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 | | Adam M. Schlichtmann, 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: June 30, 2024
Item 1. Report to Shareholders.
| (a) | The Report to Shareholders is attached herewith. |
State Street Income V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Income V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the past six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $71 | 1.44% |
| Statistic | Value |
|---|
| Total Net Assets | $9,614,428 |
| # of Portfolio Holdings | 1,009 |
| Portfolio Turnover Rate | 26% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Bonds and Notes | 95.8% |
| Short-Term Investments | 19.8% |
| Holdings | % Value of Total Net Assets |
| U.S. Treasury Notes | 26.4% |
| Uniform Mortgage-Backed Security, TBA | 14.0% |
| Federal National Mortgage Association | 6.7% |
| U.S. Treasury Bonds | 5.3% |
| Federal Home Loan Mortgage Corp. | 4.0% |
| Government National Mortgage Association | 3.8% |
| Bank | 2.2% |
| GS Mortgage Securities Trust | 1.9% |
| Government National Mortgage Association, TBA | 1.4% |
| BPR Trust | 0.8% |
State Street Premier Growth Equity V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Premier Growth Equity V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the last six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $49 | 0.88% |
| Statistic | Value |
|---|
| Total Net Assets | $35,675,177 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 18% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Common Stock | 91.6% |
| Exchange Traded & Mutual Funds | 4.1% |
| Short-Term Investments | 4.3% |
| Holdings | % Value of Total Net Assets |
| Microsoft Corp. | 12.2% |
| NVIDIA Corp. | 11.9% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. | 5.4% |
| Alphabet, Inc. | 4.6% |
| Apple, Inc. | 4.5% |
| Technology Select Sector SPDR Fund | 4.2% |
| Alphabet, Inc. | 4.1% |
| Broadcom, Inc. | 3.3% |
| UnitedHealth Group, Inc. | 2.6% |
State Street Real Estate Securities V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Real Estate Securities V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the past six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $49 | 0.98% |
| Statistic | Value |
|---|
| Total Net Assets | $63,494,989 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Common Stock | 99.4% |
| Short-Term Investments | 0.5% |
| Holdings | % Value of Total Net Assets |
| Prologis, Inc. | 8.4% |
| Equinix, Inc. | 8.0% |
| Welltower, Inc. | 5.8% |
| UDR, Inc. | 4.8% |
| Digital Realty Trust, Inc. | 4.3% |
| Extra Space Storage, Inc. | 4.1% |
| Ventas, Inc. | 3.9% |
| Realty Income Corp. | 3.7% |
| Equity Residential | 3.5% |
| Simon Property Group, Inc. | 3.4% |
State Street S&P 500 Index V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street S&P 500 Index V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the past six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $17 | 0.31% |
| Statistic | Value |
|---|
| Total Net Assets | $195,096,059 |
| # of Portfolio Holdings | 506 |
| Portfolio Turnover Rate | 1% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Common Stock | 98.1% |
| Short-Term Investments | 1.8% |
| Holdings | % Value of Total Net Assets |
| Microsoft Corp. | 7.1% |
| NVIDIA Corp. | 6.5% |
| Apple, Inc. | 6.5% |
| Alphabet, Inc. | 4.2% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc. | 2.4% |
| Berkshire Hathaway, Inc. | 1.6% |
| Eli Lilly & Co. | 1.5% |
| Broadcom, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.2% |
State Street Small-Cap Equity V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Small-Cap Equity V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the last six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $65 | 1.30% |
| Statistic | Value |
|---|
| Total Net Assets | $24,905,827 |
| # of Portfolio Holdings | 320 |
| Portfolio Turnover Rate | 22% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Common Stock | 94.6% |
| Short-Term Investments | 5.1% |
| Holdings | % Value of Total Net Assets |
| Enerpac Tool Group Corp. | 1.8% |
| MGP Ingredients, Inc. | 1.7% |
| Dycom Industries, Inc. | 1.1% |
| Belden, Inc. | 1.1% |
| Boot Barn Holdings, Inc. | 1.0% |
| Darling Ingredients, Inc. | 1.0% |
| Brink's Co. | 1.0% |
| SM Energy Co. | 1.0% |
| RB Global, Inc. | 1.0% |
| Ingevity Corp. | 0.9% |
State Street Total Return V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Total Return V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the last six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $30 | 0.59% |
| Statistic | Value |
|---|
| Total Net Assets | $1,082,586,200 |
| # of Portfolio Holdings | 6,169 |
| Portfolio Turnover Rate | 35% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Domestic Equity | 40.7% |
| Foreign Equity | 26.9% |
| Bonds and Notes | 14.9% |
| Exchange Traded & Mutual Funds | 13.9% |
| Short-Term Investments | -% |
| Holdings | % Value of Total Net Assets |
| SPDR Bloomberg High Yield Bond ETF | 8.5% |
| SPDR Portfolio Long Term Treasury ETF | 3.0% |
| SPDR Portfolio Aggregate Bond ETF | 2.5% |
| Microsoft Corp. | 2.1% |
| Apple, Inc. | 2.0% |
| NVIDIA Corp. | 1.9% |
| Amazon.com, Inc. | 1.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.0% |
| Meta Platforms, Inc. | 0.7% |
| Alphabet, Inc. | 0.7% |
State Street Total Return V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street Total Return V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the last six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 3 | $43 | 0.84% |
| Statistic | Value |
|---|
| Total Net Assets | $1,082,586,200 |
| # of Portfolio Holdings | 6,169 |
| Portfolio Turnover Rate | 35% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Domestic Equity | 40.7% |
| Foreign Equity | 26.9% |
| Bonds and Notes | 14.9% |
| Exchange Traded & Mutual Funds | 13.9% |
| Short-Term Investments | -% |
| Holdings | % Value of Total Net Assets |
| SPDR Bloomberg High Yield Bond ETF | 8.5% |
| SPDR Portfolio Long Term Treasury ETF | 3.0% |
| SPDR Portfolio Aggregate Bond ETF | 2.5% |
| Microsoft Corp. | 2.1% |
| Apple, Inc. | 2.0% |
| NVIDIA Corp. | 1.9% |
| Amazon.com, Inc. | 1.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.0% |
| Meta Platforms, Inc. | 0.7% |
| Alphabet, Inc. | 0.7% |
State Street U.S. Equity V.I.S. Fund
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the State Street U.S. Equity V.I.S. Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund at www.ssga.com. You can also request this information by contacting us at 1-800-242-0134.
What were the Fund costs for the last six-months?
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $48 | 0.88% |
| Statistic | Value |
|---|
| Total Net Assets | $23,351,709 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 26% |
What did the Fund invest in?
| Asset | % Value of Total Net Assets |
| Common Stock | 97.0% |
| Short-Term Investments | 3.0% |
| Holdings | % Value of Total Net Assets |
| Microsoft Corp. | 7.5% |
| NVIDIA Corp. | 7.5% |
| Apple, Inc. | 6.0% |
| Amazon.com, Inc. | 4.7% |
| Alphabet, Inc. | 4.7% |
| Meta Platforms, Inc. | 3.1% |
| JPMorgan Chase & Co. | 2.3% |
| Broadcom, Inc. | 2.1% |
| UnitedHealth Group, Inc. | 1.8% |
| Merck & Co., Inc. | 1.7% |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. 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. Financial Statements and Financial Highlights for Open-End Management Investment Companies
| (a) | The Registrant’s Financial Statements are attached herewith. |
| (b) | The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form. |
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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.
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State Street S&P 500 Index V.I.S. Fund
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 98.1% † |
| Advertising - 0.1% |
| Interpublic Group of Cos., Inc. | 1,662 | $48,347 |
| Omnicom Group, Inc. | 814 | 73,016 |
| | | 121,363 |
| Aerospace & Defense - 1.8% |
| Axon Enterprise, Inc. (a) | 300 | 88,272 |
| Boeing Co. (a) | 2,431 | 442,466 |
| General Dynamics Corp. | 965 | 279,985 |
| General Electric Co. | 4,512 | 717,273 |
| Howmet Aerospace, Inc. | 1,636 | 127,003 |
| Huntington Ingalls Industries, Inc. | 171 | 42,122 |
| L3Harris Technologies, Inc. | 765 | 171,804 |
| Lockheed Martin Corp. | 912 | 425,995 |
| Northrop Grumman Corp. | 596 | 259,826 |
| RTX Corp. | 5,562 | 558,369 |
| Textron, Inc. | 846 | 72,638 |
| TransDigm Group, Inc. | 240 | 306,626 |
| | | 3,492,379 |
| Agricultural & Farm Machinery - 0.2% |
| Deere & Co. | 1,115 | 416,597 |
| Agricultural Products & Services - 0.1% |
| Archer-Daniels-Midland Co. | 2,061 | 124,587 |
| Bunge Global SA | 627 | 66,945 |
| | | 191,532 |
| Air Freight & Logistics - 0.4% |
| CH Robinson Worldwide, Inc. | 452 | 39,830 |
| Expeditors International of Washington, Inc. | 528 | 65,889 |
| FedEx Corp. | 974 | 292,044 |
| United Parcel Service, Inc., Class B | 3,083 | 421,909 |
| | | 819,672 |
| Apparel Retail - 0.4% |
| Ross Stores, Inc. | 1,427 | 207,372 |
| TJX Cos., Inc. | 4,679 | 515,158 |
| | | 722,530 |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Lululemon Athletica, Inc. (a) | 500 | 149,350 |
| Ralph Lauren Corp. | 170 | 29,760 |
| Tapestry, Inc. | 990 | 42,362 |
| | | 221,472 |
| | Number
of Shares | Fair
Value |
| Application Software - 2.3% |
| Adobe, Inc. (a) | 1,870 | $1,038,860 |
| ANSYS, Inc. (a) | 358 | 115,097 |
| Autodesk, Inc. (a) | 924 | 228,644 |
| Cadence Design Systems, Inc. (a) | 1,156 | 355,759 |
| Fair Isaac Corp. (a) | 100 | 148,866 |
| Intuit, Inc. | 1,175 | 772,222 |
| PTC, Inc. (a) | 500 | 90,835 |
| Roper Technologies, Inc. | 453 | 255,338 |
| Salesforce, Inc. | 4,003 | 1,029,171 |
| Synopsys, Inc. (a) | 650 | 386,789 |
| Tyler Technologies, Inc. (a) | 182 | 91,506 |
| | | 4,513,087 |
| Asset Management & Custody Banks - 0.9% |
| Ameriprise Financial, Inc. | 439 | 187,536 |
| Bank of New York Mellon Corp. | 3,017 | 180,688 |
| BlackRock, Inc. | 598 | 470,817 |
| Blackstone, Inc. (b) | 3,000 | 371,400 |
| Franklin Resources, Inc. | 991 | 22,149 |
| Invesco Ltd. | 1,674 | 25,043 |
| KKR & Co., Inc. | 2,800 | 294,672 |
| Northern Trust Corp. | 820 | 68,864 |
| State Street Corp. (c) | 1,322 | 97,828 |
| T Rowe Price Group, Inc. | 928 | 107,008 |
| | | 1,826,005 |
| Automobile Manufacturers - 1.4% |
| Ford Motor Co. | 15,953 | 200,050 |
| General Motors Co. | 4,722 | 219,384 |
| Tesla, Inc. (a) | 11,544 | 2,284,327 |
| | | 2,703,761 |
| Automotive Parts & Equipment - 0.1% |
| Aptiv PLC (a) | 1,165 | 82,039 |
| BorgWarner, Inc. | 863 | 27,823 |
| | | 109,862 |
| Automotive Retail - 0.3% |
| AutoZone, Inc. (a) | 73 | 216,379 |
| CarMax, Inc. (a) | 678 | 49,725 |
| O'Reilly Automotive, Inc. (a) | 250 | 264,015 |
| | | 530,119 |
| Biotechnology - 1.9% |
| AbbVie, Inc. | 7,355 | 1,261,530 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 1 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Amgen, Inc. | 2,246 | $701,763 |
| Biogen, Inc. (a) | 625 | 144,888 |
| Gilead Sciences, Inc. | 5,194 | 356,360 |
| Incyte Corp. (a) | 768 | 46,556 |
| Moderna, Inc. (a) | 1,415 | 168,031 |
| Regeneron Pharmaceuticals, Inc. (a) | 448 | 470,861 |
| Vertex Pharmaceuticals, Inc. (a) | 1,077 | 504,811 |
| | | 3,654,800 |
| Brewers - 0.0%* |
| Molson Coors Beverage Co., Class B | 810 | 41,172 |
| Broadcasting - 0.0%* |
| Fox Corp., Class A | 867 | 29,799 |
| Fox Corp., Class B | 740 | 23,695 |
| Paramount Global, Class B | 2,036 | 21,154 |
| | | 74,648 |
| Broadline Retail - 3.9% |
| Amazon.com, Inc. (a) | 38,244 | 7,390,653 |
| eBay, Inc. | 2,072 | 111,308 |
| Etsy, Inc. (a) | 400 | 23,592 |
| | | 7,525,553 |
| Building Products - 0.5% |
| A O Smith Corp. | 491 | 40,154 |
| Allegion PLC | 398 | 47,024 |
| Builders FirstSource, Inc. (a) | 500 | 69,205 |
| Carrier Global Corp. | 3,408 | 214,977 |
| Johnson Controls International PLC | 2,854 | 189,705 |
| Masco Corp. | 906 | 60,403 |
| Trane Technologies PLC | 977 | 321,364 |
| | | 942,832 |
| Cable & Satellite - 0.4% |
| Charter Communications, Inc., Class A (a) | 426 | 127,357 |
| Comcast Corp., Class A | 16,295 | 638,112 |
| | | 765,469 |
| Cargo Ground Transportation - 0.1% |
| JB Hunt Transport Services, Inc. | 354 | 56,640 |
| | Number
of Shares | Fair
Value |
| Old Dominion Freight Line, Inc. | 756 | $133,510 |
| | | 190,150 |
| Casinos & Gaming - 0.1% |
| Caesars Entertainment, Inc. (a) | 771 | 30,640 |
| Las Vegas Sands Corp. | 1,425 | 63,056 |
| MGM Resorts International (a) | 917 | 40,751 |
| Wynn Resorts Ltd. | 411 | 36,785 |
| | | 171,232 |
| Commodity Chemicals - 0.1% |
| Dow, Inc. | 3,017 | 160,052 |
| LyondellBasell Industries NV, Class A | 1,039 | 99,391 |
| | | 259,443 |
| Communications Equipment - 0.8% |
| Arista Networks, Inc. (a) | 1,067 | 373,962 |
| Cisco Systems, Inc. | 16,892 | 802,539 |
| F5, Inc. (a) | 257 | 44,263 |
| Juniper Networks, Inc. | 1,208 | 44,044 |
| Motorola Solutions, Inc. | 715 | 276,026 |
| | | 1,540,834 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 760 | 64,060 |
| Construction & Engineering - 0.1% |
| Quanta Services, Inc. | 633 | 160,839 |
| Construction Machinery & Heavy Transportation Equipment - 0.6% |
| Caterpillar, Inc. | 2,058 | 685,520 |
| Cummins, Inc. | 598 | 165,604 |
| PACCAR, Inc. | 2,225 | 229,041 |
| Westinghouse Air Brake Technologies Corp. | 736 | 116,325 |
| | | 1,196,490 |
| Construction Materials - 0.1% |
| Martin Marietta Materials, Inc. | 271 | 146,828 |
| Vulcan Materials Co. | 574 | 142,742 |
| | | 289,570 |
| Consumer Electronics - 0.1% |
| Garmin Ltd. | 641 | 104,432 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Consumer Finance - 0.5% |
| American Express Co. | 2,333 | $540,206 |
| Capital One Financial Corp. | 1,612 | 223,182 |
| Discover Financial Services | 1,080 | 141,275 |
| Synchrony Financial | 1,581 | 74,607 |
| | | 979,270 |
| Consumer Staples Merchandise Retail - 1.7% |
| Costco Wholesale Corp. | 1,851 | 1,573,332 |
| Dollar General Corp. | 888 | 117,420 |
| Dollar Tree, Inc. (a) | 861 | 91,929 |
| Target Corp. | 1,893 | 280,240 |
| Walmart, Inc. | 17,844 | 1,208,217 |
| | | 3,271,138 |
| Copper - 0.1% |
| Freeport-McMoRan, Inc. | 5,992 | 291,211 |
| Data Center REITs - 0.3% |
| Digital Realty Trust, Inc. | 1,326 | 201,618 |
| Equinix, Inc. | 387 | 292,804 |
| | | 494,422 |
| Data Processing & Outsourced Services - 0.0%* |
| Broadridge Financial Solutions, Inc. | 475 | 93,575 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 755 | 32,609 |
| Constellation Brands, Inc., Class A | 704 | 181,125 |
| | | 213,734 |
| Distributors - 0.1% |
| Genuine Parts Co. | 586 | 81,056 |
| LKQ Corp. | 1,038 | 43,170 |
| Pool Corp. | 151 | 46,407 |
| | | 170,633 |
| Diversified Banks - 2.9% |
| Bank of America Corp. | 28,382 | 1,128,752 |
| Citigroup, Inc. | 7,943 | 504,063 |
| Fifth Third Bancorp | 2,941 | 107,317 |
| JPMorgan Chase & Co. | 11,954 | 2,417,816 |
| KeyCorp | 3,987 | 56,655 |
| PNC Financial Services Group, Inc. | 1,686 | 262,139 |
| U.S. Bancorp | 6,614 | 262,576 |
| | Number
of Shares | Fair
Value |
| Wells Fargo & Co. | 14,577 | $865,728 |
| | | 5,605,046 |
| Diversified Support Services - 0.2% |
| Cintas Corp. | 365 | 255,595 |
| Copart, Inc. (a) | 3,576 | 193,676 |
| | | 449,271 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 3,007 | 36,370 |
| Electric Utilities - 1.4% |
| Alliant Energy Corp. | 1,156 | 58,840 |
| American Electric Power Co., Inc. | 2,171 | 190,484 |
| Constellation Energy Corp. | 1,265 | 253,342 |
| Duke Energy Corp. | 3,182 | 318,932 |
| Edison International | 1,623 | 116,548 |
| Entergy Corp. | 900 | 96,300 |
| Evergy, Inc. | 888 | 47,037 |
| Eversource Energy | 1,362 | 77,239 |
| Exelon Corp. | 4,140 | 143,285 |
| FirstEnergy Corp. | 2,261 | 86,528 |
| NextEra Energy, Inc. | 8,608 | 609,533 |
| NRG Energy, Inc. | 891 | 69,373 |
| PG&E Corp. | 8,613 | 150,383 |
| Pinnacle West Capital Corp. | 489 | 37,350 |
| PPL Corp. | 3,183 | 88,010 |
| Southern Co. | 4,581 | 355,348 |
| Xcel Energy, Inc. | 2,320 | 123,911 |
| | | 2,822,443 |
| Electrical Components & Equipment - 0.6% |
| AMETEK, Inc. | 968 | 161,375 |
| Eaton Corp. PLC | 1,692 | 530,527 |
| Emerson Electric Co. | 2,444 | 269,231 |
| Generac Holdings, Inc. (a) | 265 | 35,038 |
| Hubbell, Inc. | 200 | 73,096 |
| Rockwell Automation, Inc. | 514 | 141,494 |
| | | 1,210,761 |
| Electronic Components - 0.2% |
| Amphenol Corp., Class A | 5,080 | 342,239 |
| Corning, Inc. | 3,162 | 122,844 |
| | | 465,083 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 3 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Electronic Equipment & Instruments - 0.2% |
| Keysight Technologies, Inc. (a) | 774 | $105,845 |
| Teledyne Technologies, Inc. (a) | 194 | 75,268 |
| Trimble, Inc. (a) | 941 | 52,621 |
| Zebra Technologies Corp., Class A (a) | 222 | 68,582 |
| | | 302,316 |
| Electronic Manufacturing Services - 0.1% |
| Jabil, Inc. | 500 | 54,395 |
| TE Connectivity Ltd. | 1,236 | 185,931 |
| | | 240,326 |
| Environmental & Facilities Services - 0.3% |
| Republic Services, Inc. | 792 | 153,917 |
| Rollins, Inc. | 1,200 | 58,548 |
| Veralto Corp. | 947 | 90,410 |
| Waste Management, Inc. | 1,457 | 310,837 |
| | | 613,712 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| CF Industries Holdings, Inc. | 739 | 54,775 |
| Corteva, Inc. | 2,836 | 152,974 |
| FMC Corp. | 553 | 31,825 |
| Mosaic Co. | 1,427 | 41,240 |
| | | 280,814 |
| Financial Exchanges & Data - 1.0% |
| Cboe Global Markets, Inc. | 438 | 74,486 |
| CME Group, Inc. | 1,454 | 285,857 |
| FactSet Research Systems, Inc. | 157 | 64,098 |
| Intercontinental Exchange, Inc. | 2,433 | 333,053 |
| MarketAxess Holdings, Inc. | 180 | 36,096 |
| Moody's Corp. | 674 | 283,707 |
| MSCI, Inc. | 317 | 152,715 |
| Nasdaq, Inc. | 1,512 | 91,113 |
| S&P Global, Inc. | 1,364 | 608,344 |
| | | 1,929,469 |
| Food Distributors - 0.1% |
| Sysco Corp. | 2,060 | 147,063 |
| Food Retail - 0.1% |
| Kroger Co. | 2,748 | 137,208 |
| | Number
of Shares | Fair
Value |
| Footwear - 0.2% |
| Deckers Outdoor Corp. (a) | 100 | $96,795 |
| NIKE, Inc., Class B | 5,090 | 383,633 |
| | | 480,428 |
| Gas Utilities - 0.0%* |
| Atmos Energy Corp. | 660 | 76,989 |
| Gold - 0.1% |
| Newmont Corp. | 4,777 | 200,013 |
| Health Care REITs - 0.3% |
| Alexandria Real Estate Equities, Inc. | 700 | 81,879 |
| Healthpeak Properties, Inc. | 3,169 | 62,113 |
| Ventas, Inc. | 1,762 | 90,320 |
| Welltower, Inc. | 2,444 | 254,787 |
| | | 489,099 |
| Healthcare Distributors - 0.3% |
| Cardinal Health, Inc. | 1,065 | 104,711 |
| Cencora, Inc. | 715 | 161,089 |
| Henry Schein, Inc. (a) | 561 | 35,960 |
| McKesson Corp. | 567 | 331,151 |
| | | 632,911 |
| Healthcare Equipment - 2.3% |
| Abbott Laboratories | 7,296 | 758,127 |
| Baxter International, Inc. | 2,181 | 72,954 |
| Becton Dickinson & Co. | 1,252 | 292,605 |
| Boston Scientific Corp. (a) | 6,109 | 470,454 |
| Dexcom, Inc. (a) | 1,654 | 187,531 |
| Edwards Lifesciences Corp. (a) | 2,519 | 232,680 |
| GE HealthCare Technologies, Inc. | 1,721 | 134,100 |
| Hologic, Inc. (a) | 962 | 71,429 |
| IDEXX Laboratories, Inc. (a) | 363 | 176,854 |
| Insulet Corp. (a) | 300 | 60,540 |
| Intuitive Surgical, Inc. (a) | 1,493 | 664,161 |
| Medtronic PLC | 5,498 | 432,748 |
| ResMed, Inc. | 617 | 118,106 |
| STERIS PLC | 400 | 87,816 |
| Stryker Corp. | 1,448 | 492,682 |
| Teleflex, Inc. | 222 | 46,693 |
| Zimmer Biomet Holdings, Inc. | 862 | 93,553 |
| | | 4,393,033 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Healthcare Facilities - 0.2% |
| HCA Healthcare, Inc. | 845 | $271,482 |
| Universal Health Services, Inc., Class B | 241 | 44,568 |
| | | 316,050 |
| Healthcare Services - 0.4% |
| Cigna Group | 1,140 | 376,850 |
| CVS Health Corp. | 5,253 | 310,242 |
| DaVita, Inc. (a) | 258 | 35,751 |
| Labcorp Holdings, Inc. | 293 | 59,629 |
| Quest Diagnostics, Inc. | 458 | 62,691 |
| | | 845,163 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 287 | 69,291 |
| Cooper Cos., Inc. | 858 | 74,903 |
| Solventum Corp. (a) | 616 | 32,574 |
| | | 176,768 |
| Heavy Electrical Equipment - 0.1% |
| GE Vernova, Inc. (a) | 1,078 | 184,888 |
| Home Building - 0.3% |
| DR Horton, Inc. | 1,211 | 170,666 |
| Lennar Corp., Class A | 967 | 144,924 |
| NVR, Inc. (a) | 12 | 91,063 |
| PulteGroup, Inc. | 907 | 99,861 |
| | | 506,514 |
| Home Furnishings - 0.0%* |
| Mohawk Industries, Inc. (a) | 175 | 19,878 |
| Home Improvement Retail - 1.0% |
| Home Depot, Inc. | 4,106 | 1,413,449 |
| Lowe's Cos., Inc. | 2,438 | 537,482 |
| | | 1,950,931 |
| Hotel & Resort REITs - 0.0%* |
| Host Hotels & Resorts, Inc. | 2,755 | 49,535 |
| Hotels, Resorts & Cruise Lines - 0.8% |
| Airbnb, Inc., Class A (a) | 1,846 | 279,909 |
| Booking Holdings, Inc. (b) | 146 | 578,379 |
| Carnival Corp. (a) | 4,167 | 78,006 |
| Expedia Group, Inc. (a) | 489 | 61,609 |
| Hilton Worldwide Holdings, Inc. | 1,000 | 218,200 |
| | Number
of Shares | Fair
Value |
| Marriott International, Inc., Class A | 965 | $233,308 |
| Norwegian Cruise Line Holdings Ltd. (a) | 1,496 | 28,110 |
| Royal Caribbean Cruises Ltd. (a) | 1,036 | 165,170 |
| | | 1,642,691 |
| Household Products - 1.2% |
| Church & Dwight Co., Inc. | 1,069 | 110,834 |
| Clorox Co. | 513 | 70,009 |
| Colgate-Palmolive Co. | 3,405 | 330,421 |
| Kimberly-Clark Corp. | 1,355 | 187,261 |
| Procter & Gamble Co. | 9,856 | 1,625,452 |
| | | 2,323,977 |
| Human Resource & Employment Services - 0.3% |
| Automatic Data Processing, Inc. | 1,656 | 395,271 |
| Dayforce, Inc. (a) | 666 | 33,034 |
| Paychex, Inc. | 1,283 | 152,112 |
| Paycom Software, Inc. | 203 | 29,037 |
| | | 609,454 |
| Independent Power Producers & Energy Traders - 0.1% |
| AES Corp. | 2,716 | 47,720 |
| Vistra Corp. | 1,400 | 120,372 |
| | | 168,092 |
| Industrial Conglomerates - 0.4% |
| 3M Co. | 2,287 | 233,708 |
| Honeywell International, Inc. | 2,694 | 575,277 |
| | | 808,985 |
| Industrial Gases - 0.6% |
| Air Products & Chemicals, Inc. | 963 | 248,502 |
| Linde PLC | 1,972 | 865,333 |
| | | 1,113,835 |
| Industrial Machinery & Supplies & Components - 0.7% |
| Dover Corp. | 526 | 94,917 |
| Fortive Corp. | 1,455 | 107,815 |
| IDEX Corp. | 340 | 68,408 |
| Illinois Tool Works, Inc. | 1,154 | 273,452 |
| Ingersoll Rand, Inc. | 1,662 | 150,976 |
| Nordson Corp. | 237 | 54,970 |
| Otis Worldwide Corp. | 1,651 | 158,925 |
| Parker-Hannifin Corp. | 528 | 267,068 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 5 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Pentair PLC | 696 | $53,362 |
| Snap-on, Inc. | 182 | 47,573 |
| Stanley Black & Decker, Inc. | 649 | 51,849 |
| Xylem, Inc. | 957 | 129,798 |
| | | 1,459,113 |
| Industrial REITs - 0.2% |
| Prologis, Inc. | 3,849 | 432,281 |
| Insurance Brokers - 0.6% |
| Aon PLC, Class A | 948 | 278,314 |
| Arthur J Gallagher & Co. | 927 | 240,380 |
| Brown & Brown, Inc. | 940 | 84,046 |
| Marsh & McLennan Cos., Inc. | 2,003 | 422,072 |
| Willis Towers Watson PLC | 449 | 117,701 |
| | | 1,142,513 |
| Integrated Oil & Gas - 1.8% |
| Chevron Corp. | 7,120 | 1,113,711 |
| Exxon Mobil Corp. | 18,691 | 2,151,708 |
| Occidental Petroleum Corp. | 2,842 | 179,131 |
| | | 3,444,550 |
| Integrated Telecommunication Services - 0.7% |
| AT&T, Inc. | 29,910 | 571,580 |
| Verizon Communications, Inc. | 17,520 | 722,525 |
| | | 1,294,105 |
| Interactive Home Entertainment - 0.1% |
| Electronic Arts, Inc. | 965 | 134,453 |
| Take-Two Interactive Software, Inc. (a) | 685 | 106,511 |
| | | 240,964 |
| Interactive Media & Services - 6.6% |
| Alphabet, Inc., Class A | 24,577 | 4,476,701 |
| Alphabet, Inc., Class C | 20,312 | 3,725,627 |
| Match Group, Inc. (a) | 1,240 | 37,671 |
| Meta Platforms, Inc., Class A | 9,125 | 4,601,007 |
| | | 12,841,006 |
| Internet Services & Infrastructure - 0.1% |
| Akamai Technologies, Inc. (a) | 614 | 55,309 |
| GoDaddy, Inc., Class A (a) | 600 | 83,826 |
| VeriSign, Inc. (a) | 374 | 66,497 |
| | | 205,632 |
| | Number
of Shares | Fair
Value |
| Investment Banking & Brokerage - 0.9% |
| Charles Schwab Corp. | 6,208 | $457,468 |
| Goldman Sachs Group, Inc. | 1,367 | 618,321 |
| Morgan Stanley | 5,275 | 512,677 |
| Raymond James Financial, Inc. | 793 | 98,023 |
| | | 1,686,489 |
| IT Consulting & Other Services - 0.9% |
| Accenture PLC, Class A | 2,574 | 780,977 |
| Cognizant Technology Solutions Corp., Class A | 1,980 | 134,640 |
| EPAM Systems, Inc. (a) | 173 | 32,543 |
| Gartner, Inc. (a) | 328 | 147,292 |
| International Business Machines Corp. | 3,851 | 666,030 |
| | | 1,761,482 |
| Leisure Products - 0.0%* |
| Hasbro, Inc. | 563 | 32,935 |
| Life & Health Insurance - 0.3% |
| Aflac, Inc. | 2,173 | 194,071 |
| Globe Life, Inc. | 370 | 30,444 |
| MetLife, Inc. | 2,551 | 179,055 |
| Principal Financial Group, Inc. | 911 | 71,468 |
| Prudential Financial, Inc. | 1,480 | 173,441 |
| | | 648,479 |
| Life Sciences Tools & Services - 1.2% |
| Agilent Technologies, Inc. | 1,165 | 151,019 |
| Bio-Rad Laboratories, Inc., Class A (a) | 100 | 27,311 |
| Bio-Techne Corp. | 612 | 43,850 |
| Charles River Laboratories International, Inc. (a) | 226 | 46,687 |
| Danaher Corp. | 2,787 | 696,332 |
| IQVIA Holdings, Inc. (a) | 699 | 147,797 |
| Mettler-Toledo International, Inc. (a) | 95 | 132,771 |
| Revvity, Inc. | 533 | 55,890 |
| Thermo Fisher Scientific, Inc. | 1,593 | 880,929 |
| Waters Corp. (a) | 268 | 77,752 |
| West Pharmaceutical Services, Inc. | 310 | 102,111 |
| | | 2,362,449 |
| Managed Healthcare - 1.5% |
| Centene Corp. (a) | 2,124 | 140,821 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Elevance Health, Inc. | 982 | $532,106 |
| Humana, Inc. | 518 | 193,551 |
| Molina Healthcare, Inc. (a) | 252 | 74,920 |
| UnitedHealth Group, Inc. | 3,817 | 1,943,845 |
| | | 2,885,243 |
| Metal, Glass & Plastic Containers - 0.0%* |
| Ball Corp. | 1,361 | 81,687 |
| Movies & Entertainment - 1.1% |
| Live Nation Entertainment, Inc. (a) | 639 | 59,900 |
| Netflix, Inc. (a) | 1,798 | 1,213,434 |
| Walt Disney Co. | 7,626 | 757,186 |
| Warner Bros Discovery, Inc. (a) | 9,394 | 69,891 |
| | | 2,100,411 |
| Multi-Family Residential REITs - 0.2% |
| AvalonBay Communities, Inc. | 520 | 107,583 |
| Camden Property Trust | 400 | 43,644 |
| Equity Residential | 1,384 | 95,966 |
| Essex Property Trust, Inc. | 286 | 77,849 |
| Mid-America Apartment Communities, Inc. | 434 | 61,893 |
| UDR, Inc. | 1,307 | 53,783 |
| | | 440,718 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 2,759 | 204,828 |
| Multi-Sector Holdings - 1.6% |
| Berkshire Hathaway, Inc., Class B (a)(b) | 7,519 | 3,058,729 |
| Multi-Utilities - 0.6% |
| Ameren Corp. | 1,067 | 75,874 |
| CenterPoint Energy, Inc. | 2,726 | 84,451 |
| CMS Energy Corp. | 1,349 | 80,306 |
| Consolidated Edison, Inc. | 1,442 | 128,944 |
| Dominion Energy, Inc. | 3,580 | 175,420 |
| DTE Energy Co. | 902 | 100,131 |
| NiSource, Inc. | 1,785 | 51,426 |
| Public Service Enterprise Group, Inc. | 2,060 | 151,822 |
| Sempra | 2,642 | 200,951 |
| WEC Energy Group, Inc. | 1,327 | 104,116 |
| | | 1,153,441 |
| | Number
of Shares | Fair
Value |
| Office REITs - 0.0%* |
| Boston Properties, Inc. | 678 | $41,738 |
| Oil & Gas Equipment & Services - 0.3% |
| Baker Hughes Co. | 4,201 | 147,749 |
| Halliburton Co. | 3,544 | 119,716 |
| Schlumberger NV | 6,043 | 285,109 |
| | | 552,574 |
| Oil & Gas Exploration & Production - 0.8% |
| APA Corp. | 1,668 | 49,106 |
| ConocoPhillips | 4,829 | 552,341 |
| Coterra Energy, Inc. | 3,158 | 84,224 |
| Devon Energy Corp. | 2,567 | 121,676 |
| Diamondback Energy, Inc. | 694 | 138,932 |
| EOG Resources, Inc. | 2,353 | 296,172 |
| EQT Corp. | 2,000 | 73,960 |
| Hess Corp. | 1,179 | 173,926 |
| Marathon Oil Corp. | 2,562 | 73,452 |
| | | 1,563,789 |
| Oil & Gas Refining & Marketing - 0.4% |
| Marathon Petroleum Corp. | 1,465 | 254,148 |
| Phillips 66 Co. | 1,723 | 243,236 |
| Valero Energy Corp. | 1,390 | 217,897 |
| | | 715,281 |
| Oil & Gas Storage & Transportation - 0.4% |
| Kinder Morgan, Inc. | 8,134 | 161,623 |
| ONEOK, Inc. | 2,445 | 199,390 |
| Targa Resources Corp. | 893 | 115,000 |
| Williams Cos., Inc. | 5,126 | 217,855 |
| | | 693,868 |
| Other Specialized REITs - 0.1% |
| Iron Mountain, Inc. | 1,186 | 106,289 |
| VICI Properties, Inc. | 4,529 | 129,711 |
| | | 236,000 |
| Other Specialty Retail - 0.1% |
| Bath & Body Works, Inc. | 892 | 34,833 |
| Tractor Supply Co. | 457 | 123,390 |
| Ulta Beauty, Inc. (a) | 212 | 81,804 |
| | | 240,027 |
| Packaged Foods & Meats - 0.6% |
| Campbell Soup Co. | 776 | 35,067 |
| Conagra Brands, Inc. | 1,941 | 55,163 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 7 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| General Mills, Inc. | 2,252 | $142,462 |
| Hershey Co. | 563 | 103,496 |
| Hormel Foods Corp. | 1,297 | 39,546 |
| J M Smucker Co. | 459 | 50,049 |
| Kellanova | 1,186 | 68,409 |
| Kraft Heinz Co. | 3,317 | 106,874 |
| Lamb Weston Holdings, Inc. | 568 | 47,758 |
| McCormick & Co., Inc. | 1,028 | 72,926 |
| Mondelez International, Inc., Class A | 5,557 | 363,650 |
| Tyson Foods, Inc., Class A | 1,173 | 67,025 |
| | | 1,152,425 |
| Paper & Plastic Packaging Products & Materials - 0.2% |
| Amcor PLC | 5,636 | 55,120 |
| Avery Dennison Corp. | 351 | 76,746 |
| International Paper Co. | 1,399 | 60,367 |
| Packaging Corp. of America | 389 | 71,016 |
| Westrock Co. | 1,128 | 56,693 |
| | | 319,942 |
| Passenger Airlines - 0.2% |
| American Airlines Group, Inc. (a) | 2,697 | 30,557 |
| Delta Air Lines, Inc. | 2,886 | 136,912 |
| Southwest Airlines Co. | 2,270 | 64,945 |
| United Airlines Holdings, Inc. (a) | 1,288 | 62,674 |
| | | 295,088 |
| Passenger Ground Transportation - 0.3% |
| Uber Technologies, Inc. (a) | 8,710 | 633,043 |
| Personal Care Products - 0.1% |
| Estee Lauder Cos., Inc., Class A | 1,010 | 107,464 |
| Kenvue, Inc. | 8,008 | 145,585 |
| | | 253,049 |
| Pharmaceuticals - 3.7% |
| Bristol-Myers Squibb Co. | 8,510 | 353,420 |
| Catalent, Inc. (a) | 721 | 40,542 |
| Eli Lilly & Co. | 3,332 | 3,016,726 |
| Johnson & Johnson | 10,080 | 1,473,293 |
| Merck & Co., Inc. | 10,610 | 1,313,518 |
| Pfizer, Inc. | 23,682 | 662,622 |
| Viatris, Inc. | 4,835 | 51,396 |
| Zoetis, Inc. | 1,882 | 326,264 |
| | | 7,237,781 |
| | Number
of Shares | Fair
