UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04041
STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
| | |
| (Name and Address of Agent for Service) | | Copy to: |
| |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | | Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1. Shareholder Reports.
| (a) | The Report to Shareholders is attached herewith. |
Annual Report
December 31, 2023
| State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 17 |
| 18 |
| 19 |
| 20 |
| 21 |
| 27 |
| 28 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street S&P 500 Index V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com. 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 widely held U.S. stocks recognized by investors to be representative of the stock market in general.
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 S&P 500 Index V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street S&P 500 Index V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The State Street S&P 500 Index V.I.S. Fund (the “Fund”) seeks growth of capital and accumulation of income that corresponds to the investment return of the S&P 500® Index. The Fund’s benchmark is the S&P 500 Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 25.96% and the total return for the Index was 26.29%. 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 and expenses, cash drag, and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
A volatile 2023 ended on a cautiously positive note, as developed market (DM) central banks reached the end of their tightening cycle and signaled that some relief on rates was not too far off. After negative third quarter, S&P 500 rallied in Q4, supported by prospects of rate cuts in 2024 as inflation softened and the Federal Reserve Chair’s supportive comments shored up investor sentiment. Q3 earnings also encouraged investors. Most sectors rallied over the fourth quarter, except for energy, which was dragged down by weak crude prices over the quarter. During 2023, global growth slowed at divergent rates across key economies – growth in the United States outpaced expectations but growth disappointed elsewhere.
On a quarterly basis, the S& P 500 reported earnings decline of -1.7% and -4.1% for Q1 2023 and Q2 2023, respectively. However, the Index reported earnings growth of 4.9% for Q3 2023 and was projected to report an earnings growth of 2.4% for Q4 2023. If 2.4% were the actual growth rate for Q4 2023, it will mark the second straight quarter of year-over-year (YoY) earnings growth for the Index. The forward 12-month P/E ratio for the S&P 500 was 19.3, above the 5-year (18.8) and 10-year averages (17.6).
Strong index performance was driven by Information Technology, Communication Services and Consumer Discretionary sectors. Utilities, Energy and Consumer Staples were the worst performing sectors with negative returns.
The Fund used futures in order to obtain desired exposure during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Microsoft Corporation, Apple Inc. and NVIDIA Corporation. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Pfizer Inc., Chevron Corporation, and Johnson and Johnson.
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
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $181,931 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Apple, Inc. | 6.92% |
| Microsoft Corp. | 6.87% |
| Amazon.com, Inc. | 3.39% |
| NVIDIA Corp. | 3.01% |
| Alphabet, Inc., Class A | 2.03% |
| Meta Platforms, Inc., Class A | 1.94% |
| Alphabet, Inc., Class C | 1.72% |
| Tesla, Inc. | 1.69% |
| Berkshire Hathaway, Inc., Class B | 1.59% |
| Broadcom, Inc. | 1.21% |
| Average Annual Total Return for the years ended December 31, 2023 |
| 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 | 25.96% | | 15.32% | | 11.68% | | $30,170 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
|
| (a) | Fair Value basis is inclusive of a 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. |
| State Street S&P 500 Index V.I.S. Fund | 3 |
State Street S&P 500 Index V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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.
| 4 | 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, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,079.30 | | $1,023.70 |
| Expenses Paid During Period* | $ 1.52 | | $ 1.48 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.29%** (for the period July 1, 2023 - December 31, 2023), 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 S&P 500 Index V.I.S. Fund | 5 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 98.3% † |
| Advertising - 0.1% |
| Interpublic Group of Cos., Inc. | 1,662 | $ 54,248 |
| Omnicom Group, Inc. | 814 | 70,419 |
| | | 124,667 |
| Aerospace & Defense - 1.6% |
| Axon Enterprise, Inc. (a) | 300 | 77,499 |
| Boeing Co. (a) | 2,518 | 656,342 |
| General Dynamics Corp. | 999 | 259,410 |
| Howmet Aerospace, Inc. | 1,436 | 77,716 |
| Huntington Ingalls Industries, Inc. | 200 | 51,928 |
| L3Harris Technologies, Inc. | 842 | 177,342 |
| Lockheed Martin Corp. | 987 | 447,348 |
| Northrop Grumman Corp. | 647 | 302,887 |
| RTX Corp. | 6,357 | 534,878 |
| Textron, Inc. | 1,023 | 82,270 |
| TransDigm Group, Inc. | 240 | 242,784 |
| | | 2,910,404 |
| Agricultural & Farm Machinery - 0.3% |
| Deere & Co. | 1,171 | 468,248 |
| Agricultural Products & Services - 0.1% |
| Archer-Daniels-Midland Co. | 2,587 | 186,833 |
| Bunge Global S.A. | 700 | 70,665 |
| | | 257,498 |
| Air Freight & Logistics - 0.5% |
| CH Robinson Worldwide, Inc. | 552 | 47,687 |
| Expeditors International of Washington, Inc. | 713 | 90,694 |
| FedEx Corp. | 1,036 | 262,077 |
| United Parcel Service, Inc., Class B | 3,256 | 511,941 |
| | | 912,399 |
| Apparel Retail - 0.4% |
| Ross Stores, Inc. | 1,479 | 204,679 |
| TJX Cos., Inc. | 5,214 | 489,125 |
| | | 693,804 |
| Apparel, Accessories & Luxury Goods - 0.2% |
| Lululemon Athletica, Inc. (a) | 500 | 255,645 |
| Ralph Lauren Corp. | 170 | 24,514 |
| Tapestry, Inc. | 1,189 | 43,767 |
| VF Corp. | 1,441 | 27,091 |
| | | 351,017 |
| | Number
of Shares | Fair
Value |
| Application Software - 2.6% |
| Adobe, Inc. (a) | 2,035 | $ 1,214,081 |
| ANSYS, Inc. (a) | 358 | 129,911 |
| Autodesk, Inc. (a) | 963 | 234,471 |
| Cadence Design Systems, Inc. (a) | 1,224 | 333,381 |
| Fair Isaac Corp. (a) | 100 | 116,401 |
| Intuit, Inc. | 1,275 | 796,913 |
| PTC, Inc. (a) | 500 | 87,480 |
| Roper Technologies, Inc. | 486 | 264,953 |
| Salesforce, Inc. (a) | 4,389 | 1,154,921 |
| Synopsys, Inc. (a) | 682 | 351,169 |
| Tyler Technologies, Inc. (a) | 200 | 83,624 |
| | | 4,767,305 |
| Asset Management & Custody Banks - 0.9% |
| Ameriprise Financial, Inc. | 475 | 180,419 |
| Bank of New York Mellon Corp. | 3,217 | 167,445 |
| BlackRock, Inc. | 625 | 507,375 |
| Blackstone, Inc. | 3,100 | 405,852 |
| Franklin Resources, Inc. | 1,491 | 44,417 |
| Invesco Ltd. | 1,674 | 29,864 |
| Northern Trust Corp. | 920 | 77,630 |
| State Street Corp. (b) | 1,468 | 113,711 |
| T Rowe Price Group, Inc. | 928 | 99,936 |
| | | 1,626,649 |
| Automobile Manufacturers - 1.9% |
| Ford Motor Co. | 17,533 | 213,727 |
| General Motors Co. | 6,122 | 219,902 |
| Tesla, Inc. (a) | 12,393 | 3,079,413 |
| | | 3,513,042 |
| Automotive Parts & Equipment - 0.1% |
| Aptiv PLC (a) | 1,165 | 104,524 |
| BorgWarner, Inc. | 863 | 30,938 |
| | | 135,462 |
| Automotive Retail - 0.3% |
| AutoZone, Inc. (a) | 81 | 209,434 |
| CarMax, Inc. (a) | 678 | 52,030 |
| O'Reilly Automotive, Inc. (a) | 279 | 265,072 |
| | | 526,536 |
| Biotechnology - 2.0% |
| AbbVie, Inc. | 7,945 | 1,231,237 |
| Amgen, Inc. | 2,406 | 692,976 |
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, 2023
| | Number
of Shares | Fair
Value |
| Biogen, Inc. (a) | 625 | $ 161,731 |
| Gilead Sciences, Inc. | 5,694 | 461,271 |
| Incyte Corp. (a) | 768 | 48,223 |
| Moderna, Inc. (a) | 1,415 | 140,722 |
| Regeneron Pharmaceuticals, Inc. (a) | 495 | 434,753 |
| Vertex Pharmaceuticals, Inc. (a) | 1,117 | 454,496 |
| | | 3,625,409 |
| Brewers - 0.0%* |
| Molson Coors Beverage Co., Class B | 810 | 49,580 |
| Broadcasting - 0.1% |
| Fox Corp., Class A | 1,167 | 34,625 |
| Fox Corp., Class B | 740 | 20,461 |
| Paramount Global, Class B | 2,036 | 30,112 |
| | | 85,198 |
| Broadline Retail - 3.5% |
| Amazon.com, Inc. (a)(c) | 40,614 | 6,170,891 |
| eBay, Inc. | 2,497 | 108,919 |
| Etsy, Inc. (a) | 600 | 48,630 |
| | | 6,328,440 |
| Building Products - 0.5% |
| A O Smith Corp. | 607 | 50,041 |
| Allegion PLC (c) | 398 | 50,423 |
| Builders FirstSource, Inc. (a) | 500 | 83,470 |
| Carrier Global Corp. | 3,967 | 227,904 |
| Johnson Controls International PLC | 3,122 | 179,952 |
| Masco Corp. | 1,006 | 67,382 |
| Trane Technologies PLC | 1,077 | 262,680 |
| | | 921,852 |
| Cable & Satellite - 0.5% |
| Charter Communications, Inc., Class A (a) | 454 | 176,461 |
| Comcast Corp., Class A | 17,864 | 783,336 |
| | | 959,797 |
| Cargo Ground Transportation - 0.1% |
| JB Hunt Transport Services, Inc. | 354 | 70,708 |
| Old Dominion Freight Line, Inc. | 378 | 153,215 |
| | | 223,923 |
| | Number
of Shares | Fair
Value |
| Casinos & Gaming - 0.1% |
| Caesars Entertainment, Inc. (a) | 1,071 | $ 50,208 |
| Las Vegas Sands Corp. | 1,425 | 70,124 |
| MGM Resorts International (a) | 1,217 | 54,376 |
| Wynn Resorts Ltd. | 481 | 43,824 |
| | | 218,532 |
| Commodity Chemicals - 0.2% |
| Dow, Inc. | 3,126 | 171,430 |
| LyondellBasell Industries N.V., Class A | 1,039 | 98,788 |
| | | 270,218 |
| Communications Equipment - 0.8% |
| Arista Networks, Inc. (a) | 1,136 | 267,540 |
| Cisco Systems, Inc. | 18,360 | 927,547 |
| F5, Inc. (a) | 311 | 55,663 |
| Juniper Networks, Inc. | 1,508 | 44,456 |
| Motorola Solutions, Inc. | 715 | 223,859 |
| | | 1,519,065 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 860 | 67,321 |
| Construction & Engineering - 0.1% |
| Quanta Services, Inc. | 633 | 136,601 |
| Construction Machinery & Heavy Transportation Equipment - 0.6% |
| Caterpillar, Inc. | 2,282 | 674,719 |
| Cummins, Inc. | 642 | 153,804 |
| PACCAR, Inc. | 2,317 | 226,255 |
| Westinghouse Air Brake Technologies Corp. | 736 | 93,398 |
| | | 1,148,176 |
| Construction Materials - 0.2% |
| Martin Marietta Materials, Inc. | 288 | 143,686 |
| Vulcan Materials Co. | 613 | 139,157 |
| | | 282,843 |
| Consumer Electronics - 0.1% |
| Garmin Ltd. | 700 | 89,978 |
| Consumer Finance - 0.5% |
| American Express Co. | 2,575 | 482,401 |
| Capital One Financial Corp. | 1,670 | 218,970 |
| Discover Financial Services | 1,236 | 138,926 |
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, 2023
| | Number
of Shares | Fair
Value |
| Synchrony Financial | 2,066 | $ 78,901 |
| | | 919,198 |
| Consumer Staples Merchandise Retail - 1.6% |
| Costco Wholesale Corp. | 2,005 | 1,323,460 |
| Dollar General Corp. | 988 | 134,319 |
| Dollar Tree, Inc. (a) | 861 | 122,305 |
| Target Corp. | 2,036 | 289,967 |
| Walmart, Inc. | 6,428 | 1,013,374 |
| | | 2,883,425 |
| Copper - 0.2% |
| Freeport-McMoRan, Inc. | 6,329 | 269,426 |
| Data Center REITs - 0.3% |
| Digital Realty Trust, Inc. | 1,408 | 189,489 |
| Equinix, Inc. | 429 | 345,512 |
| | | 535,001 |
| Data Processing & Outsourced Services - 0.1% |
| Broadridge Financial Solutions, Inc. | 562 | 115,632 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 755 | 43,111 |
| Constellation Brands, Inc., Class A | 740 | 178,895 |
| | | 222,006 |
| Distributors - 0.1% |
| Genuine Parts Co. | 586 | 81,161 |
| LKQ Corp. | 1,238 | 59,164 |
| Pool Corp. | 151 | 60,205 |
| | | 200,530 |
| Diversified Banks - 2.9% |
| Bank of America Corp. | 30,688 | 1,033,265 |
| Citigroup, Inc. | 8,712 | 448,145 |
| Comerica, Inc. | 648 | 36,165 |
| Fifth Third Bancorp | 3,184 | 109,816 |
| JPMorgan Chase & Co. | 12,884 | 2,191,569 |
| KeyCorp | 3,987 | 57,413 |
| PNC Financial Services Group, Inc. | 1,799 | 278,575 |
| U.S. Bancorp | 6,614 | 286,254 |
| Wells Fargo & Co. | 16,160 | 795,395 |
| | | 5,236,597 |
| | Number
of Shares | Fair
Value |
| Diversified Support Services - 0.2% |
| Cintas Corp. | 377 | $ 227,203 |
| Copart, Inc. (a) | 3,776 | 185,024 |
| | | 412,227 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 3,007 | 78,513 |
| Electric Utilities - 1.5% |
| Alliant Energy Corp. (c) | 1,156 | 59,303 |
| American Electric Power Co., Inc. | 2,496 | 202,725 |
| Constellation Energy Corp. | 1,411 | 164,932 |
| Duke Energy Corp. | 3,452 | 334,982 |
| Edison International | 1,623 | 116,028 |
| Entergy Corp. | 900 | 91,071 |
| Evergy, Inc. | 1,088 | 56,794 |
| Eversource Energy | 1,562 | 96,407 |
| Exelon Corp. | 4,580 | 164,422 |
| FirstEnergy Corp. | 2,559 | 93,813 |
| NextEra Energy, Inc. | 9,256 | 562,209 |
| NRG Energy, Inc. | 991 | 51,235 |
| PG&E Corp. | 9,600 | 173,088 |
| Pinnacle West Capital Corp. | 489 | 35,130 |
| PPL Corp. | 3,455 | 93,630 |
| Southern Co. | 4,850 | 340,082 |
| Xcel Energy, Inc. | 2,701 | 167,219 |
| | | 2,803,070 |
| Electrical Components & Equipment - 0.6% |
| AMETEK, Inc. | 968 | 159,613 |
| Eaton Corp. PLC | 1,821 | 438,533 |
| Emerson Electric Co. | 2,503 | 243,617 |
| Generac Holdings, Inc. (a) | 324 | 41,874 |
| Hubbell, Inc. | 200 | 65,786 |
| Rockwell Automation, Inc. | 514 | 159,587 |
| | | 1,109,010 |
| Electronic Components - 0.2% |
| Amphenol Corp., Class A | 2,665 | 264,181 |
| Corning, Inc. | 3,162 | 96,283 |
| | | 360,464 |
| Electronic Equipment & Instruments - 0.2% |
| Keysight Technologies, Inc. (a) | 798 | 126,954 |
| Teledyne Technologies, Inc. (a) | 194 | 86,580 |
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, 2023
| | Number
of Shares | Fair
Value |
| Trimble, Inc. (a) | 941 | $ 50,061 |
| Zebra Technologies Corp., Class A (a) | 250 | 68,333 |
| | | 331,928 |
| Electronic Manufacturing Services - 0.1% |
| Jabil, Inc. | 600 | 76,440 |
| TE Connectivity Ltd. | 1,336 | 187,708 |
| | | 264,148 |
| Environmental & Facilities Services - 0.3% |
| Republic Services, Inc. | 892 | 147,100 |
| Rollins, Inc. | 1,200 | 52,404 |
| Veralto Corp. | 1,020 | 83,905 |
| Waste Management, Inc. | 1,666 | 298,381 |
| | | 581,790 |
| Fertilizers & Agricultural Chemicals - 0.2% |
| CF Industries Holdings, Inc. | 949 | 75,445 |
| Corteva, Inc. | 3,036 | 145,485 |
| FMC Corp. | 553 | 34,867 |
| Mosaic Co. | 1,427 | 50,987 |
| | | 306,784 |
| Financial Exchanges & Data - 1.1% |
| Cboe Global Markets, Inc. | 438 | 78,209 |
| CME Group, Inc. | 1,602 | 337,381 |
| FactSet Research Systems, Inc. | 180 | 85,869 |
| Intercontinental Exchange, Inc. | 2,591 | 332,762 |
| MarketAxess Holdings, Inc. | 180 | 52,713 |
| Moody's Corp. | 674 | 263,237 |
| MSCI, Inc. | 353 | 199,675 |
| Nasdaq, Inc. | 1,512 | 87,908 |
| S&P Global, Inc. | 1,438 | 633,468 |
| | | 2,071,222 |
| Food Distributors - 0.1% |
| Sysco Corp. | 2,160 | 157,961 |
| Food Retail - 0.1% |
| Kroger Co. | 2,948 | 134,753 |
| Footwear - 0.3% |
| NIKE, Inc., Class B | 5,497 | 596,809 |
| Gas Utilities - 0.0%* |
| Atmos Energy Corp. | 560 | 64,904 |
| | Number
of Shares | Fair
Value |
| Gold - 0.1% |
| Newmont Corp. | 5,199 | $ 215,187 |
| Health Care REITs - 0.2% |
| Healthpeak Properties, Inc. | 2,669 | 52,846 |
| Ventas, Inc. | 2,022 | 100,776 |
| Welltower, Inc. | 2,344 | 211,359 |
| | | 364,981 |
| Healthcare Distributors - 0.3% |
| Cardinal Health, Inc. | 1,169 | 117,835 |
| Cencora, Inc. | 755 | 155,062 |
| Henry Schein, Inc. (a) | 663 | 50,196 |
| McKesson Corp. | 586 | 271,306 |
| | | 594,399 |
| Healthcare Equipment - 2.4% |
| Abbott Laboratories | 7,724 | 850,181 |
| Baxter International, Inc. | 2,181 | 84,318 |
| Becton Dickinson & Co. | 1,352 | 329,658 |
| Boston Scientific Corp. (a) | 6,809 | 393,628 |
| Dexcom, Inc. (a) | 1,654 | 205,245 |
| Edwards Lifesciences Corp. (a) | 2,731 | 208,239 |
| GE HealthCare Technologies, Inc. | 1,621 | 125,336 |
| Hologic, Inc. (a) | 1,062 | 75,880 |
| IDEXX Laboratories, Inc. (a) | 363 | 201,483 |
| Insulet Corp. (a) | 300 | 65,094 |
| Intuitive Surgical, Inc. (a) | 1,537 | 518,522 |
| Medtronic PLC | 6,129 | 504,907 |
| ResMed, Inc. | 617 | 106,136 |
| STERIS PLC | 500 | 109,925 |
| Stryker Corp. | 1,548 | 463,564 |
| Teleflex, Inc. | 222 | 55,354 |
| Zimmer Biomet Holdings, Inc. | 862 | 104,905 |
| | | 4,402,375 |
| Healthcare Facilities - 0.2% |
| HCA Healthcare, Inc. | 845 | 228,725 |
| Universal Health Services, Inc., Class B | 241 | 36,738 |
| | | 265,463 |
| Healthcare Services - 0.6% |
| Cigna Group | 1,289 | 385,991 |
| CVS Health Corp. | 5,753 | 454,257 |
| DaVita, Inc. (a) | 158 | 16,552 |
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, 2023
| | Number
of Shares | Fair
Value |
| Laboratory Corp. of America Holdings | 393 | $ 89,325 |
| Quest Diagnostics, Inc. | 458 | 63,149 |
| | | 1,009,274 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 287 | 78,638 |
| Cooper Cos., Inc. | 235 | 88,933 |
| DENTSPLY SIRONA, Inc. | 977 | 34,772 |
| | | 202,343 |
| Home Building - 0.3% |
| DR Horton, Inc. | 1,311 | 199,246 |
| Lennar Corp., Class A | 1,136 | 169,309 |
| NVR, Inc. (a) | 12 | 84,005 |
| PulteGroup, Inc. | 907 | 93,621 |
| | | 546,181 |
| Home Furnishings - 0.0%* |
| Mohawk Industries, Inc. (a) | 275 | 28,463 |
| Home Improvement Retail - 1.2% |
| Home Depot, Inc. | 4,450 | 1,542,148 |
| Lowe's Cos., Inc. | 2,551 | 567,725 |
| | | 2,109,873 |
| Hotel & Resort REITs - 0.0%* |
| Host Hotels & Resorts, Inc. | 2,755 | 53,640 |
| Hotels, Resorts & Cruise Lines - 0.9% |
| Airbnb, Inc., Class A (a) | 1,900 | 258,666 |
| Booking Holdings, Inc. (a) | 156 | 553,366 |
| Carnival Corp. (a) | 4,167 | 77,256 |
| Expedia Group, Inc. (a) | 589 | 89,404 |
| Hilton Worldwide Holdings, Inc. | 1,200 | 218,508 |
| Marriott International, Inc., Class A | 1,097 | 247,385 |
| Norwegian Cruise Line Holdings Ltd. (a) | 2,096 | 42,004 |
| Royal Caribbean Cruises Ltd. (a) | 936 | 121,203 |
| | | 1,607,792 |
| Household Appliances - 0.0%* |
| Whirlpool Corp. | 267 | 32,513 |
| Household Products - 1.2% |
| Church & Dwight Co., Inc. | 1,069 | 101,085 |
| Clorox Co. | 513 | 73,149 |
| | Number
of Shares | Fair
Value |
| Colgate-Palmolive Co. | 3,719 | $ 296,441 |
| Kimberly-Clark Corp. | 1,455 | 176,797 |
| Procter & Gamble Co. | 10,579 | 1,550,247 |
| | | 2,197,719 |
| Human Resource & Employment Services - 0.4% |
| Automatic Data Processing, Inc. | 1,897 | 441,944 |
| Ceridian HCM Holding, Inc. (a) | 666 | 44,702 |
| Paychex, Inc. | 1,464 | 174,377 |
| Paycom Software, Inc. | 203 | 41,964 |
| Robert Half, Inc. | 390 | 34,289 |
| | | 737,276 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 2,716 | 52,283 |
| Industrial Conglomerates - 0.8% |
| 3M Co. | 2,466 | 269,583 |
| General Electric Co. | 4,912 | 626,918 |
| Honeywell International, Inc. | 2,929 | 614,241 |
| | | 1,510,742 |
| Industrial Gases - 0.6% |
| Air Products & Chemicals, Inc. (c) | 963 | 263,669 |
| Linde PLC | 2,139 | 878,509 |
| | | 1,142,178 |
| Industrial Machinery & Supplies & Components - 0.9% |
| Dover Corp. | 626 | 96,285 |
| Fortive Corp. | 1,584 | 116,630 |
| IDEX Corp. | 340 | 73,818 |
| Illinois Tool Works, Inc. | 1,194 | 312,756 |
| Ingersoll Rand, Inc. | 1,962 | 151,741 |
| Nordson Corp. | 237 | 62,606 |
| Otis Worldwide Corp. | 1,858 | 166,235 |
| Parker-Hannifin Corp. | 589 | 271,352 |
| Pentair PLC | 696 | 50,606 |
| Snap-on, Inc. | 282 | 81,453 |
| Stanley Black & Decker, Inc. | 649 | 63,667 |
| Xylem, Inc. | 1,057 | 120,879 |
| | | 1,568,028 |
| Industrial REITs - 0.3% |
| Prologis, Inc. | 4,141 | 551,995 |
| Insurance Brokers - 0.6% |
| Aon PLC, Class A | 883 | 256,970 |
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, 2023
| | Number
of Shares | Fair
Value |
| Arthur J Gallagher & Co. | 1,027 | $ 230,952 |
| Brown & Brown, Inc. | 1,145 | 81,421 |
| Marsh & McLennan Cos., Inc. | 2,207 | 418,160 |
| Willis Towers Watson PLC | 494 | 119,153 |
| | | 1,106,656 |
| Integrated Oil & Gas - 1.7% |
| Chevron Corp. | 7,945 | 1,185,076 |
| Exxon Mobil Corp. | 17,835 | 1,783,143 |
| Occidental Petroleum Corp. | 3,143 | 187,669 |
| | | 3,155,888 |
| Integrated Telecommunication Services - 0.7% |
| AT&T, Inc. | 31,883 | 534,997 |
| Verizon Communications, Inc. | 19,120 | 720,824 |
| | | 1,255,821 |
| Interactive Home Entertainment - 0.2% |
| Electronic Arts, Inc. | 1,150 | 157,332 |
| Take-Two Interactive Software, Inc. (a) | 736 | 118,459 |
| | | 275,791 |
| Interactive Media & Services - 5.7% |
| Alphabet, Inc., Class C (a) | 22,248 | 3,135,410 |
| Alphabet, Inc., Class A (a) | 26,475 | 3,698,293 |
| Match Group, Inc. (a) | 1,240 | 45,260 |
| Meta Platforms, Inc., Class A (a) | 9,957 | 3,524,380 |
| | | 10,403,343 |
| Internet Services & Infrastructure - 0.1% |
| Akamai Technologies, Inc. (a) | 614 | 72,667 |
| VeriSign, Inc. (a) | 374 | 77,029 |
| | | 149,696 |
| Investment Banking & Brokerage - 0.9% |
| Charles Schwab Corp. | 6,592 | 453,530 |
| Goldman Sachs Group, Inc. | 1,474 | 568,625 |
| Morgan Stanley | 5,780 | 538,985 |
| Raymond James Financial, Inc. | 793 | 88,419 |
| | | 1,649,559 |
| IT Consulting & Other Services - 1.1% |
| Accenture PLC, Class A | 2,834 | 994,479 |
| Cognizant Technology Solutions Corp., Class A | 2,337 | 176,513 |
| EPAM Systems, Inc. (a) | 273 | 81,174 |
| | Number
of Shares | Fair
Value |
| Gartner, Inc. (a) | 328 | $ 147,964 |
| International Business Machines Corp. | 4,167 | 681,513 |
| | | 2,081,643 |
| Leisure Products - 0.0%* |
| Hasbro, Inc. | 692 | 35,334 |
| Life & Health Insurance - 0.4% |
| Aflac, Inc. (c) | 2,389 | 197,093 |
| Globe Life, Inc. | 457 | 55,626 |
| MetLife, Inc. | 2,995 | 198,059 |
| Principal Financial Group, Inc. | 1,011 | 79,535 |
| Prudential Financial, Inc. | 1,691 | 175,374 |
| | | 705,687 |
| Life Sciences Tools & Services - 1.4% |
| Agilent Technologies, Inc. (c) | 1,344 | 186,856 |
| Bio-Rad Laboratories, Inc., Class A (a) | 100 | 32,289 |
| Bio-Techne Corp. | 612 | 47,222 |
| Charles River Laboratories International, Inc. (a) | 226 | 53,427 |
| Danaher Corp. | 2,962 | 685,229 |
| Illumina, Inc. (a) | 664 | 92,455 |
| IQVIA Holdings, Inc. (a) | 844 | 195,285 |
| Mettler-Toledo International, Inc. (a) | 95 | 115,231 |
| Revvity, Inc. | 600 | 65,586 |
| Thermo Fisher Scientific, Inc. | 1,727 | 916,674 |
| Waters Corp. (a) | 268 | 88,234 |
| West Pharmaceutical Services, Inc. | 310 | 109,157 |
| | | 2,587,645 |
| Managed Healthcare - 1.7% |
| Centene Corp. (a) | 2,324 | 172,464 |
| Elevance Health, Inc. | 1,047 | 493,723 |
| Humana, Inc. | 548 | 250,880 |
| Molina Healthcare, Inc. (a) | 252 | 91,050 |
| UnitedHealth Group, Inc. | 4,116 | 2,166,951 |
| | | 3,175,068 |
| Metal, Glass & Plastic Containers - 0.1% |
| Ball Corp. | 1,464 | 84,209 |
| Movies & Entertainment - 1.0% |
| Live Nation Entertainment, Inc. (a) | 639 | 59,810 |
| Netflix, Inc. (a) | 1,924 | 936,757 |
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, 2023
| | Number
of Shares | Fair
Value |
| Walt Disney Co. | 8,110 | $ 732,252 |
| Warner Bros Discovery, Inc. (a) | 9,394 | 106,904 |
| | | 1,835,723 |
| Multi-Family Residential REITs - 0.3% |
| AvalonBay Communities, Inc. | 620 | 116,076 |
| Camden Property Trust | 500 | 49,645 |
| Equity Residential | 1,384 | 84,646 |
| Essex Property Trust, Inc. | 286 | 70,911 |
| Mid-America Apartment Communities, Inc. | 534 | 71,802 |
| UDR, Inc. | 1,498 | 57,358 |
| | | 450,438 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 3,186 | 215,852 |
| Assurant, Inc. | 252 | 42,459 |
| | | 258,311 |
| Multi-Sector Holdings - 1.6% |
| Berkshire Hathaway, Inc., Class B (a) | 8,123 | 2,897,149 |
| Multi-Utilities - 0.6% |
| Ameren Corp. | 1,067 | 77,187 |
| CenterPoint Energy, Inc. | 2,964 | 84,681 |
| CMS Energy Corp. | 1,149 | 66,722 |
| Consolidated Edison, Inc. | 1,542 | 140,276 |
| Dominion Energy, Inc. | 3,580 | 168,260 |
| DTE Energy Co. | 902 | 99,454 |
| NiSource, Inc. | 2,025 | 53,764 |
| Public Service Enterprise Group, Inc. | 2,307 | 141,073 |
| Sempra | 2,742 | 204,910 |
| WEC Energy Group, Inc. | 1,435 | 120,784 |
| | | 1,157,111 |
| Office REITs - 0.1% |
| Alexandria Real Estate Equities, Inc. | 700 | 88,739 |
| Boston Properties, Inc. | 678 | 47,575 |
| | | 136,314 |
| Oil & Gas Equipment & Services - 0.4% |
| Baker Hughes Co. | 4,506 | 154,015 |
| Halliburton Co. | 4,315 | 155,987 |
| | Number
of Shares | Fair
Value |
| Schlumberger N.V. | 6,504 | $ 338,468 |
| | | 648,470 |
| Oil & Gas Exploration & Production - 1.0% |
| APA Corp. | 1,268 | 45,496 |
| ConocoPhillips | 5,267 | 611,341 |
| Coterra Energy, Inc. | 3,158 | 80,592 |
| Devon Energy Corp. | 2,946 | 133,454 |
| Diamondback Energy, Inc. | 794 | 123,133 |
| EOG Resources, Inc. | 2,734 | 330,677 |
| EQT Corp. | 1,700 | 65,722 |
| Hess Corp. | 1,179 | 169,965 |
| Marathon Oil Corp. | 2,562 | 61,898 |
| Pioneer Natural Resources Co. | 1,104 | 248,267 |
| | | 1,870,545 |
| Oil & Gas Refining & Marketing - 0.4% |
| Marathon Petroleum Corp. | 1,657 | 245,833 |
| Phillips 66 | 2,060 | 274,268 |
| Valero Energy Corp. | 1,553 | 201,890 |
| | | 721,991 |
| Oil & Gas Storage & Transportation - 0.3% |
| Kinder Morgan, Inc. | 8,660 | 152,762 |
| ONEOK, Inc. | 2,665 | 187,136 |
| Targa Resources Corp. | 893 | 77,575 |
| Williams Cos., Inc. | 5,597 | 194,944 |
| | | 612,417 |
| Other Specialized REITs - 0.1% |
| Iron Mountain, Inc. | 1,186 | 82,996 |
| VICI Properties, Inc. | 4,867 | 155,160 |
| | | 238,156 |
| Other Specialty Retail - 0.1% |
| Bath & Body Works, Inc. | 892 | 38,499 |
| Tractor Supply Co. | 457 | 98,268 |
| Ulta Beauty, Inc. (a) | 212 | 103,878 |
| | | 240,645 |
| Packaged Foods & Meats - 0.7% |
| Campbell Soup Co. | 776 | 33,546 |
| Conagra Brands, Inc. | 1,941 | 55,629 |
| General Mills, Inc. | 2,565 | 167,084 |
| Hershey Co. | 663 | 123,610 |
| Hormel Foods Corp. | 1,297 | 41,647 |
| J M Smucker Co. | 459 | 58,008 |
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, 2023
| | Number
of Shares | Fair
Value |
| Kellanova | 1,186 | $ 66,309 |
| Kraft Heinz Co. | 3,317 | 122,663 |
| Lamb Weston Holdings, Inc. | 568 | 61,395 |
| McCormick & Co., Inc. | 1,028 | 70,336 |
| Mondelez International, Inc., Class A | 6,011 | 435,377 |
| Tyson Foods, Inc., Class A | 1,173 | 63,049 |
| | | 1,298,653 |
| Paper & Plastic Packaging Products & Materials - 0.2% |
| Amcor PLC | 6,636 | 63,971 |
| Avery Dennison Corp. | 351 | 70,958 |
| International Paper Co. | 1,599 | 57,804 |
| Packaging Corp. of America | 446 | 72,658 |
| Westrock Co. | 928 | 38,530 |
| | | 303,921 |
| Passenger Airlines - 0.2% |
| American Airlines Group, Inc. (a) | 2,697 | 37,057 |
| Delta Air Lines, Inc. | 2,886 | 116,104 |
| Southwest Airlines Co. | 2,670 | 77,109 |
| United Airlines Holdings, Inc. (a) | 1,288 | 53,143 |
| | | 283,413 |
| Passenger Ground Transportation - 0.3% |
| Uber Technologies, Inc. (a) | 9,200 | 566,444 |
| Personal Care Products - 0.2% |
| Estee Lauder Cos., Inc., Class A | 1,010 | 147,713 |
| Kenvue, Inc. | 7,508 | 161,647 |
| | | 309,360 |
| Pharmaceuticals - 3.7% |
| Bristol-Myers Squibb Co. | 9,084 | 466,100 |
| Catalent, Inc. (a) | 721 | 32,395 |
| Eli Lilly & Co. | 3,564 | 2,077,527 |
| Johnson & Johnson | 10,762 | 1,686,836 |
| Merck & Co., Inc. | 11,419 | 1,244,899 |
| Pfizer, Inc. | 25,699 | 739,874 |
| Viatris, Inc. | 4,835 | 52,363 |
| Zoetis, Inc. | 2,055 | 405,595 |
| | | 6,705,589 |
| Property & Casualty Insurance - 0.9% |
| Allstate Corp. | 1,181 | 165,316 |
| Arch Capital Group Ltd. (a) | 1,700 | 126,259 |
| | Number
of Shares | Fair
Value |
| Chubb Ltd. | 1,851 | $ 418,326 |
| Cincinnati Financial Corp. | 723 | 74,802 |
| Hartford Financial Services Group, Inc. | 1,419 | 114,059 |
| Loews Corp. | 746 | 51,914 |
| Progressive Corp. | 2,634 | 419,544 |
| Travelers Cos., Inc. | 1,045 | 199,062 |
| W R Berkley Corp. | 808 | 57,142 |
| | | 1,626,424 |
| Publishing - 0.0%* |
| News Corp., Class A | 2,096 | 51,457 |
| News Corp., Class B | 748 | 19,238 |
| | | 70,695 |
| Rail Transportation - 0.7% |
| CSX Corp. | 8,778 | 304,333 |
| Norfolk Southern Corp. | 1,074 | 253,872 |
| Union Pacific Corp. | 2,698 | 662,683 |
| | | 1,220,888 |
| Real Estate Services - 0.2% |
| CBRE Group, Inc., Class A (a) | 1,320 | 122,879 |
| CoStar Group, Inc. (a) | 1,800 | 157,302 |
| | | 280,181 |
| Regional Banks - 0.3% |
| Citizens Financial Group, Inc. | 2,100 | 69,594 |
| Huntington Bancshares, Inc. | 6,287 | 79,971 |
| M&T Bank Corp. | 705 | 96,641 |
| Regions Financial Corp. | 3,805 | 73,741 |
| Truist Financial Corp. | 5,722 | 211,256 |
| Zions Bancorp NA | 700 | 30,709 |
| | | 561,912 |
| Reinsurance - 0.0%* |
| Everest Group Ltd. | 152 | 53,744 |
| Research & Consulting Services - 0.2% |
| Equifax, Inc. | 508 | 125,623 |
| Jacobs Solutions, Inc. | 548 | 71,130 |
| Leidos Holdings, Inc. | 645 | 69,815 |
| Verisk Analytics, Inc. | 654 | 156,215 |
| | | 422,783 |
| Restaurants - 1.1% |
| Chipotle Mexican Grill, Inc. (a) | 122 | 279,009 |
| Darden Restaurants, Inc. | 493 | 81,000 |
| Domino's Pizza, Inc. | 137 | 56,475 |
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, 2023
| | Number
of Shares | Fair
Value |
| McDonald's Corp. | 3,280 | $ 972,553 |
| Starbucks Corp. | 5,055 | 485,330 |
| Yum! Brands, Inc. | 1,210 | 158,099 |
| | | 2,032,466 |
| Retail REITs - 0.3% |
| Federal Realty Investment Trust | 394 | 40,602 |
| Kimco Realty Corp. | 2,766 | 58,943 |
| Realty Income Corp. | 3,275 | 188,051 |
| Regency Centers Corp. | 620 | 41,540 |
| Simon Property Group, Inc. | 1,397 | 199,268 |
| | | 528,404 |
| Self Storage REITs - 0.2% |
| Extra Space Storage, Inc. | 965 | 154,718 |
| Public Storage | 672 | 204,960 |
| | | 359,678 |
| Semiconductor Materials & Equipment - 0.9% |
| Applied Materials, Inc. | 3,748 | 607,438 |
| Enphase Energy, Inc. (a) | 600 | 79,284 |
| KLA Corp. | 617 | 358,662 |
| Lam Research Corp. | 590 | 462,124 |
| Teradyne, Inc. | 677 | 73,468 |
| | | 1,580,976 |
| Semiconductors - 7.1% |
| Advanced Micro Devices, Inc. (a) | 7,192 | 1,060,173 |
| Analog Devices, Inc. | 2,242 | 445,172 |
| Broadcom, Inc. | 1,978 | 2,207,942 |
| First Solar, Inc. (a) | 400 | 68,912 |
| Intel Corp. | 19,108 | 960,177 |
| Microchip Technology, Inc. | 2,445 | 220,490 |
| Micron Technology, Inc. | 4,849 | 413,814 |
| Monolithic Power Systems, Inc. | 206 | 129,941 |
| NVIDIA Corp. | 11,074 | 5,484,066 |
| NXP Semiconductors N.V. | 1,156 | 265,510 |
| ON Semiconductor Corp. (a) | 1,939 | 161,965 |
| Qorvo, Inc. (a) | 376 | 42,341 |
| QUALCOMM, Inc. | 5,008 | 724,307 |
| Skyworks Solutions, Inc. | 636 | 71,499 |
| Texas Instruments, Inc. | 4,138 | 705,363 |
| | | 12,961,672 |
| Single-Family Residential REITs - 0.1% |
| Invitation Homes, Inc. | 2,500 | 85,275 |
| | Number
of Shares | Fair
Value |
| Soft Drinks & Non-alcoholic Beverages - 1.3% |
| Coca-Cola Co. | 17,449 | $ 1,028,270 |
| Keurig Dr Pepper, Inc. | 4,613 | 153,705 |
| Monster Beverage Corp. (a) | 3,274 | 188,615 |
| PepsiCo, Inc. | 6,192 | 1,051,649 |
| | | 2,422,239 |
| Specialty Chemicals - 0.6% |
| Albemarle Corp. | 541 | 78,164 |
| Celanese Corp. | 373 | 57,953 |
| DuPont de Nemours, Inc. | 2,059 | 158,399 |
| Eastman Chemical Co. | 541 | 48,593 |
| Ecolab, Inc. | 1,147 | 227,507 |
| International Flavors & Fragrances, Inc. | 1,159 | 93,844 |
| PPG Industries, Inc. | 988 | 147,755 |
| Sherwin-Williams Co. | 1,010 | 315,019 |
| | | 1,127,234 |
| Steel - 0.2% |
| Nucor Corp. | 1,147 | 199,624 |
| Steel Dynamics, Inc. | 700 | 82,670 |
| | | 282,294 |
| Systems Software - 8.0% |
| Fortinet, Inc. (a) | 2,835 | 165,933 |
| Gen Digital, Inc. | 2,772 | 63,257 |
| Microsoft Corp. | 33,213 | 12,489,416 |
| Oracle Corp. | 7,158 | 754,668 |
| Palo Alto Networks, Inc. (a) | 1,400 | 412,832 |
| ServiceNow, Inc. (a) | 936 | 661,275 |
| | | 14,547,381 |
| Technology Distributors - 0.1% |
| CDW Corp. | 600 | 136,392 |
| Technology Hardware, Storage & Peripherals - 7.1% |
| Apple, Inc. | 65,344 | 12,580,680 |
| Contra Abiomed, Inc. (a) | 199 | 203 |
| Hewlett Packard Enterprise Co. | 5,833 | 99,044 |
| HP, Inc. | 3,529 | 106,188 |
| NetApp, Inc. | 938 | 82,694 |
| Seagate Technology Holdings PLC | 715 | 61,040 |
| Western Digital Corp. (a) | 1,358 | 71,118 |
| | | 13,000,967 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Telecom Tower REITs - 0.4% |
| American Tower Corp. | 2,109 | $ 455,291 |
| Crown Castle, Inc. | 2,058 | 237,061 |
| SBA Communications Corp. | 455 | 115,429 |
| | | 807,781 |
| Timber REITs - 0.1% |
| Weyerhaeuser Co. | 3,043 | 105,805 |
| Tobacco - 0.5% |
| Altria Group, Inc. | 7,896 | 318,525 |
| Philip Morris International, Inc. | 6,915 | 650,563 |
| | | 969,088 |
| Trading Companies & Distributors - 0.3% |
| Fastenal Co. | 2,671 | 173,001 |
| United Rentals, Inc. | 312 | 178,907 |
| WW Grainger, Inc. | 207 | 171,539 |
| | | 523,447 |
| Transaction & Payment Processing Services - 2.5% |
| Fidelity National Information Services, Inc. | 2,647 | 159,005 |
| Fiserv, Inc. (a) | 2,733 | 363,052 |
| FleetCor Technologies, Inc. (a) | 323 | 91,283 |
| | Number
of Shares | Fair
Value |
| Global Payments, Inc. | 1,129 | $ 143,383 |
| Jack Henry & Associates, Inc. | 349 | 57,030 |
| Mastercard, Inc., Class A | 3,675 | 1,567,424 |
| PayPal Holdings, Inc. (a) | 4,994 | 306,682 |
| Visa, Inc., Class A | 7,081 | 1,843,538 |
| | | 4,531,397 |
| Water Utilities - 0.1% |
| American Water Works Co., Inc. | 817 | 107,836 |
| Wireless Telecommunication Services - 0.2% |
| T-Mobile U.S., Inc. | 2,283 | 366,033 |
Total Common Stock
(Cost $53,488,777) | | 178,976,049 |
| Short-Term Investments - 1.6% |
State Street Institutional Liquid Reserves Fund - Premier Class 5.49% (d)(e)
(Cost $2,955,249) | 2,954,234 | 2,955,416 |
Total Investments
(Cost $56,444,026) | | 181,931,465 |
| Other Assets and Liabilities, net - 0.1% | | 225,106 |
| NET ASSETS - 100.0% | | $ 182,156,571 |
Other Information:
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | March 2024 | 14 | $ 3,284,860 | $ 3,373,968 | $ 89,108 |
During the year ended December 31, 2023, the average notional value related to long futures contracts was $2,887,384.
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory
prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
See Notes to 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
Schedule of Investments, continued — December 31, 2023
| (c) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (d) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (e) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| * | 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, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 178,975,846 | | $ 203 | | $ — | | $ 178,976,049 |
| Short-Term Investments | 2,955,416 | | — | | — | | 2,955,416 |
| Total Investments in Securities | $ 181,931,262 | | $ 203 | | $ — | | $ 181,931,465 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 89,108 | | $ — | | $ — | | $ 89,108 |
| Total Other Financial Instruments | $ 89,108 | | $ — | | $ — | | $ 89,108 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | | Dividend
Income |
| State Street Corp. | 1,635 | $ 126,827 | | $ — | | $ 12,369 | | $(1,415) | | $ 668 | 1,468 | $ 113,711 | | $ 3,876 |
| State Street Institutional Liquid Reserves Fund, Premier Class | 3,444,537 | 3,445,226 | | 27,130,109 | | 27,620,395 | | (29) | | 505 | 2,954,234 | 2,955,416 | | 147,054 |
| TOTAL | | $3,572,053 | | $27,130,109 | | $27,632,764 | | $(1,444) | | $1,173 | | $3,069,127 | | $150,930 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 16 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 4/15/85 |
| Net asset value, beginning of period | $ 40.12 | | $ 57.58 | | $ 49.96 | | $ 46.61 | | $ 38.13 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.64 | | 0.65 | | 0.60 | | 0.72 | | 0.75 |
| Net realized and unrealized gains/(losses) on investments | 9.78 | | (11.22) | | 13.56 | | 7.61 | | 11.09 |
| Total income/(loss) from investment operations | 10.42 | | (10.57) | | 14.16 | | 8.33 | | 11.84 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.63) | | (0.68) | | (0.66) | | (0.88) | | (0.62) |
| Net realized gains | (1.65) | | (6.21) | | (5.88) | | (4.10) | | (2.74) |
| Total distributions | (2.28) | | (6.89) | | (6.54) | | (4.98) | | (3.36) |
| Net asset value, end of period | $ 48.26 | | $ 40.12 | | $ 57.58 | | $ 49.96 | | $ 46.61 |
| Total Return(b) | 25.96% | | (18.31)% | | 28.27% | | 17.92% | | 31.05% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $182,157 | | $146,235 | | $208,535 | | $184,164 | | $186,771 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.31% | | 0.32% | | 0.31% | | 0.31% | | 0.34% |
| Gross expenses | 0.31% | | 0.32% | | 0.31% | | 0.31% | | 0.34% |
| Net investment income | 1.42% | | 1.29% | | 1.06% | | 1.54% | | 1.67% |
| Portfolio turnover rate | 6% | | 5% | | 2% | | 3% | | 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. |
The accompanying Notes are an integral part of these financial statements.
State Street S&P 500 Index V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $53,420,645) | $ 178,862,338 |
| Investments in affiliated securities, at fair value (cost $3,023,381) | 3,069,127 |
| Cash | 987 |
| Net cash collateral on deposit with broker for future contracts | 96,060 |
| Income receivables | 179,196 |
| Receivable for accumulated variation margin on futures contracts | 89,141 |
| Other assets | 931 |
| Total assets | 182,297,780 |
| Liabilities | |
| Payable for investments purchased | 11,182 |
| Payable for fund shares redeemed | 36,121 |
| Payable to the Adviser | 38,064 |
| Payable for custody, fund accounting and sub-administration fees | 7,711 |
| Accrued other expenses | 48,131 |
| Total liabilities | 141,209 |
|
| Net Assets | $ 182,156,571 |
| Net Assets Consist of: | |
| Capital paid in | $ 56,715,628 |
| Total distributable earnings (loss) | 125,440,943 |
| Net Assets | $ 182,156,571 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 3,774,246 |
| Net asset value per share | $ 48.26 |
The accompanying Notes are an integral part of these financial statements.
| 18 | Statement of Assets and Liabilities |
State Street S&P 500 Index V.I.S. Fund
Statement of Operations — For the year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 2,633,652 |
| Income from affiliated investments | 150,930 |
| Less: Foreign taxes withheld | (703) |
| Total income | 2,783,879 |
| Expenses | |
| Advisory and administration fees | 403,493 |
| Directors' fees | 22,250 |
| Custody, fund accounting and sub-administration fees | 37,322 |
| Professional fees | 25,759 |
| Other expenses | 5,721 |
| Total expenses | 494,545 |
| Net investment income (loss) | $ 2,289,334 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 2,656,479 |
| Affiliated investments | (1,444) |
| Futures | 594,592 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 31,636,965 |
| Affiliated investments | 1,173 |
| Futures | 125,718 |
| Net realized and unrealized gain (loss) on investments | 35,013,483 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 37,302,817 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 19 |
State Street S&P 500 Index V.I.S. Fund
Statements of Changes in Net Assets
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 2,289,334 | | $ 2,178,121 |
| Net realized gain (loss) on investments and futures | 3,249,627 | | 22,703,164 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 31,763,856 | | (61,761,294) |
| Net increase (decrease) from operations | 37,302,817 | | (36,880,009) |
| Distributions to shareholders: | | | |
| Total distributions | (8,223,707) | | (21,459,700) |
| Increase (decrease) in assets from operations and distributions | 29,079,110 | | (58,339,709) |
| Share transactions: | | | |
| Proceeds from sale of shares | 19,116,934 | | 8,996,904 |
| Value of distributions reinvested | 8,223,707 | | 21,459,700 |
| Cost of shares redeemed | (20,498,253) | | (34,416,637) |
| Net increase (decrease) from share transactions | 6,842,388 | | (3,960,033) |
| Total increase (decrease) in net assets | 35,921,498 | | (62,299,742) |
| Net Assets | | | |
| Beginning of year | 146,235,073 | | 208,534,815 |
| End of year | $ 182,156,571 | | $ 146,235,073 |
| Changes in Fund Shares | | | |
| Shares sold | 418,923 | | 167,535 |
| Issued for distributions reinvested | 170,263 | | 536,358 |
| Shares redeemed | (459,622) | | (680,840) |
| Net increase (decrease) in fund shares | 129,564 | | 23,053 |
The accompanying Notes are an integral part of these financial statements.
| 20 | Statements of Changes in Net Assets |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements — December 31, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the “Fund”), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| • | Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board. |
| Notes to Financial Statements | 21 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| • | 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.
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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
| 22 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, 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, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 89,141 | $ — | $ 89,141 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 594,592 | $ — | $ 594,592 |
| Notes to Financial Statements | 23 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 125,718 | $ — | $ 125,718 |
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 0.25%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-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, 2023 are disclosed in the Schedule of Investments.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 11,565,263 | $ 9,427,168 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax
| 24 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
differences will reverse in the future. These book-tax differences are primarily due to nontaxable dividend adjustments to income, REITs, investments in futures, corporate actions, and wash sale loss deferrals.
The tax character of distributions paid during the year ended December 31, 2023 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 2,441,645 | $ 5,782,062 | $ 8,223,707 |
The tax character of distributions paid during the year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 2,185,194 | $ 19,274,506 | $ 21,459,700 |
At December 31, 2023, 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 |
| $ 704,970 | $ — | $ — | $ 2,144,742 | $ 122,591,231 | $ — | $ 125,440,943 |
As of December 31, 2023, 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) |
| $ 59,429,342 | $ 124,543,990 | $ 1,952,759 | $ 122,591,231 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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 was more broadly diversified.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth
| Notes to Financial Statements | 25 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
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.
| 26 | 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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 27 |
State Street S&P 500 Index V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for their fiscal year ended December 31, 2023.
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, 2023 in the amount of $5,782,062.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
[This page intentionally left blank]
[This page intentionally left blank]
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 13 |
| 14 |
| 15 |
| 16 |
| 17 |
| 23 |
| 24 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Small-Cap Equity V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com 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 that measures the performance of the small-cap segment of the U.S. equity universe.
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 Small-Cap Equity V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Small-Cap Equity V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The State Street Small-Cap Equity V.I.S. (the "Fund") seeks long-term growth of capital.The Fund’s benchmark is the Russell 2000 Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 13.55%, and the total return for the Index was 16.93%. 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.
Palisade, SouthernSun and Champlain were primary drivers of Fund performance during the Reporting Period relative to the Index. SouthernSun, Palisade and Champlain had tough relative performance over the last year very much driven by the last 3 months of the year with each underperforming the Russell 2000 Index by -3.03%, -3.43% and -3.38%, respectively. Kennedy, the funds dedicated value manager, outperformed the funds Russell 2000 Index benchmark by 1.04% as well its own style benchmark, the Russell 2000 Value Index, by 3.32%.The Index finished the last quarter of the year very strongly with an absolute performance of 14.03%.This type of market environment is generally challenging for the underlying strategies as they all have a lower beta profile, which was a headwind in the last 3 months of the year and the primary driver of relative performance for the calendar year.
The Fund used e-mini Russell 2000 Index futures in order to equitize cash in the liquidity sleeve of the Fund to manage daily flows and to maintain market exposure on the cash during the Reporting Period.The Fund’s use of e-mini Russell 2000 Index futures are meant to match the Index 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 Brink's Company, Live Oak Bancshares, Inc. and Saia Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Ingevity Corp., AdaptHealth Corp. and Darling International Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
| 2 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $25,980 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Enerpac Tool Group Corp. | 1.73% |
| MGP Ingredients, Inc. | 1.56% |
| Dycom Industries, Inc. | 1.41% |
| Darling Ingredients, Inc. | 1.30% |
| Ingevity Corp. | 1.13% |
| RB Global, Inc. | 1.10% |
| Live Oak Bancshares, Inc. | 1.05% |
| U.S. Physical Therapy, Inc. | 0.99% |
| Pure Storage, Inc., Class A | 0.98% |
| Belden, Inc. | 0.92% |
| Average Annual Total Return for the years ended December 31, 2023 |
| 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 | 13.55% | | 10.84% | | 7.68% | | $20,962 |
| Russell 2000 Index | 16.93% | | 9.97% | | 7.16% | | $19,959 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| State Street Small-Cap Equity V.I.S. Fund | 3 |
State Street Small-Cap Equity V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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.
| 4 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Understanding Your Fund’s Expenses — December 31, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,052.40 | | $1,018.90 |
| Expenses Paid During Period* | $ 6.47 | | $ 6.36 |
| * | Expenses are equal to the Fund's annualized expense ratio of 1.25%** (for the period July 1, 2023 - December 31, 2023), 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 Small-Cap Equity V.I.S. Fund | 5 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 95.8% † |
| Aerospace & Defense - 0.3% |
| Woodward, Inc. | 591 | $ 80,453 |
| Agricultural & Farm Machinery - 1.3% |
| AGCO Corp. | 1,945 | 236,142 |
| Alamo Group, Inc. | 420 | 88,280 |
| | | 324,422 |
| Agricultural Products & Services - 1.3% |
| Darling Ingredients, Inc. (a) | 6,763 | 337,068 |
| Apparel Retail - 1.3% |
| Boot Barn Holdings, Inc. (a) | 2,711 | 208,096 |
| Buckle, Inc. | 2,047 | 97,274 |
| J Jill, Inc. (a) | 398 | 10,260 |
| Revolve Group, Inc. (a) | 1,929 | 31,983 |
| | | 347,613 |
| Application Software - 6.6% |
| ACI Worldwide, Inc. (a) | 3,830 | 117,198 |
| Altair Engineering, Inc., Class A (a) | 1,207 | 101,569 |
| Asana, Inc., Class A (a) | 4,170 | 79,272 |
| Blackbaud, Inc. (a) | 2,030 | 176,001 |
| BlackLine, Inc. (a) | 798 | 49,827 |
| Box, Inc., Class A (a) | 4,470 | 114,477 |
| Braze, Inc., Class A (a) | 2,550 | 135,481 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 6,556 | 74,673 |
| Freshworks, Inc., Class A Revenue (a) | 7,820 | 183,692 |
| Nutanix, Inc., Class A (a) | 3,840 | 183,129 |
| Q2 Holdings, Inc. (a) | 2,200 | 95,502 |
| Smartsheet, Inc., Class A (a) | 3,600 | 172,152 |
| Vertex, Inc., Class A (a)(b) | 3,922 | 105,659 |
| Workiva, Inc. (a) | 1,110 | 112,698 |
| | | 1,701,330 |
| Automobile Manufacturers - 0.7% |
| Thor Industries, Inc. | 1,537 | 181,750 |
| Automotive Parts & Equipment - 1.3% |
| Dana, Inc. | 3,460 | 50,550 |
| Dorman Products, Inc. (a) | 2,529 | 210,944 |
| LCI Industries | 153 | 19,234 |
| Modine Manufacturing Co. (a) | 939 | 56,058 |
| | | 336,786 |
| | Number
of Shares | Fair
Value |
| Automotive Retail - 1.3% |
| America's Car-Mart, Inc. (a) | 175 | $ 13,260 |
| Group 1 Automotive, Inc. | 377 | 114,887 |
| Monro, Inc. | 969 | 28,430 |
| Murphy USA, Inc. | 509 | 181,489 |
| | | 338,066 |
| Biotechnology - 1.0% |
| Avid Bioservices, Inc. (a) | 6,834 | 44,421 |
| Catalyst Pharmaceuticals, Inc. (a) | 3,333 | 56,028 |
| Emergent BioSolutions, Inc. (a) | 1,644 | 3,945 |
| Halozyme Therapeutics, Inc. (a) | 1,272 | 47,013 |
| Heron Therapeutics, Inc. (a) | 13,541 | 23,020 |
| Veracyte, Inc. (a)(b) | 2,880 | 79,229 |
| | | 253,656 |
| Brewers - 0.8% |
| Boston Beer Co., Inc., Class A (a) | 600 | 207,354 |
| Broadline Retail - 0.2% |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 700 | 53,123 |
| Building Products - 3.3% |
| Armstrong World Industries, Inc. | 2,237 | 219,942 |
| AZZ, Inc. | 883 | 51,293 |
| CSW Industrials, Inc. | 550 | 114,076 |
| Gibraltar Industries, Inc. (a) | 2,644 | 208,823 |
| Hayward Holdings, Inc. (a) | 8,020 | 109,072 |
| Insteel Industries, Inc. | 1,500 | 57,435 |
| Simpson Manufacturing Co., Inc. | 358 | 70,877 |
| UFP Industries, Inc. | 278 | 34,903 |
| | | 866,421 |
| Cargo Ground Transportation - 0.6% |
| Saia, Inc. (a) | 331 | 145,051 |
| Commodity Chemicals - 0.2% |
| Hawkins, Inc. | 885 | 62,322 |
| Communications Equipment - 0.1% |
| Cambium Networks Corp. (a) | 3,970 | 23,820 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Construction & Engineering - 1.6% |
| Dycom Industries, Inc. (a) | 3,180 | $ 365,986 |
| IES Holdings, Inc. (a) | 427 | 33,827 |
| Valmont Industries, Inc. (b) | 78 | 18,214 |
| | | 418,027 |
| Construction Machinery & Heavy Transportation Equipment - 0.4% |
| Astec Industries, Inc. | 564 | 20,981 |
| Miller Industries, Inc. (b) | 224 | 9,473 |
| Oshkosh Corp. | 195 | 21,140 |
| Wabash National Corp. | 2,204 | 56,466 |
| | | 108,060 |
| Construction Materials - 0.2% |
| Eagle Materials, Inc. | 265 | 53,753 |
| Consumer Finance - 0.3% |
| PROG Holdings, Inc. (a) | 2,168 | 67,013 |
| Data Processing & Outsourced Services - 0.9% |
| CSG Systems International, Inc. | 1,850 | 98,439 |
| Verra Mobility Corp. (a)(b) | 5,740 | 132,192 |
| | | 230,631 |
| Distillers & Vintners - 1.7% |
| Duckhorn Portfolio, Inc. (a) | 2,168 | 21,355 |
| MGP Ingredients, Inc. | 4,113 | 405,213 |
| | | 426,568 |
| Distributors - 0.6% |
| LKQ Corp. | 3,207 | 153,263 |
| Diversified Metals & Mining - 0.2% |
| Compass Minerals International, Inc. | 1,064 | 26,940 |
| Materion Corp. | 246 | 32,012 |
| | | 58,952 |
| Diversified REITs - 0.3% |
| Alpine Income Property Trust, Inc. | 1,575 | 26,633 |
| American Assets Trust, Inc. | 1,106 | 24,896 |
| Essential Properties Realty Trust, Inc. | 732 | 18,710 |
| | | 70,239 |
| | Number
of Shares | Fair
Value |
| Diversified Support Services - 1.8% |
| Healthcare Services Group, Inc. | 5,089 | $ 52,773 |
| Matthews International Corp., Class A | 2,291 | 83,965 |
| RB Global, Inc. | 4,254 | 284,550 |
| Vestis Corp. | 2,512 | 53,104 |
| | | 474,392 |
| Education Services - 0.7% |
| Bright Horizons Family Solutions, Inc. (a) | 580 | 54,659 |
| Stride, Inc. (a) | 2,280 | 135,364 |
| | | 190,023 |
| Electric Utilities - 0.9% |
| ALLETE, Inc. | 512 | 31,314 |
| IDACORP, Inc. | 2,052 | 201,753 |
| | | 233,067 |
| Electrical Components & Equipment - 0.5% |
| Acuity Brands, Inc. | 132 | 27,038 |
| Atkore, Inc. (a) | 405 | 64,800 |
| Regal Rexnord Corp. | 170 | 25,163 |
| | | 117,001 |
| Electronic Components - 1.6% |
| Belden, Inc. | 3,089 | 238,625 |
| Coherent Corp. (a) | 536 | 23,332 |
| Littelfuse, Inc. | 560 | 149,834 |
| | | 411,791 |
| Electronic Equipment & Instruments - 0.9% |
| Novanta, Inc. (a) | 680 | 114,519 |
| Vontier Corp. (b) | 3,313 | 114,464 |
| | | 228,983 |
| Electronic Manufacturing Services - 0.1% |
| Plexus Corp. (a) | 282 | 30,493 |
| Environmental & Facilities Services - 0.3% |
| Aris Water Solutions, Inc., Class A | 3,589 | 30,112 |
| Montrose Environmental Group, Inc. (a) | 1,800 | 57,834 |
| | | 87,946 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 7 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Food Distributors - 0.6% |
| Performance Food Group Co. (a) | 2,087 | $ 144,316 |
| Footwear - 0.4% |
| Deckers Outdoor Corp. (a) | 79 | 52,806 |
| Steven Madden Ltd. | 873 | 36,666 |
| | | 89,472 |
| Forest Products - 0.9% |
| Louisiana-Pacific Corp. | 3,234 | 229,064 |
| Gas Utilities - 0.1% |
| UGI Corp. | 726 | 17,860 |
| Health Care REITs - 0.3% |
| Community Healthcare Trust, Inc. | 3,021 | 80,479 |
| Healthcare Distributors - 0.3% |
| AdaptHealth Corp. (a) | 8,255 | 60,179 |
| Owens & Minor, Inc. (a) | 1,151 | 22,180 |
| | | 82,359 |
| Healthcare Equipment - 5.3% |
| AtriCure, Inc. (a) | 2,740 | 97,791 |
| Axonics, Inc. (a) | 2,520 | 156,820 |
| CONMED Corp. | 1,260 | 137,983 |
| Envista Holdings Corp. (a) | 1,400 | 33,684 |
| Globus Medical, Inc., Class A (a) | 2,605 | 138,820 |
| Inspire Medical Systems, Inc. (a) | 840 | 170,881 |
| Integra LifeSciences Holdings Corp. (a) | 3,210 | 139,796 |
| iRhythm Technologies, Inc. (a) | 370 | 39,605 |
| LeMaitre Vascular, Inc. | 638 | 36,213 |
| Omnicell, Inc. (a) | 1,980 | 74,507 |
| Penumbra, Inc. (a) | 610 | 153,439 |
| PROCEPT BioRobotics Corp. (a) | 2,085 | 87,382 |
| SI-BONE, Inc. (a) | 1,570 | 32,954 |
| Tandem Diabetes Care, Inc. (a) | 2,020 | 59,752 |
| | | 1,359,627 |
| Healthcare Facilities - 1.6% |
| Acadia Healthcare Co., Inc. (a) | 2,166 | 168,428 |
| | Number
of Shares | Fair
Value |
| U.S. Physical Therapy, Inc. (b) | 2,762 | $ 257,253 |
| | | 425,681 |
| Healthcare Services - 0.3% |
| Addus HomeCare Corp. (a) | 431 | 40,018 |
| Castle Biosciences, Inc. (a) | 1,965 | 42,405 |
| | | 82,423 |
| Healthcare Supplies - 0.6% |
| Neogen Corp. (a) | 7,280 | 146,401 |
| Healthcare Technology - 0.3% |
| Definitive Healthcare Corp. (a) | 4,088 | 40,635 |
| Simulations Plus, Inc. | 916 | 40,991 |
| | | 81,626 |
| Home Building - 0.7% |
| Cavco Industries, Inc. (a) | 71 | 24,610 |
| Green Brick Partners, Inc. (a) | 298 | 15,478 |
| Installed Building Products, Inc. | 229 | 41,866 |
| Taylor Morrison Home Corp. (a) | 1,735 | 92,562 |
| | | 174,516 |
| Home Furnishing Retail - 0.2% |
| Aaron's Co., Inc. | 5,043 | 54,868 |
| Home Furnishings - 0.1% |
| Mohawk Industries, Inc. (a) | 113 | 11,696 |
| Hotel & Resort REITs - 0.6% |
| RLJ Lodging Trust | 9,225 | 108,117 |
| Xenia Hotels & Resorts, Inc. | 3,032 | 41,296 |
| | | 149,413 |
| Household Products - 0.4% |
| Central Garden & Pet Co., Class A (a) | 2,390 | 105,256 |
| Human Resource & Employment Services - 0.1% |
| First Advantage Corp. | 1,250 | 20,713 |
| Industrial Machinery & Supplies & Components - 8.0% |
| Albany International Corp., Class A | 1,380 | 135,544 |
| Barnes Group, Inc. | 4,842 | 157,994 |
| Chart Industries, Inc. (a) | 292 | 39,808 |
| Enerpac Tool Group Corp. | 14,424 | 448,442 |
| Enpro, Inc. | 233 | 36,520 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 8 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| ESCO Technologies, Inc. | 1,520 | $ 177,886 |
| Helios Technologies, Inc. | 604 | 27,391 |
| Hillenbrand, Inc. | 1,282 | 61,344 |
| John Bean Technologies Corp. | 1,890 | 187,961 |
| Mueller Industries, Inc. | 3,588 | 169,174 |
| RBC Bearings, Inc. (a) | 700 | 199,423 |
| Standex International Corp. | 810 | 128,288 |
| Timken Co. | 2,902 | 232,595 |
| Xylem, Inc. | 666 | 76,164 |
| | | 2,078,534 |
| Industrial REITs - 0.7% |
| EastGroup Properties, Inc. | 1,004 | 184,274 |
| Insurance Brokers - 0.4% |
| BRP Group, Inc., Class A (a) | 4,670 | 112,173 |
| Investment Banking & Brokerage - 1.1% |
| Houlihan Lokey, Inc. | 97 | 11,631 |
| Piper Sandler Cos. | 268 | 46,865 |
| Raymond James Financial, Inc. | 1,495 | 166,693 |
| Stifel Financial Corp. | 1,011 | 69,911 |
| | | 295,100 |
| IT Consulting & Other Services - 0.1% |
| Unisys Corp. (a) | 6,020 | 33,832 |
| Leisure Facilities - 0.6% |
| Bowlero Corp., Class A (a) | 3,320 | 47,011 |
| Planet Fitness, Inc., Class A (a) | 1,570 | 114,610 |
| | | 161,621 |
| Leisure Products - 1.4% |
| Johnson Outdoors, Inc., Class A | 276 | 14,744 |
| Malibu Boats, Inc., Class A (a) | 3,288 | 180,248 |
| Polaris, Inc. | 1,882 | 178,357 |
| | | 373,349 |
| Life & Health Insurance - 0.1% |
| American Equity Investment Life Holding Co. (a) | 432 | 24,106 |
| Life Sciences Tools & Services - 2.4% |
| Azenta, Inc. (a) | 1,889 | 123,049 |
| BioLife Solutions, Inc. (a) | 4,273 | 69,436 |
| Bruker Corp. | 2,021 | 148,503 |
| | Number
of Shares | Fair
Value |
| ICON PLC (a) | 340 | $ 96,244 |
| Mesa Laboratories, Inc. | 326 | 34,155 |
| Repligen Corp. (a) | 881 | 158,404 |
| | | 629,791 |
| Metal, Glass & Plastic Containers - 0.3% |
| TriMas Corp. | 2,565 | 64,971 |
| Multi-Family Residential REITs - 0.1% |
| NexPoint Residential Trust, Inc. | 757 | 26,064 |
| Multi-Line Insurance - 0.3% |
| Horace Mann Educators Corp. | 2,007 | 65,629 |
| Multi-Utilities - 0.1% |
| Avista Corp. | 1,008 | 36,026 |
| Office REITs - 0.7% |
| COPT Defense Properties | 954 | 24,451 |
| Cousins Properties, Inc. | 3,891 | 94,746 |
| Easterly Government Properties, Inc. | 5,292 | 71,124 |
| | | 190,321 |
| Office Services & Supplies - 0.8% |
| MSA Safety, Inc. | 1,207 | 203,778 |
| Oil & Gas Drilling - 0.1% |
| Helmerich & Payne, Inc. | 514 | 18,617 |
| Oil & Gas Equipment & Services - 0.7% |
| ChampionX Corp. | 1,146 | 33,475 |
| Oil States International, Inc. (a) | 16,536 | 112,280 |
| ProPetro Holding Corp. (a) | 4,209 | 35,271 |
| | | 181,026 |
| Oil & Gas Exploration & Production - 2.0% |
| Civitas Resources, Inc. | 705 | 48,208 |
| Northern Oil & Gas, Inc. | 5,421 | 200,956 |
| SM Energy Co. | 6,147 | 238,012 |
| Southwestern Energy Co. (a) | 5,816 | 38,095 |
| | | 525,271 |
| Other Specialty Retail - 0.4% |
| Leslie's, Inc. (a) | 5,980 | 41,322 |
| Sally Beauty Holdings, Inc. (a) | 5,150 | 68,392 |
| | | 109,714 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 9 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Packaged Foods & Meats - 2.6% |
| Calavo Growers, Inc. | 1,408 | $ 41,409 |
| Freshpet, Inc. (a) | 1,600 | 138,816 |
| J & J Snack Foods Corp. | 490 | 81,899 |
| Lancaster Colony Corp. | 810 | 134,776 |
| Simply Good Foods Co. (a) | 4,045 | 160,182 |
| Utz Brands, Inc. (b) | 7,350 | 119,364 |
| | | 676,446 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Ranpak Holdings Corp. (a) | 3,742 | 21,778 |
| Personal Care Products - 0.2% |
| BellRing Brands, Inc. (a) | 829 | 45,951 |
| Pharmaceuticals - 0.1% |
| ANI Pharmaceuticals, Inc. (a) | 670 | 36,944 |
| Property & Casualty Insurance - 2.0% |
| AMERISAFE, Inc. | 2,017 | 94,355 |
| James River Group Holdings Ltd. | 1,870 | 17,279 |
| Palomar Holdings, Inc. (a) | 1,680 | 93,240 |
| RLI Corp. | 768 | 102,236 |
| Selective Insurance Group, Inc. | 1,410 | 140,267 |
| Skyward Specialty Insurance Group, Inc. (a) | 1,820 | 61,661 |
| Trupanion, Inc. (a) | 623 | 19,008 |
| | | 528,046 |
| Publishing - 0.4% |
| John Wiley & Sons, Inc., Class A | 3,395 | 107,757 |
| Regional Banks - 10.0% |
| 1st Source Corp. | 1,099 | 60,390 |
| Banc of California, Inc. | 2,514 | 33,763 |
| BancFirst Corp. | 740 | 72,024 |
| Bank OZK | 1,439 | 71,705 |
| BankUnited, Inc. | 932 | 30,225 |
| Cadence Bank | 885 | 26,187 |
| Columbia Banking System, Inc. | 951 | 25,373 |
| Community Bank System, Inc. | 1,260 | 65,658 |
| Cullen/Frost Bankers, Inc. | 2,136 | 231,735 |
| Enterprise Financial Services Corp. | 791 | 35,318 |
| | Number
of Shares | Fair
Value |
| First Financial Bankshares, Inc. | 3,390 | $ 102,717 |
| Fulton Financial Corp. | 4,997 | 82,251 |
| German American Bancorp, Inc. | 1,860 | 60,283 |
| Heritage Commerce Corp. | 4,991 | 49,511 |
| Home BancShares, Inc. | 2,681 | 67,910 |
| Independent Bank Corp. | 2,326 | 153,074 |
| Lakeland Financial Corp. | 588 | 38,314 |
| Live Oak Bancshares, Inc. | 5,974 | 271,817 |
| National Bank Holdings Corp., Class A | 1,842 | 68,504 |
| Origin Bancorp, Inc. | 1,106 | 39,340 |
| Peapack-Gladstone Financial Corp. | 1,849 | 55,137 |
| Pinnacle Financial Partners, Inc. | 671 | 58,525 |
| Prosperity Bancshares, Inc. | 1,768 | 119,747 |
| Renasant Corp. | 3,489 | 117,509 |
| ServisFirst Bancshares, Inc. | 1,400 | 93,282 |
| SouthState Corp. | 369 | 31,162 |
| Stock Yards Bancorp, Inc. | 1,480 | 76,205 |
| Texas Capital Bancshares, Inc. (a) | 881 | 56,939 |
| WaFd, Inc. | 1,410 | 46,474 |
| Westamerica BanCorp | 1,515 | 85,461 |
| Wintrust Financial Corp. | 846 | 78,466 |
| WSFS Financial Corp. | 4,169 | 191,482 |
| | | 2,596,488 |
| Research & Consulting Services - 0.2% |
| Resources Connection, Inc. | 4,114 | 58,295 |
| Restaurants - 1.6% |
| Bloomin' Brands, Inc. | 1,523 | 42,872 |
| Brinker International, Inc. (a) | 786 | 33,940 |
| Cheesecake Factory, Inc. | 1,688 | 59,097 |
| Shake Shack, Inc., Class A (a) | 1,620 | 120,074 |
| Texas Roadhouse, Inc. | 928 | 113,429 |
| Wingstop, Inc. | 220 | 56,448 |
| | | 425,860 |
| Retail REITs - 0.4% |
| Kite Realty Group Trust | 2,271 | 51,915 |
| Macerich Co. | 2,570 | 39,655 |
| | | 91,570 |
| Security & Alarm Services - 0.9% |
| Brink's Co. | 2,615 | 229,989 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 10 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Self Storage REITs - 0.1% |
| National Storage Affiliates Trust | 741 | $ 30,729 |
| Semiconductor Materials & Equipment - 0.7% |
| Ichor Holdings Ltd. (a) | 1,382 | 46,477 |
| Onto Innovation, Inc. (a) | 894 | 136,692 |
| | | 183,169 |
| Semiconductors - 0.4% |
| Diodes, Inc. (a) | 405 | 32,610 |
| MaxLinear, Inc. (a) | 875 | 20,799 |
| Semtech Corp. (a) | 2,667 | 58,434 |
| | | 111,843 |
| Soft Drinks & Non-alcoholic Beverages - 0.5% |
| Primo Water Corp. | 7,788 | 117,209 |
| Specialized Consumer Services - 0.5% |
| European Wax Center, Inc., Class A (a) | 4,330 | 58,845 |
| OneSpaWorld Holdings Ltd. (a) | 4,595 | 64,789 |
| | | 123,634 |
| Specialty Chemicals - 4.3% |
| Avient Corp. | 3,954 | 164,368 |
| HB Fuller Co. | 512 | 41,682 |
| Ingevity Corp. (a) | 6,184 | 292,008 |
| Innospec, Inc. | 1,030 | 126,937 |
| Quaker Chemical Corp. | 697 | 148,754 |
| Sensient Technologies Corp. | 1,770 | 116,820 |
| Stepan Co. | 2,224 | 210,279 |
| | | 1,100,848 |
| Steel - 0.5% |
| Carpenter Technology Corp. | 661 | 46,799 |
| Commercial Metals Co. | 1,712 | 85,668 |
| | | 132,467 |
| Systems Software - 0.5% |
| CommVault Systems, Inc. (a) | 690 | 55,096 |
| | Number
of Shares | Fair
Value |
| Progress Software Corp. | 432 | $ 23,458 |
| Tenable Holdings, Inc. (a) | 1,310 | 60,339 |
| | | 138,893 |
| Technology Distributors - 0.3% |
| Insight Enterprises, Inc. (a) | 358 | 63,434 |
| Technology Hardware, Storage & Peripherals - 1.3% |
| Corsair Gaming, Inc. (a) | 5,036 | 71,008 |
| Pure Storage, Inc., Class A (a) | 7,120 | 253,899 |
| | | 324,907 |
| Timber REITs - 0.2% |
| PotlatchDeltic Corp. | 822 | 40,360 |
| Trading Companies & Distributors - 1.3% |
| Applied Industrial Technologies, Inc. | 1,380 | 238,312 |
| Transcat, Inc. (a) | 470 | 51,385 |
| WESCO International, Inc. | 309 | 53,729 |
| | | 343,426 |
| Transaction & Payment Processing Services - 0.2% |
| Shift4 Payments, Inc., Class A (a) | 852 | 63,338 |
| Water Utilities - 0.1% |
| American States Water Co. | 324 | 26,056 |
Total Common Stock
(Cost $18,342,521) | | 24,808,841 |
| Short-Term Investments - 4.5% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (c)(d)
(Cost $1,171,516) | 1,171,516 | 1,171,516 |
Total Investments
(Cost $19,514,037) | | 25,980,357 |
| Liabilities in Excess of Other Assets, net - (0.3)% | | (70,421) |
| NET ASSETS - 100.0% | | $ 25,909,936 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 11 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
Other Information:
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| E-mini Russell 2000 Index Futures | March 2024 | 4 | $ 389,389 | $ 409,540 | $ 20,151 |
During the year ended December 31, 2023, the average notional value related to long futures contracts was $385,706.
Notes to Schedule of Investments
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, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| 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, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 24,808,841 | | $ — | | $ — | | $ 24,808,841 |
| Short-Term Investments | 1,171,516 | | — | | — | | 1,171,516 |
| Total Investments in Securities | $ 25,980,357 | | $ — | | $ — | | $ 25,980,357 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 20,151 | | $ — | | $ — | | $ 20,151 |
| Total Other Financial Instruments | $ 20,151 | | $ — | | $ — | | $ 20,151 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,061,790 | $1,061,790 | $9,213,673 | $9,103,947 | $— | $— | 1,171,516 | $1,171,516 | $65,340 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 12 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 4/28/00 |
| Net asset value, beginning of period | $ 11.90 | | $ 14.93 | | $ 14.66 | | $ 13.16 | | $ 11.24 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income (loss)(a) | 0.02 | | (0.03) | | (0.04) | | (0.01) | | (0.00) (b) |
| Net realized and unrealized gains/(losses) on investments | 1.61 | | (2.27) | | 3.06 | | 1.92 | | 2.94 |
| Total income/(loss) from investment operations | 1.63 | | (2.30) | | 3.02 | | 1.91 | | 2.94 |
| Less distributions from: | | | | | | | | | |
| Net realized gains | (1.16) | | (0.73) | | (2.75) | | (0.41) | | (1.02) |
| Total distributions | (1.16) | | (0.73) | | (2.75) | | (0.41) | | (1.02) |
| Net asset value, end of period | $ 12.37 | | $ 11.90 | | $ 14.93 | | $ 14.66 | | $ 13.16 |
| Total Return(c) | 13.55% | | (15.40)% | | 20.53% | | 14.53% | | 26.12% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $25,910 | | $26,066 | | $36,890 | | $34,621 | | $33,600 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 1.28% | | 1.31% | | 1.21% | | 1.27% | | 1.24% |
| Gross expenses | 1.28% | | 1.31% | | 1.21% | | 1.27% | | 1.24% |
| Net investment income (loss) | 0.13% | | (0.21)% | | (0.22)% | | (0.06)% | | (0.02)% |
| Portfolio turnover rate | 30% | | 29% | | 39% | | 37% | | 29% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | Rounds to less than $0.01. |
| (c) | 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. |
The accompanying Notes are an integral part of these financial statements.
State Street Small-Cap Equity V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $18,342,521) | $ 24,808,841 |
| Investments in affiliated securities, at fair value (cost $1,171,516) | 1,171,516 |
| Cash | 416 |
| Net cash collateral on deposit with broker for future contracts | 2,079 |
| Income receivables | 18,457 |
| Income receivable from affiliated investments | 5,693 |
| Receivable for accumulated variation margin on futures contracts | 20,160 |
| Other assets | 146 |
| Total assets | 26,027,308 |
| Liabilities | |
| Payable for investments purchased | 18,396 |
| Payable for fund shares redeemed | 32,144 |
| Payable to the Adviser | 20,301 |
| Payable for custody, fund accounting and sub-administration fees | 4,832 |
| Accrued other expenses | 41,699 |
| Total liabilities | 117,372 |
|
| Net Assets | $ 25,909,936 |
| Net Assets Consist of: | |
| Capital paid in | $ 19,860,093 |
| Total distributable earnings (loss) | 6,049,843 |
| Net Assets | $ 25,909,936 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 2,093,786 |
| Net asset value per share | $ 12.37 |
The accompanying Notes are an integral part of these financial statements.
| 14 | Statement of Assets and Liabilities |
State Street Small-Cap Equity V.I.S. Fund
Statement of Operations — For the year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 294,102 |
| Income from affiliated investments | 65,340 |
| Less: Foreign taxes withheld | (2,052) |
| Total income | 357,390 |
| Expenses | |
| Advisory and administration fees | 240,562 |
| Directors' fees | 21,209 |
| Custody, fund accounting and sub-administration fees | 28,500 |
| Professional fees | 33,086 |
| Other expenses | 1,486 |
| Total expenses | 324,843 |
| Net investment income (loss) | $ 32,547 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 1,968,302 |
| Futures | 23,271 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 1,214,791 |
| Futures | 20,102 |
| Net realized and unrealized gain (loss) on investments | 3,226,466 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 3,259,013 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 15 |
State Street Small-Cap Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 32,547 | | $ (61,338) |
| Net realized gain (loss) on investments and futures | 1,991,573 | | 794,429 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 1,234,893 | | (6,235,886) |
| Net increase (decrease) from operations | 3,259,013 | | (5,502,795) |
| Distributions to shareholders: | | | |
| Total distributions | (2,232,962) | | (1,506,672) |
| Increase (decrease) in assets from operations and distributions | 1,026,051 | | (7,009,467) |
| Share transactions: | | | |
| Proceeds from sale of shares | 193,752 | | 209,130 |
| Value of distributions reinvested | 2,232,962 | | 1,506,672 |
| Cost of shares redeemed | (3,608,386) | | (5,530,725) |
| Net increase (decrease) from share transactions | (1,181,672) | | (3,814,923) |
| Total increase (decrease) in net assets | (155,621) | | (10,824,390) |
| Net Assets | | | |
| Beginning of year | 26,065,557 | | 36,889,947 |
| End of year | $ 25,909,936 | | $ 26,065,557 |
| Changes in Fund Shares | | | |
| Shares sold | 15,689 | | 16,120 |
| Issued for distributions reinvested | 178,067 | | 126,931 |
| Shares redeemed | (289,897) | | (423,590) |
| Net increase (decrease) in fund shares | (96,141) | | (280,539) |
The accompanying Notes are an integral part of these financial statements.
| 16 | Statements of Changes in Net Assets |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements — December 31, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently
composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund (the “Fund”), State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| Notes to Financial Statements | 17 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| • | 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.
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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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.
| 18 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, 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, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 20,160 | $ — | $ 20,160 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 23,271 | $ — | $ 23,271 |
| Notes to Financial Statements | 19 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 20,102 | $ — | $ 20,102 |
4.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Due to Custodian In certain circumstances, the Fund may have a cash overdraft with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian, who is an affiliate of the Fund.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street 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, 2023 are disclosed in the Schedule of Investments.
5.Sub-Advisory Fees
Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) Kennedy Capital Management, Inc.; and (iv) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.
6.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 7,338,599 | $ 10,729,671 |
| 20 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to nontaxable dividend adjustments to income, REITs, investments in futures, and wash sale loss deferrals.
The tax character of distributions paid during the fiscal year ended December 31, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 142,246 | $ 2,090,716 | $ 2,232,962 |
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 28,032 | $ 1,478,640 | $ 1,506,672 |
At December 31, 2023, 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 |
| $ 70,842 | $ — | $ — | $ 73,895 | $ 5,905,106 | $ — | $ 6,049,843 |
As of December 31, 2023, 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) |
| $ 20,095,402 | $ 7,235,945 | $ 1,330,839 | $ 5,905,106 |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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
| Notes to Financial Statements | 21 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
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 Street Small-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 Street Small-Cap Equity V.I.S. Fund (the “Fund”) (one of the series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 23 |
State Street Small-Cap Equity V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for their fiscal year ended December 31, 2023.
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, 2023 in the amount of $2,090,716.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 11 |
| 12 |
| 13 |
| 14 |
| 15 |
| 21 |
| 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.
[This page intentionally left blank]
State Street U.S. Equity V.I.S. Fund
Notes to Performance — December 31, 2023 (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 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 widely held U.S. stocks recognized by investors to be representative of the stock market in general.
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 U.S. Equity V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street U.S. Equity V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (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 the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 27.91%, and the total return for the Index was 26.29%. 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.
Primary drivers of the Fund's performance relative to the Index during the Reporting Period included outperformance in the industrials sector, key positions in interactive media, and, on the negative side, exposure to two companies impacted by the March 2023 banking crisis. Overall, the Fund delivered broad-based outperformance versus the Index in a market that was notable for surprising resilience and narrowness of leadership that most active U.S. funds found challenging.
In industrials, we had a broadly positive view of the sector driven by tailwinds such as pent-up capex demand, new growth drivers such as electrification and reshoring, and recent U.S. legislation providing incentives for investments in strategically important industries. Within the portfolio, we held several names that were direct beneficiaries of this including United Rentals, Parker Hannifin, Eaton, and Trane Technologies. The average return of the Fund’s industrials holdings was 34.1% for the year, well ahead of the broader Index.
Interactive media is a component of the broader communication services sector that focuses on online platforms. This segment is dominated by Meta Platforms (formerly Facebook) and Alphabet, both of which the Fund is overweight and both of which outperformed significantly during the Reporting Period. These companies have dominant market positions in their respective specialties: Meta in social media, and Alphabet in online search, cloud, and other areas. They compete for online advertising, but between the two, have well over half of the total market. They also have new growth drivers in areas such as generative AI. Their strong performance over the last year should be put in context of the previous few years, where they experienced a massive surge during the early COVID-19 years only to give up much of it in 2022. This was especially the case with Meta, which experienced a particularly volatile two years. Their jump over the Reporting Period brings them close to the previous peak in late 2021.
Negative contribution came predominantly from two names in the financial sector: SVB Financial (Silicon Valley Bank) and First Republic Bank. Our financials positions provided some useful defensiveness in 2022 as the U.S. markets plunged, but were weak from then on as higher rates, initially a positive for the sector, raised deposit costs and then ultimately hit asset valuations. Our view was that in a slowing economy, credit risk was the biggest potential issue for banks, leading us to focus on banks with very low exposure in this area, namely SVB Financial and First Republic Bank. The risk we underappreciated was that deposit outflows could threaten solvency in these mid-sized banks. This was especially the case with SVB, whose depositors were concentrated in a single industry adding to the potential for herd behavior, and whose assets were largely invested in long-dated fixed income, which derated as rates rose. Ultimately, nervousness about SVB’s solvency led to an extremely rapid bank run and a takeover of the business by U.S. banking regulators. While First Republic’s depositors were more diversified, it was impacted by contagion fears and experienced large deposit outflows. Their impaired business was taken over by JPMorgan.
The Fund used futures in order to efficiently manage cash flows during the Reporting Period. The Fund’s use of futures detracted slightly from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Microsoft Corp., Amazon.com, Inc. and Apple, Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, SVB Financial, and Charles Schwab Corp.
