016-GS3
2.78%	10/10/49		80,000		81,441
GS Mortgage Securities Trust 2017-GS5
3.67%	03/10/50		204,729		219,330
GS Mortgage Securities Trust 2019-GC38
3.97%	02/10/52		50,000		55,245
JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20
3.80%	07/15/47		250,000		265,030
JPMBB Commercial Mortgage Securities Trust 2013-C14
3.76%	08/15/46		180,258		185,391	(h)
JPMBB Commercial Mortgage Securities Trust 2014-C22
3.80%	09/15/47		75,000		79,631
JPMDB Commercial Mortgage Securities Trust 2017-C5
3.41%	03/15/50		150,000		157,711
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
3.14%	05/15/49		500,000		514,822

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

		Principal Amount		Fair Value
Morgan Stanley Capital I Trust 2016-UBS12
3.60%	12/15/49	$	150,000	$	159,685
UBS Commercial Mortgage Trust 2017-C4
3.56%	10/15/50		185,000		197,187
UBS Commercial Mortgage Trust 2018-C15
4.07%	12/15/51		100,000		111,083
Wells Fargo Commercial Mortgage Trust 2012-LC5
2.92%	10/15/45		153,267		155,873
4.69%	10/15/45		220,000		230,454	(h)
Wells Fargo Commercial Mortgage Trust 2017-C41
3.47%	11/15/50		150,000		158,960
Wells Fargo Commercial Mortgage Trust 2018-C46
4.15%	08/15/51		200,000		222,290
WFRBS Commercial Mortgage Trust 2012-C7
3.43%	06/15/45		200,000		205,110
WFRBS Commercial Mortgage Trust 2013-C17
4.02%	12/15/46		35,000		37,120
WFRBS Commercial Mortgage Trust 2014-C23
3.65%	10/15/57		67,431		71,027
					5,931,408
Sovereign Bonds – 0.4%
Export Development Canada
2.50%	01/24/23		200,000		204,864
Export-Import Bank of Korea
3.00%	11/01/22		200,000		205,228
3.63%	11/27/23		200,000		210,790
Government of Canada
2.63%	01/25/22		100,000		102,018
Government of Chile
3.13%	01/21/26		200,000		208,330
3.50%	01/25/50		200,000		209,606
Government of Colombia
5.00%	06/15/45		150,000		174,510
6.13%	01/18/41		150,000		194,382
Government of Hungary
5.38%	03/25/24		100,000		112,749
Government of Indonesia
4.75%	02/11/29		100,000		114,561
Government of Israel
2.88%	03/16/26		200,000		208,802
3.25%	01/17/28		200,000		214,832
Government of Italy
5.38%	06/15/33		150,000		174,156
Government of Mexico
4.00%	10/02/23		200,000		210,770
4.35%	01/15/47		100,000		105,593
4.75%	03/08/44		102,000		112,804
5.75%	10/12/10		172,000		203,555
6.05%	01/11/40		130,000		169,019
Government of Panama
3.75%	03/16/25		200,000		212,448
6.70%	01/26/36		150,000		210,325
Government of Peru
6.55%	03/14/37		147,000		214,805
7.35%	07/21/25		100,000		126,119
Government of Philippines
3.70%	03/01/41		100,000		113,400
3.75%	01/14/29		100,000		110,483
4.00%	01/15/21		100,000		102,114
4.20%	01/21/24		200,000		215,634
Government of Poland
3.00%	03/17/23		147,000		151,498
3.25%	04/06/26		100,000		106,065
5.00%	03/23/22		100,000		106,900
Government of Uruguay
4.50%	08/14/24		200,000		216,132
4.98%	04/20/55		200,000		236,176
Iraq Government AID Bond
2.15%	01/18/22		480,000		484,238
Japan Bank for International Cooperation
1.63%	10/17/22		200,000		198,594
2.88%	07/21/27		100,000		104,622