Value |
| Property & Casualty Insurance - 0.9% |
| Allstate Corp. | 1,133 | $180,895 |
| Arch Capital Group Ltd. (a) | 1,602 | 161,626 |
| Assurant, Inc. | 152 | 25,270 |
| Chubb Ltd. | 1,718 | 438,227 |
| Cincinnati Financial Corp. | 623 | 73,576 |
| Hartford Financial Services Group, Inc. | 1,207 | 121,352 |
| Loews Corp. | 746 | 55,756 |
| Progressive Corp. | 2,446 | 508,059 |
| Travelers Cos., Inc. | 899 | 182,803 |
| W R Berkley Corp. | 808 | 63,492 |
| | | 1,811,056 |
| Publishing - 0.0%* |
| News Corp., Class A | 1,664 | 45,876 |
| News Corp., Class B | 348 | 9,880 |
| | | 55,756 |
| Rail Transportation - 0.5% |
| CSX Corp. | 8,233 | 275,394 |
| Norfolk Southern Corp. | 974 | 209,108 |
| Union Pacific Corp. | 2,585 | 584,882 |
| | | 1,069,384 |
| Real Estate Services - 0.1% |
| CBRE Group, Inc., Class A (a) | 1,220 | 108,714 |
| CoStar Group, Inc. (a) | 1,700 | 126,038 |
| | | 234,752 |
| Regional Banks - 0.3% |
| Citizens Financial Group, Inc. | 1,800 | 64,854 |
| Huntington Bancshares, Inc. | 6,287 | 82,862 |
| M&T Bank Corp. | 705 | 106,709 |
| Regions Financial Corp. | 3,805 | 76,252 |
| Truist Financial Corp. | 5,422 | 210,645 |
| | | 541,322 |
| Reinsurance - 0.0%* |
| Everest Group Ltd. | 152 | 57,915 |
| Research & Consulting Services - 0.2% |
| Equifax, Inc. | 508 | 123,170 |
| Jacobs Solutions, Inc. | 548 | 76,561 |
| Leidos Holdings, Inc. | 594 | 86,653 |
| Verisk Analytics, Inc. | 613 | 165,234 |
| | | 451,618 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 8 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Restaurants - 0.9% |
| Chipotle Mexican Grill, Inc. (a) | 5,900 | $369,635 |
| Darden Restaurants, Inc. | 493 | 74,601 |
| Domino's Pizza, Inc. | 137 | 70,737 |
| McDonald's Corp. | 2,995 | 763,246 |
| Starbucks Corp. | 4,746 | 369,476 |
| Yum! Brands, Inc. | 1,210 | 160,276 |
| | | 1,807,971 |
| Retail REITs - 0.3% |
| Federal Realty Investment Trust | 317 | 32,008 |
| Kimco Realty Corp. | 2,766 | 53,826 |
| Realty Income Corp. | 3,665 | 193,585 |
| Regency Centers Corp. | 620 | 38,564 |
| Simon Property Group, Inc. | 1,397 | 212,065 |
| | | 530,048 |
| Self Storage REITs - 0.2% |
| Extra Space Storage, Inc. | 912 | 141,734 |
| Public Storage | 672 | 193,301 |
| | | 335,035 |
| Semiconductor Materials & Equipment - 1.0% |
| Applied Materials, Inc. | 3,493 | 824,313 |
| Enphase Energy, Inc. (a) | 600 | 59,826 |
| KLA Corp. | 578 | 476,567 |
| Lam Research Corp. | 548 | 583,538 |
| Teradyne, Inc. | 677 | 100,392 |
| | | 2,044,636 |
| Semiconductors - 10.8% |
| Advanced Micro Devices, Inc. (a) | 6,749 | 1,094,755 |
| Analog Devices, Inc. | 2,122 | 484,368 |
| Broadcom, Inc. | 1,818 | 2,918,854 |
| First Solar, Inc. (a) | 400 | 90,184 |
| Intel Corp. | 17,776 | 550,523 |
| Microchip Technology, Inc. | 2,233 | 204,320 |
| Micron Technology, Inc. | 4,623 | 608,063 |
| Monolithic Power Systems, Inc. | 206 | 169,266 |
| NVIDIA Corp. | 102,691 | 12,686,446 |
| NXP Semiconductors NV | 1,113 | 299,497 |
| ON Semiconductor Corp. (a) | 1,799 | 123,321 |
| Qorvo, Inc. (a) | 376 | 43,631 |
| QUALCOMM, Inc. | 4,619 | 920,012 |
| Skyworks Solutions, Inc. | 636 | 67,785 |
| | Number
of Shares | Fair
Value |
| Texas Instruments, Inc. | 3,726 | $724,819 |
| | | 20,985,844 |
| Single-Family Residential REITs - 0.0%* |
| Invitation Homes, Inc. | 2,500 | 89,725 |
| Soft Drinks & Non-alcoholic Beverages - 1.2% |
| Coca-Cola Co. | 16,188 | 1,030,366 |
| Keurig Dr Pepper, Inc. | 4,313 | 144,054 |
| Monster Beverage Corp. (a) | 3,006 | 150,150 |
| PepsiCo, Inc. | 5,726 | 944,389 |
| | | 2,268,959 |
| Specialty Chemicals - 0.6% |
| Albemarle Corp. | 441 | 42,124 |
| Celanese Corp. | 473 | 63,803 |
| DuPont de Nemours, Inc. | 1,783 | 143,514 |
| Eastman Chemical Co. | 441 | 43,205 |
| Ecolab, Inc. | 1,071 | 254,898 |
| International Flavors & Fragrances, Inc. | 1,082 | 103,017 |
| PPG Industries, Inc. | 988 | 124,380 |
| Sherwin-Williams Co. | 1,010 | 301,414 |
| | | 1,076,355 |
| Steel - 0.1% |
| Nucor Corp. | 976 | 154,286 |
| Steel Dynamics, Inc. | 626 | 81,067 |
| | | 235,353 |
| Systems Software - 8.5% |
| Crowdstrike Holdings, Inc., Class A (a) | 1,000 | 383,190 |
| Fortinet, Inc. (a) | 2,701 | 162,789 |
| Gen Digital, Inc. | 2,420 | 60,452 |
| Microsoft Corp. | 30,994 | 13,852,768 |
| Oracle Corp. | 6,699 | 945,899 |
| Palo Alto Networks, Inc. (a) | 1,336 | 452,917 |
| ServiceNow, Inc. (a) | 858 | 674,963 |
| | | 16,532,978 |
| Technology Distributors - 0.1% |
| CDW Corp. | 600 | 134,304 |
| Technology Hardware, Storage & Peripherals - 6.9% |
| ABIOMED, Inc. (a) | 199 | 203 |
| Apple, Inc. | 60,223 | 12,684,168 |
| Hewlett Packard Enterprise Co. | 5,333 | 112,900 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 9 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| HP, Inc. | 3,529 | $123,586 |
| NetApp, Inc. | 873 | 112,442 |
| Seagate Technology Holdings PLC | 815 | 84,165 |
| Super Micro Computer, Inc. (a) | 200 | 163,870 |
| Western Digital Corp. (a) | 1,358 | 102,896 |
| | | 13,384,230 |
| Telecom Tower REITs - 0.3% |
| American Tower Corp. | 1,941 | 377,292 |
| Crown Castle, Inc. | 1,873 | 182,992 |
| SBA Communications Corp. | 455 | 89,316 |
| | | 649,600 |
| Timber REITs - 0.0%* |
| Weyerhaeuser Co. | 3,043 | 86,391 |
| Tobacco - 0.5% |
| Altria Group, Inc. | 7,206 | 328,233 |
| Philip Morris International, Inc. | 6,504 | 659,051 |
| | | 987,284 |
| Trading Companies & Distributors - 0.3% |
| Fastenal Co. | 2,305 | 144,846 |
| United Rentals, Inc. | 294 | 190,139 |
| WW Grainger, Inc. | 193 | 174,132 |
| | | 509,117 |
| Transaction & Payment Processing Services - 2.2% |
| Corpay, Inc. (a) | 323 | 86,050 |
| | Number
of Shares | Fair
Value |
| Fidelity National Information Services, Inc. | 2,347 | $176,870 |
| Fiserv, Inc. (a) | 2,468 | 367,831 |
| Global Payments, Inc. | 1,029 | 99,504 |
| Jack Henry & Associates, Inc. | 249 | 41,339 |
| Mastercard, Inc., Class A | 3,389 | 1,495,091 |
| PayPal Holdings, Inc. (a) | 4,328 | 251,154 |
| Visa, Inc., Class A | 6,595 | 1,730,990 |
| | | 4,248,829 |
| Water Utilities - 0.1% |
| American Water Works Co., Inc. | 817 | 105,524 |
| Wireless Telecommunication Services - 0.2% |
| T-Mobile U.S., Inc. | 2,122 | 373,854 |
Total Common Stock
(Cost $50,183,293) | | 191,412,502 |
| Short-Term Investments - 1.8% |
State Street Institutional Liquid Reserves Fund - Premier Class 5.36% (d)(e)
(Cost $3,515,403) | 3,514,701 | 3,515,755 |
Total Investments
(Cost $53,698,696) | | 194,928,257 |
| Other Assets and Liabilities, net - 0.1% | | 167,802 |
| NET ASSETS - 100.0% | | $195,096,059 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2024 | 14 | $3,864,416 | $3,865,017 | $601 |
During the period ended June 30, 2024, the average notional value related to long futures contracts was $2,240,652.
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.
See Notes to Schedule of Investments and Notes to Financial Statements.
| 10 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| (a) | Non-income producing security. |
| (b) | At June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts. |
| (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) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (e) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2024. |
| * | Less than 0.05%. |
| Abbreviations: |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $191,412,299 | | $203 | | $— | | $191,412,502 |
| Short-Term Investments | 3,515,755 | | — | | — | | 3,515,755 |
| Total Investments in Securities | $194,928,054 | | $203 | | $— | | $194,928,257 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $601 | | $— | | $— | | $601 |
| Total Other Financial Instruments | $601 | | $— | | $— | | $601 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | | Dividend
Income |
| State Street Corp. | 1,468 | $113,711 | | $— | | $10,715 | | $1,833 | | $(7,001) | 1,322 | $97,828 | | $1,013 |
| State Street Institutional Liquid Reserves Fund, Premier Class | 2,954,234 | 2,955,416 | | 11,944,450 | | 11,384,568 | | 272 | | 185 | 3,514,701 | 3,515,755 | | 43,105 |
| TOTAL | | $3,069,127 | | $11,944,450 | | $11,395,283 | | $2,105 | | $(6,816) | | $3,613,583 | | $44,118 |
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
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $48.26 | | $40.12 | | $57.58 | | $49.96 | | $46.61 | | $38.13 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.30 | | 0.64 | | 0.65 | | 0.60 | | 0.72 | | 0.75 |
| Net realized and unrealized gains/(losses) on investments | 7.00 | | 9.78 | | (11.22) | | 13.56 | | 7.61 | | 11.09 |
| Total income/(loss) from investment operations | 7.30 | | 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 | $55.56 | | $48.26 | | $40.12 | | $57.58 | | $49.96 | | $46.61 |
| Total Return(c) | 15.13% | | 25.96% | | (18.31)% | | 28.27% | | 17.92% | | 31.05% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $195,096 | | $182,157 | | $146,235 | | $208,535 | | $184,164 | | $186,771 |
| Ratios to average net assets: | | | | | | | | | | | |
| Gross expenses | 0.31%(d) | | 0.31% | | 0.32% | | 0.31% | | 0.31% | | 0.34% |
| Net investment income | 1.15%(d) | | 1.42% | | 1.29% | | 1.06% | | 1.54% | | 1.67% |
| Portfolio turnover rate | 1% | | 6% | | 5% | | 2% | | 3% | | 2% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (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) | Annualized for periods less than one year. |
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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $50,124,043) | $191,314,674 |
| Investments in affiliated securities, at fair value (cost $3,574,653) | 3,613,583 |
| Net cash collateral on deposit with broker for future contracts | 163,939 |
| Income receivables | 106,248 |
| Receivable for accumulated variation margin on futures contracts | 633 |
| Total assets | 195,199,077 |
| Liabilities | |
| Payable for investments purchased | 6,661 |
| Payable for fund shares redeemed | 15,912 |
| Payable to the Adviser | 39,758 |
| Payable for custody, fund accounting and sub-administration fees | 14,595 |
| Accrued other expenses | 26,092 |
| Total liabilities | 103,018 |
|
| Net Assets | $195,096,059 |
| Net Assets Consist of: | |
| Capital paid in | $43,020,812 |
| Total distributable earnings (loss) | 152,075,247 |
| Net Assets | $195,096,059 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 3,511,338 |
| Net asset value per share | $55.56 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 13 |
State Street S&P 500 Index V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $1,334,734 |
| Income from affiliated investments | 44,118 |
| Less: Foreign taxes withheld | (345) |
| Total income | 1,378,507 |
| Expenses | |
| Advisory and administration fees | 236,086 |
| Directors' fees | 11,128 |
| Custody, fund accounting and sub-administration fees | 19,997 |
| Professional fees | 13,483 |
| Other expenses | 7,835 |
| Total expenses | 288,529 |
| Net investment income (loss) | $1,089,978 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $9,609,478 |
| Affiliated investments | 2,105 |
| Futures | 279,128 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 15,748,938 |
| Affiliated investments | (6,816) |
| Futures | (88,507) |
| Net realized and unrealized gain (loss) on investments | 25,544,326 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $26,634,304 |
The accompanying Notes are an integral part of these financial statements.
| 14 | Statement of Operations |
State Street S&P 500 Index V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $1,089,978 | | $2,289,334 |
| Net realized gain (loss) on investments and futures | 9,890,711 | | 3,249,627 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 15,653,615 | | 31,763,856 |
| Net increase (decrease) from operations | 26,634,304 | | 37,302,817 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (8,223,707) |
| Increase (decrease) in assets from operations and distributions | 26,634,304 | | 29,079,110 |
| Share transactions: | | | |
| Proceeds from sale of shares | 934,376 | | 19,116,934 |
| Value of distributions reinvested | — | | 8,223,707 |
| Cost of shares redeemed | (14,629,192) | | (20,498,253) |
| Net increase (decrease) from share transactions | (13,694,816) | | 6,842,388 |
| Total increase (decrease) in net assets | 12,939,488 | | 35,921,498 |
| Net Assets | | | |
| Beginning of period | 182,156,571 | | 146,235,073 |
| End of period | $195,096,059 | | $182,156,571 |
| Changes in Fund Shares | | | |
| Shares sold | 18,054 | | 418,923 |
| Issued for distributions reinvested | — | | 170,263 |
| Shares redeemed | (280,962) | | (459,622) |
| Net increase (decrease) in fund shares | (262,908) | | 129,564 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 15 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the “Fund”), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is 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. |
| 16 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| • | 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 June 30, 2024 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.
| Notes to Financial Statements | 17 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
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 period ended June 30, 2024, the Fund entered into futures contracts for cash equitization.
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2024 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 | $— | $— | $— | $633 | $— | $633 |
| 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 | $— | $— | $— | $279,128 | $— | $279,128 |
| 18 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| 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 | $— | $— | $— | $(88,507) | $— | $(88,507) |
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 period ended June 30, 2024 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 period ended June 30, 2024 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $1,490,553 | $14,402,749 |
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. As of December 31, 2023, 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.
| Notes to Financial Statements | 19 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
As of June 30, 2024, 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) |
| $56,684,012 | $143,643,366 | $5,398,520 | $138,244,846 |
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 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 June 30, 2024.
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.
| 20 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street S&P 500 Index V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street S&P 500 Index V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
State Street S&P 500 Index V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the
State Street S&P 500 Index V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1-year period, was equal to the median of its Performance Group for 3- and 5-year periods, and was above the median of its Performance Group for the 10-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board also took into account the fact that the Fund is designed to track a designated index.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect
State Street S&P 500 Index V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex.The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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.
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State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 94.7% † |
| Aerospace & Defense - 0.5% |
| Hexcel Corp. | 487 | $30,413 |
| Woodward, Inc. | 562 | 98,002 |
| | | 128,415 |
| Agricultural & Farm Machinery - 1.1% |
| AGCO Corp. (a) | 2,213 | 216,608 |
| Alamo Group, Inc. | 292 | 50,516 |
| | | 267,124 |
| Agricultural Products & Services - 1.0% |
| Darling Ingredients, Inc. (b) | 6,940 | 255,045 |
| Apparel Retail - 1.5% |
| Boot Barn Holdings, Inc. (b) | 2,002 | 258,118 |
| Buckle, Inc. | 1,946 | 71,885 |
| Revolve Group, Inc. (b) | 3,021 | 48,064 |
| | | 378,067 |
| Application Software - 6.4% |
| ACI Worldwide, Inc. (b) | 3,641 | 144,147 |
| Altair Engineering, Inc., Class A (b) | 1,147 | 112,498 |
| Asana, Inc., Class A (b) | 4,520 | 63,235 |
| Blackbaud, Inc. (b) | 1,930 | 147,008 |
| BlackLine, Inc. (b) | 898 | 43,508 |
| Box, Inc., Class A (b) | 3,475 | 91,879 |
| Braze, Inc., Class A (b) | 3,345 | 129,920 |
| CCC Intelligent Solutions Holdings, Inc. (b) | 10,042 | 111,567 |
| Clearwater Analytics Holdings, Inc., Class A (b) | 1,457 | 26,984 |
| Dynatrace, Inc. (a)(b) | 441 | 19,730 |
| Envestnet, Inc. (a)(b) | 321 | 20,091 |
| Freshworks, Inc., Class A (b) | 7,515 | 95,365 |
| Lightspeed Commerce, Inc. (b) | 1,449 | 19,837 |
| Nutanix, Inc., Class A (b) | 2,535 | 144,115 |
| Samsara, Inc., Class A (b) | 841 | 28,342 |
| Smartsheet, Inc., Class A (b) | 3,872 | 170,678 |
| Vertex, Inc., Class A (b) | 4,020 | 144,921 |
| Workiva, Inc. (b) | 1,250 | 91,237 |
| | | 1,605,062 |
| Automobile Manufacturers - 0.5% |
| Thor Industries, Inc. | 1,334 | 124,662 |
| | Number
of Shares | Fair
Value |
| Automotive Parts & Equipment - 0.9% |
| Dana, Inc. | 2,648 | $32,094 |
| Dorman Products, Inc. (b) | 2,117 | 193,663 |
| Patrick Industries, Inc. | 74 | 8,033 |
| | | 233,790 |
| Automotive Retail - 1.1% |
| Group 1 Automotive, Inc. | 358 | 106,426 |
| Murphy USA, Inc. | 374 | 175,578 |
| | | 282,004 |
| Biotechnology - 2.4% |
| 89bio, Inc. (b) | 1,381 | 11,062 |
| ADMA Biologics, Inc. (b) | 1,903 | 21,275 |
| Alkermes PLC (b) | 758 | 18,268 |
| Ascendis Pharma AS ADR (b) | 594 | 81,010 |
| Avid Bioservices, Inc. (b) | 7,798 | 55,678 |
| Bicycle Therapeutics PLC ADR (b) | 865 | 17,508 |
| Catalyst Pharmaceuticals, Inc. (b) | 3,028 | 46,904 |
| Cytokinetics, Inc. (b) | 292 | 15,821 |
| Emergent BioSolutions, Inc. (b) | 1,564 | 10,666 |
| Halozyme Therapeutics, Inc. (b) | 972 | 50,894 |
| Heron Therapeutics, Inc. (b) | 14,599 | 51,096 |
| MoonLake Immunotherapeutics (b) | 632 | 27,789 |
| Rocket Pharmaceuticals, Inc. (b) | 1,180 | 25,405 |
| Vaxcyte, Inc. (b) | 610 | 46,061 |
| Veracyte, Inc. (b) | 3,655 | 79,204 |
| Viking Therapeutics, Inc. (b) | 264 | 13,995 |
| Xenon Pharmaceuticals, Inc. (b) | 382 | 14,894 |
| | | 587,530 |
| Brewers - 0.9% |
| Boston Beer Co., Inc., Class A (b) | 731 | 222,992 |
| Broadline Retail - 0.3% |
| Ollie's Bargain Outlet Holdings, Inc. (b) | 755 | 74,118 |
| Building Products - 2.1% |
| Armstrong World Industries, Inc. | 1,341 | 151,855 |
| AZEK Co., Inc. (b) | 435 | 18,326 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 1 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| AZZ, Inc. | 627 | $48,436 |
| Gibraltar Industries, Inc. (b) | 2,143 | 146,903 |
| Hayward Holdings, Inc. (b) | 7,045 | 86,653 |
| Insteel Industries, Inc. | 509 | 15,759 |
| Simpson Manufacturing Co., Inc. | 216 | 36,402 |
| UFP Industries, Inc. | 213 | 23,856 |
| | | 528,190 |
| Cargo Ground Transportation - 0.6% |
| Saia, Inc. (b) | 320 | 151,773 |
| Casinos & Gaming - 0.1% |
| Churchill Downs, Inc. | 218 | 30,433 |
| Commercial & Residential Mortgage Finance - 0.1% |
| PennyMac Financial Services, Inc. | 312 | 29,515 |
| Commodity Chemicals - 0.2% |
| Hawkins, Inc. | 676 | 61,516 |
| Communications Equipment - 0.1% |
| Cambium Networks Corp. (b) | 3,044 | 8,493 |
| F5, Inc. (b) | 163 | 28,073 |
| | | 36,566 |
| Construction & Engineering - 1.8% |
| Comfort Systems USA, Inc. | 174 | 52,917 |
| Dycom Industries, Inc. (b) | 1,659 | 279,973 |
| IES Holdings, Inc. (b) | 314 | 43,750 |
| Valmont Industries, Inc. | 115 | 31,562 |
| WillScot Mobile Mini Holdings Corp. (b) | 804 | 30,262 |
| | | 438,464 |
| Construction Machinery & Heavy Transportation Equipment - 0.4% |
| Astec Industries, Inc. | 433 | 12,843 |
| Miller Industries, Inc. | 143 | 7,868 |
| Oshkosh Corp. | 291 | 31,486 |
| Wabash National Corp. | 1,685 | 36,800 |
| | | 88,997 |
| Construction Materials - 0.2% |
| Eagle Materials, Inc. | 203 | 44,144 |
| Consumer Finance - 0.3% |
| PROG Holdings, Inc. | 2,062 | 71,510 |
| | Number
of Shares | Fair
Value |
| Data Processing & Outsourced Services - 1.0% |
| CSG Systems International, Inc. | 1,758 | $72,377 |
| Verra Mobility Corp. (b) | 5,458 | 148,458 |
| WNS Holdings Ltd. (b) | 581 | 30,502 |
| | | 251,337 |
| Distillers & Vintners - 1.7% |
| MGP Ingredients, Inc. | 5,652 | 420,509 |
| Distributors - 0.5% |
| LKQ Corp. | 3,049 | 126,808 |
| Diversified Metals & Mining - 0.1% |
| Materion Corp. | 188 | 20,328 |
| Diversified REITs - 0.2% |
| Alpine Income Property Trust, Inc. | 1,204 | 18,734 |
| American Assets Trust, Inc. | 846 | 18,934 |
| Essential Properties Realty Trust, Inc. | 559 | 15,490 |
| | | 53,158 |
| Diversified Support Services - 1.5% |
| Healthcare Services Group, Inc. (b) | 4,839 | 51,196 |
| Matthews International Corp., Class A | 2,178 | 54,559 |
| RB Global, Inc. | 3,158 | 241,145 |
| Vestis Corp. | 2,673 | 32,691 |
| | | 379,591 |
| Education Services - 0.9% |
| Bright Horizons Family Solutions, Inc. (b) | 551 | 60,654 |
| Stride, Inc. (b) | 2,167 | 152,774 |
| | | 213,428 |
| Electric Utilities - 0.8% |
| ALLETE, Inc. | 218 | 13,592 |
| IDACORP, Inc. | 1,889 | 175,961 |
| | | 189,553 |
| Electrical Components & Equipment - 0.6% |
| Acuity Brands, Inc. | 101 | 24,385 |
| Atkore, Inc. | 385 | 51,948 |
| NEXTracker, Inc., Class A (b) | 584 | 27,378 |
| Regal Rexnord Corp. | 142 | 19,201 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Sensata Technologies Holding PLC | 973 | $36,381 |
| | | 159,293 |
| Electronic Components - 1.8% |
| Belden, Inc. | 2,783 | 261,045 |
| Coherent Corp. (b) | 601 | 43,549 |
| Littelfuse, Inc. | 532 | 135,974 |
| | | 440,568 |
| Electronic Equipment & Instruments - 0.9% |
| Novanta, Inc. (b) | 580 | 94,604 |
| Vontier Corp. | 3,150 | 120,330 |
| | | 214,934 |
| Electronic Manufacturing Services - 0.3% |
| Celestica, Inc. (b) | 245 | 14,046 |
| Fabrinet (b) | 116 | 28,395 |
| Plexus Corp. (b) | 215 | 22,184 |
| | | 64,625 |
| Environmental & Facilities Services - 0.8% |
| Aris Water Solutions, Inc., Class A | 3,092 | 48,452 |
| BrightView Holdings, Inc. (b) | 2,000 | 26,600 |
| Casella Waste Systems, Inc., Class A (b) | 521 | 51,693 |
| Montrose Environmental Group, Inc. (b) | 1,525 | 67,954 |
| | | 194,699 |
| Food Distributors - 0.5% |
| Performance Food Group Co. (b) | 1,985 | 131,228 |
| Footwear - 0.1% |
| Steven Madden Ltd. | 667 | 28,214 |
| Forest Products - 0.9% |
| Louisiana-Pacific Corp. | 2,683 | 220,891 |
| Gas Utilities - 0.1% |
| UGI Corp. | 556 | 12,732 |
| Health Care REITs - 0.3% |
| Community Healthcare Trust, Inc. | 2,668 | 62,404 |
| Healthcare Distributors - 0.5% |
| AdaptHealth Corp. (b) | 9,801 | 98,010 |
| | Number
of Shares | Fair
Value |
| Owens & Minor, Inc. (b) | 1,610 | $21,735 |
| | | 119,745 |
| Healthcare Equipment - 4.3% |
| AtriCure, Inc. (b) | 3,010 | 68,538 |
| CONMED Corp. | 1,460 | 101,207 |
| Envista Holdings Corp. (a)(b) | 2,213 | 36,802 |
| Globus Medical, Inc., Class A (b) | 2,815 | 192,799 |
| Inspire Medical Systems, Inc. (b) | 590 | 78,960 |
| Integer Holdings Corp. (b) | 371 | 42,958 |
| iRhythm Technologies, Inc. (b) | 1,197 | 128,845 |
| LeMaitre Vascular, Inc. | 547 | 45,007 |
| Omnicell, Inc. (b) | 1,965 | 53,193 |
| Penumbra, Inc. (b) | 600 | 107,982 |
| PROCEPT BioRobotics Corp. (b) | 1,500 | 91,635 |
| SI-BONE, Inc. (b) | 2,760 | 35,687 |
| Tandem Diabetes Care, Inc. (b) | 1,880 | 75,745 |
| | | 1,059,358 |
| Healthcare Facilities - 1.5% |
| Acadia Healthcare Co., Inc. (b) | 2,116 | 142,915 |
| U.S. Physical Therapy, Inc. | 2,546 | 235,301 |
| | | 378,216 |
| Healthcare Services - 0.5% |
| Addus HomeCare Corp. (b) | 246 | 28,563 |
| Castle Biosciences, Inc. (b) | 1,868 | 40,666 |
| Option Care Health, Inc. (b) | 1,575 | 43,628 |
| | | 112,857 |
| Healthcare Supplies - 0.7% |
| Haemonetics Corp. (b) | 424 | 35,077 |
| Lantheus Holdings, Inc. (b) | 440 | 35,328 |
| Neogen Corp. (b) | 7,400 | 115,662 |
| | | 186,067 |
| Healthcare Technology - 0.5% |
| Definitive Healthcare Corp. (b) | 8,951 | 48,872 |
| Phreesia, Inc. (b) | 2,745 | 58,194 |
| Simulations Plus, Inc. | 508 | 24,699 |
| | | 131,765 |
| Home Building - 0.9% |
| Cavco Industries, Inc. (b) | 49 | 16,962 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 3 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Green Brick Partners, Inc. (b) | 454 | $25,987 |
| Installed Building Products, Inc. | 175 | 35,994 |
| M/I Homes, Inc. (b) | 243 | 29,680 |
| Meritage Homes Corp. | 217 | 35,121 |
| Taylor Morrison Home Corp. (b) | 1,315 | 72,904 |
| | | 216,648 |
| Hotel & Resort REITs - 0.5% |
| RLJ Lodging Trust | 8,771 | 84,465 |
| Xenia Hotels & Resorts, Inc. | 2,322 | 33,274 |
| | | 117,739 |
| Household Appliances - 0.1% |
| Helen of Troy Ltd. (b) | 179 | 16,600 |
| Household Products - 0.4% |
| Central Garden & Pet Co., Class A (b) | 2,945 | 97,273 |
| Human Resource & Employment Services - 0.2% |
| First Advantage Corp. | 2,714 | 43,614 |
| Industrial Machinery & Supplies & Components - 7.7% |
| Albany International Corp., Class A | 1,260 | 106,407 |
| Barnes Group, Inc. | 3,346 | 138,558 |
| Chart Industries, Inc. (b) | 225 | 32,477 |
| Enerpac Tool Group Corp. | 11,496 | 438,917 |
| Enpro, Inc. | 179 | 26,057 |
| Esab Corp. | 935 | 88,292 |
| ESCO Technologies, Inc. | 1,455 | 152,833 |
| Gates Industrial Corp. PLC (b) | 1,890 | 29,881 |
| Hillenbrand, Inc. | 1,219 | 48,784 |
| ITT, Inc. | 367 | 47,409 |
| John Bean Technologies Corp. | 1,735 | 164,773 |
| Kadant, Inc. | 110 | 32,316 |
| Mueller Industries, Inc. | 3,412 | 194,279 |
| RBC Bearings, Inc. (b) | 370 | 99,819 |
| Standex International Corp. | 730 | 117,640 |
| Timken Co. | 2,587 | 207,296 |
| | | 1,925,738 |
| Industrial REITs - 0.7% |
| EastGroup Properties, Inc. | 922 | 156,832 |
| STAG Industrial, Inc. | 556 | 20,050 |
| | | 176,882 |
| | Number
of Shares | Fair
Value |
| Insurance Brokers - 0.7% |
| Baldwin Insurance Group, Inc. (b) | 4,900 | $173,803 |
| Investment Banking & Brokerage - 1.4% |
| Houlihan Lokey, Inc. | 74 | 9,980 |
| Piper Sandler Cos. | 139 | 31,993 |
| PJT Partners, Inc., Class A | 640 | 69,062 |
| Raymond James Financial, Inc. | 1,421 | 175,650 |
| Stifel Financial Corp. | 772 | 64,964 |
| | | 351,649 |
| IT Consulting & Other Services - 0.1% |
| Unisys Corp. (b) | 5,724 | 23,640 |
| Leisure Facilities - 0.6% |
| Bowlero Corp., Class A | 3,150 | 45,644 |
| Planet Fitness, Inc., Class A (b) | 1,490 | 109,649 |
| | | 155,293 |
| Leisure Products - 0.6% |
| Johnson Outdoors, Inc., Class A | 378 | 13,222 |
| Polaris, Inc. | 1,721 | 134,772 |
| | | 147,994 |
| Life & Health Insurance - 0.1% |
| Primerica, Inc. | 123 | 29,099 |
| Life Sciences Tools & Services - 2.3% |
| Azenta, Inc. (b) | 2,043 | 107,503 |
| BioLife Solutions, Inc. (b) | 4,062 | 87,049 |
| Bio-Rad Laboratories, Inc., Class A (b) | 60 | 16,386 |
| Bruker Corp. | 1,921 | 122,579 |
| ICON PLC (b) | 323 | 101,251 |
| Mesa Laboratories, Inc. | 311 | 26,985 |
| Repligen Corp. (b) | 836 | 105,386 |
| | | 567,139 |
| Metal, Glass & Plastic Containers - 0.2% |
| TriMas Corp. | 2,185 | 55,849 |
| Multi-Line Insurance - 0.2% |
| Horace Mann Educators Corp. | 1,281 | 41,786 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Multi-Utilities - 0.1% |
| Avista Corp. | 772 | $26,719 |
| Office REITs - 0.7% |
| COPT Defense Properties | 729 | 18,247 |
| Cousins Properties, Inc. | 3,699 | 85,632 |
| Easterly Government Properties, Inc. | 5,640 | 69,767 |
| Hudson Pacific Properties, Inc. | 1,742 | 8,379 |
| | | 182,025 |
| Office Services & Supplies - 0.9% |
| MSA Safety, Inc. | 1,180 | 221,474 |
| Oil & Gas Drilling - 0.2% |
| Helmerich & Payne, Inc. | 393 | 14,203 |
| Patterson-UTI Energy, Inc. | 2,391 | 24,771 |
| | | 38,974 |
| Oil & Gas Equipment & Services - 0.7% |
| Cactus, Inc., Class A | 1,369 | 72,201 |
| ChampionX Corp. | 1,499 | 49,782 |
| Oil States International, Inc. (b) | 3,902 | 17,325 |
| ProPetro Holding Corp. (b) | 3,508 | 30,414 |
| | | 169,722 |
| Oil & Gas Exploration & Production - 2.0% |
| Civitas Resources, Inc. | 538 | 37,122 |
| Northern Oil & Gas, Inc. | 5,979 | 222,239 |
| SM Energy Co. | 5,759 | 248,962 |
| | | 508,323 |
| Other Specialty Retail - 0.3% |
| Leslie's, Inc. (b) | 4,520 | 18,939 |
| Sally Beauty Holdings, Inc. (b) | 4,385 | 47,051 |
| | | 65,990 |
| Packaged Foods & Meats - 2.5% |
| Calavo Growers, Inc. | 913 | 20,725 |
| Freshpet, Inc. (b) | 1,065 | 137,800 |
| J & J Snack Foods Corp. | 415 | 67,384 |
| Lancaster Colony Corp. | 690 | 130,389 |
| Simply Good Foods Co. (b) | 4,460 | 161,140 |
| Utz Brands, Inc. | 5,815 | 96,762 |
| | | 614,200 |
| | Number
of Shares | Fair
Value |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Ranpak Holdings Corp. (b) | 4,892 | $31,456 |
| Personal Care Products - 0.2% |
| BellRing Brands, Inc. (b) | 635 | 36,284 |
| Oddity Tech Ltd., Class A (b) | 408 | 16,018 |
| | | 52,302 |
| Pharmaceuticals - 0.3% |
| ANI Pharmaceuticals, Inc. (b) | 511 | 32,541 |
| Innoviva, Inc. (b) | 1,523 | 24,977 |
| Intra-Cellular Therapies, Inc. (b) | 237 | 16,232 |
| | | 73,750 |
| Property & Casualty Insurance - 2.4% |
| AMERISAFE, Inc. | 2,086 | 91,554 |
| Kemper Corp. | 263 | 15,604 |
| Kinsale Capital Group, Inc. | 50 | 19,264 |
| Palomar Holdings, Inc. (b) | 1,694 | 137,468 |
| RLI Corp. | 730 | 102,704 |
| Selective Insurance Group, Inc. | 1,557 | 146,093 |
| Skyward Specialty Insurance Group, Inc. (b) | 2,145 | 77,606 |
| Trupanion, Inc. (b) | 592 | 17,405 |
| | | 607,698 |
| Publishing - 0.5% |
| John Wiley & Sons, Inc., Class A | 3,228 | 131,380 |
| Real Estate Operating Companies - 0.1% |
| DigitalBridge Group, Inc. | 1,980 | 27,126 |
| Regional Banks - 8.4% |
| 1st Source Corp. | 840 | 45,041 |
| Banc of California, Inc. | 2,420 | 30,928 |
| BancFirst Corp. | 635 | 55,689 |
| Bank OZK | 1,388 | 56,908 |
| BankUnited, Inc. | 712 | 20,840 |
| Cadence Bank | 481 | 13,603 |
| Columbia Banking System, Inc. | 4,605 | 91,593 |
| Cullen/Frost Bankers, Inc. | 2,271 | 230,802 |
| Enterprise Financial Services Corp. (a) | 604 | 24,710 |
| First Financial Bankshares, Inc. | 3,745 | 110,590 |