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,
| 2 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Management's Discussion of Fund Performance, continued — December 31, 2023 (Unaudited)
may not be relied on as an indication of trading intent on behalf of any fund.
| State Street U.S. Equity V.I.S. Fund | 3 |
State Street U.S. Equity V.I.S. Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $21,253 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 7.28% |
| Apple, Inc. | 5.73% |
| Amazon.com, Inc. | 4.51% |
| Alphabet, Inc., Class A | 4.28% |
| NVIDIA Corp. | 4.19% |
| Meta Platforms, Inc., Class A | 2.82% |
| Bank of America Corp. | 1.99% |
| Broadcom, Inc. | 1.97% |
| Merck & Co., Inc. | 1.70% |
| UnitedHealth Group, Inc. | 1.67% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (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 | 27.91% | | 16.03% | | 11.37% | | $29,343 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 4 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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 changes 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
Understanding Your Fund’s Expenses — December 31, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,092.10 | | $1,020.80 |
| Expenses Paid During Period* | $ 4.59 | | $ 4.43 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.87%** (for the period July 1, 2023 - December 31, 2023), 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. |
| 6 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 97.0% † |
| Aerospace & Defense - 0.5% |
| RTX Corp. | 1,378 | $ 115,945 |
| Apparel Retail - 1.0% |
| Ross Stores, Inc. | 1,514 | 209,522 |
| Application Software - 3.1% |
| Adobe, Inc. (a) | 278 | 165,855 |
| Intuit, Inc. | 118 | 73,754 |
| Salesforce, Inc. (a) | 1,210 | 318,399 |
| Splunk, Inc. (a) | 620 | 94,457 |
| | | 652,465 |
| Automobile Manufacturers - 1.1% |
| General Motors Co. | 2,879 | 103,414 |
| Tesla, Inc. (a) | 530 | 131,694 |
| | | 235,108 |
| Automotive Retail - 0.6% |
| O'Reilly Automotive, Inc. (a) | 132 | 125,411 |
| Biotechnology - 1.8% |
| BioMarin Pharmaceutical, Inc. (a) | 2,294 | 221,187 |
| Vertex Pharmaceuticals, Inc. (a) | 411 | 167,232 |
| | | 388,419 |
| Broadline Retail - 4.5% |
| Amazon.com, Inc. (a) | 6,314 | 959,349 |
| Building Products - 0.6% |
| Trane Technologies PLC | 479 | 116,828 |
| Cable & Satellite - 0.2% |
| Charter Communications, Inc., Class A (a) | 86 | 33,427 |
| Construction Materials - 0.5% |
| Martin Marietta Materials, Inc. | 222 | 110,758 |
| Consumer Staples Merchandise Retail - 2.5% |
| Costco Wholesale Corp. | 322 | 212,545 |
| Target Corp. | 1,295 | 184,434 |
| Walmart, Inc. | 852 | 134,318 |
| | | 531,297 |
| Diversified Banks - 2.8% |
| Bank of America Corp. | 12,523 | 421,650 |
| | Number
of Shares | Fair
Value |
| JPMorgan Chase & Co. | 964 | $ 163,976 |
| | | 585,626 |
| Diversified Support Services - 0.9% |
| Cintas Corp. | 164 | 98,836 |
| Copart, Inc. (a) | 2,086 | 102,214 |
| | | 201,050 |
| Electric Utilities - 1.2% |
| NextEra Energy, Inc. | 4,066 | 246,969 |
| Electrical Components & Equipment - 1.0% |
| Eaton Corp. PLC | 922 | 222,036 |
| Electronic Components - 1.1% |
| Amphenol Corp., Class A | 2,355 | 233,451 |
| Environmental & Facilities Services - 1.3% |
| Waste Management, Inc. | 1,480 | 265,068 |
| Financial Exchanges & Data - 2.8% |
| CME Group, Inc. | 829 | 174,588 |
| MSCI, Inc. | 134 | 75,797 |
| S&P Global, Inc. | 791 | 348,451 |
| | | 598,836 |
| Healthcare Equipment - 1.9% |
| Becton Dickinson & Co. | 389 | 94,850 |
| Edwards Lifesciences Corp. (a) | 1,336 | 101,870 |
| IDEXX Laboratories, Inc. (a) | 118 | 65,496 |
| Teleflex, Inc. | 272 | 67,820 |
| Zimmer Biomet Holdings, Inc. | 603 | 73,385 |
| | | 403,421 |
| Home Improvement Retail - 0.8% |
| Home Depot, Inc. | 461 | 159,760 |
| Hotels, Resorts & Cruise Lines - 0.4% |
| Marriott International, Inc., Class A | 376 | 84,792 |
| Household Products - 0.9% |
| Procter & Gamble Co. | 1,343 | 196,803 |
| Industrial Conglomerates - 0.6% |
| Honeywell International, Inc. | 636 | 133,376 |
| Industrial Gases - 1.4% |
| Linde PLC | 736 | 302,283 |
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, 2023
| | Number
of Shares | Fair
Value |
| Industrial Machinery & Supplies & Components - 1.4% |
| Parker-Hannifin Corp. | 633 | $ 291,623 |
| Insurance Brokers - 0.3% |
| Marsh & McLennan Cos., Inc. | 341 | 64,609 |
| Integrated Oil & Gas - 0.7% |
| Chevron Corp. | 1,063 | 158,557 |
| Interactive Media & Services - 7.7% |
| Alphabet, Inc., Class C (a)(b) | 865 | 121,905 |
| Alphabet, Inc., Class A (a) | 6,503 | 908,404 |
| Meta Platforms, Inc., Class A (a) | 1,693 | 599,254 |
| | | 1,629,563 |
| Investment Banking & Brokerage - 0.5% |
| Charles Schwab Corp. | 1,438 | 98,934 |
| IT Consulting & Other Services - 0.4% |
| Accenture PLC, Class A | 250 | 87,728 |
| Life Sciences Tools & Services - 2.2% |
| IQVIA Holdings, Inc. (a) | 713 | 164,974 |
| Thermo Fisher Scientific, Inc. | 569 | 302,019 |
| | | 466,993 |
| Managed Healthcare - 2.9% |
| Humana, Inc. | 555 | 254,084 |
| UnitedHealth Group, Inc. | 674 | 354,841 |
| | | 608,925 |
| Movies & Entertainment - 0.4% |
| Walt Disney Co. | 892 | 80,539 |
| Multi-Line Insurance - 0.2% |
| American International Group, Inc. | 696 | 47,154 |
| Multi-Sector Holdings - 1.3% |
| Berkshire Hathaway, Inc., Class B (a) | 760 | 271,062 |
| Multi-Utilities - 0.9% |
| CMS Energy Corp. | 999 | 58,012 |
| Sempra | 1,806 | 134,962 |
| | | 192,974 |
| Oil & Gas Equipment & Services - 1.1% |
| Schlumberger N.V. | 4,546 | 236,574 |
| | Number
of Shares | Fair
Value |
| Oil & Gas Exploration & Production - 1.7% |
| ConocoPhillips | 2,299 | $ 266,845 |
| Pioneer Natural Resources Co. | 435 | 97,823 |
| | | 364,668 |
| Packaged Foods & Meats - 0.6% |
| Mondelez International, Inc., Class A | 1,822 | 131,967 |
| Personal Care Products - 1.0% |
| Kenvue, Inc. | 9,579 | 206,236 |
| Pharmaceuticals - 4.5% |
| AstraZeneca PLC ADR (b) | 1,749 | 117,795 |
| Bristol-Myers Squibb Co. | 1,237 | 63,471 |
| Elanco Animal Health, Inc. (a) | 4,390 | 65,411 |
| Johnson & Johnson | 2,242 | 351,411 |
| Merck & Co., Inc. | 3,307 | 360,529 |
| | | 958,617 |
| Property & Casualty Insurance - 1.1% |
| Chubb Ltd. | 996 | 225,096 |
| Rail Transportation - 0.6% |
| Union Pacific Corp. | 522 | 128,214 |
| Regional Banks - 0.5% |
| Regions Financial Corp. | 4,956 | 96,047 |
| Reinsurance - 0.1% |
| RenaissanceRe Holdings Ltd. | 104 | 20,384 |
| Restaurants - 0.5% |
| McDonald's Corp. | 371 | 110,005 |
| Semiconductor Materials & Equipment - 1.9% |
| Applied Materials, Inc. | 1,239 | 200,805 |
| ASML Holding N.V. (b) | 279 | 211,180 |
| | | 411,985 |
| Semiconductors - 8.7% |
| Advanced Micro Devices, Inc. (a) | 1,137 | 167,605 |
| ARM Holdings PLC ADR (a)(b) | 557 | 41,856 |
| Broadcom, Inc. | 375 | 418,594 |
| NVIDIA Corp. | 1,799 | 890,901 |
| ON Semiconductor Corp. (a) | 2,285 | 190,866 |
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, 2023
| | Number
of Shares | Fair
Value |
| Texas Instruments, Inc. | 716 | $ 122,049 |
| | | 1,831,871 |
| Soft Drinks & Non-alcoholic Beverages - 1.0% |
| Monster Beverage Corp. (a) | 1,629 | 93,847 |
| PepsiCo, Inc. | 740 | 125,681 |
| | | 219,528 |
| Specialty Chemicals - 0.5% |
| DuPont de Nemours, Inc. | 431 | 33,157 |
| Ecolab, Inc. | 240 | 47,604 |
| International Flavors & Fragrances, Inc. | 374 | 30,283 |
| | | 111,044 |
| Systems Software - 8.6% |
| Microsoft Corp. | 4,117 | 1,548,156 |
| Oracle Corp. | 1,118 | 117,871 |
| ServiceNow, Inc. (a) | 206 | 145,537 |
| | | 1,811,564 |
| Technology Hardware, Storage & Peripherals - 5.8% |
| Apple, Inc. | 6,324 | 1,217,560 |
| Telecom Tower REITs - 1.1% |
| American Tower Corp. | 1,113 | 240,274 |
| Trading Companies & Distributors - 1.6% |
| United Rentals, Inc. | 490 | 280,976 |
| | Number
of Shares | Fair
Value |
| WW Grainger, Inc. | 72 | $ 59,666 |
| | | 340,642 |
| Transaction & Payment Processing Services - 3.4% |
| Fidelity National Information Services, Inc. | 465 | 27,933 |
| Mastercard, Inc., Class A | 829 | 353,577 |
| PayPal Holdings, Inc. (a) | 1,622 | 99,607 |
| Visa, Inc., Class A | 890 | 231,711 |
| | | 712,828 |
| Wireless Telecommunication Services - 0.3% |
| T-Mobile U.S., Inc. | 357 | 57,238 |
Total Common Stock
(Cost $12,102,275) | | 20,543,003 |
| Short-Term Investments - 3.4% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (c)(d)
(Cost $709,663) | 709,663 | 709,663 |
Total Investments
(Cost $12,811,938) | | 21,252,666 |
| Liabilities in Excess of Other Assets, net - (0.4)% | | (82,992) |
| NET ASSETS - 100.0% | | $ 21,169,674 |
Other Information:
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | March 2024 | 1 | $ 232,074 | $ 241,000 | $ 8,926 |
During the period ended December 31, 2023, the average notional value related to long futures contracts was $219,838.
Notes to Schedule of Investments
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. |
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
Schedule of Investments, continued — December 31, 2023
| (b) | At December 31, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 20,543,003 | | $ — | | $ — | | $ 20,543,003 |
| Short-Term Investments | 709,663 | | — | | — | | 709,663 |
| Total Investments in Securities | $ 21,252,666 | | $ — | | $ — | | $ 21,252,666 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 8,926 | | $ — | | $ — | | $ 8,926 |
| Total Other Financial Instruments | $ 8,926 | | $ — | | $ — | | $ 8,926 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 374,873 | $374,873 | $5,622,845 | $5,288,055 | $— | $— | 709,663 | $709,663 | $25,699 |
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
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 1/3/95 |
| Net asset value, beginning of period | $ 40.76 | | $ 56.55 | | $ 53.28 | | $ 46.97 | | $ 38.07 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.22 | | 0.22 | | 0.18 | | 0.27 | | 0.33 |
| Net realized and unrealized gains/(losses) on investments | 11.15 | | (10.93) | | 13.47 | | 10.34 | | 11.78 |
| Total income/(loss) from investment operations | 11.37 | | (10.71) | | 13.65 | | 10.61 | | 12.11 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.23) | | (0.24) | | (0.22) | | (0.27) | | (0.32) |
| Net realized gains | (3.49) | | (4.84) | | (10.16) | | (4.03) | | (2.89) |
| Total distributions | (3.72) | | (5.08) | | (10.38) | | (4.30) | | (3.21) |
| Net asset value, end of period | $ 48.41 | | $ 40.76 | | $ 56.55 | | $ 53.28 | | $ 46.97 |
| Total Return(b) | 27.91% | | (18.91)% | | 25.49% | | 22.64% | | 31.77% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $21,170 | | $20,449 | | $29,595 | | $27,729 | | $25,951 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.91% | | 0.88% | | 0.82% | | 0.86% | | 0.88% |
| Gross expenses | 0.91% | | 0.88% | | 0.82% | | 0.86% | | 0.88% |
| Net investment income | 0.48% | | 0.46% | | 0.30% | | 0.56% | | 0.74% |
| Portfolio turnover rate | 42% | | 33% | | 32% | | 38% | | 31% |
| 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. |
The accompanying Notes are an integral part of these financial statements.
State Street U.S. Equity V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $12,102,275) | $ 20,543,003 |
| Investments in affiliated securities, at fair value (cost $709,663) | 709,663 |
| Net cash collateral on deposit with broker for future contracts | 3,450 |
| Income receivables | 20,991 |
| Receivable for fund shares sold | 254 |
| Income receivable from affiliated investments | 3,300 |
| Receivable for accumulated variation margin on futures contracts | 8,929 |
| Other assets | 116 |
| Total assets | 21,289,706 |
| Liabilities | |
| Payable for investments purchased | 60,369 |
| Payable for fund shares redeemed | 5,974 |
| Payable to the Adviser | 9,716 |
| Payable for custody, fund accounting and sub-administration fees | 3,319 |
| Accrued other expenses | 40,654 |
| Total liabilities | 120,032 |
|
| Net Assets | $ 21,169,674 |
| Net Assets Consist of: | |
| Capital paid in | $ 12,140,874 |
| Total distributable earnings (loss) | 9,028,800 |
| Net Assets | $ 21,169,674 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 437,314 |
| Net asset value per share | $ 48.41 |
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 year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 254,955 |
| Income from affiliated investments | 25,699 |
| Less: Foreign taxes withheld | (244) |
| Total income | 280,410 |
| Expenses | |
| Advisory and administration fees | 111,200 |
| Directors' fees | 21,163 |
| Custody, fund accounting and sub-administration fees | 20,091 |
| Professional fees | 28,981 |
| Other expenses | 1,844 |
| Total expenses | 183,279 |
| Net investment income (loss) | $ 97,131 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 2,006,040 |
| Futures | (15,960) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 2,910,657 |
| Futures | 8,926 |
| Net realized and unrealized gain (loss) on investments | 4,909,663 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 5,006,794 |
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,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 97,131 | | $ 108,119 |
| Net realized gain (loss) on investments and futures | 1,990,080 | | 1,487,131 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 2,919,583 | | (6,913,702) |
| Net increase (decrease) from operations | 5,006,794 | | (5,318,452) |
| Distributions to shareholders: | | | |
| Total distributions | (1,515,250) | | (2,265,516) |
| Increase (decrease) in assets from operations and distributions | 3,491,544 | | (7,583,968) |
| Share transactions: | | | |
| Proceeds from sale of shares | 253,428 | | 231,552 |
| Value of distributions reinvested | 1,515,250 | | 2,265,516 |
| Cost of shares redeemed | (4,539,387) | | (4,059,426) |
| Net increase (decrease) from share transactions | (2,770,709) | | (1,562,358) |
| Total increase (decrease) in net assets | 720,835 | | (9,146,326) |
| Net Assets | | | |
| Beginning of year | 20,448,839 | | 29,595,165 |
| End of year | $ 21,169,674 | | $ 20,448,839 |
| Changes in Fund Shares | | | |
| Shares sold | 5,608 | | 4,930 |
| Issued for distributions reinvested | 31,281 | | 55,787 |
| Shares redeemed | (101,242) | | (82,353) |
| Net increase (decrease) in fund shares | (64,353) | | (21,636) |
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, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund (the "Fund"), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| • | 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 | 15 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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.
| 16 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, 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, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 8,929 | $ — | $ 8,929 |
| Notes to Financial Statements | 17 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ (15,960) | $ — | $ (15,960) |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 8,926 | $ — | $ 8,926 |
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 and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-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, 2023 are disclosed in the Schedule of Investments.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 8,388,577 | $ 12,914,851 |
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
| 18 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book- tax differences are primarily due to nontaxable dividend adjustments to income, investments in futures, and wash sale loss deferrals.
The tax character of distributions paid during the fiscal year ended December 31, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 95,392 | $ 1,419,858 | $ 1,515,250 |
The tax character of distributions paid during the year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 123,965 | $ 2,141,551 | $ 2,265,516 |
At December 31, 2023, 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 |
| $ 26,897 | $ — | $ — | $ 741,880 | $ 8,260,023 | $ — | $ 9,028,800 |
As of December 31, 2023, 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) |
| $ 13,001,569 | $ 8,358,676 | $ 98,653 | $ 8,260,023 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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 was more broadly diversified.
| Notes to Financial Statements | 19 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
10.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 20 | Notes to Financial Statements |
State Street 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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 21 |
State Street U.S. Equity V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
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, 2023.
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, 2023 in the amount of $1,419,858.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street U.S. Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street U.S. Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street U.S. Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street U.S. Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street U.S. Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 9 |
| 10 |
| 11 |
| 12 |
| 13 |
| 19 |
| 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.
[This page intentionally left blank]
State Street Premier Growth Equity V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com 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 is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® companies 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 Premier Growth Equity V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Premier Growth Equity V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The State Street Premier Growth Equity V.I.S. Fund (the "Fund") seeks long-term growth of capital and future income rather than current income. The Fund’s benchmark are the Russell 1000 Growth Index, S&P 500 Index (the “Indices”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 46.28%, the total return for Russell 1000 Growth Index was 42.68%, and the total return for S&P 500 Index was 26.29%. 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.
Primary drivers of Fund performance relative to the index during the Reporting Period included stock selection in information technology, key positions in interactive media, and on the negative side, exposure to two companies impacted by the March 2023 banking crisis. Overall, the Fund delivered strong, broad-based outperformance versus the Index in a market that was notable for surprising resilience and narrowness of leadership that most active U.S. funds found challenging.
The IT sector was very strong in 2023, up more than 63% in the Russell 1000 Growth Index driven largely by so-called “Magnificent 7” names such as Apple, Microsoft, and Nvidia, which rose an average 115% during the year. Notably, the Fund was able to outperform significantly in IT despite being slightly underweight on average these three names (underweight Apple, overweight the other two). The Fund’s outperformance came primarily in the software and semiconductor space, with positions such as Advanced Micro Devices Inc., Salesforce Inc., Servicenow, Inc. and Applied Materials, Inc.. Overall, the Fund returned 69.1% in the sector, well ahead of the Index.
Interactive media is a component of the broader communication services sector that focuses on online platforms. This segment is dominated by Meta Platforms (formerly Facebook) and Alphabet, both of which the Fund is overweight and both of which outperformed significantly during the Reporting Period. These companies have dominant market positions in their respective specialties: Meta in social media, and Alphabet in online search, cloud, and other areas. They compete for online advertising, but between the two, have well over half of the total market. They also have new growth drivers in areas such as generative AI. Their strong performance over the last year should be put in context of the previous few years, where they experienced a massive surge during the early COVID-19 years only to give up much of it in 2022. This was especially the case with Meta, which experienced a particularly volatile two years. Their jump over the Reporting Period brings them close to the previous peak in late 2021.
Negative contribution came from two names in the financial sector that were impaired during the U.S. regional banking crisis early in 2023: First Republic Bank and Charles Schwab. The rise in interest rates in 2022 and 2023 was initially a positive for the financial sector but turned into a negative as deposit costs rose and asset valuations fell. Our view was that in a slowing economy, credit risk was the biggest potential issue in the sector, leading us to focus on positions with very low exposure in this area, including First Republic Bank and Charles Schwab. The risk we underappreciated was that deposit outflows could threaten solvency in mid-sized banks. The failure of Silicon Valley Bank, which was not held by the Fund, in March of 2023 led rapidly to turmoil in U.S. financials, which First Republic was caught up in. Another portfolio holding, Charles Schwab, while not a bank, was also impacted, raising concerns about the resilience of its business model. Both positions were exited during the Reporting Period.
The Fund used futures in order to efficiently manage cash flows during the Reporting Period. The Fund’s use of futures detracted slightly from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Microsoft Corp., NVIDIA Corp. and Apple. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, Charles Schwab and Chewy Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
| 2 | State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $32,049 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 12.54% |
| Apple, Inc. | 9.67% |
| Amazon.com, Inc. | 7.29% |
| NVIDIA Corp. | 6.40% |
| Meta Platforms, Inc., Class A | 4.88% |
| Alphabet, Inc., Class C | 4.58% |
| Alphabet, Inc., Class A | 3.33% |
| Visa, Inc., Class A | 2.99% |
| Broadcom, Inc. | 2.91% |
| UnitedHealth Group, Inc. | 2.87% |
| Average Annual Total Return for the years ended December 31, 2023 |
| 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 | 46.28% | | 18.47% | | 13.41% | | $35,192 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
| Russell 1000® Growth Index | 42.68% | | 19.50% | | 14.86% | | $39,972 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| State Street Premier Growth Equity V.I.S. Fund | 3 |
State Street Premier Growth Equity V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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.
| 4 | 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, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,119.70 | | $1,020.80 |
| Expenses Paid During Period* | $ 4.65 | | $ 4.43 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.87%** (for the period July 1, 2023 - December 31, 2023), 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 | 5 |
State Street Premier Growth Equity V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock - 97.2% † |
| Apparel Retail - 1.5% |
| Ross Stores, Inc. | 3,421 | $ 473,432 |
| Application Software - 4.3% |
| Adobe, Inc. (a) | 1,110 | 662,226 |
| Salesforce, Inc. (a) | 2,706 | 712,057 |
| | | 1,374,283 |
| Automobile Manufacturers - 0.8% |
| Tesla, Inc. (a)(b) | 1,047 | 260,159 |
| Biotechnology - 3.1% |
| BioMarin Pharmaceutical, Inc. (a) | 5,342 | 515,075 |
| Vertex Pharmaceuticals, Inc. (a) | 1,165 | 474,027 |
| | | 989,102 |
| Broadline Retail - 7.3% |
| Amazon.com, Inc. (a) | 15,386 | 2,337,749 |
| Cable & Satellite - 1.0% |
| Charter Communications, Inc., Class A (a) | 863 | 335,431 |
| Consumer Staples Merchandise Retail - 2.3% |
| Costco Wholesale Corp. | 1,104 | 728,728 |
| Electrical Components & Equipment - 1.3% |
| Eaton Corp. PLC | 1,722 | 414,692 |
| Electronic Components - 1.4% |
| Amphenol Corp., Class A | 4,594 | 455,403 |
| Financial Exchanges & Data - 1.4% |
| S&P Global, Inc. | 1,057 | 465,630 |
| Healthcare Equipment - 2.3% |
| Boston Scientific Corp. (a) | 5,716 | 330,442 |
| IDEXX Laboratories, Inc. (a) | 762 | 422,948 |
| | | 753,390 |
| Industrial Machinery & Supplies & Components - 1.8% |
| Parker-Hannifin Corp. | 1,286 | 592,460 |
| Interactive Media & Services - 12.8% |
| Alphabet, Inc., Class C (a) | 10,418 | 1,468,209 |
| Alphabet, Inc., Class A (a) | 7,647 | 1,068,209 |
| Meta Platforms, Inc., Class A (a) | 4,420 | 1,564,503 |
| | | 4,100,921 |
| Life Sciences Tools & Services - 2.1% |
| Thermo Fisher Scientific, Inc. | 1,284 | 681,534 |
| | Number
of Shares | Fair
Value |
| Managed Healthcare - 2.9% |
| UnitedHealth Group, Inc. | 1,750 | $ 921,323 |
| Other Specialty Retail - 0.6% |
| Chewy, Inc., Class A (a)(b) | 8,529 | 201,540 |
| Pharmaceuticals - 1.8% |
| AstraZeneca PLC ADR | 8,571 | 577,257 |
| Semiconductor Materials & Equipment - 3.1% |
| Applied Materials, Inc. | 3,291 | 533,372 |
| ASML Holding N.V. | 603 | 456,423 |
| | | 989,795 |
| Semiconductors - 9.9% |
| Broadcom, Inc. | 836 | 933,185 |
| NVIDIA Corp. | 4,141 | 2,050,706 |
| ON Semiconductor Corp. (a)(b) | 2,234 | 186,606 |
| | | 3,170,497 |
| Soft Drinks & Non-alcoholic Beverages - 1.6% |
| Monster Beverage Corp. (a) | 8,656 | 498,672 |
| Systems Software - 14.8% |
| Microsoft Corp. | 10,688 | 4,019,115 |
| ServiceNow, Inc. (a) | 1,024 | 723,446 |
| | | 4,742,561 |
| Technology Hardware, Storage & Peripherals - 9.7% |
| Apple, Inc. | 16,090 | 3,097,808 |
| Telecom Tower REITs - 1.7% |
| American Tower Corp. | 2,487 | 536,894 |
| Trading Companies & Distributors - 2.0% |
| United Rentals, Inc. | 1,106 | 634,203 |
| Transaction & Payment Processing Services - 5.7% |
| Mastercard, Inc., Class A | 2,008 | 856,432 |
| Visa, Inc., Class A | 3,675 | 956,786 |
| | | 1,813,218 |
Total Common Stock
(Cost $13,123,009) | | 31,146,682 |
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, 2023
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 2.8% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (b)(c)(d)
(Cost $902,796) | 902,796 | $ 902,796 |
Total Investments
(Cost $14,025,805) | | 32,049,478 |
| Liabilities in Excess of Other Assets, net - (0.0)%* | | (4,762) |
| NET ASSETS - 100.0% | | $ 32,044,716 |
Other Information:
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | March 2024 | 3 | $ 696,221 | $ 723,000 | $ 26,779 |
During the year ended December 31, 2023, the average notional value related to long futures contracts was $442,093.
Notes to Schedule of Investments
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, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 31,146,682 | | $ — | | $ — | | $ 31,146,682 |
| Short-Term Investments | 902,796 | | — | | — | | 902,796 |
| Total Investments in Securities | $ 32,049,478 | | $ — | | $ — | | $ 32,049,478 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 26,779 | | $ — | | $ — | | $ 26,779 |
| Total Other Financial Instruments | $ 26,779 | | $ — | | $ — | | $ 26,779 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 500,571 | $500,571 | $7,013,133 | $6,610,908 | $— | $— | 902,796 | $902,796 | $36,894 |
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
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 12/12/97 |
| Net asset value, beginning of period | $ 77.05 | | $126.76 | | $122.96 | | $100.89 | | $ 82.51 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income (loss)(a) | (0.09) | | (0.32) | | (0.44) | | (0.22) | | 0.03 |
| Net realized and unrealized gains/(losses) on investments | 35.75 | | (38.35) | | 31.51 | | 34.12 | | 30.84 |
| Total income/(loss) from investment operations | 35.66 | | (38.67) | | 31.07 | | 33.90 | | 30.87 |
| Less distributions from: | | | | | | | | | |
| Net investment income | — | | — | | — | | (0.04) | | — |
| Net realized gains | (2.46) | | (11.04) | | (27.27) | | (11.79) | | (12.49) |
| Total distributions | (2.46) | | (11.04) | | (27.27) | | (11.83) | | (12.49) |
| Net asset value, end of period | $110.25 | | $ 77.05 | | $126.76 | | $122.96 | | $100.89 |
| Total Return(b) | 46.28% | | (30.43)% | | 24.97% | | 33.61% | | 37.33% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $32,045 | | $25,498 | | $41,961 | | $39,144 | | $35,502 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 0.91% | | 0.93% | | 0.88% | | 0.89% | | 0.91% |
| Gross expenses | 0.91% | | 0.93% | | 0.88% | | 0.89% | | 0.91% |
| Net investment income (loss) | (0.09)% | | (0.31)% | | (0.32)% | | (0.19)% | | 0.03% |
| Portfolio turnover rate | 24% | | 23% | | 30% | | 22% | | 22% |
| 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. |
The accompanying Notes are an integral part of these financial statements.
State Street Premier Growth Equity V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $13,123,009) | $ 31,146,682 |
| Investments in affiliated securities, at fair value (cost $902,796) | 902,796 |
| Net cash collateral on deposit with broker for future contracts | 10,277 |
| Income receivables | 22,318 |
| Income receivable from affiliated investments | 4,477 |
| Receivable for accumulated variation margin on futures contracts | 26,786 |
| Other assets | 172 |
| Total assets | 32,113,508 |
| Liabilities | |
| Payable for fund shares redeemed | 4,503 |
| Payable to the Adviser | 17,409 |
| Payable for custody, fund accounting and sub-administration fees | 3,653 |
| Accrued other expenses | 43,227 |
| Total liabilities | 68,792 |
|
| Net Assets | $ 32,044,716 |
| Net Assets Consist of: | |
| Capital paid in | $ 13,520,353 |
| Total distributable earnings (loss) | 18,524,363 |
| Net Assets | $ 32,044,716 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 290,649 |
| Net asset value per share | $ 110.25 |
The accompanying Notes are an integral part of these financial statements.
| 10 | Statement of Assets and Liabilities |
State Street Premier Growth Equity V.I.S. Fund
Statement of Operations — For the year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 201,324 |
| Income from affiliated investments | 36,894 |
| Less: Foreign taxes withheld | (143) |
| Total income | 238,075 |
| Expenses | |
| Advisory and administration fees | 188,918 |
| Directors' fees | 21,226 |
| Custody, fund accounting and sub-administration fees | 21,075 |
| Professional fees | 29,070 |
| Other expenses | 3,914 |
| Total expenses | 264,203 |
| Net investment income (loss) | $ (26,128) |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 1,120,529 |
| Futures | 33,993 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 9,765,101 |
| Futures | 34,995 |
| Net realized and unrealized gain (loss) on investments | 10,954,618 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 10,928,490 |
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,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ (26,128) | | $ (98,064) |
| Net realized gain (loss) on investments and futures | 1,154,522 | | 1,629,901 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 9,800,096 | | (13,722,753) |
| Net increase (decrease) from operations | 10,928,490 | | (12,190,916) |
| Distributions to shareholders: | | | |
| Total distributions | (702,283) | | (3,197,147) |
| Increase (decrease) in assets from operations and distributions | 10,226,207 | | (15,388,063) |
| Share transactions: | | | |
| Proceeds from sale of shares | 282,062 | | 256,572 |
| Value of distributions reinvested | 702,283 | | 3,197,147 |
| Cost of shares redeemed | (4,663,584) | | (4,528,893) |
| Net increase (decrease) from share transactions | (3,679,239) | | (1,075,174) |
| Total increase (decrease) in net assets | 6,546,968 | | (16,463,237) |
| Net Assets | | | |
| Beginning of year | 25,497,748 | | 41,960,985 |
| End of year | $ 32,044,716 | | $ 25,497,748 |
| Changes in Fund Shares | | | |
| Shares sold | 2,971 | | 2,585 |
| Issued for distributions reinvested | 6,362 | | 41,853 |
| Shares redeemed | (49,598) | | (44,556) |
| Net increase (decrease) in fund shares | (40,265) | | (118) |
The accompanying Notes are an integral part of these financial statements.
| 12 | Statement of Operations |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements — December 31, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the "Fund"), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| Notes to Financial Statements | 13 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| • | 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.
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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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.
| 14 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, 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, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 26,786 | $ — | $ 26,786 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 33,993 | $ — | $ 33,993 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 34,995 | $ — | $ 34,995 |
| Notes to Financial Statements | 15 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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 0.65%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-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, 2023 are disclosed in the Schedule of Investments.
5.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 6,763,706 | $ 11,547,386 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax 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, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ — | $ 702,283 | $ 702,283 |
| 16 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ — | $ 3,197,147 | $ 3,197,147 |
At December 31, 2023, 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 |
| $ 38,076 | $ — | $ — | $ 643,784 | $ 17,842,503 | $ — | $ 18,524,363 |
As of December 31, 2023, 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) |
| $ 14,233,753 | $ 18,123,160 | $ 280,656 | $ 17,842,504 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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 was more broadly diversified.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
| Notes to Financial Statements | 17 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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.
| 18 | Notes to Financial Statements |
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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 19 |
State Street Premier Growth Equity V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
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, 2023.
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, 2023 in the amount of $702,283.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 25 |
| 26 |
| 27 |
| 28 |
| 29 |
| 37 |
| 38 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Income V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com 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 U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).
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 Income V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Income V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The investment objective of the State Street Income V.I.S. Fund (the “Fund”) is to seek maximum income consistent with prudent investment management and the preservation of capital.The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 4.68% and the total return for the Index was 5.53%.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.
On a gross basis, sector allocation and security selection were the primary drivers of the Fund's performance during the Reporting Period relative to the Index, while duration was a detractor of Fund performance during the Reporting Period relative to the Index. A modest allocation over-weights to investment-grade and high-yield corporate credit, and a modest allocation under-weight to U.S. Treasury securities, explains the Fund’s gross out-performance relative to the Index. Of note is the Fund’s small size and high fee structure.
Our view in the fourth quarter of 2022 was that after an increase in the the U.S. Federal Reserve (the "Fed") Funds rate of 425 basis points during the prior Reporting Period, there was value in fixed income as compared to long-term fair value estimates, both in the form of Treasury rates and credit spreads, and that modest allocation over-weights were warranted in duration and credit. During the Reporting Period, the Fed raised the Fed Funds rate by an additional 100 basis points. In the first quarter of the Reporting Period several regional banks failed, which caused the Fed to offer emergency liquidity and attractive terms in order to reduce the risk of a sharp decline in deposits and further bank failures.The Fed’s measures proved effective and the sharp decline in rates and widening in credit spreads largely reversed during the second quarter of the Reporting Period. In the fourth quarter of the Reporting Period the U.S. Treasury announced lower than expected auctions with a shift to shorter maturities, and the Fed signaled additional rate cuts in 2024.These announcements led to a sharp decline in interest rates and credit spreads.The Fund’s modest over-weight to both investment-grade and high-yield credit generated positive excess returns relative to the Index as each sector produced positive excess returns relative to duration-neutral treasury equivalents during the Reporting Period.
The Fund used 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 index credit default swaps contributed to the Fund's performance relative to the Index, while its use of treasury futures detracted from the Fund's performance.
Security selection in the investment-grade credit allocation generated positive excess returns as our bottom-up fundamental underwriting assisted our portfolio construction process to select higher value securities, while security selection in the commercial mortgage-backed securities allocation detracted from the Fund's 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
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $11,013 (in thousands) as of December 31, 2023 (a)(b) |
| Quality Ratings |
| as of December 31, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 5.15% |
| Aa / AA | | 56.95% |
| A / A | | 7.43% |
| Baa / BBB | | 15.17% |
| Ba / BB and lower | | 1.73% |
| NR / Other | | 13.57% |
| | | 100.00% |
| Average Annual Total Return for the years ended December 31, 2023 |
| (Inception date: 1/3/95) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| State Street Income V.I.S. Fund | 4.68% | | 0.46% | | 1.16% | | $11,225 |
| Bloomberg U.S. Aggregate Bond Index | 5.53% | | 1.10% | | 1.81% | | $11,964 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| * | 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 standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
| State Street Income V.I.S. Fund | 3 |
State Street Income V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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.
| 4 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Understanding Your Fund’s Expenses — December 31, 2023 (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 of 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, 2023.
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 shareholders 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.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,029.90 | | $1,018.20 |
| Expenses Paid During Period* | $ 7.06 | | $ 7.02 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 1.38%** (for the period July 1, 2023 - December 31, 2023), 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 Income V.I.S. Fund | 5 |
State Street Income V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Principal
Amount | Fair
Value |
| Bonds and Notes - 95.3% † |
| U.S. Treasuries - 32.8% |
| U.S. Treasury Bonds | | |
| 2.25%, 08/15/46 (a) | $ 105,000 | $ 74,780 |
| 3.00%, 08/15/48 (a) | 286,000 | 233,313 |
| 3.88%, 05/15/43 (a) | 10,000 | 9,553 |
| 4.13%, 08/15/53 (a) | 108,000 | 109,468 |
| 4.38%, 08/15/43 (a) | 162,000 | 165,670 |
| U.S. Treasury Notes | | |
| 0.25%, 07/31/25 (a) | 50,900 | 47,669 |
| 0.75%, 01/31/28 (a) | 283,000 | 249,526 |
| 1.63%, 05/15/31 (a) | 103,000 | 88,371 |
| 2.75%, 08/15/32 (a) | 655,000 | 600,246 |
| 3.50%, 04/30/28 (a) | 139,000 | 136,817 |
| 3.88%, 12/31/27 - 08/15/33 (a) | 678,100 | 677,466 |
| 4.25%, 10/15/25 (a) | 46,000 | 45,919 |
| 4.38%, 08/15/26 (a) | 59,000 | 59,410 |
| 4.63%, 10/15/26 - 09/30/30 (a) | 720,000 | 742,002 |
| 5.00%, 09/30/25 (a) | 87,000 | 87,894 |
| | | 3,328,104 |
| Agency Mortgage Backed - 26.4% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00%, 04/01/43 - 10/01/49 (a) | 288,328 | 260,699 |
| 4.50%, 06/01/33 - 02/01/35 (a) | 1,068 | 1,062 |
| 5.00%, 07/01/35 (a) | 13,086 | 13,238 |
| 5.50%, 01/01/38 (a) | 12,752 | 13,185 |
| 6.00%, 04/01/29 - 11/01/37 (a) | 41,446 | 43,257 |
| 6.50%, 02/01/29 (a) | 14 | 15 |
| 6.93%, 06/01/26 (a)(b) | 60,000 | 63,406 |
| 7.00%, 12/01/29 - 08/01/36 (a) | 9,802 | 10,485 |
| 7.50%, 01/01/30 - 09/01/33 (a) | 1,326 | 1,372 |
| 8.00%, 11/01/30 (a) | 2,148 | 2,248 |
| 8.50%, 04/01/30 (a) | 2,216 | 2,433 |
| Federal National Mortgage Association | | |
| 2.50%, 03/01/51 (a) | 226,466 | 192,515 |
| 3.00%, 03/01/50 (a) | 51,949 | 46,487 |
| 3.50%, 08/01/45 - 01/01/48 (a) | 103,851 | 97,347 |
| 4.00%, 01/01/41 - 01/01/50 (a) | 149,766 | 144,603 |
| | Principal
Amount | Fair
Value |
| 4.50%, 07/01/33 - 12/01/48 (a) | $ 61,877 | $ 61,493 |
| 5.00%, 03/01/34 - 08/01/35 (a) | 14,968 | 15,123 |
| 5.50%, 12/01/32 - 01/01/39 (a) | 55,192 | 56,725 |
| 6.00%, 02/01/33 - 07/01/35 (a) | 63,764 | 66,539 |
| 6.50%, 01/01/29 - 08/01/34 (a) | 9,313 | 9,809 |
| 7.00%, 10/01/32 - 02/01/34 (a) | 3,966 | 4,219 |
| 7.50%, 12/01/26 - 03/01/33 (a) | 4,204 | 4,356 |
| 8.00%, 08/01/25 - 10/01/31 (a) | 1,531 | 1,559 |
| Federal National Mortgage Association 1.60% + 1 year RFUCCT | | |
| 4.97%, 04/01/37 (a)(c) | 530 | 527 |
| Government National Mortgage Association | | |
| 3.00%, 12/20/42 - 05/20/45 (a) | 239,055 | 220,036 |
| 3.50%, 08/20/48 (a) | 42,687 | 40,268 |
| 4.00%, 01/20/41 - 04/20/43 (a) | 42,142 | 41,147 |
| 4.50%, 08/15/33 - 03/20/41 (a) | 32,293 | 32,007 |
| 6.00%, 04/15/27 - 04/15/34 (a) | 37,167 | 38,636 |
| 6.50%, 03/15/24 - 08/15/34 (a) | 13,057 | 13,632 |
| 7.00%, 01/15/28 - 10/15/36 (a) | 9,609 | 9,791 |
| Government National Mortgage Association 1.50% + 1 year CMT Rate | | |
| 2.75%, 12/20/24 (a)(c) | 50 | 50 |
| 3.63%, 02/20/26 (a)(c) | 48 | 47 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00%, 01/01/54 | 297,304 | 242,955 |
| 2.50%, 01/01/54 | 496,276 | 422,185 |
| 3.00%, 01/01/54 | 192,464 | 170,076 |
| 3.50%, 01/01/54 | 68,183 | 62,499 |
| 5.00%, 01/01/54 | 171,898 | 170,124 |
| 5.50%, 01/01/39 | 103,139 | 104,552 |
| | | 2,680,707 |
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, 2023
| | Principal
Amount | Fair
Value |
| Agency Collateralized Mortgage Obligations - 1.0% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51%, 07/25/29 | $ 55,000 | $ 49,974 |
| 4.05%, 09/25/28 (c) | 31,000 | 30,556 |
| Federal Home Loan Mortgage Corp. REMICS | | |
| 5.50%, 06/15/33 (d) | 6,445 | 912 |
| 7.50%, 07/15/27 (d) | 402 | 28 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00%, 08/01/27 (e) | 60 | 55 |
| 8.00%, 07/01/24 (d)** | 16 | — |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08%, 09/25/43 (c)(d) | 239,629 | 2,768 |
| Federal National Mortgage Association Interest STRIPS | | |
| 0.01%, 12/25/34 (e) | 5,737 | 4,717 |
| 4.50%, 08/25/35 - 01/25/36 (d) | 6,124 | 801 |
| 5.00%, 03/25/38 - 05/25/38 (d) | 3,956 | 626 |
| 5.50%, 12/25/33 (d) | 1,823 | 306 |
| 6.00%, 01/25/35 (d) | 3,260 | 578 |
| 8.00%, 07/25/24 (d)** | 30 | — |
| Federal National Mortgage Association REMICS | | |
| 1.18%, 12/25/42 (c)(d) | 11,559 | 431 |
| 5.00%, 09/25/40 (d) | 2,672 | 267 |
| Federal National Mortgage Association REMICS 5.89% + SOFR | | |
| 0.55%, 07/25/38 (c)(d) | 2,336 | 210 |
| Federal National Mortgage Association REMICS 6.44% + SOFR | | |
| 1.10%, 11/25/41 (c)(d) | 109,157 | 14,048 |
| | | 106,277 |
| Corporate Notes - 27.4% |
| 3M Co. | | |
| 3.13%, 09/19/46 (a) | 2,000 | 1,464 |
| 7-Eleven, Inc. | | |
| 0.95%, 02/10/26 (a)(f) | 3,000 | 2,773 |
| Abbott Laboratories | | |
| 3.75%, 11/30/26 (a) | 4,000 | 3,947 |
| 4.90%, 11/30/46 (a) | 6,000 | 6,152 |
| | Principal
Amount | Fair
Value |
| AbbVie, Inc. | | |
| 2.60%, 11/21/24 (a) | $ 5,000 | $ 4,886 |
| 2.95%, 11/21/26 (a) | 3,000 | 2,877 |
| 3.20%, 05/14/26 - 11/21/29 (a) | 8,000 | 7,547 |
| 4.05%, 11/21/39 (a) | 3,000 | 2,713 |
| 4.25%, 11/21/49 (a) | 2,000 | 1,785 |
| 4.30%, 05/14/36 (a) | 3,000 | 2,876 |
| 4.40%, 11/06/42 (a) | 2,000 | 1,857 |
| 4.63%, 10/01/42 (a) | 2,000 | 1,897 |
| 4.88%, 11/14/48 (a) | 3,000 | 2,934 |
| Advanced Micro Devices, Inc. | | |
| 4.39%, 06/01/52 (a) | 3,000 | 2,845 |
| AEP Texas, Inc. | | |
| 3.45%, 05/15/51 (a) | 6,000 | 4,305 |
| AEP Transmission Co. LLC | | |
| 5.40%, 03/15/53 (a) | 3,000 | 3,125 |
| Aetna, Inc. | | |
| 3.50%, 11/15/24 (a) | 2,000 | 1,968 |
| Aircastle Ltd. | | |
| 4.25%, 06/15/26 (a) | 3,000 | 2,902 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88%, 02/01/33 (a) | 3,000 | 2,338 |
| 2.95%, 03/15/34 (a) | 3,000 | 2,503 |
| 3.55%, 03/15/52 (a) | 3,000 | 2,192 |
| 4.70%, 07/01/30 (a) | 3,000 | 2,941 |
| Allstate Corp. | | |
| 4.20%, 12/15/46 (a) | 2,000 | 1,698 |
| Allstate Corp. (8.58% fixed rate until 01/29/24; 3.20% + 3-month Term SOFR) | | |
| 8.58%, 08/15/53 (a)(c) | 9,000 | 8,970 |
| Ally Financial, Inc. | | |
| 2.20%, 11/02/28 (a) | 3,000 | 2,566 |
| Altria Group, Inc. | | |
| 3.40%, 02/04/41 (a) | 4,000 | 2,936 |
| 4.00%, 02/04/61 (a) | 2,000 | 1,462 |
| 4.25%, 08/09/42 (a) | 2,000 | 1,631 |
| 4.45%, 05/06/50 (a) | 3,000 | 2,384 |
| 4.50%, 05/02/43 (a) | 3,000 | 2,501 |
| Amazon.com, Inc. | | |
| 1.50%, 06/03/30 (a) | 2,000 | 1,694 |
| 2.50%, 06/03/50 (a) | 3,000 | 1,999 |
| 2.70%, 06/03/60 (a) | 3,000 | 1,988 |
| 2.88%, 05/12/41 (a) | 2,000 | 1,571 |
| 3.15%, 08/22/27 (a) | 2,000 | 1,922 |
| 3.25%, 05/12/61 (a) | 3,000 | 2,208 |
| 4.05%, 08/22/47 (a) | 3,000 | 2,706 |
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, 2023
| | Principal
Amount | Fair
Value |
| Ameren Corp. | | |
| 3.65%, 02/15/26 (a) | $ 3,000 | $ 2,912 |
| American Electric Power Co., Inc. | | |
| 2.30%, 03/01/30 (a) | 3,000 | 2,565 |
| 3.25%, 03/01/50 (a) | 3,000 | 2,141 |
| American Honda Finance Corp. | | |
| 5.85%, 10/04/30 (a) | 15,000 | 16,023 |
| American Tower Corp. | | |
| 1.50%, 01/31/28 (a) | 2,000 | 1,749 |
| 2.90%, 01/15/30 (a) | 2,000 | 1,787 |
| 3.70%, 10/15/49 (a) | 3,000 | 2,279 |
| 3.80%, 08/15/29 (a) | 2,000 | 1,898 |
| American Water Capital Corp. | | |
| 2.95%, 09/01/27 (a) | 8,000 | 7,562 |
| Amgen, Inc. | | |
| 2.45%, 02/21/30 (a) | 2,000 | 1,773 |
| 3.00%, 01/15/52 (a) | 2,000 | 1,401 |
| 3.15%, 02/21/40 (a) | 3,000 | 2,337 |
| 5.51%, 03/02/26 (a) | 3,000 | 3,001 |
| 5.60%, 03/02/43 (a) | 3,000 | 3,102 |
| 5.65%, 03/02/53 (a) | 3,000 | 3,163 |
| 5.75%, 03/02/63 (a) | 3,000 | 3,155 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.70%, 02/01/36 (a) | 7,000 | 6,986 |
| 4.90%, 02/01/46 (a) | 8,000 | 7,893 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50%, 06/01/30 (a) | 4,000 | 3,812 |
| 4.35%, 06/01/40 (a) | 4,000 | 3,743 |
| 4.38%, 04/15/38 (a) | 8,000 | 7,600 |
| 4.75%, 04/15/58 (a) | 6,000 | 5,712 |
| 5.55%, 01/23/49 (a) | 2,000 | 2,157 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90%, 08/23/51 (a) | 2,000 | 1,310 |
| Apollo Management Holdings LP | | |
| 2.65%, 06/05/30 (a)(f) | 2,000 | 1,724 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT thereafter) | | |
| 4.95%, 01/14/50 (a)(c)(f) | 5,000 | 4,710 |
| Apple, Inc. | | |
| 2.20%, 09/11/29 (a) | 3,000 | 2,716 |
| 2.65%, 02/08/51 (a) | 4,000 | 2,746 |
| | Principal
Amount | Fair
Value |
| 2.80%, 02/08/61 (a) | $ 2,000 | $ 1,363 |
| 2.95%, 09/11/49 (a) | 3,000 | 2,206 |
| 3.45%, 02/09/45 (a) | 2,000 | 1,669 |
| 3.95%, 08/08/52 (a) | 3,000 | 2,632 |
| 4.85%, 05/10/53 (a) | 7,000 | 7,142 |
| Applied Materials, Inc. | | |
| 4.35%, 04/01/47 (a) | 2,000 | 1,889 |
| Aptiv PLC | | |
| 4.40%, 10/01/46 (a) | 3,000 | 2,427 |
| ArcelorMittal S.A. | | |
| 4.55%, 03/11/26 (a) | 9,000 | 8,866 |
| 6.80%, 11/29/32 (a) | 2,000 | 2,164 |
| Archer-Daniels-Midland Co. | | |
| 2.50%, 08/11/26 (a) | 2,000 | 1,904 |
| ARES Capital Corp. | | |
| 2.88%, 06/15/28 (a) | 3,000 | 2,658 |
| Arthur J Gallagher & Co. | | |
| 3.50%, 05/20/51 (a) | 3,000 | 2,224 |
| Ascension Health | | |
| 4.85%, 11/15/53 (a) | 7,000 | 6,778 |
| Astrazeneca Finance LLC | | |
| 1.75%, 05/28/28 (a) | 6,000 | 5,374 |
| AstraZeneca PLC | | |
| 3.00%, 05/28/51 (a) | 3,000 | 2,242 |
| 4.00%, 01/17/29 (a) | 3,000 | 2,962 |
| 4.38%, 08/17/48 (a) | 2,000 | 1,881 |
| AT&T, Inc. | | |
| 2.75%, 06/01/31 (a) | 8,000 | 7,009 |
| 3.65%, 06/01/51 (a) | 7,000 | 5,283 |
| 3.85%, 06/01/60 (a) | 5,000 | 3,736 |
| 4.35%, 03/01/29 (a) | 2,000 | 1,974 |
| 4.50%, 05/15/35 (a) | 3,000 | 2,846 |
| 4.55%, 03/09/49 (a) | 2,000 | 1,753 |
| 4.75%, 05/15/46 (a) | 2,000 | 1,813 |
| 5.40%, 02/15/34 (a) | 2,000 | 2,064 |
| Athene Holding Ltd. | | |
| 4.13%, 01/12/28 (a) | 2,000 | 1,913 |
| 6.15%, 04/03/30 (a) | 3,000 | 3,100 |
| Atmos Energy Corp. | | |
| 6.20%, 11/15/53 (a) | 3,000 | 3,523 |
| Avangrid, Inc. | | |
| 3.15%, 12/01/24 (a) | 4,000 | 3,909 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95%, 03/10/26 (a) | 4,000 | 3,722 |
| Bank of America Corp. | | |
| 3.25%, 10/21/27 (a) | 3,000 | 2,856 |
| 4.18%, 11/25/27 (a) | 2,000 | 1,945 |
| 4.25%, 10/22/26 (a) | 2,000 | 1,964 |
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, 2023
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09%, 06/14/29 (a)(c) | $ 3,000 | $ 2,646 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97%, 07/21/52 (a)(c) | 5,000 | 3,528 |
| Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3-month Term SOFR) | | |
| 3.37%, 01/23/26 (a)(c) | 2,000 | 1,953 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3-month Term SOFR) | | |
| 3.71%, 04/24/28 (a)(c) | 2,000 | 1,911 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT thereafter) | | |
| 3.85%, 03/08/37 (a)(c) | 2,000 | 1,756 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3-month Term SOFR) | | |
| 3.95%, 01/23/49 (a)(c) | 2,000 | 1,682 |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3-month Term SOFR) | | |
| 4.30%, 01/28/25 (a)(c) | 7,000 | 6,592 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29%, 04/25/34 (a)(c) | 8,000 | 8,022 |
| Bank of America Corp. 1.84% + SOFR | | |
| 5.87%, 09/15/34 (a)(c) | 9,000 | 9,431 |
| Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3-month Term SOFR) | | |
| 4.63%, 09/20/26 (a)(c) | 4,000 | 3,807 |
| Bank of Nova Scotia (8.34% fixed rate until 04/12/24; 2.91% + 3-month Term SOFR) | | |
| 8.34%, 04/12/24 (a)(c) | 8,000 | 7,271 |
| Barrick North America Finance LLC | | |
| 5.70%, 05/30/41 (a) | 3,000 | 3,158 |
| | Principal
Amount | Fair
Value |
| BAT Capital Corp. | | |
| 2.73%, 03/25/31 (a) | $ 2,000 | $ 1,678 |
| 3.73%, 09/25/40 (a) | 2,000 | 1,474 |
| 4.39%, 08/15/37 (a) | 3,000 | 2,516 |
| 4.54%, 08/15/47 (a) | 2,000 | 1,538 |
| 4.91%, 04/02/30 (a) | 2,000 | 1,967 |
| 6.42%, 08/02/33 (a) | 3,000 | 3,141 |
| 7.08%, 08/02/53 (a) | 3,000 | 3,210 |
| Baxter International, Inc. | | |
| 1.92%, 02/01/27 (a) | 9,000 | 8,249 |
| 2.27%, 12/01/28 (a) | 3,000 | 2,688 |
| 3.13%, 12/01/51 (a) | 3,000 | 2,069 |
| 3.95%, 04/01/30 (a) | 3,000 | 2,846 |
| Becton Dickinson & Co. | | |
| 3.70%, 06/06/27 (a) | 7,000 | 6,784 |
| 4.67%, 06/06/47 (a) | 3,000 | 2,798 |
| 4.69%, 12/15/44 (a) | 2,000 | 1,873 |
| Berkshire Hathaway Energy Co. | | |
| 3.25%, 04/15/28 (a) | 2,000 | 1,900 |
| 3.70%, 07/15/30 (a) | 3,000 | 2,842 |
| 3.80%, 07/15/48 (a) | 3,000 | 2,380 |
| 4.25%, 10/15/50 (a) | 2,000 | 1,697 |
| 6.13%, 04/01/36 (a) | 3,000 | 3,251 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85%, 10/15/50 (a) | 4,000 | 2,807 |
| 4.25%, 01/15/49 (a) | 2,000 | 1,869 |
| Berry Global, Inc. | | |
| 4.88%, 07/15/26 (a)(f) | 4,000 | 3,942 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90%, 02/28/33 (a) | 3,000 | 3,069 |
| 5.25%, 09/08/33 (a) | 6,000 | 6,229 |
| 5.50%, 09/08/53 (a) | 3,000 | 3,279 |
| Biogen, Inc. | | |
| 2.25%, 05/01/30 (a) | 3,000 | 2,561 |
| Block Financial LLC | | |
| 2.50%, 07/15/28 (a) | 3,000 | 2,675 |
| 3.88%, 08/15/30 (a) | 3,000 | 2,744 |
| Boardwalk Pipelines LP | | |
| 4.80%, 05/03/29 (a) | 2,000 | 1,964 |
| Boeing Co. | | |
| 2.70%, 02/01/27 (a) | 2,000 | 1,887 |
| 2.95%, 02/01/30 (a) | 2,000 | 1,805 |
| 3.25%, 03/01/28 (a) | 3,000 | 2,820 |
| 3.75%, 02/01/50 (a) | 2,000 | 1,558 |
| 5.04%, 05/01/27 (a) | 3,000 | 3,028 |
| 5.15%, 05/01/30 (a) | 3,000 | 3,054 |
| 5.81%, 05/01/50 (a) | 3,000 | 3,111 |
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, 2023
| | Principal
Amount | Fair
Value |
| Boston Properties LP | | |
| 3.40%, 06/21/29 (a) | $ 6,000 | $ 5,395 |
| BP Capital Markets America, Inc. | | |
| 3.00%, 02/24/50 (a) | 3,000 | 2,126 |
| 3.38%, 02/08/61 (a) | 4,000 | 2,898 |
| 4.81%, 02/13/33 (a) | 4,000 | 4,037 |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT thereafter) | | |
| 4.88%, 03/22/30 (a)(c) | 7,000 | 6,565 |
| Bristol-Myers Squibb Co. | | |
| 1.45%, 11/13/30 (a) | 2,000 | 1,643 |
| 2.35%, 11/13/40 (a) | 2,000 | 1,396 |
| 3.20%, 06/15/26 (a) | 2,000 | 1,941 |
| 3.40%, 07/26/29 (a) | 2,000 | 1,896 |
| 4.13%, 06/15/39 (a) | 3,000 | 2,706 |
| 4.25%, 10/26/49 (a) | 3,000 | 2,603 |
| 4.55%, 02/20/48 (a) | 2,000 | 1,820 |
| 6.25%, 11/15/53 (a) | 2,000 | 2,291 |
| Brixmor Operating Partnership LP | | |
| 2.25%, 04/01/28 (a) | 4,000 | 3,552 |
| Broadcom, Inc. | | |
| 3.14%, 11/15/35 (a)(f) | 3,000 | 2,464 |
| 3.42%, 04/15/33 (a)(f) | 8,000 | 7,028 |
| 3.47%, 04/15/34 (a)(f) | 2,000 | 1,741 |
| 4.15%, 11/15/30 (a) | 2,000 | 1,911 |
| 4.30%, 11/15/32 (a) | 2,000 | 1,918 |
| Brooklyn Union Gas Co. | | |
| 4.87%, 08/05/32 (a)(f) | 11,000 | 10,285 |
| Brown-Forman Corp. | | |
| 4.00%, 04/15/38 (a) | 2,000 | 1,812 |
| Bunge Ltd. Finance Corp. | | |
| 3.75%, 09/25/27 (a) | 3,000 | 2,892 |
| Burlington Northern Santa Fe LLC | | |
| 4.15%, 12/15/48 (a) | 2,000 | 1,762 |
| 4.55%, 09/01/44 (a) | 3,000 | 2,800 |
| Canadian Natural Resources Ltd. | | |
| 3.85%, 06/01/27 (a) | 3,000 | 2,914 |
| 4.95%, 06/01/47 (a) | 2,000 | 1,816 |
| Canadian Pacific Railway Co. | | |
| 1.75%, 12/02/26 (a) | 3,000 | 2,769 |
| 3.50%, 05/01/50 (a) | 3,000 | 2,301 |
| Cantor Fitzgerald LP | | |
| 4.88%, 05/01/24 (a)(f) | 3,000 | 2,965 |
| | Principal
Amount | Fair
Value |
| Capital One Financial Corp. | | |
| 3.75%, 07/28/26 (a) | $ 3,000 | $ 2,874 |
| Cardinal Health, Inc. | | |
| 3.08%, 06/15/24 (a) | 2,000 | 1,976 |
| Carlisle Cos., Inc. | | |
| 2.20%, 03/01/32 (a) | 3,000 | 2,433 |
| Carrier Global Corp. | | |
| 2.72%, 02/15/30 (a) | 3,000 | 2,686 |
| 3.58%, 04/05/50 (a) | 2,000 | 1,568 |
| Caterpillar, Inc. | | |
| 3.25%, 09/19/49 - 04/09/50 (a) | 6,000 | 4,753 |
| Cenovus Energy, Inc. | | |
| 2.65%, 01/15/32 (a) | 3,000 | 2,489 |
| 3.75%, 02/15/52 (a) | 3,000 | 2,212 |
| Centene Corp. | | |
| 3.00%, 10/15/30 (a) | 3,000 | 2,611 |
| 3.38%, 02/15/30 (a) | 12,000 | 10,768 |
| 4.25%, 12/15/27 (a) | 18,000 | 17,385 |
| CenterPoint Energy, Inc. | | |
| 2.65%, 06/01/31 (a) | 3,000 | 2,567 |
| Charles Schwab Corp. | | |
| 2.45%, 03/03/27 (a) | 29,000 | 26,998 |
| Charles Schwab Corp. 2.01% + SOFR | | |
| 6.14%, 08/24/34 (a)(c) | 6,000 | 6,336 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT thereafter) | | |
| 4.00%, 12/01/30 (a)(c) | 8,000 | 6,340 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64%, 05/19/29 (a)(c) | 10,000 | 10,267 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50%, 06/01/41 (a) | 2,000 | 1,414 |
| 3.70%, 04/01/51 (a) | 13,000 | 8,467 |
| 4.80%, 03/01/50 (a) | 3,000 | 2,335 |
| 5.05%, 03/30/29 (a) | 4,000 | 3,961 |
| 5.75%, 04/01/48 (a) | 3,000 | 2,667 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88%, 03/31/25 (a) | 3,000 | 3,007 |
| Cheniere Energy Partners LP | | |
| 4.50%, 10/01/29 (a) | 7,000 | 6,687 |
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, 2023
| | Principal
Amount | Fair
Value |
| Chevron USA, Inc. | | |
| 3.85%, 01/15/28 (a) | $ 2,000 | $ 1,974 |
| 3.90%, 11/15/24 (a) | 2,000 | 1,982 |
| Chubb INA Holdings, Inc. | | |
| 4.35%, 11/03/45 (a) | 2,000 | 1,880 |
| Church & Dwight Co., Inc. | | |
| 2.30%, 12/15/31 (a) | 3,000 | 2,547 |
| Cigna Group | | |
| 2.40%, 03/15/30 (a) | 3,000 | 2,628 |
| 3.25%, 04/15/25 (a) | 5,000 | 4,880 |
| 3.40%, 03/01/27 (a) | 5,000 | 4,819 |
| 4.13%, 11/15/25 (a) | 3,000 | 2,963 |
| 4.38%, 10/15/28 (a) | 3,000 | 2,976 |
| Cisco Systems, Inc. | | |
| 5.90%, 02/15/39 (a) | 3,000 | 3,331 |
| Citigroup, Inc. | | |
| 4.45%, 09/29/27 (a) | 3,000 | 2,931 |
| 4.65%, 07/23/48 (a) | 9,000 | 8,327 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98%, 11/05/30 (a)(c) | 6,000 | 5,349 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3-month Term SOFR) | | |
| 3.88%, 01/24/39 (a)(c) | 6,000 | 5,180 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70%, 01/30/25 (a)(c) | 6,000 | 5,591 |
| Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | | |
| 6.17%, 05/25/34 (a)(c) | 4,000 | 4,149 |
| Cleveland Electric Illuminating Co. | | |
| 4.55%, 11/15/30 (a)(f) | 4,000 | 3,796 |
| Clorox Co. | | |
| 1.80%, 05/15/30 (a) | 2,000 | 1,670 |
| CME Group, Inc. | | |
| 3.75%, 06/15/28 (a) | 2,000 | 1,957 |
| CMS Energy Corp. | | |
| 4.88%, 03/01/44 (a) | 5,000 | 4,752 |
| Coca-Cola Co. | | |
| 2.60%, 06/01/50 (a) | 3,000 | 2,068 |
| 2.75%, 06/01/60 (a) | 3,000 | 2,080 |
| Comcast Corp. | | |
| 2.80%, 01/15/51 (a) | 3,000 | 2,000 |
| 2.94%, 11/01/56 (a) | 3,000 | 1,977 |
| 2.99%, 11/01/63 (a) | 3,000 | 1,938 |
| | Principal
Amount | Fair
Value |
| 3.20%, 07/15/36 (a) | $ 3,000 | $ 2,524 |
| 3.25%, 11/01/39 (a) | 3,000 | 2,437 |
| 3.97%, 11/01/47 (a) | 3,000 | 2,522 |
| 4.15%, 10/15/28 (a) | 3,000 | 2,958 |
| CommonSpirit Health | | |
| 4.35%, 11/01/42 (a) | 16,000 | 13,891 |
| Conagra Brands, Inc. | | |
| 5.30%, 11/01/38 (a) | 3,000 | 2,934 |
| 5.40%, 11/01/48 (a) | 2,000 | 1,937 |
| ConocoPhillips Co. | | |
| 4.30%, 11/15/44 (a) | 2,000 | 1,792 |
| 5.55%, 03/15/54 (a) | 3,000 | 3,193 |
| 5.70%, 09/15/63 (a) | 3,000 | 3,246 |
| Consolidated Edison Co. of New York, Inc. | | |
| 3.35%, 04/01/30 (a) | 3,000 | 2,801 |
| 3.88%, 06/15/47 (a) | 2,000 | 1,626 |
| 3.95%, 04/01/50 (a) | 3,000 | 2,511 |
| Constellation Brands, Inc. | | |
| 3.15%, 08/01/29 (a) | 2,000 | 1,860 |
| 3.70%, 12/06/26 (a) | 2,000 | 1,950 |
| 4.50%, 05/09/47 (a) | 2,000 | 1,782 |
| Constellation Energy Generation LLC | | |
| 6.50%, 10/01/53 (a) | 3,000 | 3,390 |
| Continental Resources, Inc. | | |
| 2.88%, 04/01/32 (a)(f) | 3,000 | 2,434 |
| 3.80%, 06/01/24 (a) | 8,000 | 7,929 |
| Corebridge Financial, Inc. | | |
| 3.90%, 04/05/32 (a) | 13,000 | 11,777 |
| Corning, Inc. | | |
| 4.38%, 11/15/57 (a) | 2,000 | 1,748 |
| Corporate Office Properties LP | | |
| 2.00%, 01/15/29 (a) | 5,000 | 4,152 |
| 2.25%, 03/15/26 (a) | 3,000 | 2,801 |
| 2.75%, 04/15/31 (a) | 3,000 | 2,444 |
| Crown Castle, Inc. | | |
| 2.90%, 03/15/27 (a) | 6,000 | 5,616 |
| 4.15%, 07/01/50 (a) | 3,000 | 2,429 |
| 5.20%, 02/15/49 (a) | 2,000 | 1,891 |
| CSL Finance PLC | | |
| 4.25%, 04/27/32 (a)(f) | 4,000 | 3,893 |
| CSX Corp. | | |
| 4.50%, 03/15/49 - 08/01/54 (a) | 8,000 | 7,376 |
| CubeSmart LP | | |
| 2.50%, 02/15/32 (a) | 3,000 | 2,493 |
| 4.38%, 02/15/29 (a) | 3,000 | 2,912 |
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, 2023
| | Principal
Amount | Fair
Value |
| CVS Health Corp. | | |
| 3.00%, 08/15/26 (a) | $ 2,000 | $ 1,913 |
| 3.25%, 08/15/29 (a) | 3,000 | 2,793 |
| 3.63%, 04/01/27 (a) | 3,000 | 2,909 |
| 3.75%, 04/01/30 (a) | 3,000 | 2,828 |
| 4.25%, 04/01/50 (a) | 3,000 | 2,509 |
| 4.78%, 03/25/38 (a) | 3,000 | 2,836 |
| 5.00%, 12/01/24 (a) | 4,000 | 3,975 |
| 5.13%, 07/20/45 (a) | 2,000 | 1,895 |
| 5.30%, 06/01/33 - 12/05/43 (a) | 5,000 | 5,017 |
| Dell International LLC/EMC Corp. | | |
| 4.00%, 07/15/24 (a) | 2,000 | 1,980 |
| 6.02%, 06/15/26 (a) | 2,000 | 2,047 |
| DH Europe Finance II SARL | | |
| 2.60%, 11/15/29 (a) | 2,000 | 1,810 |
| 3.25%, 11/15/39 (a) | 3,000 | 2,490 |
| 3.40%, 11/15/49 (a) | 3,000 | 2,374 |
| Diamondback Energy, Inc. | | |
| 3.13%, 03/24/31 (a) | 2,000 | 1,780 |
| 3.50%, 12/01/29 (a) | 3,000 | 2,788 |
| 4.40%, 03/24/51 (a) | 3,000 | 2,494 |
| Digital Realty Trust LP | | |
| 3.60%, 07/01/29 (a) | 4,000 | 3,759 |
| Discovery Communications LLC | | |
| 3.95%, 03/20/28 (a) | 2,000 | 1,905 |
| 4.95%, 05/15/42 (a) | 2,000 | 1,634 |
| 5.00%, 09/20/37 (a) | 3,000 | 2,690 |
| Dollar General Corp. | | |
| 3.50%, 04/03/30 (a) | 2,000 | 1,843 |
| 4.13%, 04/03/50 (a) | 2,000 | 1,586 |
| Dollar Tree, Inc. | | |
| 4.00%, 05/15/25 (a) | 3,000 | 2,947 |
| Dominion Energy, Inc. | | |
| 3.07%, 08/15/24 (a)(b) | 4,000 | 3,931 |
| 3.38%, 04/01/30 (a) | 4,000 | 3,686 |
| Dover Corp. | | |
| 2.95%, 11/04/29 (a) | 3,000 | 2,715 |
| Dow Chemical Co. | | |
| 2.10%, 11/15/30 (a) | 3,000 | 2,569 |
| 3.60%, 11/15/50 (a) | 3,000 | 2,320 |
| 4.25%, 10/01/34 (a) | 3,000 | 2,873 |
| 6.30%, 03/15/33 (a) | 3,000 | 3,310 |
| DTE Energy Co. | | |
| 2.85%, 10/01/26 (a) | 7,000 | 6,617 |
| Duke Energy Carolinas LLC | | |
| 3.95%, 03/15/48 (a) | 3,000 | 2,482 |
| | Principal
Amount | Fair
Value |
| Duke Energy Corp. | | |
| 2.55%, 06/15/31 (a) | $ 4,000 | $ 3,413 |
| 3.30%, 06/15/41 (a) | 5,000 | 3,835 |
| 3.50%, 06/15/51 (a) | 5,000 | 3,679 |
| 3.75%, 09/01/46 (a) | 3,000 | 2,323 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT thereafter) | | |
| 4.88%, 09/16/24 (a)(c) | 9,000 | 8,877 |
| Duke Energy Progress LLC | | |
| 4.15%, 12/01/44 (a) | 9,000 | 7,685 |
| Duquesne Light Holdings, Inc. | | |
| 3.62%, 08/01/27 (a)(f) | 5,000 | 4,664 |
| Eastman Chemical Co. | | |
| 4.65%, 10/15/44 (a) | 2,000 | 1,764 |
| Eaton Corp. | | |
| 3.10%, 09/15/27 (a) | 2,000 | 1,915 |
| Edison International | | |
| 4.95%, 04/15/25 (a) | 8,000 | 7,946 |
| EIDP, Inc. | | |
| 2.30%, 07/15/30 (a) | 2,000 | 1,752 |
| Electronic Arts, Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,504 |
| Elevance Health, Inc. | | |
| 2.88%, 09/15/29 (a) | 3,000 | 2,751 |
| 3.60%, 03/15/51 (a) | 3,000 | 2,356 |
| 3.70%, 09/15/49 (a) | 3,000 | 2,383 |
| Emera U.S. Finance LP | | |
| 2.64%, 06/15/31 (a) | 6,000 | 4,922 |
| Emerson Electric Co. | | |
| 1.80%, 10/15/27 (a) | 2,000 | 1,826 |
| 2.75%, 10/15/50 (a) | 2,000 | 1,371 |
| Enbridge Energy Partners LP | | |
| 5.50%, 09/15/40 (a) | 2,000 | 1,969 |
| Enbridge, Inc. | | |
| 1.60%, 10/04/26 (a) | 3,000 | 2,747 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT thereafter) | | |
| 5.75%, 07/15/80 (a)(c) | 9,000 | 8,280 |
| Energy Transfer LP | | |
| 4.50%, 04/15/24 (a) | 2,000 | 1,992 |
| 4.95%, 06/15/28 (a) | 4,000 | 3,991 |
| 5.30%, 04/01/44 - 04/15/47 (a) | 5,000 | 4,608 |
| 5.35%, 05/15/45 (a) | 2,000 | 1,858 |
| 5.75%, 02/15/33 (a) | 3,000 | 3,100 |
| 6.10%, 12/01/28 (a) | 8,000 | 8,422 |
| 6.40%, 12/01/30 (a) | 3,000 | 3,209 |
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, 2023
| | Principal
Amount | Fair
Value |
| 6.50%, 02/01/42 (a) | $ 2,000 | $ 2,116 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT thereafter) | | |
| 6.75%, 05/15/25 (a)(c) | 19,000 | 18,217 |
| Enterprise Products Operating LLC | | |
| 4.25%, 02/15/48 (a) | 6,000 | 5,279 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.30% + 3-month Term SOFR) | | |
| 5.25%, 08/16/77 (a)(c) | 3,000 | 2,881 |
| EOG Resources, Inc. | | |
| 4.95%, 04/15/50 (a) | 3,000 | 2,956 |
| 5.10%, 01/15/36 (a) | 2,000 | 1,963 |
| Equinix, Inc. | | |
| 1.25%, 07/15/25 (a) | 3,000 | 2,825 |
| 2.15%, 07/15/30 (a) | 2,000 | 1,699 |
| Equinor ASA | | |
| 3.25%, 11/18/49 (a) | 4,000 | 3,031 |
| ERP Operating LP | | |
| 4.50%, 07/01/44 (a) | 8,000 | 7,098 |
| Estee Lauder Cos., Inc. | | |
| 2.38%, 12/01/29 (a) | 3,000 | 2,672 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13%, 10/15/52 (a) | 3,000 | 2,058 |
| Eversource Energy | | |
| 3.45%, 01/15/50 (a) | 3,000 | 2,169 |
| Exelon Corp. | | |
| 4.05%, 04/15/30 (a) | 3,000 | 2,867 |
| 4.45%, 04/15/46 (a) | 3,000 | 2,609 |
| 4.70%, 04/15/50 (a) | 2,000 | 1,807 |
| Extra Space Storage LP | | |
| 2.20%, 10/15/30 (a) | 4,000 | 3,329 |
| 5.90%, 01/15/31 (a) | 5,000 | 5,225 |
| Exxon Mobil Corp. | | |
| 2.61%, 10/15/30 (a) | 2,000 | 1,787 |
| 3.45%, 04/15/51 (a) | 2,000 | 1,574 |
| FedEx Corp. | | |
| 4.10%, 02/01/45 (a) | 4,000 | 3,374 |
| Fidelity National Information Services, Inc. | | |
| 1.15%, 03/01/26 (a) | 2,000 | 1,849 |
| 1.65%, 03/01/28 (a) | 3,000 | 2,675 |
| FirstEnergy Transmission LLC | | |
| 4.55%, 04/01/49 (a)(f) | 5,000 | 4,328 |
| | Principal
Amount | Fair
Value |
| Fiserv, Inc. | | |
| 3.50%, 07/01/29 (a) | $ 3,000 | $ 2,825 |
| 4.40%, 07/01/49 (a) | 3,000 | 2,650 |
| Florida Power & Light Co. | | |
| 2.85%, 04/01/25 (a) | 5,000 | 4,881 |
| 4.13%, 02/01/42 (a) | 6,000 | 5,404 |
| Flowers Foods, Inc. | | |
| 2.40%, 03/15/31 (a) | 3,000 | 2,524 |
| Flowserve Corp. | | |
| 2.80%, 01/15/32 (a) | 3,000 | 2,485 |
| Freeport-McMoRan, Inc. | | |
| 4.25%, 03/01/30 (a) | 3,000 | 2,818 |
| GA Global Funding Trust | | |
| 1.63%, 01/15/26 (a)(f) | 3,000 | 2,759 |
| General Dynamics Corp. | | |
| 4.25%, 04/01/50 (a) | 3,000 | 2,786 |
| General Mills, Inc. | | |
| 3.00%, 02/01/51 (a) | 3,000 | 2,092 |
| General Motors Co. | | |
| 5.20%, 04/01/45 (a) | 3,000 | 2,705 |
| 5.40%, 04/01/48 (a) | 2,000 | 1,833 |
| 6.13%, 10/01/25 (a) | 2,000 | 2,026 |
| 6.80%, 10/01/27 (a) | 3,000 | 3,182 |
| General Motors Financial Co., Inc. | | |
| 1.25%, 01/08/26 (a) | 2,000 | 1,851 |
| 2.35%, 01/08/31 (a) | 2,000 | 1,654 |
| 5.25%, 03/01/26 (a) | 8,000 | 8,007 |
| 5.85%, 04/06/30 (a) | 13,000 | 13,416 |
| 6.10%, 01/07/34 (a) | 11,000 | 11,312 |
| Genuine Parts Co. | | |
| 2.75%, 02/01/32 (a) | 3,000 | 2,510 |
| George Washington University | | |
| 4.13%, 09/15/48 (a) | 8,000 | 7,128 |
| Georgia-Pacific LLC | | |
| 1.75%, 09/30/25 (a)(f) | 2,000 | 1,893 |
| 3.60%, 03/01/25 (a)(f) | 9,000 | 8,843 |
| Gilead Sciences, Inc. | | |
| 2.60%, 10/01/40 (a) | 2,000 | 1,473 |
| 3.50%, 02/01/25 (a) | 2,000 | 1,969 |
| 3.65%, 03/01/26 (a) | 2,000 | 1,960 |
| 4.15%, 03/01/47 (a) | 3,000 | 2,617 |
| 4.60%, 09/01/35 (a) | 3,000 | 2,968 |
| 5.25%, 10/15/33 (a) | 3,000 | 3,131 |
| GlaxoSmithKline Capital PLC | | |
| 3.38%, 06/01/29 (a) | 3,000 | 2,891 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63%, 05/15/25 (a) | 4,000 | 3,934 |
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, 2023
| | Principal
Amount | Fair
Value |
| Glencore Funding LLC | | |
| 3.88%, 04/27/51 (a)(f) | $ 2,000 | $ 1,546 |
| Goldman Sachs Group, Inc. | | |
| 3.85%, 01/26/27 (a) | 2,000 | 1,947 |
| 4.25%, 10/21/25 (a) | 2,000 | 1,963 |
| 5.15%, 05/22/45 (a) | 3,000 | 2,902 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38%, 07/21/32 (a)(c) | 4,000 | 3,289 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91%, 07/21/42 (a)(c) | 4,000 | 2,923 |
| Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | | |
| 3.21%, 04/22/42 (a)(c) | 4,000 | 3,061 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44%, 02/24/43 (a)(c) | 6,000 | 4,696 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3-month Term SOFR) | | |
| 3.81%, 04/23/29 (a)(c) | 2,000 | 1,900 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.64% + 3-month Term SOFR) | | |
| 4.02%, 10/31/38 (a)(c) | 2,000 | 1,746 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3-month Term SOFR) | | |
| 4.22%, 05/01/29 (a)(c) | 2,000 | 1,934 |
| Graphic Packaging International LLC | | |
| 1.51%, 04/15/26 (a)(f) | 6,000 | 5,457 |
| Gray Oak Pipeline LLC | | |
| 2.60%, 10/15/25 (a)(f) | 4,000 | 3,794 |
| Halliburton Co. | | |
| 5.00%, 11/15/45 (a) | 2,000 | 1,939 |
| | Principal
Amount | Fair
Value |
| Hartford Financial Services Group, Inc. (7.77% fixed rate until 01/29/24; 2.39% + 3-month Term SOFR) | | |
| 7.77%, 02/12/67 (a)(c)(f) | $ 2,000 | $ 1,723 |
| HCA, Inc. | | |
| 3.13%, 03/15/27 (a) | 8,000 | 7,585 |
| 3.50%, 09/01/30 (a) | 3,000 | 2,721 |
| 3.63%, 03/15/32 (a) | 3,000 | 2,684 |
| 4.63%, 03/15/52 (a) | 2,000 | 1,707 |
| 5.38%, 02/01/25 (a) | 21,000 | 20,991 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20%, 06/01/30 (a)(f) | 3,000 | 2,559 |
| 3.20%, 06/01/50 (a)(f) | 2,000 | 1,420 |
| Healthcare Realty Holdings LP | | |
| 2.00%, 03/15/31 (a) | 3,000 | 2,410 |
| Helmerich & Payne, Inc. | | |
| 2.90%, 09/29/31 (a) | 3,000 | 2,518 |
| Hess Corp. | | |
| 5.60%, 02/15/41 | 2,000 | 2,101 |
| 5.80%, 04/01/47 (a) | 2,000 | 2,157 |
| Hewlett Packard Enterprise Co. | | |
| 6.35%, 10/15/45 (a) | 3,000 | 3,240 |
| Highwoods Realty LP | | |
| 4.13%, 03/15/28 (a) | 3,000 | 2,761 |
| 4.20%, 04/15/29 (a) | 2,000 | 1,815 |
| Home Depot, Inc. | | |
| 2.70%, 04/15/30 (a) | 2,000 | 1,830 |
| 3.35%, 04/15/50 (a) | 3,000 | 2,332 |
| 3.50%, 09/15/56 (a) | 3,000 | 2,361 |
| 3.90%, 12/06/28 (a) | 2,000 | 1,971 |
| 4.50%, 12/06/48 (a) | 2,000 | 1,890 |
| Honeywell International, Inc. | | |
| 1.75%, 09/01/31 (a) | 3,000 | 2,504 |
| 2.70%, 08/15/29 (a) | 2,000 | 1,849 |
| Hormel Foods Corp. | | |
| 1.80%, 06/11/30 (a) | 3,000 | 2,552 |
| Humana, Inc. | | |
| 1.35%, 02/03/27 (a) | 3,000 | 2,708 |
| 2.15%, 02/03/32 (a) | 3,000 | 2,470 |
| Huntington Bancshares, Inc. | | |
| 2.55%, 02/04/30 (a) | 3,000 | 2,568 |
| Hyundai Capital America | | |
| 1.30%, 01/08/26 (a)(f) | 4,000 | 3,693 |
| Indiana Michigan Power Co. | | |
| 3.25%, 05/01/51 (a) | 3,000 | 2,141 |
| Ingersoll Rand, Inc. | | |
| 5.70%, 08/14/33 (a) | 3,000 | 3,174 |
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, 2023
| | Principal
Amount | Fair
Value |
| Ingredion, Inc. | | |
| 3.90%, 06/01/50 (a) | $ 2,000 | $ 1,481 |
| Intel Corp. | | |
| 2.00%, 08/12/31 (a) | 2,000 | 1,691 |
| 2.45%, 11/15/29 (a) | 4,000 | 3,602 |
| 2.80%, 08/12/41 (a) | 3,000 | 2,252 |
| 3.10%, 02/15/60 (a) | 3,000 | 2,071 |
| 5.63%, 02/10/43 (a) | 3,000 | 3,214 |
| 5.70%, 02/10/53 (a) | 3,000 | 3,246 |
| 5.90%, 02/10/63 (a) | 3,000 | 3,343 |
| Intercontinental Exchange, Inc. | | |
| 1.85%, 09/15/32 (a) | 2,000 | 1,605 |
| 2.65%, 09/15/40 (a) | 2,000 | 1,493 |
| Interstate Power & Light Co. | | |
| 3.40%, 08/15/25 (a) | 8,000 | 7,772 |
| Intuit, Inc. | | |
| 5.50%, 09/15/53 (a) | 3,000 | 3,292 |
| ITC Holdings Corp. | | |
| 2.95%, 05/14/30 (a)(f) | 4,000 | 3,523 |
| J M Smucker Co. | | |
| 6.50%, 11/15/43 - 11/15/53 (a) | 6,000 | 6,811 |
| Jabil, Inc. | | |
| 3.95%, 01/12/28 (a) | 2,000 | 1,907 |
| 4.25%, 05/15/27 (a) | 6,000 | 5,846 |
| Jacobs Engineering Group, Inc. | | |
| 5.90%, 03/01/33 (a) | 13,000 | 13,273 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13%, 02/01/28 (a) | 6,000 | 5,961 |
| 5.75%, 04/01/33 (a) | 3,000 | 2,964 |
| Jefferies Financial Group, Inc. | | |
| 5.88%, 07/21/28 (a) | 8,000 | 8,204 |
| John Deere Capital Corp. | | |
| 2.45%, 01/09/30 (a) | 9,000 | 8,119 |
| 5.15%, 09/08/33 (a) | 17,000 | 17,901 |
| Johnson & Johnson | | |
| 3.63%, 03/03/37 (a) | 3,000 | 2,768 |
| Johnson Controls International PLC | | |
| 4.50%, 02/15/47 (a) | 3,000 | 2,689 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3-month Term SOFR) | | |
| 2.96%, 05/13/31 (a)(c) | 3,000 | 2,639 |
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16%, 04/22/42 (a)(c) | $ 2,000 | $ 1,552 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3-month Term SOFR) | | |
| 3.88%, 07/24/38 (a)(c) | 2,000 | 1,773 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | | |
| 3.90%, 01/23/49 (a)(c) | 10,000 | 8,321 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3-month Term SOFR) | | |
| 4.01%, 04/23/29 (a)(c) | 2,000 | 1,925 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3-month Term SOFR) | | |
| 4.03%, 07/24/48 (a)(c) | 3,000 | 2,558 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3-month Term SOFR) | | |
| 4.49%, 03/24/31 (a)(c) | 2,000 | 1,951 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3-month Term SOFR) | | |
| 4.60%, 02/01/25 (a)(c) | 6,000 | 5,780 |
| Kaiser Foundation Hospitals | | |
| 3.00%, 06/01/51 (a) | 4,000 | 2,854 |
| Kenvue, Inc. | | |
| 4.90%, 03/22/33 (a) | 9,000 | 9,269 |
| 5.05%, 03/22/53 (a) | 2,000 | 2,069 |
| Keurig Dr Pepper, Inc. | | |
| 3.20%, 05/01/30 (a) | 3,000 | 2,758 |
| 3.80%, 05/01/50 (a) | 2,000 | 1,623 |
| Kinder Morgan Energy Partners LP | | |
| 4.70%, 11/01/42 (a) | 2,000 | 1,718 |
| 5.00%, 03/01/43 (a) | 2,000 | 1,791 |
| 6.38%, 03/01/41 (a) | 3,000 | 3,081 |
| Kinder Morgan, Inc. | | |
| 1.75%, 11/15/26 (a) | 6,000 | 5,520 |
| 5.05%, 02/15/46 (a) | 8,000 | 7,160 |
| 5.20%, 06/01/33 (a) | 3,000 | 2,984 |
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, 2023
| | Principal
Amount | Fair
Value |
| KLA Corp. | | |
| 3.30%, 03/01/50 (a) | $ 3,000 | $ 2,293 |
| Kraft Heinz Foods Co. | | |
| 5.20%, 07/15/45 (a) | 2,000 | 1,960 |
| L3Harris Technologies, Inc. | | |
| 3.85%, 12/15/26 (a) | 2,000 | 1,961 |
| Lear Corp. | | |
| 4.25%, 05/15/29 (a) | 3,000 | 2,886 |
| Leidos, Inc. | | |
| 3.63%, 05/15/25 (a) | 3,000 | 2,926 |
| 4.38%, 05/15/30 (a) | 3,000 | 2,870 |
| 5.75%, 03/15/33 (a) | 3,000 | 3,122 |
| Liberty Mutual Group, Inc. | | |
| 3.95%, 05/15/60 (a)(f) | 3,000 | 2,169 |
| Lincoln National Corp. | | |
| 4.35%, 03/01/48 (a) | 4,000 | 3,196 |
| Lockheed Martin Corp. | | |
| 4.50%, 05/15/36 (a) | 3,000 | 2,971 |
| Lowe's Cos., Inc. | | |
| 1.30%, 04/15/28 (a) | 3,000 | 2,636 |
| 1.70%, 09/15/28 - 10/15/30 (a) | 6,000 | 5,148 |
| 3.00%, 10/15/50 (a) | 3,000 | 2,043 |
| 4.05%, 05/03/47 (a) | 2,000 | 1,650 |
| 5.63%, 04/15/53 (a) | 2,000 | 2,108 |
| LYB International Finance III LLC | | |
| 3.63%, 04/01/51 (a) | 3,000 | 2,190 |
| Masco Corp. | | |
| 3.50%, 11/15/27 (a) | 2,000 | 1,899 |
| McCormick & Co., Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,468 |
| 3.25%, 11/15/25 (a) | 5,000 | 4,833 |
| McDonald's Corp. | | |
| 3.60%, 07/01/30 (a) | 7,000 | 6,644 |
| 3.63%, 09/01/49 (a) | 3,000 | 2,411 |
| 4.88%, 12/09/45 (a) | 7,000 | 6,900 |
| Medtronic Global Holdings SCA | | |
| 4.50%, 03/30/33 (a) | 16,000 | 16,001 |
| Medtronic, Inc. | | |
| 4.63%, 03/15/45 (a) | 2,000 | 1,948 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13%, 07/01/52 (a) | 7,000 | 6,131 |
| Merck & Co., Inc. | | |
| 1.90%, 12/10/28 (a) | 8,000 | 7,204 |
| 2.45%, 06/24/50 (a) | 3,000 | 1,981 |
| 2.75%, 12/10/51 (a) | 3,000 | 2,067 |
| 4.00%, 03/07/49 (a) | 2,000 | 1,767 |
| | Principal
Amount | Fair
Value |
| 4.50%, 05/17/33 (a) | $ 4,000 | $ 4,029 |
| 5.00%, 05/17/53 (a) | 3,000 | 3,089 |
| Meta Platforms, Inc. | | |
| 3.85%, 08/15/32 (a) | 4,000 | 3,804 |
| 4.45%, 08/15/52 (a) | 2,000 | 1,840 |
| MetLife, Inc. | | |
| 4.72%, 12/15/44 (a) | 4,000 | 3,760 |
| Micron Technology, Inc. | | |
| 3.37%, 11/01/41 (a) | 3,000 | 2,253 |
| 3.48%, 11/01/51 (a) | 3,000 | 2,189 |
| Microsoft Corp. | | |
| 2.40%, 08/08/26 (a) | 2,000 | 1,909 |
| 2.68%, 06/01/60 (a) | 3,000 | 2,014 |
| 2.92%, 03/17/52 (a) | 3,000 | 2,210 |
| 3.45%, 08/08/36 (a) | 3,000 | 2,759 |
| 3.50%, 02/12/35 (a) | 3,000 | 2,844 |
| Mid-America Apartments LP | | |
| 2.88%, 09/15/51 (a) | 5,000 | 3,279 |
| Molson Coors Beverage Co. | | |
| 4.20%, 07/15/46 (a) | 2,000 | 1,707 |
| Morgan Stanley | | |
| 3.97%, 07/22/38 (a)(c) | 7,000 | 6,137 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51%, 07/20/27 (a)(c) | 6,000 | 5,482 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48%, 09/16/36 (a)(c) | 10,000 | 7,938 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80%, 01/25/52 (a)(c) | 11,000 | 7,338 |
| MPLX LP | | |
| 2.65%, 08/15/30 (a) | 3,000 | 2,592 |
| Mylan, Inc. | | |
| 5.20%, 04/15/48 (a) | 3,000 | 2,487 |
| Nevada Power Co. | | |
| 6.00%, 03/15/54 (a) | 3,000 | 3,292 |
| Newmont Corp. | | |
| 4.88%, 03/15/42 (a) | 3,000 | 2,923 |
| 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)(c) | 3,000 | 2,810 |
| NGPL PipeCo LLC | | |
| 3.25%, 07/15/31 (a)(f) | 4,000 | 3,470 |
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, 2023
| | Principal
Amount | Fair
Value |
| NIKE, Inc. | | |
| 3.38%, 03/27/50 (a) | $ 2,000 | $ 1,639 |
| NiSource, Inc. | | |
| 3.60%, 05/01/30 (a) | 3,000 | 2,799 |
| 3.95%, 03/30/48 (a) | 2,000 | 1,620 |
| 5.25%, 03/30/28 (a) | 20,000 | 20,425 |
| NNN REIT, Inc. | | |
| 4.00%, 11/15/25 (a) | 2,000 | 1,959 |
| Norfolk Southern Corp. | | |
| 3.95%, 10/01/42 (a) | 2,000 | 1,708 |
| Northern Trust Corp. | | |
| 6.13%, 11/02/32 (a) | 3,000 | 3,221 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45%, 03/30/51 (a)(f) | 8,000 | 5,990 |
| NOV, Inc. | | |
| 3.60%, 12/01/29 (a) | 3,000 | 2,774 |
| Novant Health, Inc. | | |
| 3.32%, 11/01/61 (a) | 4,000 | 2,694 |
| Novartis Capital Corp. | | |
| 2.20%, 08/14/30 (a) | 2,000 | 1,761 |
| 3.00%, 11/20/25 (a) | 3,000 | 2,919 |
| Nutrien Ltd. | | |
| 4.90%, 03/27/28 - 06/01/43 (a) | 10,000 | 9,958 |
| NVIDIA Corp. | | |
| 2.85%, 04/01/30 (a) | 2,000 | 1,850 |
| 3.50%, 04/01/50 (a) | 2,000 | 1,671 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25%, 11/30/51 (a) | 5,000 | 3,579 |
| Occidental Petroleum Corp. | | |
| 6.13%, 01/01/31 (a) | 6,000 | 6,241 |
| Oklahoma Gas & Electric Co. | | |
| 3.25%, 04/01/30 (a) | 3,000 | 2,739 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80%, 09/30/47 (a) | 2,000 | 1,614 |
| ONEOK, Inc. | | |
| 4.35%, 03/15/29 (a) | 2,000 | 1,943 |
| 5.80%, 11/01/30 (a) | 20,000 | 20,811 |
| 6.10%, 11/15/32 (a) | 3,000 | 3,188 |
| 6.63%, 09/01/53 (a) | 4,000 | 4,485 |
| Oracle Corp. | | |
| 2.95%, 04/01/30 (a) | 7,000 | 6,318 |
| 3.60%, 04/01/50 (a) | 2,000 | 1,481 |
| 3.65%, 03/25/41 (a) | 3,000 | 2,385 |
| 3.80%, 11/15/37 (a) | 3,000 | 2,553 |
| 3.95%, 03/25/51 (a) | 3,000 | 2,358 |
| | Principal
Amount | Fair
Value |
| 4.00%, 07/15/46 - 11/15/47 (a) | $ 5,000 | $ 3,996 |
| 4.10%, 03/25/61 (a) | 3,000 | 2,292 |
| 5.55%, 02/06/53 (a) | 3,000 | 3,005 |
| 6.15%, 11/09/29 (a) | 6,000 | 6,450 |
| 6.90%, 11/09/52 (a) | 3,000 | 3,516 |
| Otis Worldwide Corp. | | |
| 2.06%, 04/05/25 (a) | 3,000 | 2,887 |
| 2.57%, 02/15/30 (a) | 3,000 | 2,671 |
| 3.36%, 02/15/50 (a) | 3,000 | 2,326 |
| Owens Corning | | |
| 3.88%, 06/01/30 (a) | 8,000 | 7,518 |
| 4.40%, 01/30/48 (a) | 3,000 | 2,612 |
| Pacific Gas & Electric Co. | | |
| 2.10%, 08/01/27 (a) | 3,000 | 2,705 |
| 2.50%, 02/01/31 (a) | 2,000 | 1,652 |
| 3.00%, 06/15/28 (a) | 3,000 | 2,734 |
| 3.30%, 08/01/40 (a) | 2,000 | 1,466 |
| 3.50%, 08/01/50 (a) | 3,000 | 2,079 |
| 4.30%, 03/15/45 (a) | 4,000 | 3,128 |
| PacifiCorp | | |
| 2.70%, 09/15/30 (a) | 3,000 | 2,595 |
| 2.90%, 06/15/52 (a) | 6,000 | 3,863 |
| 6.25%, 10/15/37 (a) | 2,000 | 2,145 |
| Paramount Global | | |
| 2.90%, 01/15/27 (a) | 2,000 | 1,853 |
| 3.70%, 06/01/28 (a) | 2,000 | 1,847 |
| 5.25%, 04/01/44 (a) | 3,000 | 2,455 |
| Parker-Hannifin Corp. | | |
| 3.25%, 06/14/29 (a) | 3,000 | 2,824 |
| 4.50%, 09/15/29 (a) | 3,000 | 3,010 |
| Patterson-UTI Energy, Inc. | | |
| 7.15%, 10/01/33 (a) | 3,000 | 3,180 |
| PayPal Holdings, Inc. | | |
| 2.65%, 10/01/26 (a) | 2,000 | 1,900 |
| 3.25%, 06/01/50 (a) | 2,000 | 1,500 |
| PepsiCo, Inc. | | |
| 1.63%, 05/01/30 (a) | 3,000 | 2,557 |
| 2.75%, 10/21/51 (a) | 3,000 | 2,134 |
| Petroleos Mexicanos | | |
| 5.35%, 02/12/28 (a) | 10,000 | 8,667 |
| 6.70%, 02/16/32 (a) | 10,000 | 8,293 |
| 7.69%, 01/23/50 (a) | 10,000 | 7,123 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45%, 05/19/28 (a) | 12,000 | 12,002 |
| 4.75%, 05/19/33 (a) | 5,000 | 5,009 |
| Pfizer, Inc. | | |
| 2.70%, 05/28/50 (a) | 4,000 | 2,785 |
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, 2023
| | Principal
Amount | Fair
Value |
| 3.90%, 03/15/39 (a) | $ 3,000 | $ 2,660 |
| 4.40%, 05/15/44 (a) | 2,000 | 1,891 |
| Philip Morris International, Inc. | | |
| 1.50%, 05/01/25 (a) | 2,000 | 1,912 |
| 2.10%, 05/01/30 (a) | 3,000 | 2,581 |
| 4.13%, 03/04/43 (a) | 2,000 | 1,697 |
| 5.13%, 02/15/30 (a) | 11,000 | 11,196 |
| 5.38%, 02/15/33 (a) | 3,000 | 3,079 |
| 5.63%, 11/17/29 (a) | 7,000 | 7,343 |
| Phillips 66 Co. | | |
| 2.15%, 12/15/30 (a) | 4,000 | 3,374 |
| 3.15%, 12/15/29 (a) | 4,000 | 3,681 |
| 3.30%, 03/15/52 (a) | 3,000 | 2,152 |
| 3.75%, 03/01/28 (a) | 3,000 | 2,885 |
| 4.68%, 02/15/45 (a) | 2,000 | 1,818 |
| Pilgrim's Pride Corp. | | |
| 6.25%, 07/01/33 (a) | 3,000 | 3,087 |
| Pioneer Natural Resources Co. | | |
| 1.13%, 01/15/26 (a) | 9,000 | 8,361 |
| 2.15%, 01/15/31 (a) | 4,000 | 3,405 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55%, 12/15/29 (a) | 3,000 | 2,762 |
| Precision Castparts Corp. | | |
| 4.38%, 06/15/45 (a) | 2,000 | 1,816 |
| Progressive Corp. | | |
| 3.00%, 03/15/32 (a) | 8,000 | 7,140 |
| Prologis LP | | |
| 3.05%, 03/01/50 (a) | 4,000 | 2,866 |
| 3.25%, 06/30/26 (a) | 2,000 | 1,934 |
| Prospect Capital Corp. | | |
| 3.36%, 11/15/26 (a) | 7,000 | 6,296 |
| Prudential Financial, Inc. | | |
| 3.94%, 12/07/49 (a) | 4,000 | 3,300 |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3-month USD LIBOR thereafter) | | |
| 5.70%, 09/15/48 (a)(c) | 3,000 | 2,918 |
| Public Service Co. of Colorado | | |
| 3.70%, 06/15/28 (a) | 3,000 | 2,886 |
| PVH Corp. | | |
| 4.63%, 07/10/25 (a) | 3,000 | 2,951 |
| QUALCOMM, Inc. | | |
| 4.30%, 05/20/47 (a) | 3,000 | 2,752 |
| 4.50%, 05/20/52 (a) | 2,000 | 1,869 |
| Quanta Services, Inc. | | |
| 2.35%, 01/15/32 (a) | 3,000 | 2,487 |
| | Principal
Amount | Fair
Value |
| 3.05%, 10/01/41 (a) | $ 3,000 | $ 2,213 |
| Realty Income Corp. | | |
| 2.85%, 12/15/32 (a) | 3,000 | 2,556 |
| 3.00%, 01/15/27 (a) | 3,000 | 2,848 |
| 3.25%, 01/15/31 (a) | 3,000 | 2,729 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75%, 09/15/30 (a) | 4,000 | 3,289 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75%, 06/05/33 (a) | 3,000 | 3,034 |
| Republic Services, Inc. | | |
| 5.00%, 04/01/34 (a) | 3,000 | 3,072 |
| Rio Tinto Finance USA PLC | | |
| 4.13%, 08/21/42 | 2,000 | 1,809 |
| Rockwell Automation, Inc. | | |
| 4.20%, 03/01/49 (a) | 2,000 | 1,801 |
| Rogers Communications, Inc. | | |
| 5.00%, 03/15/44 (a) | 2,000 | 1,875 |
| Roper Technologies, Inc. | | |
| 2.95%, 09/15/29 (a) | 2,000 | 1,832 |
| Ross Stores, Inc. | | |
| 4.70%, 04/15/27 (a) | 3,000 | 2,968 |
| Royalty Pharma PLC | | |
| 1.20%, 09/02/25 (a) | 3,000 | 2,801 |
| 1.75%, 09/02/27 (a) | 3,000 | 2,693 |
| 2.20%, 09/02/30 (a) | 3,000 | 2,525 |
| RPM International, Inc. | | |
| 3.75%, 03/15/27 (a) | 2,000 | 1,923 |
| RTX Corp. | | |
| 1.90%, 09/01/31 (a) | 3,000 | 2,441 |
| 2.82%, 09/01/51 (a) | 3,000 | 1,981 |
| 3.95%, 08/16/25 (a) | 2,000 | 1,972 |
| 4.15%, 05/15/45 (a) | 3,000 | 2,560 |
| 4.45%, 11/16/38 (a) | 2,000 | 1,842 |
| 6.10%, 03/15/34 (a) | 5,000 | 5,422 |
| 6.40%, 03/15/54 (a) | 5,000 | 5,794 |
| Ryder System, Inc. | | |
| 2.90%, 12/01/26 (a) | 3,000 | 2,831 |
| Salesforce, Inc. | | |
| 1.95%, 07/15/31 (a) | 4,000 | 3,417 |
| 2.70%, 07/15/41 (a) | 3,000 | 2,293 |
| Schlumberger Holdings Corp. | | |
| 3.90%, 05/17/28 (a)(f) | 2,000 | 1,942 |
| Schlumberger Investment S.A. | | |
| 4.85%, 05/15/33 (a) | 8,000 | 8,128 |
| Sealed Air Corp. | | |
| 1.57%, 10/15/26 (a)(f) | 8,000 | 7,203 |
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, 2023
| | Principal
Amount | Fair
Value |
| Selective Insurance Group, Inc. | | |
| 5.38%, 03/01/49 (a) | $ 3,000 | $ 2,902 |
| Sempra | | |
| 3.80%, 02/01/38 (a) | 2,000 | 1,713 |
| 4.00%, 02/01/48 (a) | 2,000 | 1,647 |
| Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT thereafter) | | |
| 4.13%, 04/01/52 (a)(c) | 5,000 | 4,307 |
| Shell International Finance BV | | |
| 2.38%, 11/07/29 (a) | 5,000 | 4,500 |
| 3.75%, 09/12/46 (a) | 6,000 | 4,989 |
| Shire Acquisitions Investments Ireland DAC | | |
| 3.20%, 09/23/26 (a) | 3,000 | 2,887 |
| Simon Property Group LP | | |
| 3.38%, 06/15/27 (a) | 2,000 | 1,918 |
| Sonoco Products Co. | | |
| 2.85%, 02/01/32 (a) | 3,000 | 2,560 |
| Southern California Edison Co. | | |
| 4.00%, 04/01/47 (a) | 9,000 | 7,383 |
| 4.20%, 03/01/29 (a) | 8,000 | 7,841 |
| 5.65%, 10/01/28 (a) | 25,000 | 26,068 |
| Southern Co. | | |
| 3.70%, 04/30/30 (a) | 4,000 | 3,772 |
| Southern Co. Gas Capital Corp. | | |
| 3.95%, 10/01/46 (a) | 2,000 | 1,559 |
| 4.40%, 05/30/47 (a) | 2,000 | 1,692 |
| Southwest Airlines Co. | | |
| 2.63%, 02/10/30 (a) | 7,000 | 6,119 |
| Southwestern Electric Power Co. | | |
| 2.75%, 10/01/26 (a) | 3,000 | 2,820 |
| Spectra Energy Partners LP | | |
| 3.38%, 10/15/26 (a) | 2,000 | 1,926 |
| 4.50%, 03/15/45 (a) | 3,000 | 2,572 |
| Starbucks Corp. | | |
| 4.00%, 11/15/28 (a) | 2,000 | 1,970 |
| Stryker Corp. | | |
| 1.95%, 06/15/30 (a) | 5,000 | 4,276 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 6.18%, 07/13/43 (a) | 6,000 | 6,684 |
| Suncor Energy, Inc. | | |
| 4.00%, 11/15/47 (a) | 3,000 | 2,377 |
| Sysco Corp. | | |
| 3.25%, 07/15/27 (a) | 2,000 | 1,913 |
| | Principal
Amount | Fair
Value |
| Take-Two Interactive Software, Inc. | | |
| 3.70%, 04/14/27 (a) | $ 15,000 | $ 14,530 |
| 4.00%, 04/14/32 (a) | 3,000 | 2,854 |
| Tampa Electric Co. | | |
| 2.40%, 03/15/31 (a) | 6,000 | 5,064 |
| 3.45%, 03/15/51 (a) | 3,000 | 2,181 |
| 4.35%, 05/15/44 (a) | 6,000 | 5,120 |
| Tapestry, Inc. | | |
| 7.35%, 11/27/28 (a) | 15,000 | 15,743 |
| 7.85%, 11/27/33 (a) | 5,000 | 5,339 |
| Targa Resources Corp. | | |
| 6.50%, 03/30/34 (a) | 11,000 | 11,897 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00%, 01/15/28 (a) | 6,000 | 5,930 |
| Target Corp. | | |
| 1.95%, 01/15/27 (a) | 2,000 | 1,866 |
| Teck Resources Ltd. | | |
| 5.40%, 02/01/43 (a) | 2,000 | 1,912 |
| Texas Instruments, Inc. | | |
| 3.88%, 03/15/39 (a) | 2,000 | 1,850 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80%, 10/15/41 (a) | 3,000 | 2,278 |
| Time Warner Cable LLC | | |
| 6.55%, 05/01/37 (a) | 3,000 | 2,958 |
| T-Mobile USA, Inc. | | |
| 3.50%, 04/15/31 (a) | 17,000 | 15,550 |
| 3.75%, 04/15/27 (a) | 2,000 | 1,941 |
| 4.50%, 04/15/50 (a) | 3,000 | 2,656 |
| 4.80%, 07/15/28 (a) | 13,000 | 13,104 |
| Toronto-Dominion Bank | | |
| 3.20%, 03/10/32 (a) | 11,000 | 9,744 |
| 4.46%, 06/08/32 (a) | 3,000 | 2,915 |
| Toronto-Dominion Bank (3.63% fixed rate until 9/15/26; 2.21% + 5 year swap Rate thereafter) | | |
| 3.63%, 09/15/31 (a)(c) | 4,000 | 3,843 |
| Tractor Supply Co. | | |
| 5.25%, 05/15/33 (a) | 3,000 | 3,079 |
| Trane Technologies Financing Ltd. | | |
| 3.55%, 11/01/24 (a) | 3,000 | 2,944 |
| 3.80%, 03/21/29 (a) | 2,000 | 1,938 |
| TransCanada PipeLines Ltd. | | |
| 4.25%, 05/15/28 (a) | 7,000 | 6,821 |
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, 2023
| | Principal
Amount | Fair
Value |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3-month USD LIBOR thereafter) | | |
| 5.63%, 05/20/75 (a)(c) | $ 9,000 | $ 8,495 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00%, 03/15/28 (a) | 2,000 | 1,939 |
| Travelers Cos., Inc. | | |
| 2.55%, 04/27/50 (a) | 4,000 | 2,646 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT thereafter) | | |
| 4.80%, 09/01/24 (a)(c) | 9,000 | 8,265 |
| TWDC Enterprises 18 Corp. | | |
| 4.13%, 06/01/44 (a) | 2,000 | 1,786 |
| Tyco Electronics Group S.A. | | |
| 3.13%, 08/15/27 (a) | 3,000 | 2,863 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97%, 07/22/33 (a)(c) | 11,000 | 10,439 |
| UDR, Inc. | | |
| 2.10%, 08/01/32 (a) | 3,000 | 2,358 |
| 3.00%, 08/15/31 (a) | 3,000 | 2,654 |
| Union Pacific Corp. | | |
| 3.55%, 05/20/61 (a) | 3,000 | 2,264 |
| 3.80%, 04/06/71 (a) | 4,000 | 3,166 |
| 4.10%, 09/15/67 (a) | 4,000 | 3,325 |
| UnitedHealth Group, Inc. | | |
| 2.00%, 05/15/30 (a) | 4,000 | 3,459 |
| 4.20%, 05/15/32 (a) | 3,000 | 2,934 |
| 4.45%, 12/15/48 (a) | 2,000 | 1,834 |
| 4.75%, 07/15/45 - 05/15/52 (a) | 4,000 | 3,864 |
| 5.05%, 04/15/53 (a) | 3,000 | 3,035 |
| 5.20%, 04/15/63 (a) | 3,000 | 3,066 |
| Utah Acquisition Sub, Inc. | | |
| 3.95%, 06/15/26 (a) | 21,000 | 20,330 |
| Vale Overseas Ltd. | | |
| 6.13%, 06/12/33 (a) | 5,000 | 5,180 |
| Ventas Realty LP | | |
| 3.25%, 10/15/26 (a) | 7,000 | 6,630 |
| Verizon Communications, Inc. | | |
| 2.36%, 03/15/32 (a) | 4,000 | 3,330 |
| 3.00%, 03/22/27 (a) | 2,000 | 1,902 |
| 3.40%, 03/22/41 (a) | 2,000 | 1,597 |
| 3.55%, 03/22/51 (a) | 3,000 | 2,314 |
| 3.70%, 03/22/61 (a) | 4,000 | 3,062 |
| | Principal
Amount | Fair
Value |
| 4.40%, 11/01/34 (a) | $ 5,000 | $ 4,815 |
| Viatris, Inc. | | |
| 1.65%, 06/22/25 (a) | 16,000 | 15,152 |
| 4.00%, 06/22/50 (a) | 2,000 | 1,408 |
| Virginia Electric & Power Co. | | |
| 4.00%, 11/15/46 (a) | 3,000 | 2,487 |
| Visa, Inc. | | |
| 2.70%, 04/15/40 (a) | 2,000 | 1,546 |
| Vistra Operations Co. LLC | | |
| 3.55%, 07/15/24 (a)(f) | 4,000 | 3,940 |
| Vontier Corp. | | |
| 2.40%, 04/01/28 (a) | 4,000 | 3,532 |
| 2.95%, 04/01/31 (a) | 2,000 | 1,683 |
| Vornado Realty LP | | |
| 2.15%, 06/01/26 (a) | 2,000 | 1,803 |
| Vulcan Materials Co. | | |
| 3.90%, 04/01/27 (a) | 2,000 | 1,934 |
| Walmart, Inc. | | |
| 1.80%, 09/22/31 (a) | 3,000 | 2,544 |
| 2.50%, 09/22/41 (a) | 3,000 | 2,221 |
| Walt Disney Co. | | |
| 2.65%, 01/13/31 (a) | 2,000 | 1,780 |
| 3.38%, 11/15/26 (a) | 3,000 | 2,913 |
| 3.60%, 01/13/51 (a) | 2,000 | 1,609 |
| 4.75%, 11/15/46 (a) | 2,000 | 1,918 |
| 6.65%, 11/15/37 (a) | 2,000 | 2,350 |
| Warnermedia Holdings, Inc. | | |
| 4.28%, 03/15/32 (a) | 17,000 | 15,553 |
| Waste Connections, Inc. | | |
| 2.20%, 01/15/32 (a) | 3,000 | 2,505 |
| 2.95%, 01/15/52 (a) | 3,000 | 2,115 |
| WEC Energy Group, Inc. | | |
| 3.55%, 06/15/25 (a) | 2,000 | 1,948 |
| Wells Fargo & Co. | | |
| 4.15%, 01/24/29 (a) | 7,000 | 6,810 |
| 4.75%, 12/07/46 (a) | 2,000 | 1,767 |
| 5.88%, 06/15/25 (a)(c) | 13,000 | 12,871 |
| Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | | |
| 2.19%, 04/30/26 (a)(c) | 8,000 | 7,668 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39%, 06/02/28 (a)(c) | 2,000 | 1,832 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07%, 04/30/41 (a)(c) | 7,000 | 5,292 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 20 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | | |
| 6.49%, 10/23/34 (a)(c) | $ 9,000 | $ 9,802 |
| Westlake Corp. | | |
| 2.88%, 08/15/41 (a) | 3,000 | 2,123 |
| 3.13%, 08/15/51 (a) | 3,000 | 1,991 |
| 3.38%, 08/15/61 (a) | 2,000 | 1,294 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT thereafter) | | |
| 2.89%, 02/04/30 (a)(c) | 7,000 | 6,746 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT thereafter) | | |
| 4.11%, 07/24/34 (a)(c) | 3,000 | 2,750 |
| Weyerhaeuser Co. | | |
| 4.00%, 03/09/52 (a) | 3,000 | 2,467 |
| Williams Cos., Inc. | | |
| 3.75%, 06/15/27 (a) | 3,000 | 2,892 |
| 4.85%, 03/01/48 (a) | 3,000 | 2,729 |
| 4.90%, 01/15/45 (a) | 2,000 | 1,821 |
| 5.40%, 03/04/44 (a) | 2,000 | 1,949 |
| Willis North America, Inc. | | |
| 3.88%, 09/15/49 (a) | 2,000 | 1,548 |
| Workday, Inc. | | |
| 3.50%, 04/01/27 (a) | 3,000 | 2,901 |
| 3.70%, 04/01/29 (a) | 6,000 | 5,762 |
| WPP Finance 2010 | | |
| 3.75%, 09/19/24 (a) | 8,000 | 7,856 |
| Xcel Energy, Inc. | | |
| 3.40%, 06/01/30 (a) | 3,000 | 2,766 |
| Zoetis, Inc. | | |
| 3.00%, 09/12/27 (a) | 3,000 | 2,848 |
| 3.90%, 08/20/28 (a) | 2,000 | 1,958 |
| 5.60%, 11/16/32 (a) | 8,000 | 8,577 |
| | | 2,783,019 |
| Non-Agency Collateralized Mortgage Obligations - 6.4% |
| Bank | | |
| 3.18%, 09/15/60 | 158,000 | 147,200 |
| 4.41%, 11/15/61 (c) | 66,000 | 64,120 |
| BPR Trust 1.90% + 3-month Term SOFR | | |
| 7.26%, 04/15/37 (c)(f) | 24,770 | 24,365 |
| Cantor Commercial Real Estate Lending | | |
| 3.01%, 01/15/53 | 34,000 | 30,188 |
| | Principal
Amount | Fair
Value |
| CD Mortgage Trust | | |
| 2.91%, 08/15/57 | $ 63,000 | $ 55,993 |
| Citigroup Commercial Mortgage Trust | | |
| 4.03%, 12/10/49 (c) | 31,273 | 28,569 |
| COMM Mortgage Trust | | |
| 4.53%, 02/10/47 (c) | 25,000 | 24,373 |
| GS Mortgage Securities Trust | | |
| 2.75%, 09/10/52 | 105,000 | 92,589 |
| 3.05%, 11/10/52 | 56,000 | 50,023 |
| 4.14%, 03/10/51 (c) | 25,000 | 23,420 |
| 4.42%, 11/10/48 (c) | 25,000 | 20,000 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.65%, 11/15/48 (c) | 20,000 | 10,235 |
| MASTR Alternative Loan Trust | | |
| 5.00%, 08/25/18 (d) | 430 | 39 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.84%, 03/15/48 (c)(d) | 306,366 | 2,196 |
| Wells Fargo Commercial Mortgage Trust | | |
| 4.32%, 08/15/50 | 28,250 | 23,991 |
| WFRBS Commercial Mortgage Trust | | |
| 4.35%, 03/15/47 (c) | 58,000 | 56,967 |
| | | 654,268 |
| Sovereign Bonds - 0.6% |
| Mexico Government International Bonds | | |
| 4.75%, 03/08/44 (a) | 20,000 | 17,160 |
| Peru Government International Bonds | | |
| 1.86%, 12/01/32 (a) | 10,000 | 7,825 |
| 2.78%, 12/01/60 (a) | 15,000 | 9,342 |
| 5.63%, 11/18/50 (a) | 11,000 | 11,461 |
| Uruguay Government International Bonds | | |
| 5.10%, 06/18/50 (a) | 14,040 | 14,076 |
| | | 59,864 |
| Municipal Bonds and Notes - 0.7% |
| American Municipal Power, Inc., OH | | |
| 6.27%, 02/15/50 (a) | 15,000 | 16,352 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35%, 08/15/47 (a) | 10,000 | 7,922 |
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
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Port Authority of New York & New Jersey, NY | | |
| 4.46%, 10/01/62 (a) | $ 25,000 | $ 22,812 |
| State of California, CA | | |
| 4.60%, 04/01/38 (a) | 15,000 | 14,462 |
| State of Illinois, IL | | |
| 5.10%, 06/01/33 (a) | 10,000 | 9,894 |
| | | 71,442 |
Total Bonds and Notes
(Cost $10,185,329) | | 9,683,681 |
Total Investments in Securities
(Cost $10,185,329) | | 9,683,681 |
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 13.1% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (g)(h)
(Cost $1,329,784) | 1,329,784 | $ 1,329,784 |
Total Investments
(Cost $11,515,113) | | 11,013,465 |
| Liabilities in Excess of Other Assets, net - (8.4)% | | (856,853) |
| NET ASSETS - 100.0% | | $ 10,156,612 |
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) |
| Sell Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $237 | 5.00%/
Quarterly | 12/20/28 | $13,798 | $28 | $13,770 |
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Ultra Futures | March 2024 | 9 | $ 1,010,741 | $ 1,062,140 | $ 51,399 |
| 2 Yr. U.S. Treasury Notes Futures | March 2024 | 4 | 815,291 | 823,656 | 8,365 |
| 5 Yr. U.S. Treasury Notes Futures | March 2024 | 9 | 954,921 | 978,995 | 24,074 |
| | | | | | $ 83,838 |
| The Fund had the following short futures contracts open at December 31, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | March 2024 | 7 | $ (764,132) | $ (790,234) | $ (26,102) |
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
Schedule of Investments, continued — December 31, 2023
| During the year ended December 31, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $2,340,648 | $654,929 | $333,338 |
Notes to Schedule of Investments
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, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs. |
| (b) | Step coupon bond. |
| (c) | Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (d) | 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. |
| (e) | 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. |
| (f) | 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, 2023, these securities amounted to $143,036 or 1.41% 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. |
| (g) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (h) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| REMICS - Real Estate Mortgage Investment Conduits |
| RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SOFR - Secured Overnight Financing Rate |
| STRIPS - Separate Trading of Registered Interest and Principal of Security |
| TBA - To Be Announced |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 23 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 3,328,104 | | $ — | | $ 3,328,104 |
| Agency Mortgage Backed | — | | 2,680,707 | | — | | 2,680,707 |
| Agency Collateralized Mortgage Obligations | — | | 106,277 | | — | | 106,277 |
| Corporate Notes | — | | 2,783,019 | | — | | 2,783,019 |
| Non-Agency Collateralized Mortgage Obligations | — | | 654,268 | | — | | 654,268 |
| Sovereign Bonds | — | | 59,864 | | — | | 59,864 |
| Municipal Bonds and Notes | — | | 71,442 | | — | | 71,442 |
| Short-Term Investments | 1,329,784 | | — | | — | | 1,329,784 |
| Total Investments in Securities | $ 1,329,784 | | $ 9,683,681 | | $ — | | $ 11,013,465 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 13,770 | | $ — | | $ 13,770 |
| Long Futures Contracts - Unrealized Appreciation | 83,838 | | — | | — | | 83,838 |
| Short Futures Contracts - Unrealized Depreciation | (26,102) | | — | | — | | (26,102) |
| Total Other Financial Instruments | $ 57,736 | | $ 13,770 | | $ — | | $ 71,506 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 2,022,424 | $2,022,424 | $3,794,238 | $4,486,878 | $— | $— | 1,329,784 | $1,329,784 | $95,234 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 24 | 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
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 1/3/95 |
| Net asset value, beginning of period | $ 9.73 | | $ 11.86 | | $ 12.48 | | $ 12.00 | | $ 11.07 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.26 | | 0.17 | | 0.12 | | 0.19 | | 0.24 |
| Net realized and unrealized gains/(losses) on investments | 0.20 | | (1.87) | | (0.35) | | 0.65 | | 0.71 |
| Total income/(loss) from investment operations | 0.46 | | (1.70) | | (0.23) | | 0.84 | | 0.95 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.21) | | (0.29) | | (0.28) | | (0.32) | | (0.02) |
| Net realized gains | — | | (0.14) | | (0.11) | | (0.04) | | — |
| Total distributions | (0.21) | | (0.43) | | (0.39) | | (0.36) | | (0.02) |
| Net asset value, end of period | $ 9.98 | | $ 9.73 | | $ 11.86 | | $ 12.48 | | $ 12.00 |
| Total Return(b) | 4.68% | | (14.38)% | | (1.81)% | | 7.03% | | 8.62% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $10,157 | | $10,616 | | $14,766 | | $17,435 | | $17,112 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 1.36% | | 1.24% | | 1.06% | | 1.06% | | 1.06% |
| Gross expenses | 1.38% | | 1.24% | | 1.06% | | 1.06% | | 1.06% |
| Net investment income | 2.69% | | 1.62% | | 1.01% | | 1.50% | | 2.05% |
| Portfolio turnover rate | 59% (c) | | 51% (c) | | 81% (c) | | 120% (c) | | 90% |
| 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) | The portfolio turnover calculated for the fiscal years ended 12/31/2023, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 263%, 178%, 183% and 277%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Income V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $10,185,329) | $ 9,683,681 |
| Investments in affiliated securities, at fair value (cost $1,329,784) | 1,329,784 |
| Receivable for investments sold | 521,660 |
| Income receivables | 79,974 |
| Receivable for fund shares sold | 6 |
| Income receivable from affiliated investments | 6,423 |
| Receivable for accumulated variation margin on swap contracts | 14,193 |
| Receivable for accumulated variation margin on futures contracts | 57,724 |
| Other assets | 58 |
| Total assets | 11,693,503 |
| Liabilities | |
| Net cash collateral on futures contracts due to broker | 57,280 |
| Net cash collateral on swap contracts due to broker | 14,297 |
| Payable for investments purchased | 1,408,196 |
| Payable for fund shares redeemed | 102 |
| Payable to the Adviser | 4,143 |
| Payable for custody, fund accounting and sub-administration fees | 8,923 |
| Accrued other expenses | 43,950 |
| Total liabilities | 1,536,891 |
|
| Net Assets | $ 10,156,612 |
| Net Assets Consist of: | |
| Capital paid in | $ 11,658,652 |
| Total distributable earnings (loss) | (1,502,040) |
| Net Assets | $ 10,156,612 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 1,017,873 |
| Net asset value per share | $ 9.98 |
The accompanying Notes are an integral part of these financial statements.