		Principal Amount		Fair Value
3.38%	10/31/23	$	200,000	$	210,554
Korea International Bond
2.50%	06/19/29		100,000		101,292
Province of Alberta Canada
2.95%	01/23/24		50,000		52,047
3.35%	11/01/23		150,000		158,447
Province of Manitoba Canada
2.60%	04/16/24		100,000		102,862
Province of Ontario Canada
2.55%	02/12/21		150,000		151,280
3.05%	01/29/24		250,000		261,310
3.40%	10/17/23		150,000		158,642
Province of Quebec Canada
2.38%	01/31/22		200,000		202,592
The Korea Development Bank
2.13%	10/01/24		100,000		99,772
2.63%	02/27/22		200,000		202,548
					7,747,468
Municipal Bonds and Notes – 0.1%
American Municipal Power Inc.
6.27%	02/15/50		100,000		133,589
Chicago O’Hare International Airport
4.47%	01/01/49		100,000		120,655
Chicago Transit Authority
6.90%	12/01/40		75,000		101,319
Commonwealth of Massachusetts
4.50%	08/01/31		100,000		115,889
Dallas Area Rapid Transit
5.02%	12/01/48		75,000		99,175
East Bay Municipal Utility District
5.87%	06/01/40		100,000		137,245
Los Angeles Department of Water & Power
6.57%	07/01/45		100,000		156,317
6.60%	07/01/50		90,000		144,444
Los Angeles Unified School District
5.76%	07/01/29		110,000		133,374
Municipal Electric Authority of Georgia
6.64%	04/01/57		124,000		166,963
New York City Water & Sewer System
6.01%	06/15/42		50,000		72,452
New York State Dormitory Authority
3.14%	07/01/43		50,000		49,572
New York State Urban Development Corp.
3.90%	03/15/33		25,000		26,864
North Texas Tollway Authority
6.72%	01/01/49		100,000		156,893
Port Authority of New York & New Jersey
5.31%	08/01/46		200,000		221,446
Sales Tax Securitization Corp.
4.64%	01/01/40		25,000		28,025
South Carolina State Public Service Authority
6.45%	01/01/50		50,000		73,530
State of California
7.60%	11/01/40		100,000		165,071
University of California
4.60%	05/15/31		100,000		114,276
6.58%	05/15/49		100,000		143,981
University of Texas System
4.79%	08/15/46		100,000		124,015
					2,485,095
U.S. Government Sponsored Agency – 0.0% *
Tennessee Valley Authority
3.50%	12/15/42		500,000		558,355
Total Bonds and Notes (Cost $506,659,170)					527,040,659

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

	Number of Shares		Fair Value
Exchange Traded & Mutual Funds – 14.9%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		3,527,990	$	58,423,515
SPDR Bloomberg Barclays High Yield Bond ETF		1,233,354		135,101,597	(j)
SPDR Dow Jones REIT ETF		917,656		93,619,265	(j)
				287,144,377
Total Exchange Traded & Mutual Funds (Cost $283,988,898)				287,144,377
Total Investments in Securities (Cost $1,731,302,581)				1,877,280,767

	Number of Shares		Fair Value
Short-Term Investments – 3.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.57%(Cost $60,902,376)		60,902,376	$	60,902,376	(e,j,k)
Total Investments (Cost $1,792,204,957)				1,938,183,143
Liabilities in Excess of Other Assets, net – (0.9)%				(17,079,153	)
NET ASSETS – 100.0%			$	1,921,103,990

Other Information:

The Fund had the following long futures contracts open at December 31, 2019:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		March 2020		6	$	493,006	$	501,180	$	8,174
MSCI EAFE Mini Index Futures		March 2020		15		1,517,561		1,527,375		9,814
MSCI Emerging Market Mini Futures		March 2020		83		4,404,330		4,648,830		244,500
S&P 500 Emini Index Futures		March 2020		7		1,112,714		1,130,885		18,171
									$	280,659

During the year ended December 31, 2019, average notional values related to long futures contracts was $13,456,454.

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) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the Fund’s Board of Directors.