| First Foundation, Inc. | 2,095 | 13,722 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 5 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Five Star Bancorp | 781 | $18,471 |
| Fulton Financial Corp. | 4,751 | 80,672 |
| German American Bancorp, Inc. | 1,580 | 55,853 |
| Heritage Commerce Corp. | 3,812 | 33,164 |
| Home BancShares, Inc. | 1,428 | 34,215 |
| Lakeland Financial Corp. | 450 | 27,684 |
| Live Oak Bancshares, Inc. | 5,250 | 184,065 |
| National Bank Holdings Corp., Class A | 1,409 | 55,021 |
| Origin Bancorp, Inc. | 1,094 | 34,702 |
| Peapack-Gladstone Financial Corp. | 1,359 | 30,781 |
| Pinnacle Financial Partners, Inc. | 512 | 40,980 |
| Preferred Bank | 218 | 16,457 |
| Prosperity Bancshares, Inc. | 1,914 | 117,022 |
| Renasant Corp. | 3,317 | 101,301 |
| ServisFirst Bancshares, Inc. | 1,620 | 102,368 |
| SouthState Corp. | 281 | 21,474 |
| Stock Yards Bancorp, Inc. | 1,310 | 65,068 |
| Texas Capital Bancshares, Inc. (b) | 552 | 33,749 |
| WaFd, Inc. | 899 | 25,693 |
| Westamerica BanCorp | 1,441 | 69,932 |
| Wintrust Financial Corp. | 707 | 69,682 |
| WSFS Financial Corp. | 4,017 | 188,799 |
| | | 2,101,579 |
| Research & Consulting Services - 0.2% |
| Huron Consulting Group, Inc. (b) | 169 | 16,647 |
| Resources Connection, Inc. | 3,912 | 43,188 |
| | | 59,835 |
| Restaurants - 1.7% |
| Brinker International, Inc. (b) | 227 | 16,432 |
| Cheesecake Factory, Inc. | 2,197 | 86,320 |
| First Watch Restaurant Group, Inc. (b) | 1,875 | 32,925 |
| Shake Shack, Inc., Class A (b) | 680 | 61,200 |
| Texas Roadhouse, Inc. | 1,069 | 183,558 |
| Wingstop, Inc. | 101 | 42,689 |
| | | 423,124 |
| Retail REITs - 0.2% |
| Kite Realty Group Trust | 1,738 | 38,897 |
| Phillips Edison & Co., Inc. | 506 | 16,551 |
| | | 55,448 |
| | Number
of Shares | Fair
Value |
| Security & Alarm Services - 1.0% |
| Brink's Co. | 2,467 | $252,621 |
| Self Storage REITs - 0.1% |
| National Storage Affiliates Trust | 566 | 23,331 |
| Semiconductor Materials & Equipment - 1.0% |
| Axcelis Technologies, Inc. (b) | 229 | 32,561 |
| Ichor Holdings Ltd. (b) | 1,369 | 52,775 |
| Nova Ltd. (b) | 103 | 24,157 |
| Onto Innovation, Inc. (b) | 675 | 148,203 |
| | | 257,696 |
| Semiconductors - 0.7% |
| Credo Technology Group Holding Ltd. (b) | 517 | 16,513 |
| Diodes, Inc. (b) | 310 | 22,298 |
| Impinj, Inc. (b) | 156 | 24,456 |
| Rambus, Inc. (b) | 310 | 18,216 |
| Semtech Corp. (b) | 2,536 | 75,776 |
| Universal Display Corp. | 92 | 19,343 |
| | | 176,602 |
| Single-Family Residential REITs - 0.1% |
| UMH Properties, Inc. | 1,034 | 16,534 |
| Soft Drinks & Non-alcoholic Beverages - 0.8% |
| Primo Water Corp. | 7,405 | 161,874 |
| Vita Coco Co., Inc. (b) | 1,425 | 39,686 |
| | | 201,560 |
| Specialized Consumer Services - 0.5% |
| European Wax Center, Inc., Class A (b) | 4,200 | 41,706 |
| OneSpaWorld Holdings Ltd. (b) | 5,727 | 88,024 |
| | | 129,730 |
| Specialty Chemicals - 3.7% |
| Avient Corp. | 4,592 | 200,441 |
| Axalta Coating Systems Ltd. (b) | 1,107 | 37,826 |
| HB Fuller Co. | 393 | 30,245 |
| Ingevity Corp. (b) | 5,408 | 236,384 |
| Innospec, Inc. | 260 | 32,133 |
| Quaker Chemical Corp. | 703 | 119,299 |
| Sensient Technologies Corp. | 1,500 | 111,285 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Stepan Co. | 1,765 | $148,190 |
| | | 915,803 |
| Steel - 0.6% |
| Carpenter Technology Corp. | 506 | 55,447 |
| Commercial Metals Co. | 1,628 | 89,524 |
| | | 144,971 |
| Systems Software - 1.3% |
| CommVault Systems, Inc. (b) | 580 | 70,511 |
| Gitlab, Inc., Class A (b) | 517 | 25,705 |
| JFrog Ltd. (b) | 2,095 | 78,667 |
| Progress Software Corp. | 330 | 17,906 |
| Tenable Holdings, Inc. (b) | 2,726 | 118,799 |
| | | 311,588 |
| Technology Distributors - 0.4% |
| Insight Enterprises, Inc. (b) | 489 | 96,998 |
| Technology Hardware, Storage & Peripherals - 0.8% |
| Corsair Gaming, Inc. (b) | 5,546 | 61,228 |
| Pure Storage, Inc., Class A (b) | 2,300 | 147,683 |
| | | 208,911 |
| Timber REITs - 0.1% |
| PotlatchDeltic Corp. | 628 | 24,737 |
| Trading Companies & Distributors - 1.2% |
| Applied Industrial Technologies, Inc. | 876 | 169,944 |
| | Number
of Shares | Fair
Value |
| FTAI Aviation Ltd. | 273 | $28,182 |
| Transcat, Inc. (b) | 390 | 46,675 |
| WESCO International, Inc. | 271 | 42,959 |
| | | 287,760 |
| Transaction & Payment Processing Services - 0.6% |
| Flywire Corp. (b) | 1,328 | 21,766 |
| Marqeta, Inc., Class A (b) | 1,998 | 10,949 |
| Shift4 Payments, Inc., Class A (b) | 1,423 | 104,377 |
| WEX, Inc. (b) | 135 | 23,914 |
| | | 161,006 |
| Water Utilities - 0.1% |
| American States Water Co. | 343 | 24,891 |
Total Common Stock
(Cost $18,063,247) | | 23,578,835 |
| Short-Term Investments - 5.1% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (c)(d)
(Cost $1,277,100) | 1,277,100 | 1,277,100 |
Total Investments
(Cost $19,340,347) | | 24,855,935 |
| Other Assets and Liabilities, net - 0.2% | | 49,892 |
| NET ASSETS - 100.0% | | $24,905,827 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| E-mini Russell 2000 Index Futures | September 2024 | 3 | $308,167 | $309,750 | $1,583 |
During the period ended June 30, 2024, the average notional value related to long futures contracts was $350,052.
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 June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts. |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Small-Cap Equity V.I.S. Fund | 7 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| (b) | Non-income producing security. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2024. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $23,578,835 | | $— | | $— | | $23,578,835 |
| Short-Term Investments | 1,277,100 | | — | | — | | 1,277,100 |
| Total Investments in Securities | $24,855,935 | | $— | | $— | | $24,855,935 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $1,583 | | $— | | $— | | $1,583 |
| Total Other Financial Instruments | $1,583 | | $— | | $— | | $1,583 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,171,516 | $1,171,516 | $3,749,360 | $3,643,776 | $— | $— | 1,277,100 | $1,277,100 | $30,539 |
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
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $12.37 | | $11.90 | | $14.93 | | $14.66 | | $13.16 | | $11.24 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss)(b) | (0.00)(c) | | 0.02 | | (0.03) | | (0.04) | | (0.01) | | (0.00)(c) |
| Net realized and unrealized gains/(losses) on investments | 0.15 | | 1.61 | | (2.27) | | 3.06 | | 1.92 | | 2.94 |
| Total income/(loss) from investment operations | 0.15 | | 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 | $12.52 | | $12.37 | | $11.90 | | $14.93 | | $14.66 | | $13.16 |
| Total Return(d) | 1.21% | | 13.55% | | (15.40)% | | 20.53% | | 14.53% | | 26.12% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $24,906 | | $25,910 | | $26,066 | | $36,890 | | $34,621 | | $33,600 |
| Ratios to average net assets: | | | | | | | | | | | |
| Gross expenses | 1.30%(e) | | 1.28% | | 1.31% | | 1.21% | | 1.27% | | 1.24% |
| Net investment income (loss) | (0.02)%(e) | | 0.13% | | (0.21)% | | (0.22)% | | (0.06)% | | (0.02)% |
| Portfolio turnover rate | 22% | | 30% | | 29% | | 39% | | 37% | | 29% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.01. |
| (d) | 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. |
| (e) | Annualized for periods less than one year. |
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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $18,063,247) | $23,578,835 |
| Investments in affiliated securities, at fair value (cost $1,277,100) | 1,277,100 |
| Net cash collateral on deposit with broker for future contracts | 28,345 |
| Receivable for investments sold | 99,966 |
| Income receivables | 11,958 |
| Income receivable from affiliated investments | 5,557 |
| Receivable for accumulated variation margin on futures contracts | 1,590 |
| Total assets | 25,003,351 |
| Liabilities | |
| Payable for investments purchased | 69,123 |
| Payable for fund shares redeemed | 1,239 |
| Payable to the Adviser | 17,626 |
| Payable for custody, fund accounting and sub-administration fees | 9,536 |
| Total liabilities | 97,524 |
|
| Net Assets | $24,905,827 |
| Net Assets Consist of: | |
| Capital paid in | $18,561,636 |
| Total distributable earnings (loss) | 6,344,191 |
| Net Assets | $24,905,827 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 1,989,663 |
| Net asset value per share | $12.52 |
The accompanying Notes are an integral part of these financial statements.
| 10 | Statement of Assets and Liabilities |
State Street Small-Cap Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $133,451 |
| Income from affiliated investments | 30,539 |
| Less: Foreign taxes withheld | (534) |
| Total income | 163,456 |
| Expenses | |
| Advisory and administration fees | 120,460 |
| Directors' fees | 10,614 |
| Custody, fund accounting and sub-administration fees | 14,155 |
| Professional fees | 18,362 |
| Other expenses | 1,820 |
| Total expenses | 165,411 |
| Net investment income (loss) | $(1,955) |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $1,267,969 |
| Futures | (2,366) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | (950,732) |
| Futures | (18,568) |
| Net realized and unrealized gain (loss) on investments | 296,303 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $294,348 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 11 |
State Street Small-Cap Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $(1,955) | | $32,547 |
| Net realized gain (loss) on investments and futures | 1,265,603 | | 1,991,573 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | (969,300) | | 1,234,893 |
| Net increase (decrease) from operations | 294,348 | | 3,259,013 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (2,232,962) |
| Increase (decrease) in assets from operations and distributions | 294,348 | | 1,026,051 |
| Share transactions: | | | |
| Proceeds from sale of shares | 137,427 | | 193,752 |
| Value of distributions reinvested | — | | 2,232,962 |
| Cost of shares redeemed | (1,435,884) | | (3,608,386) |
| Net increase (decrease) from share transactions | (1,298,457) | | (1,181,672) |
| Total increase (decrease) in net assets | (1,004,109) | | (155,621) |
| Net Assets | | | |
| Beginning of period | 25,909,936 | | 26,065,557 |
| End of period | $24,905,827 | | $25,909,936 |
| Changes in Fund Shares | | | |
| Shares sold | 11,119 | | 15,689 |
| Issued for distributions reinvested | — | | 178,067 |
| Shares redeemed | (115,242) | | (289,897) |
| Net increase (decrease) in fund shares | (104,123) | | (96,141) |
The accompanying Notes are an integral part of these financial statements.
| 12 | Statements of Changes in Net Assets |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently
composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund (the “Fund”), State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, 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 Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| • | 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 June 30, 2024 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 Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2024, 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 period ended June 30, 2024, the Fund entered into futures contracts for cash equitization.
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2024 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 | $— | $— | $— | $1,590 | $— | $1,590 |
| 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 | $— | $— | $— | $(2,366) | $— | $(2,366) |
| Notes to Financial Statements | 15 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| 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 | $— | $— | $— | $(18,568) | $— | $(18,568) |
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 period ended June 30, 2024 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, LP; (ii) Champlain Investment Partners, LLC; (iii) Kennedy Capital Management, LLC; (iv) SouthernSun Asset Management, LLC; and (v) Westfield Capital Management Company, LP. 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 period ended June 30, 2024 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $5,386,876 | $6,933,935 |
| 16 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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. As of December 31, 2023, SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2024, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $19,921,712 | $6,763,513 | $1,827,707 | $4,935,806 |
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 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 June 30, 2024.
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
| Notes to Financial Statements | 17 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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.
| 18 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Small-Cap Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), and the sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Agreements”) by and among SSGA FM, and the Company on behalf of the Fund, and each of Champlain Investment Partners, LLC, Kennedy Capital Management, LLC, Palisade Capital Management, LLC and SouthernSun Asset Management, LLC (collectively, the “Sub-Advisers”)2. Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and Sub-Advisers and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Advisers (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
______________________
1 The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
2 The Board approved the Sub-Advisory Agreement between the Adviser and Westfield Capital Management Company (“Westfield”) with respect to the Fund at an in-person meeting held on February 5-6, 2024, for an initial two-year term. As a result, the Sub-Advisory Agreement with Kennedy was not required to be considered for renewal at the May 8-9, 2024 Board meeting.
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Advisers (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser and Sub-Advisers for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser and Sub-Advisers with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser and Sub-Advisers, including their investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser and Sub-Advisers
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Advisers; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Advisers; |
| • | Information about the Adviser’s and each Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and each Sub-Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser and Sub-Advisers to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s and Sub-Advisers’ technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| • | A description of the business continuity and disaster recovery plans of the Adviser and Sub-Advisers; and |
| • | Information regarding the Adviser’s and Sub-Advisers’ risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and Sub-Advisory Agreements and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | The Sub-Advisers, with respect to their operations relating to the Fund and their approximate profitability from such operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, the Distributor and the Sub-Advisers with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Advisers and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Advisers relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2024, for an additional year with respect to the Fund.
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Nature, Extent and Quality of Services
In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Advisers.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks.The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
In connection with their consideration of the services provided by each of the Sub-Advisers, the Board considered each Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by each Sub-Adviser to the Fund. The Board also considered the Fund’s multi-manager structure and how each Sub-Adviser’s approach to small-cap investing fits within the Fund’s overall strategy.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and each Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1- and 3-year periods, was equal to the median of its Performance Group for the 5-year period, and was above the median of its Performance Group for the 10-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-year period and was above the Benchmark for the 3-, 5- and 10-year periods.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Management Fees and Expenses
| • | The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund, net of waivers, if any, as well as the fees paid to each of the Sub-Advisers by the Adviser, which reduced the net management fees retained by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and each Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Advisers for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Advisers to the fees charged and services provided to other clients of the Adviser and Sub-Advisers, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund: |
| • | State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses, including the relatively small size of the Fund. |
| • | On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided. |
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Advisers in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers and the Sub-Advisers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
The Board also considered that the sub-advisory fee rate under each Sub-Advisory Agreement was negotiated with each Sub-Adviser at arm’s length. In considering the profitability to each Sub-Adviser in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives from the Fund. For these reasons, the Board concluded that the profitability of each Sub-Adviser from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the applicable Sub-Advisory Agreement.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over
State Street Small-Cap Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time. The Board noted that the fees under the Sub-Advisory Agreements are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in each Sub-Adviser’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreements.
Conclusions
In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Advisers possess the capability and resources to perform the duties required of them under the respective Agreements.
Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreements are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement and Sub-Advisory Agreements are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 96.9% † |
| Aerospace & Defense - 0.5% |
| RTX Corp. | 1,110 | $111,433 |
| Apparel Retail - 0.4% |
| Ross Stores, Inc. | 585 | 85,012 |
| Application Software - 3.1% |
| Adobe, Inc. (a) | 515 | 286,103 |
| Intuit, Inc. | 112 | 73,607 |
| Salesforce, Inc. | 1,182 | 303,892 |
| Synopsys, Inc. (a) | 111 | 66,052 |
| | | 729,654 |
| Automobile Manufacturers - 0.9% |
| General Motors Co. | 2,428 | 112,805 |
| Tesla, Inc. (a) | 447 | 88,452 |
| | | 201,257 |
| Automotive Retail - 0.6% |
| O'Reilly Automotive, Inc. (a) | 123 | 129,895 |
| Biotechnology - 0.8% |
| BioMarin Pharmaceutical, Inc. (a) | 1,241 | 102,172 |
| Vertex Pharmaceuticals, Inc. (a) | 192 | 89,994 |
| | | 192,166 |
| Broadline Retail - 4.7% |
| Amazon.com, Inc. (a) | 5,627 | 1,087,418 |
| Building Products - 0.6% |
| Trane Technologies PLC | 394 | 129,598 |
| Construction Materials - 0.8% |
| Martin Marietta Materials, Inc. | 355 | 192,339 |
| Consumer Staples Merchandise Retail - 1.1% |
| Costco Wholesale Corp. | 102 | 86,699 |
| Walmart, Inc. | 2,387 | 161,624 |
| | | 248,323 |
| Data Processing & Outsourced Services - 0.3% |
| Broadridge Financial Solutions, Inc. | 330 | 65,010 |
| Diversified Banks - 2.9% |
| Bank of America Corp. | 3,503 | 139,314 |
| | Number
of Shares | Fair
Value |
| JPMorgan Chase & Co. | 2,625 | $530,933 |
| | | 670,247 |
| Diversified Support Services - 0.3% |
| Cintas Corp. | 91 | 63,724 |
| Electric Utilities - 1.2% |
| NextEra Energy, Inc. | 3,958 | 280,266 |
| Electrical Components & Equipment - 0.6% |
| Eaton Corp. PLC | 443 | 138,903 |
| Electronic Components - 0.3% |
| Amphenol Corp., Class A | 930 | 62,654 |
| Environmental & Facilities Services - 1.3% |
| Waste Management, Inc. (b) | 1,375 | 293,342 |
| Financial Exchanges & Data - 2.4% |
| CME Group, Inc. | 410 | 80,606 |
| MSCI, Inc. | 148 | 71,299 |
| S&P Global, Inc. | 901 | 401,846 |
| | | 553,751 |
| Healthcare Equipment - 2.9% |
| Abbott Laboratories (b) | 1,127 | 117,107 |
| Becton Dickinson & Co. | 1,213 | 283,490 |
| IDEXX Laboratories, Inc. (a) | 140 | 68,208 |
| Penumbra, Inc. (a) | 300 | 53,991 |
| Teleflex, Inc. | 270 | 56,789 |
| Zimmer Biomet Holdings, Inc. | 931 | 101,042 |
| | | 680,627 |
| Home Improvement Retail - 1.7% |
| Home Depot, Inc. | 1,140 | 392,434 |
| Hotels, Resorts & Cruise Lines - 0.2% |
| Marriott International, Inc., Class A | 179 | 43,277 |
| Household Products - 0.9% |
| Procter & Gamble Co. | 1,255 | 206,975 |
| Industrial Conglomerates - 0.5% |
| Honeywell International, Inc. | 594 | 126,843 |
| Industrial Gases - 1.2% |
| Linde PLC | 665 | 291,809 |
| Industrial Machinery & Supplies & Components - 1.2% |
| Parker-Hannifin Corp. | 568 | 287,300 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street U.S. Equity V.I.S. Fund | 1 |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Insurance Brokers - 0.3% |
| Marsh & McLennan Cos., Inc. | 310 | $65,323 |
| Integrated Oil & Gas - 1.6% |
| Chevron Corp. | 973 | 152,197 |
| Exxon Mobil Corp. | 2,026 | 233,233 |
| | | 385,430 |
| Interactive Media & Services - 8.3% |
| Alphabet, Inc., Class A | 5,960 | 1,085,614 |
| Alphabet, Inc., Class C | 808 | 148,203 |
| Meta Platforms, Inc., Class A | 1,416 | 713,976 |
| | | 1,947,793 |
| Investment Banking & Brokerage - 0.3% |
| Charles Schwab Corp. | 940 | 69,269 |
| IT Consulting & Other Services - 0.3% |
| Accenture PLC, Class A | 237 | 71,908 |
| Life Sciences Tools & Services - 1.9% |
| IQVIA Holdings, Inc. (a) | 962 | 203,405 |
| Thermo Fisher Scientific, Inc. | 455 | 251,615 |
| | | 455,020 |
| Managed Healthcare - 2.0% |
| Humana, Inc. | 149 | 55,674 |
| UnitedHealth Group, Inc. | 812 | 413,519 |
| | | 469,193 |
| Movies & Entertainment - 1.2% |
| Netflix, Inc. (a) | 115 | 77,611 |
| Walt Disney Co. | 2,099 | 208,410 |
| | | 286,021 |
| Multi-Line Insurance - 0.3% |
| American International Group, Inc. | 820 | 60,877 |
| Multi-Sector Holdings - 1.2% |
| Berkshire Hathaway, Inc., Class B (a) | 710 | 288,828 |
| Multi-Utilities - 0.5% |
| Sempra | 1,510 | 114,851 |
| Oil & Gas Equipment & Services - 0.8% |
| Schlumberger NV | 3,997 | 188,578 |
| | Number
of Shares | Fair
Value |
| Oil & Gas Exploration & Production - 0.9% |
| ConocoPhillips | 1,807 | $206,685 |
| Other Specialty Retail - 0.8% |
| Ulta Beauty, Inc. (a) | 477 | 184,060 |
| Packaged Foods & Meats - 0.4% |
| Mondelez International, Inc., Class A | 1,357 | 88,802 |
| Passenger Ground Transportation - 0.4% |
| Uber Technologies, Inc. (a) | 1,438 | 104,514 |
| Personal Care Products - 0.7% |
| Kenvue, Inc. | 9,025 | 164,074 |
| Pharmaceuticals - 4.8% |
| AstraZeneca PLC ADR | 3,168 | 247,072 |
| Elanco Animal Health, Inc. (a) | 2,259 | 32,598 |
| Eli Lilly & Co. | 119 | 107,740 |
| Johnson & Johnson | 2,302 | 336,460 |
| Merck & Co., Inc. | 3,279 | 405,940 |
| | | 1,129,810 |
| Property & Casualty Insurance - 1.0% |
| Chubb Ltd. | 952 | 242,836 |
| Rail Transportation - 0.5% |
| Union Pacific Corp. | 534 | 120,823 |
| Reinsurance - 0.1% |
| RenaissanceRe Holdings Ltd. | 122 | 27,268 |
| Restaurants - 0.5% |
| McDonald's Corp. (b) | 428 | 109,071 |
| Semiconductor Materials & Equipment - 1.4% |
| Applied Materials, Inc. | 1,065 | 251,329 |
| ASML Holding NV | 67 | 68,523 |
| | | 319,852 |
| Semiconductors - 11.7% |
| Advanced Micro Devices, Inc. (a) | 891 | 144,529 |
| Broadcom, Inc. | 298 | 478,448 |
| NVIDIA Corp. | 14,158 | 1,749,079 |
| ON Semiconductor Corp. (a) | 3,040 | 208,392 |
| Texas Instruments, Inc. | 762 | 148,232 |
| | | 2,728,680 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Soft Drinks & Non-alcoholic Beverages - 0.9% |
| Monster Beverage Corp. (a) | 1,598 | $79,820 |
| PepsiCo, Inc. | 834 | 137,552 |
| | | 217,372 |
| Specialty Chemicals - 0.5% |
| Ecolab, Inc. | 227 | 54,026 |
| International Flavors & Fragrances, Inc. | 325 | 30,943 |
| PPG Industries, Inc. | 197 | 24,801 |
| | | 109,770 |
| Systems Software - 8.8% |
| Microsoft Corp. | 3,939 | 1,760,536 |
| Oracle Corp. | 1,060 | 149,672 |
| ServiceNow, Inc. (a) | 196 | 154,187 |
| | | 2,064,395 |
| Technology Hardware, Storage & Peripherals - 6.0% |
| Apple, Inc. | 6,609 | 1,391,988 |
| Telecom Tower REITs - 1.3% |
| American Tower Corp. | 1,543 | 299,928 |
| Trading Companies & Distributors - 1.6% |
| United Rentals, Inc. | 432 | 279,388 |
| WW Grainger, Inc. | 105 | 94,735 |
| | | 374,123 |
| Transaction & Payment Processing Services - 3.5% |
| Fidelity National Information Services, Inc. | 441 | 33,234 |
| | Number
of Shares | Fair
Value |
| Mastercard, Inc., Class A | 788 | $347,634 |
| PayPal Holdings, Inc. (a) | 1,270 | 73,698 |
| Visa, Inc., Class A | 1,403 | 368,245 |
| | | 822,811 |
| Water Utilities - 0.8% |
| American Water Works Co., Inc. | 1,487 | 192,061 |
| Wireless Telecommunication Services - 0.2% |
| T-Mobile U.S., Inc. | 300 | 52,854 |
Total Common Stock
(Cost $12,722,550) | | 22,619,125 |
| Short-Term Investments - 3.0% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (c)(d)
(Cost $713,432) | 713,432 | 713,432 |
Total Investments
(Cost $13,435,982) | | 23,332,557 |
| Other Assets and Liabilities, net - 0.1% | | 19,152 |
| NET ASSETS - 100.0% | | $23,351,709 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2024 | 2 | $549,760 | $552,150 | $2,390 |
During the period ended June 30, 2024, the average notional value related to long futures contracts was $261,529.
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.
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street U.S. Equity V.I.S. Fund | 3 |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| (a) | Non-income producing security. |
| (b) | At June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2024. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $22,619,125 | | $— | | $— | | $22,619,125 |
| Short-Term Investments | 713,432 | | — | | — | | 713,432 |
| Total Investments in Securities | $23,332,557 | | $— | | $— | | $23,332,557 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $2,390 | | $— | | $— | | $2,390 |
| Total Other Financial Instruments | $2,390 | | $— | | $— | | $2,390 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 709,663 | $709,663 | $2,453,040 | $2,449,271 | $— | $— | 713,432 | $713,432 | $15,358 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $48.41 | | $40.76 | | $56.55 | | $53.28 | | $46.97 | | $38.07 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.09 | | 0.22 | | 0.22 | | 0.18 | | 0.27 | | 0.33 |
| Net realized and unrealized gains/(losses) on investments | 8.19 | | 11.15 | | (10.93) | | 13.47 | | 10.34 | | 11.78 |
| Total income/(loss) from investment operations | 8.28 | | 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 | $56.69 | | $48.41 | | $40.76 | | $56.55 | | $53.28 | | $46.97 |
| Total Return(c) | 17.10% | | 27.91% | | (18.91)% | | 25.49% | | 22.64% | | 31.77% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $23,352 | | $21,170 | | $20,449 | | $29,595 | | $27,729 | | $25,951 |
| Ratios to average net assets: | | | | | | | | | | | |
| Gross expenses | 0.88%(d) | | 0.91% | | 0.88% | | 0.82% | | 0.86% | | 0.88% |
| Net investment income | 0.33%(d) | | 0.48% | | 0.46% | | 0.30% | | 0.56% | | 0.74% |
| Portfolio turnover rate | 26% | | 42% | | 33% | | 32% | | 38% | | 31% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (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) | Annualized for periods less than one year. |
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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $12,722,550) | $22,619,125 |
| Investments in affiliated securities, at fair value (cost $713,432) | 713,432 |
| Net cash collateral on deposit with broker for future contracts | 21,126 |
| Receivable for investments sold | 32,633 |
| Income receivables | 9,405 |
| Income receivable from affiliated investments | 3,017 |
| Receivable for accumulated variation margin on futures contracts | 2,395 |
| Total assets | 23,401,133 |
| Liabilities | |
| Payable for investments purchased | 4,796 |
| Payable for fund shares redeemed | 2,648 |
| Payable to the Adviser | 10,506 |
| Payable for custody, fund accounting and sub-administration fees | 6,679 |
| Accrued other expenses | 24,795 |
| Total liabilities | 49,424 |
|
| Net Assets | $23,351,709 |
| Net Assets Consist of: | |
| Capital paid in | $10,785,328 |
| Total distributable earnings (loss) | 12,566,381 |
| Net Assets | $23,351,709 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 411,908 |
| Net asset value per share | $56.69 |
The accompanying Notes are an integral part of these financial statements.
| 6 | Statement of Assets and Liabilities |
State Street U.S. Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $120,195 |
| Income from affiliated investments | 15,358 |
| Less: Foreign taxes withheld | (93) |
| Total income | 135,460 |
| Expenses | |
| Advisory and administration fees | 61,634 |
| Directors' fees | 10,599 |
| Custody, fund accounting and sub-administration fees | 9,990 |
| Professional fees | 15,060 |
| Other expenses | 1,229 |
| Total expenses | 98,512 |
| Net investment income (loss) | $36,948 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $2,014,572 |
| Futures | 36,750 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 1,455,847 |
| Futures | (6,536) |
| Net realized and unrealized gain (loss) on investments | 3,500,633 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $3,537,581 |
The accompanying Notes are an integral part of these financial statements.