| 26 | Statement of Assets and Liabilities |
State Street Income V.I.S. Fund
Statement of Operations — For the year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 1,160 |
| Interest | 317,174 |
| Income from affiliated investments | 95,234 |
| Less: Foreign taxes withheld | (11) |
| Total income | 413,557 |
| Expenses | |
| Advisory and administration fees | 50,969 |
| Directors' fees | 21,084 |
| Custody, fund accounting and sub-administration fees | 29,031 |
| Professional fees | 32,938 |
| Other expenses | 6,202 |
| Total expenses before waivers | 140,224 |
| Less: Fees waived by the adviser | (1,325) |
| Net expenses | 138,899 |
| Net investment income (loss) | $ 274,658 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ (498,702) |
| Futures | (76,905) |
| Swap contracts | 33,759 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 685,703 |
| Futures | 50,051 |
| Swap contracts | (4,822) |
| Net realized and unrealized gain (loss) on investments | 189,084 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 463,742 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 27 |
State Street Income V.I.S. Fund
Statements of Changes in Net Assets
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 274,658 | | $ 195,470 |
| Net realized gain (loss) on investments, futures and swap contracts | (541,848) | | (627,344) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 730,932 | | (1,538,893) |
| Net increase (decrease) from operations | 463,742 | | (1,970,767) |
| Distributions to shareholders: | | | |
| Total distributions | (204,660) | | (446,838) |
| Increase (decrease) in assets from operations and distributions | 259,082 | | (2,417,605) |
| Share transactions: | | | |
| Proceeds from sale of shares | 503,196 | | 654,513 |
| Value of distributions reinvested | 204,660 | | 446,838 |
| Cost of shares redeemed | (1,426,452) | | (2,833,564) |
| Net increase (decrease) from share transactions | (718,596) | | (1,732,213) |
| Total increase (decrease) in net assets | (459,514) | | (4,149,818) |
| Net Assets | | | |
| Beginning of year | 10,616,126 | | 14,765,944 |
| End of year | $ 10,156,612 | | $ 10,616,126 |
| Changes in Fund Shares | | | |
| Shares sold | 50,808 | | 58,331 |
| Issued for distributions reinvested | 20,569 | | 45,783 |
| Shares redeemed | (144,078) | | (259,005) |
| Net increase (decrease) in fund shares | (72,701) | | (154,891) |
The accompanying Notes are an integral part of these financial statements.
| 28 | Statements of Changes in Net Assets |
State Street Income V.I.S. Fund
Notes to Financial Statements — December 31, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the "Fund") and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| • | 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 |
| Notes to Financial Statements | 29 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
| | 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. |
| • | 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. |
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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
| 30 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2023, 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, 2023, 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.
| Notes to Financial Statements | 31 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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 initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, the Fund entered into futures contracts to manage interest rate risk.
Credit Default Swaps During the fiscal year ended December 31, 2023, 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 for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For
| 32 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.
The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ 57,724 | $ — | $ — | $ — | $ — | $ 57,724 |
| Swap Contracts | — | — | 14,193 | — | — | 14,193 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ (76,905) | $ — | $ — | $ — | $ — | $ (76,905) |
| Swap Contracts | — | — | 33,759 | — | — | 33,759 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ 50,051 | $ — | $ — | $ — | $ — | $ 50,051 |
| Swap Contracts | — | — | (4,822) | — | — | (4,822) |
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%. SSGA FM is contractually obligated until April 30, 2024 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 purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2024 except with approval of the Board.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
| Notes to Financial Statements | 33 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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, 2023 are disclosed in the Schedule of Investments.
6.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $ 25,324,621 | $ 25,811,843 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 909,400 | $ 1,377,385 |
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to capital loss carryforwards, straddles, premium amortization, investments in futures, paydown gains and losses, swaps, and wash sale loss deferrals
The tax character of distributions paid during the fiscal year ended December 31, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 204,660 | $ — | $ 204,660 |
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 310,929 | $ 135,909 | $ 446,838 |
| 34 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
At December 31, 2023, 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 |
| $ 295,469 | $ — | $ (1,205,083) | $ — | $ (592,426) | $ — | $ (1,502,040) |
As of December 31, 2023, the Fund had capital loss carryforwards available to offset future realized capital gains as follows:
Non-Expiring
Short Term | Non-Expiring
Long Term |
| $ 347,687 | $ 857,396 |
As of December 31, 2023, 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) |
| $ 11,677,396 | $ 149,870 | $ 742,295 | $ (592,425) |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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 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. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
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
| Notes to Financial Statements | 35 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
11.Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
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.
| 36 | 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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 37 |
State Street Income V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
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, 2023.
Interest Dividends
The Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Income V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street Income V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street Income V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street Income V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street Income V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street Real Estate Securities V.I.S. Fund |
State Street Real Estate Securities V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 8 |
| 9 |
| 10 |
| 11 |
| 12 |
| 17 |
| 18 |
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.
[This page intentionally left blank]
State Street Real Estate Securities V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com 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”) listed on the New York Stock Exchange, NYSE Amex 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 returns of the index 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 Real Estate Securities V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Real Estate Securities V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (Unaudited)
The State Street Real Estate Securities V.I.S. Fund (the “Fund”) seeks maximum total return through current income and capital appreciation by investing at least 80% of its net assets under normal circumstances in common and preferred stocks and other types of equity securities and debt securities of U.S. issuers that are principally engaged in or related to the real estate industry, including those that own significant real estate assets.The Fund’s benchmark is the FTSE NAREIT Equity REITs Index (the “Index”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund was 13.50%, and the total return for the Index was 13.73%.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.
Stock selection across multiple sectors was the primary driver of performance in calendar year 2023. Rising interest rates and indications from the U.S. Federal Reserve ("the Fed") officials that they would keep monetary policy tight created a challenging environment for REIT returns. Sectors and individual companies in which we had high conviction saw their relative valuations decrease and become more attractive due more to the macroeconomic environment than fundamental performance. As inflation cooled and interest rates began to move lower in the fourth quarter, the REIT market experienced a rapid, sharp rise in valuations.
The portfolio benefited from stock selection within the Shopping Center, Self-Storage and Apartment sectors. In the Shopping Center and Self-Storage sectors, companies with strong fundamentals were temporarily out of favor before rising in the late-year rally. The timing of the relative weight to Self-Storage wasalso beneficial. The sector outperformed early and late in the year when the portfolio had more exposure and underperformed in the middle of the year when the portfolio had less.The Apartments sector underperformed other sectors on an absolute basis throughout the year due to concerns about growing supply and its effects on rents. The underweight allocation to the sector added to relative performance from sector selection. We also generated alpha from Apartments through a focus on companies with exposure to coastal suburban markets which had less supply growth and thus better relative performance than companies with exposure in Sunbelt markets. Finally, Data Centers generated strong absolute and relative returns for the portfolio, rising along with other tech-related shares in a period of investor enthusiasm for all companies that may benefit from supporting the growth of artificial intelligence. An overweight to Data Centers as well as positioning within the sector added to relative performance.
Relative performance was partially offset by an underweight to some of the riskiest REITs that benefitted from a late year rally spurred by the presumed end of the Fed rate hiking cycle. For example, despite a secular downward trend and concerns about weakening consumer spending in the event of a recession, Regional Mall REITs rallied strongly towards year-end. Our underweight to Regional Mall detracted from performance. Health Care, a sector in which we have high conviction, also detracted. A wide disparity in returns across the sector led to stock selection underperformance, particularly for holdings focused in the medical office sub-sector category. The impact of fees and fund expenses and the fund’s small cash holding also detracted from relative performance.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Prologis, Inc., Digital Realty Trust, Inc., and Equinix, Inc., The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Medical Properties Trust, Inc., Healthpeak Properties, Inc., and Realty Income Corp..
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
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $65,137 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| Prologis, Inc. | 9.73% |
| Equinix, Inc. | 8.00% |
| Extra Space Storage, Inc. | 4.56% |
| Welltower, Inc. | 4.50% |
| Realty Income Corp. | 4.28% |
| Digital Realty Trust, Inc. | 3.91% |
| Equity Residential | 3.75% |
| Ventas, Inc. | 3.69% |
| Public Storage | 3.43% |
| Sun Communities, Inc. | 3.20% |
| Average Annual Total Return for the years ended December 31, 2023 |
| Class 1 Shares (Inception date: 5/1/95) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| State Street Real Estate Securities V.I.S. Fund | 13.50% | | 7.63% | | 7.94% | | $21,472 |
| FTSE NAREIT Equity REITs Index | 13.73% | | 7.39% | | 7.65% | | $20,890 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| State Street Real Estate Securities V.I.S. Fund | 3 |
State Street Real Estate Securities V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Change in Value of a $10,000 Investment
Yearly periods ended December 31
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.
| 4 | 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, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
December 31, 2023 | $1,073.80 | | $1,020.30 |
| Expenses Paid During Period* | $ 5.07 | | $ 4.94 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.97%** (for the period July 1, 2023 - December 31, 2023), 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 | 5 |
State Street Real Estate Securities V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Common Stock (REITs) - 99.3% † |
| Alternate Housing - 7.1% |
| American Homes 4 Rent, Class A | 5,070 | $ 182,317 |
| Invitation Homes, Inc. | 48,560 | 1,656,382 |
| Sun Communities, Inc. | 15,580 | 2,082,267 |
| Tricon Residential, Inc. | 78,960 | 718,536 |
| | | 4,639,502 |
| Data Center - 11.9% |
| Digital Realty Trust, Inc. | 18,910 | 2,544,908 |
| Equinix, Inc. | 6,471 | 5,211,678 |
| | | 7,756,586 |
| Healthcare - 15.4% |
| Alexandria Real Estate Equities, Inc. | 9,370 | 1,187,835 |
| CareTrust REIT, Inc. | 19,690 | 440,662 |
| Healthpeak Properties, Inc. | 90,430 | 1,790,514 |
| Medical Properties Trust, Inc. | 78,429 | 385,087 |
| Omega Healthcare Investors, Inc. | 29,150 | 893,739 |
| Ventas, Inc. | 48,230 | 2,403,783 |
| Welltower, Inc. | 32,530 | 2,933,230 |
| | | 10,034,850 |
| Hotel - 3.4% |
| DiamondRock Hospitality Co. | 48,570 | 456,072 |
| Host Hotels & Resorts, Inc. | 71,880 | 1,399,504 |
| Xenia Hotels & Resorts, Inc. | 28,770 | 391,847 |
| | | 2,247,423 |
| Industrial - 14.7% |
| Americold Realty Trust, Inc. | 10,550 | 319,349 |
| First Industrial Realty Trust, Inc. | 30,060 | 1,583,260 |
| Prologis, Inc. | 47,528 | 6,335,482 |
| Rexford Industrial Realty, Inc. | 24,600 | 1,380,060 |
| | | 9,618,151 |
| Multifamily - 10.1% |
| AvalonBay Communities, Inc. | 4,322 | 809,165 |
| Camden Property Trust | 8,320 | 826,093 |
| Elme Communities | 16,812 | 245,455 |
| Equity Residential | 39,910 | 2,440,896 |
| Independence Realty Trust, Inc. | 17,230 | 263,619 |
| UDR, Inc. | 51,980 | 1,990,314 |
| | | 6,575,542 |
| Net Lease - 8.8% |
| Agree Realty Corp. | 24,110 | 1,517,725 |
| | Number
of Shares | Fair
Value |
| Broadstone Net Lease, Inc. | 31,920 | $ 549,662 |
| NNN REIT, Inc. | 20,900 | 900,790 |
| Realty Income Corp. | 48,490 | 2,784,296 |
| | | 5,752,473 |
| Office - 5.2% |
| Boston Properties, Inc. | 13,460 | 944,488 |
| Cousins Properties, Inc. | 36,800 | 896,080 |
| Douglas Emmett, Inc. | 29,170 | 422,965 |
| Highwoods Properties, Inc. | 11,860 | 272,306 |
| Kilroy Realty Corp. | 18,110 | 721,502 |
| Paramount Group, Inc. | 22,550 | 116,584 |
| | | 3,373,925 |
| Regional Malls - 3.2% |
| Simon Property Group, Inc. | 14,570 | 2,078,265 |
| Self Storage - 8.8% |
| CubeSmart | 11,230 | 520,511 |
| Extra Space Storage, Inc. | 18,550 | 2,974,121 |
| Public Storage | 7,320 | 2,232,600 |
| | | 5,727,232 |
| Shopping Centers - 6.7% |
| Brixmor Property Group, Inc. | 61,120 | 1,422,262 |
| Kimco Realty Corp. | 61,150 | 1,303,107 |
| Retail Opportunity Investments Corp. | 59,040 | 828,331 |
| RPT Realty | 32,375 | 415,371 |
| Urban Edge Properties | 21,484 | 393,157 |
| | | 4,362,228 |
| Specialty - 4.0% |
| American Tower Corp. | 1,510 | 325,979 |
| Lamar Advertising Co., Class A | 3,740 | 397,487 |
| Outfront Media, Inc. | 6,149 | 85,840 |
| VICI Properties, Inc. | 56,910 | 1,814,291 |
| | | 2,623,597 |
Total Common Stock (REITs)
(Cost $61,111,160) | | 64,789,774 |
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, 2023
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 0.5% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (a)(b)
(Cost $347,181) | 347,181 | $ 347,181 |
Total Investments
(Cost $61,458,341) | | 65,136,955 |
| Other Assets and Liabilities, net - 0.2% | | 109,236 |
| NET ASSETS - 100.0% | | $ 65,246,191 |
Notes to Schedule of Investments
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) | 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. |
| (b) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| 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, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 64,789,774 | | $ — | | $ — | | $ 64,789,774 |
| Short-Term Investments | 347,181 | | — | | — | | 347,181 |
| Total Investments in Securities | $ 65,136,955 | | $ — | | $ — | | $ 65,136,955 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 300,858 | $300,858 | $31,134,266 | $31,087,943 | $— | $— | 347,181 | $347,181 | $21,075 |
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
| | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | 5/1/95 |
| Net asset value, beginning of period | $ 8.77 | | $ 13.89 | | $ 12.02 | | $ 12.92 | | $ 11.14 |
| Income/(loss) from investment operations: | | | | | | | | | |
| Net investment income(a) | 0.25 | | 0.20 | | 0.13 | | 0.17 | | 0.25 |
| Net realized and unrealized gains/(losses) on investments | 0.93 | | (3.66) | | 4.85 | | (0.85) | | 2.65 |
| Total income/(loss) from investment operations | 1.18 | | (3.46) | | 4.98 | | (0.68) | | 2.90 |
| Less distributions from: | | | | | | | | | |
| Net investment income | (0.21) | | (0.17) | | (0.34) | | (0.06) | | (0.19) |
| Net realized gains | — | | (1.49) | | (2.77) | | (0.16) | | (0.93) |
| Total distributions | (0.21) | | (1.66) | | (3.11) | | (0.22) | | (1.12) |
| Net asset value, end of period | $ 9.74 | | $ 8.77 | | $ 13.89 | | $ 12.02 | | $ 12.92 |
| Total Return(b) | 13.50% | | (24.93)% | | 41.80% | | (5.23)% | | 26.15% |
| Ratios/Supplemental Data: | | | | | | | | | |
| Net assets, end of period (in thousands) | $65,246 | | $40,669 | | $45,748 | | $47,588 | | $55,266 |
| Ratios to average net assets: | | | | | | | | | |
| Net expenses | 1.00% | | 1.05% | | 1.04% | | 1.04% | | 1.04% |
| Gross expenses | 1.00% | | 1.05% | | 1.04% | | 1.04% | | 1.04% |
| Net investment income | 2.75% | | 1.72% | | 0.93% | | 1.49% | | 1.91% |
| Portfolio turnover rate | 54% | | 86% | | 85% | | 108% | | 72% |
| 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. |
The accompanying Notes are an integral part of these financial statements.
State Street Real Estate Securities V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $61,111,160) | $ 64,789,774 |
| Investments in affiliated securities, at fair value (cost $347,181) | 347,181 |
| Receivable for investments sold | 108,432 |
| Income receivables | 309,469 |
| Income receivable from affiliated investments | 662 |
| Other assets | 230 |
| Total assets | 65,555,748 |
| Liabilities | |
| Payable for investments purchased | 128,440 |
| Payable for fund shares redeemed | 89,868 |
| Payable to the Adviser | 46,920 |
| Payable for custody, fund accounting and sub-administration fees | 4,468 |
| Accrued other expenses | 39,861 |
| Total liabilities | 309,557 |
|
| Net Assets | $ 65,246,191 |
| Net Assets Consist of: | |
| Capital paid in | $ 65,402,395 |
| Total distributable earnings (loss) | (156,204) |
| Net Assets | $ 65,246,191 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 6,699,005 |
| Net asset value per share | $ 9.74 |
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 year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 1,862,171 |
| Income from affiliated investments | 21,075 |
| Less: Foreign taxes withheld | (1,845) |
| Total income | 1,881,401 |
| Expenses | |
| Advisory and administration fees | 426,899 |
| Directors' fees | 21,365 |
| Custody, fund accounting and sub-administration fees | 22,863 |
| Professional fees | 29,316 |
| Other expenses | 1,744 |
| Total expenses | 502,187 |
| Net investment income (loss) | $ 1,379,214 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on investments | $ (2,942,655) |
| Increase (decrease) in unrealized appreciation/(depreciation) on investments | 7,683,727 |
| Net realized and unrealized gain (loss) on investments | 4,741,072 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 6,120,286 |
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,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 1,379,214 | | $ 631,786 |
| Net realized gain (loss) on investments | (2,942,655) | | 3,664,669 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments | 7,683,727 | | (15,093,357) |
| Net increase (decrease) from operations | 6,120,286 | | (10,796,902) |
| Distributions to shareholders: | | | |
| Total distributions | (1,420,514) | | (6,496,308) |
| Increase (decrease) in assets from operations and distributions | 4,699,772 | | (17,293,210) |
| Share transactions: | | | |
| Proceeds from sale of shares | 27,811,078 | | 22,268,925 |
| Value of distributions reinvested | 1,420,514 | | 6,496,308 |
| Cost of shares redeemed | (9,353,725) | | (16,551,322) |
| Net increase (decrease) from share transactions | 19,877,867 | | 12,213,911 |
| Total increase (decrease) in net assets | 24,577,639 | | (5,079,299) |
| Net Assets | | | |
| Beginning of year | 40,668,552 | | 45,747,851 |
| End of year | $ 65,246,191 | | $ 40,668,552 |
| Changes in Fund Shares | | | |
| Shares sold | 2,918,808 | | 1,927,883 |
| Issued for distributions reinvested | 145,544 | | 738,217 |
| Shares redeemed | (1,001,549) | | (1,323,809) |
| Net increase (decrease) in fund shares | 2,062,803 | | 1,342,291 |
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, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund (the “Fund”). Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
| 12 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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.
| Notes to Financial Statements | 13 |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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, 2023, 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.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 Fee |
| First $100 million | 0.85% |
| Next $100 million | 0.80% |
| Over $200 million | 0.75% |
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-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, 2023 are disclosed in the Schedule of Investments.
4.Sub-Advisory Fees
Pursuant to an investment sub-advisory agreement with SSGA FM, CenterSquare Investment Management LLC (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of SSGA FM and the Board. For its services, SSGA FM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
| 14 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 47,202,970 | $ 27,181,539 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to capital loss carryforwards, REITs, and wash sale loss deferrals.
The tax character of distributions paid during the fiscal year ended December 31, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 1,420,514 | $ — | $ 1,420,514 |
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 891,115 | $ 5,605,193 | $ 6,496,308 |
At December 31, 2023, 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 |
| $ 163,274 | $ — | $ (2,669,071) | $ — | $ 2,349,593 | $ — | $ (156,204) |
As of December 31, 2023, the Fund had capital loss carryforwards available to offset future realized capital gains as follows
Non-Expiring
Short Term | Non-Expiring
Long Term |
| $ 338,046 | $ 2,331,025 |
| Notes to Financial Statements | 15 |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
As of December 31, 2023, 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) |
| $ 62,787,361 | $ 4,683,871 | $ 2,334,277 | $ 2,349,594 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the
New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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 was more broadly diversified.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2023, 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 five 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
| Report of Independent Registered Public Accounting Firm | 17 |
State Street Real Estate Securities V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
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, 2023.
Dividends Received Deduction
The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Annual Report
December 31, 2023
| State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Annual Report
December 31, 2023
| | Page |
| 1 |
| 2 |
| Financial Statements | |
| 98 |
| 100 |
| 101 |
| 102 |
| 103 |
| 112 |
| 113 |
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.
[This page intentionally left blank]
State Street Total Return V.I.S. Fund
Notes to Performance — December 31, 2023 (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 www.ssga.com 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 ACWI ex USA Index is a market-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 USA Index includes both developed and emerging markets.
The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).
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 Total Return V.I.S. Fund 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. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Total Return V.I.S. Fund
Management's Discussion of Fund Performance — December 31, 2023 (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 benchmark are the S&P 500 Index, MSCI ACWI ex USA Index, Bloomberg U.S. Aggregate Bond Index (the “Indices”).
For the 12-month period ended December 31, 2023 (the “Reporting Period”), the total return for the Fund’s Class 1 and Class 3 Shares were 15.48% and 15.21% respectively. The total return for the S&P 500 Index was 26,29%. The total return for the MSCI ACWI ex USA Index was 15.62%. The total return for the Bloomberg U.S. Aggregate Bond Index was 5.53%. 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.
Tactical decisions to overweight positioning within global equities, particularly U.S. Large Cap Equity, and underweight U.S. Investment grade fixed income markets were the primary drivers of Fund performance during the Reporting Period relative to the Index.
After a dismal 2022, equity and fixed income markets broadly performed well in 2023. Global equities posted double digit returns despite banking sector woes to start the year, a fragile economic backdrop, and sizable swings in bond yields. Ultimately, the U.S. economy fared better than expected and inflation decelerated through the course of the year, leading to market participants to price easier monetary policy in 2024.
Global equity markets proved resilient in the first quarter of 2023. Stocks broadly started the year strong but the collapse of Silicon Valley Bank and broader concerns around the financial sector in March pulled down banking sector stocks. However, investors took comfort as regulators and central banks intervened to stabilize the sector. The global economy expanded in the second quarter, but momentum slowed in June as activity in the services sector showed signs of moderating. On balance, risk assets rallied in the second quarter as the economic data indicated U.S. inflation was moving in the right direction while the job markets remained healthy. Through the first half of the year, U.S. markets were driven significantly by a select group of stocks known as the ‘Magnificent Seven.’ These stocks were responsible for the majority of the market rally due to optimism around artificial intelligence (“AI”), while the rest of the market remained relatively flat. Global economic growth remained lackluster in the third quarter, with manufacturing activity contracting and the service sector showing signs of deceleration. Risk assets ended the third quarter down amid a sharp increase in interest rates and risk of financial instability in China. A volatile 2023 ended on a cautiously positive note, as developed market central banks generally signaled an end to their respective tightening cycles. Global economic activity also edged higher with service sector activity expanding. Inflation continued to decline during the quarter. During 2023, global growth slowed at divergent rates across key economies – growth in the United States outpaced expectations but growth disappointed elsewhere. In the fourth quarter, risk assets generally rose as rates rallied on the back of anticipated policy easing in 2024. Developed markets registered double-digit gains and outperformed emerging markets. The S&P 500 Index returned 11.69% for the fourth quarter of 2023, while the Russell Small Cap Index returned 14.66% for the quarter. These Indices returned 26.29% and 24.81% respectively for the Reporting Period. Global equity markets ended 2023 with a rally, as recession concerns eased. The MSCI ACWI ex USA Index returned 9.81% over the fourth quarter of 2023 and 15.62% over the Reporting Period.
The tone of the December Federal Open Market Committee (“FOMC”) meeting shifted as Fed Chair, Jerome Powell, did not push against markets pricing of rate cuts in 2024. The U.S. Federal Reserve’s (the “Fed”) had maintained restrictive monetary policy throughout 2023 but signaled multiple rate cuts to the Fed Funds rate over the course of 2024 may be appropriate as economic conditions are expected to weaken. U.S. investment grade bonds fared well in 2023 following a difficult year in 2022. Despite higher yields throughout the year of 2023, U.S. investment grade bonds saw healthy issuance. The Bloomberg U.S. Aggregate Index ended the year up 6.8% for the fourth quarter and returned 5.52% for the Reporting Period. Bloomberg Long U.S. Treasury Index rose by 12.7% for the fourth quarter of 2023 and 3.1% for the Reporting Period. In December, the yields on U.S. high yield bonds declined to the lowest level since August 2022 as spreads narrowed by 73 basis points in the fourth quarter. U.S. high yield defaults picked up through the year but were not high by historic standards. Overall, for the year, the Bloomberg U.S. High Yield Very Liquid Index returned 7.51% for the fourth quarter and 13.76% for the Reporting Period.
| 2 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Management's Discussion of Fund Performance, continued — December 31, 2023 (Unaudited)
Inflation steadily declined through the year. Core inflation remained a bit sticky as the core services component remained elevated. Market based inflation expectations for the U.S., measured by five-year break-evens, fell by 9 basis points during the fourth quarter to 2.15%. The Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index rose 3.77% over the fourth quarter and 4.39% over the Reporting Period.
The Fund used equity futures contracts in order to equitize cash in the portfolio and To-Be-Announced securities (TBAs) to gain cost effective exposure to mortgage-backed securities during the Reporting Period. The Fund’s use of derivatives 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.
| State Street Total Return V.I.S. Fund | 3 |
State Street Total Return V.I.S. Fund
Performance Summary — December 31, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $1,366,186 (in thousands) as of December 31, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of December 31, 2023 (as a % of Fair Value) (a)(b) |
| SPDR Portfolio Aggregate Bond ETF | 5.44% |
| SPDR Bloomberg High Yield Bond ETF | 2.96% |
| Apple, Inc. | 2.29% |
| Microsoft Corp. | 2.26% |
| SPDR Bloomberg International Treasury Bond ETF | 2.01% |
| SPDR Gold Shares | 1.99% |
| SPDR Portfolio Long Term Treasury ETF | 1.52% |
| Amazon.com, Inc. | 1.10% |
| NVIDIA Corp. | 0.95% |
| Alphabet, Inc., Class A | 0.67% |
| Average Annual Total Return for the years ended December 31, 2023 |
| Class 1 Shares (Inception date: 7/1/85) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| State Street Total Return V.I.S. Fund | 15.48% | | 6.16% | | 4.92% | | $16,164 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
| Bloomberg U.S. Aggregate Bond Index | 5.53% | | 1.10% | | 1.81% | | $11,964 |
| MSCI ACWI ex USA Index | 15.62% | | 7.08% | | 3.83% | | $14,561 |
| Class 3 Shares (Inception date: 5/1/06) |
| | One Year | | Five Year | | Ten Year | | Ending Value
of a $10,000
Investment |
| State Street Total Return V.I.S. Fund | 15.21% | | 5.90% | | 4.66% | | $15,770 |
| S&P 500® Index | 26.29% | | 15.69% | | 12.03% | | $31,149 |
| Bloomberg U.S. Aggregate Bond Index | 5.53% | | 1.10% | | 1.81% | | $11,964 |
| MSCI ACWI ex USA Index | 15.62% | | 7.08% | | 3.83% | | $14,561 |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 4 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Performance Summary, continued — December 31, 2023 (Unaudited)
Class 1 Shares
Change in Value of a $10,000 Investment
Yearly periods ended December 31
Class 3 Shares
Change in Value of a $10,000 Investment
Yearly periods ended December 31
See Notes to Performance beginning on page 1 for further information.
Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.
| State Street Total Return V.I.S. Fund | 5 |
State Street Total Return V.I.S. Fund
Understanding Your Fund’s Expenses — December 31, 2023 (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 of 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, 2023.
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) |
Beginning Account Value
July 1, 2023 | | $1,000.00 | | $1,000.00 |
Ending Account Value
December 31, 2023 | | $1,059.10 | | $1,022.50 |
| Expenses Paid During Period* | | $ 2.80 | | $ 2.75 |
| Class 3 | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
July 1, 2023 | | $1,000.00 | | $1,000.00 |
Ending Account Value
December 31, 2023 | | $1,058.00 | | $1,021.20 |
| Expenses Paid During Period* | | $ 4.10 | | $ 4.02 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.54%** for Class 1 and 0.79%** for Class 3 (for the period July 1, 2023 - December 31, 2023), 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. |
| 6 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments — December 31, 2023
| | Number
of Shares | Fair
Value |
| Domestic Equity - 45.2% † |
| Common Stock - 45.2% |
| Advertising - 0.1% |
| Advantage Solutions, Inc. (a) | 4,888 | $ 17,695 |
| Boston Omaha Corp., Class A (a) | 1,276 | 20,071 |
| Cardlytics, Inc. (a) | 1,712 | 15,768 |
| Clear Channel Outdoor Holdings, Inc. (a) | 18,632 | 33,910 |
| Emerald Holding, Inc. (a) | 546 | 3,265 |
| Entravision Communications Corp., Class A | 3,408 | 14,211 |
| Integral Ad Science Holding Corp. (a) | 2,550 | 36,694 |
| Interpublic Group of Cos., Inc. | 3,942 | 128,667 |
| Magnite, Inc. (a) | 6,456 | 60,299 |
| Omnicom Group, Inc. | 2,027 | 175,356 |
| PubMatic, Inc., Class A (a) | 2,148 | 35,034 |
| Stagwell, Inc. (a) | 4,051 | 26,858 |
| TechTarget, Inc. (a) | 1,267 | 44,168 |
| Thryv Holdings, Inc. (a) | 1,543 | 31,400 |
| Trade Desk, Inc., Class A (a) | 4,811 | 346,200 |
| | | 989,596 |
| Aerospace & Defense - 0.7% |
| AAR Corp. (a) | 1,629 | 101,650 |
| AeroVironment, Inc. (a) | 1,256 | 158,306 |
| AerSale Corp. (a) | 1,315 | 16,694 |
| Archer Aviation, Inc., Class A (a) | 7,450 | 45,743 |
| Astronics Corp. (a) | 1,318 | 22,960 |
| Axon Enterprise, Inc. (a) | 800 | 206,664 |
| Boeing Co. (a) | 6,146 | 1,602,016 |
| BWX Technologies, Inc. | 1,000 | 76,730 |
| Cadre Holdings, Inc. | 987 | 32,462 |
| Curtiss-Wright Corp. | 400 | 89,116 |
| Ducommun, Inc. (a) | 700 | 36,442 |
| Eve Holding, Inc. | 1,070 | 7,832 |
| General Dynamics Corp. | 2,715 | 705,004 |
| HEICO Corp. | 500 | 89,435 |
| HEICO Corp., Class A | 1,000 | 142,440 |
| Hexcel Corp. | 1,100 | 81,125 |
| Howmet Aerospace, Inc. | 4,397 | 237,966 |
| Huntington Ingalls Industries, Inc. | 400 | 103,856 |
| Kaman Corp. | 1,405 | 33,650 |
| Kratos Defense & Security Solutions, Inc. (a) | 6,207 | 125,940 |
| L3Harris Technologies, Inc. | 2,080 | 438,090 |
| Leonardo DRS, Inc. (a) | 3,372 | 67,575 |
| Lockheed Martin Corp. | 2,452 | 1,111,344 |
| Mercury Systems, Inc. (a) | 600 | 21,942 |
| Moog, Inc., Class A | 1,372 | 198,638 |
| National Presto Industries, Inc. | 263 | 21,114 |
| Northrop Grumman Corp. | 1,578 | 738,725 |
| | Number
of Shares | Fair
Value |
| Park Aerospace Corp. | 964 | $ 14,171 |
| Redwire Corp. (a) | 404 | 1,151 |
| Rocket Lab USA, Inc. (a) | 13,885 | 76,784 |
| RTX Corp. | 15,886 | 1,336,648 |
| Spirit AeroSystems Holdings, Inc., Class A (a) | 1,100 | 34,958 |
| Terran Orbital Corp. (a) | 2,969 | 3,385 |
| Textron, Inc. | 2,271 | 182,634 |
| TransDigm Group, Inc. | 594 | 600,890 |
| Triumph Group, Inc. (a) | 3,239 | 53,703 |
| V2X, Inc. (a) | 578 | 26,842 |
| Virgin Galactic Holdings, Inc. (a) | 16,347 | 40,050 |
| Woodward, Inc. | 600 | 81,678 |
| | | 8,966,353 |
| Agricultural & Farm Machinery - 0.1% |
| AGCO Corp. (b) | 623 | 75,638 |
| Alamo Group, Inc. | 499 | 104,885 |
| Deere & Co. | 2,939 | 1,175,218 |
| Lindsay Corp. | 543 | 70,134 |
| Titan International, Inc. (a) | 2,626 | 39,075 |
| Toro Co. | 1,068 | 102,517 |
| | | 1,567,467 |
| Agricultural Products & Services - 0.1% |
| Alico, Inc. | 357 | 10,382 |
| Archer-Daniels-Midland Co. | 5,872 | 424,076 |
| Benson Hill, Inc. (a) | 7,944 | 1,381 |
| Bunge Global S.A. | 1,537 | 155,160 |
| Darling Ingredients, Inc. (a) | 1,600 | 79,744 |
| Fresh Del Monte Produce, Inc. | 1,654 | 43,417 |
| Ingredion, Inc. | 744 | 80,746 |
| Limoneira Co. | 982 | 20,259 |
| | | 815,165 |
| Air Freight & Logistics - 0.2% |
| Air Transport Services Group, Inc. (a) | 2,669 | 47,001 |
| CH Robinson Worldwide, Inc. | 1,169 | 100,990 |
| Expeditors International of Washington, Inc. | 1,601 | 203,647 |
| FedEx Corp. | 2,572 | 650,639 |
| Forward Air Corp. | 1,289 | 81,039 |
| GXO Logistics, Inc. (a) | 1,173 | 71,741 |
| Hub Group, Inc., Class A (a) | 1,558 | 143,243 |
| Radiant Logistics, Inc. (a) | 1,858 | 12,337 |
| United Parcel Service, Inc., Class B | 7,892 | 1,240,859 |
| | | 2,551,496 |
| Alternative Carriers - 0.0%* |
| Anterix, Inc. (a) | 661 | 22,025 |
| AST SpaceMobile, Inc. (a) | 3,688 | 22,239 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Bandwidth, Inc., Class A (a) | 1,337 | $ 19,346 |
| Charge Enterprises, Inc. (a) | 6,770 | 772 |
| Cogent Communications Holdings, Inc. | 2,149 | 163,453 |
| EchoStar Corp., Class A (a) | 5,968 | 98,890 |
| Globalstar, Inc. (a) | 33,689 | 65,357 |
| Iridium Communications, Inc. | 1,200 | 49,392 |
| Lumen Technologies, Inc. (a) | 49,546 | 90,669 |
| | | 532,143 |
| Aluminum - 0.0%* |
| Alcoa Corp. | 2,058 | 69,972 |
| Century Aluminum Co. (a) | 2,668 | 32,389 |
| Constellium SE (a) | 6,267 | 125,089 |
| Kaiser Aluminum Corp. | 758 | 53,962 |
| Tredegar Corp. | 1,338 | 7,239 |
| | | 288,651 |
| Apparel Retail - 0.2% |
| Abercrombie & Fitch Co., Class A (a) | 2,362 | 208,376 |
| American Eagle Outfitters, Inc. | 8,832 | 186,885 |
| Boot Barn Holdings, Inc. (a) | 1,472 | 112,991 |
| Buckle, Inc. | 1,500 | 71,280 |
| Burlington Stores, Inc. (a) | 835 | 162,391 |
| Caleres, Inc. | 1,694 | 52,057 |
| Cato Corp., Class A | 921 | 6,576 |
| Chico's FAS, Inc. (a) | 5,862 | 44,434 |
| Children's Place, Inc. (a) | 659 | 15,302 |
| Designer Brands, Inc., Class A | 2,150 | 19,027 |
| Destination XL Group, Inc. (a) | 3,332 | 14,661 |
| Duluth Holdings, Inc., Class B (a) | 917 | 4,933 |
| Foot Locker, Inc. | 4,065 | 126,625 |
| Gap, Inc. | 2,400 | 50,184 |
| Genesco, Inc. (a) | 583 | 20,527 |
| Guess?, Inc. | 1,444 | 33,299 |
| J Jill, Inc. (a) | 279 | 7,193 |
| Lands' End, Inc. (a) | 947 | 9,053 |
| Revolve Group, Inc. (a) | 1,979 | 32,812 |
| Ross Stores, Inc. | 3,685 | 509,967 |
| Shoe Carnival, Inc. | 844 | 25,497 |
| Stitch Fix, Inc., Class A (a) | 4,336 | 15,480 |
| ThredUp, Inc., Class A (a) | 4,042 | 9,094 |
| Tilly's, Inc., Class A (a) | 1,159 | 8,739 |
| TJX Cos., Inc. | 12,653 | 1,186,978 |
| Torrid Holdings, Inc. (a) | 662 | 3,820 |
| Urban Outfitters, Inc. (a) | 3,160 | 112,780 |
| Victoria's Secret & Co. (a) | 739 | 19,613 |
| Zumiez, Inc. (a) | 904 | 18,387 |
| | | 3,088,961 |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Capri Holdings Ltd. (a) | 1,105 | 55,515 |
| | Number
of Shares | Fair
Value |
| Carter's, Inc. | 400 | $ 29,956 |
| Columbia Sportswear Co. | 400 | 31,816 |
| Figs, Inc., Class A (a) | 6,223 | 43,250 |
| Fossil Group, Inc. (a) | 3,159 | 4,612 |
| G-III Apparel Group Ltd. (a) | 2,031 | 69,013 |
| Hanesbrands, Inc. | 17,298 | 77,149 |
| Kontoor Brands, Inc. | 2,714 | 169,408 |
| Lululemon Athletica, Inc. (a) | 1,227 | 627,353 |
| Movado Group, Inc. | 780 | 23,517 |
| Oxford Industries, Inc. | 737 | 73,700 |
| PVH Corp. | 600 | 73,272 |
| Ralph Lauren Corp. | 500 | 72,100 |
| Tapestry, Inc. | 2,474 | 91,068 |
| Under Armour, Inc., Class A (a) | 2,700 | 23,733 |
| Under Armour, Inc., Class C (a) | 4,000 | 33,400 |
| Vera Bradley, Inc. (a) | 1,527 | 11,758 |
| VF Corp. | 3,400 | 63,920 |
| | | 1,574,540 |
| Application Software - 1.6% |
| 8x8, Inc. (a) | 5,737 | 21,686 |
| ACI Worldwide, Inc. (a) | 5,238 | 160,283 |
| Adobe, Inc. (a)(b) | 5,037 | 3,005,074 |
| Agilysys, Inc. (a) | 988 | 83,802 |
| Alarm.com Holdings, Inc. (a) | 2,376 | 153,537 |
| Alkami Technology, Inc. (a) | 1,899 | 46,051 |
| Altair Engineering, Inc., Class A (a) | 2,671 | 224,765 |
| Alteryx, Inc., Class A (a) | 600 | 28,296 |
| American Software, Inc., Class A | 1,800 | 20,340 |
| Amplitude, Inc., Class A (a) | 3,290 | 41,849 |
| ANSYS, Inc. (a) | 971 | 352,356 |
| Appfolio, Inc., Class A (a) | 927 | 160,593 |
| AppLovin Corp., Class A (a) | 2,300 | 91,655 |
| Asana, Inc., Class A (a) | 3,913 | 74,386 |
| Aspen Technology, Inc. (a) | 320 | 70,448 |
| Atlassian Corp., Class A (a) | 1,696 | 403,411 |
| Aurora Innovation, Inc. (a) | 16,177 | 70,693 |
| Autodesk, Inc. (a) | 2,374 | 578,022 |
| AvePoint, Inc. (a) | 7,521 | 61,747 |
| Bentley Systems, Inc., Class B | 2,000 | 104,360 |
| Bill Holdings, Inc. (a) | 992 | 80,937 |
| Blackbaud, Inc. (a) | 2,105 | 182,503 |
| BlackLine, Inc. (a) | 2,800 | 174,832 |
| Box, Inc., Class A (a) | 6,813 | 174,481 |
| Braze, Inc., Class A (a) | 2,598 | 138,032 |
| C3.ai, Inc., Class A (a) | 3,920 | 112,543 |
| Cadence Design Systems, Inc. (a) | 2,951 | 803,764 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 3,000 | 34,170 |
| Cerence, Inc. (a) | 2,009 | 39,497 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Cipher Mining, Inc. (a) | 2,185 | $ 9,024 |
| Cleanspark, Inc. (a) | 7,458 | 82,262 |
| Clear Secure, Inc., Class A | 4,115 | 84,975 |
| Confluent, Inc., Class A (a) | 1,800 | 42,120 |
| Consensus Cloud Solutions, Inc. (a) | 995 | 26,079 |
| CoreCard Corp. (a) | 428 | 5,919 |
| CS Disco, Inc. (a) | 1,287 | 9,768 |
| Datadog, Inc., Class A (a) | 2,996 | 363,654 |
| Digimarc Corp. (a) | 718 | 25,934 |
| Digital Turbine, Inc. (a) | 4,767 | 32,702 |
| DocuSign, Inc. (a) | 2,089 | 124,191 |
| Domo, Inc., Class B (a) | 1,550 | 15,950 |
| DoubleVerify Holdings, Inc. (a) | 1,300 | 47,814 |
| Dropbox, Inc., Class A (a) | 2,600 | 76,648 |
| Dynatrace, Inc. (a) | 2,800 | 153,132 |
| E2open Parent Holdings, Inc. (a) | 8,722 | 38,290 |
| eGain Corp. (a) | 1,301 | 10,837 |
| Elastic NV (a) | 900 | 101,430 |
| Enfusion, Inc., Class A (a) | 2,075 | 20,128 |
| EngageSmart, Inc. (a) | 2,378 | 54,456 |
| Envestnet, Inc. (a) | 2,478 | 122,711 |
| Everbridge, Inc. (a) | 1,982 | 48,182 |
| EverCommerce, Inc. (a) | 1,177 | 12,982 |
| Expensify, Inc., Class A (a) | 3,148 | 7,776 |
| Fair Isaac Corp. (a) | 266 | 309,627 |
| Five9, Inc. (a) | 800 | 62,952 |
| Freshworks, Inc., Class A Revenue (a) | 7,833 | 183,997 |
| Guidewire Software, Inc. (a) | 800 | 87,232 |
| HashiCorp, Inc., Class A (a) | 1,400 | 33,096 |
| HubSpot, Inc. (a) | 518 | 300,720 |
| Informatica, Inc., Class A (a) | 1,000 | 28,390 |
| Instructure Holdings, Inc. (a) | 985 | 26,605 |
| Intapp, Inc. (a) | 1,380 | 52,468 |
| InterDigital, Inc. | 1,275 | 138,388 |
| Intuit, Inc. | 3,044 | 1,902,591 |
| Jamf Holding Corp. (a) | 3,425 | 61,856 |
| Kaltura, Inc. (a) | 4,889 | 9,534 |
| LivePerson, Inc. (a) | 3,971 | 15,050 |
| LiveRamp Holdings, Inc. (a) | 3,256 | 123,337 |
| Manhattan Associates, Inc. (a) | 631 | 135,867 |
| Marathon Digital Holdings, Inc. (a) | 10,303 | 242,017 |
| Matterport, Inc. (a) | 12,466 | 33,534 |
| MeridianLink, Inc. (a) | 1,329 | 32,919 |
| MicroStrategy, Inc., Class A (a) | 592 | 373,919 |
| Mitek Systems, Inc. (a) | 2,158 | 28,140 |
| Model N, Inc. (a) | 1,801 | 48,501 |
| nCino, Inc. (a) | 500 | 16,815 |
| NCR Voyix Corp. (a) | 1,300 | 21,983 |
| NextNav, Inc. (a) | 2,812 | 12,513 |
| Nutanix, Inc., Class A (a) | 3,000 | 143,070 |
| | Number
of Shares | Fair
Value |
| Olo, Inc., Class A (a) | 5,149 | $ 29,452 |
| ON24, Inc. | 1,859 | 14,649 |
| PagerDuty, Inc. (a) | 4,385 | 101,513 |
| Palantir Technologies, Inc., Class A (a) | 20,529 | 352,483 |
| Pegasystems, Inc. | 700 | 34,202 |
| PowerSchool Holdings, Inc., Class A (a) | 2,749 | 64,766 |
| Procore Technologies, Inc. (a) | 800 | 55,376 |
| PROS Holdings, Inc. (a) | 2,204 | 85,493 |
| PTC, Inc. (a) | 1,348 | 235,846 |
| Q2 Holdings, Inc. (a) | 2,816 | 122,243 |
| Red Violet, Inc. (a) | 640 | 12,781 |
| Rimini Street, Inc. (a) | 2,472 | 8,083 |
| RingCentral, Inc., Class A (a) | 900 | 30,555 |
| Riot Platforms, Inc. (a) | 9,181 | 142,030 |
| Roper Technologies, Inc. | 1,175 | 640,575 |
| Salesforce, Inc. (a) | 10,421 | 2,742,182 |
| SEMrush Holdings, Inc., Class A (a) | 1,745 | 23,837 |
| Smartsheet, Inc., Class A (a) | 1,400 | 66,948 |
| SoundHound AI, Inc., Class A (a) | 7,624 | 16,163 |
| SoundThinking, Inc. (a) | 429 | 10,957 |
| Splunk, Inc. (a) | 1,710 | 260,518 |
| Sprinklr, Inc., Class A (a) | 5,373 | 64,691 |
| Sprout Social, Inc., Class A (a) | 2,369 | 145,551 |
| SPS Commerce, Inc. (a) | 1,780 | 345,035 |
| Synopsys, Inc. (a) | 1,682 | 866,079 |
| Terawulf, Inc. (a) | 7,663 | 18,391 |
| Tyler Technologies, Inc. (a) | 450 | 188,154 |
| Unity Software, Inc. (a) | 3,198 | 130,766 |
| Verint Systems, Inc. (a) | 3,080 | 83,252 |
| Veritone, Inc. (a) | 1,607 | 2,909 |
| Viant Technology, Inc., Class A (a) | 600 | 4,134 |
| Weave Communications, Inc. (a) | 1,821 | 20,887 |
| Workday, Inc., Class A (a) | 2,210 | 610,093 |
| Workiva, Inc. (a) | 2,434 | 247,124 |
| Yext, Inc. (a) | 4,993 | 29,409 |
| Zeta Global Holdings Corp., Class A (a) | 6,623 | 58,415 |
| Zoom Video Communications, Inc., Class A (a) | 2,974 | 213,860 |
| | | 21,515,600 |
| Asset Management & Custody Banks - 0.5% |
| Affiliated Managers Group, Inc. (b) | 400 | 60,568 |
| AlTi Global, Inc. (a) | 1,236 | 10,827 |
| Ameriprise Financial, Inc. | 1,167 | 443,262 |
| ARES Management Corp., Class A | 1,822 | 216,672 |
| Artisan Partners Asset Management, Inc., Class A | 3,043 | 134,440 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| AssetMark Financial Holdings, Inc. (a) | 1,101 | $ 32,975 |
| Bank of New York Mellon Corp. | 8,506 | 442,737 |
| BlackRock, Inc. | 1,656 | 1,344,341 |
| Blackstone, Inc. | 7,812 | 1,022,747 |
| Blue Owl Capital, Inc. | 4,400 | 65,560 |
| Brightsphere Investment Group, Inc. | 1,629 | 31,212 |
| Carlyle Group, Inc. | 2,051 | 83,455 |
| Cohen & Steers, Inc. | 1,282 | 97,086 |
| Diamond Hill Investment Group, Inc. | 147 | 24,342 |
| Franklin Resources, Inc. | 3,600 | 107,244 |
| GCM Grosvenor, Inc., Class A | 2,322 | 20,805 |
| Hamilton Lane, Inc., Class A | 1,767 | 200,449 |
| Invesco Ltd. | 4,300 | 76,712 |
| Janus Henderson Group PLC | 1,100 | 33,165 |
| KKR & Co., Inc. | 7,505 | 621,789 |
| Northern Trust Corp. | 2,132 | 179,898 |
| P10, Inc., Class A | 2,172 | 22,198 |
| SEI Investments Co. | 1,000 | 63,550 |
| Silvercrest Asset Management Group, Inc., Class A | 496 | 8,432 |
| State Street Corp. (c) | 3,361 | 260,343 |
| StepStone Group, Inc., Class A | 2,653 | 84,445 |
| T Rowe Price Group, Inc. | 2,357 | 253,825 |
| TPG, Inc. | 900 | 38,853 |
| Victory Capital Holdings, Inc., Class A | 1,328 | 45,736 |
| Virtus Investment Partners, Inc. | 341 | 82,440 |
| WisdomTree, Inc. | 6,719 | 46,563 |
| | | 6,156,671 |
| Automobile Manufacturers - 0.7% |
| Fisker, Inc. (a) | 10,262 | 17,959 |
| Ford Motor Co. | 42,491 | 517,965 |
| General Motors Co. | 14,927 | 536,178 |
| Lucid Group, Inc. (a) | 7,700 | 32,417 |
| Rivian Automotive, Inc., Class A (a) | 6,800 | 159,528 |
| Stellantis NV | 22,875 | 534,437 |
| Tesla, Inc. (a) | 30,477 | 7,572,925 |
| Thor Industries, Inc. | 534 | 63,145 |
| Winnebago Industries, Inc. | 1,450 | 105,676 |
| Workhorse Group, Inc. (a) | 7,669 | 2,761 |
| | | 9,542,991 |
| Automotive Parts & Equipment - 0.2% |
| Adient PLC (a) | 4,531 | 164,747 |
| American Axle & Manufacturing Holdings, Inc. (a) | 5,557 | 48,957 |
| Aptiv PLC (a) | 3,091 | 277,325 |
| | Number
of Shares | Fair
Value |
| Atmus Filtration Technologies, Inc. (a) | 843 | $ 19,802 |
| BorgWarner, Inc. | 2,386 | 85,538 |
| Cooper-Standard Holdings, Inc. (a) | 953 | 18,622 |
| Dana, Inc. | 6,436 | 94,030 |
| Dorman Products, Inc. (a) | 1,302 | 108,600 |
| Fox Factory Holding Corp. (a) | 2,115 | 142,720 |
| Gentex Corp. | 2,958 | 96,608 |
| Gentherm, Inc. (a) | 1,630 | 85,347 |
| Holley, Inc. (a) | 2,944 | 14,337 |
| LCI Industries | 1,193 | 149,972 |
| Lear Corp. | 600 | 84,726 |
| Luminar Technologies, Inc. (a) | 12,888 | 43,433 |
| Modine Manufacturing Co. (a) | 2,552 | 152,355 |
| Patrick Industries, Inc. | 1,055 | 105,869 |
| Phinia, Inc. | 577 | 17,477 |
| QuantumScape Corp. (a) | 2,200 | 15,290 |
| Solid Power, Inc. (a) | 8,527 | 12,364 |
| Standard Motor Products, Inc. | 1,027 | 40,885 |
| Stoneridge, Inc. (a) | 1,325 | 25,930 |
| Visteon Corp. (a) | 1,333 | 166,492 |
| XPEL, Inc. (a) | 1,078 | 58,050 |
| | | 2,029,476 |
| Automotive Retail - 0.2% |
| Advance Auto Parts, Inc. | 698 | 42,599 |
| America's Car-Mart, Inc. (a) | 269 | 20,382 |
| Arko Corp. | 4,047 | 33,388 |
| Asbury Automotive Group, Inc. (a) | 1,002 | 225,420 |
| AutoNation, Inc. (a) | 282 | 42,351 |
| AutoZone, Inc. (a) | 185 | 478,338 |
| Camping World Holdings, Inc., Class A | 2,041 | 53,596 |
| CarMax, Inc. (a) | 1,900 | 145,806 |
| CarParts.com, Inc. (a) | 2,475 | 7,821 |
| Carvana Co. (a) | 4,648 | 246,065 |
| EVgo, Inc. (a) | 5,568 | 19,933 |
| Group 1 Automotive, Inc. | 660 | 201,128 |
| Lazydays Holdings, Inc. (a) | 484 | 3,412 |
| Lithia Motors, Inc. | 300 | 98,784 |
| Monro, Inc. | 1,520 | 44,597 |
| Murphy USA, Inc. | 200 | 71,312 |
| OneWater Marine, Inc., Class A (a) | 558 | 18,855 |
| O'Reilly Automotive, Inc. (a) | 651 | 618,502 |
| Penske Automotive Group, Inc. | 170 | 27,287 |
| Sonic Automotive, Inc., Class A | 761 | 42,776 |
| Valvoline, Inc. | 1,100 | 41,338 |
| | | 2,483,690 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Biotechnology - 1.5% |
| 2seventy bio, Inc. (a) | 2,854 | $ 12,187 |
| 4D Molecular Therapeutics, Inc. (a) | 1,882 | 38,129 |
| 89bio, Inc. (a) | 3,275 | 36,582 |
| Aadi Bioscience, Inc. (a) | 1,122 | 2,266 |
| AbbVie, Inc. (b) | 19,472 | 3,017,576 |
| ACADIA Pharmaceuticals, Inc. (a) | 5,852 | 183,226 |
| ACELYRIN, Inc. (a) | 1,701 | 12,689 |
| Acrivon Therapeutics, Inc. (a) | 376 | 1,850 |
| Actinium Pharmaceuticals, Inc. (a) | 1,534 | 7,793 |
| Adicet Bio, Inc. (a) | 1,535 | 2,901 |
| ADMA Biologics, Inc. (a) | 10,211 | 46,154 |
| Aduro Biotech, Inc. | 4,580 | 595 |
| Aerovate Therapeutics, Inc. (a) | 461 | 10,432 |
| Agenus, Inc. (a) | 19,502 | 16,146 |
| Agios Pharmaceuticals, Inc. (a) | 2,765 | 61,577 |
| Akero Therapeutics, Inc. (a) | 2,443 | 57,044 |
| Aldeyra Therapeutics, Inc. (a) | 2,558 | 8,979 |
| Alector, Inc. (a) | 3,218 | 25,680 |
| Alkermes PLC (a) | 8,024 | 222,586 |
| Allakos, Inc. (a) | 3,894 | 10,631 |
| Allogene Therapeutics, Inc. (a) | 4,225 | 13,562 |
| Allovir, Inc. (a) | 3,038 | 2,065 |
| Alnylam Pharmaceuticals, Inc. (a) | 1,281 | 245,196 |
| Alpine Immune Sciences, Inc. (a) | 1,724 | 32,859 |
| Altimmune, Inc. (a) | 2,245 | 25,256 |
| ALX Oncology Holdings, Inc. (a) | 987 | 14,696 |
| Amgen, Inc. | 5,929 | 1,707,671 |
| Amicus Therapeutics, Inc. (a) | 13,913 | 197,425 |
| AnaptysBio, Inc. (a) | 947 | 20,285 |
| Anavex Life Sciences Corp. (a) | 3,531 | 32,874 |
| Anika Therapeutics, Inc. (a) | 821 | 18,604 |
| Annexon, Inc. (a) | 2,885 | 13,098 |
| Apellis Pharmaceuticals, Inc. (a) | 1,000 | 59,860 |
| Apogee Therapeutics, Inc. | 1,001 | 27,968 |
| Arbutus Biopharma Corp. (a) | 6,956 | 17,390 |
| Arcellx, Inc. (a) | 1,874 | 104,007 |
| Arcturus Therapeutics Holdings, Inc. (a) | 1,169 | 36,859 |
| Arcus Biosciences, Inc. (a) | 2,548 | 48,667 |
| Arcutis Biotherapeutics, Inc. (a) | 2,598 | 8,392 |
| Ardelyx, Inc. (a) | 10,419 | 64,598 |
| Arrowhead Pharmaceuticals, Inc. (a) | 5,008 | 153,245 |
| ARS Pharmaceuticals, Inc. (a) | 1,406 | 7,705 |
| | Number
of Shares | Fair
Value |
| Astria Therapeutics, Inc. (a) | 1,452 | $ 11,151 |
| Atara Biotherapeutics, Inc. (a) | 4,598 | 2,358 |
| Aura Biosciences, Inc. (a) | 1,527 | 13,529 |
| Avid Bioservices, Inc. (a) | 3,088 | 20,072 |
| Avidity Biosciences, Inc. (a) | 3,539 | 32,028 |
| Avita Medical, Inc. (a) | 1,212 | 16,629 |
| Beam Therapeutics, Inc. (a) | 3,442 | 93,691 |
| BioAtla, Inc. (a) | 1,541 | 3,791 |
| BioCryst Pharmaceuticals, Inc. (a) | 9,437 | 56,528 |
| Biogen, Inc. (a) | 1,592 | 411,962 |
| Biohaven Ltd. (a) | 3,294 | 140,983 |
| BioMarin Pharmaceutical, Inc. (a) | 1,989 | 191,779 |
| Biomea Fusion, Inc. (a) | 1,095 | 15,899 |
| Bioxcel Therapeutics, Inc. (a) | 871 | 2,569 |
| Bluebird Bio, Inc. (a) | 5,833 | 8,050 |
| Blueprint Medicines Corp. (a) | 2,943 | 271,462 |
| Bridgebio Pharma, Inc. (a) | 5,538 | 223,569 |
| Cabaletta Bio, Inc. (a) | 1,619 | 36,751 |
| CareDx, Inc. (a) | 2,615 | 31,380 |
| Caribou Biosciences, Inc. (a) | 4,024 | 23,058 |
| Carisma Therapeutics, Inc. | 1,665 | 4,878 |
| Cartesian Therapeutics, Inc. (a) | 7,221 | 4,978 |
| Cartesian Therapeutics, Inc. | 7,221 | 1,300 |
| Catalyst Pharmaceuticals, Inc. (a) | 4,934 | 82,941 |
| Celcuity, Inc. (a) | 1,024 | 14,920 |
| Celldex Therapeutics, Inc. (a) | 2,284 | 90,583 |
| Century Therapeutics, Inc. (a) | 612 | 2,032 |
| Cerevel Therapeutics Holdings, Inc. (a) | 3,370 | 142,888 |
| Chinook Therapeutics, Inc. | 2,824 | 1,101 |
| Cogent Biosciences, Inc. (a) | 4,263 | 25,066 |
| Coherus Biosciences, Inc. (a) | 5,363 | 17,859 |
| Compass Therapeutics, Inc. (a) | 5,218 | 8,140 |
| Crinetics Pharmaceuticals, Inc. (a) | 3,194 | 113,643 |
| CSL Ltd. | 5,002 | 978,369 |
| Cue Biopharma, Inc. (a) | 1,204 | 3,179 |
| Cullinan Oncology, Inc. (a) | 1,139 | 11,606 |
| Cytokinetics, Inc. (a) | 4,495 | 375,288 |
| Day One Biopharmaceuticals, Inc. (a) | 2,961 | 43,231 |
| Deciphera Pharmaceuticals, Inc. (a) | 2,541 | 40,986 |
| Denali Therapeutics, Inc. (a) | 5,840 | 125,326 |
| Design Therapeutics, Inc. (a) | 1,688 | 4,473 |
| Disc Medicine, Inc. (a) | 475 | 27,436 |
| Dynavax Technologies Corp. (a) | 6,391 | 89,346 |
| Dyne Therapeutics, Inc. (a) | 2,050 | 27,265 |
| Eagle Pharmaceuticals, Inc. (a) | 607 | 3,175 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Editas Medicine, Inc. (a) | 3,888 | $ 39,385 |
| Emergent BioSolutions, Inc. (a) | 2,883 | 6,919 |
| Enanta Pharmaceuticals, Inc. (a) | 1,124 | 10,577 |
| Entrada Therapeutics, Inc. (a) | 1,181 | 17,821 |
| Erasca, Inc. (a) | 3,602 | 7,672 |
| Exact Sciences Corp. (a) | 2,100 | 155,358 |
| Exelixis, Inc. (a) | 3,200 | 76,768 |
| Fate Therapeutics, Inc. (a) | 4,845 | 18,120 |
| FibroGen, Inc. (a) | 3,057 | 2,709 |
| Foghorn Therapeutics, Inc. (a) | 1,203 | 7,759 |
| Genelux Corp. (a) | 1,007 | 14,108 |
| Generation Bio Co. (a) | 2,581 | 4,259 |
| Geron Corp. (a) | 26,088 | 55,046 |
| Gilead Sciences, Inc. | 13,955 | 1,130,495 |
| Graphite Bio, Inc. (a) | 976 | 2,557 |
| Gritstone bio, Inc. (a) | 5,007 | 10,214 |
| Halozyme Therapeutics, Inc. (a) | 6,283 | 232,220 |
| Heron Therapeutics, Inc. (a) | 5,147 | 8,750 |
| HilleVax, Inc. (a) | 1,184 | 19,003 |
| Humacyte, Inc. (a) | 3,612 | 10,258 |
| Icosavax, Inc. (a) | 1,371 | 21,607 |
| Ideaya Biosciences, Inc. (a) | 2,996 | 106,598 |
| IGM Biosciences, Inc. (a) | 539 | 4,479 |
| Immuneering Corp., Class A (a) | 1,303 | 9,577 |
| ImmunityBio, Inc. (a) | 6,566 | 32,961 |
| ImmunoGen, Inc. (a) | 11,614 | 344,355 |
| Immunovant, Inc. (a) | 2,667 | 112,361 |
| Incyte Corp. (a) | 1,946 | 122,189 |
| Inhibrx, Inc. (a) | 1,724 | 65,512 |
| Inozyme Pharma, Inc. (a) | 1,990 | 8,477 |
| Insmed, Inc. (a) | 6,679 | 206,982 |
| Intellia Therapeutics, Inc. (a) | 4,368 | 133,180 |
| Ionis Pharmaceuticals, Inc. (a) | 1,500 | 75,885 |
| Iovance Biotherapeutics, Inc. (a) | 11,276 | 91,674 |
| Ironwood Pharmaceuticals, Inc. (a) | 6,813 | 77,941 |
| iTeos Therapeutics, Inc. (a) | 1,196 | 13,096 |
| Janux Therapeutics, Inc. (a) | 862 | 9,249 |
| KalVista Pharmaceuticals, Inc. (a) | 1,379 | 16,893 |
| Karuna Therapeutics, Inc. (a) | 400 | 126,604 |
| Karyopharm Therapeutics, Inc. (a) | 6,758 | 5,846 |
| Keros Therapeutics, Inc. (a) | 1,121 | 44,571 |
| Kezar Life Sciences, Inc. (a) | 2,657 | 2,517 |
| Kiniksa Pharmaceuticals Ltd., Class A (a) | 1,578 | 27,678 |
| Kodiak Sciences, Inc. (a) | 1,076 | 3,271 |
| Krystal Biotech, Inc. (a) | 1,069 | 132,620 |
| Kura Oncology, Inc. (a) | 3,339 | 48,015 |
| Kymera Therapeutics, Inc. (a) | 1,890 | 48,119 |
| | Number
of Shares | Fair
Value |
| Larimar Therapeutics, Inc. (a) | 894 | $ 4,068 |
| Legend Biotech Corp. ADR (a) | 1,100 | 66,187 |
| Lexicon Pharmaceuticals, Inc. (a) | 4,215 | 6,449 |
| Lineage Cell Therapeutics, Inc. (a) | 7,531 | 8,209 |
| Lyell Immunopharma, Inc. (a) | 8,855 | 17,179 |
| MacroGenics, Inc. (a) | 2,935 | 28,235 |
| Madrigal Pharmaceuticals, Inc. (a) | 714 | 165,205 |
| MannKind Corp. (a) | 12,368 | 45,020 |
| MeiraGTx Holdings PLC (a) | 1,671 | 11,730 |
| Merrimack Pharmaceuticals, Inc. (a) | 642 | 8,609 |
| Mersana Therapeutics, Inc. (a) | 6,315 | 14,651 |
| MiMedx Group, Inc. (a) | 5,622 | 49,305 |
| Mineralys Therapeutics, Inc. (a) | 855 | 7,353 |
| Mirati Therapeutics, Inc. (a) | 500 | 29,375 |
| Mirum Pharmaceuticals, Inc. (a) | 1,270 | 37,490 |
| Moderna, Inc. (a) | 3,708 | 368,761 |
| Monte Rosa Therapeutics, Inc. (a) | 1,484 | 8,385 |
| Morphic Holding, Inc. (a) | 1,793 | 51,782 |
| Mural Oncology PLC (a) | 873 | 5,168 |
| Myriad Genetics, Inc. (a) | 3,976 | 76,101 |
| Natera, Inc. (a) | 1,100 | 68,904 |
| Neurocrine Biosciences, Inc. (a) | 1,000 | 131,760 |
| Nkarta, Inc. (a) | 1,076 | 7,102 |
| Novavax, Inc. (a) | 4,359 | 20,923 |
| Nurix Therapeutics, Inc. (a) | 2,392 | 24,685 |
| Nuvalent, Inc., Class A (a) | 1,323 | 97,360 |
| Nuvectis Pharma, Inc. | 496 | 4,137 |
| Ocean Biomedical, Inc. (a) | 304 | 201 |
| Olema Pharmaceuticals, Inc. (a) | 1,476 | 20,708 |
| Omega Therapeutics, Inc. (a) | 849 | 2,556 |
| Organogenesis Holdings, Inc. (a) | 4,068 | 16,638 |
| ORIC Pharmaceuticals, Inc. (a) | 2,140 | 19,688 |
| Outlook Therapeutics, Inc. (a) | 9,992 | 3,937 |
| Ovid therapeutics, Inc. (a) | 3,406 | 10,967 |
| PDS Biotechnology Corp. (a) | 1,640 | 8,151 |
| PepGen, Inc. (a) | 719 | 4,889 |
| PMV Pharmaceuticals, Inc. (a) | 2,176 | 6,746 |
| Poseida Therapeutics, Inc. (a) | 4,029 | 13,537 |
| Precigen, Inc. (a) | 6,491 | 8,698 |
| Prelude Therapeutics, Inc. (a) | 1,222 | 5,218 |
| Prime Medicine, Inc. (a) | 1,999 | 17,711 |
| ProKidney Corp. (a) | 2,310 | 4,112 |
| Protagonist Therapeutics, Inc. (a) | 2,796 | 64,112 |
| Protalix BioTherapeutics, Inc. | 4,094 | 7,287 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| PTC Therapeutics, Inc. (a) | 3,495 | $ 96,322 |
| Rallybio Corp. (a) | 1,795 | 4,290 |
| RAPT Therapeutics, Inc. (a) | 1,475 | 36,654 |
| RayzeBio, Inc. (a) | 1,000 | 62,170 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 6,795 | 66,999 |
| Regeneron Pharmaceuticals, Inc. (a) | 1,111 | 975,780 |
| REGENXBIO, Inc. (a) | 1,970 | 35,362 |
| Relay Therapeutics, Inc. (a) | 4,389 | 48,323 |
| Reneo Pharmaceuticals, Inc. (a) | 820 | 1,312 |
| Replimune Group, Inc. (a) | 2,253 | 18,993 |
| REVOLUTION Medicines, Inc. (a) | 6,947 | 199,240 |
| Rhythm Pharmaceuticals, Inc. (a) | 2,536 | 116,580 |
| Rigel Pharmaceuticals, Inc. (a) | 9,861 | 14,298 |
| Rocket Pharmaceuticals, Inc. (a) | 3,123 | 93,596 |
| Roivant Sciences Ltd. (a) | 4,900 | 55,027 |
| Sage Therapeutics, Inc. (a) | 2,584 | 55,995 |
| Sagimet Biosciences, Inc., Class A | 276 | 1,496 |
| Sana Biotechnology, Inc. (a) | 4,708 | 19,209 |
| Sangamo Therapeutics, Inc. (a) | 6,601 | 3,586 |
| Sarepta Therapeutics, Inc. (a) | 900 | 86,787 |
| Savara, Inc. (a) | 4,955 | 23,289 |
| Scholar Rock Holding Corp. (a) | 2,762 | 51,926 |
| Seres Therapeutics, Inc. (a) | 5,387 | 7,542 |
| SpringWorks Therapeutics, Inc. (a) | 3,316 | 121,034 |
| Stoke Therapeutics, Inc. (a) | 1,137 | 5,981 |
| Summit Therapeutics, Inc. (a) | 6,688 | 17,456 |
| Sutro Biopharma, Inc. (a) | 3,454 | 14,818 |
| Syndax Pharmaceuticals, Inc. (a) | 3,227 | 69,735 |
| Tango Therapeutics, Inc. (a) | 2,348 | 23,245 |
| Tenaya Therapeutics, Inc. (a) | 2,852 | 9,240 |
| TG Therapeutics, Inc. (a) | 6,781 | 115,819 |
| Travere Therapeutics, Inc. (a) | 3,505 | 31,510 |
| Twist Bioscience Corp. (a) | 2,803 | 103,319 |
| Tyra Biosciences, Inc. (a) | 664 | 9,196 |
| Ultragenyx Pharmaceutical, Inc. (a) | 700 | 33,474 |
| United Therapeutics Corp. (a) | 511 | 112,364 |
| UroGen Pharma Ltd. (a) | 1,077 | 16,155 |
| Vanda Pharmaceuticals, Inc. (a) | 2,958 | 12,483 |
| Vaxcyte, Inc. (a) | 4,541 | 285,175 |
| Vaxxinity, Inc., Class A (a) | 1,485 | 1,262 |
| Vera Therapeutics, Inc. (a) | 1,693 | 26,038 |
| Veracyte, Inc. (a) | 3,593 | 98,843 |
| Vericel Corp. (a) | 2,346 | 83,541 |
| | Number
of Shares | Fair
Value |
| Vertex Pharmaceuticals, Inc. (a) | 2,881 | $ 1,172,250 |
| Verve Therapeutics, Inc. (a) | 2,453 | 34,195 |
| Vigil Neuroscience, Inc. (a) | 1,022 | 3,454 |
| Viking Therapeutics, Inc. (a) | 4,738 | 88,174 |
| Vir Biotechnology, Inc. (a) | 4,062 | 40,864 |
| Viridian Therapeutics, Inc. (a) | 2,040 | 44,431 |
| Vor BioPharma, Inc. (a) | 1,313 | 2,954 |
| Voyager Therapeutics, Inc. (a) | 1,766 | 14,905 |
| X4 Pharmaceuticals, Inc. (a) | 7,292 | 6,114 |
| Xencor, Inc. (a) | 2,888 | 61,312 |
| XOMA Corp. (a) | 459 | 8,492 |
| Y-mAbs Therapeutics, Inc. (a) | 2,122 | 14,472 |
| Zentalis Pharmaceuticals, Inc. (a) | 2,745 | 41,587 |
| Zymeworks, Inc. (a) | 2,506 | 26,037 |
| | | 20,600,802 |
| Brewers - 0.0%* |
| Boston Beer Co., Inc., Class A (a) | 114 | 39,397 |
| Molson Coors Beverage Co., Class B | 1,800 | 110,178 |
| | | 149,575 |
| Broadcasting - 0.0%* |
| AMC Networks, Inc., Class A (a) | 1,576 | 29,613 |
| EW Scripps Co., Class A (a) | 2,981 | 23,818 |
| Fox Corp., Class A | 2,800 | 83,076 |
| Fox Corp., Class B | 1,200 | 33,180 |
| Gray Television, Inc. | 3,996 | 35,804 |
| iHeartMedia, Inc., Class A (a) | 5,643 | 15,067 |
| Nexstar Media Group, Inc. | 324 | 50,787 |
| Paramount Global, Class B | 7,504 | 110,984 |
| Sinclair, Inc. | 1,795 | 23,389 |
| TEGNA, Inc. | 9,746 | 149,114 |
| Townsquare Media, Inc., Class A | 744 | 7,857 |
| Urban One, Inc. (a) | 1,369 | 5,178 |
| | | 567,867 |
| Broadline Retail - 1.2% |
| Amazon.com, Inc. (a) | 99,120 | 15,060,293 |
| Big Lots, Inc. | 1,310 | 10,205 |
| ContextLogic, Inc., Class A (a) | 956 | 5,688 |
| Dillard's, Inc., Class A | 171 | 69,024 |
| eBay, Inc. | 6,048 | 263,814 |
| Etsy, Inc. (a) | 1,291 | 104,635 |
| Kohl's Corp. | 1,200 | 34,416 |
| Macy's, Inc. | 3,000 | 60,360 |
| Nordstrom, Inc. | 1,600 | 29,520 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 600 | 45,534 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Savers Value Village, Inc. (a) | 1,331 | $ 23,133 |
| | | 15,706,622 |
| Building Products - 0.4% |
| A O Smith Corp. | 1,506 | 124,155 |
| AAON, Inc. | 3,280 | 242,294 |
| Advanced Drainage Systems, Inc. | 700 | 98,448 |
| Allegion PLC | 956 | 121,116 |
| American Woodmark Corp. (a) | 807 | 74,930 |
| Apogee Enterprises, Inc. | 1,081 | 57,736 |
| Armstrong World Industries, Inc. | 500 | 49,160 |
| AZEK Co., Inc. (a) | 1,400 | 53,550 |
| AZZ, Inc. | 1,218 | 70,754 |
| Builders FirstSource, Inc. (a) | 1,300 | 217,022 |
| Carlisle Cos., Inc. | 580 | 181,209 |
| Carrier Global Corp. | 9,092 | 522,335 |
| CSW Industrials, Inc. | 744 | 154,313 |
| Fortune Brands Innovations, Inc. | 1,435 | 109,261 |
| Gibraltar Industries, Inc. (a) | 1,512 | 119,418 |
| Griffon Corp. | 2,087 | 127,203 |
| Hayward Holdings, Inc. (a) | 1,700 | 23,120 |
| Insteel Industries, Inc. | 941 | 36,031 |
| Janus International Group, Inc. (a) | 4,140 | 54,027 |
| JELD-WEN Holding, Inc. (a) | 4,189 | 79,088 |
| Johnson Controls International PLC | 7,495 | 432,012 |
| Lennox International, Inc. | 400 | 179,008 |
| Masco Corp. | 2,700 | 180,846 |
| Masonite International Corp. (a) | 1,099 | 93,041 |
| Masterbrand, Inc. (a) | 6,407 | 95,144 |
| Owens Corning | 1,099 | 162,905 |
| PGT Innovations, Inc. (a) | 2,802 | 114,041 |
| Quanex Building Products Corp. | 1,615 | 49,370 |
| Resideo Technologies, Inc. (a) | 7,260 | 136,633 |
| Simpson Manufacturing Co., Inc. | 2,082 | 412,194 |
| Trane Technologies PLC | 2,513 | 612,921 |
| Trex Co., Inc. (a) | 1,096 | 90,738 |
| UFP Industries, Inc. | 2,913 | 365,727 |
| Zurn Elkay Water Solutions Corp. | 7,159 | 210,546 |
| | | 5,650,296 |
| Cable & Satellite - 0.2% |
| Cable One, Inc. | 64 | 35,622 |
| Charter Communications, Inc., Class A (a) | 1,123 | 436,487 |
| Comcast Corp., Class A | 44,189 | 1,937,687 |
| Liberty Broadband Corp., Class A (a) | 300 | 24,192 |
| | Number
of Shares | Fair
Value |
| Liberty Broadband Corp., Class C (a) | 1,300 | $ 104,767 |
| Liberty Media Corp.-Liberty SiriusXM, Class A | 1,200 | 34,488 |
| Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 1,497 | 43,084 |
| Sirius XM Holdings, Inc. | 7,300 | 39,931 |
| WideOpenWest, Inc. (a) | 2,634 | 10,668 |
| | | 2,666,926 |
| Cargo Ground Transportation - 0.1% |
| ArcBest Corp. | 1,148 | 138,001 |
| Covenant Logistics Group, Inc. | 431 | 19,843 |
| Daseke, Inc. (a) | 1,887 | 15,285 |
| Heartland Express, Inc. | 2,189 | 31,215 |
| JB Hunt Transport Services, Inc. | 854 | 170,578 |
| Knight-Swift Transportation Holdings, Inc. | 1,622 | 93,508 |
| Landstar System, Inc. | 344 | 66,616 |
| Marten Transport Ltd. | 2,894 | 60,716 |
| Old Dominion Freight Line, Inc. | 1,084 | 439,378 |
| PAM Transportation Services, Inc. (a) | 378 | 7,855 |
| RXO, Inc. (a) | 5,757 | 133,908 |
| Ryder System, Inc. | 594 | 68,346 |
| Saia, Inc. (a) | 337 | 147,680 |
| Schneider National, Inc., Class B | 800 | 20,360 |
| TuSimple Holdings, Inc., Class A (a) | 9,718 | 8,530 |
| U-Haul Holding Co. | 1,247 | 87,839 |
| Universal Logistics Holdings, Inc. | 360 | 10,087 |
| Werner Enterprises, Inc. | 3,138 | 132,957 |
| XPO, Inc. (a) | 1,200 | 105,108 |
| | | 1,757,810 |
| Casinos & Gaming - 0.1% |
| Accel Entertainment, Inc. (a) | 2,703 | 27,760 |
| Bally's Corp. (a) | 1,594 | 22,220 |
| Boyd Gaming Corp. | 900 | 56,349 |
| Caesars Entertainment, Inc. (a) | 2,559 | 119,966 |
| Century Casinos, Inc. (a) | 1,371 | 6,691 |
| Churchill Downs, Inc. | 800 | 107,944 |
| DraftKings, Inc., Class A (a) | 4,500 | 158,625 |
| Everi Holdings, Inc. (a) | 3,997 | 45,046 |
| Full House Resorts, Inc. (a) | 1,622 | 8,710 |
| Golden Entertainment, Inc. | 982 | 39,211 |
| Inspired Entertainment, Inc. (a) | 1,211 | 11,965 |