(c) Security is fair valued by the Oversight 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, 2019, these securities amounted to $8,856,180 or 0.46% 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) At December 31, 2019, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs.

(f) Security traded on different exchanges.

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

(h) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(i) Step coupon bond.

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

(k) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2019.

* Less than 0.05%.

Abbreviations:
ADR	American Depositary Receipt

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

GDR	Global Depositary Receipt
ISDA	International Swaps and Derivatives Association
LIBOR	London Interbank Offered Rate
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
SPDR	Standard and Poor’s Depositary Receipt
TBA	To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2019:

Fund	Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
	Domestic Equity	$	645,043,583	$	327	$	—	$	645,043,910
	Foreign Equity		417,940,794		110,025		1,002		418,051,821
	U.S. Treasuries		—		245,910,372		—		245,910,372
	Agency Mortgage Backed		—		132,652,003		—		132,652,003
	Agency Collateralized Mortgage Obligations		—		3,501,304		—		3,501,304
	Asset Backed		—		1,932,451		—		1,932,451
	Corporate Notes		—		126,322,203		—		126,322,203
	Non-Agency Collateralized Mortgage Obligations		—		5,931,408		—		5,931,408
	Sovereign Bonds		—		7,747,468		—		7,747,468
	Municipal Bonds and Notes		—		2,485,095		—		2,485,095
	U.S. Government Sponsored Agencies		—		558,355		—		558,355
	Exchange Traded & Mutual Funds		287,144,377		—		—		287,144,377
	Short-Term Investments		60,902,376		—		—		60,902,376
Total Investments in Securities		$	1,411,031,130	$	527,151,011	$	1,002	$	1,938,183,143
Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	280,659	$	—	$	—	$	280,659

The Fund was invested in the following countries/territories at December 31, 2019 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States	75.54%
Japan	3.21%
United Kingdom	2.61%
Canada	2.15%
Switzerland	2.14%
France	1.44%
Australia	1.33%
Germany	1.21%
China	1.17%
Ireland	0.99%
Hong Kong	0.72%
Taiwan	0.58%
Sweden	0.56%
Netherlands	0.46%
South Korea	0.44%
Italy	0.43%
India	0.39%
Bermuda	0.38%
Singapore	0.36%
Supranational	0.30%
Brazil	0.30%
Finland	0.30%
Spain	0.28%
Israel	0.26%
Russian Federation	0.23%
Denmark	0.20%
South Africa	0.19%
Belgium	0.15%
Mexico	0.15%
New Zealand	0.15%
Thailand	0.12%
Puerto Rico	0.11%
Malaysia	0.10%
Luxembourg	0.10%
Norway	0.09%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

Country/Territory	Percentage (based on Fair Value)
Cayman Islands	0.08%
Colombia	0.08%
Poland	0.07%
Chile	0.06%
Saudi Arabia	0.06%
Panama	0.06%
Turkey	0.05%
Philippines	0.05%
Indonesia	0.05%
Qatar	0.05%
Portugal	0.04%
Hungary	0.03%
Iraq	0.03%
Greece	0.03%
Uruguay	0.02%
United Arab Emirates	0.02%
Peru	0.02%
Czech Republic	0.02%
Austria	0.01%
Czech	0.01%
Monaco	0.01%
Guernsey	0.01%
Pakistan	0.00%
UAE	0.00%
	100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2019 (unaudited):