State Street U.S. Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $36,948 | | $97,131 |
| Net realized gain (loss) on investments and futures | 2,051,322 | | 1,990,080 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 1,449,311 | | 2,919,583 |
| Net increase (decrease) from operations | 3,537,581 | | 5,006,794 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (1,515,250) |
| Increase (decrease) in assets from operations and distributions | 3,537,581 | | 3,491,544 |
| Share transactions: | | | |
| Proceeds from sale of shares | 152,502 | | 253,428 |
| Value of distributions reinvested | — | | 1,515,250 |
| Cost of shares redeemed | (1,508,048) | | (4,539,387) |
| Net increase (decrease) from share transactions | (1,355,546) | | (2,770,709) |
| Total increase (decrease) in net assets | 2,182,035 | | 720,835 |
| Net Assets | | | |
| Beginning of period | 21,169,674 | | 20,448,839 |
| End of period | $23,351,709 | | $21,169,674 |
| Changes in Fund Shares | | | |
| Shares sold | 2,886 | | 5,608 |
| Issued for distributions reinvested | — | | 31,281 |
| Shares redeemed | (28,292) | | (101,242) |
| Net increase (decrease) in fund shares | (25,406) | | (64,353) |
The accompanying Notes are an integral part of these financial statements.
| 8 | Statements of Changes in Net Assets |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund (the "Fund"), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, 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 | 9 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| • | 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 June 30, 2024 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.
| 10 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2024, 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 period ended June 30, 2024, the Fund entered into futures contracts for cash equitization.
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2024 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 | $— | $— | $— | $2,395 | $— | $2,395 |
| Notes to Financial Statements | 11 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| 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 | $— | $— | $— | $36,750 | $— | $36,750 |
| 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 | $— | $— | $— | $(6,536) | $— | $(6,536) |
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 period ended June 30, 2024 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 period ended June 30, 2024 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $5,630,147 | $7,021,624 |
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
| 12 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
upon jurisdiction. As of December 31, 2023, SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2024, 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) |
| $13,625,613 | $10,138,613 | $429,279 | $9,709,334 |
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 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 June 30, 2024.
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.
| Notes to Financial Statements | 13 |
State Street U.S. Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street U.S. Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
_________________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street U.S. Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
State Street U.S. Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
State Street U.S. Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street U.S. Equity V.I.S. Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 5- and 10-year periods and was above the medians of its Performance Group and Performance Universe for the 3-year period. The Board also considered that the Fund’s performance was above the Benchmark for the 1- and 5-year periods and was below the Benchmark for the 3- and 10-year periods.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street U.S. Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses, including the relatively small size of the Fund.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
State Street U.S. Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 91.6% † |
| Apparel Retail - 1.1% |
| Ross Stores, Inc. | 2,758 | $400,793 |
| Application Software - 4.5% |
| Adobe, Inc. (a) | 1,528 | 848,865 |
| Salesforce, Inc. | 2,306 | 592,873 |
| Synopsys, Inc. (a) | 300 | 178,518 |
| | | 1,620,256 |
| Automobile Manufacturers - 0.5% |
| Tesla, Inc. (a)(b) | 933 | 184,622 |
| Biotechnology - 2.5% |
| BioMarin Pharmaceutical, Inc. (a)(b) | 5,014 | 412,803 |
| Vertex Pharmaceuticals, Inc. (a) | 1,014 | 475,282 |
| | | 888,085 |
| Broadline Retail - 7.4% |
| Amazon.com, Inc. (a) | 13,718 | 2,651,003 |
| Construction Materials - 1.2% |
| Martin Marietta Materials, Inc. | 821 | 444,818 |
| Electrical Components & Equipment - 1.0% |
| Eaton Corp. PLC | 1,085 | 340,202 |
| Financial Exchanges & Data - 1.4% |
| S&P Global, Inc. | 1,107 | 493,722 |
| Healthcare Equipment - 1.0% |
| Boston Scientific Corp. (a) | 4,436 | 341,616 |
| Home Improvement Retail - 1.9% |
| Home Depot, Inc. | 1,941 | 668,170 |
| Industrial Machinery & Supplies & Components - 1.5% |
| Parker-Hannifin Corp. (b) | 1,077 | 544,757 |
| Interactive Media & Services - 14.1% |
| Alphabet, Inc., Class A | 8,070 | 1,469,951 |
| Alphabet, Inc., Class C | 8,895 | 1,631,521 |
| Meta Platforms, Inc., Class A | 3,838 | 1,935,196 |
| | | 5,036,668 |
| Life Sciences Tools & Services - 1.9% |
| Thermo Fisher Scientific, Inc. | 1,210 | 669,130 |
| | Number
of Shares | Fair
Value |
| Managed Healthcare - 2.6% |
| UnitedHealth Group, Inc. | 1,852 | $943,149 |
| Other Specialty Retail - 1.2% |
| Ulta Beauty, Inc. (a) | 1,070 | 412,881 |
| Pharmaceuticals - 1.5% |
| AstraZeneca PLC ADR | 6,943 | 541,485 |
| Semiconductor Materials & Equipment - 2.5% |
| Applied Materials, Inc. | 2,339 | 551,981 |
| ASML Holding NV | 333 | 340,569 |
| | | 892,550 |
| Semiconductors - 16.4% |
| Broadcom, Inc. | 728 | 1,168,826 |
| NVIDIA Corp. | 34,391 | 4,248,664 |
| ON Semiconductor Corp. (a) | 6,403 | 438,926 |
| | | 5,856,416 |
| Soft Drinks & Non-alcoholic Beverages - 1.0% |
| Monster Beverage Corp. (a) | 7,240 | 361,638 |
| Systems Software - 14.2% |
| Microsoft Corp. | 9,751 | 4,358,209 |
| ServiceNow, Inc. (a) | 880 | 692,270 |
| | | 5,050,479 |
| Technology Hardware, Storage & Peripherals - 4.5% |
| Apple, Inc. | 7,638 | 1,608,715 |
| Telecom Tower REITs - 1.6% |
| American Tower Corp. | 2,861 | 556,121 |
| Trading Companies & Distributors - 1.6% |
| United Rentals, Inc. | 888 | 574,296 |
| Transaction & Payment Processing Services - 4.5% |
| Mastercard, Inc., Class A | 1,689 | 745,119 |
| Visa, Inc., Class A | 3,275 | 859,589 |
| | | 1,604,708 |
Total Common Stock
(Cost $12,446,753) | | 32,686,280 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Premier Growth Equity V.I.S. Fund | 1 |
State Street Premier Growth Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Exchange Traded & Mutual Funds - 4.2% |
Technology Select Sector SPDR Fund
(Cost $1,375,372) | 6,662 | $1,507,145 |
Total Exchange Traded & Mutual Funds
(Cost $1,375,372) | | 1,507,145 |
Total Investments in Securities
(Cost $13,822,125) | | 34,193,425 |
| Short-Term Investments - 4.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (b)(c)(d)
(Cost $1,479,626) | 1,479,626 | 1,479,626 |
Total Investments
(Cost $15,301,751) | | 35,673,051 |
| Other Assets and Liabilities, net - 0.0%* | | 2,126 |
| NET ASSETS - 100.0% | | $35,675,177 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2024 | 4 | $1,099,052 | $1,104,300 | $5,248 |
During the period ended June 30, 2024, the average notional value related to long futures contracts was $555,989.
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 June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2024. |
| * | Less than 0.05%. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
| SPDR - Standard and Poor's Depositary Receipt |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $32,686,280 | | $— | | $— | | $32,686,280 |
| Exchange Traded & Mutual Funds | 1,507,145 | | — | | — | | 1,507,145 |
| Short-Term Investments | 1,479,626 | | — | | — | | 1,479,626 |
| Total Investments in Securities | $35,673,051 | | $— | | $— | | $35,673,051 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $5,248 | | $— | | $— | | $5,248 |
| Total Other Financial Instruments | $5,248 | | $— | | $— | | $5,248 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 902,796 | $902,796 | $4,779,871 | $4,203,041 | $— | $— | 1,479,626 | $1,479,626 | $22,218 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Premier Growth Equity V.I.S. Fund | 3 |
State Street Premier Growth Equity V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $110.25 | | $77.05 | | $126.76 | | $122.96 | | $100.89 | | $82.51 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss)(b) | (0.11) | | (0.09) | | (0.32) | | (0.44) | | (0.22) | | 0.03 |
| Net realized and unrealized gains/(losses) on investments | 24.60 | | 35.75 | | (38.35) | | 31.51 | | 34.12 | | 30.84 |
| Total income/(loss) from investment operations | 24.49 | | 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 | $134.74 | | $110.25 | | $77.05 | | $126.76 | | $122.96 | | $100.89 |
| Total Return(c) | 22.21% | | 46.28% | | (30.43)% | | 24.97% | | 33.61% | | 37.33% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $35,675 | | $32,045 | | $25,498 | | $41,961 | | $39,144 | | $35,502 |
| Ratios to average net assets: | | | | | | | | | | | |
| Gross expenses | 0.88%(d) | | 0.91% | | 0.93% | | 0.88% | | 0.89% | | 0.91% |
| Net investment income (loss) | (0.17)%(d) | | (0.09)% | | (0.31)% | | (0.32)% | | (0.19)% | | 0.03% |
| Portfolio turnover rate | 18% | | 24% | | 23% | | 30% | | 22% | | 22% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (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) | Annualized for periods less than one year. |
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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $13,822,125) | $34,193,425 |
| Investments in affiliated securities, at fair value (cost $1,479,626) | 1,479,626 |
| Net cash collateral on deposit with broker for future contracts | 41,722 |
| Income receivables | 5,530 |
| Income receivable from affiliated investments | 4,969 |
| Receivable for accumulated variation margin on futures contracts | 5,259 |
| Total assets | 35,730,531 |
| Liabilities | |
| Payable for fund shares redeemed | 2,096 |
| Payable to the Adviser | 18,746 |
| Payable for custody, fund accounting and sub-administration fees | 7,248 |
| Accrued other expenses | 27,264 |
| Total liabilities | 55,354 |
|
| Net Assets | $35,675,177 |
| Net Assets Consist of: | |
| Capital paid in | $10,339,610 |
| Total distributable earnings (loss) | 25,335,567 |
| Net Assets | $35,675,177 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 264,779 |
| Net asset value per share | $134.74 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 5 |
State Street Premier Growth Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $97,176 |
| Income from affiliated investments | 22,218 |
| Less: Foreign taxes withheld | (238) |
| Total income | 119,156 |
| Expenses | |
| Advisory and administration fees | 109,924 |
| Directors' fees | 10,634 |
| Custody, fund accounting and sub-administration fees | 10,739 |
| Professional fees | 15,086 |
| Other expenses | 2,269 |
| Total expenses | 148,652 |
| Net investment income (loss) | $(29,496) |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $4,443,077 |
| Futures | 71,527 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 2,347,627 |
| Futures | (21,531) |
| Net realized and unrealized gain (loss) on investments | 6,840,700 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $6,811,204 |
The accompanying Notes are an integral part of these financial statements.
State Street Premier Growth Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $(29,496) | | $(26,128) |
| Net realized gain (loss) on investments and futures | 4,514,604 | | 1,154,522 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 2,326,096 | | 9,800,096 |
| Net increase (decrease) from operations | 6,811,204 | | 10,928,490 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (702,283) |
| Increase (decrease) in assets from operations and distributions | 6,811,204 | | 10,226,207 |
| Share transactions: | | | |
| Proceeds from sale of shares | 32,851 | | 282,062 |
| Value of distributions reinvested | — | | 702,283 |
| Cost of shares redeemed | (3,213,594) | | (4,663,584) |
| Net increase (decrease) from share transactions | (3,180,743) | | (3,679,239) |
| Total increase (decrease) in net assets | 3,630,461 | | 6,546,968 |
| Net Assets | | | |
| Beginning of period | 32,044,716 | | 25,497,748 |
| End of period | $35,675,177 | | $32,044,716 |
| Changes in Fund Shares | | | |
| Shares sold | 260 | | 2,971 |
| Issued for distributions reinvested | — | | 6,362 |
| Shares redeemed | (26,130) | | (49,598) |
| Net increase (decrease) in fund shares | (25,870) | | (40,265) |
The accompanying Notes are an integral part of these financial statements.
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the "Fund"), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, 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. |
| 8 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| • | 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 June 30, 2024 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.
| Notes to Financial Statements | 9 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. 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 period ended June 30, 2024, the Fund entered into futures contracts for cash equitization.
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2024 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 | $— | $— | $— | $5,259 | $— | $5,259 |
| 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 | $— | $— | $— | $71,527 | $— | $71,527 |
| 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 | $— | $— | $— | $(21,531) | $— | $(21,531) |
| 10 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 period ended June 30, 2024 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 period ended June 30, 2024 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $5,847,081 | $9,586,778 |
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. As of December 31, 2023, 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.
| Notes to Financial Statements | 11 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
As of June 30, 2024, 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) |
| $15,509,699 | $20,564,330 | $395,730 | $20,168,600 |
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 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 June 30, 2024.
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.
| 12 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Premier Growth Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Premier Growth Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings, by Independent Counsel requesting specific information from each of: |
State Street Premier Growth Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
State Street Premier Growth Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1-, 5- and 10-year periods and was below the Benchmark for the 3-year period.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses, including the relatively small size of the Fund.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
State Street Premier Growth Equity V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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
Schedule of Investments — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bonds and Notes - 95.8% † |
| U.S. Treasuries - 31.7% |
| U.S. Treasury Bonds | | |
| 2.25%, 08/15/46 (a) | $105,000 | $69,973 |
| 3.00%, 08/15/48 (a) | 286,000 | 217,002 |
| 4.13%, 08/15/53 (a) | 137,000 | 127,603 |
| 4.38%, 08/15/43 (a) | 96,000 | 92,685 |
| U.S. Treasury Notes | | |
| 0.25%, 07/31/25 (a) | 50,900 | 48,337 |
| 0.75%, 01/31/28 (a) | 283,000 | 248,465 |
| 1.63%, 05/15/31 (a) | 85,000 | 71,347 |
| 2.75%, 08/15/32 (a) | 619,000 | 550,813 |
| 3.50%, 04/30/28 (a) | 64,000 | 61,905 |
| 3.88%, 12/31/27 - 08/15/33 (a) | 888,100 | 856,790 |
| 4.25%, 10/15/25 (a) | 46,000 | 45,563 |
| 4.63%, 10/15/26 - 05/31/31 (a) | 590,000 | 594,604 |
| 5.00%, 09/30/25 (a) | 61,000 | 60,976 |
| | | 3,046,063 |
| Agency Mortgage Backed - 30.0% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00%, 04/01/43 - 10/01/49 (a) | 276,288 | 241,608 |
| 4.50%, 06/01/33 - 02/01/35 (a) | 1,016 | 992 |
| 5.00%, 07/01/35 (a) | 12,518 | 12,424 |
| 5.50%, 01/01/38 (a) | 11,246 | 11,402 |
| 6.00%, 04/01/29 - 11/01/37 (a) | 37,422 | 38,473 |
| 6.50%, 02/01/29 (a) | 12 | 13 |
| 6.93%, 06/01/26 (a)(b) | 60,000 | 62,140 |
| 7.00%, 12/01/29 - 08/01/36 (a) | 9,285 | 9,812 |
| 7.50%, 01/01/30 - 09/01/33 (a) | 1,237 | 1,271 |
| 8.00%, 11/01/30 (a) | 1,940 | 2,016 |
| 8.50%, 04/01/30 (a) | 1,828 | 1,974 |
| Federal National Mortgage Association | | |
| 2.50%, 03/01/51 (a) | 220,959 | 180,379 |
| 3.00%, 03/01/50 (a) | 49,549 | 42,753 |
| 3.50%, 08/01/45 - 01/01/48 (a) | 98,537 | 89,026 |
| 4.00%, 01/01/41 - 01/01/50 (a) | 143,060 | 133,512 |
| 4.50%, 07/01/33 - 12/01/48 (a) | 57,711 | 55,645 |
| | Principal
Amount | Fair
Value |
| 5.00%, 03/01/34 - 08/01/35 (a) | $13,398 | $13,281 |
| 5.50%, 12/01/32 - 01/01/39 (a) | 50,930 | 51,476 |
| 6.00%, 02/01/33 - 07/01/35 (a) | 58,701 | 60,297 |
| 6.50%, 01/01/29 - 08/01/34 (a) | 7,757 | 8,047 |
| 7.00%, 10/01/32 - 02/01/34 (a) | 3,809 | 4,003 |
| 7.50%, 12/01/26 - 03/01/33 (a) | 3,844 | 3,953 |
| 8.00%, 08/01/25 - 10/01/31 (a) | 1,114 | 1,129 |
| Federal National Mortgage Association 1 yr. USD RFUCCT + 1.60% | | |
| 6.97%, 04/01/37 (a)(c) | 439 | 441 |
| Government National Mortgage Association | | |
| 3.00%, 12/20/42 - 05/20/45 (a) | 227,868 | 203,017 |
| 3.50%, 08/20/48 (a) | 40,576 | 36,799 |
| 4.00%, 01/20/41 - 04/20/43 (a) | 40,050 | 37,991 |
| 4.50%, 08/15/33 - 03/20/41 (a) | 30,038 | 29,422 |
| 6.00%, 04/15/27 - 04/15/34 (a) | 34,470 | 35,262 |
| 6.50%, 04/15/28 - 08/15/34 (a) | 11,914 | 12,296 |
| 7.00%, 01/15/28 - 10/15/36 (a) | 8,070 | 8,191 |
| Government National Mortgage Association 1 yr. CMT + 1.50% | | |
| 3.75%, 12/20/24 (a)(c) | 19 | 19 |
| 4.63%, 02/20/26 (a)(c) | 33 | 33 |
| Government National Mortgage Association REMICS 30 day USD SOFR Average + 5.85% | | |
| 0.52%, 05/20/64 (c)(d) | 337,802 | 13,256 |
| Government National Mortgage Association, TBA | | |
| 5.00%, 07/20/54 | 137,600 | 133,977 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00%, 07/01/54 | 297,304 | 232,507 |
| 2.50%, 07/01/54 | 564,513 | 460,962 |
| 3.00%, 07/01/54 | 200,000 | 170,096 |
| 3.50%, 07/01/54 | 170,477 | 150,830 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 1 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 5.00%, 07/01/54 | $239,653 | $231,566 |
| 5.50%, 07/01/39 | 103,139 | 103,340 |
| | | 2,885,631 |
| Agency Collateralized Mortgage Obligations - 1.1% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51%, 07/25/29 (a) | 55,000 | 49,502 |
| 4.05%, 09/25/28 (a)(c) | 31,000 | 30,071 |
| Federal Home Loan Mortgage Corp. REMICS | | |
| 5.50%, 06/15/33 (d) | 5,863 | 766 |
| 7.50%, 07/15/27 (d) | 311 | 20 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00%, 08/01/27 (e) | 45 | 42 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08%, 09/25/43 (c)(d) | 229,779 | 4,018 |
| Federal National Mortgage Association Interest STRIPS | | |
| 0.01%, 12/25/34 (e) | 5,282 | 4,227 |
| 4.50%, 08/25/35 - 01/25/36 (d) | 5,681 | 747 |
| 5.00%, 03/25/38 - 05/25/38 (d) | 3,683 | 588 |
| 5.50%, 12/25/33 (d) | 1,679 | 279 |
| 6.00%, 01/25/35 (d) | 2,976 | 508 |
| Federal National Mortgage Association REMICS | | |
| 1.18%, 12/25/42 (c)(d) | 11,142 | 297 |
| 5.00%, 09/25/40 (d) | 2,177 | 212 |
| Federal National Mortgage Association REMICS 30 day USD SOFR Average + 5.89% | | |
| 0.55%, 07/25/38 (c)(d) | 2,192 | 155 |
| Federal National Mortgage Association REMICS 30 day USD SOFR Average + 6.44% | | |
| 1.10%, 11/25/41 (c)(d) | 101,802 | 10,567 |
| | | 101,999 |
| Corporate Notes - 26.5% |
| 3M Co. | | |
| 3.13%, 09/19/46 (a) | 2,000 | 1,346 |
| 7-Eleven, Inc. | | |
| 0.95%, 02/10/26 (a)(f) | 3,000 | 2,794 |
| | Principal
Amount | Fair
Value |
| Abbott Laboratories | | |
| 3.75%, 11/30/26 (a) | $4,000 | $3,902 |
| 4.90%, 11/30/46 (a) | 3,000 | 2,825 |
| AbbVie, Inc. | | |
| 2.60%, 11/21/24 (a) | 5,000 | 4,946 |
| 2.95%, 11/21/26 (a) | 3,000 | 2,859 |
| 3.20%, 05/14/26 - 11/21/29 (a) | 5,000 | 4,685 |
| 4.05%, 11/21/39 (a) | 3,000 | 2,603 |
| 4.25%, 11/21/49 (a) | 2,000 | 1,664 |
| 4.30%, 05/14/36 (a) | 3,000 | 2,758 |
| 4.40%, 11/06/42 (a) | 2,000 | 1,757 |
| 4.63%, 10/01/42 (a) | 2,000 | 1,801 |
| 4.88%, 11/14/48 (a) | 3,000 | 2,755 |
| 5.05%, 03/15/34 (a) | 2,000 | 1,994 |
| 5.40%, 03/15/54 (a) | 4,000 | 3,958 |
| 5.50%, 03/15/64 (a) | 3,000 | 2,961 |
| Advanced Micro Devices, Inc. | | |
| 4.39%, 06/01/52 (a) | 3,000 | 2,532 |
| AEP Texas, Inc. | | |
| 3.45%, 05/15/51 (a) | 3,000 | 1,974 |
| 5.70%, 05/15/34 (a) | 6,000 | 5,958 |
| AEP Transmission Co. LLC | | |
| 5.40%, 03/15/53 (a) | 3,000 | 2,872 |
| Aetna, Inc. | | |
| 3.50%, 11/15/24 (a) | 2,000 | 1,983 |
| Aircastle Ltd. | | |
| 4.25%, 06/15/26 (a) | 3,000 | 2,924 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88%, 02/01/33 (a) | 3,000 | 2,258 |
| 2.95%, 03/15/34 (a) | 3,000 | 2,426 |
| 3.55%, 03/15/52 (a) | 3,000 | 2,012 |
| 4.70%, 07/01/30 (a) | 3,000 | 2,898 |
| Allstate Corp. | | |
| 4.20%, 12/15/46 (a) | 2,000 | 1,615 |
| Allstate Corp. 3 mo. Term SOFR + 3.20% | | |
| 8.52%, 08/15/53 (a)(c) | 7,000 | 7,000 |
| Ally Financial, Inc. | | |
| 2.20%, 11/02/28 (a) | 3,000 | 2,598 |
| Altria Group, Inc. | | |
| 3.40%, 02/04/41 (a) | 4,000 | 2,879 |
| 4.00%, 02/04/61 (a) | 2,000 | 1,385 |
| 4.25%, 08/09/42 (a) | 2,000 | 1,590 |
| 4.45%, 05/06/50 (a) | 3,000 | 2,303 |
| 4.50%, 05/02/43 (a) | 3,000 | 2,465 |
| Amazon.com, Inc. | | |
| 1.50%, 06/03/30 (a) | 2,000 | 1,666 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 2.50%, 06/03/50 (a) | $3,000 | $1,835 |
| 2.70%, 06/03/60 (a) | 3,000 | 1,766 |
| 2.88%, 05/12/41 (a) | 2,000 | 1,468 |
| 3.15%, 08/22/27 (a) | 2,000 | 1,900 |
| 3.25%, 05/12/61 (a) | 3,000 | 2,001 |
| 4.05%, 08/22/47 (a) | 3,000 | 2,499 |
| Ameren Corp. | | |
| 3.65%, 02/15/26 (a) | 3,000 | 2,909 |
| American Electric Power Co., Inc. | | |
| 2.30%, 03/01/30 (a) | 3,000 | 2,554 |
| 3.25%, 03/01/50 (a) | 3,000 | 1,968 |
| American Honda Finance Corp. | | |
| 5.85%, 10/04/30 (a) | 11,000 | 11,475 |
| American Tower Corp. | | |
| 1.50%, 01/31/28 (a) | 2,000 | 1,752 |
| 2.90%, 01/15/30 (a) | 2,000 | 1,764 |
| 3.70%, 10/15/49 (a) | 3,000 | 2,171 |
| 3.80%, 08/15/29 (a) | 2,000 | 1,859 |
| American Water Capital Corp. | | |
| 2.95%, 09/01/27 (a) | 6,000 | 5,617 |
| 5.45%, 03/01/54 (a) | 6,000 | 5,795 |
| Amgen, Inc. | | |
| 2.45%, 02/21/30 (a) | 2,000 | 1,744 |
| 3.00%, 01/15/52 (a) | 2,000 | 1,306 |
| 3.15%, 02/21/40 (a) | 3,000 | 2,242 |
| 5.51%, 03/02/26 (a) | 3,000 | 3,000 |
| 5.60%, 03/02/43 (a) | 3,000 | 2,956 |
| 5.65%, 03/02/53 (a) | 3,000 | 2,956 |
| 5.75%, 03/02/63 (a) | 3,000 | 2,941 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.70%, 02/01/36 (a) | 10,000 | 9,529 |
| 4.90%, 02/01/46 (a) | 8,000 | 7,367 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50%, 06/01/30 (a) | 4,000 | 3,716 |
| 4.35%, 06/01/40 (a) | 4,000 | 3,528 |
| 4.38%, 04/15/38 (a) | 8,000 | 7,282 |
| 4.75%, 04/15/58 (a) | 6,000 | 5,313 |
| 5.55%, 01/23/49 (a) | 2,000 | 2,015 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90%, 08/23/51 (a) | 2,000 | 1,221 |
| Apollo Debt Solutions BDC | | |
| 6.90%, 04/13/29 (a)(f) | 5,000 | 5,027 |
| | Principal
Amount | Fair
Value |
| Apollo Management Holdings LP | | |
| 2.65%, 06/05/30 (a)(f) | $2,000 | $1,746 |
| Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 yr. CMT thereafter) | | |
| 4.95%, 01/14/50 (a)(c)(f) | 5,000 | 4,880 |
| Apple, Inc. | | |
| 2.20%, 09/11/29 (a) | 3,000 | 2,661 |
| 2.65%, 02/08/51 (a) | 4,000 | 2,528 |
| 2.80%, 02/08/61 (a) | 2,000 | 1,221 |
| 2.95%, 09/11/49 (a) | 3,000 | 2,049 |
| 3.45%, 02/09/45 (a) | 2,000 | 1,552 |
| 3.95%, 08/08/52 (a) | 3,000 | 2,435 |
| 4.85%, 05/10/53 (a) | 4,000 | 3,877 |
| Applied Materials, Inc. | | |
| 4.35%, 04/01/47 (a) | 2,000 | 1,746 |
| 4.80%, 06/15/29 (a) | 10,000 | 9,985 |
| Aptiv PLC | | |
| 4.40%, 10/01/46 (a) | 3,000 | 2,341 |
| ArcelorMittal SA | | |
| 4.55%, 03/11/26 (a) | 9,000 | 8,836 |
| 6.00%, 06/17/34 (a) | 3,000 | 2,998 |
| 6.35%, 06/17/54 (a) | 6,000 | 5,833 |
| 6.80%, 11/29/32 (a) | 2,000 | 2,110 |
| Archer-Daniels-Midland Co. | | |
| 2.50%, 08/11/26 (a) | 2,000 | 1,895 |
| ARES Capital Corp. | | |
| 2.88%, 06/15/28 (a) | 3,000 | 2,659 |
| Arthur J Gallagher & Co. | | |
| 3.50%, 05/20/51 (a) | 3,000 | 2,069 |
| Ascension Health | | |
| 4.85%, 11/15/53 (a) | 7,000 | 6,662 |
| Astrazeneca Finance LLC | | |
| 1.75%, 05/28/28 (a) | 3,000 | 2,660 |
| 5.00%, 02/26/34 (a) | 5,000 | 4,971 |
| AstraZeneca PLC | | |
| 3.00%, 05/28/51 (a) | 3,000 | 2,007 |
| 4.00%, 01/17/29 (a) | 3,000 | 2,890 |
| 4.38%, 08/17/48 (a) | 2,000 | 1,720 |
| AT&T, Inc. | | |
| 2.75%, 06/01/31 (a) | 8,000 | 6,852 |
| 3.65%, 06/01/51 (a) | 7,000 | 4,943 |
| 3.85%, 06/01/60 (a) | 5,000 | 3,489 |
| 4.35%, 03/01/29 (a) | 2,000 | 1,939 |
| 4.50%, 05/15/35 (a) | 3,000 | 2,762 |
| 4.55%, 03/09/49 (a) | 2,000 | 1,657 |
| 4.75%, 05/15/46 (a) | 2,000 | 1,731 |
| 5.40%, 02/15/34 (a) | 2,000 | 2,000 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 3 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Athene Holding Ltd. | | |
| 4.13%, 01/12/28 (a) | $2,000 | $1,928 |
| 6.15%, 04/03/30 (a) | 3,000 | 3,101 |
| Atmos Energy Corp. | | |
| 6.20%, 11/15/53 (a) | 3,000 | 3,234 |
| Avangrid, Inc. | | |
| 3.15%, 12/01/24 (a) | 4,000 | 3,953 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95%, 03/10/26 (a) | 4,000 | 3,763 |
| Bank of America Corp. | | |
| 3.25%, 10/21/27 (a) | 3,000 | 2,838 |
| 4.18%, 11/25/27 (a) | 2,000 | 1,931 |
| 4.25%, 10/22/26 (a) | 2,000 | 1,949 |
| 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 | 2,662 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97%, 07/21/52 (a)(c) | 2,000 | 1,304 |
| Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3 mo. Term SOFR thereafter) | | |
| 3.37%, 01/23/26 (a)(c) | 2,000 | 1,973 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 mo. Term SOFR thereafter) | | |