| International Game Technology PLC | 5,388 | 147,685 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Las Vegas Sands Corp. | 4,059 | $ 199,743 |
| Light & Wonder, Inc. (a) | 4,430 | 363,747 |
| MGM Resorts International | 3,000 | 134,040 |
| Monarch Casino & Resort, Inc. | 656 | 45,362 |
| Penn Entertainment, Inc. (a) | 1,700 | 44,234 |
| PlayAGS, Inc. (a) | 2,076 | 17,501 |
| Red Rock Resorts, Inc., Class A | 2,356 | 125,646 |
| Rush Street Interactive, Inc. (a) | 3,062 | 13,748 |
| Wynn Resorts Ltd. | 1,070 | 97,488 |
| | | 1,793,681 |
| Coal & Consumable Fuels - 0.0%* |
| Centrus Energy Corp., Class A (a) | 574 | 31,231 |
| CONSOL Energy, Inc. | 1,475 | 148,282 |
| Energy Fuels, Inc. (a) | 7,700 | 55,363 |
| Enviva, Inc. | 1,760 | 1,753 |
| Hallador Energy Co. (a) | 1,281 | 11,324 |
| NACCO Industries, Inc., Class A | 210 | 7,665 |
| Peabody Energy Corp. | 5,514 | 134,100 |
| Uranium Energy Corp. (a) | 18,223 | 116,627 |
| | | 506,345 |
| Commercial & Residential Mortgage Finance - 0.1% |
| Enact Holdings, Inc. | 1,458 | 42,122 |
| Essent Group Ltd. | 5,076 | 267,708 |
| Federal Agricultural Mortgage Corp., Class C | 450 | 86,049 |
| Finance of America Cos., Inc., Class A (a) | 3,696 | 4,066 |
| Merchants Bancorp | 802 | 34,149 |
| MGIC Investment Corp. | 2,500 | 48,225 |
| Mr Cooper Group, Inc. (a) | 3,120 | 203,174 |
| NMI Holdings, Inc., Class A (a) | 3,893 | 115,544 |
| Ocwen Financial Corp. (a) | 375 | 11,535 |
| PennyMac Financial Services, Inc. | 1,262 | 111,523 |
| Radian Group, Inc. | 7,614 | 217,380 |
| Rocket Cos., Inc., Class A (a) | 2,200 | 31,856 |
| Security National Financial Corp., Class A (a) | 802 | 7,218 |
| Velocity Financial, Inc. (a) | 557 | 9,592 |
| Walker & Dunlop, Inc. | 1,536 | 170,511 |
| Waterstone Financial, Inc. | 919 | 13,050 |
| | | 1,373,702 |
| Commercial Printing - 0.0%* |
| Deluxe Corp. | 2,114 | 45,345 |
| Ennis, Inc. | 1,282 | 28,089 |
| Quad/Graphics, Inc. (a) | 1,858 | 10,070 |
| | | 83,504 |
| | Number
of Shares | Fair
Value |
| Commodity Chemicals - 0.1% |
| AdvanSix, Inc. | 1,298 | $ 38,888 |
| Cabot Corp. | 2,681 | 223,864 |
| Core Molding Technologies, Inc. (a) | 444 | 8,227 |
| Dow, Inc. | 7,686 | 421,500 |
| Hawkins, Inc. | 949 | 66,829 |
| Koppers Holdings, Inc. | 982 | 50,298 |
| Kronos Worldwide, Inc. | 1,114 | 11,073 |
| LyondellBasell Industries N.V., Class A | 2,934 | 278,965 |
| Mativ Holdings, Inc. | 2,716 | 41,582 |
| Olin Corp. | 1,390 | 74,991 |
| Origin Materials, Inc. (a) | 5,385 | 4,503 |
| PureCycle Technologies, Inc. (a) | 6,307 | 25,543 |
| Trinseo PLC | 1,773 | 14,840 |
| Tronox Holdings PLC | 5,765 | 81,632 |
| Westlake Corp. | 300 | 41,988 |
| | | 1,384,723 |
| Communications Equipment - 0.3% |
| ADTRAN Holdings, Inc. | 3,917 | 28,751 |
| Arista Networks, Inc. (a) | 2,753 | 648,359 |
| Aviat Networks, Inc. (a) | 555 | 18,126 |
| Calix, Inc. (a) | 2,921 | 127,619 |
| Cambium Networks Corp. (a) | 575 | 3,450 |
| Ciena Corp. (a) | 1,479 | 66,570 |
| Cisco Systems, Inc. | 44,756 | 2,261,073 |
| Clearfield, Inc. (a) | 631 | 18,349 |
| CommScope Holding Co., Inc. (a) | 10,332 | 29,136 |
| Comtech Telecommunications Corp. | 1,542 | 12,999 |
| Digi International, Inc. (a) | 1,662 | 43,212 |
| DZS, Inc. (a) | 1,034 | 2,037 |
| Extreme Networks, Inc. (a) | 6,242 | 110,109 |
| F5, Inc. (a) | 600 | 107,388 |
| Harmonic, Inc. (a) | 5,396 | 70,364 |
| Infinera Corp. (a) | 9,714 | 46,142 |
| Juniper Networks, Inc. | 3,355 | 98,905 |
| KVH Industries, Inc. (a) | 1,204 | 6,333 |
| Lumentum Holdings, Inc. (a) | 800 | 41,936 |
| Motorola Solutions, Inc. | 1,829 | 572,642 |
| NETGEAR, Inc. (a) | 1,591 | 23,197 |
| NetScout Systems, Inc. (a) | 3,357 | 73,686 |
| Ribbon Communications, Inc. (a) | 4,997 | 14,491 |
| Viasat, Inc. (a) | 1,900 | 53,105 |
| Viavi Solutions, Inc. (a) | 10,932 | 110,085 |
| | | 4,588,064 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 2,338 | 183,019 |
| GameStop Corp., Class A (a) | 2,500 | 43,825 |
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
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Upbound Group, Inc. | 2,719 | $ 92,364 |
| | | 319,208 |
| Construction & Engineering - 0.2% |
| AECOM | 1,400 | 129,402 |
| Ameresco, Inc., Class A (a) | 1,527 | 48,360 |
| API Group Corp. (a) | 10,143 | 350,948 |
| Arcosa, Inc. | 2,345 | 193,791 |
| Argan, Inc. | 641 | 29,992 |
| Bowman Consulting Group Ltd. (a) | 583 | 20,708 |
| Comfort Systems USA, Inc. | 1,717 | 353,135 |
| Concrete Pumping Holdings, Inc. (a) | 1,296 | 10,627 |
| Construction Partners, Inc., Class A (a) | 1,982 | 86,257 |
| Dycom Industries, Inc. (a) | 1,384 | 159,285 |
| EMCOR Group, Inc. | 500 | 107,715 |
| Ferrovial SE | 5,269 | 192,190 |
| Fluor Corp. (a) | 6,910 | 270,665 |
| Granite Construction, Inc. | 2,182 | 110,977 |
| Great Lakes Dredge & Dock Corp. (a) | 3,299 | 25,336 |
| IES Holdings, Inc. (a) | 413 | 32,718 |
| INNOVATE Corp. (a) | 3,660 | 4,502 |
| Limbach Holdings, Inc. (a) | 507 | 23,053 |
| MasTec, Inc. (a) | 900 | 68,148 |
| MDU Resources Group, Inc. | 2,200 | 43,560 |
| MYR Group, Inc. (a) | 814 | 117,729 |
| Northwest Pipe Co. (a) | 555 | 16,794 |
| Primoris Services Corp. | 2,619 | 86,977 |
| Quanta Services, Inc. | 1,538 | 331,900 |
| Sterling Infrastructure, Inc. (a) | 1,481 | 130,224 |
| Tutor Perini Corp. (a) | 2,057 | 18,719 |
| Valmont Industries, Inc. | 239 | 55,809 |
| WillScot Mobile Mini Holdings Corp. (a) | 2,000 | 89,000 |
| | | 3,108,521 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Allison Transmission Holdings, Inc. | 800 | 46,520 |
| Astec Industries, Inc. | 1,074 | 39,953 |
| Blue Bird Corp. (a) | 1,261 | 33,997 |
| Caterpillar, Inc. | 5,615 | 1,660,187 |
| Commercial Vehicle Group, Inc. (a) | 1,797 | 12,597 |
| Cummins, Inc. | 1,558 | 373,250 |
| Douglas Dynamics, Inc. | 1,124 | 33,360 |
| Federal Signal Corp. | 2,900 | 222,546 |
| Greenbrier Cos., Inc. | 1,497 | 66,138 |
| Hyliion Holdings Corp. (a) | 8,818 | 7,175 |
| Manitowoc Co., Inc. (a) | 1,748 | 29,174 |
| Microvast Holdings, Inc. (a) | 5,947 | 8,326 |
| | Number
of Shares | Fair
Value |
| Miller Industries, Inc. | 567 | $ 23,978 |
| Nikola Corp. (a) | 33,262 | 29,098 |
| Oshkosh Corp. | 700 | 75,887 |
| PACCAR, Inc. | 5,505 | 537,563 |
| REV Group, Inc. | 1,614 | 29,326 |
| Shyft Group, Inc. | 1,736 | 21,214 |
| Terex Corp. | 3,215 | 184,734 |
| Trinity Industries, Inc. | 4,017 | 106,812 |
| Wabash National Corp. | 2,326 | 59,592 |
| Westinghouse Air Brake Technologies Corp. | 1,841 | 233,623 |
| | | 3,835,050 |
| Construction Materials - 0.2% |
| CRH PLC | 7,313 | 504,353 |
| Eagle Materials, Inc. | 400 | 81,136 |
| Holcim AG | 5,384 | 422,327 |
| James Hardie Industries PLC (a) | 4,511 | 173,881 |
| Knife River Corp. (a) | 2,735 | 181,002 |
| Martin Marietta Materials, Inc. | 697 | 347,740 |
| Summit Materials, Inc., Class A (a) | 5,781 | 222,337 |
| U.S. Lime & Minerals, Inc. | 105 | 24,187 |
| Vulcan Materials Co. | 1,431 | 324,852 |
| | | 2,281,815 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 1,848 | 237,542 |
| GoPro, Inc., Class A (a) | 6,547 | 22,718 |
| Snap One Holdings Corp. (a) | 920 | 8,197 |
| Sonos, Inc. (a) | 6,279 | 107,622 |
| Vizio Holding Corp., Class A (a) | 3,818 | 29,399 |
| VOXX International Corp. (a) | 484 | 5,169 |
| | | 410,647 |
| Consumer Finance - 0.3% |
| Ally Financial, Inc. | 2,727 | 95,227 |
| American Express Co. | 6,357 | 1,190,920 |
| Atlanticus Holdings Corp. (a) | 275 | 10,634 |
| Bread Financial Holdings, Inc. | 2,487 | 81,922 |
| Capital One Financial Corp. | 4,110 | 538,903 |
| Consumer Portfolio Services, Inc. (a) | 417 | 3,907 |
| Credit Acceptance Corp. (a) | 81 | 43,151 |
| Discover Financial Services | 2,775 | 311,910 |
| Encore Capital Group, Inc. (a) | 1,158 | 58,769 |
| Enova International, Inc. (a) | 1,394 | 77,172 |
| FirstCash Holdings, Inc. | 1,822 | 197,487 |
| Green Dot Corp., Class A (a) | 2,312 | 22,889 |
| LendingClub Corp. (a) | 5,151 | 45,020 |
| LendingTree, Inc. (a) | 490 | 14,857 |
| Navient Corp. | 4,121 | 76,733 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 16 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Nelnet, Inc., Class A | 643 | $ 56,725 |
| NerdWallet, Inc., Class A (a) | 1,683 | 24,774 |
| OneMain Holdings, Inc. | 1,000 | 49,200 |
| PRA Group, Inc. (a) | 1,875 | 49,125 |
| PROG Holdings, Inc. (a) | 2,117 | 65,436 |
| Regional Management Corp. | 380 | 9,530 |
| SLM Corp. | 3,000 | 57,360 |
| SoFi Technologies, Inc. (a) | 9,200 | 91,540 |
| Synchrony Financial | 5,042 | 192,554 |
| Upstart Holdings, Inc. (a) | 3,571 | 145,911 |
| World Acceptance Corp. (a) | 218 | 28,456 |
| | | 3,540,112 |
| Consumer Staples Merchandise Retail - 0.5% |
| BJ's Wholesale Club Holdings, Inc. (a) | 1,400 | 93,324 |
| Costco Wholesale Corp. | 4,865 | 3,211,289 |
| Dollar General Corp. | 2,437 | 331,310 |
| Dollar Tree, Inc. (a) | 2,326 | 330,409 |
| PriceSmart, Inc. | 1,208 | 91,542 |
| Target Corp. | 5,074 | 722,639 |
| Walmart, Inc. | 15,708 | 2,476,366 |
| | | 7,256,879 |
| Copper - 0.1% |
| Freeport-McMoRan, Inc. | 15,598 | 664,007 |
| Data Center REITs - 0.1% |
| Digital Realty Trust, Inc. | 3,421 | 460,398 |
| Equinix, Inc. | 1,008 | 811,833 |
| | | 1,272,231 |
| Data Processing & Outsourced Services - 0.1% |
| Broadridge Financial Solutions, Inc. | 1,247 | 256,570 |
| Concentrix Corp. | 452 | 44,391 |
| Conduent, Inc. (a) | 8,656 | 31,595 |
| CSG Systems International, Inc. | 1,559 | 82,954 |
| ExlService Holdings, Inc. (a) | 7,827 | 241,463 |
| Genpact Ltd. | 1,700 | 59,007 |
| IBEX Holdings Ltd. (a) | 464 | 8,821 |
| Maximus, Inc. | 2,945 | 246,968 |
| SS&C Technologies Holdings, Inc. | 2,300 | 140,553 |
| TTEC Holdings, Inc. | 978 | 21,193 |
| Verra Mobility Corp. (a) | 6,738 | 155,176 |
| | | 1,288,691 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class A | 600 | 35,754 |
| Brown-Forman Corp., Class B | 2,235 | 127,618 |
| Constellation Brands, Inc., Class A | 1,808 | 437,084 |
| | Number
of Shares | Fair
Value |
| Duckhorn Portfolio, Inc. (a) | 2,211 | $ 21,778 |
| MGP Ingredients, Inc. | 780 | 76,846 |
| | | 699,080 |
| Distributors - 0.0%* |
| Genuine Parts Co. | 1,600 | 221,600 |
| LKQ Corp. | 2,746 | 131,231 |
| Pool Corp. | 423 | 168,654 |
| Weyco Group, Inc. | 307 | 9,628 |
| | | 531,113 |
| Diversified Banks - 1.0% |
| Bank of America Corp. | 76,051 | 2,560,637 |
| Citigroup, Inc. | 21,352 | 1,098,347 |
| Comerica, Inc. | 1,264 | 70,544 |
| Fifth Third Bancorp | 7,833 | 270,160 |
| First Citizens BancShares, Inc., Class A | 119 | 168,858 |
| JPMorgan Chase & Co. | 31,841 | 5,416,154 |
| KeyCorp | 11,351 | 163,454 |
| PNC Financial Services Group, Inc. | 4,415 | 683,663 |
| U.S. Bancorp | 16,900 | 731,432 |
| Wells Fargo & Co. | 40,459 | 1,991,392 |
| | | 13,154,641 |
| Diversified Capital Markets - 0.0%* |
| Forge Global Holdings, Inc. (a) | 6,177 | 21,187 |
| Diversified Chemicals - 0.0%* |
| Chemours Co. | 1,400 | 44,156 |
| Huntsman Corp. | 1,911 | 48,023 |
| LSB Industries, Inc. (a) | 2,760 | 25,696 |
| | | 117,875 |
| Diversified Financial Services - 0.1% |
| Alerus Financial Corp. | 1,000 | 22,390 |
| Apollo Global Management, Inc. | 5,754 | 536,215 |
| Corebridge Financial, Inc. | 3,200 | 69,312 |
| Equitable Holdings, Inc. | 3,600 | 119,880 |
| Jackson Financial, Inc., Class A | 4,007 | 205,158 |
| NewtekOne, Inc. | 1,212 | 16,726 |
| Voya Financial, Inc. | 1,100 | 80,256 |
| | | 1,049,937 |
| Diversified Metals & Mining - 0.0%* |
| 5E Advanced Materials, Inc. (a) | 1,943 | 2,740 |
| Compass Minerals International, Inc. | 1,620 | 41,018 |
| Contango ORE, Inc. (a) | 130 | 2,354 |
| Ferroglobe PLC (d)** | 1,316 | — |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 17 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Ivanhoe Electric, Inc. (a) | 3,032 | $ 30,563 |
| Materion Corp. | 1,017 | 132,342 |
| MP Materials Corp. (a) | 800 | 15,880 |
| Piedmont Lithium, Inc. (a) | 832 | 23,487 |
| | | 248,384 |
| Diversified Real Estate Activities - 0.0%* |
| RMR Group, Inc., Class A | 743 | 20,975 |
| St. Joe Co. | 1,702 | 102,426 |
| Tejon Ranch Co. (a) | 1,010 | 17,372 |
| | | 140,773 |
| Diversified REITs - 0.1% |
| Alexander & Baldwin, Inc. | 3,559 | 67,692 |
| Alpine Income Property Trust, Inc. | 740 | 12,513 |
| American Assets Trust, Inc. | 2,386 | 53,709 |
| Armada Hoffler Properties, Inc. | 3,273 | 40,487 |
| Broadstone Net Lease, Inc. | 9,077 | 156,306 |
| CTO Realty Growth, Inc. | 1,199 | 20,779 |
| Empire State Realty Trust, Inc., Class A | 6,481 | 62,801 |
| Essential Properties Realty Trust, Inc. | 7,542 | 192,773 |
| Gladstone Commercial Corp. | 2,028 | 26,851 |
| Global Net Lease, Inc. | 9,603 | 95,550 |
| NexPoint Diversified Real Estate Trust | 1,740 | 13,833 |
| One Liberty Properties, Inc. | 816 | 17,879 |
| WP Carey, Inc. | 2,531 | 164,034 |
| | | 925,207 |
| Diversified Support Services - 0.1% |
| ACV Auctions, Inc., Class A (a) | 6,273 | 95,036 |
| Cintas Corp. | 943 | 568,308 |
| Copart, Inc. (a) | 9,396 | 460,404 |
| Healthcare Services Group, Inc. | 3,602 | 37,353 |
| Liquidity Services, Inc. (a) | 1,266 | 21,788 |
| Matthews International Corp., Class A | 1,413 | 51,787 |
| OPENLANE, Inc. (a) | 5,319 | 78,774 |
| Performant Financial Corp. (a) | 3,961 | 12,378 |
| UniFirst Corp. | 744 | 136,085 |
| Vestis Corp. | 1,450 | 30,653 |
| Viad Corp. (a) | 1,022 | 36,997 |
| VSE Corp. | 679 | 43,870 |
| | | 1,573,433 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 8,476 | 221,308 |
| | Number
of Shares | Fair
Value |
| Education Services - 0.1% |
| 2U, Inc. (a) | 4,461 | $ 5,487 |
| Adtalem Global Education, Inc. (a) | 1,980 | 116,721 |
| Bright Horizons Family Solutions, Inc. (a) | 591 | 55,696 |
| Chegg, Inc. (a) | 5,796 | 65,843 |
| Coursera, Inc. (a) | 6,455 | 125,033 |
| Duolingo, Inc. (a) | 1,418 | 321,673 |
| Graham Holdings Co., Class B | 177 | 123,284 |
| Grand Canyon Education, Inc. (a) | 300 | 39,612 |
| Laureate Education, Inc. | 6,465 | 88,635 |
| Lincoln Educational Services Corp. (a) | 1,357 | 13,624 |
| Nerdy, Inc. (a) | 2,782 | 9,542 |
| Perdoceo Education Corp. | 3,294 | 57,843 |
| Strategic Education, Inc. | 1,119 | 103,362 |
| Stride, Inc. (a) | 2,102 | 124,796 |
| Udemy, Inc. (a) | 4,215 | 62,087 |
| Universal Technical Institute, Inc. (a) | 1,648 | 20,633 |
| | | 1,333,871 |
| Electric Utilities - 0.6% |
| ALLETE, Inc. | 2,792 | 170,759 |
| Alliant Energy Corp. | 3,056 | 156,773 |
| American Electric Power Co., Inc. | 5,588 | 453,857 |
| Avangrid, Inc. | 898 | 29,104 |
| Constellation Energy Corp. | 3,607 | 421,622 |
| Duke Energy Corp. | 8,488 | 823,676 |
| Edison International | 4,311 | 308,193 |
| Entergy Corp. | 2,284 | 231,118 |
| Evergy, Inc. | 2,287 | 119,381 |
| Eversource Energy | 3,914 | 241,572 |
| Exelon Corp. | 10,688 | 383,699 |
| FirstEnergy Corp. | 5,728 | 209,989 |
| Genie Energy Ltd., Class B | 945 | 26,583 |
| Hawaiian Electric Industries, Inc. | 1,100 | 15,609 |
| IDACORP, Inc. | 500 | 49,160 |
| MGE Energy, Inc. | 1,809 | 130,809 |
| NextEra Energy, Inc. | 22,357 | 1,357,964 |
| NRG Energy, Inc. | 2,461 | 127,234 |
| OGE Energy Corp. | 2,050 | 71,607 |
| Otter Tail Corp. | 1,994 | 169,430 |
| PG&E Corp. | 21,900 | 394,857 |
| Pinnacle West Capital Corp. | 1,184 | 85,059 |
| PNM Resources, Inc. | 4,144 | 172,390 |
| Portland General Electric Co. | 4,919 | 213,190 |
| PPL Corp. | 7,700 | 208,670 |
| Southern Co. | 11,985 | 840,388 |
| Xcel Energy, Inc. | 5,973 | 369,788 |
| | | 7,782,481 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 18 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Electrical Components & Equipment - 0.4% |
| Acuity Brands, Inc. | 300 | $ 61,449 |
| Allient, Inc. | 668 | 20,180 |
| AMETEK, Inc. | 2,527 | 416,677 |
| Array Technologies, Inc. (a) | 7,504 | 126,067 |
| Atkore, Inc. (a) | 1,836 | 293,760 |
| Blink Charging Co. (a) | 3,123 | 10,587 |
| ChargePoint Holdings, Inc. (a) | 2,400 | 5,616 |
| Dragonfly Energy Holdings Corp. (a) | 2,114 | 1,145 |
| Eaton Corp. PLC | 4,418 | 1,063,943 |
| Emerson Electric Co. | 6,229 | 606,269 |
| Encore Wire Corp. | 726 | 155,074 |
| EnerSys | 1,995 | 201,415 |
| Enovix Corp. (a) | 6,748 | 84,485 |
| Eos Energy Enterprises, Inc. (a) | 5,207 | 5,676 |
| ESS Tech, Inc. (a) | 5,451 | 6,214 |
| Fluence Energy, Inc. (a) | 2,824 | 67,352 |
| FTC Solar, Inc. (a) | 2,225 | 1,541 |
| FuelCell Energy, Inc. (a) | 20,357 | 32,571 |
| Generac Holdings, Inc. (a) | 598 | 77,286 |
| GrafTech International Ltd. | 10,483 | 22,958 |
| Hubbell, Inc. | 600 | 197,358 |
| LSI Industries, Inc. | 1,312 | 18,473 |
| NEXTracker, Inc., Class A (a) | 2,453 | 114,923 |
| nVent Electric PLC | 1,700 | 100,453 |
| Plug Power, Inc. (a) | 4,400 | 19,800 |
| Powell Industries, Inc. | 445 | 39,338 |
| Preformed Line Products Co. | 127 | 17,000 |
| Regal Rexnord Corp. | 667 | 98,729 |
| Rockwell Automation, Inc. | 1,222 | 379,407 |
| Schneider Electric SE | 5,637 | 1,131,928 |
| Sensata Technologies Holding PLC | 2,100 | 78,897 |
| SES AI Corp. (a) | 6,964 | 12,744 |
| Shoals Technologies Group, Inc., Class A (a) | 8,492 | 131,966 |
| SKYX Platforms Corp. (a) | 4,155 | 6,648 |
| Stem, Inc. (a) | 6,629 | 25,721 |
| SunPower Corp. (a) | 4,348 | 21,001 |
| Sunrun, Inc. (a) | 2,300 | 45,149 |
| Thermon Group Holdings, Inc. (a) | 1,634 | 53,219 |
| Vertiv Holdings Co. | 4,100 | 196,923 |
| Vicor Corp. (a) | 1,051 | 47,232 |
| | | 5,997,174 |
| Electronic Components - 0.1% |
| Akoustis Technologies, Inc. (a) | 3,351 | 2,795 |
| Amphenol Corp., Class A | 6,299 | 624,420 |
| Bel Fuse, Inc., Class B | 528 | 35,254 |
| Belden, Inc. | 2,052 | 158,517 |
| Coherent Corp. (a) | 1,373 | 59,767 |
| | Number
of Shares | Fair
Value |
| Corning, Inc. | 8,617 | $ 262,388 |
| Knowles Corp. (a) | 4,423 | 79,216 |
| Lightwave Logic, Inc. (a) | 5,706 | 28,416 |
| Littelfuse, Inc. | 300 | 80,268 |
| Rogers Corp. (a) | 857 | 113,184 |
| Vishay Intertechnology, Inc. | 6,225 | 149,213 |
| | | 1,593,438 |
| Electronic Equipment & Instruments - 0.2% |
| 908 Devices, Inc. (a) | 1,312 | 14,721 |
| Advanced Energy Industries, Inc. | 1,819 | 198,125 |
| Aeva Technologies, Inc. (a) | 3,153 | 2,389 |
| Arlo Technologies, Inc. (a) | 4,617 | 43,954 |
| Badger Meter, Inc. | 1,424 | 219,823 |
| Cognex Corp. | 1,800 | 75,132 |
| Crane NXT Co. | 600 | 34,122 |
| Daktronics, Inc. (a) | 2,058 | 17,452 |
| Evolv Technologies Holdings, Inc. (a) | 5,623 | 26,541 |
| FARO Technologies, Inc. (a) | 1,049 | 23,634 |
| Iteris, Inc. (a) | 2,459 | 12,787 |
| Itron, Inc. (a) | 2,200 | 166,122 |
| Keysight Technologies, Inc. (a) | 1,973 | 313,885 |
| Luna Innovations, Inc. (a) | 1,843 | 12,256 |
| MicroVision, Inc. (a) | 8,884 | 23,631 |
| Mirion Technologies, Inc. (a) | 9,897 | 101,444 |
| Napco Security Technologies, Inc. | 1,542 | 52,814 |
| nLight, Inc. (a) | 2,118 | 28,593 |
| Novanta, Inc. (a) | 1,735 | 292,191 |
| OSI Systems, Inc. (a) | 783 | 101,046 |
| PAR Technology Corp. (a) | 1,302 | 56,689 |
| SmartRent, Inc. (a) | 9,208 | 29,374 |
| Teledyne Technologies, Inc. (a) | 525 | 234,302 |
| Trimble, Inc. (a) | 2,532 | 134,702 |
| Vishay Precision Group, Inc. (a) | 629 | 21,430 |
| Vontier Corp. | 1,699 | 58,700 |
| Vuzix Corp. (a) | 3,353 | 6,991 |
| Zebra Technologies Corp., Class A (a) | 559 | 152,791 |
| | | 2,455,641 |
| Electronic Manufacturing Services - 0.1% |
| Benchmark Electronics, Inc. | 1,724 | 47,651 |
| CTS Corp. | 1,540 | 67,360 |
| IPG Photonics Corp. (a) | 300 | 32,562 |
| Jabil, Inc. | 1,314 | 167,403 |
| Kimball Electronics, Inc. (a) | 1,119 | 30,157 |
| Methode Electronics, Inc. | 1,712 | 38,914 |
| Plexus Corp. (a) | 1,361 | 147,165 |
| Sanmina Corp. (a) | 2,727 | 140,086 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 19 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| TTM Technologies, Inc. (a) | 5,037 | $ 79,635 |
| | | 750,933 |
| Environmental & Facilities Services - 0.2% |
| ABM Industries, Inc. | 3,197 | 143,322 |
| Aris Water Solutions, Inc., Class A | 1,657 | 13,902 |
| BrightView Holdings, Inc. (a) | 2,021 | 17,017 |
| Casella Waste Systems, Inc., Class A (a) | 2,733 | 233,562 |
| CECO Environmental Corp. (a) | 1,535 | 31,130 |
| Clean Harbors, Inc. (a) | 500 | 87,255 |
| Enviri Corp. (a) | 3,970 | 35,730 |
| LanzaTech Global, Inc. (a) | 1,208 | 6,076 |
| Montrose Environmental Group, Inc. (a) | 1,358 | 43,633 |
| Republic Services, Inc. | 2,190 | 361,153 |
| Rollins, Inc. | 3,078 | 134,416 |
| SP Plus Corp. (a) | 956 | 48,995 |
| Stericycle, Inc. (a) | 800 | 39,648 |
| Tetra Tech, Inc. | 600 | 100,158 |
| Veralto Corp. | 2,270 | 186,730 |
| Waste Management, Inc. | 4,409 | 789,652 |
| | | 2,272,379 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| American Vanguard Corp. | 1,371 | 15,040 |
| CF Industries Holdings, Inc. | 2,282 | 181,419 |
| Corteva, Inc. | 7,802 | 373,872 |
| FMC Corp. | 1,664 | 104,915 |
| Intrepid Potash, Inc. (a) | 518 | 12,375 |
| Mosaic Co. | 3,347 | 119,588 |
| Scotts Miracle-Gro Co. | 462 | 29,453 |
| | | 836,662 |
| Financial Exchanges & Data - 0.4% |
| Bakkt Holdings, Inc. (a) | 4,666 | 10,405 |
| Cboe Global Markets, Inc. | 1,152 | 205,701 |
| CME Group, Inc. | 3,922 | 825,973 |
| Coinbase Global, Inc., Class A (a) | 1,900 | 330,448 |
| Donnelley Financial Solutions, Inc. (a) | 1,218 | 75,967 |
| FactSet Research Systems, Inc. | 415 | 197,976 |
| Intercontinental Exchange, Inc. | 6,320 | 811,678 |
| MarketAxess Holdings, Inc. | 422 | 123,583 |
| MarketWise, Inc. | 991 | 2,705 |
| Moody's Corp. | 1,738 | 678,793 |
| Morningstar, Inc. | 300 | 85,872 |
| MSCI, Inc. | 797 | 450,823 |
| Nasdaq, Inc. | 3,538 | 205,699 |
| | Number
of Shares | Fair
Value |
| Open Lending Corp., Class A (a) | 4,957 | $ 42,184 |
| S&P Global, Inc. | 3,536 | 1,557,679 |
| Tradeweb Markets, Inc., Class A | 1,273 | 115,690 |
| Value Line, Inc. | 20 | 975 |
| | | 5,722,151 |
| Food Distributors - 0.1% |
| Andersons, Inc. | 1,588 | 91,374 |
| Chefs' Warehouse, Inc. (a) | 1,719 | 50,590 |
| HF Foods Group, Inc. (a) | 1,972 | 10,531 |
| Performance Food Group Co. (a) | 1,600 | 110,640 |
| SpartanNash Co. | 1,675 | 38,441 |
| Sysco Corp. | 5,518 | 403,531 |
| U.S. Foods Holding Corp. (a) | 2,800 | 127,148 |
| United Natural Foods, Inc. (a) | 2,845 | 46,174 |
| | | 878,429 |
| Food Retail - 0.1% |
| Albertsons Cos., Inc., Class A | 4,200 | 96,600 |
| Casey's General Stores, Inc. | 378 | 103,852 |
| Grocery Outlet Holding Corp. (a) | 900 | 24,264 |
| Ingles Markets, Inc., Class A | 689 | 59,509 |
| Kroger Co. | 7,239 | 330,895 |
| Natural Grocers by Vitamin Cottage, Inc. | 425 | 6,800 |
| Sprouts Farmers Market, Inc. (a) | 4,932 | 237,278 |
| Village Super Market, Inc., Class A | 426 | 11,174 |
| Weis Markets, Inc. | 821 | 52,511 |
| | | 922,883 |
| Footwear - 0.2% |
| Allbirds, Inc., Class A (a) | 6,206 | 7,602 |
| Crocs, Inc. (a) | 700 | 65,387 |
| Deckers Outdoor Corp. (a) | 300 | 200,529 |
| NIKE, Inc., Class B | 13,071 | 1,419,118 |
| Rocky Brands, Inc. | 354 | 10,684 |
| Skechers USA, Inc., Class A (a) | 1,400 | 87,276 |
| Steven Madden Ltd. | 3,635 | 152,670 |
| Wolverine World Wide, Inc. | 3,756 | 33,391 |
| | | 1,976,657 |
| Forest Products - 0.0%* |
| Louisiana-Pacific Corp. | 700 | 49,581 |
| Gas Utilities - 0.1% |
| Atmos Energy Corp. | 1,634 | 189,381 |
| Chesapeake Utilities Corp. | 1,053 | 111,228 |
| National Fuel Gas Co. | 900 | 45,153 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 20 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| New Jersey Resources Corp. | 4,702 | $ 209,615 |
| Northwest Natural Holding Co. | 1,766 | 68,768 |
| ONE Gas, Inc. | 2,667 | 169,941 |
| RGC Resources, Inc. | 477 | 9,702 |
| Southwest Gas Holdings, Inc. | 2,987 | 189,227 |
| Spire, Inc. | 2,489 | 155,164 |
| UGI Corp. | 2,000 | 49,200 |
| | | 1,197,379 |
| Gold - 0.1% |
| Coeur Mining, Inc. (a) | 16,181 | 52,750 |
| Dakota Gold Corp. (a) | 2,650 | 6,943 |
| Newmont Corp. | 12,517 | 518,079 |
| Perpetua Resources Corp. (a) | 2,255 | 7,148 |
| Royal Gold, Inc. | 763 | 92,293 |
| | | 677,213 |
| Health Care REITs - 0.1% |
| CareTrust REIT, Inc. | 4,958 | 110,960 |
| Community Healthcare Trust, Inc. | 1,234 | 32,874 |
| Diversified Healthcare Trust | 11,881 | 44,435 |
| Global Medical REIT, Inc. | 3,059 | 33,955 |
| Healthcare Realty Trust, Inc. | 3,500 | 60,305 |
| Healthpeak Properties, Inc. | 6,736 | 133,373 |
| LTC Properties, Inc. | 2,016 | 64,754 |
| Medical Properties Trust, Inc. | 7,100 | 34,861 |
| National Health Investors, Inc. | 2,067 | 115,442 |
| Omega Healthcare Investors, Inc. | 3,200 | 98,112 |
| Physicians Realty Trust | 11,489 | 152,919 |
| Sabra Health Care REIT, Inc. | 11,178 | 159,510 |
| Universal Health Realty Income Trust | 645 | 27,896 |
| Ventas, Inc. | 4,738 | 236,142 |
| Welltower, Inc. | 5,914 | 533,265 |
| | | 1,838,803 |
| Healthcare Distributors - 0.1% |
| AdaptHealth Corp. (a) | 5,028 | 36,654 |
| Cardinal Health, Inc. | 2,745 | 276,696 |
| Cencora, Inc. | 1,708 | 350,789 |
| Henry Schein, Inc. (a) | 1,372 | 103,874 |
| McKesson Corp. | 1,511 | 699,563 |
| Owens & Minor, Inc. (a) | 3,659 | 70,509 |
| Patterson Cos., Inc. | 4,251 | 120,941 |
| PetIQ, Inc. (a) | 1,473 | 29,092 |
| | | 1,688,118 |
| Healthcare Equipment - 1.0% |
| Abbott Laboratories (b) | 19,132 | 2,105,859 |
| Accuray, Inc. (a) | 5,232 | 14,807 |
| Alphatec Holdings, Inc. (a) | 4,204 | 63,523 |
| AngioDynamics, Inc. (a) | 2,108 | 16,527 |
| | Number
of Shares | Fair
Value |
| Artivion, Inc. (a) | 1,968 | $ 35,188 |
| AtriCure, Inc. (a) | 2,294 | 81,873 |
| Axogen, Inc. (a) | 1,763 | 12,041 |
| Axonics, Inc. (a) | 2,432 | 151,343 |
| Baxter International, Inc. | 5,217 | 201,689 |
| Becton Dickinson & Co. | 3,145 | 766,845 |
| Beyond Air, Inc. (a) | 893 | 1,750 |
| Boston Scientific Corp. (a) | 16,167 | 934,614 |
| Butterfly Network, Inc. (a) | 7,827 | 8,453 |
| ClearPoint Neuro, Inc. (a) | 1,442 | 9,791 |
| CONMED Corp. | 1,480 | 162,075 |
| Cutera, Inc. (a) | 758 | 2,672 |
| CVRx, Inc. (a) | 648 | 20,373 |
| Dexcom, Inc. (a) | 4,300 | 533,587 |
| Edwards Lifesciences Corp. (a) | 6,571 | 501,039 |
| Enovis Corp. (a) | 633 | 35,461 |
| Envista Holdings Corp. (a) | 1,900 | 45,714 |
| GE HealthCare Technologies, Inc. (a) | 4,349 | 336,265 |
| Glaukos Corp. (a) | 2,324 | 184,735 |
| Globus Medical, Inc., Class A (a) | 1,100 | 58,619 |
| Hologic, Inc. (a) | 2,500 | 178,625 |
| IDEXX Laboratories, Inc. (a) | 944 | 523,967 |
| Inari Medical, Inc. (a) | 2,583 | 167,688 |
| Inmode Ltd. (a) | 3,818 | 84,912 |
| Inogen, Inc. (a) | 1,402 | 7,697 |
| Inspire Medical Systems, Inc. (a) | 265 | 53,909 |
| Insulet Corp. (a) | 768 | 166,641 |
| Integer Holdings Corp. (a) | 1,603 | 158,825 |
| Integra LifeSciences Holdings Corp. (a) | 900 | 39,195 |
| Intuitive Surgical, Inc. (a) | 3,856 | 1,300,860 |
| iRadimed Corp. | 353 | 16,757 |
| iRhythm Technologies, Inc. (a) | 1,481 | 158,526 |
| KORU Medical Systems, Inc. (a) | 2,257 | 5,541 |
| LeMaitre Vascular, Inc. | 983 | 55,795 |
| LivaNova PLC (a) | 2,686 | 138,974 |
| Masimo Corp. (a) | 376 | 44,071 |
| Medtronic PLC | 14,632 | 1,205,384 |
| Nevro Corp. (a) | 1,770 | 38,090 |
| Novocure Ltd. (a) | 1,400 | 20,902 |
| Omnicell, Inc. (a) | 2,213 | 83,275 |
| Orchestra BioMed Holdings, Inc. (a) | 748 | 6,829 |
| Orthofix Medical, Inc. (a) | 1,760 | 23,725 |
| Outset Medical, Inc. (a) | 2,453 | 13,271 |
| Paragon 28, Inc. (a) | 2,194 | 27,272 |
| Penumbra, Inc. (a) | 400 | 100,616 |
| PROCEPT BioRobotics Corp. (a) | 2,009 | 84,197 |
| Pulmonx Corp. (a) | 1,878 | 23,945 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 21 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Pulse Biosciences, Inc. (a) | 563 | $ 6,891 |
| QuidelOrtho Corp. (a) | 600 | 44,220 |
| ResMed, Inc. | 1,659 | 285,381 |
| Semler Scientific, Inc. (a) | 229 | 10,143 |
| Shockwave Medical, Inc. (a) | 400 | 76,224 |
| SI-BONE, Inc. (a) | 1,880 | 39,461 |
| Sight Sciences, Inc. (a) | 1,094 | 5,645 |
| Silk Road Medical, Inc. (a) | 1,910 | 23,436 |
| STERIS PLC | 1,060 | 233,041 |
| Stryker Corp. | 3,903 | 1,168,792 |
| Surmodics, Inc. (a) | 697 | 25,336 |
| Tactile Systems Technology, Inc. (a) | 1,123 | 16,059 |
| Tandem Diabetes Care, Inc. (a) | 700 | 20,706 |
| Teleflex, Inc. | 510 | 127,163 |
| TransMedics Group, Inc. (a) | 1,569 | 123,841 |
| Treace Medical Concepts, Inc. (a) | 2,237 | 28,522 |
| Varex Imaging Corp. (a) | 1,880 | 38,540 |
| Vicarious Surgical, Inc. (a) | 1,656 | 607 |
| Zimmer Biomet Holdings, Inc. | 2,470 | 300,599 |
| Zimvie, Inc. (a) | 1,184 | 21,016 |
| Zynex, Inc. (a) | 1,065 | 11,598 |
| | | 13,621,553 |
| Healthcare Facilities - 0.1% |
| Acadia Healthcare Co., Inc. (a) | 900 | 69,984 |
| Brookdale Senior Living, Inc. (a) | 9,105 | 52,991 |
| Cano Health, Inc. (a) | 82 | 481 |
| Community Health Systems, Inc. (a) | 6,373 | 19,947 |
| Encompass Health Corp. | 1,100 | 73,392 |
| Ensign Group, Inc. | 2,642 | 296,459 |
| HCA Healthcare, Inc. | 2,163 | 585,481 |
| Joint Corp. (a) | 694 | 6,669 |
| National HealthCare Corp. | 611 | 56,469 |
| Select Medical Holdings Corp. | 5,148 | 120,978 |
| Surgery Partners, Inc. (a) | 3,339 | 106,815 |
| Tenet Healthcare Corp. (a) | 1,000 | 75,570 |
| U.S. Physical Therapy, Inc. | 718 | 66,874 |
| Universal Health Services, Inc., Class B | 620 | 94,513 |
| | | 1,626,623 |
| Healthcare Services - 0.3% |
| 23andMe Holding Co., Class A (a) | 13,202 | 12,060 |
| Accolade, Inc. (a) | 3,190 | 38,312 |
| Addus HomeCare Corp. (a) | 770 | 71,495 |
| Agiliti, Inc. (a) | 1,498 | 11,864 |
| agilon health, Inc. (a)(b) | 3,300 | 41,415 |
| | Number
of Shares | Fair
Value |
| AirSculpt Technologies, Inc. (a) | 796 | $ 5,962 |
| Amedisys, Inc. (a) | 300 | 28,518 |
| AMN Healthcare Services, Inc. (a) | 1,837 | 137,555 |
| Apollo Medical Holdings, Inc. (a) | 2,106 | 80,660 |
| Aveanna Healthcare Holdings, Inc. (a) | 2,000 | 5,360 |
| CareMax, Inc. (a) | 4,429 | 2,207 |
| Castle Biosciences, Inc. (a) | 1,264 | 27,277 |
| Chemed Corp. | 159 | 92,975 |
| Cigna Group | 3,230 | 967,224 |
| CorVel Corp. (a) | 431 | 106,548 |
| Cross Country Healthcare, Inc. (a) | 1,714 | 38,805 |
| CVS Health Corp. | 14,318 | 1,130,549 |
| DaVita, Inc. (a) | 587 | 61,494 |
| DocGo, Inc. (a) | 3,864 | 21,600 |
| Enhabit, Inc. (a) | 2,513 | 26,010 |
| Fulgent Genetics, Inc. (a) | 1,022 | 29,546 |
| Guardant Health, Inc. (a) | 5,449 | 147,395 |
| Hims & Hers Health, Inc. (a) | 5,976 | 53,186 |
| InfuSystem Holdings, Inc. (a) | 1,054 | 11,109 |
| Innovage Holding Corp. (a) | 1,017 | 6,102 |
| Invitae Corp. (a) | 11,293 | 7,078 |
| Laboratory Corp. of America Holdings | 987 | 224,335 |
| LifeStance Health Group, Inc. (a) | 5,129 | 40,160 |
| ModivCare, Inc. (a) | 648 | 28,506 |
| National Research Corp. | 669 | 26,466 |
| NeoGenomics, Inc. (a) | 6,305 | 102,015 |
| OPKO Health, Inc. (a) | 20,063 | 30,295 |
| Option Care Health, Inc. (a) | 8,117 | 273,462 |
| P3 Health Partners, Inc. (a) | 1,389 | 1,958 |
| Pediatrix Medical Group, Inc. (a) | 3,958 | 36,809 |
| Pennant Group, Inc. (a) | 1,570 | 21,854 |
| Premier, Inc., Class A | 1,400 | 31,304 |
| Privia Health Group, Inc. (a) | 5,478 | 126,158 |
| Quest Diagnostics, Inc. | 1,229 | 169,455 |
| Quipt Home Medical Corp. (a) | 2,281 | 11,610 |
| R1 RCM, Inc. (a) | 2,100 | 22,197 |
| RadNet, Inc. (a) | 2,944 | 102,363 |
| Viemed Healthcare, Inc. (a) | 1,913 | 15,017 |
| | | 4,426,270 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 859 | 235,366 |
| Atrion Corp. | 75 | 28,409 |
| Avanos Medical, Inc. (a) | 2,256 | 50,602 |
| Cerus Corp. (a) | 9,242 | 19,963 |
| Cooper Cos., Inc. | 530 | 200,573 |
| DENTSPLY SIRONA, Inc. | 2,767 | 98,477 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 22 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Embecta Corp. | 2,822 | $ 53,420 |
| Haemonetics Corp. (a) | 2,425 | 207,362 |
| ICU Medical, Inc. (a) | 200 | 19,948 |
| Lantheus Holdings, Inc. (a) | 3,289 | 203,918 |
| Merit Medical Systems, Inc. (a) | 2,749 | 208,814 |
| Neogen Corp. (a) | 10,539 | 211,939 |
| OraSure Technologies, Inc. (a) | 3,777 | 30,971 |
| OrthoPediatrics Corp. (a) | 794 | 25,813 |
| RxSight, Inc. (a) | 1,321 | 53,263 |
| Sanara Medtech, Inc. (a) | 238 | 9,782 |
| STAAR Surgical Co. (a) | 2,394 | 74,717 |
| Tela Bio, Inc. (a) | 966 | 6,395 |
| UFP Technologies, Inc. (a) | 348 | 59,870 |
| Utah Medical Products, Inc. | 176 | 14,823 |
| | | 1,814,425 |
| Healthcare Technology - 0.1% |
| American Well Corp., Class A (a) | 13,447 | 20,036 |
| Certara, Inc. (a) | 1,400 | 24,626 |
| Computer Programs & Systems, Inc. (a) | 733 | 8,210 |
| Definitive Healthcare Corp. (a) | 2,279 | 22,653 |
| Doximity, Inc., Class A (a) | 1,500 | 42,060 |
| Evolent Health, Inc., Class A (a) | 5,317 | 175,621 |
| Health Catalyst, Inc. (a) | 2,781 | 25,752 |
| HealthStream, Inc. | 1,229 | 33,220 |
| Multiplan Corp. (a) | 17,935 | 25,826 |
| OptimizeRx Corp. (a) | 825 | 11,806 |
| Phreesia, Inc. (a) | 2,526 | 58,477 |
| Schrodinger, Inc. (a) | 2,688 | 96,230 |
| Sharecare, Inc. (a) | 17,188 | 18,563 |
| Simulations Plus, Inc. | 790 | 35,353 |
| Teladoc Health, Inc. (a) | 1,351 | 29,114 |
| Veeva Systems, Inc., Class A (a) | 1,579 | 303,989 |
| Veradigm, Inc. (a) | 5,123 | 53,740 |
| | | 985,276 |
| Heavy Electrical Equipment - 0.0%* |
| Babcock & Wilcox Enterprises, Inc. (a) | 3,275 | 4,781 |
| Bloom Energy Corp., Class A (a) | 9,547 | 141,296 |
| Energy Vault Holdings, Inc. (a) | 5,431 | 12,654 |
| NuScale Power Corp. (a) | 2,955 | 9,722 |
| TPI Composites, Inc. (a) | 2,447 | 10,131 |
| | | 178,584 |
| Home Building - 0.3% |
| Beazer Homes USA, Inc. (a) | 1,434 | 48,455 |
| Cavco Industries, Inc. (a) | 434 | 150,433 |
| | Number
of Shares | Fair
Value |
| Century Communities, Inc. | 1,408 | $ 128,325 |
| DR Horton, Inc. | 3,340 | 507,613 |
| Dream Finders Homes, Inc., Class A (a) | 1,206 | 42,849 |
| Green Brick Partners, Inc. (a) | 1,281 | 66,535 |
| Hovnanian Enterprises, Inc., Class A (a) | 243 | 37,816 |
| Installed Building Products, Inc. | 1,147 | 209,695 |
| KB Home | 3,448 | 215,362 |
| Landsea Homes Corp. (a) | 566 | 7,437 |
| Legacy Housing Corp. (a) | 442 | 11,147 |
| Lennar Corp., B Shares | 300 | 40,215 |
| Lennar Corp., Class A | 2,605 | 388,249 |
| LGI Homes, Inc. (a) | 1,031 | 137,288 |
| M/I Homes, Inc. (a) | 1,301 | 179,200 |
| MDC Holdings, Inc. | 2,913 | 160,943 |
| Meritage Homes Corp. | 1,765 | 307,463 |
| NVR, Inc. (a) | 32 | 224,014 |
| PulteGroup, Inc. | 2,218 | 228,942 |
| Skyline Champion Corp. (a) | 2,591 | 192,408 |
| Taylor Morrison Home Corp. (a) | 5,019 | 267,764 |
| Toll Brothers, Inc. | 1,115 | 114,611 |
| TopBuild Corp. (a) | 400 | 149,704 |
| Tri Pointe Homes, Inc. (a) | 4,644 | 164,398 |
| United Homes Group, Inc. (a) | 215 | 1,812 |
| | | 3,982,678 |
| Home Furnishing Retail - 0.0%* |
| Aaron's Co., Inc. | 1,724 | 18,757 |
| Beyond, Inc. (a) | 2,205 | 61,056 |
| Haverty Furniture Cos., Inc. | 740 | 26,270 |
| Restoration Hardware, Inc. (a) | 170 | 49,552 |
| Sleep Number Corp. (a) | 1,069 | 15,853 |
| Wayfair, Inc., Class A (a) | 1,000 | 61,700 |
| Williams-Sonoma, Inc. | 655 | 132,166 |
| | | 365,354 |
| Home Furnishings - 0.0%* |
| Ethan Allen Interiors, Inc. | 1,138 | 36,325 |
| Hooker Furnishings Corp. | 622 | 16,222 |
| La-Z-Boy, Inc. | 2,138 | 78,935 |
| Leggett & Platt, Inc. | 1,600 | 41,872 |
| Lovesac Co. (a) | 742 | 18,958 |
| Mohawk Industries, Inc. (a) | 600 | 62,100 |
| Purple Innovation, Inc. | 3,199 | 3,295 |
| Tempur Sealy International, Inc. | 1,800 | 91,746 |
| | | 349,453 |
| Home Improvement Retail - 0.4% |
| Floor & Decor Holdings, Inc., Class A (a) | 1,100 | 122,716 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 23 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| GrowGeneration Corp. (a) | 2,890 | $ 7,254 |
| Home Depot, Inc. | 11,044 | 3,827,298 |
| Lowe's Cos., Inc. | 6,323 | 1,407,184 |
| Tile Shop Holdings, Inc. (a) | 1,695 | 12,475 |
| | | 5,376,927 |
| Hotel & Resort REITs - 0.1% |
| Apple Hospitality REIT, Inc. | 10,420 | 173,076 |
| Braemar Hotels & Resorts, Inc. | 3,160 | 7,900 |
| Chatham Lodging Trust | 2,447 | 26,232 |
| DiamondRock Hospitality Co. | 10,383 | 97,496 |
| Host Hotels & Resorts, Inc. | 8,554 | 166,547 |
| Park Hotels & Resorts, Inc. | 2,200 | 33,660 |
| Pebblebrook Hotel Trust | 5,705 | 91,166 |
| RLJ Lodging Trust | 7,725 | 90,537 |
| Ryman Hospitality Properties, Inc. | 2,829 | 311,360 |
| Service Properties Trust | 8,097 | 69,148 |
| Summit Hotel Properties, Inc. | 5,253 | 35,300 |
| Sunstone Hotel Investors, Inc. | 10,307 | 110,594 |
| Xenia Hotels & Resorts, Inc. | 5,404 | 73,603 |
| | | 1,286,619 |
| Hotels, Resorts & Cruise Lines - 0.3% |
| Airbnb, Inc., Class A (a) | 4,400 | 599,016 |
| Bluegreen Vacations Holding Corp. | 523 | 39,288 |
| Booking Holdings, Inc. (a) | 393 | 1,394,057 |
| Carnival Corp. (a) | 11,800 | 218,772 |
| Choice Hotels International, Inc. | 300 | 33,990 |
| Expedia Group, Inc. (a) | 1,578 | 239,525 |
| Global Business Travel Group I (a) | 1,875 | 12,094 |
| Hilton Grand Vacations, Inc. (a) | 3,882 | 155,979 |
| Hilton Worldwide Holdings, Inc. | 2,836 | 516,407 |
| Hyatt Hotels Corp., Class A | 500 | 65,205 |
| Lindblad Expeditions Holdings, Inc. (a) | 1,800 | 20,286 |
| Marriott International, Inc., Class A | 2,703 | 609,554 |
| Marriott Vacations Worldwide Corp. | 355 | 30,136 |
| Mondee Holdings, Inc. (a) | 2,519 | 6,952 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4,300 | 86,172 |
| Royal Caribbean Cruises Ltd. (a) | 2,500 | 323,725 |
| Sabre Corp. (a) | 16,274 | 71,606 |
| Target Hospitality Corp. (a) | 1,713 | 16,667 |
| Travel & Leisure Co. | 900 | 35,181 |
| | Number
of Shares | Fair
Value |
| Wyndham Hotels & Resorts, Inc. | 800 | $ 64,328 |
| | | 4,538,940 |
| Household Appliances - 0.0%* |
| Cricut, Inc., Class A | 2,422 | 15,961 |
| Helen of Troy Ltd. (a) | 1,147 | 138,569 |
| iRobot Corp. (a) | 1,366 | 52,864 |
| Traeger, Inc. (a) | 1,754 | 4,788 |
| Whirlpool Corp. | 558 | 67,948 |
| Worthington Enterprises, Inc. | 1,518 | 87,361 |
| | | 367,491 |
| Household Products - 0.4% |
| Central Garden & Pet Co. (a) | 497 | 24,905 |
| Central Garden & Pet Co., Class A (a) | 1,940 | 85,438 |
| Church & Dwight Co., Inc. | 2,828 | 267,416 |
| Clorox Co. | 1,447 | 206,328 |
| Colgate-Palmolive Co. | 8,895 | 709,020 |
| Energizer Holdings, Inc. | 3,546 | 112,337 |
| Kimberly-Clark Corp. | 3,598 | 437,193 |
| Oil-Dri Corp. of America | 272 | 18,246 |
| Procter & Gamble Co. | 26,012 | 3,811,798 |
| Reynolds Consumer Products, Inc. | 900 | 24,156 |
| Spectrum Brands Holdings, Inc. | 400 | 31,908 |
| WD-40 Co. | 656 | 156,830 |
| | | 5,885,575 |
| Housewares & Specialties - 0.0%* |
| Newell Brands, Inc. | 5,900 | 51,212 |
| Human Resource & Employment Services - 0.2% |
| Alight, Inc., Class A (a) | 20,011 | 170,694 |
| ASGN, Inc. (a) | 2,288 | 220,037 |
| Asure Software, Inc. (a) | 1,075 | 10,234 |
| Automatic Data Processing, Inc. | 4,529 | 1,055,121 |
| Barrett Business Services, Inc. | 324 | 37,519 |
| Ceridian HCM Holding, Inc. (a) | 1,505 | 101,016 |
| First Advantage Corp. | 2,660 | 44,076 |
| Heidrick & Struggles International, Inc. | 998 | 29,471 |
| HireQuest, Inc. | 187 | 2,870 |
| HireRight Holdings Corp. (a) | 875 | 11,769 |
| Insperity, Inc. | 1,720 | 201,618 |
| Kelly Services, Inc., Class A | 1,654 | 35,760 |
| Kforce, Inc. | 952 | 64,317 |
| Korn Ferry | 2,518 | 149,443 |
| ManpowerGroup, Inc. | 479 | 38,066 |
| Paychex, Inc. | 3,528 | 420,220 |
| Paycom Software, Inc. | 535 | 110,595 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 24 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Paycor HCM, Inc. (a) | 1,400 | $ 30,226 |
| Paylocity Holding Corp. (a) | 400 | 65,940 |
| Robert Half, Inc. | 1,075 | 94,514 |
| Skillsoft Corp. | 288 | 5,063 |
| Sterling Check Corp. (a) | 1,706 | 23,748 |
| TriNet Group, Inc. (a) | 1,548 | 184,104 |
| TrueBlue, Inc. (a) | 1,543 | 23,670 |
| Upwork, Inc. (a) | 6,105 | 90,781 |
| | | 3,220,872 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 7,000 | 134,750 |
| Vistra Corp. | 4,200 | 161,784 |
| | | 296,534 |
| Industrial Conglomerates - 0.3% |
| 3M Co. | 6,092 | 665,978 |
| General Electric Co. | 11,948 | 1,524,923 |
| Honeywell International, Inc. | 7,354 | 1,542,207 |
| | | 3,733,108 |
| Industrial Gases - 0.2% |
| Air Products & Chemicals, Inc. | 2,481 | 679,298 |
| Linde PLC | 5,333 | 2,190,316 |
| | | 2,869,614 |
| Industrial Machinery & Supplies & Components - 0.6% |
| 374Water, Inc. (a) | 3,796 | 5,390 |
| 3D Systems Corp. (a) | 6,178 | 39,230 |
| Albany International Corp., Class A | 1,552 | 152,437 |
| Barnes Group, Inc. | 2,409 | 78,606 |
| Chart Industries, Inc. (a) | 2,082 | 283,839 |
| Columbus McKinnon Corp. | 1,378 | 53,770 |
| Crane Co. | 600 | 70,884 |
| Desktop Metal, Inc., Class A (a) | 13,528 | 10,160 |
| Donaldson Co., Inc. | 1,400 | 91,490 |
| Dover Corp. | 1,474 | 226,716 |
| Energy Recovery, Inc. (a) | 2,644 | 49,813 |
| Enerpac Tool Group Corp. | 2,616 | 81,331 |
| Enpro, Inc. | 1,011 | 158,464 |
| Esab Corp. | 733 | 63,492 |
| ESCO Technologies, Inc. | 1,270 | 148,628 |
| Flowserve Corp. | 1,200 | 49,464 |
| Fortive Corp. | 3,750 | 276,113 |
| Franklin Electric Co., Inc. | 2,235 | 216,013 |
| Gates Industrial Corp. PLC (a) | 400 | 5,368 |
| Gencor Industries, Inc. (a) | 620 | 10,007 |
| Gorman-Rupp Co. | 1,110 | 39,438 |
| Graco, Inc. | 1,739 | 150,876 |
| Helios Technologies, Inc. | 1,587 | 71,970 |
| Hillenbrand, Inc. | 3,426 | 163,934 |
| | Number
of Shares | Fair
Value |
| Hillman Solutions Corp. (a) | 9,620 | $ 88,600 |
| Hyster-Yale Materials Handling, Inc. | 548 | 34,080 |
| IDEX Corp. | 857 | 186,063 |
| Illinois Tool Works, Inc. | 3,302 | 864,926 |
| Ingersoll Rand, Inc. | 4,621 | 357,388 |
| ITT, Inc. | 900 | 107,388 |
| John Bean Technologies Corp. | 1,538 | 152,954 |
| Kadant, Inc. | 564 | 158,095 |
| Kennametal, Inc. | 3,987 | 102,825 |
| Lincoln Electric Holdings, Inc. | 600 | 130,476 |
| Mayville Engineering Co., Inc. (a) | 690 | 9,950 |
| Middleby Corp. (a) | 510 | 75,057 |
| Mueller Industries, Inc. | 5,429 | 255,977 |
| Mueller Water Products, Inc., Class A | 7,677 | 110,549 |
| Nordson Corp. | 635 | 167,742 |
| Omega Flex, Inc. | 183 | 12,903 |
| Otis Worldwide Corp. | 4,504 | 402,973 |
| Parker-Hannifin Corp. | 1,405 | 647,284 |
| Park-Ohio Holdings Corp. | 490 | 13,210 |
| Pentair PLC | 1,700 | 123,607 |
| Proto Labs, Inc. (a) | 1,288 | 50,180 |
| RBC Bearings, Inc. (a) | 300 | 85,467 |
| Snap-on, Inc. | 625 | 180,525 |
| SPX Technologies, Inc. (a) | 2,136 | 215,757 |
| Standex International Corp. | 582 | 92,177 |
| Stanley Black & Decker, Inc. | 1,587 | 155,685 |
| Tennant Co. | 913 | 84,626 |
| Timken Co. | 800 | 64,120 |
| Velo3D, Inc. (a) | 5,421 | 2,155 |
| Watts Water Technologies, Inc., Class A | 1,325 | 276,051 |
| Xylem, Inc. | 2,543 | 290,818 |
| | | 7,997,041 |
| Industrial REITs - 0.2% |
| Americold Realty Trust, Inc. | 2,800 | 84,756 |
| EastGroup Properties, Inc. | 500 | 91,770 |
| First Industrial Realty Trust, Inc. | 1,500 | 79,005 |
| Innovative Industrial Properties, Inc. | 1,383 | 139,434 |
| LXP Industrial Trust | 14,366 | 142,510 |
| Plymouth Industrial REIT, Inc. | 2,097 | 50,475 |
| Prologis, Inc. | 10,053 | 1,340,065 |
| Rexford Industrial Realty, Inc. | 2,148 | 120,503 |
| STAG Industrial, Inc. | 2,200 | 86,372 |
| Terreno Realty Corp. | 4,070 | 255,067 |
| | | 2,389,957 |
| Insurance Brokers - 0.2% |
| Aon PLC, Class A | 2,143 | 623,656 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 25 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Arthur J Gallagher & Co. | 2,307 | $ 518,798 |
| Brown & Brown, Inc. | 2,800 | 199,108 |
| BRP Group, Inc., Class A (a) | 3,000 | 72,060 |
| Crawford & Co., Class A | 864 | 11,387 |
| eHealth, Inc. (a) | 1,579 | 13,769 |
| GoHealth, Inc., Class A (a) | 137 | 1,827 |
| Goosehead Insurance, Inc., Class A (a) | 1,061 | 80,424 |
| Hippo Holdings, Inc. (a) | 365 | 3,329 |
| Marsh & McLennan Cos., Inc. | 5,432 | 1,029,201 |
| Ryan Specialty Holdings, Inc. (a) | 1,400 | 60,228 |
| Selectquote, Inc. (a) | 6,659 | 9,123 |
| Willis Towers Watson PLC | 1,124 | 271,109 |
| | | 2,894,019 |
| Integrated Oil & Gas - 0.6% |
| Chevron Corp. | 19,094 | 2,848,061 |
| Exxon Mobil Corp. | 44,618 | 4,460,907 |
| Occidental Petroleum Corp. | 7,639 | 456,125 |
| | | 7,765,093 |
| Integrated Telecommunication Services - 0.2% |
| AT&T, Inc. | 78,940 | 1,324,613 |
| ATN International, Inc. | 561 | 21,862 |
| Consolidated Communications Holdings, Inc. (a) | 4,220 | 18,357 |
| Frontier Communications Parent, Inc. (a) | 3,300 | 83,622 |
| IDT Corp., Class B (a) | 764 | 26,045 |
| Ooma, Inc. (a) | 1,314 | 14,099 |
| Shenandoah Telecommunications Co. | 2,374 | 51,326 |
| Verizon Communications, Inc. | 46,384 | 1,748,677 |
| | | 3,288,601 |
| Interactive Home Entertainment - 0.1% |
| Electronic Arts, Inc. | 2,961 | 405,095 |
| Playstudios, Inc. (a) | 4,747 | 12,864 |
| ROBLOX Corp., Class A (a) | 5,500 | 251,460 |
| Take-Two Interactive Software, Inc. (a) | 1,783 | 286,974 |
| | | 956,393 |
| Interactive Media & Services - 2.0% |
| Alphabet, Inc., Class A (a) | 65,520 | 9,152,489 |
| Alphabet, Inc., Class C (a) | 55,320 | 7,796,248 |
| Bumble, Inc., Class A (a) | 4,980 | 73,405 |
| Cargurus, Inc. (a) | 4,838 | 116,886 |
| Cars.com, Inc. (a) | 3,266 | 61,956 |
| DHI Group, Inc. (a) | 2,195 | 5,685 |
| Eventbrite, Inc., Class A (a) | 3,613 | 30,205 |
| EverQuote, Inc., Class A (a) | 977 | 11,958 |
| fuboTV, Inc. (a) | 14,105 | 44,854 |
| | Number
of Shares | Fair
Value |
| IAC, Inc. (a) | 900 | $ 47,142 |
| Match Group, Inc. (a) | 2,863 | 104,499 |
| MediaAlpha, Inc., Class A (a) | 1,263 | 14,082 |
| Meta Platforms, Inc., Class A (a) | 24,384 | 8,630,961 |
| Nextdoor Holdings, Inc. (a) | 8,076 | 15,264 |
| Outbrain, Inc. (a) | 2,336 | 10,232 |
| Pinterest, Inc., Class A (a) | 6,797 | 251,761 |
| QuinStreet, Inc. (a) | 2,633 | 33,755 |
| Shutterstock, Inc. | 1,207 | 58,274 |
| System1, Inc. (a) | 863 | 1,916 |
| TripAdvisor, Inc. (a) | 1,600 | 34,448 |
| TrueCar, Inc. (a) | 4,387 | 15,179 |
| Vimeo, Inc. (a) | 7,618 | 29,863 |
| Yelp, Inc. (a) | 3,213 | 152,103 |
| Ziff Davis, Inc. (a) | 2,233 | 150,035 |
| ZipRecruiter, Inc., Class A (a) | 3,341 | 46,440 |
| ZoomInfo Technologies, Inc. (a) | 3,000 | 55,470 |
| | | 26,945,110 |
| Internet Services & Infrastructure - 0.2% |
| Akamai Technologies, Inc. (a) | 1,614 | 191,017 |
| Applied Digital Corp. (a) | 3,444 | 23,213 |
| BigCommerce Holdings, Inc. (a) | 3,141 | 30,562 |
| Brightcove, Inc. (a) | 2,099 | 5,436 |
| Cloudflare, Inc., Class A (a) | 3,285 | 273,509 |
| Couchbase, Inc. (a) | 1,716 | 38,644 |
| DigitalOcean Holdings, Inc. (a) | 3,133 | 114,950 |
| Fastly, Inc., Class A (a) | 5,861 | 104,326 |
| GoDaddy, Inc., Class A (a) | 1,600 | 169,856 |
| MongoDB, Inc. (a) | 737 | 301,323 |
| Okta, Inc. (a) | 1,561 | 141,317 |
| Rackspace Technology, Inc. (a) | 3,110 | 6,220 |
| Snowflake, Inc., Class A (a) | 3,510 | 698,490 |
| Squarespace, Inc., Class A (a) | 2,334 | 77,045 |
| Tucows, Inc., Class A (a) | 490 | 13,230 |
| Twilio, Inc., Class A (a) | 1,747 | 132,545 |
| VeriSign, Inc. (a) | 1,007 | 207,402 |
| | | 2,529,085 |
| Investment Banking & Brokerage - 0.4% |
| B Riley Financial, Inc. | 1,008 | 21,158 |
| BGC Group, Inc., Class A | 17,838 | 128,791 |
| Charles Schwab Corp. | 16,181 | 1,113,253 |
| Evercore, Inc., Class A | 366 | 62,604 |
| Goldman Sachs Group, Inc. | 3,508 | 1,353,281 |
| Houlihan Lokey, Inc. | 600 | 71,946 |
| Interactive Brokers Group, Inc., Class A | 1,100 | 91,190 |
| Jefferies Financial Group, Inc. | 1,909 | 77,143 |
| Lazard Ltd., Class A | 1,000 | 34,800 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 26 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| LPL Financial Holdings, Inc. | 803 | $ 182,779 |
| Moelis & Co., Class A | 3,229 | 181,244 |
| Morgan Stanley | 13,297 | 1,239,945 |
| Perella Weinberg Partners | 2,056 | 25,145 |
| Piper Sandler Cos. | 837 | 146,366 |
| PJT Partners, Inc., Class A | 1,175 | 119,697 |
| Raymond James Financial, Inc. | 1,992 | 222,108 |
| Robinhood Markets, Inc., Class A (a) | 8,600 | 109,564 |
| Stifel Financial Corp. | 1,000 | 69,150 |
| StoneX Group, Inc. (a) | 1,322 | 97,603 |
| Virtu Financial, Inc., Class A | 1,300 | 26,338 |
| | | 5,374,105 |
| IT Consulting & Other Services - 0.4% |
| Accenture PLC, Class A | 6,957 | 2,441,281 |
| Amdocs Ltd. | 1,167 | 102,568 |
| BigBear.ai Holdings, Inc. (a) | 939 | 2,010 |
| Cognizant Technology Solutions Corp., Class A | 5,602 | 423,119 |
| DXC Technology Co. (a) | 2,000 | 45,740 |
| EPAM Systems, Inc. (a) | 665 | 197,731 |
| Gartner, Inc. (a) | 838 | 378,030 |
| Globant SA (a) | 500 | 118,990 |
| Grid Dynamics Holdings, Inc. (a) | 2,780 | 37,057 |
| Hackett Group, Inc. | 1,162 | 26,459 |
| Information Services Group, Inc. | 1,794 | 8,450 |
| International Business Machines Corp. | 10,053 | 1,644,168 |
| Kyndryl Holdings, Inc. (a) | 3,159 | 65,644 |
| Perficient, Inc. (a) | 1,698 | 111,762 |
| Thoughtworks Holding, Inc. (a) | 4,688 | 22,549 |
| Unisys Corp. (a) | 3,276 | 18,411 |
| | | 5,643,969 |
| Leisure Facilities - 0.0%* |
| Bowlero Corp., Class A (a) | 840 | 11,894 |
| Dave & Buster's Entertainment, Inc. (a) | 1,783 | 96,015 |
| Life Time Group Holdings, Inc. (a) | 2,224 | 33,538 |
| Planet Fitness, Inc., Class A (a) | 800 | 58,400 |
| SeaWorld Entertainment, Inc. (a) | 1,796 | 94,883 |
| Six Flags Entertainment Corp. (a) | 3,567 | 89,460 |
| Vail Resorts, Inc. | 400 | 85,388 |
| Xponential Fitness, Inc., Class A (a) | 1,251 | 16,125 |
| | | 485,703 |
| | Number
of Shares | Fair
Value |
| Leisure Products - 0.1% |
| Acushnet Holdings Corp. | 1,541 | $ 97,345 |
| AMMO, Inc. (a) | 5,210 | 10,941 |
| BRP, Inc. | 326 | 23,443 |
| Brunswick Corp. | 800 | 77,400 |
| Clarus Corp. | 1,685 | 11,618 |
| Escalade, Inc. | 589 | 11,833 |
| Funko, Inc., Class A (a) | 1,959 | 15,143 |
| Hasbro, Inc. | 1,400 | 71,484 |
| JAKKS Pacific, Inc. (a) | 325 | 11,554 |
| Johnson Outdoors, Inc., Class A | 306 | 16,347 |
| Latham Group, Inc. (a) | 2,510 | 6,601 |
| Malibu Boats, Inc., Class A (a) | 992 | 54,382 |
| Marine Products Corp. | 521 | 5,939 |
| MasterCraft Boat Holdings, Inc. (a) | 888 | 20,104 |
| Mattel, Inc. (a) | 3,559 | 67,194 |
| Peloton Interactive, Inc., Class A (a) | 3,572 | 21,754 |
| Polaris, Inc. | 600 | 56,862 |
| Smith & Wesson Brands, Inc. | 2,134 | 28,937 |
| Solo Brands, Inc., Class A (a) | 1,145 | 7,053 |
| Sturm Ruger & Co., Inc. | 871 | 39,587 |
| Topgolf Callaway Brands Corp. (a) | 7,107 | 101,914 |
| Vista Outdoor, Inc. (a) | 2,846 | 84,156 |
| YETI Holdings, Inc. (a) | 900 | 46,602 |
| | | 888,193 |
| Life & Health Insurance - 0.2% |
| Aflac, Inc. (b) | 6,455 | 532,538 |
| American Equity Investment Life Holding Co. (a) | 3,868 | 215,834 |
| Brighthouse Financial, Inc. (a) | 670 | 35,456 |
| CNO Financial Group, Inc. | 5,405 | 150,800 |
| F&G Annuities & Life, Inc. | 945 | 43,470 |
| Genworth Financial, Inc., Class A (a) | 22,302 | 148,977 |
| Globe Life, Inc. | 900 | 109,548 |
| Lincoln National Corp. | 1,886 | 50,865 |
| MetLife, Inc. | 7,142 | 472,301 |
| National Western Life Group, Inc., Class A | 111 | 53,615 |
| Oscar Health, Inc., Class A (a) | 7,580 | 69,357 |
| Primerica, Inc. | 400 | 82,304 |
| Principal Financial Group, Inc. | 2,500 | 196,675 |
| Prudential Financial, Inc. | 4,002 | 415,048 |
| Unum Group | 2,400 | 108,528 |
| | | 2,685,316 |
| Life Sciences Tools & Services - 0.6% |
| 10X Genomics, Inc., Class A (a) | 800 | 44,768 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 27 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Adaptive Biotechnologies Corp. (a) | 5,651 | $ 27,690 |
| Agilent Technologies, Inc. | 3,206 | 445,730 |
| Akoya Biosciences, Inc. (a) | 1,416 | 6,910 |
| Avantor, Inc. (a) | 8,100 | 184,923 |
| Azenta, Inc. (a) | 700 | 45,598 |
| BioLife Solutions, Inc. (a) | 1,741 | 28,291 |
| Bio-Rad Laboratories, Inc., Class A (a) | 261 | 84,274 |
| Bio-Techne Corp. | 1,940 | 149,690 |
| Bruker Corp. | 1,061 | 77,962 |
| Charles River Laboratories International, Inc. (a) | 528 | 124,819 |
| Codexis, Inc. (a) | 3,022 | 9,217 |
| CryoPort, Inc. (a) | 2,154 | 33,366 |
| Cytek Biosciences, Inc. (a) | 5,905 | 53,854 |
| Danaher Corp. | 7,211 | 1,668,193 |
| Fortrea Holdings, Inc. (a) | 1,087 | 37,936 |
| Harvard Bioscience, Inc. (a) | 2,347 | 12,557 |
| ICON PLC (a) | 900 | 254,763 |
| Illumina, Inc. (a) | 1,772 | 246,733 |
| IQVIA Holdings, Inc. (a) | 2,019 | 467,156 |
| Maravai LifeSciences Holdings, Inc., Class A (a) | 1,300 | 8,515 |
| MaxCyte, Inc. (a) | 4,522 | 21,253 |
| Medpace Holdings, Inc. (a) | 300 | 91,959 |
| Mesa Laboratories, Inc. | 257 | 26,926 |
| Mettler-Toledo International, Inc. (a) | 248 | 300,814 |
| NanoString Technologies, Inc. (a) | 1,489 | 1,114 |
| Nautilus Biotechnology, Inc. (a) | 2,944 | 8,803 |
| OmniAb, Inc. (a)(e) | 4,702 | 29,011 |
| OmniAb, Inc. (d)(e)** | 394 | — |
| Pacific Biosciences of California, Inc. (a) | 12,459 | 122,223 |
| Qiagen NV (a) | 4,723 | 205,337 |
| Quanterix Corp. (a) | 1,710 | 46,751 |
| Quantum-Si, Inc. (a) | 5,748 | 11,554 |
| Repligen Corp. (a) | 606 | 108,959 |
| Revvity, Inc. | 1,260 | 137,731 |
| Seer, Inc. (a) | 2,601 | 5,046 |
| SomaLogic, Inc. (a) | 7,848 | 19,856 |
| Sotera Health Co. (a) | 1,300 | 21,905 |
| Thermo Fisher Scientific, Inc. | 4,237 | 2,248,957 |
| Waters Corp. (a) | 652 | 214,658 |
| West Pharmaceutical Services, Inc. | 842 | 296,485 |
| | | 7,932,287 |
| Managed Healthcare - 0.6% |
| Alignment Healthcare, Inc. (a) | 4,304 | 37,058 |
| Centene Corp. (a) | 5,926 | 439,769 |
| Elevance Health, Inc. | 2,579 | 1,216,153 |
| | Number
of Shares | Fair
Value |
| HealthEquity, Inc. (a) | 4,070 | $ 269,841 |
| Humana, Inc. | 1,377 | 630,404 |
| Molina Healthcare, Inc. (a) | 639 | 230,877 |
| Progyny, Inc. (a) | 3,895 | 144,816 |
| UnitedHealth Group, Inc. | 10,270 | 5,406,847 |
| | | 8,375,765 |
| Marine Transportation - 0.0%* |
| Eagle Bulk Shipping, Inc. | 475 | 26,315 |
| Genco Shipping & Trading Ltd. | 2,114 | 35,071 |
| Kirby Corp. (a) | 600 | 47,088 |
| Matson, Inc. | 1,668 | 182,813 |
| Pangaea Logistics Solutions Ltd. | 2,089 | 17,213 |
| | | 308,500 |
| Metal, Glass & Plastic Containers - 0.1% |
| AptarGroup, Inc. | 664 | 82,084 |
| Ball Corp. | 3,192 | 183,604 |
| Berry Global Group, Inc. | 1,218 | 82,081 |
| Crown Holdings, Inc. | 1,047 | 96,418 |
| Greif, Inc., Class A | 1,198 | 78,577 |
| Greif, Inc., Class B | 249 | 16,436 |
| Myers Industries, Inc. | 1,763 | 34,466 |
| O-I Glass, Inc. (a) | 7,695 | 126,044 |
| Silgan Holdings, Inc. | 923 | 41,766 |
| TriMas Corp. | 2,030 | 51,420 |
| | | 792,896 |
| Mortgage REITs - 0.1% |
| AFC Gamma, Inc. | 818 | 9,841 |
| AGNC Investment Corp. | 6,689 | 65,619 |
| Angel Oak Mortgage REIT, Inc. | 737 | 7,812 |
| Annaly Capital Management, Inc. | 6,275 | 121,547 |
| Apollo Commercial Real Estate Finance, Inc. | 6,997 | 82,145 |
| Arbor Realty Trust, Inc. | 9,026 | 137,015 |
| ARES Commercial Real Estate Corp. | 2,617 | 27,112 |
| ARMOUR Residential REIT, Inc. | 2,403 | 46,426 |
| Blackstone Mortgage Trust, Inc., Class A | 8,331 | 177,200 |
| BrightSpire Capital, Inc. | 6,279 | 46,716 |
| Chicago Atlantic Real Estate Finance, Inc. | 919 | 14,869 |
| Chimera Investment Corp. | 11,332 | 56,547 |
| Claros Mortgage Trust, Inc. | 4,448 | 60,626 |
| Dynex Capital, Inc. | 2,695 | 33,741 |
| Ellington Financial, Inc. | 3,759 | 47,777 |
| Franklin BSP Realty Trust, Inc. | 4,141 | 55,945 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 28 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Granite Point Mortgage Trust, Inc. | 2,546 | $ 15,123 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 5,129 | 141,458 |
| Invesco Mortgage Capital, Inc. | 2,126 | 18,836 |
| KKR Real Estate Finance Trust, Inc. | 2,854 | 37,758 |
| Ladder Capital Corp. | 5,560 | 63,996 |
| MFA Financial, Inc. | 5,009 | 56,451 |
| New York Mortgage Trust, Inc. | 4,418 | 37,686 |
| Nexpoint Real Estate Finance, Inc. | 483 | 7,607 |
| Orchid Island Capital, Inc. | 2,397 | 20,207 |
| PennyMac Mortgage Investment Trust | 4,338 | 64,853 |
| Ready Capital Corp. | 7,900 | 80,975 |
| Redwood Trust, Inc. | 5,529 | 40,970 |
| Rithm Capital Corp. | 4,700 | 50,196 |
| Starwood Property Trust, Inc. | 2,900 | 60,958 |
| TPG RE Finance Trust, Inc. | 3,497 | 22,730 |
| Two Harbors Investment Corp. | 4,778 | 66,558 |
| | | 1,777,300 |
| Motorcycle Manufacturers - 0.0%* |
| Harley-Davidson, Inc. | 1,500 | 55,260 |
| Movies & Entertainment - 0.4% |
| AMC Entertainment Holdings, Inc., Class A (a) | 929 | 5,686 |
| Atlanta Braves Holdings, Inc., Class A | 510 | 21,818 |
| Atlanta Braves Holdings, Inc., Class C (a) | 2,246 | 88,897 |
| Cinemark Holdings, Inc. (a) | 5,420 | 76,368 |
| IMAX Corp. (a) | 2,238 | 33,615 |
| Liberty Media Corp.-Liberty Formula One, Class A | 400 | 23,192 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 2,321 | 146,525 |
| Liberty Media Corp.-Liberty Live, Class A | 300 | 10,965 |
| Liberty Media Corp.-Liberty Live, Class C (a) | 473 | 17,686 |
| Lions Gate Entertainment Corp., Class A (a) | 2,959 | 32,253 |
| Lions Gate Entertainment Corp., Class B (a) | 5,776 | 58,857 |
| Live Nation Entertainment, Inc. (a) | 1,628 | 152,381 |
| Loop Media, Inc. (a) | 1,270 | 1,270 |
| Madison Square Garden Entertainment Corp. (a) | 1,979 | 62,912 |
| Madison Square Garden Sports Corp. (a) | 200 | 36,366 |
| Marcus Corp. | 1,240 | 18,079 |
| Netflix, Inc. (a) | 4,805 | 2,339,458 |
| | Number
of Shares | Fair
Value |
| Reservoir Media, Inc. (a) | 1,230 | $ 8,770 |
| Roku, Inc. (a) | 1,284 | 117,691 |
| Sphere Entertainment Co. (a) | 1,259 | 42,756 |
| Spotify Technology SA (a) | 1,495 | 280,925 |
| TKO Group Holdings, Inc. | 900 | 73,422 |
| Vivid Seats, Inc., Class A (a) | 1,298 | 8,203 |
| Walt Disney Co. | 20,156 | 1,819,885 |
| Warner Bros Discovery, Inc. (a) | 23,246 | 264,540 |
| | | 5,742,520 |
| Multi-Family Residential REITs - 0.1% |
| Apartment Income REIT Corp. | 1,351 | 46,920 |
| Apartment Investment & Management Co., Class A (a) | 7,286 | 57,049 |
| AvalonBay Communities, Inc. | 1,505 | 281,766 |
| BRT Apartments Corp. | 596 | 11,080 |
| Camden Property Trust | 1,038 | 103,063 |
| Centerspace | 734 | 42,719 |
| Clipper Realty, Inc. | 311 | 1,679 |
| Elme Communities | 4,379 | 63,933 |
| Equity Residential | 4,312 | 263,722 |
| Essex Property Trust, Inc. | 704 | 174,550 |
| Independence Realty Trust, Inc. | 10,901 | 166,785 |
| Mid-America Apartment Communities, Inc. | 1,224 | 164,579 |
| NexPoint Residential Trust, Inc. | 1,092 | 37,598 |
| UDR, Inc. | 3,347 | 128,157 |
| Veris Residential, Inc. | 3,941 | 61,992 |
| | | 1,605,592 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 7,875 | 533,531 |
| Assurant, Inc. | 536 | 90,311 |
| Horace Mann Educators Corp. | 2,020 | 66,054 |
| | | 689,896 |
| Multi-Sector Holdings - 0.5% |
| Berkshire Hathaway, Inc., Class B (a) | 20,224 | 7,213,092 |
| Cannae Holdings, Inc. (a) | 3,279 | 63,973 |
| Compass Diversified Holdings | 3,104 | 69,685 |
| | | 7,346,750 |
| Multi-Utilities - 0.3% |
| Ameren Corp. | 2,951 | 213,475 |
| Avista Corp. | 3,740 | 133,668 |
| Black Hills Corp. | 3,312 | 178,682 |
| CenterPoint Energy, Inc. | 7,437 | 212,475 |
| CMS Energy Corp. | 3,000 | 174,210 |
| Consolidated Edison, Inc. | 3,839 | 349,234 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 29 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Dominion Energy, Inc. | 9,142 | $ 429,674 |
| DTE Energy Co. | 2,184 | 240,808 |
| NiSource, Inc. | 4,213 | 111,855 |
| Northwestern Energy Group, Inc. | 2,988 | 152,059 |
| Public Service Enterprise Group, Inc. | 5,669 | 346,659 |
| Sempra | 6,878 | 513,993 |
| Unitil Corp. | 775 | 40,742 |
| WEC Energy Group, Inc. | 3,474 | 292,407 |
| | | 3,389,941 |
| Office REITs - 0.1% |
| Alexandria Real Estate Equities, Inc. | 1,892 | 239,849 |
| Boston Properties, Inc. | 1,600 | 112,272 |
| Brandywine Realty Trust | 8,272 | 44,669 |
| City Office REIT, Inc. | 1,911 | 11,676 |
| COPT Defense Properties | 5,592 | 143,323 |
| Cousins Properties, Inc. | 1,600 | 38,960 |
| Douglas Emmett, Inc. | 7,766 | 112,607 |
| Easterly Government Properties, Inc. | 4,574 | 61,475 |
| Equity Commonwealth | 4,903 | 94,138 |
| Highwoods Properties, Inc. | 1,300 | 29,848 |
| Hudson Pacific Properties, Inc. | 6,750 | 62,842 |
| JBG SMITH Properties | 5,054 | 85,969 |
| Kilroy Realty Corp. | 1,322 | 52,668 |
| NET Lease Office Properties | 142 | 2,624 |
| Office Properties Income Trust | 2,523 | 18,468 |
| Orion Office REIT, Inc. | 2,758 | 15,776 |
| Paramount Group, Inc. | 9,034 | 46,706 |
| Peakstone Realty Trust | 1,699 | 33,861 |
| Piedmont Office Realty Trust, Inc., Class A | 6,000 | 42,660 |
| Postal Realty Trust, Inc., Class A | 879 | 12,798 |
| SL Green Realty Corp. | 3,213 | 145,131 |
| Vornado Realty Trust | 2,100 | 59,325 |
| | | 1,467,645 |
| Office Services & Supplies - 0.0%* |
| ACCO Brands Corp. | 4,648 | 28,260 |
| CompX International, Inc. | 19 | 480 |
| HNI Corp. | 2,281 | 95,414 |
| Interface, Inc. | 2,878 | 36,320 |
| MillerKnoll, Inc. | 3,548 | 94,661 |
| MSA Safety, Inc. | 400 | 67,532 |
| NL Industries, Inc. | 196 | 1,100 |
| Pitney Bowes, Inc. | 8,801 | 38,724 |
| Steelcase, Inc., Class A | 4,540 | 61,381 |
| | | 423,872 |
| | Number
of Shares | Fair
Value |
| Oil & Gas Drilling - 0.1% |
| Diamond Offshore Drilling, Inc. (a) | 5,068 | $ 65,884 |
| Helmerich & Payne, Inc. | 4,706 | 170,451 |
| Nabors Industries Ltd. (a) | 432 | 35,264 |
| Noble Corp. PLC | 5,509 | 265,313 |
| Patterson-UTI Energy, Inc. | 17,096 | 184,637 |
| Valaris Ltd. (a) | 2,922 | 200,362 |
| | | 921,911 |
| Oil & Gas Equipment & Services - 0.3% |
| Archrock, Inc. | 6,874 | 105,860 |
| Atlas Energy Solutions, Inc. | 888 | 15,291 |
| Baker Hughes Co. | 11,033 | 377,108 |
| Bristow Group, Inc. (a) | 1,104 | 31,210 |
| Cactus, Inc., Class A | 3,204 | 145,462 |
| ChampionX Corp. | 9,489 | 277,174 |
| Core Laboratories, Inc. | 2,215 | 39,117 |
| DMC Global, Inc. (a) | 1,076 | 20,250 |
| Dril-Quip, Inc. (a) | 1,695 | 39,443 |
| Expro Group Holdings NV (a) | 4,284 | 68,201 |
| Forum Energy Technologies, Inc. (a) | 546 | 12,105 |
| Halliburton Co. | 9,982 | 360,849 |
| Helix Energy Solutions Group, Inc. (a) | 7,071 | 72,690 |
| KLX Energy Services Holdings, Inc. (a) | 758 | 8,535 |
| Kodiak Gas Services, Inc. | 789 | 15,843 |
| Liberty Energy, Inc. | 7,929 | 143,832 |
| Mammoth Energy Services, Inc. (a) | 1,472 | 6,565 |
| Newpark Resources, Inc. (a) | 3,920 | 26,029 |
| NOV, Inc. | 4,000 | 81,120 |
| Oceaneering International, Inc. (a) | 4,966 | 105,676 |
| Oil States International, Inc. (a) | 3,193 | 21,680 |
| ProFrac Holding Corp., Class A (a) | 1,443 | 12,237 |
| ProPetro Holding Corp. (a) | 4,810 | 40,308 |
| Ranger Energy Services, Inc. | 863 | 8,828 |
| RPC, Inc. | 3,971 | 28,909 |
| Schlumberger N.V. | 15,550 | 809,222 |
| SEACOR Marine Holdings, Inc. (a) | 1,324 | 16,669 |
| Select Water Solutions, Inc. | 4,250 | 32,257 |
| Solaris Oilfield Infrastructure, Inc., Class A | 1,548 | 12,322 |
| Tenaris SA | 4,793 | 83,363 |
| TETRA Technologies, Inc. (a) | 5,832 | 26,361 |
| Tidewater, Inc. (a) | 2,242 | 161,671 |
| U.S. Silica Holdings, Inc. (a) | 3,560 | 40,264 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 30 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Weatherford International PLC (a) | 3,452 | $ 337,709 |
| | | 3,584,160 |
| Oil & Gas Exploration & Production - 0.6% |
| Amplify Energy Corp. (a) | 1,763 | 10,455 |
| Antero Resources Corp. (a) | 2,800 | 63,504 |
| APA Corp. | 3,600 | 129,168 |
| Berry Corp. | 3,492 | 24,549 |
| California Resources Corp. | 3,368 | 184,162 |
| Callon Petroleum Co. (a) | 3,025 | 98,010 |
| Chesapeake Energy Corp. | 1,300 | 100,022 |
| Chord Energy Corp. | 2,029 | 337,281 |
| Civitas Resources, Inc. | 3,917 | 267,844 |
| CNX Resources Corp. (a) | 7,561 | 151,220 |
| Comstock Resources, Inc. | 4,335 | 38,365 |
| ConocoPhillips | 13,172 | 1,528,874 |
| Coterra Energy, Inc. | 8,427 | 215,057 |
| Crescent Energy Co., Class A | 3,839 | 50,713 |
| Devon Energy Corp. | 7,129 | 322,944 |
| Diamondback Energy, Inc. | 1,931 | 299,459 |
| Empire Petroleum Corp. (a) | 548 | 6,022 |
| EOG Resources, Inc. | 6,553 | 792,585 |
| EQT Corp. | 3,702 | 143,119 |
| Evolution Petroleum Corp. | 1,728 | 10,040 |
| Granite Ridge Resources, Inc. | 1,530 | 9,211 |
| Gulfport Energy Corp. (a) | 538 | 71,662 |
| Hess Corp. | 3,013 | 434,354 |
| HighPeak Energy, Inc. | 697 | 9,925 |
| Magnolia Oil & Gas Corp., Class A | 8,674 | 184,669 |
| Marathon Oil Corp. | 6,287 | 151,894 |
| Matador Resources Co. | 5,493 | 312,332 |
| Murphy Oil Corp. | 7,204 | 307,323 |
| Northern Oil & Gas, Inc. | 4,251 | 157,585 |
| Ovintiv, Inc. | 2,800 | 122,976 |
| Permian Resources Corp. | 19,114 | 259,950 |
| Pioneer Natural Resources Co. | 2,519 | 566,473 |
| PrimeEnergy Resources Corp. (a) | 26 | 2,765 |
| Range Resources Corp. | 2,600 | 79,144 |
| Riley Exploration Permian, Inc. | 493 | 13,429 |
| Ring Energy, Inc. (a) | 6,806 | 9,937 |
| SandRidge Energy, Inc. | 1,610 | 22,009 |
| SilverBow Resources, Inc. (a) | 963 | 28,004 |
| Sitio Royalties Corp., Class A | 3,982 | 93,617 |
| SM Energy Co. | 5,720 | 221,478 |
| Southwestern Energy Co. (a) | 12,300 | 80,565 |
| Talos Energy, Inc. (a) | 5,418 | 77,098 |
| Tellurian, Inc. (a) | 26,470 | 20,001 |
| Texas Pacific Land Corp. | 65 | 102,209 |
| VAALCO Energy, Inc. | 5,467 | 24,547 |
| Vital Energy, Inc. (a) | 1,163 | 52,905 |
| | Number
of Shares | Fair
Value |
| Vitesse Energy, Inc. | 1,256 | $ 27,494 |
| W&T Offshore, Inc. | 5,025 | 16,381 |
| | | 8,233,330 |
| Oil & Gas Refining & Marketing - 0.2% |
| Clean Energy Fuels Corp. (a) | 7,925 | 30,353 |
| CVR Energy, Inc. | 1,404 | 42,541 |
| Delek U.S. Holdings, Inc. | 3,218 | 83,024 |
| FutureFuel Corp. | 1,304 | 7,928 |
| Gevo, Inc. (a) | 12,920 | 14,987 |
| Green Plains, Inc. (a) | 2,861 | 72,154 |
| HF Sinclair Corp. | 1,600 | 88,912 |
| Marathon Petroleum Corp. | 4,068 | 603,529 |
| Par Pacific Holdings, Inc. (a) | 2,729 | 99,254 |
| PBF Energy, Inc., Class A | 5,404 | 237,560 |
| Phillips 66 | 4,941 | 657,845 |
| REX American Resources Corp. (a) | 779 | 36,847 |
| Valero Energy Corp. | 3,786 | 492,180 |
| Vertex Energy, Inc. (a) | 3,590 | 12,170 |
| World Kinect Corp. | 2,977 | 67,816 |
| | | 2,547,100 |
| Oil & Gas Storage & Transportation - 0.2% |
| Antero Midstream Corp. | 4,100 | 51,373 |
| Cheniere Energy, Inc. | 2,579 | 440,261 |
| DHT Holdings, Inc. | 6,737 | 66,090 |
| Dorian LPG Ltd. | 1,571 | 68,920 |
| DT Midstream, Inc. (a) | 1,150 | 63,020 |
| Equitrans Midstream Corp. | 21,135 | 215,154 |
| Excelerate Energy, Inc., Class A | 892 | 13,790 |
| International Seaways, Inc. | 2,005 | 91,187 |
| Kinder Morgan, Inc. | 21,317 | 376,032 |
| Kinetik Holdings, Inc. | 862 | 28,791 |
| New Fortress Energy, Inc. | 900 | 33,957 |
| NextDecade Corp. (a) | 3,889 | 18,551 |
| Nordic American Tankers Ltd. | 9,958 | 41,824 |
| ONEOK, Inc. | 6,455 | 453,270 |
| Overseas Shipholding Group, Inc., Class A | 3,535 | 18,629 |
| Targa Resources Corp. | 2,647 | 229,945 |
| Williams Cos., Inc. | 13,037 | 454,079 |
| | | 2,664,873 |
| Other Specialized REITs - 0.1% |
| EPR Properties | 700 | 33,915 |
| Farmland Partners, Inc. | 2,225 | 27,768 |
| Four Corners Property Trust, Inc. | 4,286 | 108,436 |
| Gaming & Leisure Properties, Inc. | 3,111 | 153,528 |
| Gladstone Land Corp. | 1,686 | 24,362 |
| Iron Mountain, Inc. | 3,300 | 230,934 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 31 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Lamar Advertising Co., Class A | 900 | $ 95,652 |