Industry	Domestic			Foreign			Total
Exchange Traded Funds		14.81	%		0.00	%		14.81	%
Property & Casualty Insurance		1.96	%		0.35	%		2.31	%
Multi-Line Insurance		0.30	%		1.38	%		1.68	%
Pharmaceuticals		1.01	%		0.64	%		1.65	%
Semiconductor Equipment		1.47	%		0.06	%		1.53	%
IT Consulting & Other Services		0.32	%		1.14	%		1.46	%
Electric Utilities		0.88	%		0.50	%		1.38	%
Multi-Sector Holdings		1.13	%		0.23	%		1.36	%
Life & Health Insurance		0.56	%		0.76	%		1.32	%
Integrated Telecommunication Services		0.24	%		1.04	%		1.28	%
Industrial Machinery		0.59	%		0.66	%		1.25	%
Healthcare Equipment		0.98	%		0.18	%		1.16	%
Diversified Banks		0.00	%		1.15	%		1.15	%
Technology Hardware, Storage & Peripherals		0.65	%		0.48	%		1.13	%
Application Software		1.11	%		0.00	%		1.11	%
Industrial Gases		0.52	%		0.55	%		1.07	%
Automobile Manufacturers		0.74	%		0.30	%		1.04	%
Oil & Gas Refining & Marketing		0.96	%		0.07	%		1.03	%
General Merchandise Stores		0.65	%		0.34	%		0.99	%
Industrial Conglomerates		0.87	%		0.06	%		0.93	%
Home Building		0.32	%		0.53	%		0.85	%
Retail REITs		0.47	%		0.34	%		0.81	%
Semiconductors		0.60	%		0.17	%		0.77	%
Hypermarkets & Super Centers		0.70	%		0.06	%		0.76	%
Movies & Entertainment		0.68	%		0.05	%		0.73	%
Reinsurance		0.10	%		0.63	%		0.73	%
Apparel Retail		0.67	%		0.05	%		0.72	%
Packaged Foods & Meats		0.44	%		0.27	%		0.71	%
Mortgage REITs		0.70	%		0.00	%		0.70	%
Restaurants		0.66	%		0.01	%		0.67	%
Food Retail		0.07	%		0.60	%		0.67	%
Household Products		0.61	%		0.05	%		0.66	%
Integrated Oil & Gas		0.21	%		0.45	%		0.66	%
Systems Software		0.57	%		0.04	%		0.61	%
Data Processing & Outsourced Services		0.55	%		0.05	%		0.60	%
Multi-Utilities		0.42	%		0.18	%		0.60	%
Auto Parts & Equipment		0.20	%		0.39	%		0.59	%
Trading Companies & Distributors		0.18	%		0.39	%		0.57	%
Regional Banks		0.41	%		0.13	%		0.54	%
Tires & Rubber		0.02	%		0.46	%		0.48	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