| 3.71%, 04/24/28 (a)(c) | 2,000 | 1,916 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 yr. CMT thereafter) | | |
| 3.85%, 03/08/37 (a)(c) | 2,000 | 1,759 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 mo. Term SOFR thereafter) | | |
| 3.95%, 01/23/49 (a)(c) | 2,000 | 1,574 |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 mo. Term SOFR thereafter) | | |
| 4.30%, 01/28/25 (a)(c) | 5,000 | 4,913 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29%, 04/25/34 (a)(c) | 5,000 | 4,948 |
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (5.47% fixed rate until 01/23/34; 1.65% + SOFR thereafter) | | |
| 5.47%, 01/23/35 (a)(c) | $2,000 | $1,997 |
| Bank of America Corp. (5.87% fixed rate until 09/15/33; 1.84% + SOFR thereafter) | | |
| 5.87%, 09/15/34 (a)(c) | 6,000 | 6,171 |
| Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 mo. Term SOFR thereafter) | | |
| 4.63%, 09/20/26 (a)(c) | 4,000 | 3,852 |
| Bank of Nova Scotia 3 mo. Term SOFR + 2.91% | | |
| 8.21%, 10/12/24 (a)(c) | 6,000 | 5,863 |
| BAT Capital Corp. | | |
| 2.73%, 03/25/31 (a) | 2,000 | 1,688 |
| 4.39%, 08/15/37 (a) | 3,000 | 2,531 |
| 4.54%, 08/15/47 (a) | 2,000 | 1,537 |
| 5.83%, 02/20/31 (a) | 5,000 | 5,068 |
| 6.00%, 02/20/34 (a) | 3,000 | 3,033 |
| 7.08%, 08/02/53 (a) | 3,000 | 3,193 |
| Baxter International, Inc. | | |
| 1.92%, 02/01/27 (a) | 6,000 | 5,498 |
| 2.27%, 12/01/28 (a) | 3,000 | 2,643 |
| 3.13%, 12/01/51 (a) | 3,000 | 1,885 |
| 3.95%, 04/01/30 (a) | 3,000 | 2,799 |
| Becton Dickinson & Co. | | |
| 3.70%, 06/06/27 (a) | 5,000 | 4,812 |
| 4.67%, 06/06/47 (a) | 3,000 | 2,616 |
| 4.69%, 12/15/44 (a) | 2,000 | 1,760 |
| 5.11%, 02/08/34 (a) | 6,000 | 5,903 |
| Berkshire Hathaway Energy Co. | | |
| 3.25%, 04/15/28 (a) | 2,000 | 1,877 |
| 3.70%, 07/15/30 (a) | 3,000 | 2,791 |
| 3.80%, 07/15/48 (a) | 3,000 | 2,209 |
| 4.25%, 10/15/50 (a) | 2,000 | 1,569 |
| 6.13%, 04/01/36 (a) | 3,000 | 3,144 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85%, 10/15/50 (a) | 4,000 | 2,573 |
| 4.25%, 01/15/49 (a) | 2,000 | 1,709 |
| Berry Global, Inc. | | |
| 4.88%, 07/15/26 (a)(f) | 2,000 | 1,963 |
| Biogen, Inc. | | |
| 2.25%, 05/01/30 (a) | 3,000 | 2,553 |
| BlackRock TCP Capital Corp. | | |
| 6.95%, 05/30/29 (a) | 15,000 | 14,644 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Block Financial LLC | | |
| 2.50%, 07/15/28 (a) | $3,000 | $2,689 |
| 3.88%, 08/15/30 (a) | 3,000 | 2,751 |
| Boardwalk Pipelines LP | | |
| 4.80%, 05/03/29 (a) | 2,000 | 1,955 |
| Boeing Co. | | |
| 2.70%, 02/01/27 (a) | 2,000 | 1,844 |
| 2.95%, 02/01/30 (a) | 2,000 | 1,714 |
| 3.25%, 03/01/28 (a) | 3,000 | 2,733 |
| 3.75%, 02/01/50 (a) | 2,000 | 1,312 |
| 5.04%, 05/01/27 (a) | 3,000 | 2,934 |
| 5.15%, 05/01/30 (a) | 3,000 | 2,880 |
| 5.81%, 05/01/50 (a) | 3,000 | 2,709 |
| Boston Properties LP | | |
| 3.40%, 06/21/29 (a) | 4,000 | 3,555 |
| BP Capital Markets America, Inc. | | |
| 3.00%, 02/24/50 (a) | 3,000 | 1,954 |
| 3.38%, 02/08/61 (a) | 4,000 | 2,642 |
| 4.81%, 02/13/33 (a) | 4,000 | 3,878 |
| 5.23%, 11/17/34 (a) | 10,000 | 9,926 |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 yr. CMT thereafter) | | |
| 4.88%, 03/22/30 (a)(c) | 5,000 | 4,724 |
| Bristol-Myers Squibb Co. | | |
| 1.45%, 11/13/30 (a) | 2,000 | 1,622 |
| 2.35%, 11/13/40 (a) | 2,000 | 1,324 |
| 3.20%, 06/15/26 (a) | 2,000 | 1,928 |
| 3.40%, 07/26/29 (a) | 2,000 | 1,864 |
| 4.13%, 06/15/39 (a) | 3,000 | 2,603 |
| 4.25%, 10/26/49 (a) | 3,000 | 2,443 |
| 4.55%, 02/20/48 (a) | 2,000 | 1,716 |
| 5.20%, 02/22/34 (a) | 5,000 | 4,991 |
| Brixmor Operating Partnership LP | | |
| 2.25%, 04/01/28 (a) | 4,000 | 3,567 |
| Broadcom, Inc. | | |
| 3.14%, 11/15/35 (a)(f) | 3,000 | 2,402 |
| 3.42%, 04/15/33 (a)(f) | 5,000 | 4,309 |
| 3.47%, 04/15/34 (a)(f) | 2,000 | 1,704 |
| 4.15%, 11/15/30 (a) | 2,000 | 1,889 |
| 4.30%, 11/15/32 (a) | 2,000 | 1,869 |
| Brown-Forman Corp. | | |
| 4.00%, 04/15/38 (a) | 2,000 | 1,742 |
| Bunge Ltd. Finance Corp. | | |
| 3.75%, 09/25/27 (a) | 3,000 | 2,865 |
| | Principal
Amount | Fair
Value |
| Burlington Northern Santa Fe LLC | | |
| 4.15%, 12/15/48 (a) | $2,000 | $1,633 |
| 4.55%, 09/01/44 (a) | 3,000 | 2,638 |
| Campbell Soup Co. | | |
| 5.40%, 03/21/34 (a) | 5,000 | 4,970 |
| Canadian Natural Resources Ltd. | | |
| 3.85%, 06/01/27 (a) | 3,000 | 2,886 |
| 4.95%, 06/01/47 (a) | 2,000 | 1,739 |
| Canadian Pacific Railway Co. | | |
| 1.75%, 12/02/26 (a) | 3,000 | 2,768 |
| 3.50%, 05/01/50 (a) | 3,000 | 2,162 |
| Capital One Financial Corp. | | |
| 3.75%, 07/28/26 (a) | 3,000 | 2,896 |
| Carlisle Cos., Inc. | | |
| 2.20%, 03/01/32 (a) | 3,000 | 2,415 |
| Carrier Global Corp. | | |
| 2.72%, 02/15/30 (a) | 3,000 | 2,650 |
| 3.58%, 04/05/50 (a) | 2,000 | 1,452 |
| Cenovus Energy, Inc. | | |
| 2.65%, 01/15/32 (a) | 3,000 | 2,482 |
| 3.75%, 02/15/52 (a) | 3,000 | 2,118 |
| Centene Corp. | | |
| 3.00%, 10/15/30 (a) | 3,000 | 2,566 |
| 4.25%, 12/15/27 (a) | 13,000 | 12,412 |
| CenterPoint Energy, Inc. | | |
| 2.65%, 06/01/31 (a) | 3,000 | 2,525 |
| Charles Schwab Corp. | | |
| 2.45%, 03/03/27 (a) | 22,000 | 20,517 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 yr. CMT thereafter) | | |
| 4.00%, 12/01/30 (a)(c) | 6,000 | 5,124 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64%, 05/19/29 (a)(c) | 7,000 | 7,090 |
| Charles Schwab Corp. (6.14% fixed rate until 08/24/33; 2.01% + SOFR thereafter) | | |
| 6.14%, 08/24/34 (a)(c) | 3,000 | 3,124 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50%, 06/01/41 (a) | 2,000 | 1,344 |
| 3.70%, 04/01/51 (a) | 9,000 | 5,494 |
| 4.80%, 03/01/50 (a) | 3,000 | 2,205 |
| 6.55%, 06/01/34 (a) | 7,000 | 7,012 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 5 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Cheniere Energy Partners LP | | |
| 4.50%, 10/01/29 (a) | $4,000 | $3,810 |
| Cheniere Energy, Inc. | | |
| 5.65%, 04/15/34 (a)(f) | 5,000 | 4,994 |
| Chesapeake Energy Corp. | | |
| 6.75%, 04/15/29 (a)(f) | 17,000 | 17,016 |
| Chevron USA, Inc. | | |
| 3.85%, 01/15/28 (a) | 2,000 | 1,941 |
| 3.90%, 11/15/24 (a) | 2,000 | 1,988 |
| Chubb INA Holdings LLC | | |
| 4.35%, 11/03/45 (a) | 2,000 | 1,727 |
| Church & Dwight Co., Inc. | | |
| 2.30%, 12/15/31 (a) | 3,000 | 2,492 |
| Cigna Group | | |
| 2.40%, 03/15/30 (a) | 3,000 | 2,596 |
| 3.25%, 04/15/25 (a) | 2,000 | 1,964 |
| 3.40%, 03/01/27 (a) | 5,000 | 4,780 |
| 4.38%, 10/15/28 (a) | 3,000 | 2,913 |
| Cisco Systems, Inc. | | |
| 5.30%, 02/26/54 (a) | 4,000 | 3,922 |
| 5.35%, 02/26/64 (a) | 4,000 | 3,890 |
| 5.90%, 02/15/39 (a) | 3,000 | 3,187 |
| Citigroup, Inc. | | |
| 4.45%, 09/29/27 (a) | 3,000 | 2,925 |
| 4.65%, 07/23/48 (a) | 7,000 | 6,102 |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98%, 11/05/30 (a)(c) | 4,000 | 3,563 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 mo. Term SOFR thereafter) | | |
| 3.88%, 01/24/39 (a)(c) | 4,000 | 3,346 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70%, 01/30/25 (a)(c) | 6,000 | 5,867 |
| Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | | |
| 6.17%, 05/25/34 (a)(c) | 4,000 | 4,069 |
| Cleveland Electric Illuminating Co. | | |
| 4.55%, 11/15/30 (a)(f) | 4,000 | 3,780 |
| Clorox Co. | | |
| 1.80%, 05/15/30 (a) | 2,000 | 1,668 |
| CME Group, Inc. | | |
| 3.75%, 06/15/28 (a) | 2,000 | 1,926 |
| | Principal
Amount | Fair
Value |
| CMS Energy Corp. | | |
| 4.88%, 03/01/44 (a) | $2,000 | $1,801 |
| Coca-Cola Co. | | |
| 2.60%, 06/01/50 (a) | 3,000 | 1,864 |
| 2.75%, 06/01/60 (a) | 3,000 | 1,817 |
| Comcast Corp. | | |
| 2.80%, 01/15/51 (a) | 3,000 | 1,849 |
| 2.94%, 11/01/56 (a) | 3,000 | 1,810 |
| 2.99%, 11/01/63 (a) | 3,000 | 1,760 |
| 3.20%, 07/15/36 (a) | 3,000 | 2,424 |
| 3.25%, 11/01/39 (a) | 3,000 | 2,308 |
| 3.97%, 11/01/47 (a) | 3,000 | 2,338 |
| 4.15%, 10/15/28 (a) | 3,000 | 2,905 |
| 5.65%, 06/01/54 (a) | 5,000 | 4,993 |
| Conagra Brands, Inc. | | |
| 5.30%, 11/01/38 (a) | 3,000 | 2,824 |
| 5.40%, 11/01/48 (a) | 2,000 | 1,841 |
| ConocoPhillips Co. | | |
| 4.30%, 11/15/44 (a) | 2,000 | 1,697 |
| 5.55%, 03/15/54 (a) | 3,000 | 2,955 |
| 5.70%, 09/15/63 (a) | 3,000 | 2,991 |
| Consolidated Edison Co. of New York, Inc. | | |
| 3.35%, 04/01/30 (a) | 3,000 | 2,754 |
| 3.88%, 06/15/47 (a) | 2,000 | 1,542 |
| 3.95%, 04/01/50 (a) | 3,000 | 2,344 |
| Constellation Brands, Inc. | | |
| 3.15%, 08/01/29 (a) | 2,000 | 1,814 |
| 3.70%, 12/06/26 (a) | 2,000 | 1,931 |
| 4.50%, 05/09/47 (a) | 2,000 | 1,670 |
| Constellation Energy Generation LLC | | |
| 6.50%, 10/01/53 (a) | 3,000 | 3,188 |
| Continental Resources, Inc. | | |
| 2.88%, 04/01/32 (a)(f) | 3,000 | 2,424 |
| COPT Defense Properties LP | | |
| 2.00%, 01/15/29 (a) | 3,000 | 2,547 |
| 2.25%, 03/15/26 (a) | 3,000 | 2,833 |
| 2.75%, 04/15/31 (a) | 3,000 | 2,481 |
| Corebridge Financial, Inc. | | |
| 3.90%, 04/05/32 (a) | 9,000 | 8,061 |
| Corning, Inc. | | |
| 4.38%, 11/15/57 (a) | 2,000 | 1,568 |
| Coterra Energy, Inc. | | |
| 5.60%, 03/15/34 (a) | 8,000 | 7,981 |
| Crown Castle, Inc. | | |
| 2.90%, 03/15/27 (a) | 3,000 | 2,816 |
| CSL Finance PLC | | |
| 4.25%, 04/27/32 (a)(f) | 4,000 | 3,757 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| CSX Corp. | | |
| 4.50%, 03/15/49 - 08/01/54 (a) | $6,000 | $5,105 |
| CubeSmart LP | | |
| 2.50%, 02/15/32 (a) | 3,000 | 2,453 |
| 4.38%, 02/15/29 (a) | 3,000 | 2,874 |
| CVS Health Corp. | | |
| 3.00%, 08/15/26 (a) | 2,000 | 1,905 |
| 3.63%, 04/01/27 (a) | 3,000 | 2,878 |
| 3.75%, 04/01/30 (a) | 3,000 | 2,761 |
| 4.25%, 04/01/50 (a) | 3,000 | 2,281 |
| 4.78%, 03/25/38 (a) | 3,000 | 2,679 |
| 5.00%, 12/01/24 (a) | 4,000 | 3,986 |
| 5.13%, 07/20/45 (a) | 2,000 | 1,759 |
| 5.30%, 06/01/33 - 12/05/43 (a) | 5,000 | 4,742 |
| Dell International LLC/EMC Corp. | | |
| 4.00%, 07/15/24 (a) | 2,000 | 1,999 |
| 6.02%, 06/15/26 (a) | 2,000 | 2,021 |
| DH Europe Finance II SARL | | |
| 2.60%, 11/15/29 (a) | 2,000 | 1,783 |
| 3.25%, 11/15/39 (a) | 3,000 | 2,371 |
| 3.40%, 11/15/49 (a) | 3,000 | 2,157 |
| Diamondback Energy, Inc. | | |
| 3.13%, 03/24/31 (a) | 2,000 | 1,759 |
| 4.40%, 03/24/51 (a) | 3,000 | 2,391 |
| 5.40%, 04/18/34 (a) | 5,000 | 4,949 |
| Digital Realty Trust LP | | |
| 3.60%, 07/01/29 (a) | 4,000 | 3,708 |
| Discovery Communications LLC | | |
| 3.95%, 03/20/28 (a) | 2,000 | 1,870 |
| 5.00%, 09/20/37 (a) | 3,000 | 2,567 |
| Dollar General Corp. | | |
| 3.50%, 04/03/30 (a) | 2,000 | 1,827 |
| 4.13%, 04/03/50 (a) | 2,000 | 1,517 |
| Dollar Tree, Inc. | | |
| 4.00%, 05/15/25 (a) | 3,000 | 2,956 |
| Dominion Energy, Inc. | | |
| 3.07%, 08/15/24 (a)(b) | 4,000 | 3,985 |
| 3.38%, 04/01/30 (a) | 4,000 | 3,613 |
| Dover Corp. | | |
| 2.95%, 11/04/29 (a) | 3,000 | 2,711 |
| Dow Chemical Co. | | |
| 2.10%, 11/15/30 (a) | 3,000 | 2,530 |
| 3.60%, 11/15/50 (a) | 3,000 | 2,088 |
| 4.25%, 10/01/34 (a) | 3,000 | 2,738 |
| 5.15%, 02/15/34 (a) | 3,000 | 2,937 |
| 6.30%, 03/15/33 (a) | 3,000 | 3,165 |
| | Principal
Amount | Fair
Value |
| DTE Energy Co. | | |
| 2.85%, 10/01/26 (a) | $5,000 | $4,734 |
| Duke Energy Carolinas LLC | | |
| 3.95%, 03/15/48 (a) | 3,000 | 2,310 |
| Duke Energy Corp. | | |
| 2.55%, 06/15/31 (a) | 4,000 | 3,350 |
| 3.30%, 06/15/41 (a) | 2,000 | 1,451 |
| 3.50%, 06/15/51 (a) | 2,000 | 1,349 |
| 3.75%, 09/01/46 (a) | 3,000 | 2,185 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 yr. CMT thereafter) | | |
| 4.88%, 09/16/24 (a)(c) | 9,000 | 8,948 |
| Duke Energy Progress LLC | | |
| 4.15%, 12/01/44 (a) | 7,000 | 5,622 |
| Duquesne Light Holdings, Inc. | | |
| 3.62%, 08/01/27 (a)(f) | 2,000 | 1,881 |
| Eastman Chemical Co. | | |
| 4.65%, 10/15/44 (a) | 2,000 | 1,675 |
| Eaton Corp. | | |
| 3.10%, 09/15/27 (a) | 2,000 | 1,888 |
| Edison International | | |
| 4.95%, 04/15/25 (a) | 6,000 | 5,955 |
| EIDP, Inc. | | |
| 2.30%, 07/15/30 (a) | 2,000 | 1,721 |
| Electronic Arts, Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,450 |
| Elevance Health, Inc. | | |
| 2.88%, 09/15/29 (a) | 3,000 | 2,699 |
| 3.60%, 03/15/51 (a) | 3,000 | 2,155 |
| 3.70%, 09/15/49 (a) | 3,000 | 2,215 |
| 5.65%, 06/15/54 (a) | 5,000 | 4,944 |
| Eli Lilly & Co. | | |
| 5.00%, 02/09/54 (a) | 3,000 | 2,865 |
| 5.10%, 02/09/64 (a) | 3,000 | 2,858 |
| Emera U.S. Finance LP | | |
| 2.64%, 06/15/31 (a) | 3,000 | 2,473 |
| Emerson Electric Co. | | |
| 1.80%, 10/15/27 (a) | 2,000 | 1,821 |
| 2.75%, 10/15/50 (a) | 2,000 | 1,276 |
| Enbridge Energy Partners LP | | |
| 5.50%, 09/15/40 (a) | 2,000 | 1,908 |
| Enbridge, Inc. | | |
| 1.60%, 10/04/26 (a) | 3,000 | 2,762 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 yr. CMT thereafter) | | |
| 5.75%, 07/15/80 (a)(c) | 7,000 | 6,594 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 7 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Energy Transfer LP | | |
| 5.25%, 07/01/29 (a) | $20,000 | $19,882 |
| 5.30%, 04/01/44 - 04/15/47 (a) | 5,000 | 4,458 |
| 5.35%, 05/15/45 (a) | 2,000 | 1,790 |
| 5.75%, 02/15/33 (a) | 3,000 | 3,025 |
| 6.10%, 12/01/28 (a) | 3,000 | 3,089 |
| 6.40%, 12/01/30 (a) | 3,000 | 3,153 |
| 6.50%, 02/01/42 (a) | 2,000 | 2,072 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 yr. CMT thereafter) | | |
| 6.75%, 05/15/25 (a)(c) | 19,000 | 18,904 |
| Enterprise Products Operating LLC | | |
| 4.25%, 02/15/48 (a) | 6,000 | 4,906 |
| 4.85%, 01/31/34 (a) | 8,000 | 7,770 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 mo. Term SOFR thereafter) | | |
| 5.25%, 08/16/77 (a)(c) | 3,000 | 2,872 |
| EOG Resources, Inc. | | |
| 4.95%, 04/15/50 (a) | 3,000 | 2,752 |
| 5.10%, 01/15/36 (a) | 2,000 | 1,937 |
| Equinix, Inc. | | |
| 1.25%, 07/15/25 (a) | 3,000 | 2,866 |
| 2.15%, 07/15/30 (a) | 2,000 | 1,676 |
| ERP Operating LP | | |
| 4.50%, 07/01/44 (a) | 6,000 | 5,082 |
| Estee Lauder Cos., Inc. | | |
| 2.38%, 12/01/29 (a) | 3,000 | 2,632 |
| 3.13%, 12/01/49 (a) | 2,000 | 1,336 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13%, 10/15/52 (a) | 3,000 | 1,854 |
| Eversource Energy | | |
| 3.45%, 01/15/50 (a) | 3,000 | 2,054 |
| Exelon Corp. | | |
| 4.05%, 04/15/30 (a) | 3,000 | 2,817 |
| 4.45%, 04/15/46 (a) | 3,000 | 2,477 |
| 4.70%, 04/15/50 (a) | 2,000 | 1,689 |
| 5.60%, 03/15/53 (a) | 5,000 | 4,810 |
| Extra Space Storage LP | | |
| 2.20%, 10/15/30 (a) | 4,000 | 3,321 |
| 5.90%, 01/15/31 (a) | 2,000 | 2,042 |
| Exxon Mobil Corp. | | |
| 2.61%, 10/15/30 (a) | 2,000 | 1,755 |
| | Principal
Amount | Fair
Value |
| 3.45%, 04/15/51 (a) | $2,000 | $1,444 |
| FedEx Corp. | | |
| 4.10%, 02/01/45 (a) | 4,000 | 3,144 |
| FirstEnergy Corp. | | |
| 3.40%, 03/01/50 (a) | 2,000 | 1,328 |
| FirstEnergy Transmission LLC | | |
| 4.55%, 04/01/49 (a)(f) | 2,000 | 1,654 |
| Fiserv, Inc. | | |
| 3.50%, 07/01/29 (a) | 3,000 | 2,774 |
| 4.40%, 07/01/49 (a) | 3,000 | 2,434 |
| Florida Power & Light Co. | | |
| 2.85%, 04/01/25 (a) | 2,000 | 1,961 |
| 4.13%, 02/01/42 (a) | 4,000 | 3,372 |
| Flowers Foods, Inc. | | |
| 2.40%, 03/15/31 (a) | 3,000 | 2,496 |
| Flowserve Corp. | | |
| 2.80%, 01/15/32 (a) | 3,000 | 2,462 |
| Fox Corp. | | |
| 6.50%, 10/13/33 (a) | 3,000 | 3,144 |
| Freeport-McMoRan, Inc. | | |
| 4.25%, 03/01/30 (a) | 3,000 | 2,837 |
| GA Global Funding Trust | | |
| 1.63%, 01/15/26 (a)(f) | 3,000 | 2,819 |
| General Dynamics Corp. | | |
| 4.25%, 04/01/50 (a) | 3,000 | 2,527 |
| General Mills, Inc. | | |
| 3.00%, 02/01/51 (a) | 3,000 | 1,916 |
| General Motors Co. | | |
| 5.20%, 04/01/45 (a) | 3,000 | 2,632 |
| 5.40%, 04/01/48 (a) | 2,000 | 1,791 |
| 6.13%, 10/01/25 (a) | 2,000 | 2,010 |
| 6.80%, 10/01/27 (a) | 3,000 | 3,115 |
| General Motors Financial Co., Inc. | | |
| 1.25%, 01/08/26 (a) | 2,000 | 1,873 |
| 2.35%, 01/08/31 (a) | 2,000 | 1,641 |
| 5.25%, 03/01/26 (a) | 6,000 | 5,966 |
| 5.85%, 04/06/30 (a) | 9,000 | 9,108 |
| 6.10%, 01/07/34 (a) | 7,000 | 7,077 |
| Genuine Parts Co. | | |
| 2.75%, 02/01/32 (a) | 3,000 | 2,491 |
| Georgia Power Co. | | |
| 5.25%, 03/15/34 (a) | 11,000 | 10,969 |
| Georgia-Pacific LLC | | |
| 1.75%, 09/30/25 (a)(f) | 2,000 | 1,913 |
| 3.60%, 03/01/25 (a)(f) | 7,000 | 6,904 |
| Gilead Sciences, Inc. | | |
| 2.60%, 10/01/40 (a) | 2,000 | 1,376 |
| 3.50%, 02/01/25 (a) | 2,000 | 1,975 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 8 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.65%, 03/01/26 (a) | $2,000 | $1,945 |
| 4.15%, 03/01/47 (a) | 3,000 | 2,438 |
| 4.60%, 09/01/35 (a) | 3,000 | 2,831 |
| GlaxoSmithKline Capital PLC | | |
| 3.38%, 06/01/29 (a) | 3,000 | 2,809 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63%, 05/15/25 (a) | 4,000 | 3,941 |
| Goldman Sachs Group, Inc. | | |
| 3.85%, 01/26/27 (a) | 2,000 | 1,933 |
| 4.25%, 10/21/25 (a) | 2,000 | 1,965 |
| 5.15%, 05/22/45 (a) | 3,000 | 2,806 |
| 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 | 3,287 |
| 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 | 2,809 |
| 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 | 2,963 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44%, 02/24/43 (a)(c) | 4,000 | 3,017 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 mo. Term SOFR thereafter) | | |
| 3.81%, 04/23/29 (a)(c) | 2,000 | 1,897 |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 mo. Term SOFR thereafter) | | |
| 4.02%, 10/31/38 (a)(c) | 2,000 | 1,701 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 mo. Term SOFR thereafter) | | |
| 4.22%, 05/01/29 (a)(c) | 2,000 | 1,925 |
| Graphic Packaging International LLC | | |
| 1.51%, 04/15/26 (a)(f) | 4,000 | 3,699 |
| Gray Oak Pipeline LLC | | |
| 2.60%, 10/15/25 (a)(f) | 4,000 | 3,839 |
| | Principal
Amount | Fair
Value |
| Halliburton Co. | | |
| 5.00%, 11/15/45 (a) | $2,000 | $1,811 |
| Harley-Davidson Financial Services, Inc. | | |
| 5.95%, 06/11/29 (a)(f) | 11,000 | 10,961 |
| Hartford Financial Services Group, Inc. 3 mo. Term SOFR + 2.39% | | |
| 7.71%, 02/12/67 (a)(c)(f) | 2,000 | 1,781 |
| HCA, Inc. | | |
| 3.13%, 03/15/27 (a) | 5,000 | 4,724 |
| 3.38%, 03/15/29 (a) | 3,000 | 2,757 |
| 3.50%, 09/01/30 (a) | 3,000 | 2,706 |
| 3.63%, 03/15/32 (a) | 3,000 | 2,642 |
| 4.63%, 03/15/52 (a) | 2,000 | 1,615 |
| 5.38%, 02/01/25 (a) | 21,000 | 20,924 |
| 5.60%, 04/01/34 (a) | 5,000 | 4,968 |
| 6.00%, 04/01/54 (a) | 2,000 | 1,973 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20%, 06/01/30 (a)(f) | 3,000 | 2,532 |
| 3.20%, 06/01/50 (a)(f) | 2,000 | 1,288 |
| Healthcare Realty Holdings LP | | |
| 2.00%, 03/15/31 (a) | 3,000 | 2,366 |
| Helmerich & Payne, Inc. | | |
| 2.90%, 09/29/31 (a) | 3,000 | 2,499 |
| Hess Corp. | | |
| 5.60%, 02/15/41 (a) | 2,000 | 1,996 |
| 5.80%, 04/01/47 (a) | 2,000 | 2,025 |
| Hewlett Packard Enterprise Co. | | |
| 6.35%, 10/15/45 (a) | 3,000 | 3,151 |
| Highwoods Realty LP | | |
| 4.13%, 03/15/28 (a) | 3,000 | 2,806 |
| 4.20%, 04/15/29 (a) | 2,000 | 1,831 |
| Home Depot, Inc. | | |
| 2.70%, 04/15/30 (a) | 2,000 | 1,782 |
| 3.35%, 04/15/50 (a) | 3,000 | 2,133 |
| 3.50%, 09/15/56 (a) | 3,000 | 2,128 |
| 3.90%, 12/06/28 (a) | 2,000 | 1,932 |
| 4.50%, 12/06/48 (a) | 2,000 | 1,734 |
| 5.40%, 06/25/64 (a) | 5,000 | 4,873 |
| Honeywell International, Inc. | | |
| 1.75%, 09/01/31 (a) | 3,000 | 2,431 |
| 2.70%, 08/15/29 (a) | 2,000 | 1,810 |
| 5.25%, 03/01/54 (a) | 10,000 | 9,706 |
| Hormel Foods Corp. | | |
| 1.80%, 06/11/30 (a) | 3,000 | 2,520 |
| Huntington Bancshares, Inc. | | |
| 2.55%, 02/04/30 (a) | 3,000 | 2,566 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 9 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Hyundai Capital America | | |
| 5.40%, 01/08/31 (a)(f) | $11,000 | $10,926 |
| Indiana Michigan Power Co. | | |
| 3.25%, 05/01/51 (a) | 3,000 | 1,973 |
| Ingersoll Rand, Inc. | | |
| 5.70%, 08/14/33 (a) | 3,000 | 3,070 |
| Ingredion, Inc. | | |
| 3.90%, 06/01/50 (a) | 2,000 | 1,480 |
| Intel Corp. | | |
| 2.00%, 08/12/31 (a) | 2,000 | 1,628 |
| 2.45%, 11/15/29 (a) | 4,000 | 3,517 |
| 2.80%, 08/12/41 (a) | 3,000 | 2,076 |
| 3.10%, 02/15/60 (a) | 3,000 | 1,817 |
| 5.63%, 02/10/43 (a) | 3,000 | 2,972 |
| 5.70%, 02/10/53 (a) | 3,000 | 2,951 |
| 5.90%, 02/10/63 (a) | 3,000 | 2,999 |
| Intercontinental Exchange, Inc. | | |
| 1.85%, 09/15/32 (a) | 2,000 | 1,551 |
| 2.65%, 09/15/40 (a) | 2,000 | 1,388 |
| Interstate Power & Light Co. | | |
| 3.40%, 08/15/25 (a) | 6,000 | 5,855 |
| Intuit, Inc. | | |
| 5.50%, 09/15/53 (a) | 3,000 | 3,012 |
| 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 | 6,380 |
| Jacobs Engineering Group, Inc. | | |
| 5.90%, 03/01/33 (a) | 9,000 | 9,012 |
| JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL | | |
| 5.13%, 02/01/28 (a) | 6,000 | 5,929 |
| 5.75%, 04/01/33 (a) | 3,000 | 2,984 |
| 6.75%, 03/15/34 (a)(f) | 3,000 | 3,173 |
| Jefferies Financial Group, Inc. | | |
| 5.88%, 07/21/28 (a) | 6,000 | 6,059 |
| Johnson & Johnson | | |
| 3.63%, 03/03/37 (a) | 3,000 | 2,615 |
| Johnson Controls International PLC | | |
| 4.50%, 02/15/47 (a) | 3,000 | 2,502 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 mo. Term SOFR thereafter) | | |
| 2.96%, 05/13/31 (a)(c) | 3,000 | 2,629 |
| | 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 | $1,485 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 mo. Term SOFR thereafter) | | |
| 3.88%, 07/24/38 (a)(c) | 2,000 | 1,716 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) | | |
| 3.90%, 01/23/49 (a)(c) | 10,000 | 7,881 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 mo. Term SOFR thereafter) | | |
| 4.01%, 04/23/29 (a)(c) | 2,000 | 1,914 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 mo. Term SOFR thereafter) | | |
| 4.03%, 07/24/48 (a)(c) | 3,000 | 2,414 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 mo. Term SOFR thereafter) | | |
| 4.49%, 03/24/31 (a)(c) | 2,000 | 1,928 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 mo. Term SOFR thereafter) | | |
| 4.60%, 02/01/25 (a)(c) | 6,000 | 5,921 |
| JPMorgan Chase & Co. (5.34% fixed rate until 01/23/34; 1.62% + SOFR thereafter) | | |
| 5.34%, 01/23/35 (a)(c) | 5,000 | 4,974 |
| Kenvue, Inc. | | |
| 4.90%, 03/22/33 (a) | 2,000 | 1,977 |
| 5.05%, 03/22/53 (a) | 2,000 | 1,885 |
| Keurig Dr Pepper, Inc. | | |
| 3.20%, 05/01/30 (a) | 3,000 | 2,704 |
| 3.80%, 05/01/50 (a) | 2,000 | 1,488 |
| Kinder Morgan Energy Partners LP | | |
| 4.70%, 11/01/42 (a) | 2,000 | 1,678 |
| 5.00%, 03/01/43 (a) | 2,000 | 1,745 |
| 6.38%, 03/01/41 (a) | 3,000 | 3,051 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 10 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Kinder Morgan, Inc. | | |
| 1.75%, 11/15/26 (a) | $3,000 | $2,765 |
| 5.05%, 02/15/46 (a) | 6,000 | 5,255 |
| 5.20%, 06/01/33 (a) | 3,000 | 2,913 |
| KLA Corp. | | |
| 3.30%, 03/01/50 (a) | 3,000 | 2,110 |
| Kraft Heinz Foods Co. | | |
| 5.20%, 07/15/45 (a) | 2,000 | 1,832 |
| L3Harris Technologies, Inc. | | |
| 3.85%, 12/15/26 (a) | 2,000 | 1,933 |
| Las Vegas Sands Corp. | | |
| 5.90%, 06/01/27 (a) | 5,000 | 5,025 |
| 6.20%, 08/15/34 (a) | 4,000 | 4,026 |
| Leidos, Inc. | | |
| 3.63%, 05/15/25 (a) | 3,000 | 2,947 |
| 4.38%, 05/15/30 (a) | 3,000 | 2,835 |
| 5.75%, 03/15/33 (a) | 3,000 | 3,025 |
| Liberty Mutual Group, Inc. | | |
| 3.95%, 05/15/60 (a)(f) | 3,000 | 2,063 |
| Lincoln National Corp. | | |
| 4.35%, 03/01/48 (a) | 4,000 | 3,040 |
| Lockheed Martin Corp. | | |
| 4.50%, 05/15/36 (a) | 3,000 | 2,815 |
| Lowe's Cos., Inc. | | |
| 1.30%, 04/15/28 (a) | 3,000 | 2,617 |
| 1.70%, 09/15/28 - 10/15/30 (a) | 6,000 | 5,071 |
| 3.00%, 10/15/50 (a) | 3,000 | 1,878 |
| 4.05%, 05/03/47 (a) | 2,000 | 1,544 |
| 5.63%, 04/15/53 (a) | 2,000 | 1,937 |
| LYB International Finance III LLC | | |
| 3.63%, 04/01/51 (a) | 3,000 | 2,062 |
| Masco Corp. | | |
| 3.50%, 11/15/27 (a) | 2,000 | 1,890 |
| McCormick & Co., Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,435 |
| 3.25%, 11/15/25 (a) | 2,000 | 1,941 |
| McDonald's Corp. | | |
| 3.60%, 07/01/30 (a) | 5,000 | 4,635 |
| 3.63%, 09/01/49 (a) | 3,000 | 2,176 |
| 4.88%, 12/09/45 (a) | 5,000 | 4,493 |
| Medtronic Global Holdings SCA | | |
| 4.50%, 03/30/33 (a) | 12,000 | 11,537 |
| Medtronic, Inc. | | |
| 4.63%, 03/15/45 (a) | 2,000 | 1,808 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13%, 07/01/52 (a) | 5,000 | 4,135 |
| | Principal
Amount | Fair
Value |
| Merck & Co., Inc. | | |
| 1.90%, 12/10/28 (a) | $5,000 | $4,445 |
| 2.45%, 06/24/50 (a) | 3,000 | 1,784 |
| 2.75%, 12/10/51 (a) | 3,000 | 1,876 |
| 4.00%, 03/07/49 (a) | 2,000 | 1,617 |
| 4.50%, 05/17/33 (a) | 4,000 | 3,865 |
| Meritage Homes Corp. | | |
| 3.88%, 04/15/29 (a)(f) | 11,000 | 10,138 |
| Meta Platforms, Inc. | | |
| 3.85%, 08/15/32 (a) | 4,000 | 3,722 |
| 4.45%, 08/15/52 (a) | 2,000 | 1,724 |
| MetLife, Inc. | | |
| 4.72%, 12/15/44 (a) | 4,000 | 3,530 |
| Micron Technology, Inc. | | |
| 3.37%, 11/01/41 (a) | 3,000 | 2,195 |
| 3.48%, 11/01/51 (a) | 3,000 | 2,063 |
| 5.30%, 01/15/31 (a) | 3,000 | 2,993 |
| Microsoft Corp. | | |
| 2.40%, 08/08/26 (a) | 2,000 | 1,902 |
| 2.68%, 06/01/60 (a) | 3,000 | 1,824 |
| 2.92%, 03/17/52 (a) | 3,000 | 2,038 |
| 3.45%, 08/08/36 (a) | 3,000 | 2,616 |
| 3.50%, 02/12/35 (a) | 3,000 | 2,716 |
| Mid-America Apartments LP | | |
| 2.88%, 09/15/51 (a) | 3,000 | 1,862 |
| Molson Coors Beverage Co. | | |
| 4.20%, 07/15/46 (a) | 2,000 | 1,597 |
| Morgan Stanley | | |
| 3.97%, 07/22/38 (a)(c) | 5,000 | 4,233 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51%, 07/20/27 (a)(c) | 4,000 | 3,699 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48%, 09/16/36 (a)(c) | 8,000 | 6,331 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80%, 01/25/52 (a)(c) | 8,000 | 5,032 |
| Morgan Stanley (5.47% fixed rate until 01/18/34; 1.73% + SOFR thereafter) | | |
| 5.47%, 01/18/35 (a)(c) | 3,000 | 2,993 |
| MPLX LP | | |
| 2.65%, 08/15/30 (a) | 3,000 | 2,586 |
| Mylan, Inc. | | |
| 5.20%, 04/15/48 (a) | 3,000 | 2,435 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 11 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Nevada Power Co. | | |
| 6.00%, 03/15/54 (a) | $3,000 | $3,046 |
| Newmont Corp. | | |
| 4.88%, 03/15/42 (a) | 3,000 | 2,767 |
| NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 mo. Term SOFR thereafter) | | |
| 5.65%, 05/01/79 (a)(c) | 3,000 | 2,862 |
| NGPL PipeCo LLC | | |
| 3.25%, 07/15/31 (a)(f) | 4,000 | 3,415 |
| Niagara Mohawk Power Corp. | | |
| 5.66%, 01/17/54 (a)(f) | 2,000 | 1,921 |
| NIKE, Inc. | | |
| 3.38%, 03/27/50 (a) | 2,000 | 1,440 |
| NNN REIT, Inc. | | |
| 4.00%, 11/15/25 (a) | 2,000 | 1,959 |
| Norfolk Southern Corp. | | |
| 3.95%, 10/01/42 (a) | 2,000 | 1,603 |
| Northern Natural Gas Co. | | |
| 5.63%, 02/01/54 (a)(f) | 6,000 | 5,880 |
| Northern Trust Corp. | | |
| 6.13%, 11/02/32 (a) | 3,000 | 3,146 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45%, 03/30/51 (a)(f) | 8,000 | 5,590 |
| NOV, Inc. | | |
| 3.60%, 12/01/29 (a) | 3,000 | 2,759 |
| Novant Health, Inc. | | |