| Outfront Media, Inc. | 7,287 | 101,726 |
| Safehold, Inc. | 2,312 | 54,101 |
| Uniti Group, Inc. | 11,701 | 67,632 |
| VICI Properties, Inc. | 11,159 | 355,749 |
| | | 1,253,803 |
| Other Specialty Retail - 0.1% |
| 1-800-Flowers.com, Inc., Class A (a) | 1,508 | 16,256 |
| Academy Sports & Outdoors, Inc. | 3,500 | 231,000 |
| BARK, Inc. (a) | 5,659 | 4,558 |
| Bath & Body Works, Inc. | 2,298 | 99,182 |
| Big 5 Sporting Goods Corp. | 1,275 | 8,083 |
| Build-A-Bear Workshop, Inc. | 719 | 16,530 |
| Dick's Sporting Goods, Inc. | 687 | 100,955 |
| Envela Corp. (a) | 265 | 1,288 |
| Five Below, Inc. (a) | 600 | 127,896 |
| Hibbett, Inc. | 633 | 45,589 |
| Leslie's, Inc. (a) | 8,662 | 59,854 |
| MarineMax, Inc. (a) | 1,034 | 40,223 |
| National Vision Holdings, Inc. (a) | 3,822 | 79,994 |
| ODP Corp. (a) | 1,622 | 91,319 |
| PetMed Express, Inc. | 940 | 7,106 |
| Rent the Runway, Inc., Class A (a) | 1,423 | 751 |
| Sally Beauty Holdings, Inc. (a) | 5,262 | 69,879 |
| Signet Jewelers Ltd. | 2,157 | 231,360 |
| Sportsman's Warehouse Holdings, Inc. (a) | 2,306 | 9,824 |
| Tractor Supply Co. | 1,203 | 258,681 |
| Ulta Beauty, Inc. (a) | 582 | 285,174 |
| Warby Parker, Inc., Class A (a) | 4,024 | 56,738 |
| Winmark Corp. | 140 | 58,457 |
| | | 1,900,697 |
| Packaged Foods & Meats - 0.6% |
| B&G Foods, Inc. | 3,441 | 36,131 |
| Beyond Meat, Inc. (a) | 2,947 | 26,228 |
| BRC, Inc., Class A (a) | 2,341 | 8,498 |
| Calavo Growers, Inc. | 866 | 25,469 |
| Cal-Maine Foods, Inc. | 2,045 | 117,363 |
| Campbell Soup Co. | 2,000 | 86,460 |
| Conagra Brands, Inc. | 5,700 | 163,362 |
| Dole PLC | 3,476 | 42,720 |
| Flowers Foods, Inc. | 2,100 | 47,271 |
| Freshpet, Inc. (a) | 600 | 52,056 |
| General Mills, Inc. | 6,430 | 418,850 |
| Hain Celestial Group, Inc. (a) | 4,354 | 47,676 |
| Hershey Co. | 1,594 | 297,185 |
| Hormel Foods Corp. | 2,978 | 95,624 |
| | Number
of Shares | Fair
Value |
| J & J Snack Foods Corp. | 746 | $ 124,686 |
| J M Smucker Co. | 1,221 | 154,310 |
| JBS SA | 12,000 | 61,537 |
| John B Sanfilippo & Son, Inc. | 436 | 44,925 |
| Kellanova | 3,150 | 176,116 |
| Kraft Heinz Co. | 9,029 | 333,892 |
| Lamb Weston Holdings, Inc. | 1,586 | 171,431 |
| Lancaster Colony Corp. | 943 | 156,906 |
| McCormick & Co., Inc. | 2,577 | 176,318 |
| Mission Produce, Inc. (a) | 2,440 | 24,620 |
| Mondelez International, Inc., Class A | 15,202 | 1,101,081 |
| Nestle S.A. | 27,686 | 3,207,583 |
| Pilgrim's Pride Corp. (a) | 1,000 | 27,660 |
| Post Holdings, Inc. (a) | 600 | 52,836 |
| Seaboard Corp. | 1 | 3,570 |
| Seneca Foods Corp., Class A (a) | 250 | 13,110 |
| Simply Good Foods Co. (a) | 4,386 | 173,686 |
| Sovos Brands, Inc. (a) | 2,672 | 58,864 |
| TreeHouse Foods, Inc. (a) | 2,548 | 105,615 |
| Tyson Foods, Inc., Class A | 3,332 | 179,095 |
| Utz Brands, Inc. | 3,587 | 58,253 |
| Vital Farms, Inc. (a) | 1,473 | 23,111 |
| Westrock Coffee Co. (a) | 1,577 | 16,101 |
| WK Kellogg Co. | 762 | 10,013 |
| | | 7,920,212 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Amcor PLC | 17,600 | 169,664 |
| Avery Dennison Corp. | 842 | 170,219 |
| Graphic Packaging Holding Co. | 3,000 | 73,950 |
| International Paper Co. | 3,623 | 130,971 |
| Packaging Corp. of America | 1,083 | 176,431 |
| Pactiv Evergreen, Inc. | 1,853 | 25,405 |
| Ranpak Holdings Corp. (a) | 2,152 | 12,525 |
| Sealed Air Corp. | 1,505 | 54,963 |
| Sonoco Products Co. | 1,100 | 61,457 |
| Westrock Co. | 2,600 | 107,952 |
| | | 983,537 |
| Paper Products - 0.0%* |
| Clearwater Paper Corp. (a) | 841 | 30,377 |
| Glatfelter Corp. (a) | 2,964 | 5,750 |
| Sylvamo Corp. | 1,798 | 88,300 |
| | | 124,427 |
| Passenger Airlines - 0.1% |
| Alaska Air Group, Inc. (a) | 1,521 | 59,425 |
| Allegiant Travel Co. | 787 | 65,014 |
| American Airlines Group, Inc. (a) | 8,100 | 111,294 |
| Blade Air Mobility, Inc. (a) | 2,879 | 10,163 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 32 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Delta Air Lines, Inc. | 7,457 | $ 299,995 |
| Frontier Group Holdings, Inc. (a) | 2,152 | 11,750 |
| Hawaiian Holdings, Inc. (a) | 2,563 | 36,395 |
| JetBlue Airways Corp. (a) | 16,321 | 90,582 |
| Joby Aviation, Inc. (a) | 13,757 | 91,484 |
| SkyWest, Inc. (a) | 2,018 | 105,340 |
| Southwest Airlines Co. | 6,162 | 177,959 |
| Spirit Airlines, Inc. | 5,406 | 88,604 |
| Sun Country Airlines Holdings, Inc. (a) | 1,891 | 29,745 |
| United Airlines Holdings, Inc. (a) | 3,866 | 159,511 |
| | | 1,337,261 |
| Passenger Ground Transportation - 0.1% |
| Avis Budget Group, Inc. | 200 | 35,452 |
| Hertz Global Holdings, Inc. (a) | 1,800 | 18,702 |
| Lyft, Inc., Class A (a) | 3,215 | 48,193 |
| Uber Technologies, Inc. (a) | 21,659 | 1,333,544 |
| | | 1,435,891 |
| Personal Care Products - 0.2% |
| Beauty Health Co. (a) | 4,099 | 12,748 |
| BellRing Brands, Inc. (a) | 6,398 | 354,641 |
| Coty, Inc., Class A (a) | 4,300 | 53,406 |
| Edgewell Personal Care Co. | 2,529 | 92,637 |
| elf Beauty, Inc. (a) | 2,618 | 377,882 |
| Estee Lauder Cos., Inc., Class A | 2,566 | 375,278 |
| Haleon PLC | 57,046 | 233,911 |
| Herbalife Ltd. (a) | 4,859 | 74,148 |
| Inter Parfums, Inc. | 909 | 130,905 |
| Kenvue, Inc. | 18,974 | 408,510 |
| Medifast, Inc. | 521 | 35,022 |
| Nature's Sunshine Products, Inc. (a) | 762 | 13,175 |
| Nu Skin Enterprises, Inc., Class A | 2,363 | 45,890 |
| USANA Health Sciences, Inc. (a) | 529 | 28,354 |
| Waldencast PLC, Class A | 1,646 | 18,007 |
| | | 2,254,514 |
| Pharmaceuticals - 1.7% |
| Aclaris Therapeutics, Inc. (a) | 3,483 | 3,657 |
| Amneal Pharmaceuticals, Inc. (a) | 6,137 | 37,252 |
| Amphastar Pharmaceuticals, Inc. (a) | 1,878 | 116,154 |
| Amylyx Pharmaceuticals, Inc. (a) | 2,382 | 35,063 |
| ANI Pharmaceuticals, Inc. (a) | 683 | 37,661 |
| Arvinas, Inc. (a) | 2,419 | 99,566 |
| Assertio Holdings, Inc. (a) | 4,951 | 5,298 |
| | Number
of Shares | Fair
Value |
| Atea Pharmaceuticals, Inc. (a) | 4,300 | $ 13,115 |
| Axsome Therapeutics, Inc. (a) | 1,742 | 138,646 |
| Biote Corp., Class A (a) | 488 | 2,411 |
| Bright Green Corp. (a) | 2,110 | 696 |
| Bristol-Myers Squibb Co. | 22,729 | 1,166,225 |
| Cara Therapeutics, Inc. (a) | 2,213 | 1,644 |
| Cassava Sciences, Inc. (a) | 1,945 | 43,782 |
| Catalent, Inc. (a) | 1,829 | 82,177 |
| Citius Pharmaceuticals, Inc. (a) | 7,925 | 5,995 |
| Collegium Pharmaceutical, Inc. (a) | 1,690 | 52,018 |
| Corcept Therapeutics, Inc. (a) | 3,968 | 128,881 |
| CorMedix, Inc. (a) | 2,986 | 11,227 |
| Cymabay Therapeutics, Inc. (a) | 5,450 | 128,729 |
| Edgewise Therapeutics, Inc. (a) | 1,946 | 21,289 |
| Elanco Animal Health, Inc. (a) | 4,882 | 72,742 |
| Eli Lilly & Co. | 9,288 | 5,414,161 |
| Enliven Therapeutics, Inc. (a) | 1,129 | 15,625 |
| Evolus, Inc. (a) | 2,252 | 23,714 |
| Eyenovia, Inc. (a) | 973 | 2,024 |
| EyePoint Pharmaceuticals, Inc. (a) | 1,263 | 29,188 |
| GSK PLC | 42,387 | 783,615 |
| Harmony Biosciences Holdings, Inc. (a) | 1,605 | 51,841 |
| Harrow, Inc. (a) | 1,577 | 17,662 |
| Ikena Oncology, Inc. (a) | 1,532 | 3,018 |
| Innoviva, Inc. (a) | 3,075 | 49,323 |
| Intra-Cellular Therapies, Inc. (a) | 4,537 | 324,940 |
| Jazz Pharmaceuticals PLC (a) | 600 | 73,800 |
| Johnson & Johnson | 26,574 | 4,165,209 |
| Ligand Pharmaceuticals, Inc. (a) | 814 | 58,136 |
| Liquidia Corp. (a) | 2,289 | 27,537 |
| Longboard Pharmaceuticals, Inc. (a) | 543 | 3,274 |
| Marinus Pharmaceuticals, Inc. (a) | 2,335 | 25,381 |
| Merck & Co., Inc. | 27,992 | 3,051,688 |
| Neumora Therapeutics, Inc. | 741 | 12,634 |
| NGM Biopharmaceuticals, Inc. (a) | 1,322 | 1,136 |
| Nuvation Bio, Inc. (a) | 8,262 | 12,476 |
| Ocular Therapeutix, Inc. (a) | 3,775 | 16,836 |
| Omeros Corp. (a) | 3,476 | 11,367 |
| Optinose, Inc. (a) | 2,541 | 3,278 |
| Organon & Co. | 2,790 | 40,232 |
| Pacira BioSciences, Inc. (a) | 2,268 | 76,522 |
| Perrigo Co. PLC | 1,600 | 51,488 |
| Pfizer, Inc. | 62,295 | 1,793,473 |
| Phathom Pharmaceuticals, Inc. (a) | 1,676 | 15,302 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 33 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Phibro Animal Health Corp., Class A | 956 | $ 11,070 |
| Pliant Therapeutics, Inc. (a) | 2,704 | 48,969 |
| Prestige Consumer Healthcare, Inc. (a) | 2,471 | 151,275 |
| Revance Therapeutics, Inc. (a) | 4,362 | 38,342 |
| Roche Holding AG | 7,609 | 2,216,966 |
| Royalty Pharma PLC, Class A | 4,500 | 126,405 |
| Sanofi SA | 11,791 | 1,169,118 |
| scPharmaceuticals, Inc. (a) | 1,641 | 10,289 |
| SIGA Technologies, Inc. | 2,314 | 12,958 |
| Supernus Pharmaceuticals, Inc. (a) | 2,412 | 69,803 |
| Taro Pharmaceutical Industries Ltd. (a) | 451 | 18,843 |
| Tarsus Pharmaceuticals, Inc. (a) | 1,282 | 25,960 |
| Terns Pharmaceuticals, Inc. (a) | 2,422 | 15,719 |
| Theravance Biopharma, Inc. (a) | 2,565 | 28,831 |
| Theseus Pharmaceuticals, Inc. (a) | 898 | 3,637 |
| Third Harmonic Bio, Inc. (a) | 1,193 | 13,087 |
| Trevi Therapeutics, Inc. (a) | 1,451 | 1,944 |
| Ventyx Biosciences, Inc. (a) | 2,439 | 6,024 |
| Verrica Pharmaceuticals, Inc. (a) | 727 | 5,322 |
| Viatris, Inc. | 12,200 | 132,126 |
| WaVe Life Sciences Ltd. (a) | 3,292 | 16,625 |
| Xeris Biopharma Holdings, Inc. (a) | 6,977 | 16,396 |
| Zevra Therapeutics, Inc. (a) | 1,969 | 12,897 |
| Zoetis, Inc. | 5,222 | 1,030,666 |
| | | 23,542,380 |
| Property & Casualty Insurance - 0.4% |
| Allstate Corp. | 2,891 | 404,682 |
| Ambac Financial Group, Inc. (a) | 2,222 | 36,618 |
| American Coastal Insurance Corp., Class C (a) | 1,163 | 11,002 |
| American Financial Group, Inc. | 881 | 104,742 |
| AMERISAFE, Inc. | 950 | 44,441 |
| Arch Capital Group Ltd. (a) | 4,000 | 297,080 |
| Assured Guaranty Ltd. | 700 | 52,381 |
| Axis Capital Holdings Ltd. | 900 | 49,833 |
| Chubb Ltd. | 4,469 | 1,009,994 |
| Cincinnati Financial Corp. | 1,865 | 192,953 |
| CNA Financial Corp. | 100 | 4,231 |
| Donegal Group, Inc., Class A | 770 | 10,772 |
| Employers Holdings, Inc. | 1,277 | 50,314 |
| Fidelity National Financial, Inc. | 2,700 | 137,754 |
| First American Financial Corp. | 1,100 | 70,884 |
| | Number
of Shares | Fair
Value |
| Hanover Insurance Group, Inc. | 400 | $ 48,568 |
| Hartford Financial Services Group, Inc. | 3,394 | 272,810 |
| HCI Group, Inc. | 308 | 26,919 |
| Investors Title Co. | 65 | 10,539 |
| James River Group Holdings Ltd. | 1,857 | 17,159 |
| Kemper Corp. | 600 | 29,202 |
| Kinsale Capital Group, Inc. | 292 | 97,794 |
| Lemonade, Inc. (a) | 2,471 | 39,857 |
| Loews Corp. | 2,200 | 153,098 |
| Markel Group, Inc. (a) | 140 | 198,786 |
| MBIA, Inc. | 2,132 | 13,048 |
| Mercury General Corp. | 1,311 | 48,913 |
| NI Holdings, Inc. (a) | 515 | 6,690 |
| Old Republic International Corp. | 3,310 | 97,314 |
| Palomar Holdings, Inc. (a) | 1,200 | 66,600 |
| ProAssurance Corp. | 2,596 | 35,799 |
| Progressive Corp. | 6,367 | 1,014,136 |
| RLI Corp. | 400 | 53,248 |
| Safety Insurance Group, Inc. | 703 | 53,421 |
| Selective Insurance Group, Inc. | 2,918 | 290,283 |
| Skyward Specialty Insurance Group, Inc. (a) | 1,188 | 40,249 |
| Stewart Information Services Corp. | 1,317 | 77,374 |
| Tiptree, Inc. | 1,100 | 20,856 |
| Travelers Cos., Inc. | 2,491 | 474,511 |
| Trupanion, Inc. (a) | 1,971 | 60,135 |
| United Fire Group, Inc. | 1,072 | 21,569 |
| Universal Insurance Holdings, Inc. | 1,328 | 21,221 |
| W R Berkley Corp. | 2,131 | 150,704 |
| White Mountains Insurance Group Ltd. | 24 | 36,120 |
| | | 5,954,604 |
| Publishing - 0.0%* |
| Daily Journal Corp. (a) | 62 | 21,131 |
| Gannett Co., Inc. (a) | 7,293 | 16,774 |
| John Wiley & Sons, Inc., Class A | 1,816 | 57,640 |
| New York Times Co., Class A | 1,601 | 78,433 |
| News Corp., Class A | 3,894 | 95,598 |
| News Corp., Class B | 1,974 | 50,771 |
| Scholastic Corp. | 1,333 | 50,254 |
| | | 370,601 |
| Rail Transportation - 0.2% |
| CSX Corp. | 21,784 | 755,251 |
| FTAI Infrastructure, Inc. | 5,430 | 21,123 |
| Norfolk Southern Corp. | 2,538 | 599,932 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 34 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Union Pacific Corp. | 6,719 | $ 1,650,321 |
| | | 3,026,627 |
| Real Estate Development - 0.0%* |
| Forestar Group, Inc. (a) | 921 | 30,457 |
| Howard Hughes Holdings, Inc. (a) | 400 | 34,220 |
| Maui Land & Pineapple Co., Inc. (a) | 479 | 7,611 |
| Star Holdings (a) | 599 | 8,973 |
| Stratus Properties, Inc. (a) | 332 | 9,582 |
| | | 90,843 |
| Real Estate Operating Companies - 0.0%* |
| DigitalBridge Group, Inc. | 8,022 | 140,706 |
| FRP Holdings, Inc. (a) | 360 | 22,637 |
| Kennedy-Wilson Holdings, Inc. | 5,962 | 73,809 |
| Transcontinental Realty Investors, Inc. (a) | 80 | 2,765 |
| | | 239,917 |
| Real Estate Services - 0.1% |
| Anywhere Real Estate, Inc. (a) | 5,207 | 42,229 |
| CBRE Group, Inc., Class A (a) | 3,182 | 296,212 |
| Compass, Inc., Class A (a) | 14,506 | 54,542 |
| CoStar Group, Inc. (a) | 4,428 | 386,963 |
| Cushman & Wakefield PLC (a) | 8,175 | 88,290 |
| Douglas Elliman, Inc. | 3,725 | 10,989 |
| eXp World Holdings, Inc. | 3,389 | 52,597 |
| Jones Lang LaSalle, Inc. (a) | 500 | 94,435 |
| Marcus & Millichap, Inc. | 1,196 | 52,241 |
| Newmark Group, Inc., Class A | 6,731 | 73,772 |
| Opendoor Technologies, Inc. (a) | 26,964 | 120,799 |
| RE/MAX Holdings, Inc., Class A | 1,016 | 13,543 |
| Redfin Corp. (a) | 5,171 | 53,365 |
| Zillow Group, Inc., Class A (a) | 400 | 22,688 |
| Zillow Group, Inc., Class C (a) | 1,400 | 81,004 |
| | | 1,443,669 |
| Regional Banks - 1.0% |
| 1st Source Corp. | 811 | 44,564 |
| ACNB Corp. | 404 | 18,083 |
| Amalgamated Financial Corp. | 880 | 23,707 |
| Amerant Bancorp, Inc. | 1,301 | 31,966 |
| American National Bankshares, Inc. | 523 | 25,496 |
| Ameris Bancorp | 3,197 | 169,601 |
| Ames National Corp. | 510 | 10,883 |
| Arrow Financial Corp. | 694 | 19,390 |
| Associated Banc-Corp. | 7,309 | 156,340 |
| Atlantic Union Bankshares Corp. | 3,721 | 135,965 |
| | Number
of Shares | Fair
Value |
| Axos Financial, Inc. (a) | 2,679 | $ 146,273 |
| Banc of California, Inc. | 6,473 | 86,932 |
| BancFirst Corp. | 1,089 | 105,992 |
| Bancorp, Inc. (a) | 2,504 | 96,554 |
| Bank First Corp. | 453 | 39,257 |
| Bank of Hawaii Corp. | 1,944 | 140,862 |
| Bank of Marin Bancorp | 889 | 19,576 |
| Bank OZK | 1,200 | 59,796 |
| Bank7 Corp. | 130 | 3,556 |
| BankUnited, Inc. | 3,681 | 119,375 |
| Bankwell Financial Group, Inc. | 294 | 8,873 |
| Banner Corp. | 1,688 | 90,409 |
| Bar Harbor Bankshares | 763 | 22,402 |
| BayCom Corp. | 604 | 14,248 |
| BCB Bancorp, Inc. | 722 | 9,278 |
| Berkshire Hills Bancorp, Inc. | 2,153 | 53,459 |
| Blue Foundry Bancorp (a) | 1,248 | 12,068 |
| Blue Ridge Bankshares, Inc. | 866 | 2,624 |
| BOK Financial Corp. | 300 | 25,695 |
| Bridgewater Bancshares, Inc. (a) | 1,007 | 13,615 |
| Brookline Bancorp, Inc. | 4,252 | 46,389 |
| Burke & Herbert Financial Services Corp. | 355 | 22,330 |
| Business First Bancshares, Inc. | 1,214 | 29,925 |
| Byline Bancorp, Inc. | 1,247 | 29,379 |
| C&F Financial Corp. | 189 | 12,888 |
| Cadence Bank | 8,827 | 261,191 |
| Cambridge Bancorp | 385 | 26,719 |
| Camden National Corp. | 721 | 27,131 |
| Capital Bancorp, Inc. | 466 | 11,277 |
| Capital City Bank Group, Inc. | 674 | 19,836 |
| Capitol Federal Financial, Inc. | 6,182 | 39,874 |
| Capstar Financial Holdings, Inc. | 952 | 17,840 |
| Carter Bankshares, Inc. (a) | 1,246 | 18,653 |
| Cathay General Bancorp | 3,448 | 153,677 |
| Central Pacific Financial Corp. | 1,345 | 26,470 |
| Central Valley Community Bancorp | 593 | 13,254 |
| Chemung Financial Corp. | 210 | 10,458 |
| ChoiceOne Financial Services, Inc. | 410 | 12,013 |
| Citizens & Northern Corp. | 837 | 18,774 |
| Citizens Financial Group, Inc. | 5,152 | 170,737 |
| Citizens Financial Services, Inc. | 223 | 14,433 |
| City Holding Co. | 732 | 80,710 |
| Civista Bancshares, Inc. | 750 | 13,830 |
| CNB Financial Corp. | 1,059 | 23,923 |
| Coastal Financial Corp. (a) | 584 | 25,935 |
| Codorus Valley Bancorp, Inc. | 541 | 13,904 |
| Colony Bankcorp, Inc. | 836 | 11,119 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 35 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Columbia Banking System, Inc. | 2,293 | $ 61,177 |
| Columbia Financial, Inc. (a) | 1,479 | 28,515 |
| Commerce Bancshares, Inc. | 1,179 | 62,970 |
| Community Bank System, Inc. | 2,640 | 137,570 |
| Community Trust Bancorp, Inc. | 779 | 34,167 |
| ConnectOne Bancorp, Inc. | 1,798 | 41,192 |
| CrossFirst Bankshares, Inc. (a) | 2,247 | 30,514 |
| Cullen/Frost Bankers, Inc. | 600 | 65,094 |
| Customers Bancorp, Inc. (a) | 1,407 | 81,071 |
| CVB Financial Corp. | 6,594 | 133,133 |
| Dime Community Bancshares, Inc. | 1,699 | 45,754 |
| Eagle Bancorp, Inc. | 1,521 | 45,843 |
| East West Bancorp, Inc. | 1,393 | 100,226 |
| Eastern Bankshares, Inc. | 7,660 | 108,772 |
| Enterprise Bancorp, Inc. | 453 | 14,614 |
| Enterprise Financial Services Corp. | 1,787 | 79,790 |
| Equity Bancshares, Inc., Class A | 760 | 25,764 |
| Esquire Financial Holdings, Inc. | 378 | 18,885 |
| ESSA Bancorp, Inc. | 531 | 10,631 |
| Evans Bancorp, Inc. | 312 | 9,837 |
| Farmers & Merchants Bancorp, Inc. | 611 | 15,153 |
| Farmers National Banc Corp. | 1,861 | 26,891 |
| FB Financial Corp. | 1,743 | 69,459 |
| Fidelity D&D Bancorp, Inc. | 267 | 15,494 |
| Financial Institutions, Inc. | 732 | 15,592 |
| First Bancorp | 1,956 | 72,392 |
| First Bancorp, Inc. | 476 | 13,433 |
| First Bancshares, Inc. | 1,528 | 44,816 |
| First Bank | 1,180 | 17,346 |
| First Busey Corp. | 2,548 | 63,241 |
| First Business Financial Services, Inc. | 390 | 15,639 |
| First Commonwealth Financial Corp. | 5,038 | 77,787 |
| First Community Bankshares, Inc. | 885 | 32,834 |
| First Community Corp. | 452 | 9,732 |
| First Financial Bancorp | 4,660 | 110,675 |
| First Financial Bankshares, Inc. | 6,303 | 190,981 |
| First Financial Corp. | 597 | 25,689 |
| First Foundation, Inc. | 2,783 | 26,939 |
| First Hawaiian, Inc. | 1,200 | 27,432 |
| First Horizon Corp. | 5,900 | 83,544 |
| First Interstate BancSystem, Inc., Class A | 4,091 | 125,798 |
| First Merchants Corp. | 2,923 | 108,385 |
| First Mid Bancshares, Inc. | 962 | 33,343 |
| | Number
of Shares | Fair
Value |
| First of Long Island Corp. | 1,047 | $ 13,862 |
| First Western Financial, Inc. (a) | 408 | 8,091 |
| Five Star Bancorp | 729 | 19,085 |
| Flushing Financial Corp. | 1,433 | 23,616 |
| FNB Corp. | 4,000 | 55,080 |
| FS Bancorp, Inc. | 381 | 14,082 |
| Fulton Financial Corp. | 7,746 | 127,499 |
| FVCBankcorp, Inc. (a) | 757 | 10,749 |
| German American Bancorp, Inc. | 1,365 | 44,240 |
| Glacier Bancorp, Inc. | 5,399 | 223,087 |
| Great Southern Bancorp, Inc. | 457 | 27,123 |
| Greene County Bancorp, Inc. | 348 | 9,814 |
| Guaranty Bancshares, Inc. | 403 | 13,549 |
| Hancock Whitney Corp. | 4,198 | 203,981 |
| Hanmi Financial Corp. | 1,529 | 29,663 |
| HarborOne Bancorp, Inc. | 2,136 | 25,589 |
| HBT Financial, Inc. | 768 | 16,212 |
| Heartland Financial USA, Inc. | 2,081 | 78,266 |
| Heritage Commerce Corp. | 2,980 | 29,562 |
| Heritage Financial Corp. | 1,735 | 37,112 |
| Hilltop Holdings, Inc. | 2,299 | 80,948 |
| Hingham Institution For Savings The | 84 | 16,330 |
| Home Bancorp, Inc. | 358 | 15,040 |
| Home BancShares, Inc. | 9,235 | 233,923 |
| HomeStreet, Inc. | 1,061 | 10,928 |
| HomeTrust Bancshares, Inc. | 732 | 19,705 |
| Hope Bancorp, Inc. | 5,666 | 68,445 |
| Horizon Bancorp, Inc. | 2,174 | 31,110 |
| Huntington Bancshares, Inc. | 17,046 | 216,825 |
| Independent Bank Corp. | 3,184 | 170,028 |
| Independent Bank Group, Inc. | 1,782 | 90,668 |
| International Bancshares Corp. | 2,663 | 144,654 |
| John Marshall Bancorp, Inc. | 716 | 16,153 |
| Kearny Financial Corp. | 2,905 | 26,058 |
| Lakeland Bancorp, Inc. | 3,032 | 44,843 |
| Lakeland Financial Corp. | 1,223 | 79,691 |
| LCNB Corp. | 622 | 9,809 |
| Live Oak Bancshares, Inc. | 1,650 | 75,075 |
| Luther Burbank Corp. | 526 | 5,633 |
| M&T Bank Corp. | 1,852 | 253,872 |
| Macatawa Bank Corp. | 1,283 | 14,472 |
| MainStreet Bancshares, Inc. | 411 | 10,197 |
| Mercantile Bank Corp. | 789 | 31,860 |
| Metrocity Bankshares, Inc. | 935 | 22,459 |
| Metropolitan Bank Holding Corp. (a) | 481 | 26,638 |
| Mid Penn Bancorp, Inc. | 688 | 16,705 |
| Middlefield Banc Corp. | 451 | 14,599 |
| Midland States Bancorp, Inc. | 1,076 | 29,655 |
| MidWestOne Financial Group, Inc. | 801 | 21,555 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 36 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| MVB Financial Corp. | 645 | $ 14,551 |
| National Bank Holdings Corp., Class A | 1,810 | 67,314 |
| National Bankshares, Inc. | 343 | 11,096 |
| NBT Bancorp, Inc. | 2,261 | 94,759 |
| New York Community Bancorp, Inc. | 6,900 | 70,587 |
| Nicolet Bankshares, Inc. | 629 | 50,622 |
| Northeast Bank | 322 | 17,771 |
| Northeast Community Bancorp, Inc. | 764 | 13,553 |
| Northfield Bancorp, Inc. | 2,098 | 26,393 |
| Northrim BanCorp, Inc. | 313 | 17,907 |
| Northwest Bancshares, Inc. | 6,274 | 78,300 |
| Norwood Financial Corp. | 425 | 13,987 |
| Oak Valley Bancorp | 392 | 11,740 |
| OceanFirst Financial Corp. | 2,839 | 49,285 |
| Old National Bancorp | 14,187 | 239,618 |
| Old Second Bancorp, Inc. | 2,094 | 32,331 |
| Orange County Bancorp, Inc. | 288 | 17,349 |
| Origin Bancorp, Inc. | 1,425 | 50,687 |
| Orrstown Financial Services, Inc. | 512 | 15,104 |
| Pacific Premier Bancorp, Inc. | 4,701 | 136,846 |
| Park National Corp. | 707 | 93,932 |
| Parke Bancorp, Inc. | 513 | 10,388 |
| Pathward Financial, Inc. | 1,319 | 69,815 |
| PCB Bancorp | 582 | 10,726 |
| Peapack-Gladstone Financial Corp. | 863 | 25,735 |
| Penns Woods Bancorp, Inc. | 400 | 9,004 |
| Peoples Bancorp, Inc. | 1,655 | 55,873 |
| Peoples Financial Services Corp. | 308 | 15,000 |
| Pinnacle Financial Partners, Inc. | 886 | 77,277 |
| Pioneer Bancorp, Inc. (a) | 624 | 6,246 |
| Plumas Bancorp | 318 | 13,149 |
| Ponce Financial Group, Inc. (a) | 1,205 | 11,761 |
| Preferred Bank | 652 | 47,629 |
| Premier Financial Corp. | 1,715 | 41,332 |
| Primis Financial Corp. | 1,102 | 13,951 |
| Princeton Bancorp, Inc. | 301 | 10,806 |
| Prosperity Bancshares, Inc. | 900 | 60,957 |
| Provident Financial Services, Inc. | 3,602 | 64,944 |
| QCR Holdings, Inc. | 803 | 46,887 |
| RBB Bancorp | 752 | 14,318 |
| Red River Bancshares, Inc. | 277 | 15,542 |
| Regions Financial Corp. | 10,977 | 212,734 |
| Renasant Corp. | 2,723 | 91,711 |
| Republic Bancorp, Inc., Class A | 440 | 24,270 |
| S&T Bancorp, Inc. | 1,906 | 63,699 |
| Sandy Spring Bancorp, Inc. | 2,143 | 58,375 |
| | Number
of Shares | Fair
Value |
| Seacoast Banking Corp. of Florida | 4,169 | $ 118,650 |
| ServisFirst Bancshares, Inc. | 2,461 | 163,976 |
| Shore Bancshares, Inc. | 1,641 | 23,384 |
| Sierra Bancorp | 676 | 15,244 |
| Simmons First National Corp., Class A | 5,979 | 118,623 |
| SmartFinancial, Inc. | 811 | 19,861 |
| South Plains Financial, Inc. | 663 | 19,200 |
| Southern First Bancshares, Inc. (a) | 372 | 13,801 |
| Southern Missouri Bancorp, Inc. | 470 | 25,093 |
| Southern States Bancshares, Inc. | 439 | 12,854 |
| Southside Bancshares, Inc. | 1,432 | 44,850 |
| SouthState Corp. | 3,794 | 320,403 |
| Stellar Bancorp, Inc. | 2,390 | 66,538 |
| Sterling Bancorp, Inc. (a) | 1,317 | 7,599 |
| Stock Yards Bancorp, Inc. | 1,333 | 68,636 |
| Summit Financial Group, Inc. | 548 | 16,818 |
| Synovus Financial Corp. | 1,618 | 60,918 |
| Texas Capital Bancshares, Inc. (a) | 2,375 | 153,496 |
| Third Coast Bancshares, Inc. (a) | 638 | 12,677 |
| Timberland Bancorp, Inc. | 429 | 13,496 |
| Tompkins Financial Corp. | 673 | 40,535 |
| Towne Bank | 3,469 | 103,237 |
| TriCo Bancshares | 1,524 | 65,486 |
| Triumph Financial, Inc. (a) | 1,095 | 87,797 |
| Truist Financial Corp. | 14,598 | 538,958 |
| TrustCo Bank Corp. | 936 | 29,063 |
| Trustmark Corp. | 2,999 | 83,612 |
| UMB Financial Corp. | 2,140 | 178,797 |
| United Bankshares, Inc. | 6,336 | 237,917 |
| United Community Banks, Inc. | 5,584 | 163,388 |
| Unity Bancorp, Inc. | 364 | 10,771 |
| Univest Financial Corp. | 1,458 | 32,120 |
| USCB Financial Holdings, Inc. (a) | 652 | 7,987 |
| Valley National Bancorp | 20,898 | 226,952 |
| Veritex Holdings, Inc. | 2,569 | 59,781 |
| Virginia National Bankshares Corp. | 279 | 9,592 |
| WaFd, Inc. | 3,099 | 102,143 |
| Washington Trust Bancorp, Inc. | 853 | 27,620 |
| Webster Financial Corp. | 1,672 | 84,871 |
| WesBanco, Inc. | 2,845 | 89,248 |
| West BanCorp, Inc. | 785 | 16,642 |
| Westamerica BanCorp | 1,273 | 71,810 |
| Western Alliance Bancorp | 1,100 | 72,369 |
| Wintrust Financial Corp. | 600 | 55,650 |
| WSFS Financial Corp. | 3,034 | 139,352 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 37 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Zions Bancorp NA | 1,575 | $ 69,095 |
| | | 14,122,533 |
| Reinsurance - 0.1% |
| Enstar Group Ltd. (a) | 576 | 169,546 |
| Everest Group Ltd. | 435 | 153,807 |
| Greenlight Capital Re Ltd., Class A (a) | 1,282 | 14,641 |
| Maiden Holdings Ltd. (a) | 5,298 | 12,132 |
| Reinsurance Group of America, Inc. | 700 | 113,246 |
| Swiss Re AG | 3,113 | 349,748 |
| | | 813,120 |
| Renewable Electricity - 0.0%* |
| Altus Power, Inc. (a) | 2,925 | 19,978 |
| Brookfield Renewable Corp., Class A | 2,534 | 73,120 |
| Clearway Energy, Inc., Class C | 1,300 | 35,659 |
| Montauk Renewables, Inc. (a) | 3,106 | 27,674 |
| Ormat Technologies, Inc. | 2,586 | 195,993 |
| Sunnova Energy International, Inc. (a) | 5,283 | 80,566 |
| | | 432,990 |
| Research & Consulting Services - 0.2% |
| Blacksky Technology, Inc. (a) | 7,101 | 9,941 |
| Booz Allen Hamilton Holding Corp. | 1,524 | 194,935 |
| CACI International, Inc., Class A (a) | 269 | 87,118 |
| CBIZ, Inc. (a) | 2,377 | 148,776 |
| Clarivate PLC (a) | 5,512 | 51,041 |
| CRA International, Inc. | 339 | 33,510 |
| Dun & Bradstreet Holdings, Inc. | 2,000 | 23,400 |
| Equifax, Inc. | 1,291 | 319,251 |
| Experian PLC | 9,497 | 387,659 |
| Exponent, Inc. | 2,450 | 215,698 |
| FiscalNote Holdings, Inc. (a) | 3,809 | 4,342 |
| Forrester Research, Inc. (a) | 603 | 16,166 |
| Franklin Covey Co. (a) | 613 | 26,684 |
| FTI Consulting, Inc. (a) | 400 | 79,660 |
| Huron Consulting Group, Inc. (a) | 941 | 96,735 |
| ICF International, Inc. | 928 | 124,436 |
| Innodata, Inc. (a) | 1,425 | 11,600 |
| Jacobs Solutions, Inc. | 1,500 | 194,700 |
| KBR, Inc. | 1,400 | 77,574 |
| Legalzoom.com, Inc. (a) | 5,467 | 61,777 |
| Leidos Holdings, Inc. | 1,591 | 172,210 |
| Mistras Group, Inc. (a) | 1,299 | 9,509 |
| NV5 Global, Inc. (a) | 676 | 75,117 |
| Parsons Corp. (a) | 2,045 | 128,242 |
| | Number
of Shares | Fair
Value |
| Planet Labs PBC (a) | 8,633 | $ 21,324 |
| Resources Connection, Inc. | 1,637 | 23,196 |
| Science Applications International Corp. | 600 | 74,592 |
| TransUnion | 1,989 | 136,664 |
| Verisk Analytics, Inc. | 1,546 | 369,278 |
| Willdan Group, Inc. (a) | 588 | 12,642 |
| | | 3,187,777 |
| Restaurants - 0.5% |
| Aramark | 2,200 | 61,820 |
| Biglari Holdings, Inc., Class B (a) | 39 | 6,432 |
| BJ's Restaurants, Inc. (a) | 1,101 | 39,647 |
| Bloomin' Brands, Inc. | 4,337 | 122,087 |
| Brinker International, Inc. (a) | 2,165 | 93,485 |
| Carrols Restaurant Group, Inc. | 2,079 | 16,383 |
| Cheesecake Factory, Inc. | 2,391 | 83,709 |
| Chipotle Mexican Grill, Inc. (a) | 280 | 640,349 |
| Chuy's Holdings, Inc. (a) | 870 | 33,260 |
| Cracker Barrel Old Country Store, Inc. | 1,088 | 83,863 |
| Darden Restaurants, Inc. | 1,300 | 213,590 |
| Denny's Corp. (a) | 2,746 | 29,876 |
| Dine Brands Global, Inc. | 758 | 37,635 |
| Domino's Pizza, Inc. | 380 | 156,647 |
| DoorDash, Inc., Class A (a) | 3,400 | 336,226 |
| El Pollo Loco Holdings, Inc. (a) | 1,582 | 13,953 |
| First Watch Restaurant Group, Inc. (a) | 1,205 | 24,220 |
| Jack in the Box, Inc. | 1,013 | 82,691 |
| Krispy Kreme, Inc. | 4,361 | 65,807 |
| Kura Sushi USA, Inc., Class A (a) | 294 | 22,344 |
| McDonald's Corp. | 8,060 | 2,389,871 |
| Nathan's Famous, Inc. | 162 | 12,638 |
| Noodles & Co. (a) | 2,040 | 6,426 |
| ONE Group Hospitality, Inc. (a) | 1,141 | 6,983 |
| Papa John's International, Inc. | 1,628 | 124,102 |
| Portillo's, Inc., Class A (a) | 2,130 | 33,931 |
| Potbelly Corp. (a) | 1,493 | 15,557 |
| RCI Hospitality Holdings, Inc. | 436 | 28,889 |
| Red Robin Gourmet Burgers, Inc. (a) | 929 | 11,585 |
| Shake Shack, Inc., Class A (a) | 1,871 | 138,679 |
| Starbucks Corp. | 12,480 | 1,198,205 |
| Sweetgreen, Inc., Class A (a) | 4,590 | 51,867 |
| Texas Roadhouse, Inc. | 800 | 97,784 |
| Wendy's Co. | 1,700 | 33,116 |
| Wingstop, Inc. | 300 | 76,974 |
| Yum! Brands, Inc. | 3,081 | 402,563 |
| | | 6,793,194 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 38 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Retail REITs - 0.2% |
| Acadia Realty Trust | 4,600 | $ 78,154 |
| Agree Realty Corp. | 1,200 | 75,540 |
| Alexander's, Inc. | 110 | 23,493 |
| Brixmor Property Group, Inc. | 3,500 | 81,445 |
| CBL & Associates Properties, Inc. | 1,351 | 32,992 |
| Federal Realty Investment Trust | 900 | 92,745 |
| Getty Realty Corp. | 2,201 | 64,313 |
| InvenTrust Properties Corp. | 3,354 | 84,990 |
| Kimco Realty Corp. | 6,134 | 130,716 |
| Kite Realty Group Trust | 10,541 | 240,967 |
| Macerich Co. | 10,438 | 161,058 |
| NETSTREIT Corp. | 3,294 | 58,798 |
| NNN REIT, Inc. | 1,800 | 77,580 |
| Phillips Edison & Co., Inc. | 5,708 | 208,228 |
| Realty Income Corp. | 7,997 | 459,188 |
| Regency Centers Corp. | 2,200 | 147,400 |
| Retail Opportunity Investments Corp. | 6,069 | 85,148 |
| Saul Centers, Inc. | 593 | 23,287 |
| Simon Property Group, Inc. | 3,563 | 508,226 |
| SITE Centers Corp. | 9,447 | 128,763 |
| Spirit Realty Capital, Inc. | 1,600 | 69,904 |
| Tanger, Inc. | 5,067 | 140,457 |
| Urban Edge Properties | 5,679 | 103,926 |
| Whitestone REIT | 2,498 | 30,700 |
| | | 3,108,018 |
| Security & Alarm Services - 0.0%* |
| Brink's Co. | 2,232 | 196,305 |
| CoreCivic, Inc. (a) | 5,600 | 81,368 |
| GEO Group, Inc. (a) | 5,910 | 64,005 |
| | | 341,678 |
| Self Storage REITs - 0.1% |
| CubeSmart | 2,300 | 106,605 |
| Extra Space Storage, Inc. | 2,354 | 377,417 |
| National Storage Affiliates Trust | 700 | 29,029 |
| Public Storage | 1,708 | 520,940 |
| | | 1,033,991 |
| Semiconductor Materials & Equipment - 0.4% |
| ACM Research, Inc., Class A (a) | 2,337 | 45,665 |
| Aehr Test Systems (a) | 1,354 | 35,922 |
| Amkor Technology, Inc. | 5,440 | 180,989 |
| Applied Materials, Inc. | 9,134 | 1,480,347 |
| Atomera, Inc. (a) | 1,288 | 9,029 |
| Axcelis Technologies, Inc. (a) | 1,577 | 204,521 |
| Cohu, Inc. (a) | 2,300 | 81,397 |
| Enphase Energy, Inc. (a) | 1,346 | 177,860 |
| | Number
of Shares | Fair
Value |
| Entegris, Inc. | 1,782 | $ 213,519 |
| FormFactor, Inc. (a) | 3,724 | 155,328 |
| Ichor Holdings Ltd. (a) | 1,383 | 46,510 |
| inTEST Corp. (a) | 628 | 8,541 |
| KLA Corp. | 1,513 | 879,507 |
| Lam Research Corp. | 1,429 | 1,119,279 |
| MKS Instruments, Inc. | 900 | 92,583 |
| Onto Innovation, Inc. (a) | 2,375 | 363,137 |
| PDF Solutions, Inc. (a) | 1,451 | 46,635 |
| Photronics, Inc. (a) | 2,999 | 94,079 |
| Teradyne, Inc. | 1,629 | 176,779 |
| Ultra Clean Holdings, Inc. (a) | 2,184 | 74,562 |
| Veeco Instruments, Inc. (a) | 2,502 | 77,637 |
| | | 5,563,826 |
| Semiconductors - 2.5% |
| Advanced Micro Devices, Inc. (a)(b) | 17,700 | 2,609,157 |
| Alpha & Omega Semiconductor Ltd. (a) | 1,079 | 28,119 |
| Ambarella, Inc. (a) | 1,877 | 115,041 |
| Analog Devices, Inc. | 5,469 | 1,085,925 |
| Broadcom, Inc. | 4,730 | 5,279,862 |
| CEVA, Inc. (a) | 1,167 | 26,503 |
| Cirrus Logic, Inc. (a) | 600 | 49,914 |
| Credo Technology Group Holding Ltd. (a) | 5,714 | 111,252 |
| Diodes, Inc. (a) | 2,182 | 175,695 |
| First Solar, Inc. (a) | 1,111 | 191,403 |
| GLOBALFOUNDRIES, Inc. (a) | 800 | 48,480 |
| Impinj, Inc. (a) | 1,136 | 102,274 |
| Intel Corp. | 46,503 | 2,336,776 |
| Lattice Semiconductor Corp. (a) | 1,400 | 96,586 |
| MACOM Technology Solutions Holdings, Inc. (a) | 2,632 | 244,644 |
| Marvell Technology, Inc. | 9,421 | 568,180 |
| Maxeon Solar Technologies Ltd. (a) | 1,592 | 11,415 |
| MaxLinear, Inc. (a) | 3,671 | 87,260 |
| Microchip Technology, Inc. | 5,938 | 535,489 |
| Micron Technology, Inc. | 11,890 | 1,014,693 |
| Monolithic Power Systems, Inc. | 507 | 319,805 |
| Navitas Semiconductor Corp. (a) | 5,170 | 41,722 |
| NVE Corp. | 245 | 19,215 |
| NVIDIA Corp. | 26,182 | 12,965,850 |
| ON Semiconductor Corp. (a) | 4,817 | 402,364 |
| Parade Technologies Ltd. | 1,000 | 39,100 |
| Power Integrations, Inc. | 2,750 | 225,802 |
| Qorvo, Inc. (a) | 997 | 112,272 |
| QUALCOMM, Inc. | 12,334 | 1,783,866 |
| Rambus, Inc. (a) | 5,288 | 360,906 |
| Semtech Corp. (a) | 3,141 | 68,819 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 39 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Silicon Laboratories, Inc. (a) | 1,536 | $ 203,167 |
| SiTime Corp. (a) | 849 | 103,646 |
| SkyWater Technology, Inc. (a) | 1,122 | 10,794 |
| Skyworks Solutions, Inc. | 1,673 | 188,079 |
| SMART Global Holdings, Inc. (a) | 2,285 | 43,255 |
| Synaptics, Inc. (a) | 1,910 | 217,893 |
| Texas Instruments, Inc. | 9,992 | 1,703,236 |
| Transphorm, Inc. (a) | 2,005 | 7,318 |
| Universal Display Corp. | 487 | 93,144 |
| Wolfspeed, Inc. (a) | 1,679 | 73,053 |
| | | 33,701,974 |
| Silver - 0.0%* |
| Hecla Mining Co. | 30,313 | 145,806 |
| Single-Family Residential REITs - 0.1% |
| American Homes 4 Rent, Class A | 3,400 | 122,264 |
| Equity LifeStyle Properties, Inc. | 2,202 | 155,329 |
| Invitation Homes, Inc. | 7,170 | 244,569 |
| Sun Communities, Inc. | 1,420 | 189,783 |
| UMH Properties, Inc. | 2,707 | 41,471 |
| | | 753,416 |
| Soft Drinks & Non-alcoholic Beverages - 0.5% |
| Celsius Holdings, Inc. (a) | 1,500 | 81,780 |
| Coca-Cola Co. | 42,938 | 2,530,336 |
| Coca-Cola Consolidated, Inc. | 231 | 214,460 |
| Keurig Dr Pepper, Inc. | 10,591 | 352,892 |
| Monster Beverage Corp. (a) | 8,204 | 472,633 |
| National Beverage Corp. (a) | 1,162 | 57,775 |
| PepsiCo, Inc. | 15,163 | 2,575,284 |
| Primo Water Corp. | 7,748 | 116,607 |
| Vita Coco Co., Inc. (a) | 1,386 | 35,551 |
| Zevia PBC, Class A (a) | 869 | 1,747 |
| | | 6,439,065 |
| Specialized Consumer Services - 0.0%* |
| ADT, Inc. | 1,200 | 8,184 |
| Carriage Services, Inc. | 684 | 17,107 |
| European Wax Center, Inc., Class A (a) | 1,711 | 23,253 |
| Frontdoor, Inc. (a) | 3,913 | 137,816 |
| H&R Block, Inc. | 1,600 | 77,392 |
| Rover Group, Inc. (a) | 4,657 | 50,668 |
| Service Corp. International | 1,578 | 108,014 |
| WW International, Inc. (a) | 2,759 | 24,141 |
| | | 446,575 |
| Specialized Finance - 0.0%* |
| Acacia Research Corp. (a) | 2,281 | 8,942 |
| A-Mark Precious Metals, Inc. | 949 | 28,707 |
| | Number
of Shares | Fair
Value |
| SWK Holdings Corp. (a) | 217 | $ 3,804 |
| | | 41,453 |
| Specialty Chemicals - 0.4% |
| Albemarle Corp. | 1,237 | 178,722 |
| Ashland, Inc. | 500 | 42,155 |
| Aspen Aerogels, Inc. (a) | 2,460 | 38,819 |
| Avient Corp. | 4,370 | 181,661 |
| Axalta Coating Systems Ltd. (a) | 2,500 | 84,925 |
| Balchem Corp. | 1,548 | 230,265 |
| Celanese Corp. | 1,200 | 186,444 |
| Danimer Scientific, Inc. (a) | 5,105 | 5,207 |
| DuPont de Nemours, Inc. | 5,076 | 390,497 |
| Eastman Chemical Co. | 1,477 | 132,664 |
| Ecolab, Inc. | 2,840 | 563,314 |
| Ecovyst, Inc. (a) | 4,638 | 45,313 |
| Element Solutions, Inc. | 2,400 | 55,536 |
| Ginkgo Bioworks Holdings, Inc. (a) | 14,700 | 24,843 |
| HB Fuller Co. | 2,618 | 213,131 |
| Ingevity Corp. (a) | 1,799 | 84,949 |
| Innospec, Inc. | 1,237 | 152,448 |
| International Flavors & Fragrances, Inc. | 2,713 | 219,672 |
| Livent Corp. (a) | 8,949 | 160,903 |
| Minerals Technologies, Inc. | 1,609 | 114,738 |
| NewMarket Corp. | 75 | 40,937 |
| Perimeter Solutions SA (a) | 7,758 | 35,687 |
| PPG Industries, Inc. | 2,591 | 387,484 |
| Quaker Chemical Corp. | 688 | 146,833 |
| Rayonier Advanced Materials, Inc. (a) | 3,659 | 14,819 |
| RPM International, Inc. | 1,336 | 149,138 |
| Sensient Technologies Corp. | 2,086 | 137,676 |
| Sherwin-Williams Co. | 2,608 | 813,435 |
| Stepan Co. | 1,052 | 99,466 |
| Valhi, Inc. | 60 | 911 |
| | | 4,932,592 |
| Steel - 0.2% |
| Alpha Metallurgical Resources, Inc. | 558 | 189,117 |
| Arch Resources, Inc. | 868 | 144,036 |
| ATI, Inc. (a) | 6,248 | 284,097 |
| Carpenter Technology Corp. | 2,392 | 169,354 |
| Cleveland-Cliffs, Inc. (a) | 5,237 | 106,940 |
| Commercial Metals Co. | 5,676 | 284,027 |
| Haynes International, Inc. | 627 | 35,770 |
| Nucor Corp. | 2,693 | 468,690 |
| Olympic Steel, Inc. | 499 | 33,283 |
| Ramaco Resources, Inc., Class A | 1,129 | 19,396 |
| Ramaco Resources, Inc., Class B | 225 | 2,995 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 40 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Reliance Steel & Aluminum Co. | 598 | $ 167,249 |
| Ryerson Holding Corp. | 1,277 | 44,286 |
| Schnitzer Steel Industries, Inc., Class A | 1,289 | 38,876 |
| Steel Dynamics, Inc. | 1,802 | 212,816 |
| SunCoke Energy, Inc. | 4,056 | 43,561 |
| TimkenSteel Corp. (a) | 2,119 | 49,691 |
| U.S. Steel Corp. | 2,200 | 107,030 |
| Warrior Met Coal, Inc. | 2,497 | 152,242 |
| Worthington Steel, Inc. (a) | 1,459 | 40,998 |
| | | 2,594,454 |
| Systems Software - 2.8% |
| A10 Networks, Inc. | 3,344 | 44,041 |
| Adeia, Inc. | 5,330 | 66,039 |
| Appian Corp., Class A (a) | 2,020 | 76,073 |
| CommVault Systems, Inc. (a) | 2,129 | 170,001 |
| Crowdstrike Holdings, Inc., Class A (a) | 2,310 | 589,789 |
| CyberArk Software Ltd. (a) | 459 | 100,544 |
| Dolby Laboratories, Inc., Class A | 657 | 56,620 |
| Fortinet, Inc. (a) | 7,155 | 418,782 |
| Gen Digital, Inc. | 6,713 | 153,191 |
| Gitlab, Inc., Class A (a) | 1,000 | 62,960 |
| Microsoft Corp. | 82,051 | 30,854,089 |
| Monday.com Ltd. (a) | 293 | 55,028 |
| N-able, Inc. (a) | 3,401 | 45,063 |
| OneSpan, Inc. (a) | 536 | 5,746 |
| Oracle Corp. | 17,045 | 1,797,054 |
| Palo Alto Networks, Inc. (a) | 3,341 | 985,194 |
| Progress Software Corp. | 2,155 | 117,017 |
| Qualys, Inc. (a) | 1,804 | 354,089 |
| Rapid7, Inc. (a) | 2,980 | 170,158 |
| SentinelOne, Inc., Class A (a) | 2,400 | 65,856 |
| ServiceNow, Inc. (a) | 2,228 | 1,574,060 |
| SolarWinds Corp. (a) | 2,556 | 31,924 |
| Tenable Holdings, Inc. (a) | 5,529 | 254,666 |
| Teradata Corp. (a) | 1,100 | 47,861 |
| UiPath, Inc., Class A (a) | 4,800 | 119,232 |
| Varonis Systems, Inc. (a) | 5,262 | 238,263 |
| Xperi, Inc. (a) | 2,128 | 23,451 |
| Zscaler, Inc. (a) | 979 | 216,907 |
| Zuora, Inc., Class A (a) | 6,794 | 63,864 |
| | | 38,757,562 |
| Technology Distributors - 0.1% |
| Arrow Electronics, Inc. (a) | 667 | 81,541 |
| Avnet, Inc. | 1,000 | 50,400 |
| CDW Corp. | 1,471 | 334,388 |
| Climb Global Solutions, Inc. | 243 | 13,324 |
| ePlus, Inc. (a) | 1,312 | 104,750 |
| Insight Enterprises, Inc. (a) | 1,390 | 246,294 |
| | Number
of Shares | Fair
Value |
| PC Connection, Inc. | 574 | $ 38,578 |
| Richardson Electronics Ltd. | 732 | 9,772 |
| ScanSource, Inc. (a) | 1,253 | 49,631 |
| TD SYNNEX Corp. | 500 | 53,805 |
| | | 982,483 |
| Technology Hardware, Storage & Peripherals - 2.4% |
| Apple, Inc. | 162,365 | 31,260,133 |
| CompoSecure, Inc. (a) | 1,047 | 5,654 |
| Corsair Gaming, Inc. (a) | 1,853 | 26,127 |
| CPI Card Group, Inc. (a) | 148 | 2,840 |
| Eastman Kodak Co. (a) | 2,847 | 11,103 |
| Hewlett Packard Enterprise Co. | 14,784 | 251,032 |
| HP, Inc. | 9,638 | 290,007 |
| Immersion Corp. | 1,784 | 12,595 |
| Intevac, Inc. (a) | 889 | 3,841 |
| IonQ, Inc. (a) | 7,948 | 98,476 |
| NetApp, Inc. | 2,167 | 191,043 |
| Pure Storage, Inc., Class A (a) | 3,000 | 106,980 |
| Super Micro Computer, Inc. (a) | 2,253 | 640,438 |
| Turtle Beach Corp. (a) | 925 | 10,129 |
| Western Digital Corp. (a) | 3,900 | 204,243 |
| Xerox Holdings Corp. | 5,663 | 103,803 |
| | | 33,218,444 |
| Telecom Tower REITs - 0.1% |
| American Tower Corp. | 5,134 | 1,108,328 |
| Crown Castle, Inc. | 4,705 | 541,969 |
| SBA Communications Corp. | 1,215 | 308,233 |
| | | 1,958,530 |
| Timber REITs - 0.0%* |
| PotlatchDeltic Corp. | 3,825 | 187,807 |
| Rayonier, Inc. | 1,600 | 53,456 |
| Weyerhaeuser Co. | 8,293 | 288,348 |
| | | 529,611 |
| Tires & Rubber - 0.0%* |
| Goodyear Tire & Rubber Co. (a) | 13,617 | 194,995 |
| Tobacco - 0.2% |
| Altria Group, Inc. | 19,707 | 794,980 |
| Ispire Technology, Inc. | 884 | 10,723 |
| Philip Morris International, Inc. | 17,091 | 1,607,921 |
| Turning Point Brands, Inc. | 930 | 24,478 |
| Universal Corp. | 1,186 | 79,842 |
| Vector Group Ltd. | 7,164 | 80,810 |
| | | 2,598,754 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 41 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Trading Companies & Distributors - 0.3% |
| Air Lease Corp. | 1,200 | $ 50,328 |
| Alta Equipment Group, Inc. | 1,275 | 15,772 |
| Applied Industrial Technologies, Inc. | 1,871 | 323,103 |
| Beacon Roofing Supply, Inc. (a) | 2,807 | 244,265 |
| BlueLinx Holdings, Inc. (a) | 425 | 48,157 |
| Boise Cascade Co. | 1,923 | 248,759 |
| Core & Main, Inc., Class A (a) | 1,500 | 60,615 |
| Custom Truck One Source, Inc. (a) | 2,894 | 17,885 |
| Distribution Solutions Group, Inc. (a) | 512 | 16,159 |
| DXP Enterprises, Inc. (a) | 726 | 24,466 |
| EVI Industries, Inc. | 291 | 6,905 |
| Fastenal Co. | 6,237 | 403,971 |
| Ferguson PLC | 2,200 | 424,754 |
| FTAI Aviation Ltd. | 4,817 | 223,509 |
| GATX Corp. | 1,718 | 206,538 |
| Global Industrial Co. | 667 | 25,906 |
| GMS, Inc. (a) | 1,982 | 163,376 |
| H&E Equipment Services, Inc. | 1,583 | 82,823 |
| Herc Holdings, Inc. | 1,367 | 203,533 |
| Hudson Technologies, Inc. (a) | 2,225 | 30,015 |
| Karat Packaging, Inc. | 334 | 8,300 |
| McGrath RentCorp | 1,224 | 146,415 |
| MRC Global, Inc. (a) | 4,084 | 44,965 |
| MSC Industrial Direct Co., Inc., Class A | 498 | 50,427 |
| NOW, Inc. (a) | 5,219 | 59,079 |
| Rush Enterprises, Inc., Class A | 2,970 | 149,391 |
| Rush Enterprises, Inc., Class B | 451 | 23,894 |
| SiteOne Landscape Supply, Inc. (a) | 500 | 81,250 |
| Titan Machinery, Inc. (a) | 1,030 | 29,746 |
| Transcat, Inc. (a) | 357 | 39,031 |
| United Rentals, Inc. | 784 | 449,561 |
| Watsco, Inc. | 420 | 179,957 |
| WESCO International, Inc. | 500 | 86,940 |
| Willis Lease Finance Corp. (a) | 191 | 9,336 |
| WW Grainger, Inc. | 466 | 386,170 |
| Xometry, Inc., Class A (a) | 1,711 | 61,442 |
| | | 4,626,743 |
| Transaction & Payment Processing Services - 1.0% |
| Affirm Holdings, Inc. (a)(b) | 2,800 | 137,592 |
| AvidXchange Holdings, Inc. (a) | 7,365 | 91,252 |
| Block, Inc. (a) | 6,032 | 466,575 |
| Cantaloupe, Inc. (a) | 2,925 | 21,674 |
| Cass Information Systems, Inc. | 691 | 31,130 |
| Euronet Worldwide, Inc. (a) | 500 | 50,745 |
| | Number
of Shares | Fair
Value |
| Fidelity National Information Services, Inc. | 6,568 | $ 394,540 |
| Fiserv, Inc. (a) | 6,547 | 869,703 |
| FleetCor Technologies, Inc. (a) | 788 | 222,697 |
| Flywire Corp. (a) | 5,119 | 118,505 |
| Global Payments, Inc. | 2,913 | 369,951 |
| I3 Verticals, Inc., Class A (a) | 1,136 | 24,049 |
| International Money Express, Inc. (a) | 1,595 | 35,234 |
| Jack Henry & Associates, Inc. | 738 | 120,597 |
| Marqeta, Inc., Class A (a) | 23,187 | 161,845 |
| Mastercard, Inc., Class A | 9,200 | 3,923,892 |
| NCR Atleos Corp. (a) | 650 | 15,789 |
| Payoneer Global, Inc. (a) | 13,200 | 68,772 |
| PayPal Holdings, Inc. (a) | 12,331 | 757,247 |
| Paysafe Ltd. (a) | 1,631 | 20,860 |
| Paysign, Inc. (a) | 1,138 | 3,186 |
| Priority Technology Holdings, Inc. (a) | 1,271 | 4,525 |
| Remitly Global, Inc. (a) | 6,477 | 125,783 |
| Repay Holdings Corp. (a) | 4,052 | 34,604 |
| Shift4 Payments, Inc., Class A (a) | 600 | 44,604 |
| Toast, Inc., Class A (a) | 3,800 | 69,388 |
| Visa, Inc., Class A | 17,666 | 4,599,343 |
| Western Union Co. | 4,000 | 47,680 |
| WEX, Inc. (a) | 492 | 95,719 |
| | | 12,927,481 |
| Water Utilities - 0.1% |
| American States Water Co. | 1,788 | 143,791 |
| American Water Works Co., Inc. | 2,232 | 294,602 |
| Artesian Resources Corp., Class A | 507 | 21,015 |
| Cadiz, Inc. (a) | 2,368 | 6,630 |
| California Water Service Group | 2,789 | 144,665 |
| Essential Utilities, Inc. | 2,400 | 89,640 |
| Global Water Resources, Inc. | 695 | 9,091 |
| Middlesex Water Co. | 873 | 57,286 |
| Pure Cycle Corp. (a) | 1,119 | 11,716 |
| SJW Group | 1,579 | 103,188 |
| York Water Co. | 715 | 27,613 |
| | | 909,237 |
| Wireless Telecommunication Services - 0.1% |
| Gogo, Inc. (a) | 3,102 | 31,423 |
| Spok Holdings, Inc. | 994 | 15,387 |
| Telephone & Data Systems, Inc. | 4,885 | 89,640 |
| Tingo Group, Inc. (a)(d) | 7,238 | 2,497 |
| T-Mobile U.S., Inc. | 5,715 | 916,286 |
| | | 1,055,233 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 42 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
Total Common Stock
(Cost $523,863,293) | | 616,336,418 |
| Warrant - 0.0%* |
| Biotechnology - 0.0%* |
| Cassava Sciences, Inc. (expiring 11/15/24) | 778 | $ — |
Total Warrants
(Cost $0) | | — |
Total Domestic Equity
(Cost $523,863,293) | | 616,336,418 |
| Foreign Equity - 22.1% |
| Common Stock - 21.8% |
| Advertising - 0.0%* |
| Dentsu Group, Inc. | 2,400 | 61,592 |
| Focus Media Information Technology Co. Ltd., Class A | 10,900 | 9,675 |
| Gambling.com Group Ltd. (a) | 503 | 4,904 |
| Informa PLC | 14,172 | 141,135 |
| Publicis Groupe SA | 2,354 | 218,429 |
| WPP PLC | 10,954 | 105,150 |
| | | 540,885 |
| Aerospace & Defense - 0.3% |
| AECC Aviation Power Co. Ltd., Class A | 2,100 | 11,024 |
| Airbus SE | 6,139 | 947,911 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 27,180 | 41,395 |
| AviChina Industry & Technology Co. Ltd., Class H | 35,000 | 15,016 |
| BAE Systems PLC | 31,411 | 444,674 |
| Bharat Electronics Ltd. | 64,856 | 143,564 |
| CAE, Inc. (a) | 3,691 | 80,057 |
| Dassault Aviation SA | 189 | 37,413 |
| Elbit Systems Ltd. | 306 | 65,264 |
| Hanwha Aerospace Co. Ltd. | 728 | 70,375 |
| Hindustan Aeronautics Ltd. | 3,262 | 109,917 |
| Kongsberg Gruppen ASA | 806 | 36,936 |
| Korea Aerospace Industries Ltd. | 1,232 | 47,830 |
| Kuang-Chi Technologies Co. Ltd., Class A | 3,100 | 6,434 |
| Leonardo SpA | 4,564 | 75,297 |
| Melrose Industries PLC | 13,711 | 99,175 |
| MTU Aero Engines AG | 550 | 118,626 |
| Rheinmetall AG | 446 | 141,397 |
| Rolls-Royce Holdings PLC (a) | 86,831 | 331,744 |
| Saab AB, Class B | 912 | 54,985 |
| Safran S.A. | 3,536 | 622,858 |
| Singapore Technologies Engineering Ltd. | 18,300 | 53,966 |
| | Number
of Shares | Fair
Value |
| Thales SA | 1,143 | $ 169,127 |
| | | 3,724,985 |
| Agricultural & Farm Machinery - 0.0%* |
| CNH Industrial NV | 10,000 | 121,800 |
| Husqvarna AB, Class B | 3,137 | 25,830 |
| Kubota Corp. | 11,000 | 165,608 |
| | | 313,238 |
| Agricultural Products & Services - 0.0%* |
| Beijing Dabeinong Technology Group Co. Ltd., Class A | 7,600 | 6,361 |
| Charoen Pokphand Indonesia Tbk. PT | 152,000 | 49,607 |
| IOI Corp. Bhd. | 38,800 | 33,185 |
| Kuala Lumpur Kepong Bhd. | 6,800 | 32,291 |
| New Hope Liuhe Co. Ltd., Class A (a) | 3,200 | 4,188 |
| Sime Darby Plantation Bhd. | 21,300 | 20,674 |
| Wilmar International Ltd. | 22,106 | 59,828 |
| | | 206,134 |
| Air Freight & Logistics - 0.1% |
| Agility Public Warehousing Co. KSC (a) | 22,511 | 37,292 |
| Deutsche Post AG | 10,248 | 507,779 |
| DSV AS | 1,920 | 337,291 |
| Hyundai Glovis Co. Ltd. | 309 | 45,946 |
| JD Logistics, Inc. (a)(f) | 41,900 | 52,479 |
| NIPPON EXPRESS HOLDINGS, Inc. | 700 | 39,791 |
| SF Holding Co. Ltd., Class A | 7,300 | 41,418 |
| SG Holdings Co. Ltd. | 3,700 | 53,120 |
| Yamato Holdings Co. Ltd. | 2,500 | 46,203 |
| YTO Express Group Co. Ltd., Class A | 2,700 | 4,660 |
| Yunda Holding Co. Ltd., Class A | 3,600 | 3,772 |
| ZTO Express Cayman, Inc. ADR | 7,709 | 164,048 |
| | | 1,333,799 |
| Airport Services - 0.1% |
| Aena SME SA (f) | 768 | 139,218 |
| Aeroports de Paris SA | 391 | 50,621 |
| Airports of Thailand PCL NVDR | 78,663 | 137,702 |
| Auckland International Airport Ltd. | 14,581 | 81,241 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 6,800 | 119,031 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 3,525 | 103,549 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 43 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Malaysia Airports Holdings Bhd. | 19,943 | $ 31,943 |
| Shanghai International Airport Co. Ltd., Class A (a) | 1,300 | 5,984 |
| | | 669,289 |
| Alternative Carriers - 0.0%* |
| Liberty Latin America Ltd., Class A (a) | 1,983 | 14,496 |
| Liberty Latin America Ltd., Class C (a) | 6,850 | 50,279 |
| | | 64,775 |
| Aluminum - 0.0%* |
| Aluminum Corp. of China Ltd., Class A | 21,600 | 17,109 |
| Aluminum Corp. of China Ltd., Class H | 78,000 | 38,957 |
| China Hongqiao Group Ltd. | 51,500 | 42,144 |
| Hindalco Industries Ltd. | 22,482 | 166,115 |
| Norsk Hydro ASA | 13,452 | 90,601 |
| Press Metal Aluminium Holdings Bhd. | 71,800 | 75,160 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 14,700 | 6,069 |
| United Co. RUSAL International PJSC (a)(d)** | 55,670 | — |
| Yunnan Aluminium Co. Ltd., Class A | 4,900 | 8,409 |
| | | 444,564 |
| Apparel Retail - 0.1% |
| Fast Retailing Co. Ltd. | 1,759 | 436,569 |
| H & M Hennes & Mauritz AB, Class B | 6,592 | 115,529 |
| Industria de Diseno Textil S.A. | 11,274 | 491,054 |
| Lojas Renner SA | 14,632 | 52,472 |
| Pepkor Holdings Ltd. (f) | 31,319 | 33,618 |
| Topsports International Holdings Ltd. (f) | 46,000 | 35,817 |
| Trent Ltd. | 3,424 | 125,702 |
| Zalando SE (a)(f) | 2,614 | 61,938 |
| ZOZO, Inc. | 1,800 | 40,538 |
| | | 1,393,237 |
| Apparel, Accessories & Luxury Goods - 0.4% |
| adidas AG | 1,672 | 340,139 |
| ANTA Sports Products Ltd. | 22,876 | 221,918 |
| Bosideng International Holdings Ltd. | 92,000 | 41,355 |
| Burberry Group PLC | 3,974 | 71,735 |
| Cie Financiere Richemont SA, Class A | 5,402 | 742,923 |
| F&F Co. Ltd. | 299 | 20,709 |
| FF Group (a)(d)** | 1,860 | — |
| Gildan Activewear, Inc. | 1,772 | 58,888 |
| | Number
of Shares | Fair
Value |
| Hermes International SCA | 328 | $ 695,230 |
| Kering SA | 768 | 338,500 |
| Li Ning Co. Ltd. | 42,319 | 113,269 |
| LPP SA | 17 | 69,993 |
| LVMH Moet Hennessy Louis Vuitton SE | 2,863 | 2,320,093 |
| Moncler SpA | 2,106 | 129,580 |
| Page Industries Ltd. | 96 | 44,430 |
| Pandora AS | 864 | 119,479 |
| Shenzhou International Group Holdings Ltd. | 14,900 | 153,416 |
| Swatch Group AG | 766 | 104,338 |
| Titan Co. Ltd. | 6,239 | 275,569 |
| | | 5,861,564 |
| Application Software - 0.3% |
| Beijing Kingsoft Office Software, Inc., Class A | 441 | 19,583 |
| Bit Digital, Inc. (a) | 4,291 | 18,151 |
| Constellation Software, Inc. | 208 | 518,229 |
| Dassault Systemes SE | 6,895 | 336,919 |
| Descartes Systems Group, Inc. (a) | 861 | 72,695 |
| Hundsun Technologies, Inc., Class A | 1,456 | 5,881 |
| Iflytek Co. Ltd., Class A | 1,500 | 9,770 |
| Kingdee International Software Group Co. Ltd. (a) | 52,000 | 75,784 |
| NavInfo Co. Ltd., Class A (a) | 4,600 | 5,750 |
| Nemetschek SE | 678 | 58,778 |
| Nice Ltd. (a) | 648 | 131,205 |
| Open Text Corp. | 2,769 | 116,946 |
| Sage Group PLC | 10,532 | 157,422 |
| SAP SE | 10,823 | 1,667,571 |
| Sapiens International Corp. NV | 1,492 | 43,178 |
| Shanghai Baosight Software Co. Ltd., Class A | 1,872 | 12,829 |
| Shanghai Baosight Software Co. Ltd., Class B | 11,520 | 24,422 |
| Temenos AG | 732 | 68,029 |
| Thunder Software Technology Co. Ltd., Class A | 500 | 5,622 |
| WiseTech Global Ltd. | 1,689 | 86,863 |
| Xero Ltd. (a) | 1,467 | 112,413 |
| Yonyou Network Technology Co. Ltd., Class A | 2,600 | 6,496 |
| | | 3,554,536 |
| Asset Management & Custody Banks - 0.2% |
| 3i Group PLC | 10,038 | 309,802 |
| abrdn PLC | 23,038 | 52,467 |
| Amundi SA (f) | 692 | 47,088 |
| Brookfield Asset Management Ltd., Class A | 3,589 | 144,856 |
| Brookfield Corp. | 14,402 | 580,514 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 44 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| China Cinda Asset Management Co. Ltd., Class H | 91,556 | $ 9,146 |
| EQT AB | 3,611 | 102,118 |
| Hargreaves Lansdown PLC | 4,025 | 37,662 |
| HDFC Asset Management Co. Ltd. (f) | 1,677 | 64,590 |
| IGM Financial, Inc. | 858 | 22,781 |
| Julius Baer Group Ltd. | 2,259 | 126,551 |
| Onex Corp. | 630 | 44,209 |
| Partners Group Holding AG | 234 | 337,245 |
| Patria Investments Ltd., Class A | 2,637 | 40,900 |
| Reinet Investments SCA | 2,142 | 54,607 |
| Schroders PLC | 7,392 | 40,511 |
| St. James's Place PLC | 5,097 | 44,418 |
| | | 2,059,465 |
| Automobile Manufacturers - 0.6% |
| Bayerische Motoren Werke AG | 3,292 | 366,487 |
| BYD Co. Ltd., Class A | 2,200 | 61,175 |
| BYD Co. Ltd., Class H | 17,500 | 480,499 |
| Chongqing Changan Automobile Co. Ltd., Class A | 12,314 | 29,105 |
| Dongfeng Motor Group Co. Ltd., Class H | 30,000 | 14,945 |
| Ferrari NV | 1,303 | 439,292 |
| Ford Otomotiv Sanayi AS | 1,067 | 26,717 |
| Geely Automobile Holdings Ltd. | 115,000 | 126,509 |
| Great Wall Motor Co. Ltd., Class A | 800 | 2,833 |
| Great Wall Motor Co. Ltd., Class H | 47,033 | 61,076 |
| Guangzhou Automobile Group Co. Ltd., Class A | 10,400 | 12,780 |
| Guangzhou Automobile Group Co. Ltd., Class H | 38,000 | 17,665 |
| Honda Motor Co. Ltd. | 47,724 | 496,265 |
| Hyundai Motor Co. | 2,401 | 379,380 |
| Isuzu Motors Ltd. | 5,900 | 75,999 |
| Kia Corp. | 4,645 | 360,665 |
| Li Auto, Inc., Class A (a) | 20,100 | 378,650 |
| Mahindra & Mahindra Ltd. | 16,691 | 346,883 |
| Maruti Suzuki India Ltd. | 2,358 | 291,934 |
| Mazda Motor Corp. | 6,600 | 71,323 |
| Mercedes-Benz Group AG | 8,298 | 573,357 |
| NIO, Inc. ADR (a) | 24,623 | 223,331 |
| Nissan Motor Co. Ltd. | 23,600 | 92,773 |
| Renault SA | 1,950 | 79,496 |
| SAIC Motor Corp. Ltd., Class A | 5,000 | 9,501 |
| Seres Group Co. Ltd., Class A (a) | 3,600 | 38,525 |
| Subaru Corp. | 6,300 | 115,561 |
| | Number
of Shares | Fair
Value |
| Suzuki Motor Corp. | 4,000 | $ 171,173 |
| Tata Motors Ltd. | 29,419 | 275,740 |
| Tata Motors Ltd., Class A | 4,842 | 30,217 |
| Tofas Turk Otomobil Fabrikasi AS | 2,560 | 18,203 |
| Toyota Motor Corp. | 109,961 | 2,020,527 |
| Volkswagen AG | 337 | 44,095 |
| Volvo Car AB, Class B (a) | 5,237 | 16,920 |
| XPeng, Inc., Class A (a) | 16,200 | 117,633 |
| Zhejiang Leapmotor Technology Co. Ltd. (a)(f) | 3,900 | 17,830 |
| | | 7,885,064 |
| Automotive Parts & Equipment - 0.1% |
| Aisin Corp. | 1,700 | 59,484 |
| Bharat Forge Ltd. | 4,768 | 70,955 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 300 | 5,524 |
| Continental AG | 1,119 | 95,081 |
| Denso Corp. | 17,860 | 269,458 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 900 | 4,726 |
| Fuyao Glass Industry Group Co. Ltd., Class H (f) | 13,356 | 64,996 |
| Hanon Systems | 2,623 | 14,847 |
| Huayu Automotive Systems Co. Ltd., Class A | 1,768 | 4,042 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | 200 | 3,638 |
| Hyundai Mobis Co. Ltd. | 1,049 | 193,037 |
| Koito Manufacturing Co. Ltd. | 1,900 | 29,616 |
| Magna International, Inc. | 2,944 | 174,796 |
| Minth Group Ltd. | 18,000 | 36,376 |
| Ningbo Tuopu Group Co. Ltd., Class A | 800 | 8,258 |
| Samvardhana Motherson International Ltd. | 39,416 | 48,291 |
| Sona Blw Precision Forgings Ltd. (f) | 5,634 | 43,636 |
| Sumitomo Electric Industries Ltd. | 7,266 | 92,539 |
| Tube Investments of India Ltd. | 2,022 | 86,058 |
| | | 1,305,358 |
| Automotive Retail - 0.0%* |
| Abu Dhabi National Oil Co. for Distribution PJSC | 63,985 | 64,460 |
| Hotai Motor Co. Ltd. | 4,940 | 114,122 |
| PTT Oil & Retail Business PCL NVDR | 66,108 | 36,993 |
| USS Co. Ltd. | 1,900 | 38,221 |
| Vibra Energia SA | 22,500 | 105,422 |
| Zhongsheng Group Holdings Ltd. | 17,000 | 40,668 |
| | | 399,886 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 45 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Biotechnology - 0.1% |
| 3SBio, Inc. (f) | 46,500 | $ 44,782 |
| Akeso, Inc. (a)(f) | 12,000 | 71,306 |
| Argenx SE (a) | 609 | 231,083 |
| Aurinia Pharmaceuticals, Inc. (a) | 6,742 | 60,611 |
| BeiGene Ltd. (a) | 12,500 | 176,249 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 112 | 1,182 |
| BGI Genomics Co. Ltd., Class A | 800 | 5,393 |
| Bloomage Biotechnology Corp. Ltd., Class A | 1,087 | 10,217 |
| Celltrion, Inc. | 2,820 | 441,162 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | 3,150 | 27,034 |
| Fennec Pharmaceuticals, Inc. (a) | 1,089 | 12,219 |
| Genmab AS (a) | 680 | 217,149 |
| Grifols SA (a) | 3,397 | 57,995 |
| Hualan Biological Engineering, Inc., Class A | 2,038 | 6,334 |
| Imeik Technology Development Co. Ltd., Class A | 300 | 12,401 |
| Innovent Biologics, Inc. (a)(f) | 21,000 | 114,970 |
| PharmaEssentia Corp. (a) | 5,000 | 56,369 |
| Prothena Corp. PLC (a) | 2,019 | 73,371 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | 5,500 | 6,179 |
| Shenzhen Kangtai Biological Products Co. Ltd., Class A | 800 | 3,050 |
| SK Bioscience Co. Ltd. (a) | 632 | 35,332 |
| Swedish Orphan Biovitrum AB (a) | 2,194 | 58,127 |
| Walvax Biotechnology Co. Ltd., Class A | 1,400 | 4,622 |
| Zai Lab Ltd. ADR (a) | 1,300 | 35,529 |
| Zura Bio Ltd. | 788 | 3,680 |
| | | 1,766,346 |
| Brewers - 0.1% |
| Ambev SA | 81,400 | 230,077 |
| Anheuser-Busch InBev SA | 8,984 | 579,770 |
| Asahi Group Holdings Ltd. | 4,900 | 182,751 |
| Budweiser Brewing Co. APAC Ltd. (f) | 15,700 | 29,395 |
| Carlsberg AS, Class B | 1,089 | 136,651 |
| China Resources Beer Holdings Co. Ltd. | 30,000 | 131,395 |
| Chongqing Brewery Co. Ltd., Class A | 100 | 933 |
| Heineken Holding NV | 1,322 | 111,863 |
| Heineken NV | 2,969 | 301,536 |
| Kirin Holdings Co. Ltd. | 7,900 | 115,771 |
| | Number
of Shares | Fair
Value |
| Tsingtao Brewery Co. Ltd., Class A | 800 | $ 8,398 |
| Tsingtao Brewery Co. Ltd., Class H | 8,924 | 59,885 |
| | | 1,888,425 |
| Broadcasting - 0.0%* |
| Vivendi SE | 6,758 | 72,234 |
| Broadline Retail - 0.6% |
| Alibaba Group Holding Ltd. | 278,500 | 2,696,352 |
| Allegro.eu SA (a)(f) | 9,220 | 78,138 |
| Canadian Tire Corp. Ltd., Class A | 613 | 65,419 |
| Central Retail Corp. PCL NVDR | 39,816 | 47,827 |
| Coupang, Inc. (a) | 11,200 | 181,328 |
| Dollarama, Inc. | 2,908 | 210,591 |
| Falabella SA (a) | 20,641 | 51,999 |
| Global-e Online Ltd. (a) | 1,100 | 43,593 |
| GoTo Gojek Tokopedia Tbk. PT (a) | 14,761,800 | 82,452 |
| JD.com, Inc., Class A | 39,776 | 573,064 |
| Magazine Luiza SA (a) | 37,124 | 16,508 |
| MINISO Group Holding Ltd. ADR | 1,400 | 28,560 |
| momo.com, Inc. | 1,100 | 18,243 |
| Naspers Ltd., N Shares | 3,129 | 535,202 |
| Next PLC | 1,232 | 127,497 |
| Ozon Holdings PLC ADR (a)(d)** | 1,300 | — |
| Pan Pacific International Holdings Corp. | 3,900 | 93,060 |
| PDD Holdings, Inc. ADR (a) | 10,157 | 1,486,071 |
| Pepco Group NV (a) | 2,698 | 17,880 |
| Prosus NV | 15,121 | 450,742 |
| Rakuten Group, Inc. (a) | 17,400 | 77,509 |
| Vipshop Holdings Ltd. ADR (a) | 6,434 | 114,268 |
| Wesfarmers Ltd. | 11,720 | 456,157 |
| Woolworths Holdings Ltd. | 14,667 | 57,906 |
| Zhejiang China Commodities City Group Co. Ltd., Class A | 9,800 | 10,074 |
| | | 7,520,440 |
| Building Products - 0.1% |
| AGC, Inc. (b) | 2,200 | 81,708 |
| Assa Abloy AB, Class B | 10,331 | 297,592 |
| Astral Ltd. | 2,378 | 54,512 |
| Beijing New Building Materials PLC, Class A | 1,600 | 5,249 |
| Cie de Saint-Gobain S.A. | 4,702 | 346,236 |
| Daikin Industries Ltd. | 2,752 | 448,679 |
| Geberit AG | 344 | 220,300 |
| Kingspan Group PLC (a) | 1,583 | 137,095 |
| Nibe Industrier AB, Class B | 15,452 | 108,555 |
| Rockwool AS, Class B | 95 | 27,817 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 46 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| TOTO Ltd. | 1,500 | $ 39,506 |
| Xinyi Glass Holdings Ltd. | 15,156 | 17,003 |
| | | 1,784,252 |
| Cable & Satellite - 0.0%* |
| Cyfrowy Polsat SA (a) | 3,840 | 12,041 |
| Cargo Ground Transportation - 0.0%* |
| TFI International, Inc. | 891 | 121,791 |
| Casinos & Gaming - 0.1% |
| Aristocrat Leisure Ltd. | 6,354 | 176,981 |
| Entain PLC | 7,394 | 93,712 |
| Evolution AB (f) | 1,885 | 224,864 |
| Flutter Entertainment PLC (a) | 1,822 | 322,028 |
| Galaxy Entertainment Group Ltd. | 22,000 | 123,262 |
| Genting Bhd. | 24,200 | 24,332 |
| Genting Malaysia Bhd. | 54,700 | 32,022 |
| Genting Singapore Ltd. | 55,400 | 41,998 |
| Kangwon Land, Inc. | 1,128 | 14,014 |
| La Francaise des Jeux SAEM (f) | 1,192 | 43,242 |
| Lottery Corp. Ltd. | 22,502 | 74,315 |
| OPAP SA | 3,043 | 51,665 |
| Sands China Ltd. (a) | 28,000 | 81,936 |
| Super Group SGHC Ltd. | 7,467 | 23,670 |
| | | 1,328,041 |
| Coal & Consumable Fuels - 0.1% |
| Adaro Energy Indonesia Tbk. PT | 172,900 | 26,726 |
| Banpu PCL NVDR | 136,500 | 27,194 |
| Cameco Corp. | 4,456 | 193,062 |
| China Coal Energy Co. Ltd., Class H | 49,000 | 44,554 |
| China Shenhua Energy Co. Ltd., Class A | 7,600 | 33,461 |
| China Shenhua Energy Co. Ltd., Class H | 57,490 | 196,945 |
| Coal India Ltd. | 27,564 | 124,547 |
| Encore Energy Corp. | 7,719 | 30,336 |
| Exxaro Resources Ltd. | 3,784 | 42,310 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B (a) | 27,700 | 42,686 |
| Shaanxi Coal Industry Co. Ltd., Class A | 15,100 | 44,299 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 3,800 | 5,273 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 5,200 | 16,000 |
| United Tractors Tbk. PT | 26,500 | 38,940 |
| Yankuang Energy Group Co. Ltd., Class A | 3,450 | 9,598 |
| | Number
of Shares | Fair
Value |
| Yankuang Energy Group Co. Ltd., Class H | 45,000 | $ 85,522 |
| | | 961,453 |
| Commercial Printing - 0.0%* |
| Cimpress PLC (a) | 876 | 70,124 |
| Dai Nippon Printing Co. Ltd. | 2,200 | 65,120 |
| TOPPAN Holdings, Inc. | 2,800 | 78,153 |
| | | 213,397 |
| Commodity Chemicals - 0.2% |
| Advanced Petrochemical Co. | 3,349 | 35,231 |
| Asahi Kasei Corp. | 12,800 | 94,334 |
| Barito Pacific Tbk. PT | 342,922 | 29,622 |
| Berger Paints India Ltd. | 6,819 | 49,548 |
| Canmax Technologies Co. Ltd., Class A | 520 | 1,851 |
| Do-Fluoride New Materials Co. Ltd., Class A | 560 | 1,197 |
| Formosa Chemicals & Fibre Corp. | 55,000 | 111,647 |
| Formosa Plastics Corp. | 66,000 | 170,320 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1,860 | 6,551 |
| Hanwha Solutions Corp. (a) | 1,597 | 48,980 |
| Hengli Petrochemical Co. Ltd., Class A (a) | 4,300 | 7,953 |
| Hengyi Petrochemical Co. Ltd., Class A (a) | 4,700 | 4,436 |
| Huafon Chemical Co. Ltd., Class A | 4,900 | 4,617 |
| Hubei Xingfa Chemicals Group Co. Ltd., Class A | 600 | 1,538 |
| Indorama Ventures PCL NVDR | 44,595 | 35,603 |
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 2,700 | 2,226 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A | 3,800 | 5,123 |
| Kum Yang Co. Ltd. (a) | 396 | 33,576 |
| Kumho Petrochemical Co. Ltd. | 395 | 40,761 |
| LB Group Co. Ltd., Class A | 2,100 | 5,052 |
| LG Chem Ltd. | 857 | 332,047 |
| Lotte Chemical Corp. | 324 | 38,541 |
| Mesaieed Petrochemical Holding Co. | 65,734 | 31,955 |
| Mitsui Chemicals, Inc. | 1,600 | 47,462 |
| Nan Ya Plastics Corp. | 89,000 | 192,845 |
| National Industrialization Co. (a) | 9,299 | 30,501 |
| Orbia Advance Corp. SAB de CV | 16,700 | 37,099 |
| Orica Ltd. | 5,195 | 56,504 |
| Orion SA | 2,760 | 76,535 |
| Petronas Chemicals Group Bhd. | 50,100 | 78,067 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 47 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| PTT Global Chemical PCL NVDR | 35,138 | $ 39,634 |
| Rongsheng Petrochemical Co. Ltd., Class A | 13,350 | 19,405 |
| Sahara International Petrochemical Co. | 5,604 | 50,884 |
| Sasa Polyester Sanayi AS (a) | 14,830 | 18,298 |
| Satellite Chemical Co. Ltd., Class A (a) | 3,525 | 7,302 |
| Saudi Aramco Base Oil Co. | 1,204 | 45,463 |
| Saudi Basic Industries Corp. | 15,617 | 346,906 |
| Saudi Industrial Investment Group | 6,465 | 38,273 |
| Saudi Kayan Petrochemical Co. (a) | 11,878 | 34,399 |
| Shenzhen Senior Technology Material Co. Ltd., Class A | 599 | 1,297 |
| Sinoma Science & Technology Co. Ltd., Class A | 2,800 | 6,260 |
| SKC Co. Ltd. | 278 | 19,556 |
| Skshu Paint Co. Ltd., Class A (a) | 560 | 3,744 |
| Supreme Industries Ltd. | 1,181 | 64,475 |
| Tongkun Group Co. Ltd., Class A (a) | 3,400 | 7,224 |
| Toray Industries, Inc. | 14,000 | 72,800 |
| Tosoh Corp. | 2,382 | 30,430 |
| Yanbu National Petrochemical Co. | 5,910 | 59,888 |
| Yunnan Energy New Material Co. Ltd., Class A | 500 | 3,990 |
| | | 2,481,950 |
| Communications Equipment - 0.1% |
| Accton Technology Corp. | 9,000 | 153,370 |
| BYD Electronic International Co. Ltd. | 16,020 | 75,088 |
| Nokia OYJ | 55,543 | 187,257 |
| Telefonaktiebolaget LM Ericsson, Class B | 30,065 | 188,275 |
| Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 500 | 2,213 |
| Yealink Network Technology Corp. Ltd., Class A | 1,540 | 6,391 |
| Zhongji Innolight Co. Ltd., Class A | 500 | 7,928 |
| ZTE Corp., Class A | 6,900 | 25,660 |
| ZTE Corp., Class H | 10,000 | 22,334 |
| | | 668,516 |
| Construction & Engineering - 0.2% |
| ACS Actividades de Construccion y Servicios SA | 2,292 | 101,679 |
| Bouygues SA | 1,933 | 72,856 |
| Budimex SA | 294 | 46,804 |
| | Number
of Shares | Fair
Value |
| China Communications Services Corp. Ltd., Class H | 45,733 | $ 18,976 |
| China Energy Engineering Corp. Ltd., Class A | 34,900 | 10,293 |
| China National Chemical Engineering Co. Ltd., Class A | 10,700 | 9,557 |
| China Railway Group Ltd., Class A | 24,800 | 19,783 |
| China Railway Group Ltd., Class H | 97,000 | 43,229 |
| China State Construction Engineering Corp. Ltd., Class A | 41,900 | 28,304 |
| China State Construction International Holdings Ltd. | 32,000 | 37,006 |
| Eiffage SA | 745 | 79,844 |
| Gamuda Bhd. | 35,325 | 35,287 |
| Hyundai Engineering & Construction Co. Ltd. | 1,136 | 30,784 |
| Kajima Corp. | 4,300 | 71,875 |
| Larsen & Toubro Ltd. | 11,594 | 491,270 |
| Metallurgical Corp. of China Ltd., Class A | 24,100 | 10,357 |
| Obayashi Corp. | 7,600 | 65,768 |
| Power Construction Corp. of China Ltd., Class A | 21,000 | 14,421 |
| Samsung Engineering Co. Ltd. (a) | 3,098 | 69,758 |
| Shimizu Corp. | 5,100 | 33,882 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | 9,800 | 10,308 |
| Skanska AB, Class B | 3,907 | 70,694 |
| Stantec, Inc. | 1,100 | 88,744 |
| Taisei Corp. | 1,700 | 58,146 |
| Vinci SA | 5,253 | 659,770 |
| WSP Global, Inc. | 1,280 | 180,303 |
| | | 2,359,698 |
| Construction Machinery & Heavy Transportation Equipment - 0.2% |
| Alstom SA | 2,677 | 36,018 |
| Ashok Leyland Ltd. | 30,667 | 66,907 |
| China CSSC Holdings Ltd., Class A | 2,700 | 11,163 |
| CRRC Corp. Ltd., Class A | 30,500 | 22,530 |
| CRRC Corp. Ltd., Class H | 102,000 | 44,935 |
| Cummins India Ltd. | 2,829 | 66,768 |
| Daimler Truck Holding AG | 5,498 | 206,616 |
| Doosan Bobcat, Inc. | 1,139 | 44,573 |
| Epiroc AB, Class A | 6,743 | 135,290 |
| Epiroc AB, Class B | 3,991 | 69,858 |
| Hanwha Ocean Co. Ltd. (a) | 1,048 | 20,425 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | 443 | 44,372 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 48 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 670 | $ 62,896 |
| Hitachi Construction Machinery Co. Ltd. | 1,000 | 26,436 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | 389 | 25,643 |
| Knorr-Bremse AG | 832 | 54,041 |
| Komatsu Ltd. | 9,514 | 248,884 |
| Metso OYJ | 7,714 | 78,140 |
| Samsung Heavy Industries Co. Ltd. (a) | 12,744 | 76,688 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 22,000 | 21,272 |
| Sany Heavy Industry Co. Ltd., Class A | 14,300 | 27,654 |
| Seatrium Ltd. (a) | 408,689 | 36,559 |
| Sinotruk Hong Kong Ltd. | 16,000 | 31,391 |
| Toyota Industries Corp. | 1,500 | 122,358 |
| Volvo AB, Class A | 2,285 | 60,538 |
| Volvo AB, Class B | 15,582 | 404,631 |
| Weichai Power Co. Ltd., Class A | 7,800 | 14,952 |