Industry	Domestic			Foreign			Total
Asset Management & Custody Banks		0.17	%		0.29	%		0.46	%
Construction & Engineering		0.23	%		0.22	%		0.45	%
Diversified REITs		0.20	%		0.24	%		0.44	%
Aerospace & Defense		0.33	%		0.11	%		0.44	%
Personal Products		0.01	%		0.42	%		0.43	%
Consumer Finance		0.42	%		0.00	%		0.42	%
Metal & Glass Containers		0.41	%		0.00	%		0.41	%
Automotive Retail		0.36	%		0.04	%		0.40	%
Technology Distributors		0.36	%	��	0.04	%		0.40	%
Gas Utilities		0.13	%		0.25	%		0.38	%
Healthcare Facilities		0.36	%		0.00	%		0.36	%
Diversified Support Services		0.35	%		0.00	%		0.35	%
Healthcare Distributors		0.24	%		0.10	%		0.34	%
Internet & Direct Marketing Retail		0.18	%		0.17	%		0.35	%
Construction Machinery & Heavy Trucks		0.29	%		0.05	%		0.34	%
Financial Exchanges & Data		0.17	%		0.15	%		0.32	%
Research & Consulting Services		0.16	%		0.14	%		0.30	%
Advertising		0.24	%		0.05	%		0.29	%
Environmental & Facilities Services		0.29	%		0.00	%		0.29	%
Steel		0.10	%		0.17	%		0.27	%
Biotechnology		0.24	%		0.01	%		0.25	%
Office REITs		0.06	%		0.18	%		0.24	%
Specialized REITs		0.23	%		0.00	%		0.23	%
Health Care REITs		0.23	%		0.00	%		0.23	%
Managed Healthcare		0.22	%		0.00	%		0.22	%
Specialty Chemicals		0.04	%		0.18	%		0.22	%
Electronic Manufacturing Services		0.17	%		0.05	%		0.22	%
Electronic Equipment & Instruments		0.07	%		0.15	%		0.22	%
Diversified Real Estate Activities		0.00	%		0.22	%		0.22	%
Industrial REITs		0.01	%		0.20	%		0.21	%
Healthcare Services		0.12	%		0.09	%		0.21	%
Electronic Components		0.03	%		0.18	%		0.21	%
Cable & Satellite		0.15	%		0.06	%		0.21	%
Apparel, Accessories & Luxury Goods		0.01	%		0.19	%		0.20	%
Footwear		0.14	%		0.06	%		0.20	%
Specialty Stores		0.17	%		0.03	%		0.20	%
Independent Power Producers & Energy Traders		0.08	%		0.11	%		0.19	%
Trucking		0.16	%		0.03	%		0.19	%
Human Resource & Employment Services		0.11	%		0.08	%		0.19	%
Distributors		0.18	%		0.00	%		0.18	%
Wireless Telecommunication Services		0.01	%		0.17	%		0.18	%
Building Products		0.12	%		0.05	%		0.17	%
Air Freight & Logistics		0.17	%		0.00	%		0.17	%
Life Sciences Tools & Services		0.10	%		0.07	%		0.17	%
Broadcasting		0.09	%		0.07	%		0.16	%
Thrifts & Mortgage Finance		0.15	%		0.00	%		0.15	%
Leisure Products		0.03	%		0.12	%		0.15	%
Interactive Media & Services		0.04	%		0.10	%		0.14	%
Real Estate Development		0.00	%		0.14	%		0.14	%
Real Estate Operating Companies		0.00	%		0.14	%		0.14	%
Department Stores		0.00	%		0.13	%		0.13	%
Other Diversified Financial Services		0.05	%		0.08	%		0.13	%
Airlines		0.03	%		0.10	%		0.13	%
Diversified Metals & Mining		0.00	%		0.12	%		0.12	%
Food Distributors		0.10	%		0.02	%		0.12	%
Marine		0.00	%		0.12	%		0.12	%
Consumer Electronics		0.12	%		0.00	%		0.12	%
Commodity Chemicals		0.01	%		0.10	%		0.11	%
Insurance Brokers		0.11	%		0.00	%		0.11	%
Commercial Printing		0.01	%		0.09	%		0.10	%
Oil & Gas Storage & Transportation		0.05	%		0.05	%		0.10	%
Electrical Components & Equipment		0.08	%		0.02	%		0.10	%
Investment Banking & Brokerage		0.10	%		0.00	%		0.10	%
Household Appliances		0.00	%		0.09	%		0.09	%
Home Improvement Retail		0.04	%		0.05	%		0.09	%
Home Furnishing Retail		0.08	%		0.00	%		0.08	%
Internet Services & Infrastructure		0.00	%		0.08	%		0.08	%
Hotel & Resort REITs		0.07	%		0.00	%		0.07	%
Gold		0.00	%		0.07	%		0.07	%
Residential REITs		0.07	%		0.00	%		0.07	%
Construction Materials		0.00	%		0.07	%		0.07	%
Paper Packaging		0.07	%		0.00	%		0.07	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2019