| 3.32%, 11/01/61 (a) | 4,000 | 2,640 |
| Novartis Capital Corp. | | |
| 2.20%, 08/14/30 (a) | 2,000 | 1,732 |
| 3.00%, 11/20/25 (a) | 3,000 | 2,919 |
| Nutrien Ltd. | | |
| 4.90%, 03/27/28 - 06/01/43 (a) | 7,000 | 6,723 |
| 5.40%, 06/21/34 (a) | 11,000 | 10,835 |
| NVIDIA Corp. | | |
| 2.85%, 04/01/30 (a) | 2,000 | 1,813 |
| 3.50%, 04/01/50 (a) | 2,000 | 1,533 |
| Occidental Petroleum Corp. | | |
| 6.13%, 01/01/31 (a) | 6,000 | 6,144 |
| Oklahoma Gas & Electric Co. | | |
| 3.25%, 04/01/30 (a) | 3,000 | 2,709 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80%, 09/30/47 (a) | 2,000 | 1,525 |
| ONEOK, Inc. | | |
| 4.35%, 03/15/29 (a) | 2,000 | 1,926 |
| | Principal
Amount | Fair
Value |
| 5.80%, 11/01/30 (a) | $15,000 | $15,342 |
| 6.10%, 11/15/32 (a) | 3,000 | 3,102 |
| 6.63%, 09/01/53 (a) | 4,000 | 4,271 |
| Oracle Corp. | | |
| 2.95%, 04/01/30 (a) | 5,000 | 4,445 |
| 3.60%, 04/01/50 (a) | 2,000 | 1,397 |
| 3.95%, 03/25/51 (a) | 3,000 | 2,218 |
| 4.00%, 07/15/46 - 11/15/47 (a) | 5,000 | 3,803 |
| 4.10%, 03/25/61 (a) | 3,000 | 2,154 |
| 5.55%, 02/06/53 (a) | 3,000 | 2,837 |
| 6.15%, 11/09/29 (a) | 3,000 | 3,137 |
| 6.90%, 11/09/52 (a) | 3,000 | 3,353 |
| Otis Worldwide Corp. | | |
| 2.06%, 04/05/25 (a) | 3,000 | 2,919 |
| 2.57%, 02/15/30 (a) | 3,000 | 2,632 |
| 3.36%, 02/15/50 (a) | 3,000 | 2,110 |
| Owens Corning | | |
| 3.88%, 06/01/30 (a) | 5,000 | 4,656 |
| 4.40%, 01/30/48 (a) | 3,000 | 2,420 |
| 5.70%, 06/15/34 (a) | 5,000 | 5,048 |
| Pacific Gas & Electric Co. | | |
| 2.10%, 08/01/27 (a) | 3,000 | 2,709 |
| 2.50%, 02/01/31 (a) | 2,000 | 1,649 |
| 3.00%, 06/15/28 (a) | 3,000 | 2,743 |
| 3.30%, 08/01/40 (a) | 2,000 | 1,422 |
| 3.50%, 08/01/50 (a) | 3,000 | 1,963 |
| 4.30%, 03/15/45 (a) | 4,000 | 3,061 |
| PacifiCorp | | |
| 2.70%, 09/15/30 (a) | 3,000 | 2,602 |
| 2.90%, 06/15/52 (a) | 3,000 | 1,771 |
| 5.80%, 01/15/55 (a) | 2,000 | 1,938 |
| 6.25%, 10/15/37 (a) | 2,000 | 2,065 |
| Paramount Global | | |
| 2.90%, 01/15/27 (a) | 2,000 | 1,846 |
| 3.70%, 06/01/28 (a) | 2,000 | 1,805 |
| 5.25%, 04/01/44 (a) | 3,000 | 2,178 |
| Parker-Hannifin Corp. | | |
| 3.25%, 06/14/29 (a) | 3,000 | 2,754 |
| 4.50%, 09/15/29 (a) | 3,000 | 2,923 |
| Patterson-UTI Energy, Inc. | | |
| 7.15%, 10/01/33 (a) | 3,000 | 3,179 |
| PayPal Holdings, Inc. | | |
| 2.65%, 10/01/26 (a) | 2,000 | 1,893 |
| 3.25%, 06/01/50 (a) | 2,000 | 1,354 |
| PepsiCo, Inc. | | |
| 1.63%, 05/01/30 (a) | 3,000 | 2,511 |
| 2.75%, 10/21/51 (a) | 3,000 | 1,903 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 12 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45%, 05/19/28 (a) | $8,000 | $7,860 |
| 4.75%, 05/19/33 (a) | 2,000 | 1,949 |
| Pfizer, Inc. | | |
| 2.70%, 05/28/50 (a) | 4,000 | 2,569 |
| 3.90%, 03/15/39 (a) | 3,000 | 2,563 |
| 4.40%, 05/15/44 (a) | 2,000 | 1,775 |
| Philip Morris International, Inc. | | |
| 1.50%, 05/01/25 (a) | 2,000 | 1,936 |
| 2.10%, 05/01/30 (a) | 3,000 | 2,543 |
| 4.13%, 03/04/43 (a) | 2,000 | 1,607 |
| 5.13%, 02/15/30 (a) | 8,000 | 7,971 |
| 5.25%, 02/13/34 (a) | 3,000 | 2,943 |
| 5.63%, 11/17/29 (a) | 7,000 | 7,148 |
| Phillips 66 Co. | | |
| 2.15%, 12/15/30 (a) | 4,000 | 3,344 |
| 3.15%, 12/15/29 (a) | 4,000 | 3,623 |
| 3.30%, 03/15/52 (a) | 3,000 | 1,964 |
| 3.75%, 03/01/28 (a) | 3,000 | 2,861 |
| 4.68%, 02/15/45 (a) | 2,000 | 1,701 |
| Pioneer Natural Resources Co. | | |
| 1.13%, 01/15/26 (a) | 9,000 | 8,446 |
| 2.15%, 01/15/31 (a) | 4,000 | 3,360 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55%, 12/15/29 (a) | 3,000 | 2,740 |
| Precision Castparts Corp. | | |
| 4.38%, 06/15/45 (a) | 2,000 | 1,762 |
| Progressive Corp. | | |
| 3.00%, 03/15/32 (a) | 6,000 | 5,207 |
| Prologis LP | | |
| 3.05%, 03/01/50 (a) | 4,000 | 2,623 |
| 3.25%, 06/30/26 (a) | 2,000 | 1,928 |
| Prospect Capital Corp. | | |
| 3.36%, 11/15/26 (a) | 5,000 | 4,595 |
| Prudential Financial, Inc. | | |
| 3.94%, 12/07/49 (a) | 4,000 | 3,034 |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 mo. Term SOFR thereafter) | | |
| 5.70%, 09/15/48 (a)(c) | 3,000 | 2,940 |
| Public Service Co. of Colorado | | |
| 3.70%, 06/15/28 (a) | 3,000 | 2,847 |
| PVH Corp. | | |
| 4.63%, 07/10/25 (a) | 3,000 | 2,966 |
| | Principal
Amount | Fair
Value |
| QUALCOMM, Inc. | | |
| 4.30%, 05/20/47 (a) | $3,000 | $2,558 |
| 4.50%, 05/20/52 (a) | 2,000 | 1,726 |
| Quanta Services, Inc. | | |
| 2.35%, 01/15/32 (a) | 3,000 | 2,440 |
| 3.05%, 10/01/41 (a) | 3,000 | 2,110 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75%, 09/15/30 (a) | 4,000 | 3,292 |
| Regions Financial Corp. (5.72% fixed rate until 06/06/29; 1.49% + SOFR thereafter) | | |
| 5.72%, 06/06/30 (a)(c) | 20,000 | 19,983 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75%, 06/05/33 (a) | 3,000 | 3,003 |
| Republic Services, Inc. | | |
| 5.00%, 04/01/34 (a) | 3,000 | 2,937 |
| Rockwell Automation, Inc. | | |
| 4.20%, 03/01/49 (a) | 2,000 | 1,673 |
| Rogers Communications, Inc. | | |
| 5.00%, 03/15/44 (a) | 2,000 | 1,786 |
| Roper Technologies, Inc. | | |
| 2.95%, 09/15/29 (a) | 2,000 | 1,799 |
| Ross Stores, Inc. | | |
| 4.70%, 04/15/27 (a) | 3,000 | 2,959 |
| Royalty Pharma PLC | | |
| 1.20%, 09/02/25 (a) | 3,000 | 2,849 |
| 1.75%, 09/02/27 (a) | 3,000 | 2,695 |
| 2.20%, 09/02/30 (a) | 3,000 | 2,502 |
| RPM International, Inc. | | |
| 3.75%, 03/15/27 (a) | 2,000 | 1,918 |
| RTX Corp. | | |
| 1.90%, 09/01/31 (a) | 3,000 | 2,406 |
| 2.82%, 09/01/51 (a) | 5,000 | 3,042 |
| 3.95%, 08/16/25 (a) | 2,000 | 1,966 |
| 4.15%, 05/15/45 (a) | 3,000 | 2,422 |
| 4.45%, 11/16/38 (a) | 2,000 | 1,770 |
| 6.10%, 03/15/34 (a) | 5,000 | 5,265 |
| 6.40%, 03/15/54 (a) | 5,000 | 5,456 |
| Ryder System, Inc. | | |
| 2.90%, 12/01/26 (a) | 3,000 | 2,835 |
| Salesforce, Inc. | | |
| 1.95%, 07/15/31 (a) | 4,000 | 3,282 |
| 2.70%, 07/15/41 (a) | 3,000 | 2,097 |
| Schlumberger Holdings Corp. | | |
| 3.90%, 05/17/28 (a)(f) | 2,000 | 1,909 |
| Schlumberger Investment SA | | |
| 5.00%, 06/01/34 (a) | 11,000 | 10,824 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 13 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Sealed Air Corp. | | |
| 1.57%, 10/15/26 (a)(f) | $5,000 | $4,549 |
| Selective Insurance Group, Inc. | | |
| 5.38%, 03/01/49 (a) | 3,000 | 2,819 |
| Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 yr. CMT thereafter) | | |
| 4.13%, 04/01/52 (a)(c) | 2,000 | 1,844 |
| Shell International Finance BV | | |
| 2.38%, 11/07/29 (a) | 5,000 | 4,411 |
| 3.25%, 04/06/50 (a) | 1,000 | 695 |
| 3.75%, 09/12/46 (a) | 6,000 | 4,641 |
| Shire Acquisitions Investments Ireland DAC | | |
| 3.20%, 09/23/26 (a) | 3,000 | 2,877 |
| Simon Property Group LP | | |
| 3.38%, 06/15/27 (a) | 2,000 | 1,908 |
| Southern California Edison Co. | | |
| 4.00%, 04/01/47 (a) | 7,000 | 5,357 |
| 4.20%, 03/01/29 (a) | 6,000 | 5,736 |
| 5.65%, 10/01/28 (a) | 19,000 | 19,327 |
| Southern Co. | | |
| 3.70%, 04/30/30 (a) | 4,000 | 3,691 |
| Southwest Airlines Co. | | |
| 2.63%, 02/10/30 (a) | 5,000 | 4,331 |
| Southwestern Electric Power Co. | | |
| 2.75%, 10/01/26 (a) | 3,000 | 2,830 |
| Spectra Energy Partners LP | | |
| 3.38%, 10/15/26 (a) | 2,000 | 1,914 |
| 4.50%, 03/15/45 (a) | 3,000 | 2,440 |
| Starbucks Corp. | | |
| 4.00%, 11/15/28 (a) | 2,000 | 1,927 |
| Stryker Corp. | | |
| 1.95%, 06/15/30 (a) | 2,000 | 1,684 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 6.18%, 07/13/43 (a) | 3,000 | 3,273 |
| Suncor Energy, Inc. | | |
| 4.00%, 11/15/47 (a) | 3,000 | 2,252 |
| Sysco Corp. | | |
| 3.25%, 07/15/27 (a) | 2,000 | 1,894 |
| Take-Two Interactive Software, Inc. | | |
| 3.70%, 04/14/27 (a) | 11,000 | 10,577 |
| 4.00%, 04/14/32 (a) | 3,000 | 2,731 |
| Tampa Electric Co. | | |
| 2.40%, 03/15/31 (a) | 3,000 | 2,525 |
| | Principal
Amount | Fair
Value |
| 3.45%, 03/15/51 (a) | $3,000 | $2,061 |
| 4.35%, 05/15/44 (a) | 4,000 | 3,295 |
| Tapestry, Inc. | | |
| 7.35%, 11/27/28 (a) | 11,000 | 11,413 |
| 7.85%, 11/27/33 (a) | 2,000 | 2,104 |
| Targa Resources Corp. | | |
| 6.50%, 03/30/34 (a) | 7,000 | 7,410 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00%, 01/15/28 (a) | 3,000 | 2,936 |
| Target Corp. | | |
| 1.95%, 01/15/27 (a) | 2,000 | 1,862 |
| Texas Instruments, Inc. | | |
| 3.88%, 03/15/39 (a) | 2,000 | 1,746 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80%, 10/15/41 (a) | 3,000 | 2,135 |
| Time Warner Cable LLC | | |
| 6.55%, 05/01/37 (a) | 3,000 | 2,842 |
| T-Mobile USA, Inc. | | |
| 3.50%, 04/15/31 (a) | 17,000 | 15,278 |
| 3.75%, 04/15/27 (a) | 2,000 | 1,923 |
| 4.50%, 04/15/50 (a) | 3,000 | 2,505 |
| 4.80%, 07/15/28 (a) | 13,000 | 12,827 |
| Toronto-Dominion Bank | | |
| 3.20%, 03/10/32 (a) | 8,000 | 6,923 |
| 4.46%, 06/08/32 (a) | 3,000 | 2,827 |
| Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 yr. USD Swap thereafter) | | |
| 3.63%, 09/15/31 (a)(c) | 4,000 | 3,807 |
| Tractor Supply Co. | | |
| 5.25%, 05/15/33 (a) | 3,000 | 2,977 |
| Trane Technologies Financing Ltd. | | |
| 3.55%, 11/01/24 (a) | 3,000 | 2,979 |
| 3.80%, 03/21/29 (a) | 2,000 | 1,899 |
| TransCanada PipeLines Ltd. | | |
| 4.25%, 05/15/28 (a) | 5,000 | 4,835 |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 mo. Term SOFR thereafter) | | |
| 5.63%, 05/20/75 (a)(c) | 7,000 | 6,896 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00%, 03/15/28 (a) | 2,000 | 1,918 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 14 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Travelers Cos., Inc. | | |
| 2.55%, 04/27/50 (a) | $4,000 | $2,435 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 yr. CMT thereafter) | | |
| 4.80%, 09/01/24 (a)(c) | 7,000 | 6,876 |
| TWDC Enterprises 18 Corp. | | |
| 4.13%, 06/01/44 (a) | 2,000 | 1,668 |
| Tyco Electronics Group SA | | |
| 3.13%, 08/15/27 (a) | 3,000 | 2,837 |
| Tyson Foods, Inc. | | |
| 5.70%, 03/15/34 (a) | 5,000 | 4,978 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97%, 07/22/33 (a)(c) | 8,000 | 7,582 |
| U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) | | |
| 5.68%, 01/23/35 (a)(c) | 3,000 | 3,014 |
| UDR, Inc. | | |
| 2.10%, 08/01/32 (a) | 3,000 | 2,346 |
| 3.00%, 08/15/31 (a) | 3,000 | 2,588 |
| Union Pacific Corp. | | |
| 3.55%, 05/20/61 (a) | 3,000 | 2,068 |
| 3.80%, 04/06/71 (a) | 4,000 | 2,815 |
| 4.10%, 09/15/67 (a) | 4,000 | 3,022 |
| UnitedHealth Group, Inc. | | |
| 2.00%, 05/15/30 (a) | 4,000 | 3,399 |
| 4.20%, 05/15/32 (a) | 3,000 | 2,822 |
| 4.45%, 12/15/48 (a) | 2,000 | 1,709 |
| 4.75%, 07/15/45 - 05/15/52 (a) | 4,000 | 3,584 |
| 5.05%, 04/15/53 (a) | 3,000 | 2,783 |
| 5.20%, 04/15/63 (a) | 3,000 | 2,785 |
| Utah Acquisition Sub, Inc. | | |
| 3.95%, 06/15/26 (a) | 15,000 | 14,550 |
| Vale Overseas Ltd. | | |
| 6.13%, 06/12/33 (a) | 5,000 | 5,028 |
| 6.40%, 06/28/54 (a) | 5,000 | 4,918 |
| Ventas Realty LP | | |
| 3.25%, 10/15/26 (a) | 5,000 | 4,753 |
| 5.63%, 07/01/34 (a) | 10,000 | 9,903 |
| Verisk Analytics, Inc. | | |
| 5.25%, 06/05/34 (a) | 5,000 | 4,922 |
| Verizon Communications, Inc. | | |
| 2.36%, 03/15/32 (a) | 4,000 | 3,269 |
| 3.00%, 03/22/27 (a) | 2,000 | 1,893 |
| 3.40%, 03/22/41 (a) | 2,000 | 1,529 |
| | Principal
Amount | Fair
Value |
| 3.55%, 03/22/51 (a) | $3,000 | $2,159 |
| 3.70%, 03/22/61 (a) | 4,000 | 2,821 |
| 4.40%, 11/01/34 (a) | 2,000 | 1,853 |
| Viatris, Inc. | | |
| 1.65%, 06/22/25 (a) | 26,000 | 24,983 |
| 4.00%, 06/22/50 (a) | 4,000 | 2,696 |
| Virginia Electric & Power Co. | | |
| 4.00%, 11/15/46 (a) | 3,000 | 2,334 |
| Visa, Inc. | | |
| 2.70%, 04/15/40 (a) | 2,000 | 1,458 |
| Vistra Operations Co. LLC | | |
| 3.55%, 07/15/24 (a)(f) | 4,000 | 3,995 |
| 6.00%, 04/15/34 (a)(f) | 3,000 | 3,003 |
| Vontier Corp. | | |
| 2.40%, 04/01/28 (a) | 4,000 | 3,546 |
| 2.95%, 04/01/31 (a) | 2,000 | 1,647 |
| Vornado Realty LP | | |
| 2.15%, 06/01/26 (a) | 2,000 | 1,848 |
| Vulcan Materials Co. | | |
| 3.90%, 04/01/27 (a) | 2,000 | 1,936 |
| Walmart, Inc. | | |
| 1.80%, 09/22/31 (a) | 3,000 | 2,471 |
| 2.50%, 09/22/41 (a) | 3,000 | 2,077 |
| Walt Disney Co. | | |
| 2.65%, 01/13/31 (a) | 2,000 | 1,745 |
| 3.38%, 11/15/26 (a) | 3,000 | 2,885 |
| 3.60%, 01/13/51 (a) | 2,000 | 1,491 |
| 4.75%, 11/15/46 (a) | 2,000 | 1,798 |
| 6.65%, 11/15/37 (a) | 2,000 | 2,249 |
| Warnermedia Holdings, Inc. | | |
| 4.28%, 03/15/32 (a) | 17,000 | 14,834 |
| Waste Connections, Inc. | | |
| 2.20%, 01/15/32 (a) | 3,000 | 2,441 |
| 2.95%, 01/15/52 (a) | 3,000 | 1,919 |
| WEC Energy Group, Inc. | | |
| 3.55%, 06/15/25 (a) | 2,000 | 1,959 |
| Wells Fargo & Co. | | |
| 4.15%, 01/24/29 (a) | 5,000 | 4,806 |
| 4.75%, 12/07/46 (a) | 2,000 | 1,693 |
| 5.88%, 06/15/25 (a)(c) | 9,000 | 8,992 |
| Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | | |
| 2.19%, 04/30/26 (a)(c) | 6,000 | 5,826 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39%, 06/02/28 (a)(c) | 2,000 | 1,843 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07%, 04/30/41 (a)(c) | $5,000 | $3,667 |
| Wells Fargo & Co. (5.50% fixed rate until 01/23/34; 1.78% + SOFR thereafter) | | |
| 5.50%, 01/23/35 (a)(c) | 3,000 | 2,993 |
| Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | | |
| 6.49%, 10/23/34 (a)(c) | 7,000 | 7,467 |
| Westlake Corp. | | |
| 2.88%, 08/15/41 (a) | 3,000 | 2,026 |
| 3.13%, 08/15/51 (a) | 3,000 | 1,886 |
| 3.38%, 08/15/61 (a) | 2,000 | 1,211 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 yr. CMT thereafter) | | |
| 2.89%, 02/04/30 (a)(c) | 5,000 | 4,902 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 yr. CMT thereafter) | | |
| 4.11%, 07/24/34 (a)(c) | 3,000 | 2,773 |
| Williams Cos., Inc. | | |
| 3.75%, 06/15/27 (a) | 3,000 | 2,880 |
| 4.85%, 03/01/48 (a) | 3,000 | 2,594 |
| 4.90%, 01/15/45 (a) | 2,000 | 1,749 |
| 5.40%, 03/04/44 (a) | 2,000 | 1,886 |
| Willis North America, Inc. | | |
| 3.88%, 09/15/49 (a) | 2,000 | 1,439 |
| Workday, Inc. | | |
| 3.50%, 04/01/27 (a) | 3,000 | 2,869 |
| 3.70%, 04/01/29 (a) | 3,000 | 2,816 |
| WPP Finance 2010 | | |
| 3.75%, 09/19/24 (a) | 6,000 | 5,968 |
| Zoetis, Inc. | | |
| 3.00%, 09/12/27 (a) | 3,000 | 2,814 |
| 3.90%, 08/20/28 (a) | 2,000 | 1,909 |
| 5.60%, 11/16/32 (a) | 5,000 | 5,116 |
| | | 2,544,101 |
| Non-Agency Collateralized Mortgage Obligations - 5.9% |
| Bank | | |
| 3.18%, 09/15/60 (a) | 158,000 | 147,405 |
| 4.41%, 11/15/61 (a)(c) | 66,000 | 63,490 |
| BPR Trust 1 mo. Term SOFR + 1.90% | | |
| 7.23%, 04/15/37 (a)(c)(f) | 24,770 | 24,779 |
| | Principal
Amount | Fair
Value |
| Cantor Commercial Real Estate Lending | | |
| 3.01%, 01/15/53 (a) | $34,000 | $30,065 |
| CD Mortgage Trust | | |
| 2.91%, 08/15/57 (a) | 63,000 | 55,826 |
| Citigroup Commercial Mortgage Trust | | |
| 4.03%, 12/10/49 (a)(c) | 31,273 | 28,238 |
| GS Mortgage Securities Trust | | |
| 2.75%, 09/10/52 (a) | 105,000 | 93,350 |
| 3.05%, 11/10/52 (a) | 56,000 | 50,239 |
| 4.14%, 03/10/51 (a)(c) | 25,000 | 23,219 |
| 4.56%, 11/10/48 (a)(c) | 25,000 | 20,490 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.80%, 11/15/48 (a)(c) | 20,000 | 11,151 |
| MASTR Alternative Loan Trust | | |
| 5.00%, 08/25/18 (d) | 428 | 37 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.97%, 03/15/48 (a)(c)(d) | 294,578 | 908 |
| Wells Fargo Commercial Mortgage Trust | | |
| 4.32%, 08/15/50 (a) | 22,518 | 19,951 |
| | | 569,148 |
| Sovereign Bonds - 0.4% |
| Peru Government International Bonds | | |
| 1.86%, 12/01/32 (a) | 10,000 | 7,574 |
| 2.78%, 12/01/60 (a) | 15,000 | 8,384 |
| 5.63%, 11/18/50 (a) | 11,000 | 10,704 |
| Uruguay Government International Bonds | | |
| 5.10%, 06/18/50 (a) | 14,040 | 13,215 |
| | | 39,877 |
| Municipal Bonds and Notes - 0.2% |
| State of California, CA | | |
| 4.60%, 04/01/38 | 15,000 | 14,135 |
| State of Illinois, IL | | |
| 5.10%, 06/01/33 | 9,412 | 9,235 |
| | | 23,370 |
Total Bonds and Notes
(Cost $9,902,164) | | 9,210,189 |
Total Investments in Securities
(Cost $9,902,164) | | 9,210,189 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 16 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 19.8% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (a)(g)(h)
(Cost $1,902,334) | 1,902,334 | 1,902,334 |
Total Investments
(Cost $11,804,498) | | 11,112,523 |
| Liabilities in Excess of Other Assets, net - (15.6)% | | (1,498,095) |
| NET ASSETS - 100.0% | | $9,614,428 |
Other Information:
| Centrally Cleared Credit Default Swaps: |
| Reference Entity | Counterparty | Notional
Amount
(000s
omitted) | Contract
Annual
Fixed Rate/
Payment
Frequency | Termination
Date | Market
Value | Unamortized
Upfront
Payments
Received (Paid) | Unrealized
Appreciation
(Depreciation) |
| Buy Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $250 | 1.00%/
Quarterly | 06/20/29 | $(5,144) | $(5,519) | $375 |
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 2 Yr. U.S. Treasury Notes Futures | September 2024 | 3 | $610,435 | $612,656 | $2,221 |
| 10 Yr. U.S. Treasury Ultra Futures | September 2024 | 9 | 1,010,548 | 1,021,781 | 11,233 |
| 5 Yr. U.S. Treasury Notes Futures | September 2024 | 7 | 739,826 | 746,081 | 6,255 |
| | | | | | $19,709 |
| The Fund had the following short futures contracts open at June 30, 2024: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | September 2024 | 6 | $(651,660) | $(659,906) | $(8,246) |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 17 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| During the period ended June 30, 2024, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $2,572,031 | $756,960 | $165,030 |
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 June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts, swaps and/or TBAs. |
| (b) | Step coupon bond. |
| (c) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2024. 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 June 30, 2024, these securities amounted to $180,931 or 1.88% 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 June 30, 2024. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| 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.
| 18 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $— | | $3,046,063 | | $— | | $3,046,063 |
| Agency Mortgage Backed | — | | 2,885,631 | | — | | 2,885,631 |
| Agency Collateralized Mortgage Obligations | — | | 101,999 | | — | | 101,999 |
| Corporate Notes | — | | 2,544,101 | | — | | 2,544,101 |
| Non-Agency Collateralized Mortgage Obligations | — | | 569,148 | | — | | 569,148 |
| Sovereign Bonds | — | | 39,877 | | — | | 39,877 |
| Municipal Bonds and Notes | — | | 23,370 | | — | | 23,370 |
| Short-Term Investments | 1,902,334 | | — | | — | | 1,902,334 |
| Total Investments in Securities | $1,902,334 | | $9,210,189 | | $— | | $11,112,523 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $— | | $375 | | $— | | $375 |
| Long Futures Contracts - Unrealized Appreciation | 19,709 | | — | | — | | 19,709 |
| Short Futures Contracts - Unrealized Depreciation | (8,246) | | — | | — | | (8,246) |
| Total Other Financial Instruments | $11,463 | | $375 | | $— | | $11,838 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,329,784 | $1,329,784 | $2,017,823 | $1,445,273 | $— | $— | 1,902,334 | $1,902,334 | $41,430 |
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
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $9.98 | | $9.73 | | $11.86 | | $12.48 | | $12.00 | | $11.07 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.15 | | 0.26 | | 0.17 | | 0.12 | | 0.19 | | 0.24 |
| Net realized and unrealized gains/(losses) on investments | (0.33) | | 0.20 | | (1.87) | | (0.35) | | 0.65 | | 0.71 |
| Total income/(loss) from investment operations | (0.18) | | 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 | $9.80 | | $9.98 | | $9.73 | | $11.86 | | $12.48 | | $12.00 |
| Total Return(c) | (1.80)% | | 4.68% | | (14.38)% | | (1.81)% | | 7.03% | | 8.62% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $9,614 | | $10,157 | | $10,616 | | $14,766 | | $17,435 | | $17,112 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 1.44%(d) | | 1.36% | | 1.24% | | 1.06% | | 1.06% | | 1.06% |
| Gross expenses | 1.44%(d) | | 1.38% | | 1.24% | | 1.06% | | 1.06% | | 1.06% |
| Net investment income | 2.99%(d) | | 2.69% | | 1.62% | | 1.01% | | 1.50% | | 2.05% |
| Portfolio turnover rate | 26%(e) | | 59%(e) | | 51%(e) | | 81%(e) | | 120%(e) | | 90% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (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) | Annualized for periods less than one year. |
| (e) | The portfolio turnover calculated for the period ended 6/30/2024 and 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 113%, 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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $9,902,164) | $9,210,189 |
| Investments in affiliated securities, at fair value (cost $1,902,334) | 1,902,334 |
| Net cash collateral on deposit with broker for swap contracts | 5,211 |
| Income receivables | 74,478 |
| Receivable for fund shares sold | 98 |
| Income receivable from affiliated investments | 8,021 |
| Receivable for accumulated variation margin on futures contracts | 11,477 |
| Total assets | 11,211,808 |
| Liabilities | |
| Net cash collateral on futures contracts due to broker | 15,763 |
| Payable for investments purchased | 1,530,710 |
| Payable for fund shares redeemed | 604 |
| Payable for accumulated variation margin on swap contracts | 5,220 |
| Payable to the Adviser | 3,919 |
| Payable for custody, fund accounting and sub-administration fees | 13,787 |
| Accrued other expenses | 27,377 |
| Total liabilities | 1,597,380 |
|
| Net Assets | $9,614,428 |
| Net Assets Consist of: | |
| Capital paid in | $11,301,482 |
| Total distributable earnings (loss) | (1,687,054) |
| Net Assets | $9,614,428 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 981,446 |
| Net asset value per share | $9.80 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 21 |
State Street Income V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Interest | $172,550 |
| Income from affiliated investments | 41,430 |
| Total income | 213,980 |
| Expenses | |
| Advisory and administration fees | 24,209 |
| Directors' fees | 10,562 |
| Custody, fund accounting and sub-administration fees | 14,767 |
| Professional fees | 17,054 |
| Other expenses | 3,192 |
| Total expenses before waivers | 69,784 |
| Less: Fees waived by the adviser | (470) |
| Net expenses | 69,314 |
| Net investment income (loss) | $144,666 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $(78,133) |
| Futures | (15,549) |
| Swap contracts | 13,997 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | (190,327) |
| Futures | (46,273) |
| Swap contracts | (13,395) |
| Net realized and unrealized gain (loss) on investments | (329,680) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(185,014) |
The accompanying Notes are an integral part of these financial statements.
| 22 | Statement of Operations |
State Street Income V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $144,666 | | $274,658 |
| Net realized gain (loss) on investments, futures and swap contracts | (79,685) | | (541,848) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | (249,995) | | 730,932 |
| Net increase (decrease) from operations | (185,014) | | 463,742 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (204,660) |
| Increase (decrease) in assets from operations and distributions | (185,014) | | 259,082 |
| Share transactions: | | | |
| Proceeds from sale of shares | 247,811 | | 503,196 |
| Value of distributions reinvested | — | | 204,660 |
| Cost of shares redeemed | (604,981) | | (1,426,452) |
| Net increase (decrease) from share transactions | (357,170) | | (718,596) |
| Total increase (decrease) in net assets | (542,184) | | (459,514) |
| Net Assets | | | |
| Beginning of period | 10,156,612 | | 10,616,126 |
| End of period | $9,614,428 | | $10,156,612 |
| Changes in Fund Shares | | | |
| Shares sold | 25,611 | | 50,808 |
| Issued for distributions reinvested | — | | 20,569 |
| Shares redeemed | (62,038) | | (144,078) |
| Net increase (decrease) in fund shares | (36,427) | | (72,701) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 23 |
State Street Income V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the "Fund") and State Street Real Estate Securities V.I.S. Fund. Each Fund is 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 |
| 24 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| | 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 June 30, 2024 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.
| Notes to Financial Statements | 25 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2024, 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 period ended June 30, 2024, 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.
| 26 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 period ended June 30, 2024, the Fund entered into futures contracts to manage interest rate risk.
Credit Default Swaps During the period ended June 30, 2024, 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
| Notes to Financial Statements | 27 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 June 30, 2024 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 | $11,477 | $— | $— | $— | $— | $11,477 |
| Liability Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Swap Contracts | $— | $— | $5,220 | $— | $— | $5,220 |
| 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 | $(15,549) | $— | $— | $— | $— | $(15,549) |
| Swap Contracts | — | — | 13,997 | — | — | 13,997 |
| 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 | $(46,273) | $— | $— | $— | $— | $(46,273) |
| Swap Contracts | — | — | (13,395) | — | — | (13,395) |
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, 2025 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
| 28 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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, 2025 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.
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 period ended June 30, 2024 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 period ended June 30, 2024 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $10,133,081 | $10,020,376 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $559,985 | $882,616 |
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. As of December 31, 2023, 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.
| Notes to Financial Statements | 29 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
As of June 30, 2024, 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) |
| $11,966,781 | $69,350 | $911,770 | $(842,420) |
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 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 June 30, 2024.