| Weichai Power Co. Ltd., Class H | 31,401 | 52,439 |
| XCMG Construction Machinery Co. Ltd., Class A | 9,300 | 7,131 |
| Zhuzhou CRRC Times Electric Co. Ltd. | 12,400 | 35,413 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | 8,700 | 7,978 |
| | | 2,164,499 |
| Construction Materials - 0.1% |
| Ambuja Cements Ltd. | 12,561 | 78,629 |
| Anhui Conch Cement Co. Ltd., Class A | 2,769 | 8,773 |
| Anhui Conch Cement Co. Ltd., Class H | 19,581 | 45,238 |
| Asia Cement Corp. | 35,000 | 47,270 |
| Cemex SAB de CV (a) | 271,500 | 211,948 |
| China Jushi Co. Ltd., Class A | 4,114 | 5,679 |
| China National Building Material Co. Ltd., Class H | 59,243 | 25,340 |
| Grasim Industries Ltd. | 4,570 | 117,241 |
| Heidelberg Materials AG | 1,427 | 127,589 |
| Semen Indonesia Persero Tbk. PT | 43,992 | 18,286 |
| Shree Cement Ltd. | 179 | 61,636 |
| Siam Cement PCL NVDR | 13,565 | 121,611 |
| Taiwan Cement Corp. | 122,595 | 139,210 |
| UltraTech Cement Ltd. | 2,004 | 252,940 |
| | | 1,261,390 |
| | Number
of Shares | Fair
Value |
| Consumer Electronics - 0.1% |
| LG Electronics, Inc. (a) | 1,873 | $ 148,048 |
| Panasonic Holdings Corp. | 22,700 | 224,859 |
| Sharp Corp. (a) | 2,200 | 15,691 |
| Sony Group Corp. | 13,049 | 1,241,219 |
| | | 1,629,817 |
| Consumer Finance - 0.1% |
| Bajaj Finance Ltd. | 4,725 | 416,081 |
| Cholamandalam Investment & Finance Co. Ltd. | 7,383 | 111,774 |
| Krungthai Card PCL NVDR | 24,365 | 31,052 |
| Lufax Holding Ltd. ADR | 1,400 | 4,298 |
| Muangthai Capital PCL NVDR | 7,500 | 9,888 |
| Muthoot Finance Ltd. | 1,370 | 24,305 |
| Qifu Technology, Inc. ADR | 2,400 | 37,968 |
| SBI Cards & Payment Services Ltd. | 5,531 | 50,492 |
| Shriram Finance Ltd. | 4,845 | 119,550 |
| | | 805,408 |
| Consumer Staples Merchandise Retail - 0.1% |
| Aeon Co. Ltd. | 6,675 | 149,191 |
| Atacadao SA | 6,800 | 17,428 |
| Berli Jucker PCL NVDR | 12,600 | 9,229 |
| Carrefour SA | 6,361 | 116,397 |
| Cencosud SA | 26,788 | 50,767 |
| Sendas Distribuidora SA | 26,300 | 73,254 |
| Wal-Mart de Mexico SAB de CV | 90,386 | 381,997 |
| | | 798,263 |
| Copper - 0.0%* |
| Amman Mineral Internasional PT (a) | 54,600 | 23,227 |
| Antofagasta PLC | 3,997 | 85,577 |
| First Quantum Minerals Ltd. | 6,476 | 53,287 |
| Jiangxi Copper Co. Ltd., Class A | 300 | 753 |
| Jiangxi Copper Co. Ltd., Class H | 14,782 | 20,900 |
| KGHM Polska Miedz SA | 2,776 | 86,621 |
| Lundin Mining Corp. | 7,500 | 61,656 |
| Southern Copper Corp. | 2,490 | 214,314 |
| | | 546,335 |
| Data Processing & Outsourced Services - 0.0%* |
| Computershare Ltd. | 5,973 | 99,406 |
| Teleperformance SE | 604 | 88,105 |
| | | 187,511 |
| Distillers & Vintners - 0.2% |
| Anhui Gujing Distillery Co. Ltd., Class A | 400 | 13,077 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 49 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Anhui Gujing Distillery Co. Ltd., Class B | 1,900 | $ 28,907 |
| Davide Campari-Milano NV | 6,079 | 68,595 |
| Diageo PLC | 23,273 | 847,330 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | 1,400 | 9,585 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 1,700 | 26,238 |
| JiuGui Liquor Co. Ltd., Class A | 400 | 4,109 |
| Kweichow Moutai Co. Ltd., Class A | 1,400 | 339,353 |
| Luzhou Laojiao Co. Ltd., Class A | 1,500 | 37,796 |
| Pernod Ricard SA | 2,111 | 372,524 |
| Remy Cointreau SA | 259 | 32,902 |
| Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 980 | 3,387 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 1,640 | 53,141 |
| Sichuan Swellfun Co. Ltd., Class A | 600 | 4,952 |
| Treasury Wine Estates Ltd. | 9,189 | 67,592 |
| United Spirits Ltd. | 4,501 | 60,459 |
| Wuliangye Yibin Co. Ltd., Class A | 4,700 | 92,613 |
| | | 2,062,560 |
| Distributors - 0.0%* |
| D'ieteren Group | 196 | 38,301 |
| Diversified Banks - 3.0% |
| ABN AMRO Bank NV (f) | 4,706 | 70,647 |
| Absa Group Ltd. | 14,226 | 127,351 |
| Abu Dhabi Commercial Bank PJSC | 49,700 | 124,225 |
| Abu Dhabi Islamic Bank PJSC | 27,848 | 76,733 |
| Agricultural Bank of China Ltd., Class A | 91,347 | 46,696 |
| Agricultural Bank of China Ltd., Class H | 474,717 | 182,992 |
| AIB Group PLC | 16,078 | 68,911 |
| Akbank TAS | 46,147 | 57,063 |
| Al Rajhi Bank | 34,542 | 801,374 |
| Alinma Bank | 17,033 | 176,008 |
| Alpha Services & Holdings SA (a) | 43,060 | 73,204 |
| AMMB Holdings Bhd. | 37,400 | 32,639 |
| ANZ Group Holdings Ltd. | 31,070 | 549,520 |
| Arab National Bank | 11,480 | 77,605 |
| Axis Bank Ltd. | 40,059 | 530,646 |
| Banco Bilbao Vizcaya Argentaria SA | 61,698 | 560,641 |
| Banco BPM SpA | 13,670 | 72,196 |
| Banco Bradesco SA | 23,067 | 72,559 |
| | Number
of Shares | Fair
Value |
| Banco de Chile | 667,199 | $ 79,067 |
| Banco de Credito e Inversiones SA | 1,427 | 38,972 |
| Banco del Bajio SA (f) | 11,200 | 37,566 |
| Banco do Brasil SA | 14,600 | 166,480 |
| Banco Santander Brasil SA | 5,900 | 39,231 |
| Banco Santander Chile | 774,790 | 38,150 |
| Banco Santander SA | 167,492 | 699,283 |
| Bancolombia SA | 3,348 | 28,692 |
| Bank AlBilad | 8,744 | 104,811 |
| Bank Al-Jazira (a) | 6,739 | 33,605 |
| Bank Central Asia Tbk. PT | 977,700 | 596,894 |
| Bank Hapoalim BM | 12,965 | 117,052 |
| Bank Leumi Le-Israel BM | 15,576 | 125,918 |
| Bank Mandiri Persero Tbk. PT | 660,000 | 259,336 |
| Bank Negara Indonesia Persero Tbk. PT | 289,600 | 101,098 |
| Bank of Baroda | 14,547 | 40,400 |
| Bank of Beijing Co. Ltd., Class A | 31,600 | 20,103 |
| Bank of China Ltd., Class A | 42,794 | 23,979 |
| Bank of China Ltd., Class H | 1,445,868 | 551,791 |
| Bank of Communications Co. Ltd., Class A | 44,600 | 35,953 |
| Bank of Communications Co. Ltd., Class H | 132,127 | 82,404 |
| Bank of Ireland Group PLC | 10,757 | 97,652 |
| Bank of Montreal | 7,459 | 741,657 |
| Bank of Nova Scotia | 12,466 | 609,781 |
| Bank of NT Butterfield & Son Ltd. | 2,324 | 74,391 |
| Bank of Shanghai Co. Ltd., Class A | 6,100 | 5,114 |
| Bank of the Philippine Islands | 38,922 | 72,959 |
| Bank Polska Kasa Opieki SA | 3,502 | 135,413 |
| Bank Rakyat Indonesia Persero Tbk. PT | 1,205,609 | 448,276 |
| Banque Saudi Fransi | 10,354 | 110,443 |
| Barclays PLC | 155,732 | 305,295 |
| BDO Unibank, Inc. | 45,162 | 106,431 |
| BNP Paribas S.A. | 10,872 | 751,691 |
| BOC Hong Kong Holdings Ltd. | 37,500 | 101,812 |
| Boubyan Bank KSCP | 21,343 | 41,679 |
| CaixaBank SA | 42,384 | 174,449 |
| Canadian Imperial Bank of Commerce | 9,548 | 461,977 |
| Capitec Bank Holdings Ltd. | 1,480 | 163,993 |
| Chang Hwa Commercial Bank Ltd. | 82,324 | 48,015 |
| China CITIC Bank Corp. Ltd., Class H | 184,881 | 87,130 |
| China Common Rich Renewable Energy Investments Ltd. (d)** | 64,000 | — |
| China Construction Bank Corp., Class A | 7,400 | 6,765 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 50 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| China Construction Bank Corp., Class H | 1,669,000 | $ 993,891 |
| China Everbright Bank Co. Ltd., Class A | 30,820 | 12,552 |
| China Everbright Bank Co. Ltd., Class H | 46,883 | 13,929 |
| China Merchants Bank Co. Ltd., Class A | 24,600 | 96,112 |
| China Merchants Bank Co. Ltd., Class H | 67,000 | 233,385 |
| China Minsheng Banking Corp. Ltd., Class A | 46,100 | 24,213 |
| China Minsheng Banking Corp. Ltd., Class H | 136,700 | 46,392 |
| China Zheshang Bank Co. Ltd., Class A | 23,140 | 8,189 |
| CIMB Group Holdings Bhd. | 99,294 | 126,414 |
| Commercial Bank PSQC | 60,675 | 99,153 |
| Commercial International Bank - Egypt (CIB) | 24,801 | 35,303 |
| Commerzbank AG | 10,786 | 128,203 |
| Commonwealth Bank of Australia | 17,365 | 1,324,719 |
| Credicorp Ltd. | 1,100 | 164,923 |
| Credit Agricole SA | 10,953 | 155,499 |
| CTBC Financial Holding Co. Ltd. | 302,000 | 278,969 |
| Danske Bank AS | 7,087 | 189,453 |
| DBS Group Holdings Ltd. | 18,674 | 472,973 |
| DNB Bank ASA | 9,509 | 202,245 |
| Dubai Islamic Bank PJSC | 54,537 | 84,937 |
| E.Sun Financial Holding Co. Ltd. | 251,647 | 211,547 |
| Emirates NBD Bank PJSC | 32,909 | 155,014 |
| Erste Group Bank AG | 3,522 | 142,901 |
| Eurobank Ergasias Services & Holdings SA, Class A (a) | 37,601 | 66,873 |
| FinecoBank Banca Fineco SpA | 6,207 | 93,146 |
| First Abu Dhabi Bank PJSC | 75,909 | 288,528 |
| First Financial Holding Co. Ltd. | 198,121 | 176,879 |
| Grupo Financiero Banorte SAB de CV, Class O | 45,500 | 458,802 |
| Grupo Financiero Inbursa SAB de CV, Class O (a) | 30,000 | 82,748 |
| Gulf Bank KSCP | 28,220 | 25,809 |
| Haci Omer Sabanci Holding AS | 18,817 | 38,515 |
| Hana Financial Group, Inc. | 4,949 | 166,773 |
| Hang Seng Bank Ltd. | 7,800 | 90,950 |
| HDFC Bank Ltd. | 48,707 | 1,000,465 |
| Hong Leong Bank Bhd. | 9,900 | 40,720 |
| HSBC Holdings PLC | 201,938 | 1,635,971 |
| Hua Nan Financial Holdings Co. Ltd. | 159,089 | 115,855 |
| Huaxia Bank Co. Ltd., Class A | 22,200 | 17,522 |
| ICICI Bank Ltd. | 88,638 | 1,061,563 |
| | Number
of Shares | Fair
Value |
| IDFC First Bank Ltd. (a) | 56,845 | $ 60,729 |
| IndusInd Bank Ltd. | 3,982 | 76,514 |
| Industrial & Commercial Bank of China Ltd., Class A | 67,200 | 45,111 |
| Industrial & Commercial Bank of China Ltd., Class H | 1,133,505 | 554,519 |
| Industrial Bank Co. Ltd., Class A | 21,300 | 48,489 |
| Industrial Bank of Korea | 5,368 | 49,433 |
| ING Groep N.V. | 37,430 | 559,260 |
| Intesa Sanpaolo SpA | 160,619 | 469,030 |
| Israel Discount Bank Ltd., Class A | 14,383 | 72,296 |
| Japan Post Bank Co. Ltd. | 14,800 | 150,750 |
| KakaoBank Corp. | 3,129 | 69,242 |
| Kasikornbank PCL | 9,700 | 38,365 |
| KB Financial Group, Inc. | 6,591 | 276,864 |
| KBC Group NV | 2,698 | 175,006 |
| Komercni Banka AS | 1,230 | 39,873 |
| Kotak Mahindra Bank Ltd. | 19,134 | 438,745 |
| Krung Thai Bank PCL NVDR | 63,077 | 34,003 |
| Kuwait Finance House KSCP | 140,911 | 332,958 |
| Lloyds Banking Group PLC | 656,224 | 399,120 |
| Malayan Banking Bhd. | 96,489 | 186,678 |
| Masraf Al Rayan QSC | 115,237 | 82,036 |
| mBank SA (a) | 151 | 20,544 |
| Mediobanca Banca di Credito Finanziario SpA | 6,402 | 79,241 |
| Mega Financial Holding Co. Ltd. | 192,321 | 245,646 |
| Metropolitan Bank & Trust Co. | 32,670 | 30,266 |
| Mitsubishi UFJ Financial Group, Inc. | 118,282 | 1,016,447 |
| Mizrahi Tefahot Bank Ltd. | 1,776 | 69,049 |
| Mizuho Financial Group, Inc. | 24,900 | 426,098 |
| Moneta Money Bank AS (f) | 3,392 | 14,206 |
| National Australia Bank Ltd. | 32,370 | 678,091 |
| National Bank of Canada | 3,481 | 266,632 |
| National Bank of Greece SA (a) | 7,939 | 55,162 |
| National Bank of Kuwait SAKP | 130,725 | 380,368 |
| NatWest Group PLC | 62,366 | 174,432 |
| Nedbank Group Ltd. | 8,344 | 98,659 |
| Nordea Bank Abp | 33,064 | 409,189 |
| NU Holdings Ltd., Class A (a) | 27,500 | 229,075 |
| OTP Bank Nyrt | 4,063 | 185,533 |
| Oversea-Chinese Banking Corp. Ltd. | 34,930 | 344,242 |
| Ping An Bank Co. Ltd., Class A | 20,300 | 26,770 |
| Piraeus Financial Holdings SA (a) | 13,663 | 48,297 |
| Postal Savings Bank of China Co. Ltd., Class A | 34,100 | 20,832 |
| Postal Savings Bank of China Co. Ltd., Class H (f) | 148,675 | 71,019 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 51 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Powszechna Kasa Oszczednosci Bank Polski SA (a) | 16,037 | $ 205,221 |
| Public Bank Bhd. | 252,300 | 235,553 |
| Qatar International Islamic Bank QSC | 21,548 | 62,377 |
| Qatar Islamic Bank SAQ | 29,919 | 171,741 |
| Qatar National Bank QPSC | 82,442 | 363,415 |
| RHB Bank Bhd. | 27,214 | 32,278 |
| Riyad Bank | 25,501 | 194,148 |
| Royal Bank of Canada | 14,457 | 1,469,163 |
| Santander Bank Polska SA | 547 | 68,134 |
| Saudi Awwal Bank | 17,442 | 174,885 |
| Saudi Investment Bank | 7,687 | 32,593 |
| Saudi National Bank | 51,659 | 533,121 |
| Sberbank of Russia PJSC (d)** | 192,160 | — |
| SCB X PCL NVDR | 13,396 | 41,602 |
| Shanghai Commercial & Savings Bank Ltd. | 69,565 | 106,080 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | 33,600 | 31,238 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | 18,800 | 15,155 |
| Shinhan Financial Group Co. Ltd. | 7,458 | 232,502 |
| SinoPac Financial Holdings Co. Ltd. | 192,921 | 123,835 |
| Skandinaviska Enskilda Banken AB, Class A | 16,323 | 224,813 |
| Societe Generale SA | 7,595 | 201,565 |
| Standard Bank Group Ltd. | 22,973 | 261,418 |
| Standard Chartered PLC | 23,560 | 200,209 |
| State Bank of India | 29,995 | 231,432 |
| Sumitomo Mitsui Financial Group, Inc. | 13,133 | 640,907 |
| Sumitomo Mitsui Trust Holdings, Inc. | 7,200 | 138,198 |
| Svenska Handelsbanken AB, Class A | 14,950 | 162,364 |
| Swedbank AB, Class A | 9,129 | 184,159 |
| Taishin Financial Holding Co. Ltd. | 196,512 | 115,895 |
| Taiwan Business Bank | 91,136 | 40,682 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 185,067 | 161,004 |
| TCS Group Holding PLC GDR (a)(d)** | 2,171 | — |
| Toronto-Dominion Bank | 18,845 | 1,223,653 |
| Turkiye Is Bankasi AS, Class C | 63,462 | 50,195 |
| UniCredit SpA | 16,599 | 450,426 |
| United Overseas Bank Ltd. | 13,000 | 280,381 |
| VTB Bank PJSC (a)(d)** | 70,264,000 | — |
| Westpac Banking Corp. | 36,283 | 566,951 |
| Woori Financial Group, Inc. | 10,107 | 102,020 |
| | Number
of Shares | Fair
Value |
| Yapi ve Kredi Bankasi AS | 44,416 | $ 29,386 |
| Yes Bank Ltd. (a) | 116,408 | 30,007 |
| | | 40,466,278 |
| Diversified Capital Markets - 0.1% |
| Banco BTG Pactual SA | 21,708 | 168,074 |
| Deutsche Bank AG | 19,969 | 272,735 |
| Macquarie Group Ltd. | 3,793 | 475,263 |
| Mirae Asset Securities Co. Ltd. | 2,723 | 16,132 |
| UBS Group AG | 34,061 | 1,056,249 |
| | | 1,988,453 |
| Diversified Chemicals - 0.1% |
| BASF SE | 9,223 | 496,980 |
| Mitsubishi Chemical Group Corp. | 13,000 | 79,671 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | 11,000 | 22,817 |
| Nissan Chemical Corp. | 1,500 | 58,583 |
| Pidilite Industries Ltd. | 2,251 | 73,445 |
| Sasol Ltd. | 10,003 | 101,351 |
| SRF Ltd. | 2,942 | 87,653 |
| Sumitomo Chemical Co. Ltd. | 16,000 | 39,041 |
| | | 959,541 |
| Diversified Financial Services - 0.1% |
| Bajaj Finserv Ltd. | 6,539 | 132,471 |
| FirstRand Ltd. | 87,707 | 352,555 |
| Jio Financial Services Ltd. (a) | 53,375 | 149,419 |
| M&G PLC | 25,818 | 73,198 |
| Meritz Financial Group, Inc. | 1,997 | 91,640 |
| ORIX Corp. | 12,100 | 227,959 |
| Yuanta Financial Holding Co. Ltd. | 183,373 | 164,907 |
| | | 1,192,149 |
| Diversified Metals & Mining - 0.4% |
| Anglo American PLC | 13,105 | 329,213 |
| BHP Group Ltd. | 52,533 | 1,806,991 |
| Boliden AB | 2,774 | 86,568 |
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,000 | 5,432 |
| China Rare Earth Resources & Technology Co. Ltd., Class A | 500 | 1,943 |
| CMOC Group Ltd., Class A | 11,000 | 8,033 |
| CMOC Group Ltd., Class H | 57,000 | 31,170 |
| GEM Co. Ltd., Class A | 7,800 | 5,981 |
| Glencore PLC | 108,290 | 651,725 |
| Grupo Mexico SAB de CV | 55,042 | 306,112 |
| Henan Shenhuo Coal & Power Co. Ltd., Class A | 4,000 | 9,437 |
| IGO Ltd. | 6,345 | 39,182 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 52 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Ivanhoe Mines Ltd., Class A (a) | 7,000 | $ 68,216 |
| Korea Zinc Co. Ltd. | 131 | 50,655 |
| Merdeka Copper Gold Tbk. PT (a) | 198,993 | 34,895 |
| Mineral Resources Ltd. | 1,779 | 84,973 |
| MMC Norilsk Nickel PJSC ADR (a)(d)** | 8,131 | — |
| MMC Norilsk Nickel PJSC (d)** | 305 | — |
| Pilbara Minerals Ltd. | 31,349 | 84,494 |
| Rio Tinto Ltd. | 3,830 | 354,534 |
| Rio Tinto PLC | 11,657 | 868,141 |
| Saudi Arabian Mining Co. (a) | 21,228 | 249,924 |
| Shenghe Resources Holding Co. Ltd., Class A | 3,500 | 5,004 |
| Sinomine Resource Group Co. Ltd., Class A | 1,120 | 5,869 |
| South32 Ltd. | 46,185 | 104,943 |
| Sumitomo Metal Mining Co. Ltd. | 2,500 | 75,294 |
| Teck Resources Ltd., Class B (a) | 4,735 | 201,128 |
| Vedanta Ltd. | 11,044 | 34,314 |
| Western Mining Co. Ltd., Class A | 1,400 | 2,806 |
| Yunnan Tin Co. Ltd., Class A | 1,000 | 2,011 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 1,530 | 7,076 |
| | | 5,516,064 |
| Diversified Real Estate Activities - 0.1% |
| Aldar Properties PJSC | 68,917 | 100,390 |
| Ayala Land, Inc. | 105,500 | 65,634 |
| Barwa Real Estate Co. | 31,838 | 25,192 |
| City Developments Ltd. | 4,500 | 22,686 |
| Daito Trust Construction Co. Ltd. | 700 | 81,182 |
| Daiwa House Industry Co. Ltd. | 6,400 | 193,934 |
| DLF Ltd. | 8,691 | 75,867 |
| ESR Group Ltd. (f) | 28,000 | 38,727 |
| Mitsubishi Estate Co. Ltd. | 12,200 | 168,142 |
| Mitsui Fudosan Co. Ltd. | 9,200 | 225,660 |
| New World Development Co. Ltd. | 14,000 | 21,730 |
| Nomura Real Estate Holdings, Inc. | 996 | 26,203 |
| Sumitomo Realty & Development Co. Ltd. | 2,900 | 86,272 |
| Sun Hung Kai Properties Ltd. | 15,000 | 162,226 |
| Swire Pacific Ltd., Class A | 4,000 | 33,860 |
| UOL Group Ltd. | 4,100 | 19,519 |
| Wharf Holdings Ltd. | 12,000 | 38,650 |
| | | 1,385,874 |
| | Number
of Shares | Fair
Value |
| Diversified REITs - 0.0%* |
| Covivio SA | 449 | $ 24,145 |
| Daiwa House REIT Investment Corp. | 26 | 46,419 |
| Fibra Uno Administracion SA de CV | 55,100 | 99,466 |
| GPT Group | 22,018 | 69,711 |
| KDX Realty Investment Corp. | 42 | 47,905 |
| Land Securities Group PLC | 8,113 | 72,894 |
| Mirvac Group | 46,157 | 65,825 |
| Nomura Real Estate Master Fund, Inc. | 49 | 57,348 |
| Stockland | 24,117 | 73,230 |
| | | 556,943 |
| Diversified Support Services - 0.0%* |
| Brambles Ltd. | 15,339 | 142,345 |
| Element Fleet Management Corp. | 3,932 | 64,291 |
| Indian Railway Catering & Tourism Corp. Ltd. | 5,615 | 59,886 |
| RB Global, Inc. | 3,695 | 247,820 |
| | | 514,342 |
| Drug Retail - 0.0%* |
| Alibaba Health Information Technology Ltd. (a) | 104,000 | 56,471 |
| Clicks Group Ltd. | 4,784 | 85,205 |
| JD Health International, Inc. (a)(f) | 20,000 | 100,147 |
| MatsukiyoCocokara & Co. | 4,000 | 70,847 |
| Nahdi Medical Co. | 553 | 20,203 |
| Ping An Healthcare & Technology Co. Ltd. (a)(f) | 9,500 | 21,607 |
| Raia Drogasil SA | 20,124 | 121,798 |
| | | 476,278 |
| Education Services - 0.0%* |
| East Buy Holding Ltd. (a)(f) | 8,000 | 28,481 |
| IDP Education Ltd. | 2,982 | 40,756 |
| New Oriental Education & Technology Group, Inc. (a) | 26,300 | 186,088 |
| Pearson PLC | 6,484 | 79,699 |
| TAL Education Group ADR (a) | 7,100 | 89,673 |
| | | 424,697 |
| Electric Utilities - 0.4% |
| Acciona SA | 224 | 32,984 |
| BKW AG | 193 | 34,282 |
| Centrais Eletricas Brasileiras SA | 19,427 | 169,690 |
| CEZ AS | 2,835 | 121,584 |
| Chubu Electric Power Co., Inc. | 6,600 | 85,274 |
| CK Infrastructure Holdings Ltd. | 7,000 | 38,727 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 53 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| CLP Holdings Ltd. | 17,000 | $ 140,314 |
| CPFL Energia SA | 5,400 | 42,810 |
| EDP - Energias de Portugal SA | 32,189 | 161,965 |
| Elia Group SA | 331 | 41,427 |
| Emera, Inc. | 2,783 | 106,162 |
| Endesa SA | 3,211 | 65,478 |
| Enel Americas SA (a) | 212,573 | 23,733 |
| Enel Chile SA | 508,946 | 33,213 |
| Enel SpA | 84,132 | 625,462 |
| Energisa SA | 3,800 | 42,110 |
| Equatorial Energia SA | 15,892 | 116,861 |
| Fortis, Inc. | 5,004 | 206,862 |
| Fortum OYJ | 4,532 | 65,382 |
| Hydro One Ltd. (f) | 3,356 | 101,041 |
| Iberdrola SA | 62,450 | 818,857 |
| Inter RAO UES PJSC (a)(d)** | 467,243 | — |
| Interconexion Electrica SA ESP | 4,165 | 16,643 |
| Kansai Electric Power Co., Inc. | 7,200 | 95,605 |
| Korea Electric Power Corp. (a) | 5,036 | 73,904 |
| Manila Electric Co. | 4,930 | 35,523 |
| Mercury NZ Ltd. | 6,351 | 26,539 |
| Origin Energy Ltd. | 19,845 | 114,694 |
| Orsted AS (f) | 1,926 | 106,826 |
| PGE Polska Grupa Energetyczna SA (a) | 10,086 | 22,259 |
| Power Assets Holdings Ltd. | 14,000 | 81,129 |
| Power Grid Corp. of India Ltd. | 75,250 | 214,499 |
| Public Power Corp. SA (a) | 3,866 | 47,660 |
| Redeia Corp. SA | 4,103 | 67,578 |
| Saudi Electricity Co. | 14,858 | 75,122 |
| SSE PLC | 11,255 | 266,296 |
| Tata Power Co. Ltd. | 26,496 | 105,759 |
| Tenaga Nasional Bhd. | 45,900 | 100,291 |
| Terna - Rete Elettrica Nazionale | 14,381 | 120,003 |
| Tokyo Electric Power Co. Holdings, Inc. (a) | 15,500 | 81,194 |
| Verbund AG | 783 | 72,698 |
| | | 4,798,440 |
| Electrical Components & Equipment - 0.2% |
| ABB Ltd. | 16,554 | 733,635 |
| CG Power & Industrial Solutions Ltd. | 12,744 | 69,590 |
| Contemporary Amperex Technology Co. Ltd., Class A | 4,100 | 94,004 |
| Ecopro BM Co. Ltd. | 870 | 194,549 |
| Ecopro Co. Ltd. | 354 | 177,838 |
| Eve Energy Co. Ltd., Class A | 2,500 | 14,816 |
| Fuji Electric Co. Ltd. | 1,500 | 64,573 |
| Ginlong Technologies Co. Ltd., Class A | 300 | 2,945 |
| | Number
of Shares | Fair
Value |
| Gotion High-tech Co. Ltd., Class A (a) | 1,800 | $ 5,435 |
| Havells India Ltd. | 5,128 | 84,299 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 4,400 | 7,718 |
| L&F Co. Ltd. | 474 | 75,080 |
| Legrand SA | 2,733 | 284,089 |
| LG Energy Solution Ltd. (a) | 833 | 276,503 |
| NIDEC Corp. | 4,300 | 173,702 |
| Polycab India Ltd. | 511 | 33,681 |
| POSCO Future M Co. Ltd. | 551 | 153,590 |
| Prysmian SpA | 2,681 | 121,928 |
| Sungrow Power Supply Co. Ltd., Class A | 1,900 | 23,372 |
| Sunwoda Electronic Co. Ltd., Class A | 800 | 1,658 |
| TBEA Co. Ltd., Class A | 5,460 | 10,582 |
| Voltronic Power Technology Corp. | 1,000 | 55,718 |
| Walsin Lihwa Corp. | 57,000 | 71,783 |
| WEG SA | 29,146 | 221,463 |
| Zhejiang Chint Electrics Co. Ltd., Class A | 1,800 | 5,438 |
| | | 2,957,989 |
| Electronic Components - 0.2% |
| AUO Corp. | 136,200 | 80,547 |
| Avary Holding Shenzhen Co. Ltd., Class A | 2,600 | 8,150 |
| BOE Technology Group Co. Ltd., Class A | 61,900 | 33,903 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | 2,200 | 9,099 |
| China Zhenhua Group Science & Technology Co. Ltd., Class A | 200 | 1,653 |
| Delta Electronics Thailand PCL NVDR | 55,000 | 141,800 |
| Delta Electronics, Inc. | 35,000 | 357,521 |
| E Ink Holdings, Inc. | 15,000 | 96,284 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 800 | 5,141 |
| Hamamatsu Photonics KK | 1,600 | 65,825 |
| Hirose Electric Co. Ltd. | 374 | 42,353 |
| Ibiden Co. Ltd. | 1,100 | 60,977 |
| Innolux Corp. | 171,333 | 79,831 |
| Kingboard Holdings Ltd. | 17,000 | 40,668 |
| Kingboard Laminates Holdings Ltd. | 13,549 | 11,660 |
| Kyocera Corp. | 13,200 | 192,691 |
| Largan Precision Co. Ltd. | 2,000 | 187,028 |
| Lens Technology Co. Ltd., Class A | 4,960 | 9,195 |
| LG Display Co. Ltd. (a) | 3,737 | 36,967 |
| LG Innotek Co. Ltd. | 236 | 43,887 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 54 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Lingyi iTech Guangdong Co., Class A | 8,000 | $ 7,595 |
| Luxshare Precision Industry Co. Ltd., Class A | 10,600 | 51,283 |
| Maxscend Microelectronics Co. Ltd., Class A | 128 | 2,535 |
| Murata Manufacturing Co. Ltd. | 17,800 | 377,893 |
| Nan Ya Printed Circuit Board Corp. | 4,000 | 32,779 |
| Omron Corp. | 1,997 | 93,249 |
| Samsung Electro-Mechanics Co. Ltd. | 1,056 | 125,615 |
| Samsung SDI Co. Ltd. (a) | 920 | 337,169 |
| Shengyi Technology Co. Ltd., Class A | 1,400 | 3,600 |
| Shennan Circuits Co. Ltd., Class A | 800 | 7,976 |
| Sunny Optical Technology Group Co. Ltd. | 13,300 | 120,676 |
| TDK Corp. | 4,000 | 190,580 |
| Unimicron Technology Corp. | 24,000 | 137,632 |
| Yageo Corp. | 5,979 | 116,305 |
| Zhen Ding Technology Holding Ltd. | 15,665 | 55,636 |
| | | 3,165,703 |
| Electronic Equipment & Instruments - 0.1% |
| Azbil Corp. | 1,100 | 36,407 |
| CETC Cyberspace Security Technology Co. Ltd., Class A | 400 | 1,262 |
| Halma PLC | 3,874 | 112,797 |
| Hexagon AB, Class B | 21,379 | 256,581 |
| Keyence Corp. | 1,982 | 873,328 |
| Shimadzu Corp. | 2,400 | 67,107 |
| SUPCON Technology Co. Ltd., Class A | 1,570 | 9,999 |
| TCL Technology Group Corp., Class A (a) | 14,329 | 8,653 |
| Wuhan Guide Infrared Co. Ltd., Class A | 4,550 | 4,665 |
| Yokogawa Electric Corp. | 2,100 | 40,055 |
| Zhejiang Dahua Technology Co. Ltd., Class A | 2,800 | 7,255 |
| | | 1,418,109 |
| Electronic Manufacturing Services - 0.1% |
| AAC Technologies Holdings, Inc. | 8,500 | 25,254 |
| Fabrinet (a) | 1,785 | 339,739 |
| Foxconn Industrial Internet Co. Ltd., Class A | 8,600 | 18,262 |
| GoerTek, Inc., Class A | 2,448 | 7,223 |
| Hon Hai Precision Industry Co. Ltd. | 217,000 | 738,877 |
| | Number
of Shares | Fair
Value |
| Wingtech Technology Co. Ltd., Class A (a) | 1,200 | $ 7,130 |
| | | 1,136,485 |
| Environmental & Facilities Services - 0.0%* |
| China Everbright Environment Group Ltd. | 48,000 | 15,614 |
| GFL Environmental, Inc. | 2,694 | 93,389 |
| Li-Cycle Holdings Corp. (a) | 6,869 | 4,017 |
| Rentokil Initial PLC | 25,831 | 145,152 |
| | | 258,172 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| Hektas Ticaret TAS (a) | 16,643 | 11,327 |
| ICL Group Ltd. | 7,126 | 36,235 |
| Nutrien Ltd. | 5,098 | 288,613 |
| OCI NV | 950 | 27,537 |
| PhosAgro PJSC (d)** | 13 | — |
| PhosAgro PJSC GDR (a)(d)** | 1,956 | — |
| PI Industries Ltd. | 1,633 | 68,997 |
| Qinghai Salt Lake Industry Co. Ltd., Class A (a) | 3,300 | 7,392 |
| SABIC Agri-Nutrients Co. | 4,334 | 159,722 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 2,470 | 9,570 |
| UPL Ltd. | 7,182 | 50,684 |
| Yara International ASA | 1,933 | 68,750 |
| | | 728,827 |
| Financial Exchanges & Data - 0.2% |
| ASX Ltd. | 1,963 | 84,466 |
| B3 SA - Brasil Bolsa Balcao | 104,400 | 312,710 |
| Deutsche Boerse AG | 1,962 | 404,206 |
| East Money Information Co. Ltd., Class A | 16,188 | 31,919 |
| Euronext NV (f) | 868 | 75,412 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 500 | 11,015 |
| Hong Kong Exchanges & Clearing Ltd. | 12,483 | 428,433 |
| Japan Exchange Group, Inc. | 5,100 | 107,911 |
| London Stock Exchange Group PLC | 4,305 | 508,958 |
| Moscow Exchange MICEX-Rates PJSC (a)(d)** | 17,461 | — |
| Saudi Tadawul Group Holding Co. | 719 | 35,202 |
| Singapore Exchange Ltd. | 9,936 | 74,044 |
| TMX Group Ltd. | 3,240 | 78,752 |
| | | 2,153,028 |
| Food Distributors - 0.0%* |
| Bid Corp. Ltd. | 6,052 | 141,194 |
| CP Axtra PCL | 38,700 | 30,613 |
| | | 171,807 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 55 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Food Retail - 0.2% |
| Alimentation Couche-Tard, Inc. | 7,987 | $ 472,642 |
| Avenue Supermarts Ltd. (a)(f) | 2,799 | 137,325 |
| BIM Birlesik Magazalar AS | 8,934 | 90,977 |
| Coles Group Ltd. | 13,712 | 150,731 |
| CP ALL PCL NVDR | 106,415 | 174,591 |
| Dino Polska SA (a)(f) | 940 | 110,130 |
| Empire Co. Ltd., Class A | 1,709 | 45,427 |
| Endeavour Group Ltd. | 16,495 | 58,641 |
| George Weston Ltd. | 629 | 78,470 |
| HelloFresh SE (a) | 1,433 | 22,652 |
| J Sainsbury PLC | 18,991 | 73,259 |
| Jeronimo Martins SGPS SA | 2,867 | 72,969 |
| Kesko OYJ, Class B | 3,140 | 62,175 |
| Kobe Bussan Co. Ltd. | 1,400 | 41,370 |
| Koninklijke Ahold Delhaize NV | 9,907 | 284,702 |
| Loblaw Cos. Ltd. | 1,611 | 156,726 |
| Metro, Inc. | 2,351 | 122,293 |
| Ocado Group PLC (a) | 5,385 | 52,063 |
| President Chain Store Corp. | 11,000 | 96,593 |
| Seven & i Holdings Co. Ltd. | 7,817 | 310,229 |
| Shoprite Holdings Ltd. | 9,134 | 137,378 |
| Sumber Alfaria Trijaya Tbk. PT | 242,800 | 46,204 |
| Tesco PLC | 73,234 | 271,207 |
| Woolworths Group Ltd. | 12,598 | 319,780 |
| X5 Retail Group NV GDR (a)(d)** | 2,502 | — |
| | | 3,388,534 |
| Footwear - 0.0%* |
| Feng TAY Enterprise Co. Ltd. | 5,600 | 31,932 |
| Pou Chen Corp. | 32,000 | 32,219 |
| Puma SE | 1,227 | 68,475 |
| Xtep International Holdings Ltd. | 37,000 | 20,896 |
| | | 153,522 |
| Forest Products - 0.0%* |
| Svenska Cellulosa AB SCA, Class B | 6,166 | 92,449 |
| West Fraser Timber Co. Ltd. | 521 | 44,790 |
| | | 137,239 |
| Gas Utilities - 0.1% |
| AltaGas Ltd. | 3,200 | 67,514 |
| APA Group | 13,688 | 79,764 |
| Beijing Enterprises Holdings Ltd. | 12,500 | 43,462 |
| Brookfield Infrastructure Corp., Class A | 5,798 | 204,553 |
| China Gas Holdings Ltd. | 43,000 | 42,457 |
| China Resources Gas Group Ltd. | 13,600 | 44,587 |
| Enagas SA | 2,287 | 38,565 |
| | Number
of Shares | Fair
Value |
| ENN Energy Holdings Ltd. | 14,300 | $ 105,301 |
| ENN Natural Gas Co. Ltd., Class A | 5,300 | 12,519 |
| GAIL India Ltd. | 40,533 | 78,958 |
| Hong Kong & China Gas Co. Ltd. | 113,650 | 87,036 |
| Indraprastha Gas Ltd. | 5,170 | 25,992 |
| Kunlun Energy Co. Ltd. | 82,000 | 73,929 |
| Naturgy Energy Group SA | 1,149 | 34,270 |
| Osaka Gas Co. Ltd. | 3,800 | 79,380 |
| Petronas Gas Bhd. | 4,249 | 16,090 |
| Snam SpA | 20,567 | 105,759 |
| Tokyo Gas Co. Ltd. | 4,100 | 94,168 |
| | | 1,234,304 |
| Gold - 0.2% |
| Agnico Eagle Mines Ltd. | 5,143 | 283,360 |
| Aneka Tambang Tbk. PT | 103,400 | 11,450 |
| Anglogold Ashanti PLC | 7,540 | 145,712 |
| Barrick Gold Corp. | 18,107 | 328,744 |
| Caledonia Mining Corp. PLC | 963 | 11,749 |
| Cia de Minas Buenaventura SAA ADR | 3,900 | 59,436 |
| Endeavour Mining PLC | 2,110 | 47,260 |
| Franco-Nevada Corp. | 1,976 | 219,944 |
| Gold Fields Ltd. | 15,956 | 242,366 |
| Harmony Gold Mining Co. Ltd. | 8,370 | 54,735 |
| i-80 Gold Corp. (a) | 9,932 | 17,480 |
| Kinross Gold Corp. | 12,424 | 75,565 |
| Koza Altin Isletmeleri AS | 17,857 | 11,808 |
| Northern Star Resources Ltd. | 11,707 | 109,040 |
| Novagold Resources, Inc. (a) | 11,425 | 42,730 |
| Polymetal International PLC (a)(d)** | 1,670 | — |
| Polyus PJSC GDR (a)(d)** | 977 | — |
| Polyus PJSC (a)(d)** | 122 | — |
| Shandong Gold Mining Co. Ltd., Class A | 3,000 | 9,636 |
| Shandong Gold Mining Co. Ltd., Class H (f) | 14,250 | 27,045 |
| SSR Mining, Inc. | 1,800 | 19,368 |
| Wheaton Precious Metals Corp. | 4,662 | 231,120 |
| Zhaojin Mining Industry Co. Ltd., Class H | 30,000 | 37,305 |
| Zijin Mining Group Co. Ltd., Class A | 22,900 | 40,072 |
| Zijin Mining Group Co. Ltd., Class H | 103,119 | 167,979 |
| | | 2,193,904 |
| Healthcare Distributors - 0.0%* |
| Amplifon SpA | 1,416 | 49,022 |
| EBOS Group Ltd. | 1,391 | 31,265 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 56 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 900 | $ 3,615 |
| Huadong Medicine Co. Ltd., Class A | 1,700 | 9,898 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,700 | 3,994 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 9,000 | 13,163 |
| Sinopharm Group Co. Ltd., Class H | 27,600 | 72,282 |
| | | 183,239 |
| Healthcare Equipment - 0.1% |
| BioMerieux | 472 | 52,452 |
| Carl Zeiss Meditec AG | 459 | 50,115 |
| Cochlear Ltd. | 670 | 136,544 |
| Demant AS (a) | 926 | 40,617 |
| DiaSorin SpA | 198 | 20,394 |
| Fisher & Paykel Healthcare Corp. Ltd. | 5,983 | 89,400 |
| Getinge AB, Class B | 2,687 | 59,804 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 600 | 2,914 |
| Koninklijke Philips NV (a) | 8,101 | 188,685 |
| Lepu Medical Technology Beijing Co. Ltd., Class A | 2,300 | 5,220 |
| Microport Scientific Corp. (a) | 11,707 | 12,624 |
| Nano-X Imaging Ltd. (a) | 2,323 | 14,797 |
| Olympus Corp. | 12,400 | 179,474 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1,100 | 44,892 |
| Siemens Healthineers AG (f) | 2,894 | 168,155 |
| Smith & Nephew PLC | 8,925 | 122,707 |
| Sonova Holding AG | 520 | 169,534 |
| Straumann Holding AG | 1,145 | 184,473 |
| Sysmex Corp. | 1,700 | 94,755 |
| Terumo Corp. | 6,900 | 226,215 |
| | | 1,863,771 |
| Healthcare Facilities - 0.1% |
| Aier Eye Hospital Group Co. Ltd., Class A | 10,282 | 22,844 |
| Apollo Hospitals Enterprise Ltd. | 1,873 | 128,390 |
| Bangkok Dusit Medical Services PCL NVDR | 203,911 | 165,781 |
| Bumrungrad Hospital PCL NVDR | 11,241 | 73,112 |
| Dallah Healthcare Co. | 522 | 23,887 |
| Dr Sulaiman Al Habib Medical Services Group Co. | 1,578 | 119,423 |
| Hygeia Healthcare Holdings Co. Ltd. (f) | 7,000 | 31,645 |
| IHH Healthcare Bhd. | 44,200 | 58,004 |
| | Number
of Shares | Fair
Value |
| Max Healthcare Institute Ltd. | 13,892 | $ 114,565 |
| Mouwasat Medical Services Co. | 1,444 | 43,050 |
| Ramsay Health Care Ltd. | 2,133 | 76,571 |
| Rede D'Or Sao Luiz SA (f) | 8,200 | 48,549 |
| | | 905,821 |
| Healthcare Services - 0.0%* |
| Fresenius Medical Care AG | 2,087 | 87,513 |
| Fresenius SE & Co. KGaA | 4,324 | 134,077 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 500 | 4,394 |
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (a) | 4,500 | 3,798 |
| Sonic Healthcare Ltd. | 4,588 | 100,430 |
| Topchoice Medical Corp., Class A (a) | 300 | 3,221 |
| | | 333,433 |
| Healthcare Supplies - 0.1% |
| Alcon, Inc. | 5,160 | 402,427 |
| Asahi Intecc Co. Ltd. | 2,500 | 50,867 |
| Coloplast AS, Class B | 1,485 | 169,881 |
| EssilorLuxottica S.A. | 3,050 | 611,844 |
| HLB, Inc. (a) | 1,941 | 76,410 |
| Hoya Corp. | 3,700 | 462,566 |
| Ovctek China, Inc., Class A | 600 | 1,903 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 36,400 | 35,474 |
| | | 1,811,372 |
| Healthcare Technology - 0.0%* |
| M3, Inc. | 5,100 | 84,397 |
| Heavy Electrical Equipment - 0.1% |
| ABB India Ltd. | 830 | 46,628 |
| Dongfang Electric Corp. Ltd., Class A | 1,000 | 2,053 |
| Doosan Enerbility Co. Ltd. (a) | 8,283 | 102,259 |
| Goldwind Science & Technology Co. Ltd., Class A | 2,800 | 3,146 |
| Ming Yang Smart Energy Group Ltd., Class A | 600 | 1,057 |
| Mitsubishi Electric Corp. | 19,900 | 282,168 |
| NARI Technology Co. Ltd., Class A | 12,355 | 38,728 |
| Shanghai Electric Group Co. Ltd., Class A (a) | 15,400 | 9,019 |
| Siemens Energy AG (a) | 5,244 | 69,513 |
| Suzlon Energy Ltd. (a) | 139,703 | 64,132 |
| Titan Wind Energy Suzhou Co. Ltd., Class A (a) | 900 | 1,466 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 57 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Vestas Wind Systems AS (a) | 10,412 | $ 330,643 |
| | | 950,812 |
| Highways & Railtracks - 0.0%* |
| Bangkok Expressway & Metro PCL NVDR | 177,383 | 41,316 |
| CCR SA | 20,900 | 61,010 |
| Getlink SE | 3,612 | 66,094 |
| Jiangsu Expressway Co. Ltd., Class H | 26,000 | 23,375 |
| Promotora y Operadora de Infraestructura SAB de CV | 3,155 | 34,228 |
| Taiwan High Speed Rail Corp. | 33,000 | 33,010 |
| Transurban Group | 31,830 | 297,770 |
| Zhejiang Expressway Co. Ltd., Class H | 22,080 | 14,732 |
| | | 571,535 |
| Home Building - 0.0%* |
| Barratt Developments PLC | 9,845 | 70,609 |
| Berkeley Group Holdings PLC | 1,074 | 64,185 |
| Iida Group Holdings Co. Ltd. | 1,438 | 21,537 |
| Open House Group Co. Ltd. | 900 | 26,704 |
| Persimmon PLC | 3,652 | 64,666 |
| Sekisui Chemical Co. Ltd. | 4,200 | 60,551 |
| Sekisui House Ltd. | 6,058 | 134,584 |
| Taylor Wimpey PLC | 40,585 | 76,080 |
| | | 518,916 |
| Home Furnishing Retail - 0.0%* |
| Nitori Holdings Co. Ltd. | 800 | 107,136 |
| Home Furnishings - 0.0%* |
| Nien Made Enterprise Co. Ltd. | 2,000 | 23,004 |
| Oppein Home Group, Inc., Class A | 500 | 4,888 |
| | | 27,892 |
| Home Improvement Retail - 0.0%* |
| Home Product Center PCL NVDR | 95,609 | 32,773 |
| Kingfisher PLC | 22,266 | 69,060 |
| MR DIY Group M Bhd. (f) | 42,900 | 13,538 |
| | | 115,371 |
| Hotels, Resorts & Cruise Lines - 0.1% |
| Accor SA | 2,158 | 82,481 |
| Amadeus IT Group SA | 4,649 | 333,193 |
| Asset World Corp. PCL NVDR | 34,533 | 3,602 |
| H World Group Ltd. ADR | 3,700 | 123,728 |
| Indian Hotels Co. Ltd. | 12,126 | 63,877 |
| InterContinental Hotels Group PLC | 1,694 | 153,109 |
| Minor International PCL NVDR | 47,349 | 40,923 |
| | Number
of Shares | Fair
Value |
| Shanghai Jinjiang International Hotels Co. Ltd., Class A | 900 | $ 3,779 |
| Tongcheng Travel Holdings Ltd. (a) | 18,400 | 34,026 |
| TravelSky Technology Ltd., Class H | 21,000 | 36,306 |
| Trip.com Group Ltd. (a) | 9,750 | 346,620 |
| Whitbread PLC | 1,962 | 91,442 |
| | | 1,313,086 |
| Household Appliances - 0.0%* |
| Coway Co. Ltd. | 967 | 42,948 |
| Ecovacs Robotics Co. Ltd., Class A | 400 | 2,328 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 4,100 | 18,523 |
| Haier Smart Home Co. Ltd., Class A | 10,300 | 30,377 |
| Haier Smart Home Co. Ltd., Class H | 43,600 | 123,119 |
| SEB SA | 277 | 34,576 |
| | | 251,871 |
| Household Products - 0.1% |
| Essity AB, Class B | 6,249 | 155,018 |
| Henkel AG & Co. KGaA | 1,052 | 75,513 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 24,500 | 55,223 |
| Reckitt Benckiser Group PLC | 7,419 | 512,609 |
| Unicharm Corp. | 4,400 | 159,109 |
| Unilever Indonesia Tbk. PT | 125,600 | 28,796 |
| Vinda International Holdings Ltd. | 4,000 | 11,654 |
| | | 997,922 |
| Human Resource & Employment Services - 0.1% |
| Adecco Group AG | 1,622 | 79,534 |
| Randstad NV | 1,115 | 69,861 |
| Recruit Holdings Co. Ltd. | 14,937 | 631,787 |
| | | 781,182 |
| Independent Power Producers & Energy Traders - 0.1% |
| ACWA Power Co. | 1,712 | 117,329 |
| Adani Power Ltd. (a) | 13,194 | 83,265 |
| CGN Power Co. Ltd., Class H (f) | 185,000 | 48,332 |
| China National Nuclear Power Co. Ltd., Class A | 32,100 | 33,810 |
| China Power International Development Ltd. | 116,000 | 42,635 |
| China Resources Power Holdings Co. Ltd. | 38,000 | 76,111 |
| Eneva SA (a) | 15,300 | 42,867 |
| GD Power Development Co. Ltd., Class A | 10,800 | 6,310 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 58 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Global Power Synergy PCL NVDR | 13,498 | $ 19,180 |
| Gulf Energy Development PCL NVDR | 55,733 | 72,662 |
| Huadian Power International Corp. Ltd., Class A | 16,100 | 11,622 |
| Huaneng Power International, Inc., Class A (a) | 7,700 | 8,327 |
| Huaneng Power International, Inc., Class H (a) | 98,000 | 51,958 |
| NTPC Ltd. | 76,745 | 286,962 |
| RWE AG | 6,519 | 296,546 |
| SDIC Power Holdings Co. Ltd., Class A | 15,000 | 27,765 |
| Shenzhen Energy Group Co. Ltd., Class A | 5,900 | 5,344 |
| | | 1,231,025 |
| Industrial Conglomerates - 0.3% |
| Aboitiz Equity Ventures, Inc. | 28,670 | 23,091 |
| Alfa SAB de CV, Class A | 67,600 | 54,449 |
| Astra International Tbk. PT | 361,400 | 132,617 |
| Ayala Corp. | 3,810 | 46,855 |
| Bidvest Group Ltd. | 5,628 | 77,643 |
| Brookfield Business Corp., Class A | 1,310 | 30,497 |
| China Baoan Group Co. Ltd., Class A | 1,200 | 1,978 |
| CITIC Ltd. | 109,000 | 108,881 |
| CK Hutchison Holdings Ltd. | 27,500 | 147,387 |
| DCC PLC | 1,136 | 83,675 |
| Far Eastern New Century Corp. | 60,000 | 60,996 |
| Fosun International Ltd. | 31,000 | 18,222 |
| Grupo Carso SAB de CV | 9,560 | 107,029 |
| GS Holdings Corp. (a) | 672 | 21,341 |
| Hikari Tsushin, Inc. | 200 | 33,168 |
| Hitachi Ltd. | 9,614 | 693,534 |
| Industries Qatar QSC | 26,897 | 95,296 |
| Investment AB Latour, Class B | 1,327 | 34,538 |
| Jardine Cycle & Carriage Ltd. | 900 | 20,305 |
| Jardine Matheson Holdings Ltd. | 1,800 | 74,178 |
| JG Summit Holdings, Inc. | 46,990 | 32,373 |
| Keppel Corp. Ltd. | 14,800 | 79,324 |
| KOC Holding AS | 14,763 | 70,881 |
| LG Corp. | 1,675 | 111,719 |
| Lifco AB, Class B | 2,664 | 65,345 |
| Multiply Group PJSC (a) | 69,559 | 60,227 |
| Mytilineos SA | 1,549 | 62,797 |
| Samsung C&T Corp. | 1,465 | 147,308 |
| Siemens AG | 7,875 | 1,478,154 |
| Siemens Ltd. | 1,485 | 71,823 |
| Sime Darby Bhd. | 56,158 | 28,721 |
| SK Square Co. Ltd. (a) | 1,543 | 63,019 |
| SK, Inc. | 536 | 74,080 |
| | Number
of Shares | Fair
Value |
| SM Investments Corp. | 5,000 | $ 78,736 |
| Smiths Group PLC | 3,520 | 79,133 |
| Turkiye Sise ve Cam Fabrikalari AS | 26,673 | 41,381 |
| | | 4,410,701 |
| Industrial Gases - 0.1% |
| Air Liquide S.A. | 5,424 | 1,055,244 |
| Nippon Sanso Holdings Corp. | 2,000 | 53,568 |
| | | 1,108,812 |
| Industrial Machinery & Supplies & Components - 0.3% |
| Airtac International Group | 2,364 | 77,797 |
| Alfa Laval AB | 2,953 | 118,204 |
| Atlas Copco AB, A Shares | 27,755 | 477,967 |
| Atlas Copco AB, B Shares | 16,061 | 238,098 |
| Daifuku Co. Ltd. | 3,500 | 70,817 |
| FANUC Corp. | 9,800 | 288,272 |
| GEA Group AG | 1,790 | 74,525 |
| Haitian International Holdings Ltd. | 16,655 | 41,208 |
| Hoshizaki Corp. | 1,000 | 36,608 |
| Indutrade AB | 3,144 | 81,674 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 900 | 6,911 |
| Kone OYJ, Class B | 3,695 | 184,329 |
| Luxfer Holdings PLC | 1,466 | 13,106 |
| Makita Corp. | 2,600 | 71,741 |
| MINEBEA MITSUMI, Inc. | 4,200 | 86,351 |
| MISUMI Group, Inc. | 3,300 | 55,932 |
| Mitsubishi Heavy Industries Ltd. | 3,267 | 190,973 |
| Ningbo Deye Technology Co. Ltd., Class A | 360 | 4,242 |
| North Industries Group Red Arrow Co. Ltd., Class A | 600 | 1,183 |
| Rational AG | 47 | 36,317 |
| Sandvik AB | 10,974 | 237,494 |
| Schindler Holding AG | 685 | 167,693 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 1,750 | 15,518 |
| SKF AB, Class B | 3,933 | 78,560 |
| SMC Corp. | 640 | 343,924 |
| Spirax-Sarco Engineering PLC | 750 | 100,438 |
| Techtronic Industries Co. Ltd. | 15,000 | 178,746 |
| VAT Group AG (f) | 276 | 138,221 |
| Wartsila OYJ Abp | 4,784 | 69,361 |
| Yaskawa Electric Corp. | 2,400 | 100,270 |
| | | 3,586,480 |
| Industrial REITs - 0.1% |
| CapitaLand Ascendas REIT | 37,900 | 87,057 |
| GLP J-Reit | 43 | 42,854 |
| Goodman Group | 17,617 | 304,130 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 59 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Mapletree Logistics Trust | 39,336 | $ 51,887 |
| Nippon Prologis REIT, Inc. | 25 | 48,128 |
| Segro PLC | 11,928 | 134,784 |
| Warehouses De Pauw CVA | 1,865 | 58,715 |
| | | 727,555 |
| Integrated Oil & Gas - 0.6% |
| BP PLC | 176,764 | 1,050,416 |
| Cenovus Energy, Inc. | 14,648 | 245,281 |
| China Petroleum & Chemical Corp., Class A | 37,300 | 29,230 |
| China Petroleum & Chemical Corp., Class H | 456,000 | 238,846 |
| Eni SpA | 24,407 | 413,800 |
| Equinor ASA | 9,289 | 294,657 |
| Galp Energia SGPS S.A. | 4,967 | 73,194 |
| Gazprom PJSC ADR (a)(d)** | 77,360 | — |
| Gazprom PJSC (a)(d)** | 56,590 | — |
| Guanghui Energy Co. Ltd., Class A | 8,300 | 8,323 |
| Imperial Oil Ltd. | 2,194 | 125,590 |
| LUKOIL PJSC (d)** | 7,480 | — |
| MOL Hungarian Oil & Gas PLC | 8,703 | 71,082 |
| Novatek PJSC GDR (a)(d)** | 1,641 | — |
| Oil & Natural Gas Corp. Ltd. | 53,431 | 131,661 |
| OMV AG | 1,710 | 75,123 |
| PetroChina Co. Ltd., Class A | 24,900 | 24,688 |
| PetroChina Co. Ltd., Class H | 384,000 | 253,753 |
| Petroleo Brasileiro SA | 62,300 | 499,929 |
| PTT PCL NVDR | 178,241 | 186,688 |
| Repsol SA | 13,134 | 195,139 |
| Rosneft Oil Co. PJSC (d)** | 20,586 | — |
| Saudi Arabian Oil Co. (f) | 45,698 | 402,752 |
| Shell PLC | 68,599 | 2,248,776 |
| Suncor Energy, Inc. | 13,434 | 432,484 |
| Surgutneftegas PJSC ADR (a)(d)** | 9,978 | — |
| Surgutneftegas PJSC (d)** | 31,000 | — |
| TotalEnergies SE | 23,750 | 1,616,103 |
| | | 8,617,515 |
| Integrated Telecommunication Services - 0.3% |
| BCE, Inc. | 659 | 26,073 |
| BT Group PLC | 65,974 | 103,952 |
| Cellnex Telecom S.A. (f) | 5,817 | 229,142 |
| China Tower Corp. Ltd., Class H (f) | 620,000 | 65,108 |
| Chunghwa Telecom Co. Ltd. | 66,071 | 258,338 |
| Deutsche Telekom AG | 33,555 | 806,197 |
| Elisa OYJ | 1,652 | 76,408 |
| Emirates Telecommunications Group Co. PJSC | 62,629 | 334,908 |
| Hellenic Telecommunications Organization SA | 3,059 | 43,591 |
| | Number
of Shares | Fair
Value |
| HKT Trust & HKT Ltd. | 42,815 | $ 51,102 |
| Infrastrutture Wireless Italiane SpA (f) | 3,086 | 39,032 |
| Koninklijke KPN NV | 36,464 | 125,593 |
| KT Corp. (a) | 1,554 | 41,508 |
| LG Uplus Corp. | 3,323 | 26,395 |
| Nippon Telegraph & Telephone Corp. | 308,525 | 377,067 |
| Ooredoo QPSC | 12,728 | 38,104 |
| Operadora De Sites Mexicanos SAB de CV | 26,500 | 37,463 |
| Orange SA | 19,169 | 218,188 |
| Quebecor, Inc., Class B | 1,399 | 33,442 |
| Sarana Menara Nusantara Tbk. PT | 268,300 | 17,251 |
| Saudi Telecom Co. | 34,705 | 374,351 |
| Singapore Telecommunications Ltd. | 89,900 | 168,337 |
| Spark New Zealand Ltd. | 21,511 | 70,550 |
| Swisscom AG | 279 | 167,735 |
| Telecom Italia SpA (a) | 90,498 | 29,411 |
| Telefonica Brasil SA | 8,287 | 91,168 |
| Telefonica SA | 50,297 | 196,351 |
| Telekom Malaysia Bhd. | 30,997 | 37,439 |
| Telenor ASA | 6,887 | 79,071 |
| Telia Co. AB | 27,546 | 70,328 |
| Telkom Indonesia Persero Tbk. PT | 807,600 | 207,185 |
| Telstra Group Ltd. | 41,248 | 111,456 |
| TELUS Corp. | 4,321 | 77,271 |
| True Corp. PCL NVDR | 169,442 | 25,069 |
| | | 4,654,584 |
| Interactive Home Entertainment - 0.1% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 3,000 | 7,925 |
| Bilibili, Inc., Class Z (a) | 4,060 | 48,667 |
| Capcom Co. Ltd. | 2,000 | 64,633 |
| CD Projekt SA | 1,255 | 36,703 |
| Kingsoft Corp. Ltd. | 19,200 | 59,258 |
| Koei Tecmo Holdings Co. Ltd. | 1,680 | 19,168 |
| Konami Group Corp. | 1,000 | 52,369 |
| Krafton, Inc. (a) | 416 | 62,534 |
| NCSoft Corp. | 236 | 44,070 |
| NetEase, Inc. | 32,970 | 593,655 |
| Netmarble Corp. (a)(f) | 299 | 13,489 |
| Nexon Co. Ltd. | 3,500 | 63,791 |
| Nintendo Co. Ltd. | 10,733 | 560,251 |
| Pearl Abyss Corp. (a) | 358 | 10,771 |
| Perfect World Co. Ltd., Class A | 3,300 | 5,487 |
| Sea Ltd. ADR (a) | 4,000 | 162,000 |
| Square Enix Holdings Co. Ltd. | 800 | 28,730 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 60 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Zhejiang Century Huatong Group Co. Ltd., Class A (a) | 8,600 | $ 6,232 |
| | | 1,839,733 |
| Interactive Media & Services - 0.5% |
| Adevinta ASA (a) | 3,944 | 43,651 |
| Auto Trader Group PLC (f) | 9,299 | 85,517 |
| Autohome, Inc. ADR | 1,200 | 33,672 |
| Baidu, Inc., Class A (a) | 38,750 | 576,147 |
| CAR Group Ltd. | 4,038 | 85,801 |
| Grindr, Inc. (a) | 2,308 | 20,264 |
| Info Edge India Ltd. | 1,004 | 62,018 |
| JOYY, Inc. ADR | 900 | 35,730 |
| Kakao Corp. | 5,386 | 227,083 |
| Kanzhun Ltd. ADR | 4,000 | 66,440 |
| Kuaishou Technology (a)(f) | 38,600 | 261,748 |
| LY Corp. | 27,196 | 96,396 |
| NAVER Corp. (a) | 2,282 | 396,900 |
| REA Group Ltd. | 607 | 75,030 |
| Scout24 SE (f) | 860 | 60,952 |
| SEEK Ltd. | 3,876 | 70,695 |
| Tencent Holdings Ltd. | 114,075 | 4,289,198 |
| VK IPJSC GDR (a)(d)** | 1,600 | — |
| Weibo Corp. ADR | 700 | 7,665 |
| Yandex NV, Class A (a)(d)** | 5,562 | — |
| | | 6,494,907 |
| Internet Services & Infrastructure - 0.1% |
| GDS Holdings Ltd., Class A (a) | 7,800 | 9,050 |
| Shopify, Inc., Class A (a) | 12,459 | 974,723 |
| Wix.com Ltd. (a) | 632 | 77,749 |
| | | 1,061,522 |
| Investment Banking & Brokerage - 0.1% |
| China Galaxy Securities Co. Ltd., Class A | 2,700 | 4,569 |
| China Galaxy Securities Co. Ltd., Class H | 58,500 | 30,941 |
| China International Capital Corp. Ltd., Class A | 1,200 | 6,412 |
| China International Capital Corp. Ltd., Class H (f) | 25,200 | 36,984 |
| China Merchants Securities Co. Ltd., Class A | 10,800 | 20,688 |
| CITIC Securities Co. Ltd., Class A | 16,990 | 48,604 |
| CITIC Securities Co. Ltd., Class H | 30,425 | 62,108 |
| CSC Financial Co. Ltd., Class A | 4,000 | 13,291 |
| Daiwa Securities Group, Inc. | 13,600 | 91,557 |
| Everbright Securities Co. Ltd., Class A | 3,600 | 7,796 |
| Founder Securities Co. Ltd., Class A | 17,500 | 19,809 |
| | Number
of Shares | Fair
Value |
| Futu Holdings Ltd. ADR (a) | 600 | $ 32,778 |
| GF Securities Co. Ltd., Class A | 3,200 | 6,422 |
| GF Securities Co. Ltd., Class H | 14,200 | 16,985 |
| Guosen Securities Co. Ltd., Class A | 6,800 | 8,156 |
| Guotai Junan Securities Co. Ltd., Class A | 4,100 | 8,568 |
| Haitong Securities Co. Ltd., Class A | 14,800 | 19,475 |
| Haitong Securities Co. Ltd., Class H | 51,200 | 27,342 |
| Huatai Securities Co. Ltd., Class A | 4,600 | 9,012 |
| Huatai Securities Co. Ltd., Class H (f) | 20,000 | 25,254 |
| Industrial Securities Co. Ltd., Class A | 7,500 | 6,183 |
| Korea Investment Holdings Co. Ltd. | 725 | 34,508 |
| NH Investment & Securities Co. Ltd. | 1,122 | 8,999 |
| Nomura Holdings, Inc. | 30,700 | 138,866 |
| Orient Securities Co. Ltd., Class A | 8,192 | 10,009 |
| Samsung Securities Co. Ltd. (a) | 1,085 | 32,435 |
| SBI Holdings, Inc. | 2,800 | 62,999 |
| SDIC Capital Co. Ltd., Class A | 14,100 | 13,346 |
| Shenwan Hongyuan Group Co. Ltd., Class A | 13,700 | 8,543 |
| SooChow Securities Co. Ltd., Class A | 2,100 | 2,156 |
| XP, Inc., Class A | 3,400 | 88,638 |
| Zheshang Securities Co. Ltd., Class A | 4,800 | 7,031 |
| Zhongtai Securities Co. Ltd., Class A | 7,200 | 6,937 |
| | | 917,401 |
| IT Consulting & Other Services - 0.3% |
| Arabian Internet & Communications Services Co. | 348 | 32,127 |
| Bechtle AG | 751 | 37,655 |
| Capgemini SE | 1,612 | 336,106 |
| CGI, Inc. (a) | 2,150 | 231,452 |
| Chinasoft International Ltd. | 50,000 | 38,355 |
| Elm Co. | 442 | 96,061 |
| Fujitsu Ltd. | 1,800 | 271,634 |
| HCL Technologies Ltd. | 16,443 | 289,701 |
| Infosys Ltd. | 57,613 | 1,068,226 |
| LTIMindtree Ltd. (f) | 1,690 | 127,845 |
| Mphasis Ltd. | 1,610 | 53,008 |
| NEC Corp. | 2,540 | 150,440 |
| Nomura Research Institute Ltd. | 3,960 | 115,193 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 61 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| NTT Data Group Corp. | 6,400 | $ 90,748 |
| Obic Co. Ltd. | 700 | 120,631 |
| Otsuka Corp. | 1,300 | 53,603 |
| Persistent Systems Ltd. | 652 | 57,898 |
| Posco DX Co. Ltd. | 511 | 29,440 |
| Samsung SDS Co. Ltd. | 758 | 100,054 |
| SCSK Corp. | 1,400 | 27,766 |
| Tata Consultancy Services Ltd. | 15,701 | 715,749 |
| Tech Mahindra Ltd. | 10,020 | 153,243 |
| TIS, Inc. | 2,500 | 55,097 |
| Wipro Ltd. | 20,107 | 113,881 |
| | | 4,365,913 |
| Leisure Facilities - 0.0%* |
| Oriental Land Co. Ltd. | 11,300 | 420,884 |
| Songcheng Performance Development Co. Ltd., Class A | 2,387 | 3,309 |
| | | 424,193 |
| Leisure Products - 0.0%* |
| Bandai Namco Holdings, Inc. | 6,100 | 122,299 |
| Giant Manufacturing Co. Ltd. | 108 | 647 |
| Shimano, Inc. | 752 | 116,470 |
| Yamaha Corp. | 1,600 | 36,964 |
| | | 276,380 |
| Life & Health Insurance - 0.4% |
| Aegon Ltd. | 17,866 | 103,573 |
| AIA Group Ltd. | 118,789 | 1,035,223 |
| Bupa Arabia for Cooperative Insurance Co. | 1,424 | 80,959 |
| Cathay Financial Holding Co. Ltd. | 162,529 | 242,280 |
| China Development Financial Holding Corp. (a) | 282,120 | 115,365 |
| China Life Insurance Co. Ltd., Class A | 3,900 | 15,527 |
| China Life Insurance Co. Ltd., Class H | 132,000 | 171,074 |
| China Taiping Insurance Holdings Co. Ltd. | 27,200 | 23,408 |
| Dai-ichi Life Holdings, Inc. | 9,700 | 205,862 |
| Discovery Ltd. | 10,152 | 79,762 |
| Fubon Financial Holding Co. Ltd. | 134,131 | 283,205 |
| Great-West Lifeco, Inc. | 2,840 | 94,466 |
| HDFC Life Insurance Co. Ltd. (f) | 16,695 | 129,746 |
| iA Financial Corp., Inc. | 1,027 | 70,354 |
| ICICI Prudential Life Insurance Co. Ltd. (f) | 4,451 | 28,608 |
| Japan Post Holdings Co. Ltd. | 21,300 | 190,292 |
| Japan Post Insurance Co. Ltd. | 1,700 | 30,194 |
| Legal & General Group PLC | 61,436 | 196,658 |
| | Number
of Shares | Fair
Value |
| Manulife Financial Corp. | 18,768 | $ 416,750 |
| Medibank Pvt Ltd. | 32,029 | 77,804 |
| New China Life Insurance Co. Ltd., Class A | 1,600 | 6,995 |
| New China Life Insurance Co. Ltd., Class H | 13,500 | 26,313 |
| NN Group NV | 2,896 | 114,367 |
| Old Mutual Ltd. | 70,305 | 50,208 |
| Phoenix Group Holdings PLC | 8,613 | 58,764 |
| Ping An Insurance Group Co. of China Ltd., Class A | 13,200 | 74,707 |
| Ping An Insurance Group Co. of China Ltd., Class H | 112,500 | 509,298 |
| Poste Italiane SpA (f) | 6,096 | 69,191 |
| Power Corp. of Canada | 5,910 | 169,824 |
| Prudential PLC | 28,405 | 321,261 |
| Samsung Life Insurance Co. Ltd. (a) | 1,535 | 82,358 |
| Sanlam Ltd. | 30,436 | 121,162 |
| SBI Life Insurance Co. Ltd. (f) | 7,931 | 136,539 |
| Shin Kong Financial Holding Co. Ltd. (a) | 249,263 | 71,878 |
| Sun Life Financial, Inc. | 6,055 | 315,562 |
| Swiss Life Holding AG | 303 | 210,244 |
| T&D Holdings, Inc. | 5,100 | 81,051 |
| | | 6,010,832 |
| Life Sciences Tools & Services - 0.1% |
| Bachem Holding AG | 379 | 29,270 |
| Divi's Laboratories Ltd. | 2,209 | 103,633 |
| Eurofins Scientific SE | 1,370 | 89,259 |
| Genscript Biotech Corp. (a) | 18,000 | 45,781 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | 500 | 3,860 |
| Lonza Group AG | 768 | 322,749 |
| Pharmaron Beijing Co. Ltd., Class A | 675 | 2,747 |
| Samsung Biologics Co. Ltd. (a)(f) | 288 | 169,951 |
| Sartorius Stedim Biotech | 323 | 85,454 |
| WuXi AppTec Co. Ltd., Class A | 3,420 | 34,946 |
| WuXi AppTec Co. Ltd., Class H (f) | 6,008 | 61,130 |
| Wuxi Biologics Cayman, Inc. (a)(f) | 68,500 | 259,664 |
| | | 1,208,444 |
| Managed Healthcare - 0.0%* |
| Hapvida Participacoes e Investimentos SA (a)(f) | 98,440 | 90,180 |
| Marine Ports & Services - 0.0%* |
| Adani Ports & Special Economic Zone Ltd. | 9,161 | 112,771 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 62 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| China Merchants Port Holdings Co. Ltd. | 24,353 | $ 33,184 |
| COSCO SHIPPING Ports Ltd. | 19,404 | 14,015 |
| International Container Terminal Services, Inc. | 20,480 | 91,277 |
| Shanghai International Port Group Co. Ltd., Class A | 3,100 | 2,133 |
| | | 253,380 |
| Marine Transportation - 0.1% |
| AP Moller - Maersk AS, Class A | 31 | 55,033 |
| AP Moller - Maersk AS, Class B | 49 | 88,149 |
| Cia Sud Americana de Vapores SA | 285,714 | 17,700 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 8,910 | 11,987 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 49,682 | 49,946 |
| Costamare, Inc. | 2,439 | 25,390 |
| Evergreen Marine Corp. Taiwan Ltd. | 20,400 | 95,385 |
| Golden Ocean Group Ltd. | 6,020 | 58,755 |
| Himalaya Shipping Ltd. | 448 | 3,028 |
| HMM Co. Ltd. | 3,879 | 58,973 |
| Kawasaki Kisen Kaisha Ltd. | 1,600 | 68,662 |
| Kuehne & Nagel International AG | 583 | 200,741 |
| MISC Bhd. | 22,675 | 35,974 |
| Mitsui OSK Lines Ltd. | 3,500 | 112,140 |
| Nippon Yusen KK | 5,000 | 155,022 |
| Orient Overseas International Ltd. | 3,000 | 41,877 |
| Safe Bulkers, Inc. | 3,509 | 13,790 |
| SITC International Holdings Co. Ltd. | 12,000 | 20,716 |
| Wan Hai Lines Ltd. | 20,670 | 37,042 |
| Yang Ming Marine Transport Corp. | 26,000 | 43,460 |
| | | 1,193,770 |
| Metal, Glass & Plastic Containers - 0.0%* |
| CCL Industries, Inc., Class B | 1,508 | 68,149 |
| Motorcycle Manufacturers - 0.0%* |
| Bajaj Auto Ltd. | 1,340 | 109,457 |
| Eicher Motors Ltd. | 2,553 | 127,122 |
| Hero MotoCorp Ltd. | 1,715 | 85,314 |
| Livewire Group, Inc. | 703 | 7,951 |
| TVS Motor Co. Ltd. | 4,559 | 110,987 |
| Yadea Group Holdings Ltd. (f) | 26,000 | 45,683 |
| Yamaha Motor Co. Ltd. | 10,200 | 91,126 |
| | | 577,640 |
| | Number
of Shares | Fair
Value |
| Movies & Entertainment - 0.0%* |
| Beijing Enlight Media Co. Ltd., Class A | 5,600 | $ 6,410 |
| Bollore SE | 6,773 | 42,310 |
| China Ruyi Holdings Ltd. (a) | 104,000 | 23,041 |
| HYBE Co. Ltd. (a) | 282 | 51,127 |
| iQIYI, Inc. ADR (a) | 6,500 | 31,720 |
| JYP Entertainment Corp. | 521 | 40,979 |
| Mango Excellent Media Co. Ltd., Class A | 1,600 | 5,662 |
| Tencent Music Entertainment Group ADR (a) | 13,500 | 121,635 |
| Toho Co. Ltd. | 1,000 | 33,828 |
| Universal Music Group N.V. | 8,438 | 240,576 |
| | | 597,288 |
| Multi-Family Residential REITs - 0.0%* |
| Canadian Apartment Properties REIT | 740 | 27,387 |
| Multi-Line Insurance - 0.3% |
| Ageas SA (b) | 1,617 | 70,216 |
| Allianz SE | 4,178 | 1,116,654 |
| ASR Nederland NV | 1,607 | 75,800 |
| Assicurazioni Generali SpA | 10,429 | 220,097 |
| Aviva PLC | 29,860 | 165,471 |
| AXA S.A. | 18,662 | 607,936 |
| Baloise Holding AG | 463 | 72,504 |
| BB Seguridade Participacoes SA | 12,903 | 89,383 |
| China Pacific Insurance Group Co. Ltd., Class A | 7,800 | 26,049 |
| China Pacific Insurance Group Co. Ltd., Class H | 47,289 | 95,443 |
| Co. for Cooperative Insurance | 1,369 | 47,605 |
| Gjensidige Forsikring ASA | 1,807 | 33,362 |
| Helvetia Holding AG | 434 | 59,764 |
| Powszechny Zaklad Ubezpieczen SA | 10,489 | 126,089 |
| Talanx AG (a) | 719 | 51,348 |
| ZhongAn Online P&C Insurance Co. Ltd., Class H (a)(f) | 10,400 | 23,761 |
| Zurich Insurance Group AG | 1,515 | 791,296 |
| | | 3,672,778 |
| Multi-Sector Holdings - 0.1% |
| Bajaj Holdings & Investment Ltd. | 380 | 35,047 |
| Eurazeo SE | 390 | 30,954 |
| EXOR NV | 1,030 | 102,970 |
| Groupe Bruxelles Lambert NV | 963 | 75,762 |
| Industrivarden AB, Class A | 1,183 | 38,608 |
| Industrivarden AB, Class C | 1,759 | 57,302 |
| Investor AB, Class B | 17,874 | 414,134 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 63 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| L E Lundbergforetagen AB, Class B | 688 | $ 37,425 |
| Remgro Ltd. | 10,069 | 89,461 |
| Sofina SA | 140 | 34,858 |
| Washington H Soul Pattinson & Co. Ltd. | 2,691 | 60,172 |
| | | 976,693 |
| Multi-Utilities - 0.1% |
| Algonquin Power & Utilities Corp. | 6,033 | 38,250 |
| Canadian Utilities Ltd., Class A | 1,185 | 28,659 |
| Centrica PLC | 55,892 | 100,215 |
| E.ON SE | 23,160 | 310,842 |
| Engie SA | 18,847 | 331,402 |
| National Grid PLC | 38,130 | 514,274 |
| Power & Water Utility Co. for Jubail & Yanbu | 1,409 | 23,558 |
| Qatar Electricity & Water Co. QSC | 10,231 | 50,804 |
| Sembcorp Industries Ltd. | 11,200 | 45,085 |
| Veolia Environnement SA | 6,995 | 220,684 |
| | | 1,663,773 |
| Office REITs - 0.0%* |
| Dexus | 12,387 | 64,913 |
| Gecina SA | 527 | 64,095 |
| Japan Real Estate Investment Corp. | 15 | 62,137 |
| Nippon Building Fund, Inc. | 15 | 65,009 |
| | | 256,154 |
| Office Services & Supplies - 0.0%* |
| Shanghai M&G Stationery, Inc., Class A | 1,000 | 5,273 |
| Oil & Gas Drilling - 0.0%* |
| Borr Drilling Ltd. (a) | 10,803 | 79,510 |
| China Oilfield Services Ltd., Class H | 32,000 | 32,703 |
| Seadrill Ltd. (a) | 2,498 | 118,105 |
| | | 230,318 |
| Oil & Gas Equipment & Services - 0.0%* |
| Dialog Group Bhd. | 82,900 | 37,346 |
| Offshore Oil Engineering Co. Ltd., Class A | 2,700 | 2,252 |
| TechnipFMC PLC | 4,400 | 88,616 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 500 | 1,974 |
| | | 130,188 |
| Oil & Gas Exploration & Production - 0.2% |
| Aker BP ASA | 3,214 | 93,518 |
| | Number
of Shares | Fair
Value |
| ARC Resources Ltd. | 6,168 | $ 92,010 |
| Canadian Natural Resources Ltd. | 11,286 | 743,013 |
| Inpex Corp. | 9,900 | 133,739 |
| Kosmos Energy Ltd. (a) | 22,646 | 151,955 |
| MEG Energy Corp. (a) | 3,200 | 57,443 |
| PRIO SA | 14,200 | 134,616 |
| PTT Exploration & Production PCL NVDR | 23,899 | 104,677 |
| Santos Ltd. | 35,036 | 181,692 |
| Tatneft PJSC ADR (a)(d)** | 3,383 | — |
| Tatneft PJSC (d)** | 4,926 | — |
| Tourmaline Oil Corp. | 3,310 | 149,585 |
| Woodside Energy Group Ltd. | 19,609 | 415,589 |
| | | 2,257,837 |
| Oil & Gas Refining & Marketing - 0.2% |
| Ampol Ltd. | 2,732 | 67,390 |
| Bharat Petroleum Corp. Ltd. | 12,398 | 67,142 |
| Cosan SA | 23,236 | 92,607 |
| Empresas Copec SA | 4,726 | 34,689 |
| ENEOS Holdings, Inc. | 29,400 | 116,866 |
| Formosa Petrochemical Corp. | 22,000 | 57,848 |
| HD Hyundai Co. Ltd. | 934 | 45,906 |
| Hindustan Petroleum Corp. Ltd. (a) | 6,936 | 33,249 |
| Idemitsu Kosan Co. Ltd. | 11,000 | 59,884 |
| Indian Oil Corp. Ltd. | 43,439 | 67,784 |
| Motor Oil Hellas Corinth Refineries SA | 1,609 | 42,231 |
| Neste OYJ | 4,342 | 154,492 |
| ORLEN SA | 10,448 | 174,034 |
| Parkland Corp. | 1,652 | 53,509 |
| Petronas Dagangan Bhd. | 7,200 | 34,222 |
| Qatar Fuel QSC | 13,273 | 59,603 |
| Rabigh Refining & Petrochemical Co. (a) | 5,905 | 16,408 |
| Reliance Industries Ltd. | 52,830 | 1,641,110 |
| SK Innovation Co. Ltd. (a) | 1,093 | 119,068 |
| S-Oil Corp. | 757 | 40,909 |
| Thai Oil PCL NVDR | 14,966 | 23,568 |
| Turkiye Petrol Rafinerileri AS | 18,260 | 88,413 |
| | | 3,090,932 |
| Oil & Gas Storage & Transportation - 0.2% |
| Ardmore Shipping Corp. | 2,067 | 29,124 |
| China Merchants Energy Shipping Co. Ltd., Class A | 10,900 | 9,001 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 3,600 | 6,188 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 18,000 | 16,989 |
| Enbridge, Inc. | 22,002 | 795,916 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 64 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| FLEX LNG Ltd. (a) | 1,448 | $ 42,079 |
| Golar LNG Ltd. | 4,819 | 110,789 |
| Keyera Corp. | 2,674 | 64,954 |
| Pembina Pipeline Corp. | 5,644 | 195,267 |
| Petronet LNG Ltd. | 11,737 | 31,404 |
| Qatar Gas Transport Co. Ltd. | 42,816 | 40,687 |
| Scorpio Tankers, Inc. | 2,304 | 140,083 |
| SFL Corp. Ltd. | 5,652 | 63,755 |
| TC Energy Corp. | 10,629 | 417,228 |
| Teekay Corp. (a) | 3,391 | 24,246 |
| Teekay Tankers Ltd., Class A | 1,171 | 58,515 |
| Ultrapar Participacoes SA | 10,900 | 59,486 |
| | | 2,105,711 |
| Other Specialty Retail - 0.0%* |
| Avolta AG (a) | 1,128 | 44,335 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 2,100 | 24,682 |
| China Tourism Group Duty Free Corp. Ltd., Class H (f) | 2,200 | 21,595 |
| Chow Tai Fook Jewellery Group Ltd. | 42,800 | 63,691 |
| Hotel Shilla Co. Ltd. | 673 | 34,175 |
| Jarir Marketing Co. | 9,820 | 40,956 |
| JD Sports Fashion PLC | 29,680 | 62,789 |
| Jumbo SA | 1,720 | 47,728 |
| Pop Mart International Group Ltd. (f) | 7,200 | 18,672 |
| | | 358,623 |
| Packaged Foods & Meats - 0.3% |
| Ajinomoto Co., Inc. | 4,510 | 174,028 |
| Almarai Co. JSC | 4,680 | 70,138 |
| Angel Yeast Co. Ltd., Class A | 500 | 2,470 |
| Associated British Foods PLC | 3,517 | 106,124 |
| Barry Callebaut AG | 42 | 70,811 |
| Britannia Industries Ltd. | 1,532 | 98,283 |
| Charoen Pokphand Foods PCL NVDR | 53,869 | 30,933 |
| China Feihe Ltd. (f) | 58,568 | 32,027 |
| China Huishan Dairy Holdings Co. Ltd. (d)** | 55,000 | — |
| China Mengniu Dairy Co. Ltd. | 58,000 | 155,983 |
| Chocoladefabriken Lindt & Spruengli AG | 11 | 241,075 |
| CJ CheilJedang Corp. | 103 | 25,912 |
| Danone SA | 6,652 | 431,188 |
| Forafric Global PLC | 183 | 1,938 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3,484 | 18,568 |
| Gruma SAB de CV, Class B | 3,010 | 55,303 |
| Grupo Bimbo SAB de CV | 22,781 | 115,624 |
| Guangdong Haid Group Co. Ltd., Class A | 1,000 | 6,307 |
| | Number
of Shares | Fair
Value |
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 3,185 | $ 11,947 |
| Indofood CBP Sukses Makmur Tbk. PT | 55,000 | 37,775 |
| Indofood Sukses Makmur Tbk. PT | 65,636 | 27,496 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 7,700 | 28,927 |
| JDE Peet's NV | 1,022 | 27,501 |
| Kerry Group PLC, Class A | 1,631 | 141,721 |
| Kikkoman Corp. | 1,400 | 85,740 |
| Lotus Bakeries NV | 5 | 45,456 |
| Marico Ltd. | 7,717 | 50,866 |
| MEIJI Holdings Co. Ltd. | 2,500 | 59,388 |
| Mowi ASA | 5,096 | 91,325 |
| Muyuan Foods Co. Ltd., Class A | 8,020 | 46,381 |
| Nestle India Ltd. | 562 | 179,515 |
| Nestle Malaysia Bhd. | 1,639 | 41,947 |
| Nissin Foods Holdings Co. Ltd. | 2,100 | 73,302 |
| Orion Corp. | 377 | 33,985 |
| Orkla ASA | 7,604 | 59,031 |
| PPB Group Bhd. | 10,487 | 33,047 |
| QL Resources Bhd. | 12,588 | 15,643 |
| Salmar ASA | 662 | 37,103 |
| Saputo, Inc. | 2,900 | 59,007 |
| Savola Group | 3,340 | 33,266 |
| SunOpta, Inc. (a) | 4,573 | 25,014 |
| Tata Consumer Products Ltd. | 9,992 | 130,499 |
| Tingyi Cayman Islands Holding Corp. | 30,000 | 36,575 |
| Uni-President China Holdings Ltd. | 28,000 | 19,901 |
| Uni-President Enterprises Corp. | 84,000 | 203,907 |
| Universal Robina Corp. | 14,460 | 30,865 |
| Want Want China Holdings Ltd. | 77,000 | 46,544 |
| Wens Foodstuffs Group Co. Ltd., Class A | 8,800 | 24,791 |
| WH Group Ltd. (f) | 95,166 | 61,425 |
| Yakult Honsha Co. Ltd. | 3,000 | 67,393 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | 1,000 | 4,688 |
| �� | | 3,508,683 |
| Paper & Plastic Packaging Products & Materials - 0.0%* |
| Klabin SA | 11,900 | 54,434 |
| SCG Packaging PCL NVDR | 32,842 | 34,639 |
| SIG Group AG | 3,094 | 71,132 |
| Smurfit Kappa Group PLC | 2,654 | 105,191 |
| | | 265,396 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 65 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Paper Products - 0.1% |
| Empresas CMPC SA | 23,491 | $ 45,729 |
| Holmen AB, Class B | 854 | 36,074 |
| Indah Kiat Pulp & Paper Tbk. PT | 60,500 | 32,712 |
| Mondi PLC | 4,940 | 96,824 |
| Nine Dragons Paper Holdings Ltd. (a) | 35,310 | 17,409 |
| Oji Holdings Corp. | 9,700 | 37,361 |
| Stora Enso OYJ, R Shares | 5,897 | 81,589 |
| Suzano SA | 14,700 | 168,347 |
| UPM-Kymmene OYJ | 5,488 | 206,483 |
| | | 722,528 |
| Passenger Airlines - 0.1% |
| Air Canada (a) | 1,577 | 22,353 |
| Air China Ltd., Class A (a) | 12,700 | 13,091 |
| Air China Ltd., Class H (a) | 46,000 | 29,101 |
| ANA Holdings, Inc. (a) | 1,500 | 32,558 |
| China Airlines Ltd. | 64,000 | 45,148 |
| China Eastern Airlines Corp. Ltd., Class A (a) | 12,400 | 6,757 |
| China Southern Airlines Co. Ltd., Class A (a) | 11,600 | 9,384 |
| China Southern Airlines Co. Ltd., Class H (a) | 20,000 | 8,478 |
| Deutsche Lufthansa AG (a) | 6,882 | 61,183 |
| Eva Airways Corp. | 42,000 | 43,039 |
| Hainan Airlines Holding Co. Ltd., Class A A Shares (a) | 102,200 | 19,663 |
| InterGlobe Aviation Ltd. (a)(f) | 2,354 | 83,935 |
| Japan Airlines Co. Ltd. | 1,314 | 25,864 |
| Korean Air Lines Co. Ltd. | 3,905 | 72,466 |
| Latam Airlines Group SA | 2,068,675 | 22,622 |
| Pegasus Hava Tasimaciligi AS (a) | 685 | 15,064 |
| Qantas Airways Ltd. (a) | 7,630 | 27,958 |
| Singapore Airlines Ltd. | 15,100 | 75,094 |
| Turk Hava Yollari AO (a) | 10,174 | 78,749 |
| | | 692,507 |
| Passenger Ground Transportation - 0.0%* |
| Grab Holdings Ltd., Class A (a) | 21,800 | 73,466 |
| Localiza Rent a Car SA | 15,865 | 207,719 |
| | | 281,185 |
| Personal Care Products - 0.3% |
| Amorepacific Corp. | 448 | 50,439 |
| Beiersdorf AG | 1,033 | 154,848 |
| By-health Co. Ltd., Class A | 1,000 | 2,392 |
| Colgate-Palmolive India Ltd. | 1,671 | 50,798 |
| Dabur India Ltd. | 8,965 | 60,030 |
| Godrej Consumer Products Ltd. | 6,154 | 83,657 |
| | Number
of Shares | Fair
Value |
| Hengan International Group Co. Ltd. | 9,980 | $ 37,128 |
| Hindustan Unilever Ltd. | 14,270 | 456,830 |
| Kao Corp. | 4,800 | 197,475 |
| Kose Corp. | 300 | 22,503 |
| LG H&H Co. Ltd. | 193 | 53,199 |
| L'Oreal SA | 2,499 | 1,244,029 |
| Natura & Co. Holding SA (a) | 18,400 | 63,977 |
| Shiseido Co. Ltd. | 4,400 | 132,705 |
| Unilever PLC | 25,905 | 1,254,900 |
| | | 3,864,910 |
| Pharmaceuticals - 0.9% |
| Aspen Pharmacare Holdings Ltd. | 5,616 | 62,494 |
| Astellas Pharma, Inc. | 18,600 | 222,440 |
| AstraZeneca PLC | 16,067 | 2,171,114 |
| Asymchem Laboratories Tianjin Co. Ltd., Class A | 232 | 3,783 |
| Aurobindo Pharma Ltd. | 5,378 | 70,058 |
| Bayer AG | 10,141 | 376,732 |
| Beijing Tongrentang Co. Ltd., Class A | 1,700 | 12,820 |
| Betta Pharmaceuticals Co. Ltd., Class A | 600 | 4,344 |
| Celltrion Pharm, Inc. (a) | 237 | 16,967 |
| Changchun High & New Technology Industry Group, Inc., Class A | 300 | 6,143 |
| China Medical System Holdings Ltd. | 24,000 | 42,538 |
| China Resources Pharmaceutical Group Ltd. (f) | 17,000 | 11,168 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 1,600 | 11,174 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 82,000 | 41,270 |
| Chugai Pharmaceutical Co. Ltd. | 6,900 | 261,454 |
| Cipla Ltd. | 9,524 | 142,642 |
| CSPC Pharmaceutical Group Ltd. | 142,000 | 132,024 |
| Daiichi Sankyo Co. Ltd. | 19,114 | 524,964 |
| Dong-E-E-Jiao Co. Ltd., Class A | 400 | 2,770 |
| Dr Reddy's Laboratories Ltd. | 1,942 | 135,308 |
| Eisai Co. Ltd. | 2,600 | 130,055 |
| Hanmi Pharm Co. Ltd. (a) | 85 | 23,265 |
| Hansoh Pharmaceutical Group Co. Ltd. (f) | 28,000 | 56,512 |
| Hikma Pharmaceuticals PLC | 1,524 | 34,757 |
| Humanwell Healthcare Group Co. Ltd., Class A | 2,200 | 7,681 |
| Hypera SA | 6,200 | 45,629 |
| Ipsen SA | 432 | 51,491 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 66 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 6,820 | $ 43,321 |