Industry	Domestic			Foreign			Total
Soft Drinks		0.05	%		0.02	%		0.07	%
Agricultural Products		0.00	%		0.06	%		0.06	%
Renewable Electricity		0.00	%		0.06	%		0.06	%
Railroads		0.00	%		0.06	%		0.06	%
Airport Services		0.03	%		0.02	%		0.05	%
Coal & Consumable Fuels		0.01	%		0.04	%		0.05	%
Agricultural & Farm Machinery		0.05	%		0.00	%		0.05	%
Interactive Home Entertainment		0.05	%		0.00	%		0.05	%
Hotels, Resorts & Cruise Lines		0.05	%		0.00	%		0.05	%
Communications Equipment		0.04	%		0.01	%		0.05	%
Publishing		0.02	%		0.02	%		0.04	%
Healthcare Supplies		0.04	%		0.00	%		0.04	%
Brewers		0.04	%		0.00	%		0.04	%
Oil & Gas Equipment & Services		0.04	%		0.00	%		0.04	%
Computer & Electronics Retail		0.00	%		0.04	%		0.04	%
Drug Retail		0.00	%		0.03	%		0.03	%
Education Services		0.03	%		0.00	%		0.03	%
Diversified Capital Markets		0.00	%		0.03	%		0.03	%
Highways & Railtracks		0.00	%		0.03	%		0.03	%
Marine Ports & Services		0.00	%		0.02	%		0.02	%
Diversified Chemicals		0.00	%		0.02	%		0.02	%
Water Utilities		0.00	%		0.02	%		0.02	%
Casinos & Gaming		0.00	%		0.02	%		0.02	%
Oil & Gas Drilling		0.02	%		0.00	%		0.02	%
Office Services & Supplies		0.02	%		0.00	%		0.02	%
Tobacco		0.02	%		0.00	%		0.02	%
Real Estate Services		0.02	%		0.00	%		0.02	%
Security & Alarm Services		0.00	%		0.02	%		0.02	%
Motorcycle Manufacturers		0.00	%		0.02	%		0.02	%
Paper Products		0.02	%		0.00	%		0.02	%
Oil & Gas Exploration & Production		0.01	%		0.00	%		0.01	%
Precious Metals & Minerals		0.00	%		0.01	%		0.01	%
Fertilizers & Agricultural Chemicals		0.00	%		0.01	%		0.01	%
Copper		0.00	%		0.01	%		0.01	%
Alternative Carriers		0.01	%		0.00	%		0.01	%
Healthcare Technology		0.01	%		0.00	%		0.01	%
Specialized Finance		0.00	%		0.01	%		0.01	%
Textiles		0.00	%		0.01	%		0.01	%
Specialized Consumer Services		0.00	%		0.00	%		0.00	%
Home Furnishings		0.00	%		0.00	%		0.00	%
Aluminum		0.00	%		0.00	%		0.00	%
Banks		0.00	%		0.00	%		0.00	%
								69.67	%

Sector	Percentage (based on Fair Value)
U.S. Treasuries		12.69	%
Agency Mortgage Backed		6.84	%
Corporate Notes		6.52	%
Sovereign Bonds		0.40	%
Non-Agency Collateralized Mortgage Obligations		0.30	%
Agency Collateralized Mortgage Obligations		0.18	%
Municipal Bonds and Notes		0.13	%
Asset Backed		0.10	%
U.S. Government Sponsored Agencies		0.03	%
		27.19	%
Short-Term Investments
Short-Term Investments		3.14	%
		3.14	%
		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, 2019

Affiliate Table
	Number of Shares Held at 12/31/18		Value At 12/31/18		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/19		Value at 12/31/19		Dividend Income		Capital Gains Distributions
SPDR Bloomberg Barclays High Yield Bond ETF		2,846,551		95,615,648		83,544,615		52,501,879		(347,906	)		8,791,119		1,233,354	$	135,101,597		7,362,300		—
SPDR Dow Jones REIT ETF		410,485		35,301,710		110,472,890		62,269,080		2,020,884			8,092,861		917,656		93,619,265		3,193,298		—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		90,625,489		90,625,489		553,501,715		583,224,828		—			—		60,902,376		60,902,376		1,321,374		—
TOTAL			$	221,542,847	$	747,519,220	$	697,995,787	$	1,672,978		$	16,883,980			$	289,623,238	$	11,876,972	$	—

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities 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 byRule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required byRule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.

By:	/s/ Jeanne M. La Porta
	Jeanne M. La Porta
	President
Date:	February 28, 2020

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:	February 28, 2020
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer (Principal Financial Officer)
Date:	February 28, 2020