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. 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.
| 30 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
11.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| Notes to Financial Statements | 31 |
State Street Income V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Income V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Income V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
State Street Income V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board considered the extensive experience and resources committed by the Adviser to the evaluation of the portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
State Street Income V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Income V.I.S. Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s previous discussion of the Fund’s performance, including the relatively small size of the Fund.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is being appropriately monitored and/or addressed by management.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Income V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses, including the relatively small size of the Fund.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
State Street Income V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street Real Estate Securities V.I.S. Fund |
State Street Real Estate Securities V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock (REITs) - 99.4% † |
| Alternate Housing - 6.3% |
| Invitation Homes, Inc. | 60,200 | $2,160,578 |
| Sun Communities, Inc. | 15,230 | 1,832,778 |
| | | 3,993,356 |
| Data Center - 12.3% |
| Digital Realty Trust, Inc. | 18,030 | 2,741,461 |
| Equinix, Inc. | 6,721 | 5,085,109 |
| | | 7,826,570 |
| Healthcare - 16.1% |
| Alexandria Real Estate Equities, Inc. | 6,890 | 805,923 |
| American Healthcare REIT, Inc. | 30,660 | 447,943 |
| CareTrust REIT, Inc. | 17,750 | 445,525 |
| Healthpeak Properties, Inc. | 74,820 | 1,466,472 |
| Omega Healthcare Investors, Inc. | 26,560 | 909,680 |
| Ventas, Inc. | 47,850 | 2,452,791 |
| Welltower, Inc. | 35,420 | 3,692,535 |
| | | 10,220,869 |
| Hotel - 2.9% |
| DiamondRock Hospitality Co. | 50,240 | 424,528 |
| Host Hotels & Resorts, Inc. | 52,610 | 945,928 |
| Ryman Hospitality Properties, Inc. | 1,890 | 188,735 |
| Xenia Hotels & Resorts, Inc. | 18,600 | 266,538 |
| | | 1,825,729 |
| Industrial - 13.2% |
| Americold Realty Trust, Inc. | 12,814 | 327,270 |
| EastGroup Properties, Inc. | 1,440 | 244,944 |
| First Industrial Realty Trust, Inc. | 29,960 | 1,423,400 |
| Prologis, Inc. | 47,620 | 5,348,202 |
| Rexford Industrial Realty, Inc. | 23,590 | 1,051,878 |
| | | 8,395,694 |
| Multifamily - 11.0% |
| AvalonBay Communities, Inc. | 890 | 184,132 |
| Camden Property Trust | 14,010 | 1,528,631 |
| Equity Residential | 32,500 | 2,253,550 |
| UDR, Inc. | 73,840 | 3,038,516 |
| | | 7,004,829 |
| Net Lease - 8.2% |
| Agree Realty Corp. | 21,910 | 1,357,106 |
| Broadstone Net Lease, Inc. | 30,070 | 477,211 |
| NNN REIT, Inc. | 24,250 | 1,033,050 |
| Realty Income Corp. | 44,654 | 2,358,624 |
| | | 5,225,991 |
| | Number
of Shares | Fair
Value |
| Office - 4.3% |
| Boston Properties, Inc. | 13,780 | $848,297 |
| Cousins Properties, Inc. | 34,230 | 792,425 |
| Douglas Emmett, Inc. | 32,410 | 431,377 |
| Kilroy Realty Corp. | 13,290 | 414,249 |
| Vornado Realty Trust | 9,020 | 237,136 |
| | | 2,723,484 |
| Regional Malls - 3.6% |
| Macerich Co. | 6,330 | 97,735 |
| Simon Property Group, Inc. | 14,250 | 2,163,150 |
| | | 2,260,885 |
| Self Storage - 7.9% |
| CubeSmart | 7,920 | 357,746 |
| Extra Space Storage, Inc. | 16,673 | 2,591,151 |
| Public Storage | 7,080 | 2,036,562 |
| | | 4,985,459 |
| Shopping Centers - 6.8% |
| Brixmor Property Group, Inc. | 49,680 | 1,147,111 |
| Kimco Realty Corp. | 101,840 | 1,981,806 |
| Retail Opportunity Investments Corp. | 60,900 | 756,987 |
| Urban Edge Properties | 22,016 | 406,636 |
| | | 4,292,540 |
| Specialty - 6.8% |
| American Tower Corp. | 1,910 | 371,266 |
| Iron Mountain, Inc. | 18,780 | 1,683,063 |
| Lamar Advertising Co., Class A | 6,420 | 767,383 |
| VICI Properties, Inc. | 53,202 | 1,523,705 |
| | | 4,345,417 |
Total Common Stock (REITs)
(Cost $59,048,720) | | 63,100,823 |
| Short-Term Investments - 0.5% | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (a)(b)
(Cost $345,039) | 345,039 | 345,039 |
Total Investments
(Cost $59,393,759) | | 63,445,862 |
| Other Assets and Liabilities, net - 0.1% | | 49,127 |
| NET ASSETS - 100.0% | | $63,494,989 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Real Estate Securities V.I.S. Fund | 1 |
State Street Real Estate Securities V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
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 June 30, 2024. |
| Abbreviations: |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $63,100,823 | | $— | | $— | | $63,100,823 |
| Short-Term Investments | 345,039 | | — | | — | | 345,039 |
| Total Investments in Securities | $63,445,862 | | $— | | $— | | $63,445,862 |
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 347,181 | $347,181 | $4,708,059 | $4,710,201 | $— | $— | 345,039 | $345,039 | $10,183 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street Real Estate Securities V.I.S. Fund |
State Street Real Estate Securities V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/24(a) | | 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 | $9.74 | | $8.77 | | $13.89 | | $12.02 | | $12.92 | | $11.14 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.14 | | 0.25 | | 0.20 | | 0.13 | | 0.17 | | 0.25 |
| Net realized and unrealized gains/(losses) on investments | (0.14) | | 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 | | $9.74 | | $8.77 | | $13.89 | | $12.02 | | $12.92 |
| Total Return(c) | —% | | 13.50% | | (24.93)% | | 41.80% | | (5.23)% | | 26.15% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $63,495 | | $65,246 | | $40,669 | | $45,748 | | $47,588 | | $55,266 |
| Ratios to average net assets: | | | | | | | | | | | |
| Gross expenses | 0.98%(d) | | 1.00% | | 1.05% | | 1.04% | | 1.04% | | 1.04% |
| Net investment income | 2.99%(d) | | 2.75% | | 1.72% | | 0.93% | | 1.49% | | 1.91% |
| Portfolio turnover rate | 17% | | 54% | | 86% | | 85% | | 108% | | 72% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (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) | Annualized for periods less than one year. |
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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $59,048,720) | $63,100,823 |
| Investments in affiliated securities, at fair value (cost $345,039) | 345,039 |
| Receivable for investments sold | 125,375 |
| Income receivables | 202,519 |
| Receivable for fund shares sold | 741 |
| Income receivable from affiliated investments | 1,201 |
| Total assets | 63,775,698 |
| Liabilities | |
| Payable for investments purchased | 155,143 |
| Payable for fund shares redeemed | 50,295 |
| Payable to the Adviser | 43,758 |
| Payable for custody, fund accounting and sub-administration fees | 8,415 |
| Accrued other expenses | 23,098 |
| Total liabilities | 280,709 |
|
| Net Assets | $63,494,989 |
| Net Assets Consist of: | |
| Capital paid in | $63,642,523 |
| Total distributable earnings (loss) | (147,534) |
| Net Assets | $63,494,989 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 6,520,963 |
| Net asset value per share | $9.74 |
The accompanying Notes are an integral part of these financial statements.
| 4 | Statement of Assets and Liabilities |
State Street Real Estate Securities V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $1,230,985 |
| Income from affiliated investments | 10,183 |
| Total income | 1,241,168 |
| Expenses | |
| Advisory and administration fees | 265,712 |
| Directors' fees | 10,734 |
| Custody, fund accounting and sub-administration fees | 12,062 |
| Professional fees | 15,161 |
| Other expenses | 1,686 |
| Total expenses | 305,355 |
| Net investment income (loss) | $935,813 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on investments | $(1,300,632) |
| Increase (decrease) in unrealized appreciation/(depreciation) on investments | 373,489 |
| Net realized and unrealized gain (loss) on investments | (927,143) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $8,670 |
The accompanying Notes are an integral part of these financial statements.
State Street Real Estate Securities V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $935,813 | | $1,379,214 |
| Net realized gain (loss) on investments | (1,300,632) | | (2,942,655) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments | 373,489 | | 7,683,727 |
| Net increase (decrease) from operations | 8,670 | | 6,120,286 |
| Distributions to shareholders: | | | |
| Total distributions | — | | (1,420,514) |
| Increase (decrease) in assets from operations and distributions | 8,670 | | 4,699,772 |
| Share transactions: | | | |
| Proceeds from sale of shares | 2,401,306 | | 27,811,078 |
| Value of distributions reinvested | — | | 1,420,514 |
| Cost of shares redeemed | (4,161,178) | | (9,353,725) |
| Net increase (decrease) from share transactions | (1,759,872) | | 19,877,867 |
| Total increase (decrease) in net assets | (1,751,202) | | 24,577,639 |
| Net Assets | | | |
| Beginning of period | 65,246,191 | | 40,668,552 |
| End of period | $63,494,989 | | $65,246,191 |
| Changes in Fund Shares | | | |
| Shares sold | 257,083 | | 2,918,808 |
| Issued for distributions reinvested | — | | 145,544 |
| Shares redeemed | (435,125) | | (1,001,549) |
| Net increase (decrease) in fund shares | (178,042) | | 2,062,803 |
The accompanying Notes are an integral part of these financial statements.
| 6 | Statements of Changes in Net Assets |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund 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. |
| Notes to Financial Statements | 7 |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2024 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.
| 8 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2024, 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 period ended June 30, 2024 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.
| Notes to Financial Statements | 9 |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2024 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $10,868,911 | $11,625,726 |
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. As of December 31, 2023, SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2024, 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) |
| $60,722,779 | $5,560,699 | $2,837,616 | $2,723,083 |
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 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 June 30, 2024.
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.
| 10 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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.
| Notes to Financial Statements | 11 |
State Street Real Estate Securities V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to State Street Real Estate Securities V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) by and among SSGA FM, and the Company on behalf of the Fund, and CenterSquare Investment Management LLC (the “Sub-Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and Sub-Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Adviser (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process").The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year.The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans. mpleted and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Real Estate Securities V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser and Sub-Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser and Sub-Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser and Sub-Adviser, including their investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser and Sub-Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Adviser; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Adviser; |
| • | Information about the Adviser’s and the Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and the Sub-Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser and Sub-Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s and Sub-Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser and Sub-Adviser; and |
| • | Information regarding the Adviser’s and Sub-Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and Sub-Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
State Street Real Estate Securities V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | The Sub-Adviser, with respect to its operations relating to the Fund and its approximate profitability from such operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, the Distributor and the Sub-Adviser with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund.The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and
State Street Real Estate Securities V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
In connection with their consideration of the services provided by the Sub-Adviser, the Board considered the Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by the Sub-Adviser to the Fund.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and the Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-, 3- and 10-year periods and was below the median of its Performance Group for the 5-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1- and 3-year periods and was above the Benchmark for the 5- and 10-year periods.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund, net of waivers, if any, as well as the fees paid to the Sub-Adviser by the Adviser, which reduced the net management fees retained by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and the Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Adviser for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Adviser to the fees charged and services provided to other clients of the Adviser and Sub-Adviser, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe.The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe.The Board considered management’s discussion of the Fund’s expenses, including the relatively small size of the Fund.
State Street Real Estate Securities V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser and Sub-Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Adviser in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers and the Sub-Adviser in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex.The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
The Board also considered that the sub-advisory fee rate under the Sub-Advisory Agreement was negotiated with the Sub-Adviser at arm’s length. In considering the profitability to the Sub-Adviser in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives from the Fund. For these reasons, the Board concluded that the profitability of the Sub-Adviser from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the Sub-Advisory Agreement.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time. The Board noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in the Sub-Adviser’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreement.
Conclusions
In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Adviser possess the capability and resources to perform the duties required of them under the Agreements.
Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement and Sub-Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Semi-Annual Financial Statements and Other Information
June 30, 2024
| State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Semi-Annual Financial Statements and Other Information
June 30, 2024 (Unaudited)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above
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
Schedule of Investments — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Domestic Equity - 40.6% † |
| Common Stock - 40.6% |
| Advertising - 0.1% |
| Advantage Solutions, Inc. (a) | 3,539 | $11,395 |
| Boston Omaha Corp., Class A (a) | 948 | 12,760 |
| Cardlytics, Inc. (a) | 1,128 | 9,261 |
| Clear Channel Outdoor Holdings, Inc. (a) | 12,120 | 17,089 |
| Emerald Holding, Inc. (a) | 546 | 3,107 |
| Entravision Communications Corp., Class A | 2,595 | 5,268 |
| Ibotta, Inc., Class A (a) | 263 | 19,767 |
| Integral Ad Science Holding Corp. (a) | 2,115 | 20,558 |
| Interpublic Group of Cos., Inc. | 2,842 | 82,674 |
| Magnite, Inc. (a) | 4,220 | 56,084 |
| National CineMedia, Inc. (a) | 2,522 | 11,071 |
| Omnicom Group, Inc. | 1,427 | 128,002 |
| PubMatic, Inc., Class A (a) | 1,281 | 26,017 |
| Stagwell, Inc. (a) | 3,078 | 20,992 |
| TechTarget, Inc. (a) | 794 | 24,749 |
| Thryv Holdings, Inc. (a) | 940 | 16,751 |
| Trade Desk, Inc., Class A (a) | 3,011 | 294,084 |
| | | 759,629 |
| Aerospace & Defense - 0.7% |
| AAR Corp. (a) | 1,149 | 83,532 |
| AeroVironment, Inc. (a) | 862 | 157,022 |
| AerSale Corp. (a) | 1,352 | 9,356 |
| Archer Aviation, Inc., Class A (a) | 7,926 | 27,899 |
| Astronics Corp. (a) | 855 | 17,126 |
| Axon Enterprise, Inc. (a) | 500 | 147,120 |
| Boeing Co. (a) | 3,957 | 720,214 |
| BWX Technologies, Inc. | 600 | 57,000 |
| Byrna Technologies, Inc. (a) | 651 | 6,497 |
| Cadre Holdings, Inc. | 884 | 29,667 |
| Curtiss-Wright Corp. | 200 | 54,196 |
| Ducommun, Inc. (a) | 410 | 23,805 |
| Eve Holding, Inc. (a) | 770 | 3,118 |
| General Dynamics Corp. | 1,835 | 532,407 |
| General Electric Co. | 7,548 | 1,199,906 |
| HEICO Corp. | 300 | 67,083 |
| HEICO Corp., Class A | 551 | 97,813 |
| Hexcel Corp. | 700 | 43,715 |
| Howmet Aerospace, Inc. | 2,625 | 203,779 |
| Huntington Ingalls Industries, Inc. | 300 | 73,899 |
| Intuitive Machines, Inc. (a) | 1,170 | 3,861 |
| | Number
of Shares | Fair
Value |
| Kratos Defense & Security Solutions, Inc. (a) | 4,925 | $98,549 |
| L3Harris Technologies, Inc. | 1,280 | 287,462 |
| Leonardo DRS, Inc. (a) | 2,461 | 62,780 |
| Lockheed Martin Corp. | 1,503 | 702,051 |
| Mercury Systems, Inc. (a) | 1,839 | 49,635 |
| Moog, Inc., Class A | 939 | 157,095 |
| National Presto Industries, Inc. | 158 | 11,871 |
| Northrop Grumman Corp. | 978 | 426,359 |
| Park Aerospace Corp. | 764 | 10,451 |
| Redwire Corp. (a) | 404 | 2,897 |
| Rocket Lab USA, Inc. (a) | 11,654 | 55,939 |
| RTX Corp. | 9,253 | 928,909 |
| Spirit AeroSystems Holdings, Inc., Class A (a) | 600 | 19,722 |
| Terran Orbital Corp. (a) | 4,686 | 3,842 |
| Textron, Inc. | 1,271 | 109,128 |
| TransDigm Group, Inc. | 393 | 502,101 |
| Triumph Group, Inc. (a) | 1,986 | 30,604 |
| V2X, Inc. (a) | 360 | 17,266 |
| Virgin Galactic Holdings, Inc. (a) | 737 | 6,213 |
| Woodward, Inc. | 400 | 69,752 |
| | | 7,111,641 |
| Agricultural & Farm Machinery - 0.1% |
| AGCO Corp. | 423 | 41,403 |
| Alamo Group, Inc. | 343 | 59,339 |
| CNH Industrial NV | 5,400 | 54,702 |
| Deere & Co. | 1,688 | 630,687 |
| Lindsay Corp. | 343 | 42,148 |
| Titan International, Inc. (a) | 1,606 | 11,901 |
| Toro Co. | 768 | 71,816 |
| | | 911,996 |
| Agricultural Products & Services - 0.0%* |
| Alico, Inc. | 257 | 6,659 |
| Archer-Daniels-Midland Co. | 3,372 | 203,837 |
| Bunge Global SA | 1,037 | 110,721 |
| Darling Ingredients, Inc. (a) | 1,200 | 44,100 |
| Fresh Del Monte Produce, Inc. | 1,041 | 22,746 |
| Ingredion, Inc. | 344 | 39,457 |
| Limoneira Co. | 530 | 11,029 |
| | | 438,549 |
| Air Freight & Logistics - 0.1% |
| Air Transport Services Group, Inc. (a) | 1,568 | 21,748 |
| CH Robinson Worldwide, Inc. | 869 | 76,576 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 1 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Expeditors International of Washington, Inc. | 1,001 | $124,915 |
| FedEx Corp. | 1,572 | 471,348 |
| Forward Air Corp. | 803 | 15,289 |
| GXO Logistics, Inc. (a) | 873 | 44,087 |
| Hub Group, Inc., Class A | 1,971 | 84,852 |
| Radiant Logistics, Inc. (a) | 1,458 | 8,296 |
| United Parcel Service, Inc., Class B | 4,992 | 683,155 |
| | | 1,530,266 |
| Airport Services - 0.0%* |
| Sky Harbour Group Corp. (a) | 464 | 4,292 |
| Alternative Carriers - 0.0%* |
| Anterix, Inc. (a) | 394 | 15,598 |
| AST SpaceMobile, Inc. (a) | 3,965 | 46,034 |
| Bandwidth, Inc., Class A (a) | 700 | 11,816 |
| Cogent Communications Holdings, Inc. | 1,469 | 82,910 |
| Globalstar, Inc. (a) | 22,155 | 24,814 |
| Iridium Communications, Inc. | 1,200 | 31,944 |
| Lumen Technologies, Inc. (a) | 31,234 | 34,357 |
| | | 247,473 |
| Aluminum - 0.0%* |
| Alcoa Corp. | 1,058 | 42,087 |
| Century Aluminum Co. (a) | 1,614 | 27,035 |
| Constellium SE (a) | 4,315 | 81,338 |
| Kaiser Aluminum Corp. | 528 | 46,411 |
| Tredegar Corp. (a) | 1,138 | 5,451 |
| | | 202,322 |
| Apparel Retail - 0.2% |
| Abercrombie & Fitch Co., Class A (a) | 1,665 | 296,104 |
| American Eagle Outfitters, Inc. | 6,059 | 120,938 |
| Boot Barn Holdings, Inc. (a) | 966 | 124,546 |
| Buckle, Inc. | 1,021 | 37,716 |
| Burlington Stores, Inc. (a) | 433 | 103,920 |
| Caleres, Inc. | 1,051 | 35,314 |
| Citi Trends, Inc. (a) | 302 | 6,421 |
| Designer Brands, Inc., Class A | 1,286 | 8,783 |
| Destination XL Group, Inc. (a) | 2,420 | 8,809 |
| Foot Locker, Inc. | 2,785 | 69,402 |
| Gap, Inc. | 1,500 | 35,835 |
| Genesco, Inc. (a) | 318 | 8,223 |
| J Jill, Inc. | 179 | 6,260 |
| Lands' End, Inc. (a) | 584 | 7,937 |
| | Number
of Shares | Fair
Value |
| RealReal, Inc. (a) | 3,483 | $11,111 |
| Revolve Group, Inc. (a) | 1,213 | 19,299 |
| Ross Stores, Inc. | 2,285 | 332,056 |
| Shoe Carnival, Inc. | 554 | 20,437 |
| Stitch Fix, Inc., Class A (a) | 3,636 | 15,089 |
| ThredUp, Inc., Class A (a) | 3,042 | 5,171 |
| Tilly's, Inc., Class A (a) | 959 | 5,783 |
| TJX Cos., Inc. | 7,953 | 875,625 |
| Torrid Holdings, Inc. (a) | 662 | 4,958 |
| Urban Outfitters, Inc. (a) | 2,134 | 87,601 |
| Victoria's Secret & Co. (a) | 2,635 | 46,560 |
| Zumiez, Inc. (a) | 460 | 8,961 |
| | | 2,302,859 |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Capri Holdings Ltd. (a) | 505 | 16,705 |
| Carter's, Inc. | 100 | 6,197 |
| Columbia Sportswear Co. | 200 | 15,816 |
| Figs, Inc., Class A (a) | 3,901 | 20,792 |
| G-III Apparel Group Ltd. (a) | 1,277 | 34,568 |
| Hanesbrands, Inc. (a) | 11,830 | 58,322 |
| Kontoor Brands, Inc. | 1,841 | 121,782 |
| Lululemon Athletica, Inc. (a) | 827 | 247,025 |
| Movado Group, Inc. | 468 | 11,635 |
| Oxford Industries, Inc. | 466 | 46,670 |
| PVH Corp. | 400 | 42,348 |
| Ralph Lauren Corp. | 300 | 52,518 |
| Superior Group of Cos., Inc. | 472 | 8,926 |
| Tapestry, Inc. | 1,674 | 71,630 |
| Under Armour, Inc., Class C (a) | 4,000 | 26,120 |
| Vera Bradley, Inc. (a) | 1,100 | 6,886 |
| VF Corp. | 2,100 | 28,350 |
| | | 816,290 |
| Application Software - 1.3% |
| 8x8, Inc. (a) | 5,137 | 11,404 |
| ACI Worldwide, Inc. (a) | 3,467 | 137,259 |
| Adobe, Inc. (a)(b) | 3,084 | 1,713,285 |
| Agilysys, Inc. (a) | 738 | 76,855 |
| Alarm.com Holdings, Inc. (a) | 1,606 | 102,045 |
| Alkami Technology, Inc. (a) | 1,484 | 42,264 |
| Altair Engineering, Inc., Class A (a) | 1,895 | 185,862 |
| American Software, Inc., Class A | 1,342 | 12,252 |
| Amplitude, Inc., Class A (a) | 2,614 | 23,265 |
| ANSYS, Inc. (a) | 571 | 183,577 |
| Appfolio, Inc., Class A (a) | 200 | 48,914 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 2 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| AppLovin Corp., Class A (a) | 1,800 | $149,796 |
| Asana, Inc., Class A (a) | 2,567 | 35,912 |
| Aspen Technology, Inc. (a) | 220 | 43,699 |
| Atlassian Corp., Class A (a) | 1,096 | 193,861 |
| AudioEye, Inc. (a) | 276 | 4,860 |
| Aurora Innovation, Inc. (a) | 28,061 | 77,729 |
| Autodesk, Inc. (a) | 1,474 | 364,741 |
| AvePoint, Inc. (a) | 4,268 | 44,473 |
| Bentley Systems, Inc., Class B | 1,200 | 59,232 |
| Bill Holdings, Inc. (a) | 692 | 36,413 |
| Blackbaud, Inc. (a) | 1,368 | 104,201 |
| BlackLine, Inc. (a) | 1,922 | 93,121 |
| Blend Labs, Inc., Class A (a) | 7,967 | 18,802 |
| Box, Inc., Class A (a) | 4,680 | 123,739 |
| Braze, Inc., Class A (a) | 1,670 | 64,863 |
| C3.ai, Inc., Class A (a) | 2,758 | 79,872 |
| Cadence Design Systems, Inc. (a) | 1,851 | 569,645 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 3,000 | 33,330 |
| Cerence, Inc. (a) | 1,264 | 3,577 |
| Cipher Mining, Inc. (a) | 5,889 | 24,439 |
| Cleanspark, Inc. (a) | 7,365 | 117,472 |
| Clear Secure, Inc., Class A | 2,941 | 55,026 |
| Clearwater Analytics Holdings, Inc., Class A (a) | 4,665 | 86,396 |
| Confluent, Inc., Class A (a) | 1,800 | 53,154 |
| Consensus Cloud Solutions, Inc. (a) | 562 | 9,655 |
| CS Disco, Inc. (a) | 987 | 5,883 |
| Daily Journal Corp. (a) | 43 | 16,963 |
| Datadog, Inc., Class A (a) | 2,096 | 271,830 |
| Dave, Inc. (a) | 284 | 8,605 |
| Digimarc Corp. (a) | 426 | 13,210 |
| Digital Turbine, Inc. (a) | 3,967 | 6,585 |
| DocuSign, Inc. (a) | 1,489 | 79,662 |
| Domo, Inc., Class B (a) | 1,350 | 10,422 |
| DoubleVerify Holdings, Inc. (a) | 1,300 | 25,311 |
| Dropbox, Inc., Class A (a) | 1,900 | 42,693 |
| Dynatrace, Inc. (a) | 1,900 | 85,006 |
| E2open Parent Holdings, Inc. (a) | 5,260 | 23,617 |
| eGain Corp. (a) | 853 | 5,382 |
| Elastic NV (a) | 500 | 56,955 |
| Enfusion, Inc., Class A (a) | 1,693 | 14,424 |
| Envestnet, Inc. (a) | 1,686 | 105,527 |
| Everbridge, Inc. (a) | 1,399 | 48,951 |
| EverCommerce, Inc. (a) | 977 | 10,727 |
| Fair Isaac Corp. (a) | 179 | 266,470 |
| Five9, Inc. (a) | 500 | 22,050 |
| | Number
of Shares | Fair
Value |
| Freshworks, Inc., Class A (a) | 6,794 | $86,216 |
| Guidewire Software, Inc. (a) | 600 | 82,734 |
| HashiCorp, Inc., Class A (a) | 500 | 16,845 |
| HubSpot, Inc. (a) | 341 | 201,118 |
| iLearningEngines Holdings, Inc. (a) | 1,061 | 9,634 |
| Informatica, Inc., Class A (a) | 100 | 3,088 |
| Instructure Holdings, Inc. (a) | 762 | 17,838 |
| Intapp, Inc. (a) | 1,238 | 45,397 |
| InterDigital, Inc. | 842 | 98,144 |
| Intuit, Inc. | 1,928 | 1,267,101 |
| Jamf Holding Corp. (a) | 2,501 | 41,267 |
| Kaltura, Inc. (a) | 3,489 | 4,187 |
| LiveRamp Holdings, Inc. (a) | 2,178 | 67,387 |
| Manhattan Associates, Inc. (a) | 431 | 106,319 |
| Marathon Digital Holdings, Inc. (a) | 9,068 | 180,000 |
| Matterport, Inc. (a) | 8,004 | 35,778 |
| MeridianLink, Inc. (a) | 768 | 16,405 |
| MicroStrategy, Inc., Class A (a) | 100 | 137,748 |
| Mitek Systems, Inc. (a) | 1,308 | 14,623 |
| nCino, Inc. (a) | 500 | 15,725 |
| NCR Voyix Corp. (a) | 4,866 | 60,095 |
| NextNav, Inc. (a) | 2,578 | 20,908 |
| Nutanix, Inc., Class A (a) | 1,774 | 100,852 |
| Olo, Inc., Class A (a) | 3,208 | 14,179 |
| ON24, Inc. (a) | 1,335 | 8,023 |
| Ooma, Inc. (a) | 1,014 | 10,069 |
| Pagaya Technologies Ltd., Class A (a) | 1,399 | 17,851 |
| PagerDuty, Inc. (a) | 2,982 | 68,377 |
| Palantir Technologies, Inc., Class A (a) | 14,029 | 355,355 |
| Pegasystems, Inc. | 200 | 12,106 |
| Porch Group, Inc. (a) | 3,107 | 4,692 |
| PowerSchool Holdings, Inc., Class A (a) | 2,002 | 44,825 |
| Procore Technologies, Inc. (a) | 600 | 39,786 |
| PROS Holdings, Inc. (a) | 1,538 | 44,064 |
| PTC, Inc. (a) | 748 | 135,889 |
| Q2 Holdings, Inc. (a) | 1,956 | 118,006 |
| Red Violet, Inc. (a) | 473 | 12,014 |
| Rekor Systems, Inc. (a) | 2,882 | 4,467 |