| Kalbe Farma Tbk. PT | 246,000 | 25,723 |
| Kyowa Kirin Co. Ltd. | 3,100 | 52,114 |
| Lupin Ltd. | 4,071 | 64,722 |
| Merck KGaA | 1,329 | 211,550 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 520 | 1,095 |
| Novartis AG | 21,248 | 2,142,598 |
| Novo Nordisk AS, Class B | 33,840 | 3,500,664 |
| Ono Pharmaceutical Co. Ltd. | 3,900 | 69,601 |
| Orion OYJ, Class B | 990 | 42,946 |
| Otsuka Holdings Co. Ltd. | 4,300 | 161,319 |
| Recordati Industria Chimica e Farmaceutica SpA | 1,199 | 64,674 |
| Richter Gedeon Nyrt | 2,786 | 70,454 |
| Sandoz Group AG (a) | 4,190 | 134,713 |
| Scilex Holding Co. (a) | 1,832 | 3,737 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,500 | 5,273 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 13,500 | 29,391 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 3,300 | 10,692 |
| Shionogi & Co. Ltd. | 2,700 | 130,193 |
| Sino Biopharmaceutical Ltd. | 153,000 | 67,991 |
| SK Biopharmaceuticals Co. Ltd. (a) | 382 | 29,779 |
| Sun Pharmaceutical Industries Ltd. | 16,901 | 255,799 |
| Takeda Pharmaceutical Co. Ltd. | 16,311 | 469,037 |
| Teva Pharmaceutical Industries Ltd. ADR (a) | 11,400 | 119,016 |
| Torrent Pharmaceuticals Ltd. | 2,014 | 55,801 |
| UCB SA | 1,290 | 112,432 |
| Yuhan Corp. | 928 | 49,574 |
| Yunnan Baiyao Group Co. Ltd., Class A | 1,400 | 9,663 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 1,000 | 33,984 |
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 2,600 | 5,357 |
| Zhejiang NHU Co. Ltd., Class A | 2,592 | 6,174 |
| | | 12,580,984 |
| Precious Metals & Minerals - 0.0%* |
| Alrosa PJSC (a)(d)** | 46,308 | — |
| Anglo American Platinum Ltd. | 878 | 46,283 |
| Impala Platinum Holdings Ltd. | 16,740 | 83,547 |
| | Number
of Shares | Fair
Value |
| Industrias Penoles SAB de CV (a) | 3,900 | $ 57,169 |
| Northam Platinum Holdings Ltd. | 4,788 | 36,767 |
| Sibanye Stillwater Ltd. | 55,068 | 74,980 |
| | | 298,746 |
| Property & Casualty Insurance - 0.2% |
| Admiral Group PLC | 2,650 | 90,671 |
| DB Insurance Co. Ltd. | 667 | 43,348 |
| Fairfax Financial Holdings Ltd. | 219 | 203,041 |
| Fidelis Insurance Holdings Ltd. | 779 | 9,870 |
| ICICI Lombard General Insurance Co. Ltd. (f) | 4,750 | 81,062 |
| Insurance Australia Group Ltd. | 24,822 | 95,865 |
| Intact Financial Corp. | 1,834 | 283,543 |
| Kingsway Financial Services, Inc. (a) | 371 | 3,116 |
| MS&AD Insurance Group Holdings, Inc. | 4,400 | 173,091 |
| OUTsurance Group Ltd. | 11,894 | 27,447 |
| People's Insurance Co. Group of China Ltd., Class A | 10,900 | 7,409 |
| People's Insurance Co. Group of China Ltd., Class H | 134,000 | 41,186 |
| PICC Property & Casualty Co. Ltd., Class H | 130,000 | 154,497 |
| QBE Insurance Group Ltd. | 16,135 | 163,054 |
| Sampo OYJ, A Shares | 4,643 | 203,155 |
| Samsung Fire & Marine Insurance Co. Ltd. | 548 | 111,906 |
| Sompo Holdings, Inc. | 3,000 | 146,744 |
| Suncorp Group Ltd. | 12,983 | 122,696 |
| Tokio Marine Holdings, Inc. | 18,669 | 467,321 |
| Tryg AS | 3,540 | 77,060 |
| | | 2,506,082 |
| Publishing - 0.0%* |
| China Literature Ltd. (a)(f) | 9,600 | 35,715 |
| Saudi Research & Media Group (a) | 633 | 28,831 |
| | | 64,546 |
| Rail Transportation - 0.2% |
| Aurizon Holdings Ltd. | 16,912 | 43,852 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 56,100 | 38,762 |
| BTS Group Holdings PCL NVDR | 141,626 | 30,082 |
| Canadian National Railway Co. | 5,767 | 728,419 |
| Canadian Pacific Kansas City Ltd. | 9,640 | 766,463 |
| Central Japan Railway Co. | 7,400 | 188,123 |
| Container Corp. of India Ltd. | 4,866 | 50,269 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 67 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Daqin Railway Co. Ltd., Class A | 9,300 | $ 9,417 |
| East Japan Railway Co. | 3,100 | 178,748 |
| Hankyu Hanshin Holdings, Inc. | 2,300 | 73,235 |
| Keisei Electric Railway Co. Ltd. | 1,500 | 70,904 |
| Kintetsu Group Holdings Co. Ltd. | 2,100 | 66,614 |
| MTR Corp. Ltd. | 18,114 | 70,289 |
| Odakyu Electric Railway Co. Ltd. | 3,400 | 51,875 |
| Rumo SA | 20,000 | 94,491 |
| Tobu Railway Co. Ltd. | 2,200 | 59,128 |
| Tokyu Corp. | 5,800 | 70,803 |
| West Japan Railway Co. | 2,200 | 91,773 |
| | | 2,683,247 |
| Real Estate Development - 0.1% |
| C&D International Investment Group Ltd. | 15,531 | 33,097 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 11,200 | 14,990 |
| China Overseas Land & Investment Ltd. | 66,500 | 117,184 |
| China Resources Land Ltd. | 56,000 | 200,806 |
| China Vanke Co. Ltd., Class A | 12,500 | 18,362 |
| China Vanke Co. Ltd., Class H | 26,700 | 24,688 |
| CK Asset Holdings Ltd. | 20,086 | 100,834 |
| Country Garden Holdings Co. Ltd. (a) | 178,298 | 17,810 |
| Dar Al Arkan Real Estate Development Co. (a) | 8,773 | 32,565 |
| Emaar Properties PJSC | 111,427 | 240,284 |
| Gemdale Corp., Class A | 1,500 | 918 |
| Godrej Properties Ltd. (a) | 1,425 | 34,478 |
| Greentown China Holdings Ltd. | 24,000 | 24,435 |
| Henderson Land Development Co. Ltd. | 17,000 | 52,359 |
| Land & Houses PCL NVDR | 150,488 | 35,933 |
| Longfor Group Holdings Ltd. (f) | 28,337 | 45,362 |
| Macrotech Developers Ltd. (f) | 1,871 | 23,014 |
| Poly Developments & Holdings Group Co. Ltd., Class A | 14,400 | 20,021 |
| Ruentex Development Co. Ltd. | 26,550 | 32,657 |
| Seazen Holdings Co. Ltd., Class A (a) | 1,400 | 2,243 |
| Shenzhen Overseas Chinese Town Co. Ltd., Class A (a) | 7,300 | 3,188 |
| Sino Land Co. Ltd. | 41,480 | 45,100 |
| Yuexiu Property Co. Ltd. | 30,981 | 25,234 |
| | | 1,145,562 |
| | Number
of Shares | Fair
Value |
| Real Estate Operating Companies - 0.1% |
| Azrieli Group Ltd. | 375 | $ 24,390 |
| CapitaLand Investment Ltd. | 30,300 | 72,586 |
| Central Pattana PCL NVDR | 28,578 | 58,609 |
| China Resources Mixc Lifestyle Services Ltd. (f) | 13,000 | 46,366 |
| Country Garden Services Holdings Co. Ltd. | 31,715 | 27,416 |
| Fastighets AB Balder, Class B (a) | 5,889 | 41,793 |
| Hang Lung Properties Ltd. | 16,000 | 22,293 |
| Hongkong Land Holdings Ltd. | 12,600 | 43,848 |
| Hulic Co. Ltd. | 3,500 | 36,656 |
| LEG Immobilien SE (a) | 850 | 74,478 |
| Mabanee Co. KPSC | 7,478 | 20,517 |
| NEPI Rockcastle NV | 9,380 | 64,823 |
| Sagax AB, Class B | 2,171 | 59,758 |
| SM Prime Holdings, Inc. | 177,000 | 105,161 |
| Swire Properties Ltd. | 13,000 | 26,304 |
| Swiss Prime Site AG | 778 | 83,055 |
| Vonovia SE | 7,544 | 237,837 |
| Wharf Real Estate Investment Co. Ltd. | 19,000 | 64,237 |
| | | 1,110,127 |
| Real Estate Services - 0.0%* |
| China Overseas Property Holdings Ltd. | 30,000 | 22,514 |
| FirstService Corp. | 406 | 66,091 |
| KE Holdings, Inc. ADR | 11,600 | 188,036 |
| | | 276,641 |
| Regional Banks - 0.1% |
| AU Small Finance Bank Ltd. (f) | 3,332 | 31,529 |
| Bandhan Bank Ltd. (f) | 14,511 | 42,096 |
| Bank of Chengdu Co. Ltd., Class A | 400 | 633 |
| Bank of Hangzhou Co. Ltd., Class A | 5,547 | 7,798 |
| Bank of Jiangsu Co. Ltd., Class A | 21,100 | 19,824 |
| Bank of Nanjing Co. Ltd., Class A | 5,600 | 5,804 |
| Bank of Ningbo Co. Ltd., Class A | 10,156 | 28,683 |
| Banque Cantonale Vaudoise | 273 | 35,193 |
| Chiba Bank Ltd. | 4,900 | 35,400 |
| Concordia Financial Group Ltd. | 12,400 | 56,696 |
| Dukhan Bank | 39,437 | 43,293 |
| First BanCorp | 8,296 | 136,469 |
| OFG Bancorp | 2,299 | 86,166 |
| Popular, Inc. | 852 | 69,924 |
| Resona Holdings, Inc. | 21,700 | 110,285 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 68 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Shizuoka Financial Group, Inc. | 4,300 | $ 36,448 |
| | | 746,241 |
| Reinsurance - 0.1% |
| Hannover Rueck SE | 618 | 147,663 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,412 | 585,068 |
| RenaissanceRe Holdings Ltd. | 500 | 98,000 |
| SiriusPoint Ltd. (a) | 3,480 | 40,368 |
| | | 871,099 |
| Renewable Electricity - 0.0%* |
| Adani Green Energy Ltd. (a) | 5,018 | 96,303 |
| China Longyuan Power Group Corp. Ltd., Class H | 73,000 | 55,344 |
| China Three Gorges Renewables Group Co. Ltd., Class A | 19,800 | 12,151 |
| China Yangtze Power Co. Ltd., Class A | 30,100 | 98,662 |
| Corp. ACCIONA Energias Renovables SA | 573 | 17,774 |
| EDP Renovaveis SA | 3,588 | 73,424 |
| Energy Absolute PCL NVDR | 24,620 | 31,918 |
| Engie Brasil Energia SA | 3,733 | 34,835 |
| Meridian Energy Ltd. | 11,830 | 41,495 |
| Northland Power, Inc. | 2,866 | 52,317 |
| Sichuan Chuantou Energy Co. Ltd., Class A | 7,500 | 15,926 |
| | | 530,149 |
| Research & Consulting Services - 0.1% |
| BayCurrent Consulting, Inc. | 1,500 | 52,678 |
| Bureau Veritas SA | 2,983 | 75,361 |
| Intertek Group PLC | 1,639 | 88,716 |
| RELX PLC | 19,557 | 775,362 |
| SGS SA | 1,534 | 132,212 |
| Thomson Reuters Corp. | 1,641 | 241,097 |
| Wolters Kluwer NV | 2,566 | 364,804 |
| | | 1,730,230 |
| Restaurants - 0.2% |
| Americana Restaurants International PLC | 42,922 | 36,579 |
| Compass Group PLC | 17,714 | 484,605 |
| Delivery Hero SE (a)(f) | 2,010 | 55,531 |
| Haidilao International Holding Ltd. (f) | 31,000 | 57,724 |
| Jollibee Foods Corp. | 10,340 | 46,943 |
| Jubilant Foodworks Ltd. | 7,860 | 53,372 |
| McDonald's Holdings Co. Japan Ltd. | 1,000 | 43,339 |
| Meituan, Class B (a)(f) | 86,107 | 903,133 |
| | Number
of Shares | Fair
Value |
| Restaurant Brands International, Inc. | 2,958 | $ 232,248 |
| Sodexo SA | 901 | 99,151 |
| Yum China Holdings, Inc. | 7,500 | 318,225 |
| Zensho Holdings Co. Ltd. | 1,100 | 57,653 |
| Zomato Ltd. (a) | 73,205 | 108,822 |
| | | 2,497,325 |
| Retail REITs - 0.0%* |
| CapitaLand Integrated Commercial Trust | 53,959 | 84,266 |
| Japan Metropolitan Fund Invest | 80 | 57,824 |
| Klepierre SA | 2,477 | 67,530 |
| Link REIT | 26,168 | 146,950 |
| Mapletree Pan Asia Commercial Trust | 21,046 | 25,049 |
| RioCan Real Estate Investment Trust | 1,503 | 21,224 |
| Scentre Group | 52,875 | 107,877 |
| Unibail-Rodamco-Westfield (a) | 1,200 | 88,708 |
| Vicinity Ltd. | 44,330 | 61,707 |
| | | 661,135 |
| Security & Alarm Services - 0.0%* |
| Secom Co. Ltd. | 2,200 | 158,469 |
| Securitas AB, Class B | 4,497 | 43,989 |
| | | 202,458 |
| Semiconductor Materials & Equipment - 0.4% |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | 339 | 7,313 |
| Advantest Corp. | 7,900 | 268,806 |
| ASM International NV | 484 | 251,259 |
| ASML Holding N.V. (a) | 4,180 | 3,147,707 |
| BE Semiconductor Industries NV | 787 | 118,624 |
| Daqo New Energy Corp. ADR (a) | 900 | 23,940 |
| Disco Corp. | 926 | 229,759 |
| Flat Glass Group Co. Ltd., Class A | 1,700 | 6,375 |
| Flat Glass Group Co. Ltd., Class H | 12,000 | 20,255 |
| GCL Technology Holdings Ltd. | 300,000 | 47,640 |
| Globalwafers Co. Ltd. | 3,000 | 57,379 |
| Hangzhou First Applied Material Co. Ltd., Class A | 1,372 | 4,676 |
| Hanmi Semiconductor Co. Ltd. | 989 | 47,381 |
| Hoyuan Green Energy Co. Ltd., Class A | 391 | 1,827 |
| Kulicke & Soffa Industries, Inc. | 2,678 | 146,540 |
| Lasertec Corp. | 738 | 194,577 |
| NAURA Technology Group Co. Ltd., Class A | 900 | 31,056 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 69 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Shenzhen SC New Energy Technology Corp., Class A | 100 | $ 1,039 |
| SUMCO Corp. | 4,000 | 59,994 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | 256 | 4,656 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 5,500 | 12,081 |
| Tokyo Electron Ltd. | 4,888 | 875,631 |
| Xinjiang Daqo New Energy Co. Ltd., Class A | 4,082 | 16,952 |
| Xinyi Solar Holdings Ltd. | 95,985 | 56,053 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1,900 | 11,765 |
| | | 5,643,285 |
| Semiconductors - 1.0% |
| Alchip Technologies Ltd. | 1,000 | 106,710 |
| Allegro MicroSystems, Inc. (a) | 700 | 21,189 |
| ASE Technology Holding Co. Ltd. | 55,000 | 241,931 |
| Cambricon Technologies Corp. Ltd., Class A (a) | 348 | 6,596 |
| China Resources Microelectronics Ltd., Class A | 1,955 | 12,270 |
| eMemory Technology, Inc. | 1,000 | 79,829 |
| GigaDevice Semiconductor, Inc., Class A | 560 | 7,266 |
| Global Unichip Corp. | 1,000 | 56,695 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | 1,100 | 3,527 |
| Hua Hong Semiconductor Ltd. (a)(f) | 10,000 | 24,179 |
| Hygon Information Technology Co. Ltd., Class A | 2,341 | 23,336 |
| Inari Amertron Bhd. | 56,500 | 37,011 |
| indie Semiconductor, Inc., Class A (a) | 7,501 | 60,833 |
| Infineon Technologies AG | 13,504 | 563,870 |
| Ingenic Semiconductor Co. Ltd., Class A | 600 | 5,447 |
| JA Solar Technology Co. Ltd., Class A | 4,268 | 12,419 |
| JCET Group Co. Ltd., Class A | 2,000 | 8,387 |
| Jinko Solar Co. Ltd., Class A | 15,683 | 19,514 |
| LONGi Green Energy Technology Co. Ltd., Class A | 7,836 | 25,201 |
| MediaTek, Inc. | 26,000 | 859,875 |
| Montage Technology Co. Ltd., Class A | 361 | 2,979 |
| Nanya Technology Corp. | 25,000 | 63,538 |
| Novatek Microelectronics Corp. | 8,886 | 149,690 |
| | Number
of Shares | Fair
Value |
| Powerchip Semiconductor Manufacturing Corp. | 45,000 | $ 43,181 |
| Realtek Semiconductor Corp. | 9,040 | 138,882 |
| Renesas Electronics Corp. (a) | 15,100 | 273,017 |
| Rohm Co. Ltd. | 3,600 | 69,010 |
| Sanan Optoelectronics Co. Ltd., Class A | 10,900 | 21,201 |
| SG Micro Corp., Class A | 195 | 2,437 |
| Silergy Corp. | 4,888 | 79,634 |
| SK Hynix, Inc. | 9,475 | 1,041,007 |
| StarPower Semiconductor Ltd., Class A | 100 | 2,542 |
| STMicroelectronics NV | 7,054 | 352,558 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 421,557 | 8,145,299 |
| Tianshui Huatian Technology Co. Ltd., Class A | 700 | 838 |
| Tongwei Co. Ltd., Class A | 3,300 | 11,600 |
| Trina Solar Co. Ltd., Class A | 1,600 | 6,411 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A (a) | 419 | 3,969 |
| United Microelectronics Corp. | 203,000 | 347,919 |
| Vanguard International Semiconductor Corp. | 19,330 | 51,332 |
| Will Semiconductor Co. Ltd. Shanghai, Class A | 1,840 | 27,574 |
| Winbond Electronics Corp. | 48,889 | 48,506 |
| | | 13,059,209 |
| Silver - 0.0%* |
| Pan American Silver Corp. | 4,251 | 69,732 |
| Soft Drinks & Non-alcoholic Beverages - 0.1% |
| Arca Continental SAB de CV | 9,100 | 99,633 |
| Coca-Cola Europacific Partners PLC | 2,100 | 140,154 |
| Coca-Cola Femsa SAB de CV | 9,865 | 93,771 |
| Coca-Cola HBC AG | 2,574 | 75,635 |
| Fomento Economico Mexicano SAB de CV | 34,500 | 450,235 |
| Nongfu Spring Co. Ltd., Class H (f) | 28,400 | 164,212 |
| Osotspa PCL | 21,800 | 14,051 |
| Suntory Beverage & Food Ltd. | 1,300 | 42,878 |
| Varun Beverages Ltd. | 8,265 | 122,852 |
| | | 1,203,421 |
| Specialized Consumer Services - 0.0%* |
| OneSpaWorld Holdings Ltd. (a) | 4,156 | 58,600 |
| Specialized Finance - 0.0%* |
| Banco Latinoamericano de Comercio Exterior SA | 1,328 | 32,855 |
| Chailease Holding Co. Ltd. | 26,201 | 164,767 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 70 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Far East Horizon Ltd. | 23,000 | $ 18,085 |
| Mitsubishi HC Capital, Inc. | 9,400 | 63,129 |
| Power Finance Corp. Ltd. | 21,986 | 101,087 |
| REC Ltd. | 20,073 | 99,589 |
| | | 479,512 |
| Specialty Chemicals - 0.3% |
| Akzo Nobel NV | 1,747 | 144,389 |
| Arkema SA | 649 | 73,843 |
| Asian Paints Ltd. | 6,325 | 258,613 |
| Chengxin Lithium Group Co. Ltd., Class A | 500 | 1,597 |
| Chr Hansen Holding AS | 1,072 | 89,943 |
| Clariant AG | 1,965 | 28,997 |
| Covestro AG (a)(f) | 1,974 | 114,873 |
| Croda International PLC | 1,419 | 91,352 |
| DSM-Firmenich AG | 1,910 | 194,109 |
| EMS-Chemie Holding AG | 81 | 65,539 |
| Evonik Industries AG | 2,628 | 53,706 |
| Ganfeng Lithium Group Co. Ltd., Class A | 940 | 5,650 |
| Ganfeng Lithium Group Co. Ltd., Class H (f) | 5,840 | 22,063 |
| Givaudan SA | 95 | 393,251 |
| Hoshine Silicon Industry Co. Ltd., Class A | 200 | 1,432 |
| JSR Corp. | 2,061 | 58,769 |
| Nippon Paint Holdings Co. Ltd. | 9,600 | 77,628 |
| Nitto Denko Corp. | 1,600 | 119,733 |
| Novozymes AS, Class B | 2,088 | 114,822 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,798 | 5,285 |
| Shenzhen Capchem Technology Co. Ltd., Class A | 180 | 1,196 |
| Shin-Etsu Chemical Co. Ltd. | 18,812 | 789,549 |
| Sika AG | 1,575 | 512,181 |
| SK IE Technology Co. Ltd. (a)(f) | 583 | 35,716 |
| Syensqo SA (a) | 857 | 89,235 |
| Symrise AG | 1,362 | 149,912 |
| Tianqi Lithium Corp., Class A | 700 | 5,485 |
| Umicore SA | 2,417 | 66,481 |
| Wacker Chemie AG | 163 | 20,581 |
| Wanhua Chemical Group Co. Ltd., Class A | 3,300 | 35,602 |
| | | 3,621,532 |
| Steel - 0.2% |
| APL Apollo Tubes Ltd. | 983 | 18,154 |
| ArcelorMittal SA (a) | 5,239 | 148,588 |
| Baoshan Iron & Steel Co. Ltd., Class A | 26,900 | 22,402 |
| BlueScope Steel Ltd. | 4,558 | 72,778 |
| | Number
of Shares | Fair
Value |
| China Steel Corp. | 205,000 | $ 180,349 |
| Cia Siderurgica Nacional SA | 12,100 | 48,972 |
| Eregli Demir ve Celik Fabrikalari TAS (a) | 22,053 | 30,615 |
| Fortescue Ltd. | 17,464 | 345,818 |
| Hyundai Steel Co. | 1,347 | 38,175 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (a) | 42,400 | 8,694 |
| JFE Holdings, Inc. | 6,500 | 100,857 |
| Jindal Steel & Power Ltd. | 6,999 | 62,922 |
| JSW Steel Ltd. | 9,192 | 97,235 |
| Kumba Iron Ore Ltd. | 1,082 | 36,374 |
| Nippon Steel Corp. | 8,800 | 201,617 |
| Novolipetsk Steel PJSC GDR (a)(d)** | 2,290 | — |
| Novolipetsk Steel PJSC (a)(d)** | 4,980 | — |
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (a) | 10,100 | 4,652 |
| POSCO Holdings, Inc. | 1,221 | 473,553 |
| Severstal PAO GDR (a)(d)** | 3,070 | — |
| Severstal PAO (a)(d)** | 695 | — |
| Shanxi Meijin Energy Co. Ltd., Class A (a) | 3,500 | 3,274 |
| Shanxi Taigang Stainless Steel Co. Ltd., Class A | 6,700 | 3,510 |
| Tata Steel Ltd. | 119,022 | 199,672 |
| Vale SA | 57,740 | 917,640 |
| voestalpine AG | 1,054 | 33,252 |
| YongXing Special Materials Technology Co. Ltd., Class A | 260 | 1,906 |
| | | 3,051,009 |
| Systems Software - 0.0%* |
| 360 Security Technology, Inc., Class A (a) | 4,700 | 5,947 |
| Check Point Software Technologies Ltd. (a) | 959 | 146,525 |
| Oracle Corp. | 437 | 33,694 |
| Sangfor Technologies, Inc., Class A (a) | 300 | 3,046 |
| Tata Elxsi Ltd. | 550 | 57,856 |
| TOTVS SA | 9,138 | 63,377 |
| Trend Micro, Inc. (a) | 1,400 | 74,955 |
| | | 385,400 |
| Technology Distributors - 0.0%* |
| Synnex Technology International Corp. | 21,178 | 48,442 |
| Unisplendour Corp. Ltd., Class A (a) | 3,100 | 8,424 |
| WPG Holdings Ltd. | 25,938 | 68,964 |
| | | 125,830 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 71 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Technology Hardware, Storage & Peripherals - 0.6% |
| Acer, Inc. | 44,000 | $ 77,131 |
| Advantech Co. Ltd. | 8,599 | 104,229 |
| Asustek Computer, Inc. | 12,053 | 192,240 |
| Brother Industries Ltd. | 2,100 | 33,523 |
| Canon, Inc. | 10,300 | 264,477 |
| Catcher Technology Co. Ltd. | 10,000 | 63,212 |
| Compal Electronics, Inc. | 84,225 | 109,362 |
| CosmoAM&T Co. Ltd. (a) | 420 | 48,036 |
| FUJIFILM Holdings Corp. | 3,815 | 229,284 |
| Gigabyte Technology Co. Ltd. | 9,000 | 78,005 |
| IEIT Systems Co. Ltd., Class A | 2,700 | 12,589 |
| Inventec Corp. | 51,249 | 88,169 |
| Lenovo Group Ltd. | 134,000 | 187,395 |
| Lite-On Technology Corp. | 34,693 | 132,258 |
| Logitech International SA | 1,686 | 159,776 |
| Micro-Star International Co. Ltd. | 14,000 | 93,058 |
| Ninestar Corp., Class A | 1,200 | 3,814 |
| Pegatron Corp. | 38,251 | 108,806 |
| Quanta Computer, Inc. | 47,507 | 347,512 |
| Ricoh Co. Ltd. | 6,300 | 48,396 |
| Samsung Electronics Co. Ltd. | 82,438 | 5,024,756 |
| Seiko Epson Corp. | 3,300 | 49,402 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 1,494 | 29,038 |
| Wistron Corp. | 45,000 | 144,572 |
| Wiwynn Corp. | 1,000 | 59,465 |
| Xiaomi Corp., Class B (a)(f) | 277,400 | 554,192 |
| | | 8,242,697 |
| Textiles - 0.0%* |
| Eclat Textile Co. Ltd. | 3,000 | 54,936 |
| Tires & Rubber - 0.1% |
| Balkrishna Industries Ltd. | 1,229 | 37,935 |
| Bridgestone Corp. | 5,896 | 244,238 |
| Cheng Shin Rubber Industry Co. Ltd. | 20,000 | 29,260 |
| Cie Generale des Etablissements Michelin SCA | 6,987 | 250,533 |
| Hankook Tire & Technology Co. Ltd. | 1,305 | 46,003 |
| MRF Ltd. | 38 | 59,173 |
| Sailun Group Co. Ltd., Class A | 2,300 | 3,795 |
| Shandong Linglong Tyre Co. Ltd., Class A | 1,500 | 4,051 |
| | | 674,988 |
| Tobacco - 0.1% |
| British American Tobacco PLC | 21,981 | 643,231 |
| Imperial Brands PLC | 8,756 | 201,644 |
| ITC Ltd. | 52,836 | 293,407 |
| | Number
of Shares | Fair
Value |
| Japan Tobacco, Inc. | 12,407 | $ 320,780 |
| KT&G Corp. | 1,787 | 120,576 |
| Smoore International Holdings Ltd. (f) | 32,000 | 26,637 |
| | | 1,606,275 |
| Trading Companies & Distributors - 0.3% |
| Adani Enterprises Ltd. | 2,913 | 99,731 |
| AerCap Holdings NV (a) | 2,066 | 153,545 |
| Ashtead Group PLC | 4,515 | 314,377 |
| Beijer Ref AB | 4,415 | 59,098 |
| BOC Aviation Ltd. (f) | 2,700 | 20,643 |
| Brenntag SE | 1,422 | 130,723 |
| Bunzl PLC | 3,460 | 140,705 |
| Horizon Construction Development Ltd. (a) | 852 | 501 |
| IMCD NV | 580 | 100,942 |
| ITOCHU Corp. | 12,309 | 503,518 |
| Marubeni Corp. | 14,700 | 232,366 |
| Mitsubishi Corp. | 35,646 | 569,785 |
| Mitsui & Co. Ltd. | 13,404 | 503,719 |
| MonotaRO Co. Ltd. | 2,300 | 25,116 |
| Posco International Corp. | 924 | 44,769 |
| Reece Ltd. | 2,523 | 38,546 |
| Sumitomo Corp. | 10,700 | 233,460 |
| Textainer Group Holdings Ltd. | 2,014 | 99,089 |
| Toromont Industries Ltd. | 831 | 73,168 |
| Toyota Tsusho Corp. | 2,200 | 129,647 |
| | | 3,473,448 |
| Transaction & Payment Processing Services - 0.1% |
| Adyen NV (a)(f) | 224 | 288,665 |
| Edenred SE | 2,723 | 162,851 |
| EVERTEC, Inc. | 3,238 | 132,564 |
| Kakaopay Corp. (a) | 382 | 14,623 |
| Nexi SpA (a)(f) | 6,746 | 55,189 |
| One 97 Communications Ltd. | 2,136 | 16,311 |
| Pagseguro Digital Ltd., Class A (a) | 9,819 | 122,443 |
| StoneCo Ltd., Class A (a) | 14,094 | 254,115 |
| Wise PLC, Class A (a) | 7,088 | 78,973 |
| Worldline SA (a)(f) | 2,245 | 38,861 |
| | | 1,164,595 |
| Water Utilities - 0.0%* |
| Beijing Enterprises Water Group Ltd. | 50,000 | 11,142 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5,100 | 79,131 |
| Consolidated Water Co. Ltd. | 696 | 24,778 |
| Guangdong Investment Ltd. | 48,000 | 34,915 |
| Severn Trent PLC | 2,740 | 90,083 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 72 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| United Utilities Group PLC | 6,946 | $ 93,816 |
| | | 333,865 |
| Wireless Telecommunication Services - 0.3% |
| Advanced Info Service PCL NVDR | 20,607 | 131,011 |
| America Movil SAB de CV Series B | 339,000 | 315,088 |
| Axiata Group Bhd. | 71,100 | 36,827 |
| Bharti Airtel Ltd. | 38,764 | 480,836 |
| CELCOMDIGI Bhd. | 67,400 | 59,846 |
| China United Network Communications Ltd., Class A | 33,400 | 20,545 |
| Etihad Etisalat Co. | 5,628 | 74,139 |
| Far EasTone Telecommunications Co. Ltd. | 28,000 | 72,804 |
| Intouch Holdings PCL NVDR | 5,700 | 11,940 |
| Intouch Holdings PCL Series F | 6,200 | 12,988 |
| KDDI Corp. | 15,457 | 491,844 |
| Maxis Bhd. | 49,300 | 41,307 |
| Mobile Telecommunications Co. KSCP | 33,002 | 54,457 |
| Mobile Telecommunications Co. Saudi Arabia | 8,107 | 30,526 |
| Mobile TeleSystems PJSC ADR (a)(d)** | 6,600 | — |
| Mobile TeleSystems PJSC (d)** | 3,970 | — |
| MTN Group Ltd. | 30,444 | 192,278 |
| PLDT, Inc. | 960 | 22,173 |
| Rogers Communications, Inc., Class B | 3,642 | 171,328 |
| SoftBank Corp. | 29,700 | 370,671 |
| SoftBank Group Corp. | 10,615 | 473,827 |
| Taiwan Mobile Co. Ltd. | 29,946 | 96,208 |
| Tele2 AB, Class B | 6,057 | 52,012 |
| TELUS Corp. | 560 | 10,023 |
| TIM SA | 17,500 | 64,595 |
| Turkcell Iletisim Hizmetleri AS | 18,021 | 34,231 |
| Vodacom Group Ltd. | 12,550 | 72,744 |
| Vodafone Group PLC | 236,727 | 206,900 |
| | | 3,601,148 |
Total Common Stock
(Cost $280,074,287) | | 297,205,219 |
| Preferred Stock - 0.3% |
| Automobile Manufacturers - 0.0%* |
| Bayerische Motoren Werke AG 9.48% | 676 | 67,170 |
| Dr Ing hc F Porsche AG 1.26% (f) | 1,162 | 102,560 |
| Hyundai Motor Co. 2.63% | 595 | 52,759 |
| Hyundai Motor Co. 2.64% | 529 | 46,620 |
| | Number
of Shares | Fair
Value |
| Porsche Automobil Holding SE 5.54% | 1,553 | $ 79,463 |
| Volkswagen AG 7.84% | 2,125 | 262,437 |
| | | 611,009 |
| Commodity Chemicals - 0.0%* |
| LG Chem Ltd. 3.23% | 89 | 21,492 |
| Diversified Banks - 0.1% |
| Banco Bradesco SA 9.93% | 94,721 | 333,247 |
| Bancolombia SA 11.82% | 7,637 | 58,983 |
| Itau Unibanco Holding SA 3.70% | 83,700 | 585,328 |
| Itausa SA 5.41% | 94,011 | 200,695 |
| | | 1,178,253 |
| Diversified Capital Markets - 0.0%* |
| Banco BTG Pactual SA 2.65% | 4 | 8 |
| Electric Utilities - 0.0%* |
| Centrais Eletricas Brasileiras SA 3.18% | 3,000 | 29,014 |
| Cia Energetica de Minas Gerais 11.24% | 21,029 | 49,698 |
| | | 78,712 |
| Electrical Components & Equipment - 0.0%* |
| Sociedad Quimica y Minera de Chile SA 7.90% | 2,544 | 153,377 |
| Household Products - 0.0%* |
| Henkel AG & Co. KGaA 2.54% | 1,733 | 139,480 |
| Integrated Oil & Gas - 0.1% |
| Petroleo Brasileiro SA 8.49% | 82,600 | 633,239 |
| Surgutneftegas PJSC 1.45% (d)** | 115,200 | — |
| | | 633,239 |
| Life Sciences Tools & Services - 0.0%* |
| Sartorius AG 0.43% | 266 | 97,906 |
| Steel - 0.0%* |
| Gerdau SA 13.67% | 21,080 | 103,109 |
| Technology Hardware, Storage & Peripherals - 0.1% |
| Samsung Electronics Co. Ltd. 2.32% | 13,832 | 669,100 |
Total Preferred Stock
(Cost $3,309,403) | | 3,685,685 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 73 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Number
of Shares | Fair
Value |
| Rights - 0.0%* |
| Passenger Ground Transportation - 0.0%* |
| Localiza Rent a Car SA (expiring 02/05/24) (a) | 56 | $ 230 |
Total Rights
(Cost $0) | | 230 |
| Warrants - 0.0% * |
| Application Software - 0.0%* |
| Constellation Software, Inc. (expiring 03/31/40) (d)** | 238 | — |
| Rail Transportation - 0.0%* |
| BTS Group Holdings PCL (expiring 11/07/24) (a) | 9,760 | 14 |
| BTS Group Holdings PCL (expiring 11/20/26) (a) | 19,520 | 69 |
| | | 83 |
Total Warrants
(Cost $0) | | 83 |
Total Foreign Equity
(Cost $283,383,690) | | 300,891,217 |
| | Principal
Amount | |
| Bonds and Notes - 16.7% |
| U.S. Treasuries - 9.8% |
| U.S. Treasury Bonds | | |
| 1.25% 05/15/50 (b) | $ 25,000 | 13,512 |
| 1.38% 08/15/50 (b) | 500,000 | 279,297 |
| 1.63% 11/15/50 (b) | 200,000 | 119,469 |
| 1.75% 08/15/41 (b) | 500,000 | 348,281 |
| 1.88% 02/15/41 - 11/15/51 (b) | 1,075,000 | 725,149 |
| 2.00% 02/15/50 - 08/15/51 (b) | 700,000 | 459,563 |
| 2.25% 05/15/41 - 02/15/52 (b) | 1,365,000 | 985,831 |
| 2.38% 11/15/49 - 05/15/51 (b) | 665,000 | 477,094 |
| 2.50% 02/15/45 - 05/15/46 (b) | 485,000 | 366,291 |
| 2.75% 11/15/42 - 11/15/47 (b) | 675,000 | 531,105 |
| 2.88% 05/15/43 - 05/15/52 (b) | 1,535,000 | 1,236,598 |
| 3.00% 11/15/44 - 08/15/52 (b) | 2,350,000 | 1,928,496 |
| 3.13% 02/15/43 - 05/15/48 (b) | 800,000 | 674,250 |
| 3.25% 05/15/42 (b) | 500,000 | 439,453 |
| 3.38% 08/15/42 - 11/15/48 (b) | 1,475,000 | 1,308,441 |
| 3.63% 02/15/44 (b) | 140,000 | 128,428 |
| 3.63% 02/15/53 - 05/15/53 | 825,000 | 764,239 |
| 3.88% 02/15/43 - 05/15/43 | 450,000 | 429,911 |
| | Principal
Amount | Fair
Value |
| 4.00% 11/15/42 - 11/15/52 (b) | $ 625,000 | $ 616,535 |
| 4.13% 08/15/53 (b) | 400,000 | 405,437 |
| 4.25% 05/15/39 - 11/15/40 (b) | 200,000 | 205,046 |
| 4.38% 02/15/38 - 08/15/43 (b) | 650,000 | 669,226 |
| 4.50% 02/15/36 (b) | 100,000 | 106,656 |
| 4.63% 02/15/40 (b) | 100,000 | 107,109 |
| 4.75% 11/15/53 (b) | 150,000 | 168,703 |
| 5.25% 02/15/29 (b) | 200,000 | 211,906 |
| 5.50% 08/15/28 (b) | 200,000 | 213,578 |
| 6.00% 02/15/26 (b) | 427,000 | 440,477 |
| 6.13% 08/15/29 (b) | 200,000 | 221,734 |
| 6.38% 08/15/27 (b) | 200,000 | 215,578 |
| 7.63% 02/15/25 (b) | 200,000 | 206,484 |
| U.S. Treasury Inflation-Indexed Bonds | | |
| 0.13% 02/15/51 - 02/15/52 | 1,844,835 | 1,142,446 |
| 0.25% 02/15/50 | 831,734 | 545,108 |
| 0.63% 02/15/43 | 809,629 | 634,795 |
| 0.75% 02/15/42 - 02/15/45 | 2,391,828 | 1,910,749 |
| 0.88% 02/15/47 | 752,002 | 595,022 |
| 1.00% 02/15/46 - 02/15/49 | 1,607,793 | 1,307,664 |
| 1.38% 02/15/44 | 1,254,152 | 1,124,449 |
| 1.50% 02/15/53 | 952,255 | 867,038 |
| 1.75% 01/15/28 | 771,036 | 767,109 |
| 2.00% 01/15/26 | 775,090 | 769,371 |
| 2.13% 02/15/40 - 02/15/41 | 1,229,273 | 1,267,116 |
| 2.38% 01/15/25 - 01/15/27 | 2,094,198 | 2,091,484 |
| 2.50% 01/15/29 | 644,873 | 667,492 |
| 3.38% 04/15/32 | 433,345 | 485,739 |
| 3.63% 04/15/28 | 1,008,208 | 1,081,246 |
| 3.88% 04/15/29 | 982,580 | 1,084,693 |
| U.S. Treasury Inflation-Indexed Notes | | |
| 0.13% 04/15/25 - 01/15/32 | 20,055,435 | 18,599,812 |
| 0.13% 01/15/31 (b) | 2,310,673 | 2,064,420 |
| 0.25% 01/15/25 - 07/15/29 | 3,619,234 | 3,433,868 |
| 0.38% 07/15/25 - 07/15/27 | 6,200,030 | 5,938,118 |
| 0.50% 01/15/28 | 1,895,957 | 1,795,343 |
| 0.63% 01/15/26 - 07/15/32 | 4,730,360 | 4,434,380 |
| 0.75% 07/15/28 | 1,820,194 | 1,743,693 |
| 0.88% 01/15/29 | 1,425,645 | 1,365,823 |
| 1.13% 01/15/33 | 2,391,183 | 2,265,638 |
| 1.25% 04/15/28 | 2,302,831 | 2,244,666 |
| 1.38% 07/15/33 | 2,451,605 | 2,379,912 |
| 1.63% 10/15/27 | 2,362,906 | 2,345,779 |
| 2.38% 10/15/28 | 1,983,851 | 2,044,146 |
| U.S. Treasury Notes | | |
| 0.25% 05/31/25 - 09/30/25 | 1,600,000 | 1,497,356 |
| 0.38% 04/30/25 - 09/30/27 | 2,100,000 | 1,911,652 |
| 0.50% 03/31/25 - 05/31/27 | 1,350,000 | 1,249,098 |
| 0.63% 11/30/27 - 08/15/30 | 1,025,000 | 851,059 |
| 0.75% 03/31/26 - 08/31/26 | 1,500,000 | 1,382,949 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 74 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 0.88% 09/30/26 | $ 500,000 | $ 459,336 |
| 1.13% 01/15/25 - 02/15/31 | 1,700,000 | 1,514,692 |
| 1.25% 11/30/26 - 08/15/31 | 2,000,000 | 1,754,153 |
| 1.38% 01/31/25 - 11/15/31 | 1,850,000 | 1,658,047 |
| 1.50% 02/15/25 - 02/15/30 | 2,350,000 | 2,179,312 |
| 1.63% 02/15/26 - 08/15/29 | 300,000 | 277,282 |
| 1.75% 01/31/29 - 11/15/29 | 650,000 | 584,172 |
| 1.88% 06/30/26 - 02/15/32 | 1,600,000 | 1,459,257 |
| 2.00% 02/15/25 - 11/15/26 | 1,494,000 | 1,441,714 |
| 2.13% 05/15/25 - 05/31/26 | 600,000 | 579,535 |
| 2.25% 11/15/25 - 11/15/27 | 1,600,000 | 1,523,790 |
| 2.38% 05/15/27 - 05/15/29 | 1,400,000 | 1,313,402 |
| 2.63% 12/31/25 - 07/31/29 | 1,850,000 | 1,755,723 |
| 2.75% 02/28/25 - 08/15/32 | 1,550,000 | 1,472,270 |
| 2.88% 06/15/25 - 05/15/32 | 2,780,000 | 2,672,485 |
| 3.00% 09/30/25 | 300,000 | 293,121 |
| 3.13% 08/15/25 - 08/31/29 | 1,750,000 | 1,694,669 |
| 3.25% 06/30/27 - 06/30/29 | 650,000 | 633,098 |
| 3.38% 05/15/33 | 750,000 | 720,234 |
| 3.50% 09/15/25 - 02/15/33 | 3,075,000 | 3,012,533 |
| 3.63% 05/15/26 - 03/31/30 | 1,350,000 | 1,333,656 |
| 3.75% 05/31/30 - 06/30/30 | 900,000 | 892,320 |
| 3.88% 03/31/25 - 08/15/33 | 4,825,000 | 4,804,805 |
| 4.00% 12/15/25 - 02/28/30 | 2,250,000 | 2,251,139 |
| 4.13% 06/15/26 - 11/15/32 | 2,975,000 | 3,002,792 |
| 4.25% 05/31/25 - 12/31/25 | 1,000,000 | 997,710 |
| 4.38% 08/15/26 - 11/30/30 | 1,000,000 | 1,020,195 |
| 4.50% 11/15/33 | 600,000 | 630,375 |
| 4.63% 02/28/25 - 09/30/30 | 1,350,000 | 1,373,065 |
| 4.75% 07/31/25 | 500,000 | 502,305 |
| 4.88% 11/30/25 - 10/31/30 | 800,000 | 836,816 |
| 5.00% 08/31/25 - 10/31/25 | 850,000 | 858,922 |
| | | 134,396,035 |
| Agency Mortgage Backed - 3.3% |
| Federal Home Loan Banks | | |
| 1.88% 09/11/26 | 500,000 | 471,315 |
| 3.25% 11/16/28 | 125,000 | 121,416 |
| Federal Home Loan Mortgage Corp. | | |
| 0.38% 09/23/25 | 250,000 | 233,415 |
| 1.50% 04/01/37 - 11/01/51 | 876,224 | 702,675 |
| 2.00% 01/01/37 - 03/01/52 | 1,833,131 | 1,516,509 |
| 2.50% 07/01/28 - 05/01/52 | 2,280,542 | 1,951,755 |
| 3.00% 07/01/30 - 06/01/51 | 1,661,133 | 1,519,041 |
| 3.50% 03/01/26 - 09/01/52 | 1,179,311 | 1,102,862 |
| 4.00% 06/01/42 - 08/01/48 | 379,031 | 366,382 |
| 4.50% 05/01/42 - 11/01/48 | 69,162 | 68,473 |
| 5.00% 10/01/52 - 07/01/53 | 506,072 | 502,091 |
| 5.50% 01/01/38 - 07/01/53 | 482,557 | 488,425 |
| 6.00% 06/01/37 - 11/01/53 | 191,915 | 199,286 |
| 6.25% 07/15/32 | 250,000 | 289,910 |
| 6.50% 10/01/53 - 12/01/53 | 391,125 | 403,366 |
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association | | |
| 0.50% 06/17/25 | $ 275,000 | $ 259,495 |
| 1.50% 04/01/36 - 03/01/51 | 1,348,473 | 1,146,644 |
| 2.00% 11/01/35 - 03/01/52 | 9,716,209 | 8,103,116 |
| 2.13% 04/24/26 | 200,000 | 190,982 |
| 2.50% 09/01/28 - 03/01/52 | 5,001,994 | 4,332,834 |
| 3.00% 04/01/30 - 05/01/52 | 3,023,926 | 2,753,983 |
| 3.50% 01/01/27 - 02/01/50 | 1,369,615 | 1,281,477 |
| 4.00% 10/01/41 - 10/01/52 | 1,541,773 | 1,479,477 |
| 4.50% 10/01/40 - 02/01/53 | 866,430 | 847,962 |
| 5.00% 12/01/39 - 02/01/53 | 593,727 | 590,127 |
| 5.50% 12/01/35 - 04/01/38 | 422,393 | 433,812 |
| 6.00% 03/01/34 - 07/01/53 | 655,713 | 684,974 |
| Government National Mortgage Association | | |
| 2.00% 10/20/50 - 04/20/52 | 2,226,902 | 1,884,959 |
| 2.50% 07/20/50 - 04/20/52 | 2,264,079 | 1,983,387 |
| 3.00% 10/15/42 - 12/20/50 | 1,520,979 | 1,392,651 |
| 3.50% 11/20/43 - 10/20/52 | 1,315,896 | 1,240,591 |
| 4.00% 12/20/40 - 10/20/52 | 793,411 | 768,578 |
| 4.50% 05/20/40 - 01/20/53 | 637,823 | 626,546 |
| 5.00% 08/15/41 | 441,048 | 449,889 |
| Government National Mortgage Association, TBA | | |
| 3.00% 01/20/54 (g) | 150,000 | 135,685 |
| 5.00% 01/20/54 (g) | 150,000 | 148,964 |
| 5.50% 01/20/54 (g) | 500,000 | 503,025 |
| 6.00% 01/20/54 (g) | 400,000 | 406,280 |
| 6.50% 01/20/54 (g) | 250,000 | 255,767 |
| Tennessee Valley Authority | | |
| 3.50% 12/15/42 | 100,000 | 84,468 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.50% 01/01/39 - 01/01/54 (g) | 450,000 | 389,927 |
| 3.00% 01/01/54 (g) | 175,000 | 154,644 |
| 3.50% 01/01/54 (g) | 300,000 | 274,990 |
| 4.00% 01/01/39 - 01/01/54 (g) | 400,000 | 381,822 |
| 4.50% 01/01/54 (g) | 600,000 | 581,689 |
| 5.00% 01/01/54 (g) | 300,000 | 296,905 |
| 5.50% 01/01/54 (g) | 375,000 | 376,789 |
| 6.00% 01/01/54 (g) | 100,000 | 101,538 |
| 6.50% 01/01/54 (g) | 150,000 | 153,666 |
| | | 44,634,564 |
| Agency Collateralized Mortgage Obligations - 0.1% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 1.48% 04/25/30 | 69,643 | 58,744 |
| 1.56% 04/25/30 | 40,000 | 33,866 |
| 1.87% 01/25/30 | 58,333 | 50,633 |
| 3.78% 08/25/28 | 156,369 | 153,647 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 75 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.90% 04/25/28 | $ 100,000 | $ 98,149 |
| 4.35% 01/25/33 (h) | 100,000 | 99,200 |
| 4.41% 03/25/30 | 350,000 | 350,039 |
| Federal National Mortgage Association-Aces | | |
| 1.27% 07/25/30 | 80,000 | 65,843 |
| 1.46% 03/25/31 (h) | 145,000 | 118,399 |
| 1.67% 10/25/31 (h) | 100,000 | 81,999 |
| 3.06% 06/25/27 (h) | 167,492 | 160,784 |
| | | 1,271,303 |
| Asset Backed - 0.1% |
| American Express Credit Account Master Trust | | |
| 4.87% 05/15/28 | 100,000 | 100,648 |
| Capital One Multi-Asset Execution Trust | | |
| 3.49% 05/15/27 | 100,000 | 98,041 |
| CarMax Auto Owner Trust | | |
| 5.28% 05/15/28 | 36,000 | 36,369 |
| Carvana Auto Receivables Trust | | |
| 1.64% 12/10/27 | 150,000 | 138,963 |
| Discover Card Execution Note Trust | | |
| 1.03% 09/15/28 | 81,000 | 73,585 |
| Honda Auto Receivables Owner Trust | | |
| 5.41% 02/18/28 | 61,000 | 61,764 |
| Toyota Auto Receivables Owner Trust | | |
| 4.71% 02/15/28 | 100,000 | 99,882 |
| Verizon Master Trust | | |
| 1.53% 07/20/28 | 100,000 | 96,315 |
| | | 705,567 |
| Corporate Notes - 3.1% |
| 3M Co. | | |
| 3.38% 03/01/29 | 25,000 | 23,388 |
| AbbVie, Inc. | | |
| 2.95% 11/21/26 | 25,000 | 23,976 |
| 3.20% 05/14/26 | 50,000 | 48,515 |
| 4.25% 11/14/28 - 11/21/49 | 60,000 | 55,093 |
| 4.30% 05/14/36 | 50,000 | 47,941 |
| 4.85% 06/15/44 | 50,000 | 48,710 |
| 4.88% 11/14/48 | 25,000 | 24,448 |
| Adobe, Inc. | | |
| 3.25% 02/01/25 | 70,000 | 68,799 |
| Advocate Health & Hospitals Corp. | | |
| 3.39% 10/15/49 | 25,000 | 19,113 |
| AEP Texas, Inc. | | |
| 3.45% 05/15/51 | 35,000 | 25,113 |
| | Principal
Amount | Fair
Value |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | |
| 4.45% 04/03/26 | $ 250,000 | $ 245,480 |
| Aflac, Inc. | | |
| 2.88% 10/15/26 | 100,000 | 95,090 |
| Agilent Technologies, Inc. | | |
| 2.75% 09/15/29 | 25,000 | 22,880 |
| Agree LP | | |
| 4.80% 10/01/32 | 15,000 | 14,182 |
| Air Lease Corp. | | |
| 3.25% 10/01/29 | 100,000 | 90,452 |
| Air Products & Chemicals, Inc. | | |
| 2.05% 05/15/30 | 10,000 | 8,742 |
| 2.70% 05/15/40 | 25,000 | 19,094 |
| Alabama Power Co. | | |
| 3.45% 10/01/49 | 50,000 | 37,939 |
| Albemarle Corp. | | |
| 5.05% 06/01/32 | 25,000 | 24,411 |
| Alexandria Real Estate Equities, Inc. | | |
| 4.85% 04/15/49 | 50,000 | 44,327 |
| Alibaba Group Holding Ltd. | | |
| 4.00% 12/06/37 | 100,000 | 86,153 |
| Allegion PLC | | |
| 3.50% 10/01/29 | 15,000 | 13,869 |
| Allina Health System | | |
| 2.90% 11/15/51 | 10,000 | 6,773 |
| Ally Financial, Inc. | | |
| 8.00% 11/01/31 | 50,000 | 54,772 |
| Alphabet, Inc. | | |
| 0.80% 08/15/27 | 50,000 | 44,700 |
| 2.25% 08/15/60 | 25,000 | 15,528 |
| Altria Group, Inc. | | |
| 5.80% 02/14/39 | 65,000 | 66,376 |
| Amazon.com, Inc. | | |
| 3.00% 04/13/25 | 75,000 | 73,452 |
| 3.15% 08/22/27 | 50,000 | 48,050 |
| 3.30% 04/13/27 | 25,000 | 24,278 |
| 3.60% 04/13/32 | 125,000 | 118,991 |
| 3.95% 04/13/52 | 25,000 | 21,915 |
| 4.10% 04/13/62 | 25,000 | 22,106 |
| 4.25% 08/22/57 | 50,000 | 46,109 |
| Amcor Flexibles North America, Inc. | | |
| 4.00% 05/17/25 | 15,000 | 14,743 |
| Ameren Illinois Co. | | |
| 3.85% 09/01/32 | 50,000 | 46,660 |
| America Movil SAB de CV | | |
| 6.13% 03/30/40 | 100,000 | 108,790 |
| American Airlines Pass-Through Trust | | |
| 3.15% 08/15/33 | 40,507 | 35,628 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 76 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| American Express Co. (4.42% fixed rate until 08/03/32; 1.76% + SOFR thereafter) | | |
| 4.42% 08/03/33 (h) | $ 50,000 | $ 48,149 |
| American Homes 4 Rent LP | | |
| 3.63% 04/15/32 | 20,000 | 17,933 |
| American International Group, Inc. | | |
| 4.20% 04/01/28 | 75,000 | 73,309 |
| American Tower Corp. | | |
| 2.40% 03/15/25 | 75,000 | 72,545 |
| 3.13% 01/15/27 | 150,000 | 141,879 |
| 4.05% 03/15/32 | 10,000 | 9,380 |
| American Water Capital Corp. | | |
| 3.45% 06/01/29 | 50,000 | 47,218 |
| 4.00% 12/01/46 | 100,000 | 83,805 |
| Ameriprise Financial, Inc. | | |
| 4.50% 05/13/32 | 10,000 | 9,930 |
| Amgen, Inc. | | |
| 3.35% 02/22/32 | 30,000 | 27,385 |
| 4.20% 03/01/33 | 25,000 | 23,787 |
| 4.56% 06/15/48 | 50,000 | 45,133 |
| 5.15% 03/02/28 | 250,000 | 255,617 |
| 5.65% 06/15/42 | 100,000 | 103,782 |
| Amphenol Corp. | | |
| 4.35% 06/01/29 | 25,000 | 24,911 |
| Analog Devices, Inc. | | |
| 3.50% 12/05/26 | 75,000 | 73,322 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.00% 04/13/28 | 55,000 | 54,360 |
| 5.80% 01/23/59 | 150,000 | 168,253 |
| 8.00% 11/15/39 | 150,000 | 194,448 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.05% 08/23/31 | 50,000 | 40,846 |
| 2.60% 12/02/31 | 35,000 | 29,642 |
| Appalachian Power Co. | | |
| 4.45% 06/01/45 | 100,000 | 84,636 |
| 4.50% 08/01/32 | 45,000 | 43,344 |
| Apple, Inc. | | |
| 0.55% 08/20/25 | 50,000 | 47,022 |
| 0.70% 02/08/26 | 250,000 | 231,595 |
| 1.13% 05/11/25 | 50,000 | 47,681 |
| 1.70% 08/05/31 | 50,000 | 41,817 |
| 2.80% 02/08/61 | 100,000 | 68,141 |
| 3.45% 02/09/45 | 50,000 | 41,721 |
| 4.10% 08/08/62 | 25,000 | 22,313 |
| 4.38% 05/13/45 | 65,000 | 61,800 |
| Applied Materials, Inc. | | |
| 1.75% 06/01/30 | 75,000 | 63,870 |
| Aptiv PLC/Aptiv Corp. | | |
| 2.40% 02/18/25 | 20,000 | 19,342 |
| 4.15% 05/01/52 | 15,000 | 11,889 |
| | Principal
Amount | Fair
Value |
| Arch Capital Finance LLC | | |
| 5.03% 12/15/46 | $ 50,000 | $ 46,786 |
| Archer-Daniels-Midland Co. | | |
| 4.02% 04/16/43 | 50,000 | 42,958 |
| Arizona Public Service Co. | | |
| 4.25% 03/01/49 | 25,000 | 20,181 |
| Arrow Electronics, Inc. | | |
| 4.00% 04/01/25 | 40,000 | 39,250 |
| Ascension Health | | |
| 3.95% 11/15/46 | 50,000 | 43,073 |
| Asian Development Bank | | |
| 1.00% 04/14/26 | 50,000 | 46,506 |
| 1.88% 01/24/30 | 75,000 | 66,310 |
| 3.13% 09/26/28 | 25,000 | 24,067 |
| 6.22% 08/15/27 | 200,000 | 212,650 |
| Asian Infrastructure Investment Bank | | |
| 3.75% 09/14/27 | 100,000 | 98,725 |
| Assurant, Inc. | | |
| 4.90% 03/27/28 | 50,000 | 49,484 |
| AstraZeneca PLC | | |
| 4.00% 01/17/29 | 20,000 | 19,748 |
| 6.45% 09/15/37 | 50,000 | 58,458 |
| AT&T, Inc. | | |
| 2.25% 02/01/32 | 150,000 | 124,110 |
| 3.50% 06/01/41 | 50,000 | 39,739 |
| 3.55% 09/15/55 | 300,000 | 216,294 |
| 4.75% 05/15/46 | 50,000 | 45,333 |
| Athene Holding Ltd. | | |
| 3.50% 01/15/31 | 10,000 | 8,808 |
| Atmos Energy Corp. | | |
| 4.30% 10/01/48 | 50,000 | 44,516 |
| 5.45% 10/15/32 | 15,000 | 15,791 |
| Australia & New Zealand Banking Group Ltd. | | |
| 3.70% 11/16/25 | 50,000 | 49,049 |
| Automatic Data Processing, Inc. | | |
| 1.70% 05/15/28 | 20,000 | 18,048 |
| AutoNation, Inc. | | |
| 2.40% 08/01/31 | 50,000 | 40,279 |
| AutoZone, Inc. | | |
| 3.75% 04/18/29 | 50,000 | 47,785 |
| AvalonBay Communities, Inc. | | |
| 2.05% 01/15/32 | 35,000 | 29,274 |
| 3.90% 10/15/46 | 50,000 | 40,901 |
| Baltimore Gas & Electric Co. | | |
| 4.55% 06/01/52 | 5,000 | 4,588 |
| Banco Santander SA (4.18% fixed rate until 03/24/27; 2.00% + 1 year CMT thereafter) | | |
| 4.18% 03/24/28 (h) | 100,000 | 96,199 |
| Bank of America Corp. | | |
| 4.18% 11/25/27 | 50,000 | 48,626 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 77 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 5.00% 01/21/44 | $ 50,000 | $ 49,230 |
| 6.11% 01/29/37 | 100,000 | 106,855 |
| Bank of America Corp. (2.57% fixed rate until 10/20/31; 1.21% + SOFR thereafter) | | |
| 2.57% 10/20/32 (h) | 25,000 | 20,740 |
| Bank of America Corp. (2.88% fixed rate until 10/22/29; 1.45% + 3-month Term SOFR) | | |
| 2.88% 10/22/30 (h) | 100,000 | 88,800 |
| Bank of America Corp. (3.19% fixed rate until 07/23/29; 1.44% + 3-month Term SOFR) | | |
| 3.19% 07/23/30 (h) | 50,000 | 45,345 |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3-month Term SOFR) | | |
| 3.42% 12/20/28 (h) | 107,000 | 100,736 |
| Bank of America Corp. (4.08% fixed rate until 03/20/50; 3.41% + 3-month Term SOFR) | | |
| 4.08% 03/20/51 (h) | 150,000 | 126,646 |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3-month Term SOFR) | | |
| 4.24% 04/24/38 (h) | 50,000 | 45,110 |
| Bank of America Corp. (4.38% fixed rate until 04/27/27; 1.58% + SOFR thereafter) | | |
| 4.38% 04/27/28 (h) | 50,000 | 48,871 |
| Bank of America Corp. (4.83% fixed rate until 07/22/25; 1.75% + SOFR thereafter) | | |
| 4.83% 07/22/26 (h) | 250,000 | 248,145 |
| Bank of America Corp. (5.82% fixed rate until 09/15/28; 1.57% + SOFR thereafter) | | |
| 5.82% 09/15/29 (h) | 200,000 | 206,452 |
| Bank of Montreal | | |
| 4.70% 09/14/27 | 25,000 | 25,061 |
| Bank of New York Mellon Corp. | | |
| 2.50% 01/26/32 | 25,000 | 21,375 |
| 3.85% 04/26/29 | 25,000 | 24,330 |
| Bank of New York Mellon Corp. (4.41% fixed rate until 07/24/25; 1.35% + SOFR thereafter) | | |
| 4.41% 07/24/26 (h) | 225,000 | 222,619 |
| Bank of Nova Scotia | | |
| 1.95% 02/02/27 | 25,000 | 23,032 |
| 2.95% 03/11/27 | 50,000 | 47,338 |
| 4.50% 12/16/25 | 75,000 | 73,788 |
| | Principal
Amount | Fair
Value |
| Banner Health | | |
| 2.34% 01/01/30 | $ 75,000 | $ 65,046 |
| Barclays PLC (3.56% fixed rate until 09/23/30; 2.90% + 5 year CMT thereafter) | | |
| 3.56% 09/23/35 (h) | 100,000 | 85,839 |
| Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3-month USD LIBOR thereafter) | | |
| 4.97% 05/16/29 (h) | 100,000 | 98,262 |
| Barclays PLC (5.09% fixed rate until 06/20/29; 3.05% + 3-month USD LIBOR thereafter) | | |
| 5.09% 06/20/30 (h) | 100,000 | 96,880 |
| BAT Capital Corp. | | |
| 3.98% 09/25/50 | 25,000 | 17,666 |
| 4.39% 08/15/37 | 50,000 | 41,932 |
| BAT International Finance PLC | | |
| 5.93% 02/02/29 | 200,000 | 207,876 |
| Baxalta, Inc. | | |
| 5.25% 06/23/45 | 75,000 | 74,902 |
| Becton Dickinson & Co. | | |
| 3.70% 06/06/27 | 66,000 | 63,963 |
| 4.30% 08/22/32 | 10,000 | 9,668 |
| Bell Telephone Co. of Canada or Bell Canada | | |
| 4.30% 07/29/49 | 30,000 | 25,757 |
| Berkshire Hathaway Finance Corp. | | |
| 2.88% 03/15/32 | 25,000 | 22,552 |
| BHP Billiton Finance USA Ltd. | | |
| 6.42% 03/01/26 | 150,000 | 155,080 |
| Biogen, Inc. | | |
| 4.05% 09/15/25 | 100,000 | 98,360 |
| Black Hills Corp. | | |
| 4.35% 05/01/33 | 30,000 | 27,719 |
| BlackRock, Inc. | | |
| 2.40% 04/30/30 | 20,000 | 17,868 |
| 3.25% 04/30/29 | 60,000 | 57,694 |
| Boardwalk Pipelines LP | | |
| 3.60% 09/01/32 | 25,000 | 22,203 |
| Boeing Co. | | |
| 2.20% 02/04/26 | 100,000 | 94,498 |
| 3.20% 03/01/29 | 50,000 | 46,792 |
| 3.75% 02/01/50 | 175,000 | 136,300 |
| 5.71% 05/01/40 | 50,000 | 51,822 |
| Booking Holdings, Inc. | | |
| 3.60% 06/01/26 | 75,000 | 73,560 |
| Boston Properties LP | | |
| 2.55% 04/01/32 | 75,000 | 59,776 |
| 3.40% 06/21/29 | 50,000 | 44,956 |
| Boston Scientific Corp. | | |
| 4.55% 03/01/39 | 50,000 | 47,777 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 78 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| BP Capital Markets America, Inc. | | |
| 2.72% 01/12/32 | $ 35,000 | $ 30,534 |
| 2.77% 11/10/50 | 25,000 | 16,751 |
| 3.38% 02/08/61 | 100,000 | 72,440 |
| 3.94% 09/21/28 | 25,000 | 24,492 |
| 4.23% 11/06/28 | 50,000 | 49,728 |
| Brighthouse Financial, Inc. | | |
| 3.85% 12/22/51 | 50,000 | 33,040 |
| Bristol-Myers Squibb Co. | | |
| 3.40% 07/26/29 | 17,000 | 16,120 |
| 3.55% 03/15/42 | 15,000 | 12,272 |
| 4.13% 06/15/39 | 15,000 | 13,528 |
| British Telecommunications PLC | | |
| 9.63% 12/15/30 | 50,000 | 61,888 |
| Broadcom, Inc. | | |
| 3.50% 02/15/41 (f) | 50,000 | 39,682 |
| 4.30% 11/15/32 | 225,000 | 215,728 |
| Brookfield Corp. | | |
| 4.00% 01/15/25 | 75,000 | 73,830 |
| Brookfield Finance, Inc. | | |
| 3.90% 01/25/28 | 50,000 | 48,127 |
| Brown & Brown, Inc. | | |
| 4.20% 03/17/32 | 15,000 | 13,730 |
| Burlington Northern Santa Fe LLC | | |
| 5.40% 06/01/41 | 50,000 | 52,441 |
| 5.75% 05/01/40 | 75,000 | 81,831 |
| California Institute of Technology | | |
| 3.65% 09/01/19 | 20,000 | 14,222 |
| Camden Property Trust | | |
| 3.35% 11/01/49 | 10,000 | 7,505 |
| 4.10% 10/15/28 | 10,000 | 9,730 |
| Campbell Soup Co. | | |
| 2.38% 04/24/30 | 15,000 | 13,004 |
| Canadian Imperial Bank of Commerce | | |
| 3.60% 04/07/32 | 10,000 | 9,127 |
| 3.95% 08/04/25 | 25,000 | 24,620 |
| Canadian National Railway Co. | | |
| 3.85% 08/05/32 | 25,000 | 23,777 |
| Canadian Pacific Railway Co. | | |
| 2.05% 03/05/30 | 20,000 | 17,141 |
| 2.90% 02/01/25 | 50,000 | 48,709 |
| 4.70% 05/01/48 | 50,000 | 45,480 |
| Capital One Financial Corp. | | |
| 4.20% 10/29/25 | 75,000 | 73,636 |
| Capital One Financial Corp. (2.62% fixed rate until 11/02/31; 1.27% + SOFR thereafter) | | |
| 2.62% 11/02/32 (h) | 25,000 | 20,123 |
| | Principal
Amount | Fair
Value |
| Capital One Financial Corp. (5.25% fixed rate until 07/26/29; 2.60% + SOFR thereafter) | | |
| 5.25% 07/26/30 (h) | $ 50,000 | $ 49,136 |
| Carlisle Cos., Inc. | | |
| 2.20% 03/01/32 | 50,000 | 40,549 |
| Carrier Global Corp. | | |
| 2.24% 02/15/25 | 65,000 | 62,888 |
| 2.49% 02/15/27 | 15,000 | 14,117 |
| 3.58% 04/05/50 | 25,000 | 19,595 |
| Caterpillar Financial Services Corp. | | |
| 3.60% 08/12/27 | 50,000 | 48,850 |
| Caterpillar, Inc. | | |
| 3.25% 04/09/50 | 25,000 | 19,811 |
| 4.30% 05/15/44 | 75,000 | 71,565 |
| CDW LLC/CDW Finance Corp. | | |
| 2.67% 12/01/26 | 70,000 | 65,544 |
| Celanese U.S. Holdings LLC | | |
| 6.17% 07/15/27 | 25,000 | 25,645 |
| Celulosa Arauco y Constitucion SA | | |
| 3.88% 11/02/27 | 100,000 | 93,162 |
| Cencora, Inc. | | |
| 3.45% 12/15/27 | 50,000 | 48,176 |
| Centene Corp. | | |
| 4.63% 12/15/29 | 125,000 | 120,097 |
| CenterPoint Energy Houston Electric LLC | | |
| 4.45% 10/01/32 | 50,000 | 49,068 |
| 4.50% 04/01/44 | 75,000 | 68,990 |
| Charles Schwab Corp. | | |
| 3.85% 05/21/25 | 50,000 | 49,097 |
| 4.63% 03/22/30 | 50,000 | 50,224 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 2.80% 04/01/31 | 65,000 | 54,863 |
| 3.70% 04/01/51 | 25,000 | 16,282 |
| 4.91% 07/23/25 | 50,000 | 49,533 |
| 5.25% 04/01/53 | 25,000 | 20,997 |
| 6.15% 11/10/26 | 50,000 | 51,143 |
| 6.38% 10/23/35 | 100,000 | 101,531 |
| Cheniere Corpus Christi Holdings LLC | | |
| 2.74% 12/31/39 | 55,000 | 43,849 |
| Chevron Corp. | | |
| 2.95% 05/16/26 | 100,000 | 96,720 |
| Chubb INA Holdings, Inc. | | |
| 3.15% 03/15/25 | 50,000 | 48,914 |
| 4.35% 11/03/45 | 50,000 | 46,992 |
| Church & Dwight Co., Inc. | | |
| 5.00% 06/15/52 | 25,000 | 25,051 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 79 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| CI Financial Corp. | | |
| 4.10% 06/15/51 | $ 50,000 | $ 29,453 |
| Cigna Group | | |
| 2.40% 03/15/30 | 15,000 | 13,142 |
| 4.13% 11/15/25 | 75,000 | 74,067 |
| 4.38% 10/15/28 | 40,000 | 39,685 |
| 4.50% 02/25/26 | 50,000 | 49,643 |
| 4.80% 08/15/38 | 30,000 | 29,061 |
| Cintas Corp. No. 2 | | |
| 3.45% 05/01/25 | 5,000 | 4,906 |
| Cisco Systems, Inc. | | |
| 2.50% 09/20/26 | 25,000 | 23,851 |
| 5.90% 02/15/39 | 50,000 | 55,514 |
| Citigroup, Inc. | | |
| 3.70% 01/12/26 | 150,000 | 146,499 |
| 3.88% 03/26/25 | 50,000 | 49,082 |
| 4.30% 11/20/26 | 100,000 | 97,999 |
| Citigroup, Inc. (2.52% fixed rate until 11/03/31; 1.18% + SOFR thereafter) | | |
| 2.52% 11/03/32 (h) | 35,000 | 28,884 |
| Citigroup, Inc. (3.06% fixed rate until 01/25/32; 1.35% + SOFR thereafter) | | |
| 3.06% 01/25/33 (h) | 50,000 | 42,672 |
| Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | | |
| 3.79% 03/17/33 (h) | 50,000 | 44,986 |
| Citigroup, Inc. (4.08% fixed rate until 04/23/28; 1.45% + 3-month Term SOFR) | | |
| 4.08% 04/23/29 (h) | 75,000 | 72,247 |
| Citigroup, Inc. (4.91% fixed rate until 05/24/32; 2.09% + SOFR thereafter) | | |
| 4.91% 05/24/33 (h) | 50,000 | 48,962 |
| Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | | |
| 6.17% 05/25/34 (h) | 100,000 | 103,716 |
| Citizens Financial Group, Inc. (5.64% fixed rate until 05/21/32; 2.75% + 5 year CMT thereafter) | | |
| 5.64% 05/21/37 (h) | 50,000 | 46,232 |
| Clorox Co. | | |
| 1.80% 05/15/30 | 50,000 | 41,752 |
| CME Group, Inc. | | |
| 2.65% 03/15/32 | 20,000 | 17,775 |
| CNH Industrial Capital LLC | | |
| 3.95% 05/23/25 | 10,000 | 9,824 |
| CNOOC Petroleum North America ULC | | |
| 6.40% 05/15/37 | 25,000 | 27,710 |
| Coca-Cola Co. | | |
| 1.00% 03/15/28 | 100,000 | 88,228 |
| | Principal
Amount | Fair
Value |
| 2.50% 06/01/40 | $ 45,000 | $ 34,047 |
| Colgate-Palmolive Co. | | |
| 3.25% 08/15/32 | 15,000 | 13,933 |
| Comcast Corp. | | |
| 2.94% 11/01/56 | 225,000 | 148,313 |
| 3.38% 08/15/25 | 50,000 | 48,869 |
| 3.55% 05/01/28 | 50,000 | 48,268 |
| 4.25% 10/15/30 | 100,000 | 98,541 |
| 4.60% 10/15/38 | 30,000 | 29,059 |
| 6.50% 11/15/35 | 50,000 | 57,106 |
| Comerica, Inc. | | |
| 4.00% 02/01/29 | 50,000 | 47,260 |
| Commonwealth Edison Co. | | |
| 4.60% 08/15/43 | 100,000 | 92,674 |
| Conagra Brands, Inc. | | |
| 5.40% 11/01/48 | 75,000 | 72,656 |
| ConocoPhillips | | |
| 6.50% 02/01/39 | 50,000 | 57,911 |
| Consolidated Edison Co. of New York, Inc. | | |
| 3.60% 06/15/61 | 100,000 | 75,359 |
| Constellation Brands, Inc. | | |
| 3.50% 05/09/27 | 25,000 | 24,088 |
| 3.75% 05/01/50 | 5,000 | 3,994 |
| 4.35% 05/09/27 | 50,000 | 49,600 |
| 5.25% 11/15/48 | 15,000 | 14,854 |
| Consumers Energy Co. | | |
| 4.05% 05/15/48 | 50,000 | 43,768 |
| Cooperatieve Rabobank UA | | |
| 5.75% 12/01/43 | 100,000 | 103,190 |
| Corning, Inc. | | |
| 3.90% 11/15/49 | 25,000 | 20,261 |
| Corp. Andina de Fomento | | |
| 2.25% 02/08/27 | 50,000 | 46,137 |
| Credit Suisse AG | | |
| 3.70% 02/21/25 | 75,000 | 73,457 |
| Crown Castle, Inc. | | |
| 1.35% 07/15/25 | 50,000 | 47,213 |
| 2.90% 03/15/27 | 25,000 | 23,400 |
| 3.80% 02/15/28 | 25,000 | 23,792 |
| 5.20% 02/15/49 | 50,000 | 47,287 |
| CSX Corp. | | |
| 6.22% 04/30/40 | 75,000 | 84,417 |
| CubeSmart LP | | |
| 4.38% 02/15/29 | 15,000 | 14,560 |
| CVS Health Corp. | | |
| 3.88% 07/20/25 | 50,000 | 49,108 |
| 5.05% 03/25/48 | 250,000 | 234,585 |
| Darden Restaurants, Inc. | | |
| 4.55% 02/15/48 | 15,000 | 12,737 |
| Dayton Power & Light Co. | | |
| 3.95% 06/15/49 | 15,000 | 11,532 |
| Deere & Co. | | |
| 2.75% 04/15/25 | 25,000 | 24,384 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 80 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 7.13% 03/03/31 | $ 75,000 | $ 87,591 |
| Dell International LLC/EMC Corp. | | |
| 8.35% 07/15/46 | 75,000 | 98,851 |
| Deutsche Bank AG (3.55% fixed rate until 09/18/30; 3.04% + SOFR thereafter) | | |
| 3.55% 09/18/31 (h) | 100,000 | 87,749 |
| Deutsche Telekom International Finance BV | | |
| 8.75% 06/15/30 | 50,000 | 60,274 |
| Devon Energy Corp. | | |
| 5.00% 06/15/45 | 25,000 | 22,160 |
| DH Europe Finance II SARL | | |
| 2.60% 11/15/29 | 75,000 | 67,859 |
| 3.40% 11/15/49 | 25,000 | 19,786 |
| Diamondback Energy, Inc. | | |
| 4.40% 03/24/51 | 25,000 | 20,782 |
| Discover Financial Services | | |
| 3.75% 03/04/25 | 100,000 | 97,699 |
| Dollar General Corp. | | |
| 4.13% 05/01/28 | 25,000 | 24,464 |
| Dollar Tree, Inc. | | |
| 4.00% 05/15/25 | 50,000 | 49,113 |
| Dominion Energy, Inc. | | |
| 3.30% 03/15/25 | 50,000 | 48,827 |
| 4.25% 06/01/28 | 50,000 | 49,079 |
| 4.70% 12/01/44 | 50,000 | 44,341 |
| Dow Chemical Co. | | |
| 2.10% 11/15/30 | 100,000 | 85,643 |
| Duke Energy Corp. (3.25% fixed rate until 01/15/27; 2.32% + 5 year CMT thereafter) | | |
| 3.25% 01/15/82 (h) | 25,000 | 19,569 |
| Duke Energy Florida LLC | | |
| 6.35% 09/15/37 | 250,000 | 277,810 |
| DuPont de Nemours, Inc. | | |
| 5.32% 11/15/38 | 15,000 | 15,399 |
| 5.42% 11/15/48 | 40,000 | 41,776 |
| Eagle Materials, Inc. | | |
| 2.50% 07/01/31 | 25,000 | 21,213 |
| eBay, Inc. | | |
| 1.40% 05/10/26 | 50,000 | 46,322 |
| Ecolab, Inc. | | |
| 2.13% 02/01/32 | 25,000 | 21,310 |
| Edison International | | |
| 5.75% 06/15/27 | 100,000 | 102,228 |
| Elevance Health, Inc. | | |
| 4.10% 05/15/32 | 25,000 | 23,863 |
| 4.65% 01/15/43 | 50,000 | 46,357 |
| Eli Lilly & Co. | | |
| 2.25% 05/15/50 | 50,000 | 32,403 |
| 2.75% 06/01/25 | 22,000 | 21,417 |
| 3.38% 03/15/29 | 13,000 | 12,505 |
| | Principal
Amount | Fair
Value |
| Emera U.S. Finance LP | | |
| 3.55% 06/15/26 | $ 60,000 | $ 57,772 |
| Emory University | | |
| 2.14% 09/01/30 | 40,000 | 34,501 |
| Enbridge Energy Partners LP | | |
| 5.88% 10/15/25 | 75,000 | 75,817 |
| Enbridge, Inc. | | |
| 4.00% 11/15/49 | 75,000 | 59,817 |
| Enel Chile SA | | |
| 4.88% 06/12/28 | 25,000 | 24,608 |
| Energy Transfer LP | | |
| 4.95% 05/15/28 | 60,000 | 59,767 |
| 6.00% 06/15/48 | 50,000 | 50,525 |
| 6.50% 02/01/42 | 50,000 | 52,897 |
| Enstar Group Ltd. | | |
| 3.10% 09/01/31 | 10,000 | 8,163 |
| Entergy Arkansas LLC | | |
| 2.65% 06/15/51 | 100,000 | 63,013 |
| Enterprise Products Operating LLC | | |
| 3.30% 02/15/53 | 100,000 | 74,233 |
| 4.45% 02/15/43 | 42,000 | 38,414 |
| Enterprise Products Operating LLC (5.38% fixed rate until 02/15/28; 2.83% + 3-month Term SOFR) | | |
| 5.38% 02/15/78 (h) | 50,000 | 44,831 |
| Equifax, Inc. | | |
| 5.10% 12/15/27 | 25,000 | 25,268 |
| Equinor ASA | | |
| 2.88% 04/06/25 | 75,000 | 73,239 |
| ERP Operating LP | | |
| 4.50% 07/01/44 | 75,000 | 66,544 |
| Essential Utilities, Inc. | | |
| 2.70% 04/15/30 | 25,000 | 21,890 |
| Estee Lauder Cos., Inc. | | |
| 2.38% 12/01/29 | 20,000 | 17,812 |
| 3.13% 12/01/49 | 30,000 | 21,867 |
| European Investment Bank | | |
| 0.38% 12/15/25 - 03/26/26 | 150,000 | 138,258 |
| 1.88% 02/10/25 | 100,000 | 97,004 |
| 2.75% 08/15/25 | 20,000 | 19,468 |
| 3.88% 03/15/28 | 250,000 | 248,972 |
| Eversource Energy | | |
| 5.45% 03/01/28 | 200,000 | 205,732 |
| Exelon Corp. | | |
| 5.15% 03/15/28 | 150,000 | 152,244 |
| Expedia Group, Inc. | | |
| 3.80% 02/15/28 | 75,000 | 72,219 |
| Extra Space Storage LP | | |
| 3.50% 07/01/26 | 125,000 | 120,306 |
| 3.90% 04/01/29 | 5,000 | 4,742 |
| Exxon Mobil Corp. | | |
| 2.28% 08/16/26 | 50,000 | 47,596 |
| 2.99% 03/19/25 | 50,000 | 48,986 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 81 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.04% 03/01/26 | $ 50,000 | $ 48,562 |
| Fairfax Financial Holdings Ltd. | | |
| 4.63% 04/29/30 | 25,000 | 24,040 |
| Federal Realty OP LP | | |
| 3.20% 06/15/29 | 50,000 | 45,453 |
| Fidelity National Financial, Inc. | | |
| 4.50% 08/15/28 | 25,000 | 24,350 |
| Fidelity National Information Services, Inc. | | |
| 4.70% 07/15/27 | 75,000 | 75,019 |
| Fifth Third Bancorp (1.71% fixed rate until 11/01/26; 0.69% + SOFR thereafter) | | |
| 1.71% 11/01/27 (h) | 25,000 | 22,519 |
| Fifth Third Bancorp (4.77% fixed rate until 07/28/29; 2.13% + SOFR thereafter) | | |
| 4.77% 07/28/30 (h) | 25,000 | 24,522 |
| Fifth Third Bank NA | | |
| 3.85% 03/15/26 | 75,000 | 72,046 |
| Flex Ltd. | | |
| 4.88% 06/15/29 | 25,000 | 24,578 |
| Florida Power & Light Co. | | |
| 2.88% 12/04/51 | 100,000 | 69,415 |
| 4.13% 02/01/42 | 50,000 | 45,031 |
| 5.95% 02/01/38 | 25,000 | 27,324 |
| Ford Motor Credit Co. LLC | | |
| 7.35% 03/06/30 | 200,000 | 214,542 |
| Fortune Brands Innovations, Inc. | | |
| 4.00% 03/25/32 | 25,000 | 23,305 |
| Freeport-McMoRan, Inc. | | |
| 4.63% 08/01/30 | 25,000 | 24,440 |
| FS KKR Capital Corp. | | |
| 4.13% 02/01/25 | 25,000 | 24,350 |
| GATX Corp. | | |
| 3.50% 03/15/28 | 25,000 | 23,501 |
| 4.90% 03/15/33 | 25,000 | 24,518 |
| GE HealthCare Technologies, Inc. | | |
| 5.86% 03/15/30 | 100,000 | 105,136 |
| General Dynamics Corp. | | |
| 4.25% 04/01/40 | 25,000 | 23,361 |
| General Mills, Inc. | | |
| 2.88% 04/15/30 | 75,000 | 67,774 |
| General Motors Co. | | |
| 5.60% 10/15/32 | 225,000 | 230,074 |
| General Motors Financial Co., Inc. | | |
| 5.00% 04/09/27 | 15,000 | 14,977 |
| Georgetown University | | |
| 2.94% 04/01/50 | 10,000 | 6,940 |
| Georgia Power Co. | | |
| 4.70% 05/15/32 | 25,000 | 24,903 |
| | Principal
Amount | Fair
Value |
| Gilead Sciences, Inc. | | |
| 3.65% 03/01/26 | $ 75,000 | $ 73,495 |
| 4.80% 04/01/44 | 50,000 | 48,324 |
| 5.65% 12/01/41 | 50,000 | 53,388 |
| GlaxoSmithKline Capital PLC | | |
| 3.38% 06/01/29 | 75,000 | 72,263 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63% 05/15/25 | 55,000 | 54,087 |
| Global Payments, Inc. | | |
| 5.40% 08/15/32 | 25,000 | 25,263 |
| Globe Life, Inc. | | |
| 4.80% 06/15/32 | 15,000 | 14,580 |
| GLP Capital LP/GLP Financing II, Inc. | | |
| 4.00% 01/15/31 | 50,000 | 45,049 |
| 5.25% 06/01/25 | 10,000 | 9,972 |
| 5.38% 04/15/26 | 20,000 | 19,909 |
| 5.75% 06/01/28 | 10,000 | 10,083 |
| Goldman Sachs Group, Inc. | | |
| 3.75% 02/25/26 | 100,000 | 97,720 |
| 4.80% 07/08/44 | 75,000 | 71,006 |
| 6.25% 02/01/41 | 50,000 | 55,735 |
| 6.75% 10/01/37 | 100,000 | 110,249 |
| Goldman Sachs Group, Inc. (2.65% fixed rate until 10/21/31; 1.26% + SOFR thereafter) | | |
| 2.65% 10/21/32 (h) | 30,000 | 24,999 |
| Goldman Sachs Group, Inc. (3.62% fixed rate until 03/15/27; 1.85% + SOFR thereafter) | | |
| 3.62% 03/15/28 (h) | 250,000 | 239,552 |
| Goldman Sachs Group, Inc. (4.39% fixed rate until 06/15/26; 1.51% + SOFR thereafter) | | |
| 4.39% 06/15/27 (h) | 15,000 | 14,765 |
| Halliburton Co. | | |
| 5.00% 11/15/45 | 100,000 | 96,951 |
| Hartford Financial Services Group, Inc. | | |
| 4.30% 04/15/43 | 100,000 | 85,842 |
| Hasbro, Inc. | | |
| 3.90% 11/19/29 | 50,000 | 46,601 |
| HCA, Inc. | | |
| 5.38% 09/01/26 | 100,000 | 100,511 |
| 5.50% 06/15/47 | 85,000 | 81,839 |
| Hershey Co. | | |
| 2.45% 11/15/29 | 75,000 | 67,850 |
| Hess Corp. | | |
| 5.80% 04/01/47 | 75,000 | 80,906 |
| Highwoods Realty LP | | |
| 4.20% 04/15/29 | 25,000 | 22,687 |
| Home Depot, Inc. | | |
| 1.88% 09/15/31 | 20,000 | 16,740 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 82 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 2.75% 09/15/51 | $ 50,000 | $ 34,235 |
| 3.00% 04/01/26 | 50,000 | 48,481 |
| 3.25% 04/15/32 | 20,000 | 18,487 |
| 3.63% 04/15/52 | 75,000 | 60,877 |
| 4.20% 04/01/43 | 50,000 | 45,538 |
| 4.50% 09/15/32 | 15,000 | 15,299 |
| Honeywell International, Inc. | | |
| 5.38% 03/01/41 | 50,000 | 53,469 |
| Host Hotels & Resorts LP | | |
| 3.38% 12/15/29 | 50,000 | 44,940 |
| HP, Inc. | | |
| 4.20% 04/15/32 | 25,000 | 23,706 |
| 5.50% 01/15/33 | 15,000 | 15,391 |
| 6.00% 09/15/41 | 37,000 | 39,056 |
| HSBC Holdings PLC | | |
| 5.25% 03/14/44 | 75,000 | 73,243 |
| 6.50% 09/15/37 | 200,000 | 209,662 |
| HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3-month Term SOFR) | | |
| 4.29% 09/12/26 (h) | 50,000 | 48,952 |
| HSBC Holdings PLC (7.39% fixed rate until 11/03/27; 3.35% + SOFR thereafter) | | |
| 7.39% 11/03/28 (h) | 250,000 | 267,867 |
| Hubbell, Inc. | | |
| 3.50% 02/15/28 | 50,000 | 47,925 |
| Huntington Bancshares, Inc. (5.02% fixed rate until 05/17/32; 2.05% + SOFR thereafter) | | |
| 5.02% 05/17/33 (h) | 35,000 | 33,917 |
| Huntsman International LLC | | |
| 4.50% 05/01/29 | 20,000 | 19,298 |
| Hyatt Hotels Corp. | | |
| 5.75% 04/23/30 | 25,000 | 25,885 |
| IDEX Corp. | | |
| 3.00% 05/01/30 | 10,000 | 8,912 |
| Illinois Tool Works, Inc. | | |
| 2.65% 11/15/26 | 50,000 | 47,745 |
| Indiana University Health, Inc. Obligated Group | | |
| 2.85% 11/01/51 | 15,000 | 10,278 |
| ING Groep NV | | |
| 4.05% 04/09/29 | 50,000 | 48,327 |
| Intel Corp. | | |
| 2.45% 11/15/29 | 25,000 | 22,515 |
| 3.75% 03/25/27 | 150,000 | 146,956 |
| 4.15% 08/05/32 | 25,000 | 24,448 |
| 4.60% 03/25/40 | 50,000 | 48,676 |
| 4.90% 08/05/52 | 25,000 | 24,510 |
| Inter-American Development Bank | | |
| 1.13% 01/13/31 (b) | 75,000 | 61,904 |
| 7.00% 06/15/25 (b) | 200,000 | 206,146 |
| | Principal
Amount | Fair
Value |
| Intercontinental Exchange, Inc. | | |
| 3.00% 06/15/50 | $ 15,000 | $ 10,738 |
| 3.65% 05/23/25 | 75,000 | 73,570 |
| 4.60% 03/15/33 | 15,000 | 14,972 |
| International Bank for Reconstruction & Development | | |
| 0.63% 04/22/25 (b) | 250,000 | 237,567 |
| 1.25% 02/10/31 (b) | 150,000 | 124,708 |
| 2.50% 07/29/25 (b) | 100,000 | 96,995 |
| 3.13% 06/15/27 (b) | 50,000 | 48,486 |
| 3.63% 09/21/29 (b) | 250,000 | 245,357 |
| International Business Machines Corp. | | |
| 4.00% 06/20/42 | 50,000 | 43,630 |
| 6.22% 08/01/27 | 100,000 | 105,387 |
| International Finance Corp. | | |
| 0.38% 07/16/25 | 100,000 | 93,907 |
| International Flavors & Fragrances, Inc. | | |
| 5.00% 09/26/48 | 15,000 | 12,818 |
| Interpublic Group of Cos., Inc. | | |
| 4.65% 10/01/28 | 10,000 | 9,894 |
| Interstate Power & Light Co. | | |
| 6.25% 07/15/39 | 75,000 | 81,020 |
| Invitation Homes Operating Partnership LP | | |
| 2.70% 01/15/34 | 15,000 | 12,035 |
| Jabil, Inc. | | |
| 4.25% 05/15/27 | 15,000 | 14,615 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13% 02/01/28 | 50,000 | 49,678 |
| 5.75% 04/01/33 | 35,000 | 34,574 |
| 6.50% 12/01/52 | 15,000 | 15,024 |
| Jefferies Financial Group, Inc. | | |
| 2.75% 10/15/32 | 35,000 | 28,733 |
| 4.85% 01/15/27 | 75,000 | 74,688 |
| John Deere Capital Corp. | | |
| 2.35% 03/08/27 | 25,000 | 23,512 |
| 3.45% 03/13/25 | 50,000 | 49,240 |
| Johnson & Johnson | | |
| 3.40% 01/15/38 | 25,000 | 22,151 |
| Johnson Controls International PLC | | |
| 6.00% 01/15/36 | 75,000 | 80,268 |
| JPMorgan Chase & Co. | | |
| 3.63% 12/01/27 | 100,000 | 95,879 |
| 6.40% 05/15/38 | 100,000 | 114,577 |
| JPMorgan Chase & Co. (2.95% fixed rate until 02/24/27; 1.17% + SOFR thereafter) | | |
| 2.95% 02/24/28 (h) | 30,000 | 28,224 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 83 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (3.33% fixed rate until 04/22/51; 1.58% + SOFR thereafter) | | |
| 3.33% 04/22/52 (h) | $ 100,000 | $ 74,987 |
| JPMorgan Chase & Co. (3.70% fixed rate until 05/06/29; 1.42% + 3-month Term SOFR) | | |
| 3.70% 05/06/30 (h) | 75,000 | 70,540 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3-month Term SOFR) | | |
| 3.90% 01/23/49 (h) | 25,000 | 20,802 |
| JPMorgan Chase & Co. (4.08% fixed rate until 04/26/25; 1.32% + SOFR thereafter) | | |
| 4.08% 04/26/26 (h) | 250,000 | 246,020 |
| JPMorgan Chase & Co. (4.45% fixed rate until 12/05/28; 1.59% + 3-month Term SOFR) | | |
| 4.45% 12/05/29 (h) | 50,000 | 49,015 |
| JPMorgan Chase & Co. (4.59% fixed rate until 04/26/32; 1.80% + SOFR thereafter) | | |
| 4.59% 04/26/33 (h) | 40,000 | 38,569 |
| JPMorgan Chase & Co. (5.72% fixed rate until 09/14/32; 2.58% + SOFR thereafter) | | |
| 5.72% 09/14/33 (h) | 75,000 | 77,563 |
| JPMorgan Chase & Co. 1.45% + SOFR | | |
| 5.30% 07/24/29 (h) | 100,000 | 101,471 |
| Kaiser Foundation Hospitals | | |
| 3.00% 06/01/51 | 70,000 | 49,944 |
| Kellanova | | |
| 4.50% 04/01/46 | 50,000 | 44,808 |
| Kemper Corp. | | |
| 3.80% 02/23/32 | 25,000 | 21,128 |
| Kennametal, Inc. | | |
| 4.63% 06/15/28 | 25,000 | 24,391 |
| Kentucky Utilities Co. | | |
| 4.38% 10/01/45 | 40,000 | 34,615 |
| Keurig Dr Pepper, Inc. | | |
| 4.05% 04/15/32 | 35,000 | 33,689 |
| KeyBank NA | | |
| 3.90% 04/13/29 | 100,000 | 87,649 |
| Keysight Technologies, Inc. | | |
| 3.00% 10/30/29 | 25,000 | 22,736 |
| Kimberly-Clark Corp. | | |
| 2.00% 11/02/31 | 50,000 | 42,295 |
| Kimco Realty OP LLC | | |
| 4.60% 02/01/33 | 25,000 | 24,121 |
| | Principal
Amount | Fair
Value |
| Kinder Morgan Energy Partners LP | | |
| 5.00% 08/15/42 | $ 50,000 | $ 45,050 |
| KLA Corp. | | |
| 4.95% 07/15/52 | 25,000 | 25,271 |
| Kraft Heinz Foods Co. | | |
| 6.88% 01/26/39 | 50,000 | 57,920 |
| Kreditanstalt fuer Wiederaufbau | | |
| 0.38% 07/18/25 | 50,000 | 46,939 |
| 0.75% 09/30/30 | 75,000 | 60,909 |
| 2.00% 05/02/25 | 75,000 | 72,474 |
| 3.88% 06/15/28 | 150,000 | 149,164 |
| 5.13% 09/29/25 | 100,000 | 101,109 |
| Kroger Co. | | |
| 3.95% 01/15/50 | 50,000 | 40,892 |
| 4.50% 01/15/29 | 25,000 | 24,851 |
| Kyndryl Holdings, Inc. | | |
| 2.70% 10/15/28 | 75,000 | 66,136 |
| L3Harris Technologies, Inc. | | |
| 3.83% 04/27/25 | 50,000 | 49,127 |
| 4.85% 04/27/35 | 40,000 | 39,596 |
| Lam Research Corp. | | |
| 3.80% 03/15/25 | 65,000 | 64,186 |
| Lear Corp. | | |
| 4.25% 05/15/29 | 25,000 | 24,049 |
| Lennar Corp. | | |
| 5.25% 06/01/26 | 100,000 | 100,406 |
| Lloyds Banking Group PLC | | |
| 4.65% 03/24/26 | 50,000 | 49,133 |
| Lloyds Banking Group PLC (5.99% fixed rate until 08/07/26; 1.48% + 1 year CMT thereafter) | | |
| 5.99% 08/07/27 (h) | 200,000 | 203,630 |
| Lockheed Martin Corp. | | |
| 3.80% 03/01/45 | 25,000 | 21,543 |
| 4.15% 06/15/53 | 45,000 | 40,334 |
| 4.70% 05/15/46 | 50,000 | 49,001 |
| Lowe's Cos., Inc. | | |
| 1.70% 10/15/30 | 45,000 | 37,416 |
| 2.63% 04/01/31 | 25,000 | 21,910 |
| 3.00% 10/15/50 | 30,000 | 20,432 |
| 3.38% 09/15/25 | 30,000 | 29,282 |
| 4.25% 04/01/52 | 50,000 | 42,384 |
| 4.65% 04/15/42 | 25,000 | 23,295 |
| LYB International Finance III LLC | | |
| 3.80% 10/01/60 | 75,000 | 53,401 |
| M&T Bank Corp. (4.55% fixed rate until 08/16/27; 1.78% + SOFR thereafter) | | |
| 4.55% 08/16/28 (h) | 15,000 | 14,468 |
| Manulife Financial Corp. | | |
| 3.70% 03/16/32 | 50,000 | 46,905 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 84 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Marathon Petroleum Corp. | | |
| 4.50% 04/01/48 | $ 25,000 | $ 20,976 |
| Markel Group, Inc. | | |
| 3.50% 11/01/27 | 50,000 | 47,605 |
| Marriott International, Inc. | | |
| 3.75% 10/01/25 | 50,000 | 48,820 |
| 5.75% 05/01/25 | 40,000 | 40,251 |
| Martin Marietta Materials, Inc. | | |
| 3.50% 12/15/27 | 50,000 | 47,975 |
| Marvell Technology, Inc. | | |
| 1.65% 04/15/26 | 25,000 | 23,275 |
| Mastercard, Inc. | | |
| 2.95% 11/21/26 | 50,000 | 48,202 |
| McDonald's Corp. | | |
| 3.50% 07/01/27 | 25,000 | 24,301 |
| 3.63% 09/01/49 | 55,000 | 44,202 |
| 3.80% 04/01/28 | 50,000 | 48,776 |
| 4.60% 09/09/32 | 35,000 | 35,457 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13% 07/01/52 | 95,000 | 83,208 |
| Merck & Co., Inc. | | |
| 2.75% 12/10/51 | 25,000 | 17,222 |
| 3.70% 02/10/45 | 50,000 | 42,539 |
| 4.00% 03/07/49 | 40,000 | 35,340 |
| 6.50% 12/01/33 | 100,000 | 117,530 |
| Meta Platforms, Inc. | | |
| 3.85% 08/15/32 | 100,000 | 95,099 |
| 4.45% 08/15/52 | 75,000 | 69,014 |
| MetLife, Inc. | | |
| 4.13% 08/13/42 | 25,000 | 22,195 |
| 5.00% 07/15/52 | 30,000 | 29,823 |
| 6.50% 12/15/32 | 50,000 | 56,779 |
| Micron Technology, Inc. | | |
| 4.66% 02/15/30 | 75,000 | 73,486 |
| Microsoft Corp. | | |
| 2.50% 09/15/50 (f) | 50,000 | 33,829 |
| 2.68% 06/01/60 | 50,000 | 33,559 |
| 2.92% 03/17/52 | 125,000 | 92,084 |
| 3.45% 08/08/36 | 48,000 | 44,142 |
| 4.25% 02/06/47 | 50,000 | 48,403 |
| Mitsubishi UFJ Financial Group, Inc. | | |
| 4.05% 09/11/28 | 100,000 | 97,203 |
| 4.15% 03/07/39 | 25,000 | 22,999 |
| Mitsubishi UFJ Financial Group, Inc. (5.44% fixed rate until 02/22/33; 1.63% + 1 year CMT thereafter) | | |
| 5.44% 02/22/34 (h) | 200,000 | 206,542 |
| Mizuho Financial Group, Inc. (5.75% fixed rate until 07/06/33; 1.90% + 1 year CMT thereafter) | | |
| 5.75% 07/06/34 (h) | 200,000 | 207,366 |
| | Principal
Amount | Fair
Value |
| Moody's Corp. | | |
| 3.25% 05/20/50 | $ 50,000 | $ 36,947 |
| 3.75% 03/24/25 | 50,000 | 49,224 |
| Morgan Stanley | | |
| 4.00% 07/23/25 | 95,000 | 93,652 |
| 4.35% 09/08/26 | 50,000 | 49,100 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48% 09/16/36 (h) | 50,000 | 39,689 |
| Morgan Stanley (2.51% fixed rate until 10/20/31; 1.20% + SOFR thereafter) | | |
| 2.51% 10/20/32 (h) | 75,000 | 62,203 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80% 01/25/52 (h) | 25,000 | 16,678 |
| Morgan Stanley (4.46% fixed rate until 04/22/38; 1.69% + 3-month Term SOFR) | | |
| 4.46% 04/22/39 (h) | 50,000 | 46,099 |
| Morgan Stanley (4.89% fixed rate until 07/20/32; 2.08% + SOFR thereafter) | | |
| 4.89% 07/20/33 (h) | 60,000 | 58,516 |
| Morgan Stanley (5.45% fixed rate until 07/20/28; 1.63% + SOFR thereafter) | | |
| 5.45% 07/20/29 (h) | 200,000 | 203,784 |
| Morgan Stanley (6.14% fixed rate until 10/16/25; 1.77% + SOFR thereafter) | | |
| 6.14% 10/16/26 (h) | 250,000 | 254,565 |
| Motorola Solutions, Inc. | | |
| 5.60% 06/01/32 | 50,000 | 51,660 |
| MPLX LP | | |
| 4.80% 02/15/29 | 70,000 | 69,558 |
| 5.50% 02/15/49 | 50,000 | 48,435 |
| Nasdaq, Inc. | | |
| 3.25% 04/28/50 | 20,000 | 14,150 |
| National Australia Bank Ltd. | | |
| 3.50% 06/09/25 | 100,000 | 98,281 |
| National Fuel Gas Co. | | |
| 4.75% 09/01/28 | 50,000 | 48,470 |
| National Rural Utilities Cooperative Finance Corp. | | |
| 1.35% 03/15/31 | 50,000 | 39,302 |
| 3.45% 06/15/25 | 15,000 | 14,692 |
| 4.40% 11/01/48 | 10,000 | 8,750 |
| NatWest Group PLC (4.89% fixed rate until 05/18/28; 1.75% + 3-month USD LIBOR thereafter) | | |
| 4.89% 05/18/29 (h) | 100,000 | 98,293 |
| New York & Presbyterian Hospital | | |
| 2.26% 08/01/40 | 25,000 | 17,252 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 85 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.95% 08/01/19 | $ 35,000 | $ 25,835 |
| Newmont Corp. | | |
| 2.60% 07/15/32 | 50,000 | 42,755 |
| NextEra Energy Capital Holdings, Inc. | | |
| 3.50% 04/01/29 | 50,000 | 47,305 |
| Nomura Holdings, Inc. | | |
| 5.10% 07/03/25 | 50,000 | 49,688 |
| Nordic Investment Bank | | |
| 0.38% 09/11/25 | 75,000 | 70,066 |
| Norfolk Southern Corp. | | |
| 3.16% 05/15/55 | 50,000 | 35,177 |
| 3.70% 03/15/53 | 25,000 | 19,806 |
| 3.80% 08/01/28 | 30,000 | 29,217 |
| 3.94% 11/01/47 | 35,000 | 29,212 |
| Northern Trust Corp. | | |
| 1.95% 05/01/30 | 40,000 | 34,464 |
| Northrop Grumman Corp. | | |
| 2.93% 01/15/25 | 50,000 | 48,869 |
| Northwell Healthcare, Inc. | | |
| 3.81% 11/01/49 | 50,000 | 38,038 |
| Northwestern University | | |
| 3.66% 12/01/57 | 10,000 | 8,123 |
| Novartis Capital Corp. | | |
| 4.40% 05/06/44 | 50,000 | 47,973 |
| Nucor Corp. | | |
| 3.13% 04/01/32 | 10,000 | 8,991 |
| NVIDIA Corp. | | |
| 1.55% 06/15/28 | 50,000 | 44,785 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.13% 02/15/42 | 75,000 | 56,052 |
| Occidental Petroleum Corp. | | |
| 6.45% 09/15/36 | 125,000 | 132,585 |
| Oesterreichische Kontrollbank AG | | |
| 1.50% 02/12/25 | 50,000 | 48,236 |
| 2.88% 05/23/25 | 25,000 | 24,395 |
| Oglethorpe Power Corp. | | |
| 4.50% 04/01/47 | 15,000 | 12,738 |
| OhioHealth Corp. | | |
| 2.83% 11/15/41 | 25,000 | 18,514 |
| Oklahoma Gas & Electric Co. | | |
| 3.30% 03/15/30 | 50,000 | 45,773 |
| Omnicom Group, Inc. | | |
| 4.20% 06/01/30 | 75,000 | 72,668 |
| Oncor Electric Delivery Co. LLC | | |
| 4.15% 06/01/32 | 20,000 | 19,282 |
| 4.60% 06/01/52 | 50,000 | 46,559 |
| ONE Gas, Inc. | | |
| 4.50% 11/01/48 | 20,000 | 17,656 |
| ONEOK Partners LP | | |
| 6.13% 02/01/41 | 62,000 | 64,724 |
| | Principal
Amount | Fair
Value |
| ONEOK, Inc. | | |
| 4.35% 03/15/29 | $ 50,000 | $ 48,583 |
| Oracle Corp. | | |
| 3.25% 05/15/30 | 50,000 | 45,864 |
| 3.60% 04/01/40 | 50,000 | 39,986 |
| 3.85% 04/01/60 | 200,000 | 145,538 |
| 4.30% 07/08/34 | 75,000 | 70,033 |
| 4.50% 07/08/44 | 75,000 | 65,484 |
| Orange SA | | |
| 9.00% 03/01/31 | 50,000 | 61,800 |
| ORIX Corp. | | |
| 5.20% 09/13/32 | 100,000 | 103,015 |
| Otis Worldwide Corp. | | |
| 2.06% 04/05/25 | 50,000 | 48,109 |
| Owens Corning | | |
| 3.88% 06/01/30 | 25,000 | 23,493 |
| Pacific Gas & Electric Co. | | |
| 3.50% 08/01/50 | 50,000 | 34,645 |
| 4.40% 03/01/32 | 25,000 | 23,127 |
| 6.10% 01/15/29 | 100,000 | 103,423 |
| PacifiCorp | | |
| 6.25% 10/15/37 | 203,000 | 217,720 |
| Paramount Global | | |
| 4.95% 01/15/31 | 100,000 | 94,949 |
| 5.85% 09/01/43 | 25,000 | 22,551 |
| Parker-Hannifin Corp. | | |
| 4.00% 06/14/49 | 20,000 | 17,438 |
| PeaceHealth Obligated Group | | |
| 3.22% 11/15/50 | 25,000 | 16,231 |
| PepsiCo, Inc. | | |
| 3.45% 10/06/46 | 25,000 | 20,698 |
| 3.50% 07/17/25 | 150,000 | 147,580 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.75% 05/19/33 | 200,000 | 200,362 |
| 5.34% 05/19/63 | 150,000 | 151,672 |
| Pfizer, Inc. | | |
| 4.13% 12/15/46 | 50,000 | 44,494 |
| 4.30% 06/15/43 | 50,000 | 45,945 |
| Philip Morris International, Inc. | | |
| 1.75% 11/01/30 | 75,000 | 61,785 |
| 3.38% 08/15/29 | 50,000 | 46,847 |
| 3.88% 08/21/42 | 42,000 | 34,475 |
| Phillips 66 Co. | | |
| 3.15% 12/15/29 | 50,000 | 46,015 |
| Pioneer Natural Resources Co. | | |
| 1.13% 01/15/26 | 50,000 | 46,450 |
| PNC Bank NA | | |
| 3.10% 10/25/27 | 100,000 | 93,849 |
| PNC Financial Services Group, Inc. | | |
| 2.60% 07/23/26 | 50,000 | 47,390 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 86 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| PNC Financial Services Group, Inc. (4.63% fixed rate until 06/06/32; 1.85% + SOFR thereafter) | | |
| 4.63% 06/06/33 (h) | $ 25,000 | $ 23,484 |
| President & Fellows of Harvard College | | |
| 3.15% 07/15/46 | 50,000 | 39,095 |
| Principal Financial Group, Inc. | | |
| 3.40% 05/15/25 | 50,000 | 48,856 |
| Procter & Gamble Co. | | |
| 2.45% 11/03/26 | 75,000 | 71,643 |
| 5.55% 03/05/37 | 75,000 | 84,014 |
| Progressive Corp. | | |
| 4.20% 03/15/48 | 50,000 | 44,581 |
| Prologis LP | | |
| 2.25% 01/15/32 | 50,000 | 41,932 |
| 4.38% 02/01/29 | 65,000 | 64,204 |
| Providence St Joseph Health Obligated Group | | |
| 3.93% 10/01/48 | 20,000 | 15,475 |
| Prudential Financial, Inc. (6.00% fixed rate until 06/01/32; 3.23% + 5 year CMT thereafter) | | |
| 6.00% 09/01/52 (h) | 100,000 | 99,715 |
| Public Service Co. of Colorado | | |
| 3.70% 06/15/28 | 50,000 | 48,102 |
| 4.10% 06/15/48 | 30,000 | 24,476 |
| Public Service Electric & Gas Co. | | |
| 3.20% 08/01/49 | 40,000 | 29,711 |
| 3.80% 03/01/46 | 75,000 | 62,519 |
| Puget Energy, Inc. | | |
| 3.65% 05/15/25 | 50,000 | 48,734 |
| QUALCOMM, Inc. | | |
| 3.25% 05/20/50 | 65,000 | 50,764 |
| 4.25% 05/20/32 | 10,000 | 9,935 |
| 4.65% 05/20/35 | 50,000 | 51,200 |
| Realty Income Corp. | | |
| 3.10% 12/15/29 | 25,000 | 22,947 |
| 3.25% 01/15/31 | 75,000 | 68,214 |
| Regency Centers LP | | |
| 4.13% 03/15/28 | 25,000 | 23,976 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75% 09/15/30 | 45,000 | 37,000 |
| Reliance Steel & Aluminum Co. | | |
| 1.30% 08/15/25 | 55,000 | 51,470 |
| RELX Capital, Inc. | | |
| 4.00% 03/18/29 | 25,000 | 24,582 |
| RenaissanceRe Holdings Ltd. | | |
| 3.60% 04/15/29 | 25,000 | 23,207 |
| Revvity, Inc. | | |
| 2.25% 09/15/31 | 35,000 | 28,788 |
| | Principal
Amount | Fair
Value |
| 3.30% 09/15/29 | $ 15,000 | $ 13,610 |
| Rio Tinto Finance USA Ltd. | | |
| 5.20% 11/02/40 | 50,000 | 51,537 |
| Rockwell Automation, Inc. | | |
| 3.50% 03/01/29 | 45,000 | 43,620 |
| Rogers Communications, Inc. | | |
| 4.50% 03/15/42 | 10,000 | 8,844 |
| 7.50% 08/15/38 | 150,000 | 173,380 |
| Roper Technologies, Inc. | | |
| 3.80% 12/15/26 | 75,000 | 73,394 |
| Ross Stores, Inc. | | |
| 4.60% 04/15/25 | 50,000 | 49,620 |
| Royal Bank of Canada | | |
| 3.88% 05/04/32 | 50,000 | 47,121 |
| 4.24% 08/03/27 | 50,000 | 49,455 |
| RPM International, Inc. | | |
| 4.25% 01/15/48 | 50,000 | 41,391 |
| RTX Corp. | | |
| 3.95% 08/16/25 | 15,000 | 14,788 |
| 4.13% 11/16/28 | 150,000 | 146,532 |
| 4.63% 11/16/48 | 15,000 | 13,727 |
| Ryder System, Inc. | | |
| 1.75% 09/01/26 | 15,000 | 13,826 |
| 4.30% 06/15/27 | 10,000 | 9,775 |
| S&P Global, Inc. | | |
| 3.70% 03/01/52 | 50,000 | 41,497 |
| Sabra Health Care LP | | |
| 3.90% 10/15/29 | 25,000 | 22,652 |
| Safehold GL Holdings LLC | | |
| 2.85% 01/15/32 | 25,000 | 20,350 |
| Salesforce, Inc. | | |
| 2.70% 07/15/41 | 50,000 | 38,215 |
| 3.05% 07/15/61 | 25,000 | 17,577 |
| Sempra | | |
| 3.80% 02/01/38 | 25,000 | 21,407 |
| Shell International Finance BV | | |
| 4.38% 05/11/45 | 50,000 | 45,885 |
| 6.38% 12/15/38 | 50,000 | 57,534 |
| Sherwin-Williams Co. | | |
| 3.95% 01/15/26 | 100,000 | 98,375 |
| Snap-on, Inc. | | |
| 3.10% 05/01/50 | 15,000 | 11,491 |
| Sonoco Products Co. | | |
| 3.13% 05/01/30 | 75,000 | 67,750 |
| Southern California Edison Co. | | |
| 3.45% 02/01/52 | 25,000 | 18,263 |
| 3.60% 02/01/45 | 50,000 | 38,783 |
| 4.20% 03/01/29 | 25,000 | 24,505 |
| Southern California Gas Co. | | |
| 2.55% 02/01/30 | 50,000 | 43,989 |
| Southern Co. | | |
| 5.20% 06/15/33 | 100,000 | 102,036 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 87 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Southwest Airlines Co. | | |
| 3.00% 11/15/26 | $ 50,000 | $ 47,478 |
| Southwest Gas Corp. | | |
| 4.05% 03/15/32 | 15,000 | 14,059 |
| Southwestern Electric Power Co. | | |
| 3.25% 11/01/51 | 25,000 | 16,879 |
| Spirit Realty LP | | |
| 2.70% 02/15/32 | 30,000 | 25,146 |
| Stanley Black & Decker, Inc. | | |
| 3.40% 03/01/26 | 75,000 | 72,552 |
| Starbucks Corp. | | |
| 3.00% 02/14/32 | 45,000 | 40,341 |
| 3.75% 12/01/47 | 35,000 | 28,236 |
| 3.80% 08/15/25 | 50,000 | 49,107 |
| Stryker Corp. | | |
| 4.63% 03/15/46 | 25,000 | 24,149 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 1.47% 07/08/25 | 50,000 | 47,321 |
| 2.14% 09/23/30 | 25,000 | 20,775 |
| 3.01% 10/19/26 | 100,000 | 95,245 |
| 3.35% 10/18/27 | 50,000 | 47,361 |
| 4.31% 10/16/28 | 25,000 | 24,349 |
| Suncor Energy, Inc. | | |
| 6.85% 06/01/39 | 50,000 | 55,120 |
| Suzano Austria GmbH | | |
| 3.75% 01/15/31 | 55,000 | 48,270 |
| Synchrony Financial | | |
| 3.95% 12/01/27 | 25,000 | 23,417 |
| Sysco Corp. | | |
| 3.25% 07/15/27 | 75,000 | 71,740 |
| Tampa Electric Co. | | |
| 4.30% 06/15/48 | 25,000 | 20,980 |
| Tapestry, Inc. | | |
| 3.05% 03/15/32 | 25,000 | 20,268 |
| Target Corp. | | |
| 2.25% 04/15/25 | 50,000 | 48,502 |
| 4.50% 09/15/32 | 25,000 | 25,258 |
| Teck Resources Ltd. | | |
| 6.25% 07/15/41 | 25,000 | 25,740 |
| Telefonica Emisiones SA | | |
| 7.05% 06/20/36 | 50,000 | 56,608 |
| TELUS Corp. | | |
| 4.60% 11/16/48 | 50,000 | 44,668 |
| Tennessee Gas Pipeline Co. LLC | | |
| 7.00% 10/15/28 | 200,000 | 216,288 |
| Texas Instruments, Inc. | | |
| 3.65% 08/16/32 | 15,000 | 14,236 |
| 3.88% 03/15/39 | 50,000 | 46,257 |
| Textron, Inc. | | |
| 3.90% 09/17/29 | 50,000 | 47,569 |
| | Principal
Amount | Fair
Value |
| Thermo Fisher Scientific, Inc. | | |
| 1.75% 10/15/28 | $ 20,000 | $ 17,844 |
| Time Warner Cable LLC | | |
| 4.50% 09/15/42 | 75,000 | 59,250 |
| 7.30% 07/01/38 | 50,000 | 51,827 |
| Timken Co. | | |
| 4.50% 12/15/28 | 20,000 | 19,452 |
| T-Mobile USA, Inc. | | |
| 3.60% 11/15/60 | 45,000 | 32,904 |
| Toronto-Dominion Bank | | |
| 0.75% 09/11/25 | 50,000 | 46,664 |
| 1.95% 01/12/27 | 50,000 | 46,240 |
| Tosco Corp. | | |
| 8.13% 02/15/30 | 150,000 | 176,611 |
| TotalEnergies Capital International SA | | |
| 3.39% 06/29/60 | 50,000 | 37,232 |
| Toyota Motor Credit Corp. | | |
| 3.00% 04/01/25 | 50,000 | 48,893 |
| 4.55% 09/20/27 | 25,000 | 25,206 |
| 4.63% 01/12/28 | 150,000 | 151,977 |
| Trane Technologies Financing Ltd. | | |
| 4.50% 03/21/49 | 50,000 | 46,445 |
| TransCanada PipeLines Ltd. | | |
| 5.85% 03/15/36 | 150,000 | 154,947 |
| Travelers Cos., Inc. | | |
| 4.00% 05/30/47 | 50,000 | 43,045 |
| Truist Bank | | |
| 3.30% 05/15/26 | 100,000 | 95,385 |
| Truist Financial Corp. | | |
| 1.95% 06/05/30 | 25,000 | 20,889 |
| Truist Financial Corp. (4.92% fixed rate until 07/28/32; 2.24% + SOFR thereafter) | | |
| 4.92% 07/28/33 (h) | 25,000 | 23,361 |
| Tucson Electric Power Co. | | |
| 4.85% 12/01/48 | 50,000 | 45,617 |
| TWDC Enterprises 18 Corp. | | |
| 3.00% 07/30/46 | 75,000 | 55,128 |
| Tyco Electronics Group SA | | |
| 2.50% 02/04/32 | 45,000 | 39,010 |
| Tyson Foods, Inc. | | |
| 4.00% 03/01/26 | 15,000 | 14,717 |
| 4.88% 08/15/34 | 45,000 | 43,662 |
| U.S. Bancorp | | |
| 3.95% 11/17/25 | 50,000 | 49,223 |
| U.S. Bancorp (4.55% fixed rate until 07/22/27; 1.66% + SOFR thereafter) | | |
| 4.55% 07/22/28 (h) | 25,000 | 24,641 |
| UBS Group AG | | |
| 4.88% 05/15/45 | 50,000 | 47,633 |
| Unilever Capital Corp. | | |
| 2.90% 05/05/27 | 50,000 | 47,737 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 88 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| Union Electric Co. | | |
| 3.50% 03/15/29 | $ 25,000 | $ 23,687 |
| 3.65% 04/15/45 | 35,000 | 27,550 |
| Union Pacific Corp. | | |
| 2.80% 02/14/32 | 15,000 | 13,314 |
| 3.38% 02/14/42 | 10,000 | 8,178 |
| 3.55% 08/15/39 | 15,000 | 12,893 |
| 3.95% 08/15/59 | 20,000 | 16,386 |
| 4.95% 09/09/52 | 50,000 | 51,097 |
| United Airlines Pass-Through Trust | | |
| 5.88% 04/15/29 | 109,987 | 111,156 |
| UnitedHealth Group, Inc. | | |
| 3.70% 12/15/25 | 110,000 | 108,228 |
| 3.75% 10/15/47 | 25,000 | 20,612 |
| 3.88% 12/15/28 | 15,000 | 14,697 |
| 4.45% 12/15/48 | 10,000 | 9,170 |
| 5.20% 04/15/63 | 100,000 | 102,208 |
| 5.95% 02/15/41 | 125,000 | 137,344 |
| 6.88% 02/15/38 | 50,000 | 60,432 |
| University of Notre Dame du Lac | | |
| 3.39% 02/15/48 | 25,000 | 20,288 |
| Vale Overseas Ltd. | | |
| 6.88% 11/10/39 | 75,000 | 81,526 |
| Valero Energy Corp. | | |
| 6.63% 06/15/37 | 50,000 | 54,832 |
| VeriSign, Inc. | | |
| 2.70% 06/15/31 | 30,000 | 25,742 |
| Verisk Analytics, Inc. | | |
| 4.13% 03/15/29 | 60,000 | 58,646 |
| Verizon Communications, Inc. | | |
| 2.88% 11/20/50 | 50,000 | 34,067 |
| 3.88% 02/08/29 - 03/01/52 | 105,000 | 86,113 |
| 4.02% 12/03/29 | 50,000 | 48,376 |
| 4.33% 09/21/28 | 284,000 | 281,086 |
| VF Corp. | | |
| 2.95% 04/23/30 | 75,000 | 62,675 |
| VMware LLC | | |
| 4.50% 05/15/25 | 25,000 | 24,759 |
| Vodafone Group PLC | | |
| 4.25% 09/17/50 | 75,000 | 62,443 |
| Vulcan Materials Co. | | |
| 4.70% 03/01/48 | 50,000 | 46,881 |
| W R Berkley Corp. | | |
| 4.00% 05/12/50 | 20,000 | 15,988 |
| Wachovia Corp. | | |
| 5.50% 08/01/35 | 100,000 | 101,275 |
| Walmart, Inc. | | |
| 3.25% 07/08/29 | 40,000 | 38,417 |
| 4.50% 04/15/53 | 200,000 | 194,808 |
| Walt Disney Co. | | |
| 3.38% 11/15/26 | 50,000 | 48,546 |
| 3.60% 01/13/51 | 25,000 | 20,115 |
| | Principal
Amount | Fair
Value |
| 4.70% 03/23/50 | $ 50,000 | $ 48,663 |
| Warnermedia Holdings, Inc. | | |
| 3.64% 03/15/25 | 50,000 | 48,948 |
| 3.76% 03/15/27 | 75,000 | 71,882 |
| 4.28% 03/15/32 | 40,000 | 36,595 |
| 5.05% 03/15/42 | 15,000 | 13,225 |
| 5.39% 03/15/62 | 15,000 | 12,900 |
| Waste Connections, Inc. | | |
| 3.50% 05/01/29 | 50,000 | 47,825 |
| Waste Management, Inc. | | |
| 2.00% 06/01/29 | 25,000 | 22,249 |
| Wells Fargo & Co. | | |
| 4.15% 01/24/29 | 100,000 | 97,286 |
| 4.40% 06/14/46 | 50,000 | 42,033 |
| Wells Fargo & Co. (4.90% fixed rate until 07/25/32; 2.10% + SOFR thereafter) | | |
| 4.90% 07/25/33 (h) | 60,000 | 58,489 |
| Wells Fargo & Co. (5.01% fixed rate until 04/04/50; 4.50% + 3-month Term SOFR) | | |
| 5.01% 04/04/51 (h) | 125,000 | 119,230 |
| Wells Fargo Bank NA | | |
| 5.55% 08/01/25 | 250,000 | 252,592 |
| Welltower OP LLC | | |
| 4.13% 03/15/29 | 75,000 | 72,358 |
| Western Digital Corp. | | |
| 3.10% 02/01/32 | 30,000 | 23,891 |
| Westlake Corp. | | |
| 4.38% 11/15/47 | 50,000 | 41,886 |
| Westpac Banking Corp. | | |
| 1.95% 11/20/28 | 25,000 | 22,120 |
| 3.74% 08/26/25 | 50,000 | 49,194 |
| Whirlpool Corp. | | |
| 4.70% 05/14/32 | 15,000 | 14,560 |
| Williams Cos., Inc. | | |
| 5.65% 03/15/33 | 100,000 | 104,550 |
| 5.75% 06/24/44 | 65,000 | 65,619 |
| Wisconsin Electric Power Co. | | |
| 4.30% 10/15/48 | 10,000 | 8,753 |
| Wisconsin Public Service Corp. | | |
| 3.30% 09/01/49 | 20,000 | 14,596 |
| WP Carey, Inc. | | |
| 3.85% 07/15/29 | 50,000 | 46,882 |
| Zimmer Biomet Holdings, Inc. | | |
| 3.55% 04/01/25 | 50,000 | 48,967 |
| Zoetis, Inc. | | |
| 3.00% 05/15/50 | 70,000 | 50,882 |
| | | 42,869,673 |
| Non-Agency Collateralized Mortgage Obligations - 0.1% |
| Bank | | |
| 2.98% 11/15/62 | 50,000 | 44,458 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 89 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| 3.01% 09/15/62 | $ 50,000 | $ 43,435 |
| BBCMS Mortgage Trust | | |
| 2.69% 11/15/54 | 150,000 | 127,539 |
| 4.31% 12/15/51 | 50,000 | 48,344 |
| Benchmark Mortgage Trust | | |
| 2.58% 04/15/54 | 150,000 | 121,084 |
| Citigroup Commercial Mortgage Trust | | |
| 2.87% 08/10/56 | 100,000 | 89,217 |
| 4.03% 05/10/47 | 100,000 | 98,772 |
| CSAIL Commercial Mortgage Trust | | |
| 3.45% 09/15/50 | 150,000 | 139,392 |
| GS Mortgage Securities Trust | | |
| 2.78% 10/10/49 | 36,034 | 34,991 |
| 3.97% 02/10/52 | 50,000 | 47,060 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 3.72% 12/15/49 | 89,000 | 84,841 |
| Morgan Stanley Capital I Trust | | |
| 3.60% 12/15/49 | 150,000 | 140,538 |
| UBS Commercial Mortgage Trust | | |
| 4.07% 12/15/51 | 35,339 | 33,622 |
| Wells Fargo Commercial Mortgage Trust | | |
| 2.73% 02/15/53 | 100,000 | 87,884 |
| 3.73% 05/15/52 | 175,000 | 162,527 |
| | | 1,303,704 |
| Sovereign Bonds - 0.1% |
| Canada Government International Bonds | | |
| 3.75% 04/26/28 | 150,000 | 148,740 |
| Chile Government International Bonds | | |
| 3.86% 06/21/47 | 100,000 | 81,798 |
| Export Development Canada | | |
| 3.00% 05/25/27 | 50,000 | 48,278 |
| Indonesia Government International Bonds | | |
| 3.05% 03/12/51 | 100,000 | 76,409 |
| 4.75% 02/11/29 | 100,000 | 100,783 |
| Israel Government International Bonds | | |
| 3.88% 07/03/50 | 100,000 | 76,963 |
| Japan Bank for International Cooperation | | |
| 1.25% 01/21/31 | 150,000 | 121,741 |
| 2.88% 07/21/27 | 100,000 | 95,224 |
| Korea International Bonds | | |
| 1.75% 10/15/31 | 100,000 | 83,905 |
| Mexico Government International Bonds | | |
| 3.75% 01/11/28 | 100,000 | 96,423 |
| 4.75% 03/08/44 | 52,000 | 44,616 |
| | Principal
Amount | Fair
Value |
| 4.88% 05/19/33 | $ 100,000 | $ 96,350 |
| 6.05% 01/11/40 | 55,000 | 55,519 |
| Panama Government International Bonds | | |
| 3.87% 07/23/60 | 50,000 | 29,913 |
| 6.70% 01/26/36 | 75,000 | 74,404 |
| Peru Government International Bonds | | |
| 3.00% 01/15/34 | 29,000 | 24,455 |
| 3.23% 07/28/21 | 25,000 | 15,557 |
| 6.55% 03/14/37 | 47,000 | 52,278 |
| Philippines Government International Bonds | | |
| 2.95% 05/05/45 | 100,000 | 75,205 |
| 10.63% 03/16/25 | 250,000 | 266,260 |
| Republic of Poland Government International Bonds | | |
| 4.88% 10/04/33 | 125,000 | 126,417 |
| Svensk Exportkredit AB | | |
| 4.38% 02/13/26 | 150,000 | 149,785 |
| Uruguay Government International Bonds | | |
| 5.10% 06/18/50 | 50,000 | 50,127 |
| | | 1,991,150 |
| Municipal Bonds and Notes - 0.1% |
| Board of Regents of the University of Texas System, TX | | |
| 4.79% 08/15/46 | 100,000 | 99,527 |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, IL | | |
| 6.90% 12/01/40 | 72,773 | 82,816 |
| Commonwealth of Massachusetts, MA | | |
| 4.50% 08/01/31 | 100,000 | 99,604 |
| Dallas Area Rapid Transit, TX | | |
| 5.02% 12/01/48 | 50,000 | 50,677 |
| Dallas Fort Worth International Airport, TX | | |
| 4.09% 11/01/51 | 5,000 | 4,366 |
| Los Angeles Department of Water & Power, CA | | |
| 6.60% 07/01/50 | 90,000 | 109,878 |
| Los Angeles Unified School District, CA | | |
| 5.76% 07/01/29 | 110,000 | 114,311 |
| New York City Municipal Water Finance Authority, NY | | |
| 6.01% 06/15/42 | 50,000 | 56,279 |
| New York State Urban Development Corp., NY | | |
| 3.90% 03/15/33 | 25,000 | 23,562 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 90 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| | Principal
Amount | Fair
Value |
| North Texas Tollway Authority, TX | | |
| 6.72% 01/01/49 | $ 100,000 | $ 123,386 |
| Port Authority of New York & New Jersey, NY | | |
| 5.31% 08/01/46 | 125,000 | 122,439 |
| Regents of the University of California Medical Center Pooled Revenue, CA | | |
| 6.58% 05/15/49 | 100,000 | 116,909 |
| Sales Tax Securitization Corp., IL | | |
| 4.64% 01/01/40 | 25,000 | 24,304 |
| San Joaquin Hills Transportation Corridor Agency, CA | | |
| 3.49% 01/15/50 | 100,000 | 76,681 |
| South Carolina Public Service Authority, SC | | |
| 6.45% 01/01/50 | 50,000 | 56,329 |
| State of California, CA | | |
| 2.50% 10/01/29 | 100,000 | 90,526 |
| 7.60% 11/01/40 | 50,000 | 63,662 |
| Texas Transportation Commission, TX | | |
| 2.56% 04/01/42 | 80,000 | 60,908 |
| | | 1,376,164 |
Total Bonds and Notes
(Cost $242,340,940) | | 228,548,160 |
| | Number
of Shares | |
| Exchange Traded & Mutual Funds - 13.9% |
| SPDR Bloomberg High Yield Bond ETF (i) | 426,678 | 40,419,207 |
| | Number
of Shares | Fair
Value |
| SPDR Bloomberg International Treasury Bond ETF (i) | 1,184,244 | $ 27,450,776 |
| SPDR Gold Shares (a)(i) | 142,453 | 27,232,740 |
| SPDR Portfolio Aggregate Bond ETF (i) | 2,899,192 | 74,335,283 |
| SPDR Portfolio Long Term Treasury ETF (i) | 713,771 | 20,713,634 |
Total Exchange Traded & Mutual Funds
(Cost $180,448,896) | | 190,151,640 |
Total Investments in Securities
(Cost $1,230,036,819) | | 1,335,927,435 |
| Short-Term Investments - 2.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.36% (i)(j)
(Cost $30,259,029) | 30,259,029 | 30,259,029 |
Total Short-Term Investments
(Cost $30,259,029) | | 30,259,029 |
Total Investments
(Cost $1,260,295,848) | | 1,366,186,464 |
| Liabilities in Excess of Other Assets, net - (0.1)% | | (1,261,283) |
| NET ASSETS - 100.0% | | $ 1,364,925,181 |
Other Information:
| The Fund had the following long futures contracts open at December 31, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| MSCI Emerging Markets Index Futures | March 2024 | 79 | $ 3,897,182 | $ 4,083,115 | $ 185,933 |
| MSCI EAFE Mini Index Futures | March 2024 | 44 | 4,754,469 | 4,955,280 | 200,811 |
| E-mini Russell 2000 Index Futures | March 2024 | 8 | 761,226 | 819,080 | 57,854 |
| S&P/Toronto Stock Exchange 60 Index | March 2024 | 3 | 559,122 | 578,068 | 18,946 |
| E-mini Russell 1000 Index Futures | March 2024 | 12 | 1,527,430 | 1,589,280 | 61,850 |
| | | | | | $ 525,394 |
During the year ended December 31, 2023, the average notional value related to long futures contracts was $13,415,956.
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 91 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
Notes to Schedule of Investments
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, 2023, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs. |
| (c) | State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | 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) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (f) | 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, 2023, these securities amounted to $8,046,969 or 0.59% 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. |
| (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, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (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’s sub-administrator, custodian and accounting agent. |
| (j) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of December 31, 2023. |
| * | Less than 0.05%. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| CMT - Constant Maturity Treasury |
| GDR - Global Depositary Receipt |
| LIBOR - London Interbank Offered Rate |
| NVDR - Non-Voting Depositary Receipt |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| TBA - To Be Announced |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 92 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Domestic Equity | $ 616,330,925 | | $ 2,996 | | $ 2,497 | | $ 616,336,418 |
| Foreign Equity | 300,785,177 | | 106,040 | | 0(a) | | 300,891,217 |
| U.S. Treasuries | — | | 134,396,035 | | — | | 134,396,035 |
| Agency Mortgage Backed | — | | 44,634,564 | | — | | 44,634,564 |
| Agency Collateralized Mortgage Obligations | — | | 1,271,303 | | — | | 1,271,303 |
| Asset Backed | — | | 705,567 | | — | | 705,567 |
| Corporate Notes | — | | 42,869,673 | | — | | 42,869,673 |
| Non-Agency Collateralized Mortgage Obligations | — | | 1,303,704 | | — | | 1,303,704 |
| Sovereign Bonds | — | | 1,991,150 | | — | | 1,991,150 |
| Municipal Bonds and Notes | — | | 1,376,164 | | — | | 1,376,164 |
| Exchange Traded & Mutual Funds | 190,151,640 | | — | | — | | 190,151,640 |
| Short-Term Investments | 30,259,029 | | — | | — | | 30,259,029 |
| Total Investments in Securities | $ 1,137,526,771 | | $ 228,657,196 | | $ 2,497 | | $ 1,366,186,464 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 525,394 | | $ — | | $ — | | $ 525,394 |
| Total Other Financial Instruments | $ 525,394 | | $ — | | $ — | | $ 525,394 |
| (a) | The Fund held Level 3 securities that were valued at $0 at December 31, 2023. |
The Fund was invested in the following countries/territories at December 31, 2023 (Unaudited):
| Country/Territory | Percentage (based on
Fair Value) |
| United States | 77.14% |
| Japan | 2.85% |
| China | 2.41% |
| Canada | 1.60% |
| United Kingdom | 1.51% |
| India | 1.48% |
| Taiwan | 1.41% |
| France | 1.27% |
| Republic of Korea | 1.18% |
| Germany | 1.09% |
| Australia | 1.02% |
| Switzerland | 0.80% |
| Netherlands | 0.71% |
| Brazil | 0.59% |
| Denmark | 0.41% |
| Sweden | 0.41% |
| Saudi Arabia | 0.37% |
| Spain | 0.33% |
| Mexico | 0.29% |
| Italy | 0.28% |
| South Africa | 0.28% |
| Hong Kong | 0.26% |
| Singapore | 0.21% |
| Thailand | 0.18% |
| Indonesia | 0.18% |
| Supranational | 0.16% |
| Finland | 0.13% |
| Belgium | 0.13% |
| Country/Territory | Percentage (based on
Fair Value) |
| Malaysia | 0.12% |
| United Arab Emirates | 0.11% |
| Norway | 0.10% |
| Poland | 0.10% |
| Qatar | 0.09% |
| Israel | 0.09% |
| Philippines | 0.08% |
| Ireland | 0.08% |
| Chile | 0.07% |
| Kuwait | 0.07% |
| Turkey | 0.06% |
| Greece | 0.04% |
| Austria | 0.04% |
| Puerto Rico | 0.04% |
| New Zealand | 0.03% |
| Hungary | 0.02% |
| Peru | 0.02% |
| Portugal | 0.02% |
| Luxembourg | 0.02% |
| Bermuda | 0.02% |
| Macau | 0.02% |
| Czech Republic | 0.01% |
| Monaco | 0.01% |
| Ghana | 0.01% |
| Panama | 0.01% |
| Cameroon | 0.01% |
| Colombia | 0.01% |
| Cayman Islands | 0.01% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 93 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| Country/Territory | Percentage (based on
Fair Value) |
| Romania | 0.01% |
| Bahamas | 0.00%*** |
| Zambia | 0.00%*** |
| Uruguay | 0.00%*** |
| Burkina Faso | 0.00%*** |
| UAE | 0.00%*** |
| Egypt | 0.00%*** |
| Jordan | 0.00%*** |
| Country/Territory | Percentage (based on
Fair Value) |
| Guernsey | 0.00%*** |
| Malta | 0.00%*** |
| Gibraltar | 0.00%*** |
| Russian Federation | 0.00%*** |
| | 100.00% |
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2023 (Unaudited):
| Industry | Domestic | Foreign | Total |
| Exchange Traded Funds | 13.92% | 0.00% | 13.92% |
| Diversified Banks | 0.96% | 3.05% | 4.01% |
| Semiconductors | 2.47% | 0.96% | 3.43% |
| Technology Hardware, Storage & Peripherals | 2.43% | 0.65% | 3.08% |
| Systems Software | 2.84% | 0.03% | 2.87% |
| Pharmaceuticals | 1.72% | 0.92% | 2.64% |
| Interactive Media & Services | 1.97% | 0.48% | 2.45% |
| Application Software | 1.57% | 0.26% | 1.83% |
| Broadline Retail | 1.15% | 0.55% | 1.70% |
| Biotechnology | 1.51% | 0.13% | 1.64% |
| Automobile Manufacturers | 0.70% | 0.62% | 1.32% |
| Integrated Oil & Gas | 0.57% | 0.68% | 1.25% |
| Healthcare Equipment | 1.00% | 0.14% | 1.14% |
| Regional Banks | 1.03% | 0.05% | 1.08% |
| Transaction & Payment Processing Services | 0.95% | 0.09% | 1.04% |
| Aerospace & Defense | 0.66% | 0.27% | 0.93% |
| Electric Utilities | 0.57% | 0.35% | 0.92% |
| Industrial Machinery & Supplies & Components | 0.59% | 0.26% | 0.85% |
| Packaged Foods & Meats | 0.58% | 0.26% | 0.84% |
| Semiconductor Materials & Equipment | 0.41% | 0.41% | 0.82% |
| Oil & Gas Exploration & Production | 0.60% | 0.17% | 0.77% |
| IT Consulting & Other Services | 0.41% | 0.32% | 0.73% |
| Restaurants | 0.50% | 0.18% | 0.68% |
| Life Sciences Tools & Services | 0.58% | 0.10% | 0.68% |
| Electrical Components & Equipment | 0.44% | 0.23% | 0.67% |
| Life & Health Insurance | 0.20% | 0.44% | 0.64% |
| Specialty Chemicals | 0.36% | 0.27% | 0.63% |
| Managed Healthcare | 0.61% | 0.01% | 0.62% |
| Property & Casualty Insurance | 0.44% | 0.18% | 0.62% |
| Multi-Sector Holdings | 0.54% | 0.07% | 0.61% |
| Asset Management & Custody Banks | 0.45% | 0.15% | 0.60% |
| Industrial Conglomerates | 0.27% | 0.32% | 0.59% |
| Trading Companies & Distributors | 0.34% | 0.25% | 0.59% |
| Consumer Staples Merchandise Retail | 0.53% | 0.06% | 0.59% |
| Integrated Telecommunication Services | 0.24% | 0.34% | 0.58% |
| Financial Exchanges & Data | 0.42% | 0.16% | 0.58% |
| Soft Drinks & Non-alcoholic Beverages | 0.47% | 0.09% | 0.56% |
| Apparel, Accessories & Luxury Goods | 0.12% | 0.43% | 0.55% |
| Building Products | 0.41% | 0.13% | 0.54% |
| Household Products | 0.43% | 0.08% | 0.51% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 94 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Movies & Entertainment | 0.42% | 0.04% | 0.46% |
| Investment Banking & Brokerage | 0.39% | 0.07% | 0.46% |
| Personal Care Products | 0.16% | 0.28% | 0.44% |
| Construction Machinery & Heavy Transportation Equipment | 0.28% | 0.16% | 0.44% |
| Hotels, Resorts & Cruise Lines | 0.33% | 0.10% | 0.43% |
| Diversified Metals & Mining | 0.02% | 0.40% | 0.42% |
| Steel | 0.19% | 0.23% | 0.42% |
| Rail Transportation | 0.22% | 0.20% | 0.42% |
| Oil & Gas Refining & Marketing | 0.19% | 0.23% | 0.42% |
| Home Improvement Retail | 0.39% | 0.01% | 0.40% |
| Construction & Engineering | 0.23% | 0.17% | 0.40% |
| Communications Equipment | 0.34% | 0.05% | 0.39% |
| Multi-Utilities | 0.25% | 0.12% | 0.37% |
| Research & Consulting Services | 0.23% | 0.13% | 0.36% |
| Oil & Gas Storage & Transportation | 0.19% | 0.15% | 0.34% |
| Healthcare Services | 0.32% | 0.02% | 0.34% |
| Electronic Components | 0.12% | 0.23% | 0.35% |
| Wireless Telecommunication Services | 0.08% | 0.26% | 0.34% |
| Home Building | 0.29% | 0.04% | 0.33% |
| Apparel Retail | 0.23% | 0.10% | 0.33% |
| Multi-Line Insurance | 0.05% | 0.27% | 0.32% |
| Consumer Finance | 0.26% | 0.06% | 0.32% |
| Food Retail | 0.07% | 0.25% | 0.32% |
| Tobacco | 0.19% | 0.12% | 0.31% |
| Human Resource & Employment Services | 0.24% | 0.06% | 0.30% |
| Industrial Gases | 0.21% | 0.08% | 0.29% |
| Commodity Chemicals | 0.10% | 0.18% | 0.28% |
| Air Freight & Logistics | 0.19% | 0.10% | 0.29% |
| Electronic Equipment & Instruments | 0.18% | 0.10% | 0.28% |
| Retail REITs | 0.23% | 0.05% | 0.28% |
| Oil & Gas Equipment & Services | 0.26% | 0.01% | 0.27% |
| Healthcare Supplies | 0.13% | 0.13% | 0.26% |
| Internet Services & Infrastructure | 0.19% | 0.08% | 0.27% |
| Construction Materials | 0.17% | 0.09% | 0.26% |
| Automotive Parts & Equipment | 0.15% | 0.10% | 0.25% |
| Casinos & Gaming | 0.13% | 0.10% | 0.23% |
| Industrial REITs | 0.17% | 0.05% | 0.22% |
| Insurance Brokers | 0.21% | 0.00% | 0.21% |
| Automotive Retail | 0.18% | 0.03% | 0.21% |
| Gold | 0.05% | 0.16% | 0.21% |
| Interactive Home Entertainment | 0.07% | 0.13% | 0.20% |
| Distillers & Vintners | 0.05% | 0.15% | 0.20% |
| Cable & Satellite | 0.20% | 0.00% | 0.20% |
| Healthcare Facilities | 0.12% | 0.07% | 0.19% |
| Environmental & Facilities Services | 0.17% | 0.02% | 0.19% |
| Gas Utilities | 0.09% | 0.09% | 0.18% |
| Other Specialty Retail | 0.14% | 0.03% | 0.17% |
| Diversified Financial Services | 0.08% | 0.09% | 0.17% |
| Footwear | 0.14% | 0.01% | 0.15% |
| Diversified Support Services | 0.12% | 0.04% | 0.16% |
| Consumer Electronics | 0.03% | 0.12% | 0.15% |
| Brewers | 0.01% | 0.14% | 0.15% |
| Passenger Airlines | 0.10% | 0.05% | 0.15% |
| Diversified Capital Markets | 0.00% | 0.15% | 0.15% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 95 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Telecom Tower REITs | 0.14% | 0.00% | 0.14% |
| Electronic Manufacturing Services | 0.05% | 0.08% | 0.13% |
| Agricultural & Farm Machinery | 0.11% | 0.02% | 0.13% |
| Cargo Ground Transportation | 0.13% | 0.01% | 0.14% |
| Healthcare Distributors | 0.12% | 0.01% | 0.13% |
| Health Care REITs | 0.13% | 0.00% | 0.13% |
| Mortgage REITs | 0.13% | 0.00% | 0.13% |
| Education Services | 0.10% | 0.03% | 0.13% |
| Office REITs | 0.11% | 0.02% | 0.13% |
| Real Estate Services | 0.11% | 0.02% | 0.13% |
| Passenger Ground Transportation | 0.10% | 0.02% | 0.12% |
| Reinsurance | 0.06% | 0.06% | 0.12% |
| Multi-Family Residential REITs | 0.12% | 0.00% | 0.12% |
| Fertilizers & Agricultural Chemicals | 0.06% | 0.05% | 0.11% |
| Advertising | 0.07% | 0.04% | 0.11% |
| Independent Power Producers & Energy Traders | 0.02% | 0.09% | 0.11% |
| Diversified Real Estate Activities | 0.01% | 0.10% | 0.11% |
| Marine Transportation | 0.02% | 0.09% | 0.11% |
| Diversified REITs | 0.07% | 0.04% | 0.11% |
| Data Processing & Outsourced Services | 0.09% | 0.01% | 0.10% |
| Coal & Consumable Fuels | 0.04% | 0.07% | 0.11% |
| Commercial & Residential Mortgage Finance | 0.10% | 0.00% | 0.10% |
| Real Estate Operating Companies | 0.02% | 0.08% | 0.10% |
| Hotel & Resort REITs | 0.09% | 0.00% | 0.09% |
| Data Center REITs | 0.09% | 0.00% | 0.09% |
| Other Specialized REITs | 0.09% | 0.00% | 0.09% |
| Paper & Plastic Packaging Products & Materials | 0.07% | 0.02% | 0.09% |
| Water Utilities | 0.07% | 0.02% | 0.09% |
| Real Estate Development | 0.01% | 0.08% | 0.09% |
| Copper | 0.05% | 0.04% | 0.09% |
| Leisure Products | 0.06% | 0.02% | 0.08% |
| Oil & Gas Drilling | 0.07% | 0.02% | 0.09% |
| Heavy Electrical Equipment | 0.01% | 0.07% | 0.08% |
| Technology Distributors | 0.07% | 0.01% | 0.08% |
| Diversified Chemicals | 0.01% | 0.07% | 0.08% |
| Healthcare Technology | 0.07% | 0.01% | 0.08% |
| Food Distributors | 0.06% | 0.01% | 0.07% |
| Self Storage REITs | 0.08% | 0.00% | 0.08% |
| Agricultural Products & Services | 0.06% | 0.02% | 0.08% |
| Renewable Electricity | 0.03% | 0.04% | 0.07% |
| Leisure Facilities | 0.04% | 0.03% | 0.07% |
| Tires & Rubber | 0.01% | 0.05% | 0.06% |
| Metal, Glass & Plastic Containers | 0.06% | 0.01% | 0.07% |
| Paper Products | 0.01% | 0.05% | 0.06% |
| Single-Family Residential REITs | 0.06% | 0.00% | 0.06% |
| Aluminum | 0.02% | 0.03% | 0.05% |
| Drug Retail | 0.02% | 0.04% | 0.06% |
| Airport Services | 0.00% | 0.05% | 0.05% |
| Broadcasting | 0.04% | 0.01% | 0.05% |
| Motorcycle Manufacturers | 0.00% | 0.04% | 0.04% |
| Household Appliances | 0.03% | 0.02% | 0.05% |
| Alternative Carriers | 0.04% | 0.00% | 0.04% |
| Highways & Railtracks | 0.00% | 0.04% | 0.04% |
| Distributors | 0.04% | 0.00% | 0.04% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 96 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — December 31, 2023
| Industry | Domestic | Foreign | Total |
| Security & Alarm Services | 0.02% | 0.02% | 0.04% |
| Timber REITs | 0.04% | 0.00% | 0.04% |
| Specialized Finance | 0.00% | 0.04% | 0.04% |
| Specialized Consumer Services | 0.03% | 0.00% | 0.03% |
| Home Furnishing Retail | 0.03% | 0.01% | 0.04% |
| Publishing | 0.03% | 0.00% | 0.03% |
| Office Services & Supplies | 0.03% | 0.00% | 0.03% |
| Home Furnishings | 0.03% | 0.00% | 0.03% |
| Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
| Precious Metals & Minerals | 0.00% | 0.02% | 0.02% |
| Commercial Printing | 0.01% | 0.02% | 0.03% |
| Marine Ports & Services | 0.00% | 0.02% | 0.02% |
| Silver | 0.01% | 0.01% | 0.02% |
| Forest Products | 0.00% | 0.01% | 0.01% |
| Textiles | 0.00% | 0.00% | 0.00%*** |
| Housewares & Specialties | 0.00% | 0.00% | 0.00%*** |
| | | | 81.06% |
| Sector | Percentage (based
on Fair Value) |
| U.S. Treasuries | | | 9.84% |
| Agency Mortgage Backed | | | 3.27% |
| Corporate Notes | | | 3.14% |
| Sovereign Bonds | | | 0.15% |
| Municipal Bonds and Notes | | | 0.10% |
| Non-Agency Collateralized Mortgage Obligations | | | 0.09% |
| Agency Collateralized Mortgage Obligations | | | 0.09% |
| Sector | Percentage (based
on Fair Value) |
| Asset Backed | | | 0.05% |
| | | | 16.73% |
| Short-Term Investments | | | 2.21% |
| | | | 100.00% |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
12/31/23 | Value at
12/31/23 | | Dividend
Income |
| SPDR Bloomberg High Yield Bond ETF | 150,705 | $ 13,563,450 | | $110,195,230 | | $ 82,031,411 | | $(3,030,840) | | $ 1,722,778 | 426,678 | $ 40,419,207 | | $2,546,828 |
| SPDR Bloomberg International Treasury Bond ETF | 2,402,330 | 53,884,262 | | 61,523,194 | | 90,193,783 | | (189,539) | | 2,426,642 | 1,184,244 | 27,450,776 | | 782,077 |
| SPDR Gold Shares | — | — | | 29,921,589 | | 4,681,738 | | 55,705 | | 1,937,184 | 142,453 | 27,232,740 | | — |
| SPDR Portfolio Aggregate Bond ETF | 2,657,053 | 66,771,742 | | 147,026,201 | | 143,076,482 | | 957,642 | | 2,656,180 | 2,899,192 | 74,335,283 | | 1,285,162 |
| SPDR Portfolio Long Term Treasury ETF | 1,523,635 | 44,231,124 | | 50,833,682 | | 73,099,565 | | (6,187,418) | | 4,935,811 | 713,771 | 20,713,634 | | 731,780 |
| State Street Corp. | 3,761 | 291,741 | | 109,044 | | 129,767 | | (34,180) | | 23,505 | 3,361 | 260,343 | | 10,169 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 52,907,231 | 52,907,231 | | 393,180,433 | | 415,828,635 | | — | | — | 30,259,029 | 30,259,029 | | 3,747,079 |
| TOTAL | | $231,649,550 | | $792,789,373 | | $809,041,381 | | $(8,428,630) | | $13,702,100 | | $220,671,012 | | $9,103,095 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 97 |
State Street Total Return V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
| | | Class 1 |
| | | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | | 7/1/85 |
| Net asset value, beginning of period | | $ 13.06 | | $ 16.06 | | $ 16.63 | | $ 15.91 | | $ 14.06 |
| Income/(loss) from investment operations: | | | | | | | | | | |
| Net investment income(a) | | 0.30 | | 0.29 | | 0.40 | | 0.27 | | 0.34 |
| Net realized and unrealized gains/(losses) on investments | | 1.73 | | (2.94) | | 1.84 | | 0.75 | | 1.88 |
| Total income/(loss) from investment operations | | 2.03 | | (2.65) | | 2.24 | | 1.02 | | 2.22 |
| Contribution from Advisor | | — | | — | | 0.00 (b) | | — | | — |
| Contribution from Affiliate | | — | | — | | 0.00 (b) | | — | | — |
| Less distributions from: | | | | | | | | | | |
| Net investment income | | (0.33) | | (0.13) | | (0.39) | | (0.30) | | (0.37) |
| Net realized gains | | — | | (0.22) | | (2.42) | | — | | — |
| Total distributions | | (0.33) | | (0.35) | | (2.81) | | (0.30) | | (0.37) |
| Net asset value, end of period | | $ 14.76 | | $ 13.06 | | $ 16.06 | | $ 16.63 | | $ 15.91 |
| Total Return(c) | | 15.48% | | (16.51)% | | 13.45% (d) | | 6.44% | | 15.81% |
| Ratios/Supplemental Data: | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $614,415 | | $588,132 | | $768,504 | | $743,820 | | $764,667 |
| Ratios to average net assets: | | | | | | | | | | |
| Net expenses | | 0.59% | | 0.64% | | 0.62% | | 0.60% | | 0.61% |
| Gross expenses | | 0.59% | | 0.64% | | 0.62% | | 0.60% | | 0.61% |
| Net investment income | | 2.12% | | 2.02% | | 2.22% | | 1.77% | | 2.24% |
| Portfolio turnover rate | | 72% (e) | | 109% (e) | | 118% (e) | | 92% (e) | | 81% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | Rounds to less than $0.005. |
| (c) | 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. |
| (d) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (e) | The portfolio turnover calculated for the fiscal years ended 12/31/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 76%, 127%, 144% and 103%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Total Return V.I.S. Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the fiscal years indicated
| | | Class 3 |
| | | 12/31/23 | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 |
| Inception date | | | | 5/1/06 |
| Net asset value, beginning of period | | $ 13.05 | | $ 16.00 | | $ 16.57 | | $ 15.86 | | $ 14.01 |
| Income/(loss) from investment operations: | | | | | | | | | | |
| Net investment income(a) | | 0.26 | | 0.25 | | 0.35 | | 0.23 | | 0.30 |
| Net realized and unrealized gains/(losses) on investments | | 1.73 | | (2.92) | | 1.84 | | 0.74 | | 1.88 |
| Total income/(loss) from investment operations | | 1.99 | | (2.67) | | 2.19 | | 0.97 | | 2.18 |
| Contribution from Advisor | | — | | — | | 0.00 (b) | | — | | — |
| Contribution from Affiliate | | — | | — | | 0.00 (b) | | — | | — |
| Less distributions from: | | | | | | | | | | |
| Net investment income | | (0.29) | | (0.06) | | (0.34) | | (0.26) | | (0.33) |
| Net realized gains | | — | | (0.22) | | (2.42) | | — | | — |
| Total distributions | | (0.29) | | (0.28) | | (2.76) | | (0.26) | | (0.33) |
| Net asset value, end of period | | $ 14.75 | | $ 13.05 | | $ 16.00 | | $ 16.57 | | $ 15.86 |
| Total Return(c) | | 15.21% | | (16.72)% | | 13.20% (d) | | 6.14% | | 15.57% |
| Ratios/Supplemental Data: | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $750,510 | | $748,657 | | $1,035,137 | | $1,063,931 | | $1,156,437 |
| Ratios to average net assets: | | | | | | | | | | |
| Net expenses | | 0.84% | | 0.89% | | 0.87% | | 0.85% | | 0.86% |
| Gross expenses | | 0.84% | | 0.89% | | 0.87% | | 0.85% | | 0.86% |
| Net investment income | | 1.87% | | 1.77% | | 1.95% | | 1.52% | | 1.99% |
| Portfolio turnover rate | | 72% (e) | | 109% (e) | | 118% (e) | | 92% (e) | | 81% |
| Notes to Financial Highlights |
| (a) | Per share values have been calculated using the average shares method. |
| (b) | Rounds to less than $0.005. |
| (c) | 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. |
| (d) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (e) | The portfolio turnover calculated for the fiscal years ended 12/31/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 76%, 127%, 144% and 103%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Total Return V.I.S. Fund
Statement of Assets and Liabilities — December 31, 2023
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $1,049,334,768) | $ 1,145,515,452 |
| Investments in affiliated securities, at fair value (cost $210,961,080) | 220,671,012 |
| Cash | 5,097 |
| Foreign currency (cost $2,051,922) | 2,272,778 |
| Receivable for investments sold | 1,041,248 |
| Income receivables | 3,463,344 |
| Income receivable from affiliated investments | 222,264 |
| Receivable for accumulated variation margin on futures contracts | 525,782 |
| Other assets | 7,663 |
| Total assets | 1,373,724,640 |
| Liabilities | |
| Net cash collateral on futures contracts due to broker | 54,679 |
| Payable for investments purchased | 5,848,875 |
| Payable for fund shares redeemed | 249,776 |
| Payable to the Adviser | 398,169 |
| Payable for custody, fund accounting and sub-administration fees | 77,264 |
| Accrued other expenses | 212,085 |
| Distribution and service fees | 1,497,097 |
| Accrued foreign capital gains tax | 461,514 |
| Total liabilities | 8,799,459 |
|
| Net Assets | $ 1,364,925,181 |
| Net Assets Consist of: | |
| Capital paid in | $ 1,364,730,853 |
| Total distributable earnings (loss) | 194,328 |
| Net Assets | $ 1,364,925,181 |
|
| Class 1: | |
| Net Assets | $ 614,414,749 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 41,629,971 |
| Net asset value, offering and redemption price per share | $ 14.76 |
|
| Class 3: | |
| Net Assets | $ 750,510,432 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 50,895,932 |
| Net asset value per share | $ 14.75 |
The accompanying Notes are an integral part of these financial statements.
| 100 | Statement of Assets and Liabilities |
State Street Total Return V.I.S. Fund
Statement of Operations — For the year ended December 31, 2023
| Investment Income | |
| Income | |
| Dividend | $ 20,697,654 |
| Interest | 7,790,378 |
| Income from affiliated investments | 9,103,095 |
| Less: Foreign taxes withheld | (1,287,548) |
| Total income | 36,303,579 |
| Expenses | |
| Advisory and administration fees | 4,696,543 |
| Distribution and service fees | |
| Class 1 | 1,193,210 |
| Class 3 | 3,353,691 |
| Directors' fees | 31,862 |
| Custody, fund accounting and sub-administration fees | 348,431 |
| Professional fees | 85,383 |
| Registration fees | 1,193 |
| Other expenses | 25,969 |
| Total expenses | 9,736,282 |
| Net investment income (loss) | $ 26,567,297 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ (14,257,353)(a) |
| Affiliated investments | (8,428,630) |
| Futures | 514,537 |
| Foreign currency transactions | (176,293) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 172,834,656 (b) |
| Affiliated investments | 13,702,100 |
| Futures | 775,370 |
| Foreign currency translations | 251,174 |
| Net realized and unrealized gain (loss) on investments | 165,215,561 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 191,782,858 |
| (a) | Includes $(11,326) of net realized gains from foreign capital tax gain. |
| (b) | Includes change in deferred foreign capital gains tax amounted to $(369,340). |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 101 |
State Street Total Return V.I.S. Fund
Statements of Changes in Net Assets
| | Year Ended
December 31,
2023 | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 26,567,297 | | $ 28,023,620 |
| Net realized gain (loss) on investments, futures and foreign currency transactions | (22,347,739) | | (97,521,454) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency translations | 187,563,300 | | (221,082,442) |
| Net increase (decrease) from operations | 191,782,858 | | (290,580,276) |
| Distributions to shareholders: | | | |
| Total distributions | | | |
| Class 1 | (13,520,779) | | (15,319,576) |
| Class 3 | (14,685,388) | | (15,466,507) |
| Total distributions | (28,206,167) | | (30,786,083) |
| Increase (decrease) in assets from operations and distributions | 163,576,691 | | (321,366,359) |
| Share transactions: | | | |
| Proceeds from sale of shares | | | |
| Class 1 | 2,733,621 | | 1,961,800 |
| Class 3 | 12,013,475 | | 14,471,950 |
| Value of distributions reinvested | | | |
| Class 1 | 13,520,779 | | 15,319,576 |
| Class 3 | 14,685,388 | | 15,466,507 |
| Cost of shares redeemed | | | |
| Class 1 | (62,632,529) | | (58,470,940) |
| Class 3 | (115,760,740) | | (134,235,003) |
| Net increase (decrease) from share transactions | (135,440,006) | | (145,486,110) |
| Total increase (decrease) in net assets | 28,136,685 | | (466,852,469) |
| Net Assets | | | |
| Beginning of year | 1,336,788,496 | | 1,803,640,965 |
| End of year | $ 1,364,925,181 | | $ 1,336,788,496 |
| Changes in Fund Shares | | | |
| Class 1 | | | |
| Shares sold | 198,196 | | 137,320 |
| Issued for distributions reinvested | 918,531 | | 1,173,015 |
| Shares redeemed | (4,504,249) | | (4,136,020) |
| Net increase (decrease) in fund shares | (3,387,522) | | (2,825,685) |
| Class 3 | | | |
| Shares sold | 868,314 | | 998,611 |
| Issued for distributions reinvested | 998,327 | | 1,185,173 |
| Shares redeemed | (8,325,107) | | (9,515,299) |
| Net increase (decrease) in fund shares | (6,458,466) | | (7,331,515) |
The accompanying Notes are an integral part of these financial statements.
| 102 | Statements of Changes in Net Assets |
State Street Total Return V.I.S. Fund
Notes to Financial Statements — December 31, 2023
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the “Fund”), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
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. |
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| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| • | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
| • | 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. |
| • | Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to 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.
A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of the 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. |
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The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2023 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 the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2023, 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, 2023, 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
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State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
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 initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. 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, 2023, the Fund entered into futures contracts for cash equitization.
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Notes to Financial Statements, continued — December 31, 2023
The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2023 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
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 525,782 | $ — | $ 525,782 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 514,537 | $ — | $ 514,537 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 775,370 | $ — | $ 775,370 |
5.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.35%.
Investor Service Plan — Class 1 and Class 3 Shares The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the 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 Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may have compensated State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the distributor of the shares of the Fund, for certain sales services provided by SSGA FD or other broker dealers and investor services provided by SSGA FD or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan for Class 3 shares may not exceed 0.25% of the average daily net assets of the Fund attributable to such
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State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board, including by those Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-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, 2023 are disclosed in the Schedule of Investments.
6.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2023 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $ 65,098,107 | $ 104,797,300 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 851,308,815 | $ 927,365,461 |
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to capital loss carryforwards, nontaxable dividend adjustments to income, foreign currencies, foreign capital gains taxes, REITs, TIPS
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State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — December 31, 2023
adjustments, premium amortization, investments in futures, investments in partnerships, 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, 2023 were as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 28,206,167 | $ — | $ 28,206,167 |
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Ordinary
Income | Long-Term
Capital Gains | Total |
| $ 16,660,494 | $ 14,125,589 | $ 30,786,083 |
At December 31, 2023, 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 |
| $ 23,433,136 | $ — | $ (79,985,555) | $ — | $ 56,746,747 | $ — | $ 194,328 |
As of December 31, 2023, the Fund had capital loss carryforwards available to offset future realized capital gains as follows:
Non-Expiring
Short Term | Non-Expiring
Long Term |
| $ 47,191,529 | $ 32,794,026 |
As of December 31, 2023, 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) |
| $ 1,309,726,199 | $ 128,810,571 | $ 71,824,912 | $ 56,985,659 |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1.275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless 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 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of December 31, 2023.
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.
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Notes to Financial Statements, continued — December 31, 2023
Interest Rate Risk 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. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
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.
Credit Risk The Fund may 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.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
Russian Sanctions Risk Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
11.Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract
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Notes to Financial Statements, continued — December 31, 2023
modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
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.
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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 series constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the summary schedule of investments, as of December 31, 2023, 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 five years in the period then ended and the related notes (collectively referred to as the “financial statements”). 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 series constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2023, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ 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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust’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 Trust’s internal control over financial 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 16, 2024
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State Street Total Return V.I.S. Fund
Other Information — December 31, 2023 (Unaudited)
Tax Information
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, 2023.
Dividends Received Deduction
The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Interest Dividends
The Fund reports the maximum amount allowable as Section 163(j) Interest Dividend.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
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 and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Total Return V.I.S. Fund
Other Information, continued — December 31, 2023 (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 |
Patrick J. Riley
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1948 | Director
and
Chairperson
of the Board | Term:
Indefinite
Appointed: 4/16
Elected: 1/19 | Associate
Justice of the Superior Court,
Commonwealth of
Massachusetts (2002 – May 2010);
Partner, Riley, Burke
& Donahue, L.L.P. (law firm)
(1985 – 2002); Independent
Director, State Street Global
Advisors Europe
(investment company) (1998 –
2023); Independent Director,
SSGA Liquidity plc (formerly,
SSGA Cash Management
Fund plc) (1998 –
2023); Independent Director,
SSGA Fixed Income plc
(January 2009 – present);
and Independent Director, SSGA
Qualified Funds plc (January 2009 – 2019). | 54 | Board Director and Chairman,
SSGA SPDR ETFs Europe I, plc Board (2011 – March 2023); Board Director and Chairman, SPDR Europe II, plc (2013 – March 2023). Board Director,
State Street Liquidity plc
(1998 – March 2023). |
| | | | | | |
John R. Costantino
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1946 | Director
and
Chairperson of
the Qualified Legal
Compliance
Committee | Term:
Indefinite
Elected: 1997 | Executive, Kleinfeld Bridal Corp. (January 2023 – present); Senior Advisor to NGN Capital LLC (January 2020 – present); Managing General
Partner, NGN Capital LLC
(2006 – December 2019). | 54 | Director of Kleinfeld Bridal
Corp. (January 2016 – present);
Trustee of Neuroscience
Research Institute (1986 – 2017); Trustee of Fordham
University (1989 – 1995 and
2001 – 2007) and Trustee
Emeritus (2007 – present);
Trustee and Independent Chairperson of GE Funds (1993 – February 2011); Director, Muscular Dystrophy Association (2019 – present);
Trustee of Gregorian
University Foundation (1992 –
2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
State Street Total Return V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Donna M. Rapaccioli
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1962 | Director,
Chairperson of
the Audit Committee,
Vice-Chairperson
of the Nominating Committee and Vice Chairperson
of the Governance
Committee | Term:
Indefinite
Appointed: 1/12
Elected: 6/16 | Dean of the Gabelli School of
Business (2007 – present) and
Accounting Professor (1987 –
present) at Fordham
University. | 54 | Director- Graduate
Management Admissions
Council (2015 – present);
Trustee of Emmanuel College
(2010 – 2019). |
| | | | | | |
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:
Indefinite
Elected: 1/19 | Retired; formerly, President
and Chief Executive Officer of
the Federal Home Loan Bank
of Boston (1989 – 2009);
Trustee, Randolph-Macon
College (2004 – 2016). | 54 | None. |
| | | | | | |
Margaret McLaughlin
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1967 | Director,
Vice-Chairperson of the Audit
Committee and Vice-Chairperson
of the Qualified Legal
Compliance Committee | Term:
Indefinite
Appointed:
9/22 | Consultant, Bates Group
(consultants) (September 2020 – January 2023); Consultant,
Madison Dearborn
Partners (private equity)
(2019 – 2020); General
Counsel/CCO, Kramer
Van Kirk Credit
Strategies L.P./Mariana Systems LLC
(Investment Adviser/SaaS Technology) (2011 – 2019). | 54 | Director, Manning & Napier
Fund Inc (2021 – 2022). |
| | | | | | |
George M. Pereira
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1964 | Director,
Chairperson of the Nominating
Committee and
Chairperson of the
Governance Committee | Term: Indefinite
Appointed:
9/22 | Chief Operating Officer
(January 2011 – September 2020) and
Chief Financial Officer
(November 2004 – September 2020),
Charles Schwab Investment Management. | 54 | Director, Pave Finance Inc. (May 2023 – present); Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
State Street Total Return V.I.S. Fund
Other Information, continued — December 31, 2023 (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) |
| | | | | |
Mark E. Swanson
c/o SSGA Funds
Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1963 | Director and
Vice-Chairperson of the Valuation
Committee | Term:
Indefinite
Appointed:
3/23 | Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Funds (“RIF”) (1998 –
2022); Global Head of
Fund Services, Russell Investments
(2013 – 2022);
Treasurer, Chief
Accounting Officer
and Chief Financial
Officer, Russell
Investment
Company (“RIC”)
(1998 – 2022);
President and Chief
Executive Officer, RIF
(2016 – 2017 and
2020 – 2022);
President and Chief
Executive Officer, RIC
(2016 – 2017 and 2020 –
2022). | 54 | Director and
President, Russell
Investments Fund
Services, LLC
(2010 – 2023
Director, Russell
Investment
Management, LLC,
Russell Investments
Trust Company and Russell Investments
Financial Services,
LLC (2010 – 2023). |
| | | | | |
| † | 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 Adviser. |
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: |
Ann M. Carpenter
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1966 | President and
Principal
Executive
Officer; Deputy
Treasurer | Term:
Indefinite
Served:
since 10/12
Term:
Indefinite
Served:
since 5/23 | Chief Operating Officer, SSGA Funds
Management, Inc. (April 2005 – present)*;
Managing Director, State Street Global Advisors
(April 2005 – present).* |
| | | | |
Bruce S. Rosenberg
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1961 | Treasurer | Term:
Indefinite
Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015). |
State Street Total Return V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Chad C. Hallett
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1969 | Deputy
Treasurer | Term:
Indefinite
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present). |
| | | | |
Darlene Anderson-Vasquez
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1968 | Deputy
Treasurer | Term:
Indefinite
Served: since 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
Served: since 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present). |
| | | | |
David K. Lancaster
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Treasurer | Term:
Indefinite
Served: since 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 – present); Assistant Vice President, State Street Bank and Trust Company (November 2011 – July 2017).* |
| | | | |
John Bettencourt
SSGA Funds Management, Inc.
One Iron Street
Boston MA 02210
YOB: 1976 | Assistant Treasurer | Term:
Indefinite
Served: since
5/22 | Vice President, State Street Global Advisors and SSGA
Funds Management, Inc. (March 2020 – present); Assistant
Vice President, State Street Global Advisors (June 2007 –
March 2020). |
| | | | |
Vedran Vukovic
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant Treasurer | Term:
Indefinite
Served: since
2/24 | Vice President, State Street Global Advisors (2023 – present); Assistant Vice President, Brown Brothers Harriman & Co. (2011 – 2023). |
| | | | |
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 Served: since 6/16
Term:
Indefinite Served: since 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present).* |
State Street Total Return V.I.S. Fund
Other Information, continued — December 31, 2023 (Unaudited)
Name,
Address, and
Year of Birth | Position(s) Held
with Funds | Term of
Office and
Length of
Time Served | Principal Occupation
During Past Five Years |
| OFFICERS: (continued) |
| | | |
Andrew J. DeLorme
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1975 | Chief Legal Officer | Term:
Indefinite
Served: since
2/24 | Managing Director and Managing Counsel, State Street Global Advisors (March 2023 – present); Counsel, K&L Gates (February 2021 – March 2023); Vice President and Senior Counsel, State Street Global Advisors (August 2014 – February 2021). |
| | | | |
David Barr
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1974 | Secretary | Term:
Indefinite
Served: since
9/20 | Vice President and Senior Counsel, State Street Global
Advisors (October 2019 – present); Vice President and
Counsel, Eaton Vance Corp. (October 2010 – October
2019). |
| | | | |
E. Gerard Maiorana, Jr.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1971 | Assistant Secretary | Term:
Indefinite
Served: Since
5/23 | Assistant Vice President, State Street Global
Advisors (July 2014 – present). |
| | | | |
David Urman
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
YOB: 1985 | Assistant
Secretary | Term:
Indefinite
Served: since 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. |
[This page intentionally left blank]
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Vedran Vukovic, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Andrew J. DeLorme, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 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 Form N-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 Form N-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 Form N-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 Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. John R. Costantino, Mr. George M. Pereira, Mr. Mark E. Swanson 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 Form N-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.
For the fiscal years ended December 31, 2023 and December 31, 2022, 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 $217,458 and $217,458, respectively.
For the fiscal years ended December 31, 2023 and December 31, 2022, 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.
For the fiscal years ending December 31, 2023 and December 31, 2022 the aggregate tax fees billed for professional services rendered by E&Y for the review of year-end distribution requirements were $13,407 and $13,407, respectively.
For the fiscal years ended December 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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) were pre-approved by the Audit Committee were approximately $9,540,002 and $9,327,125, respectively.
| (e)(1) | Audit Committee Pre-Approval Policies and Procedures |
The Company’s Audit Committee Charter states the following with respect to pre-approval procedures:
The Audit Committee shall have the following duties and powers:
| | • | | To pre-approve engagements by a Fund Entity’s independent auditor for non-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 Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-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 to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting; |
Alternate Pre-Approval Procedure:
| | • | | The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-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 Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
| (g) | Total Fees Paid By Adviser and Certain Affiliates |
For the fiscal years ended December 31, 2023 and December 31, 2022, the aggregate non-audit fees billed by E&Y for services rendered to the Company and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Company were approximately $39,000,000 and $38,000,000, respectively.
| (h) | E&Y notified the Company’s Audit Committee of all non-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 be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-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) | Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form N-CSR. |
| (b) | Not applicable to the Registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| (a) | Not applicable to the Registrant. |
| (b) | Not applicable to the Registrant. |
Item 13. Exhibits.
| (a)(3) | Not applicable to the Registrant. |
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.
STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.
| | |
| By: | | /s/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
| |
Date: | | February 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
| |
Date: | | February 26, 2024 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
| |
Date: | | February 26, 2024 |