| ReposiTrak, Inc. | 440 | 6,728 |
| Rimini Street, Inc. (a) | 2,472 | 7,589 |
| RingCentral, Inc., Class A (a) | 900 | 25,380 |
| Riot Platforms, Inc. (a) | 9,049 | 82,708 |
| Roper Technologies, Inc. | 782 | 440,782 |
| Salesforce, Inc. | 6,528 | 1,678,349 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 3 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| SEMrush Holdings, Inc., Class A (a) | 1,200 | $16,068 |
| Smartsheet, Inc., Class A (a) | 1,000 | 44,080 |
| SoundHound AI, Inc., Class A (a) | 9,570 | 37,802 |
| SoundThinking, Inc. (a) | 429 | 5,225 |
| Sprinklr, Inc., Class A (a) | 3,252 | 31,284 |
| Sprout Social, Inc., Class A (a) | 1,655 | 59,050 |
| SPS Commerce, Inc. (a) | 1,233 | 232,001 |
| Synopsys, Inc. (a) | 1,026 | 610,532 |
| Terawulf, Inc. (a) | 7,772 | 34,585 |
| Tyler Technologies, Inc. (a) | 250 | 125,695 |
| Unity Software, Inc. (a) | 2,198 | 35,740 |
| Verint Systems, Inc. (a) | 2,065 | 66,493 |
| Vertex, Inc., Class A (a) | 1,814 | 65,395 |
| Viant Technology, Inc., Class A (a) | 600 | 5,922 |
| Weave Communications, Inc. (a) | 1,047 | 9,444 |
| WM Technology, Inc. (a) | 2,760 | 2,870 |
| Workday, Inc., Class A (a) | 1,410 | 315,220 |
| Workiva, Inc. (a) | 1,678 | 122,477 |
| Yext, Inc. (a) | 3,227 | 17,264 |
| Zeta Global Holdings Corp., Class A (a) | 5,479 | 96,704 |
| Zoom Video Communications, Inc., Class A (a) | 1,874 | 110,922 |
| | | 13,910,684 |
| Asset Management & Custody Banks - 0.4% |
| Affiliated Managers Group, Inc. | 200 | 31,246 |
| AlTi Global, Inc. (a) | 936 | 4,876 |
| Ameriprise Financial, Inc. | 714 | 305,014 |
| ARES Management Corp., Class A | 1,222 | 162,868 |
| Artisan Partners Asset Management, Inc., Class A | 2,099 | 86,626 |
| AssetMark Financial Holdings, Inc. (a) | 754 | 26,051 |
| Bank of New York Mellon Corp. | 5,206 | 311,787 |
| BlackRock, Inc. | 1,002 | 788,895 |
| Blackstone, Inc. | 4,912 | 608,106 |
| Blue Owl Capital, Inc. | 3,400 | 60,350 |
| Brightsphere Investment Group, Inc. | 995 | 22,059 |
| Carlyle Group, Inc. | 1,551 | 62,273 |
| Cohen & Steers, Inc. | 919 | 66,683 |
| Diamond Hill Investment Group, Inc. | 84 | 11,823 |
| | Number
of Shares | Fair
Value |
| Franklin Resources, Inc. | 2,200 | $49,170 |
| GCM Grosvenor, Inc., Class A | 1,300 | 12,688 |
| Hamilton Lane, Inc., Class A | 1,275 | 157,564 |
| Invesco Ltd. | 2,900 | 43,384 |
| Janus Henderson Group PLC | 1,100 | 37,081 |
| KKR & Co., Inc. | 4,659 | 490,313 |
| Northern Trust Corp. | 1,332 | 111,861 |
| P10, Inc., Class A | 1,284 | 10,888 |
| SEI Investments Co. | 700 | 45,283 |
| Silvercrest Asset Management Group, Inc., Class A | 396 | 6,174 |
| State Street Corp. (c) | 2,061 | 152,514 |
| StepStone Group, Inc., Class A | 1,724 | 79,114 |
| T Rowe Price Group, Inc. | 1,557 | 179,538 |
| TPG, Inc. | 500 | 20,725 |
| Victory Capital Holdings, Inc., Class A | 1,374 | 65,581 |
| Virtus Investment Partners, Inc. | 212 | 47,880 |
| WisdomTree, Inc. | 4,614 | 45,725 |
| | | 4,104,140 |
| Automobile Manufacturers - 0.5% |
| Canoo, Inc. (a) | 2,369 | 5,046 |
| Ford Motor Co. | 26,991 | 338,467 |
| General Motors Co. | 7,927 | 368,288 |
| Lucid Group, Inc. (a) | 7,700 | 20,097 |
| Rivian Automotive, Inc., Class A (a) | 5,000 | 67,100 |
| Stellantis NV | 23,741 | 469,959 |
| Tesla, Inc. (a) | 19,161 | 3,791,579 |
| Thor Industries, Inc. | 334 | 31,212 |
| Winnebago Industries, Inc. | 946 | 51,273 |
| | | 5,143,021 |
| Automotive Parts & Equipment - 0.1% |
| Adient PLC (a) | 3,034 | 74,970 |
| American Axle & Manufacturing Holdings, Inc. (a) | 3,505 | 24,500 |
| Aptiv PLC (a) | 1,891 | 133,164 |
| BorgWarner, Inc. | 1,786 | 57,581 |
| Cooper-Standard Holdings, Inc. (a) | 749 | 9,318 |
| Dana, Inc. | 4,318 | 52,334 |
| Dorman Products, Inc. (a) | 875 | 80,045 |
| Fox Factory Holding Corp. (a) | 1,398 | 67,370 |
| Gentex Corp. | 1,658 | 55,891 |
| Gentherm, Inc. (a) | 1,022 | 50,405 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Holley, Inc. (a) | 2,282 | $8,170 |
| LCI Industries | 827 | 85,495 |
| Lear Corp. | 300 | 34,263 |
| Luminar Technologies, Inc. (a) | 11,574 | 17,245 |
| Modine Manufacturing Co. (a) | 1,714 | 171,726 |
| Patrick Industries, Inc. | 721 | 78,264 |
| Phinia, Inc. | 1,520 | 59,827 |
| QuantumScape Corp. (a) | 2,200 | 10,824 |
| Solid Power, Inc. (a) | 6,427 | 10,604 |
| Standard Motor Products, Inc. | 645 | 17,886 |
| Stoneridge, Inc. (a) | 811 | 12,943 |
| Visteon Corp. (a) | 908 | 96,884 |
| XPEL, Inc. (a) | 857 | 30,475 |
| | | 1,240,184 |
| Automotive Retail - 0.1% |
| Advance Auto Parts, Inc. | 398 | 25,205 |
| America's Car-Mart, Inc. (a) | 177 | 10,657 |
| Arko Corp. | 2,433 | 15,255 |
| Asbury Automotive Group, Inc. (a) | 661 | 150,622 |
| AutoNation, Inc. (a) | 182 | 29,007 |
| AutoZone, Inc. (a) | 130 | 385,333 |
| Camping World Holdings, Inc., Class A | 1,280 | 22,861 |
| CarMax, Inc. (a) | 1,200 | 88,008 |
| Carvana Co. (a) | 700 | 90,104 |
| EVgo, Inc. (a) | 3,667 | 8,984 |
| Group 1 Automotive, Inc. | 436 | 129,614 |
| Lithia Motors, Inc. | 200 | 50,490 |
| Monro, Inc. | 907 | 21,641 |
| Murphy USA, Inc. | 100 | 46,946 |
| OneWater Marine, Inc., Class A (a) | 458 | 12,627 |
| O'Reilly Automotive, Inc. (a) | 405 | 427,704 |
| Penske Automotive Group, Inc. | 170 | 25,334 |
| Sonic Automotive, Inc., Class A | 450 | 24,512 |
| Valvoline, Inc. (a) | 1,100 | 47,520 |
| | | 1,612,424 |
| Biotechnology - 1.4% |
| 2seventy bio, Inc. (a) | 2,101 | 8,089 |
| 4D Molecular Therapeutics, Inc. (a) | 1,683 | 35,326 |
| 89bio, Inc. (a) | 2,406 | 19,272 |
| AbbVie, Inc. (b) | 12,267 | 2,104,036 |
| Absci Corp. (a) | 2,897 | 8,923 |
| | Number
of Shares | Fair
Value |
| ACADIA Pharmaceuticals, Inc. (a) | 3,824 | $62,140 |
| ACELYRIN, Inc. (a) | 2,126 | 9,376 |
| Achieve Life Sciences, Inc. (a) | 1,305 | 6,134 |
| Acrivon Therapeutics, Inc. (a) | 376 | 2,181 |
| Actinium Pharmaceuticals, Inc. (a) | 1,134 | 8,392 |
| Acumen Pharmaceuticals, Inc. (a) | 1,387 | 3,357 |
| ADMA Biologics, Inc. (a) | 7,508 | 83,939 |
| Aduro Biotech, Inc. (a)(d)** | 4,580 | — |
| Adverum Biotechnologies, Inc. (a) | 801 | 5,495 |
| Aerovate Therapeutics, Inc. (a) | 429 | 712 |
| Agenus, Inc. (a) | 780 | 13,065 |
| Agios Pharmaceuticals, Inc. (a) | 1,884 | 81,238 |
| Akebia Therapeutics, Inc. (a) | 7,732 | 7,887 |
| Akero Therapeutics, Inc. (a) | 2,273 | 53,325 |
| Aldeyra Therapeutics, Inc. (a) | 1,958 | 6,481 |
| Alector, Inc. (a) | 2,203 | 10,002 |
| Alkermes PLC (a) | 5,591 | 134,743 |
| Allogene Therapeutics, Inc. (a) | 3,925 | 9,145 |
| Alnylam Pharmaceuticals, Inc. (a) | 881 | 214,083 |
| Altimmune, Inc. (a) | 2,473 | 16,445 |
| ALX Oncology Holdings, Inc. (a) | 812 | 4,896 |
| Amgen, Inc. | 3,643 | 1,138,255 |
| Amicus Therapeutics, Inc. (a) | 9,769 | 96,908 |
| AnaptysBio, Inc. (a) | 558 | 13,983 |
| Anavex Life Sciences Corp. (a) | 2,931 | 12,369 |
| Anika Therapeutics, Inc. (a) | 446 | 11,297 |
| Annexon, Inc. (a) | 2,953 | 14,470 |
| Apellis Pharmaceuticals, Inc. (a) | 600 | 23,016 |
| Apogee Therapeutics, Inc. (a) | 1,215 | 47,810 |
| Applied Therapeutics, Inc. (a) | 3,353 | 15,659 |
| Arbutus Biopharma Corp. (a) | 3,836 | 11,853 |
| Arcellx, Inc. (a) | 1,438 | 79,363 |
| Arcturus Therapeutics Holdings, Inc. (a) | 830 | 20,211 |
| Arcus Biosciences, Inc. (a) | 1,651 | 25,145 |
| Arcutis Biotherapeutics, Inc. (a) | 3,593 | 33,415 |
| Ardelyx, Inc. (a) | 7,684 | 56,938 |
| ArriVent Biopharma, Inc. (a) | 397 | 7,364 |
| Arrowhead Pharmaceuticals, Inc. (a) | 3,971 | 103,206 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 5 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| ARS Pharmaceuticals, Inc. (a) | 1,724 | $14,671 |
| Astria Therapeutics, Inc. (a) | 1,536 | 13,978 |
| Atossa Therapeutics, Inc. (a) | 4,937 | 5,875 |
| Aura Biosciences, Inc. (a) | 1,527 | 11,544 |
| Avid Bioservices, Inc. (a) | 1,938 | 13,837 |
| Avidity Biosciences, Inc. (a) | 3,357 | 137,133 |
| Avita Medical, Inc. (a) | 1,012 | 8,015 |
| Beam Therapeutics, Inc. (a) | 2,556 | 59,887 |
| BioCryst Pharmaceuticals, Inc. (a) | 6,951 | 42,957 |
| Biogen, Inc. (a) | 992 | 229,965 |
| Biohaven Ltd. (a) | 2,502 | 86,844 |
| BioMarin Pharmaceutical, Inc. (a) | 1,389 | 114,356 |
| Biomea Fusion, Inc. (a) | 869 | 3,911 |
| Black Diamond Therapeutics, Inc. (a) | 1,397 | 6,510 |
| Bluebird Bio, Inc. (a) | 7,827 | 7,703 |
| Blueprint Medicines Corp. (a) | 2,083 | 224,506 |
| Bridgebio Pharma, Inc. (a) | 4,674 | 118,392 |
| C4 Therapeutics, Inc. (a) | 2,108 | 9,739 |
| Cabaletta Bio, Inc. (a) | 1,422 | 10,637 |
| Candel Therapeutics, Inc. (a) | 794 | 4,923 |
| Capricor Therapeutics, Inc. (a) | 1,011 | 4,822 |
| Cardiff Oncology, Inc. (a) | 1,295 | 2,875 |
| CareDx, Inc. (a) | 1,592 | 24,724 |
| Cargo Therapeutics, Inc. (a) | 703 | 11,543 |
| Caribou Biosciences, Inc. (a) | 3,424 | 5,615 |
| Cartesian Therapeutics, Inc. (a) | 239 | 6,455 |
| Catalyst Pharmaceuticals, Inc. (a) | 3,895 | 60,334 |
| Celcuity, Inc. (a) | 731 | 11,974 |
| Celldex Therapeutics, Inc. (a) | 2,155 | 79,757 |
| Century Therapeutics, Inc. (a) | 921 | 2,349 |
| Cerevel Therapeutics Holdings, Inc. (a) | 400 | 16,356 |
| CervoMed, Inc. (a) | 222 | 3,801 |
| CG oncology, Inc. (a) | 740 | 23,362 |
| Chinook Therapeutics, Inc. (a) | 2,824 | 1,101 |
| Cibus, Inc. (a) | 582 | 5,733 |
| Cogent Biosciences, Inc. (a) | 3,128 | 26,369 |
| Coherus Biosciences, Inc. (a) | 4,363 | 7,548 |
| Compass Therapeutics, Inc. (a) | 3,701 | 3,701 |
| Corbus Pharmaceuticals Holdings, Inc. (a) | 354 | 16,019 |
| Crinetics Pharmaceuticals, Inc. (a) | 2,588 | 115,917 |
| CSL Ltd. | 5,167 | 1,018,705 |
| | Number
of Shares | Fair
Value |
| Cullinan Therapeutics, Inc. (a) | 1,324 | $23,091 |
| Cytokinetics, Inc. (a) | 3,703 | 200,629 |
| Day One Biopharmaceuticals, Inc. (a) | 1,917 | 26,416 |
| Denali Therapeutics, Inc. (a) | 4,140 | 96,131 |
| Design Therapeutics, Inc. (a) | 1,288 | 4,315 |
| Dianthus Therapeutics, Inc. (a) | 823 | 21,299 |
| Disc Medicine, Inc. (a) | 561 | 25,284 |
| Dynavax Technologies Corp. (a) | 4,421 | 49,648 |
| Dyne Therapeutics, Inc. (a) | 2,687 | 94,824 |
| Editas Medicine, Inc. (a) | 2,530 | 11,815 |
| Elevation Oncology, Inc. (a) | 2,063 | 5,570 |
| Enanta Pharmaceuticals, Inc. (a) | 862 | 11,180 |
| Entrada Therapeutics, Inc. (a) | 625 | 8,906 |
| Erasca, Inc. (a) | 3,602 | 8,501 |
| Exact Sciences Corp. (a) | 1,300 | 54,925 |
| Exelixis, Inc. (a) | 2,300 | 51,681 |
| Fate Therapeutics, Inc. (a) | 2,472 | 8,108 |
| Fibrobiologics, Inc. (a) | 1,018 | 5,080 |
| Foghorn Therapeutics, Inc. (a) | 803 | 4,617 |
| G1 Therapeutics, Inc. (a) | 1,984 | 4,524 |
| Generation Bio Co. (a) | 1,881 | 5,304 |
| Geron Corp. (a) | 19,189 | 81,361 |
| Gilead Sciences, Inc. | 8,611 | 590,801 |
| GRAIL, Inc. (a) | 195 | 3,002 |
| Greenwich Lifesciences, Inc. (a) | 244 | 4,211 |
| Halozyme Therapeutics, Inc. (a) | 4,091 | 214,205 |
| Heron Therapeutics, Inc. (a) | 3,882 | 13,587 |
| HilleVax, Inc. (a) | 1,102 | 15,935 |
| Humacyte, Inc. (a) | 3,062 | 14,698 |
| Ideaya Biosciences, Inc. (a) | 2,490 | 87,424 |
| IGM Biosciences, Inc. (a) | 539 | 3,703 |
| ImmunityBio, Inc. (a) | 4,796 | 30,311 |
| Immunome, Inc. (a) | 1,763 | 21,332 |
| Immunovant, Inc. (a) | 1,947 | 51,401 |
| Incyte Corp. (a) | 1,346 | 81,595 |
| Inhibrx Biosciences, Inc. (a) | 272 | 3,854 |
| Inmune Bio, Inc. (a) | 404 | 3,563 |
| Inovio Pharmaceuticals, Inc. (a) | 941 | 7,603 |
| Inozyme Pharma, Inc. (a) | 1,961 | 8,746 |
| Insmed, Inc. (a) | 5,139 | 344,313 |
| Intellia Therapeutics, Inc. (a) | 3,215 | 71,952 |
| Invivyd, Inc. (a) | 3,279 | 3,607 |
| Ionis Pharmaceuticals, Inc. (a) | 1,100 | 52,426 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Iovance Biotherapeutics, Inc. (a) | 8,457 | $67,825 |
| Ironwood Pharmaceuticals, Inc. (a) | 4,261 | 27,782 |
| iTeos Therapeutics, Inc. (a) | 735 | 10,907 |
| Janux Therapeutics, Inc. (a) | 946 | 39,628 |
| Jasper Therapeutics, Inc. (a) | 412 | 9,352 |
| KalVista Pharmaceuticals, Inc. (a) | 1,328 | 15,644 |
| Keros Therapeutics, Inc. (a) | 990 | 45,243 |
| Kodiak Sciences, Inc. (a) | 1,324 | 3,111 |
| Korro Bio, Inc. (a) | 225 | 7,621 |
| Krystal Biotech, Inc. (a) | 823 | 151,136 |
| Kura Oncology, Inc. (a) | 2,433 | 50,095 |
| Kymera Therapeutics, Inc. (a) | 1,495 | 44,626 |
| Kyverna Therapeutics, Inc. (a) | 666 | 4,995 |
| Larimar Therapeutics, Inc. (a) | 1,114 | 8,077 |
| Legend Biotech Corp. ADR (a)(b) | 1,100 | 48,719 |
| LENZ Therapeutics, Inc. | 462 | 7,988 |
| Lexeo Therapeutics, Inc. (a) | 405 | 6,496 |
| Lexicon Pharmaceuticals, Inc. (a) | 4,215 | 7,081 |
| Lineage Cell Therapeutics, Inc. (a) | 5,431 | 5,416 |
| Lyell Immunopharma, Inc. (a) | 5,294 | 7,676 |
| MacroGenics, Inc. (a) | 2,229 | 9,473 |
| Madrigal Pharmaceuticals, Inc. (a) | 582 | 163,053 |
| MannKind Corp. (a) | 8,908 | 46,500 |
| MeiraGTx Holdings PLC (a) | 1,371 | 5,772 |
| Mersana Therapeutics, Inc. (a) | 4,610 | 9,266 |
| MiMedx Group, Inc. (a) | 3,535 | 24,498 |
| Mineralys Therapeutics, Inc. (a) | 1,015 | 11,876 |
| Mirum Pharmaceuticals, Inc. (a) | 1,319 | 45,097 |
| Moderna, Inc. (a) | 2,308 | 274,075 |
| Monte Rosa Therapeutics, Inc. (a) | 1,284 | 4,802 |
| Morphic Holding, Inc. (a) | 1,340 | 45,654 |
| Myriad Genetics, Inc. (a) | 2,984 | 72,989 |
| Natera, Inc. (a) | 800 | 86,632 |
| Neurocrine Biosciences, Inc. (a) | 700 | 96,369 |
| Neurogene, Inc. (a) | 365 | 13,282 |
| Nkarta, Inc. (a) | 1,338 | 7,908 |
| Novavax, Inc. (a) | 4,724 | 59,806 |
| Nurix Therapeutics, Inc. (a) | 2,037 | 42,512 |
| Nuvalent, Inc., Class A (a) | 1,065 | 80,791 |
| | Number
of Shares | Fair
Value |
| Ocugen, Inc. (a) | 9,072 | $14,062 |
| Olema Pharmaceuticals, Inc. (a) | 1,390 | 15,040 |
| Organogenesis Holdings, Inc. (a) | 3,071 | 8,599 |
| ORIC Pharmaceuticals, Inc. (a) | 2,153 | 15,222 |
| Outlook Therapeutics, Inc. (a) | 299 | 2,207 |
| Ovid therapeutics, Inc. (a) | 2,406 | 1,851 |
| PepGen, Inc. (a) | 389 | 6,208 |
| Perspective Therapeutics, Inc. (a) | 1,639 | 16,341 |
| Poseida Therapeutics, Inc. (a) | 2,897 | 8,459 |
| Praxis Precision Medicines, Inc. (a) | 589 | 24,361 |
| Precigen, Inc. (a) | 5,391 | 8,518 |
| Prelude Therapeutics, Inc. (a) | 429 | 1,634 |
| Prime Medicine, Inc. (a) | 1,599 | 8,219 |
| ProKidney Corp. (a) | 2,310 | 5,683 |
| Protagonist Therapeutics, Inc. (a) | 1,954 | 67,706 |
| PTC Therapeutics, Inc. (a) | 2,537 | 77,581 |
| Puma Biotechnology, Inc. (a) | 1,621 | 5,284 |
| Pyxis Oncology, Inc. (a) | 1,861 | 6,160 |
| Q32 Bio, Inc. (a) | 199 | 3,572 |
| RAPT Therapeutics, Inc. (a) | 1,175 | 3,584 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 6,915 | 51,862 |
| Regeneron Pharmaceuticals, Inc. (a) | 714 | 750,435 |
| REGENXBIO, Inc. (a) | 1,589 | 18,591 |
| Regulus Therapeutics, Inc. (a) | 2,477 | 4,421 |
| Relay Therapeutics, Inc. (a) | 2,889 | 18,836 |
| Replimune Group, Inc. (a) | 1,474 | 13,266 |
| REVOLUTION Medicines, Inc. (a) | 5,051 | 196,029 |
| Rhythm Pharmaceuticals, Inc. (a) | 1,827 | 75,017 |
| Rigel Pharmaceuticals, Inc. (a) | 737 | 6,057 |
| Rocket Pharmaceuticals, Inc. (a) | 2,210 | 47,581 |
| Roivant Sciences Ltd. (a) | 2,500 | 26,425 |
| Sage Therapeutics, Inc. (a) | 1,598 | 17,354 |
| Sana Biotechnology, Inc. (a) | 4,517 | 24,663 |
| Sarepta Therapeutics, Inc. (a) | 600 | 94,800 |
| Savara, Inc. (a) | 2,768 | 11,155 |
| Scholar Rock Holding Corp. (a) | 2,125 | 17,701 |
| Sera Prognostics, Inc., Class A (a) | 1,049 | 6,210 |
| Shattuck Labs, Inc. (a) | 1,502 | 5,798 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Skye Bioscience, Inc. (a) | 673 | $5,391 |
| Soleno Therapeutics, Inc. (a) | 746 | 30,437 |
| Solid Biosciences, Inc. (a) | 884 | 5,012 |
| SpringWorks Therapeutics, Inc. (a) | 2,291 | 86,302 |
| Spyre Therapeutics, Inc. (a) | 1,177 | 27,671 |
| Stoke Therapeutics, Inc. (a) | 1,236 | 16,698 |
| Summit Therapeutics, Inc. (a) | 2,993 | 23,345 |
| Sutro Biopharma, Inc. (a) | 2,601 | 7,621 |
| Syndax Pharmaceuticals, Inc. (a) | 2,753 | 56,519 |
| Tango Therapeutics, Inc. (a) | 1,818 | 15,598 |
| Taysha Gene Therapies, Inc. (a) | 5,673 | 12,708 |
| Tenaya Therapeutics, Inc. (a) | 1,931 | 5,986 |
| TG Therapeutics, Inc. (a) | 4,654 | 82,795 |
| Tourmaline Bio, Inc. | 819 | 10,532 |
| Travere Therapeutics, Inc. (a) | 2,225 | 18,290 |
| TScan Therapeutics, Inc. (a) | 1,398 | 8,178 |
| Twist Bioscience Corp. (a) | 1,916 | 94,420 |
| Tyra Biosciences, Inc. (a) | 564 | 9,018 |
| Ultragenyx Pharmaceutical, Inc. (a) | 700 | 28,770 |
| United Therapeutics Corp. (a) | 311 | 99,069 |
| UroGen Pharma Ltd. (a) | 1,181 | 19,817 |
| Vanda Pharmaceuticals, Inc. (a) | 1,652 | 9,334 |
| Vaxcyte, Inc. (a) | 3,615 | 272,969 |
| Vera Therapeutics, Inc. (a) | 1,248 | 45,153 |
| Veracyte, Inc. (a) | 2,572 | 55,735 |
| Vericel Corp. (a) | 1,617 | 74,188 |
| Vertex Pharmaceuticals, Inc. (a) | 1,724 | 808,073 |
| Verve Therapeutics, Inc. (a) | 2,017 | 9,843 |
| Viking Therapeutics, Inc. (a) | 700 | 37,107 |
| Vir Biotechnology, Inc. (a) | 3,044 | 27,092 |
| Viridian Therapeutics, Inc. (a) | 2,131 | 27,724 |
| Voyager Therapeutics, Inc. (a) | 1,587 | 12,553 |
| X4 Pharmaceuticals, Inc. (a) | 5,092 | 2,953 |
| XBiotech, Inc. (a) | 612 | 3,146 |
| Xencor, Inc. (a) | 2,003 | 37,917 |
| XOMA Corp. (a) | 285 | 6,752 |
| Y-mAbs Therapeutics, Inc. (a) | 1,147 | 13,856 |
| Zentalis Pharmaceuticals, Inc. (a) | 1,765 | 7,219 |
| Zymeworks, Inc. (a) | 1,725 | 14,680 |
| | | 15,112,601 |
| | Number
of Shares | Fair
Value |
| Brewers - 0.0%* |
| Boston Beer Co., Inc., Class A (a) | 114 | $34,776 |
| Molson Coors Beverage Co., Class B | 1,300 | 66,079 |
| | | 100,855 |
| Broadcasting - 0.0%* |
| AMC Networks, Inc., Class A (a) | 930 | 8,984 |
| EW Scripps Co., Class A (a) | 2,481 | 7,790 |
| Fox Corp., Class A | 1,600 | 54,992 |
| Fox Corp., Class B | 1,200 | 38,424 |
| Gray Television, Inc. | 3,217 | 16,728 |
| iHeartMedia, Inc., Class A (a) | 4,243 | 4,625 |
| Nexstar Media Group, Inc. | 224 | 37,186 |
| Paramount Global, Class B | 4,304 | 44,719 |
| Sinclair, Inc. | 1,218 | 16,236 |
| TEGNA, Inc. | 5,876 | 81,912 |
| Townsquare Media, Inc., Class A | 445 | 4,877 |
| | | 316,473 |
| Broadline Retail - 1.2% |
| 1stdibs.com, Inc. (a) | 1,021 | 4,584 |
| Amazon.com, Inc. (a) | 64,263 | 12,418,825 |
| eBay, Inc. | 3,548 | 190,599 |
| Etsy, Inc. (a) | 891 | 52,551 |
| Groupon, Inc. (a) | 810 | 12,393 |
| Kohl's Corp. | 500 | 11,495 |
| Macy's, Inc. | 2,000 | 38,400 |
| Nordstrom, Inc. | 700 | 14,854 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 400 | 39,268 |
| Savers Value Village, Inc. (a) | 798 | 9,767 |
| | | 12,792,736 |
| Building Products - 0.3% |
| A O Smith Corp. | 906 | 74,093 |
| AAON, Inc. | 402 | 34,906 |
| Advanced Drainage Systems, Inc. | 500 | 80,195 |
| Allegion PLC | 656 | 77,506 |
| American Woodmark Corp. (a) | 498 | 39,143 |
| Apogee Enterprises, Inc. | 686 | 43,105 |
| Armstrong World Industries, Inc. | 300 | 33,972 |
| AZEK Co., Inc. (a) | 1,000 | 42,130 |
| AZZ, Inc. | 979 | 75,628 |
| Builders FirstSource, Inc. (a) | 900 | 124,569 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Caesarstone Ltd. (a) | 844 | $4,220 |
| Carlisle Cos., Inc. | 315 | 127,641 |
| Carrier Global Corp. | 5,792 | 365,359 |
| CSW Industrials, Inc. | 514 | 136,369 |
| Fortune Brands Innovations, Inc. | 935 | 60,719 |
| Gibraltar Industries, Inc. (a) | 1,022 | 70,058 |
| Griffon Corp. | 1,278 | 81,613 |
| Hayward Holdings, Inc. (a) | 500 | 6,150 |
| Insteel Industries, Inc. | 686 | 21,239 |
| Janus International Group, Inc. (a) | 4,746 | 59,942 |
| JELD-WEN Holding, Inc. (a) | 2,637 | 35,520 |
| Johnson Controls International PLC | 4,695 | 312,077 |
| Lennox International, Inc. | 255 | 136,420 |
| Masco Corp. | 1,400 | 93,338 |
| Masterbrand, Inc. (a) | 4,190 | 61,509 |
| Owens Corning | 567 | 98,499 |
| Quanex Building Products Corp. | 1,018 | 28,148 |
| Resideo Technologies, Inc. (a) | 4,863 | 95,120 |
| Simpson Manufacturing Co., Inc. | 200 | 33,706 |
| Tecnoglass, Inc. | 758 | 38,037 |
| Trane Technologies PLC | 1,513 | 497,671 |
| Trex Co., Inc. (a) | 796 | 59,000 |
| UFP Industries, Inc. | 2,005 | 224,560 |
| Zurn Elkay Water Solutions Corp. | 4,726 | 138,944 |
| | | 3,411,106 |
| Cable & Satellite - 0.1% |
| Cable One, Inc. | 189 | 66,906 |
| Charter Communications, Inc., Class A (a) | 623 | 186,252 |
| Comcast Corp., Class A | 26,753 | 1,047,647 |
| EchoStar Corp., Class A (a) | 4,064 | 72,380 |
| Liberty Broadband Corp., Class C (a) | 1,000 | 54,820 |
| Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 1,497 | 33,174 |
| Sirius XM Holdings, Inc. | 7,300 | 20,659 |
| WideOpenWest, Inc. (a) | 2,034 | 11,004 |
| | | 1,492,842 |
| Cargo Ground Transportation - 0.1% |
| ArcBest Corp. | 785 | 84,058 |
| Covenant Logistics Group, Inc. | 247 | 12,175 |
| | Number
of Shares | Fair
Value |
| Heartland Express, Inc. | 1,446 | $17,829 |
| JB Hunt Transport Services, Inc. | 554 | 88,640 |
| Knight-Swift Transportation Holdings, Inc. | 1,122 | 56,010 |
| Landstar System, Inc. | 244 | 45,013 |
| Marten Transport Ltd. | 1,794 | 33,099 |
| Old Dominion Freight Line, Inc. | 1,368 | 241,589 |
| PAM Transportation Services, Inc. (a) | 196 | 3,405 |
| RXO, Inc. (a) | 3,881 | 101,488 |
| Ryder System, Inc. | 294 | 36,421 |
| Saia, Inc. (a) | 148 | 70,195 |
| U-Haul Holding Co. | 647 | 38,833 |
| Universal Logistics Holdings, Inc. | 260 | 10,553 |
| Werner Enterprises, Inc. | 2,112 | 75,673 |
| XPO, Inc. (a) | 800 | 84,920 |
| | | 999,901 |
| Casinos & Gaming - 0.1% |
| Accel Entertainment, Inc. (a) | 1,666 | 17,093 |
| Bally's Corp. (a) | 902 | 10,797 |
| Boyd Gaming Corp. | 600 | 33,060 |
| Caesars Entertainment, Inc. (a) | 1,559 | 61,955 |
| Churchill Downs, Inc. | 500 | 69,800 |
| DraftKings, Inc., Class A (a) | 3,100 | 118,327 |
| Everi Holdings, Inc. (a) | 2,474 | 20,782 |
| Full House Resorts, Inc. (a) | 1,322 | 6,610 |
| Golden Entertainment, Inc. | 635 | 19,755 |
| Inspired Entertainment, Inc. (a) | 911 | 8,336 |
| International Game Technology PLC | 3,796 | 77,666 |
| Las Vegas Sands Corp. | 2,359 | 104,386 |
| Light & Wonder, Inc. (a) | 600 | 62,928 |
| MGM Resorts International (a) | 1,700 | 75,548 |
| Monarch Casino & Resort, Inc. | 414 | 28,206 |
| Penn Entertainment, Inc. (a) | 700 | 13,548 |
| PlayAGS, Inc. (a) | 1,141 | 13,121 |
| Red Rock Resorts, Inc., Class A | 1,639 | 90,030 |
| Rush Street Interactive, Inc. (a) | 2,377 | 22,795 |
| Wynn Resorts Ltd. | 770 | 68,915 |
| | | 923,658 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Coal & Consumable Fuels - 0.0%* |
| Centrus Energy Corp., Class A (a) | 484 | $20,691 |
| CONSOL Energy, Inc. (a) | 959 | 97,847 |
| Energy Fuels, Inc. (a) | 4,940 | 29,936 |
| Hallador Energy Co. (a) | 881 | 6,845 |
| NACCO Industries, Inc., Class A | 210 | 5,811 |
| Peabody Energy Corp. | 4,262 | 94,276 |
| Uranium Energy Corp. (a) | 13,125 | 78,881 |
| Ur-Energy, Inc. (a) | 9,645 | 13,503 |
| | | 347,790 |
| Commercial & Residential Mortgage Finance - 0.1% |
| Enact Holdings, Inc. | 910 | 27,901 |
| Essent Group Ltd. | 3,459 | 194,361 |
| Federal Agricultural Mortgage Corp., Class C | 306 | 55,331 |
| Merchants Bancorp | 586 | 23,756 |
| MGIC Investment Corp. | 1,700 | 36,635 |
| Mr Cooper Group, Inc. (a) | 2,117 | 171,964 |
| NMI Holdings, Inc., Class A (a) | 2,644 | 90,002 |
| Onity Group, Inc. (a) | 269 | 6,451 |
| PennyMac Financial Services, Inc. | 891 | 84,289 |
| Radian Group, Inc. | 5,011 | 155,842 |
| Rocket Cos., Inc., Class A (a) | 500 | 6,850 |
| Velocity Financial, Inc. (a) | 349 | 6,257 |
| Walker & Dunlop, Inc. | 1,069 | 104,976 |
| Waterstone Financial, Inc. | 719 | 9,196 |
| | | 973,811 |
| Commercial Printing - 0.0%* |
| Deluxe Corp. | 1,340 | 30,096 |
| Ennis, Inc. | 790 | 17,293 |
| Quad/Graphics, Inc. | 1,244 | 6,780 |
| | | 54,169 |
| Commodity Chemicals - 0.1% |
| AdvanSix, Inc. | 791 | 18,130 |
| Cabot Corp. | 1,798 | 165,218 |
| Core Molding Technologies, Inc. (a) | 344 | 5,483 |
| Dow, Inc. | 4,886 | 259,202 |
| Hawkins, Inc. | 640 | 58,240 |
| Koppers Holdings, Inc. | 619 | 22,897 |
| Kronos Worldwide, Inc. | 914 | 11,471 |
| LyondellBasell Industries NV, Class A | 1,734 | 165,874 |
| | Number
of Shares | Fair
Value |
| Mativ Holdings, Inc. | 1,708 | $28,968 |
| Olin Corp. | 590 | 27,819 |
| PureCycle Technologies, Inc. (a) | 3,624 | 21,454 |
| Tronox Holdings PLC | 3,971 | 62,305 |
| Westlake Corp. | 200 | 28,964 |
| | | 876,025 |
| Communications Equipment - 0.3% |
| ADTRAN Holdings, Inc. | 2,309 | 12,145 |
| Applied Optoelectronics, Inc. (a) | 1,315 | 10,901 |
| Arista Networks, Inc. (a) | 1,753 | 614,392 |
| Aviat Networks, Inc. (a) | 455 | 13,054 |
| Calix, Inc. (a) | 1,964 | 69,585 |
| Ciena Corp. (a) | 1,079 | 51,986 |
| Cisco Systems, Inc. | 28,216 | 1,340,542 |
| Clearfield, Inc. (a) | 393 | 15,154 |
| CommScope Holding Co., Inc. (a) | 8,632 | 10,617 |
| Digi International, Inc. (a) | 1,090 | 24,994 |
| Extreme Networks, Inc. (a) | 4,154 | 55,871 |
| F5, Inc. (a) | 400 | 68,892 |
| Harmonic, Inc. (a) | 3,653 | 42,996 |
| Infinera Corp. (a) | 6,163 | 37,533 |
| Juniper Networks, Inc. | 2,255 | 82,217 |
| Lumentum Holdings, Inc. (a) | 400 | 20,368 |
| Motorola Solutions, Inc. | 1,129 | 435,851 |
| NETGEAR, Inc. (a) | 888 | 13,586 |
| NetScout Systems, Inc. (a) | 2,288 | 41,848 |
| Ribbon Communications, Inc. (a) | 3,841 | 12,637 |
| Viasat, Inc. (a) | 4,069 | 51,676 |
| Viavi Solutions, Inc. (a) | 6,893 | 47,355 |
| | | 3,074,200 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 1,438 | 121,209 |
| GameStop Corp., Class A (a) | 1,800 | 44,442 |
| Upbound Group, Inc. | 1,774 | 54,462 |
| | | 220,113 |
| Construction & Engineering - 0.2% |
| AECOM | 1,000 | 88,140 |
| Ameresco, Inc., Class A (a) | 994 | 28,637 |
| API Group Corp. (a) | 1,400 | 52,682 |
| Arcosa, Inc. | 1,612 | 134,457 |
| Argan, Inc. | 391 | 28,606 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Bowman Consulting Group Ltd. (a) | 466 | $14,814 |
| Centuri Holdings, Inc. (a) | 483 | 9,409 |
| Comfort Systems USA, Inc. | 200 | 60,824 |
| Concrete Pumping Holdings, Inc. (a) | 996 | 5,986 |
| Construction Partners, Inc., Class A (a) | 1,432 | 79,061 |
| Dycom Industries, Inc. (a) | 943 | 159,141 |
| EMCOR Group, Inc. | 300 | 109,524 |
| Ferrovial SE | 5,584 | 217,004 |
| Fluor Corp. (a) | 5,655 | 246,275 |
| Granite Construction, Inc. | 1,467 | 90,910 |
| Great Lakes Dredge & Dock Corp. (a) | 1,986 | 17,437 |
| IES Holdings, Inc. (a) | 275 | 38,316 |
| Limbach Holdings, Inc. (a) | 338 | 19,242 |
| MasTec, Inc. (a) | 400 | 42,796 |
| Matrix Service Co. (a) | 952 | 9,453 |
| MDU Resources Group, Inc. | 1,500 | 37,650 |
| MYR Group, Inc. (a) | 554 | 75,183 |
| Northwest Pipe Co. (a) | 295 | 10,021 |
| Orion Group Holdings, Inc. (a) | 1,097 | 10,432 |
| Primoris Services Corp. | 1,780 | 88,804 |
| Quanta Services, Inc. | 1,038 | 263,745 |
| Sterling Infrastructure, Inc. (a) | 1,005 | 118,932 |
| Tutor Perini Corp. (a) | 1,431 | 31,167 |
| Valmont Industries, Inc. | 139 | 38,149 |
| WillScot Mobile Mini Holdings Corp. (a) | 1,400 | 52,696 |
| | | 2,179,493 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Allison Transmission Holdings, Inc. | 600 | 45,540 |
| Astec Industries, Inc. | 694 | 20,584 |
| Atmus Filtration Technologies, Inc. (a) | 2,794 | 80,411 |
| Blue Bird Corp. (a) | 1,076 | 57,943 |
| Caterpillar, Inc. | 3,415 | 1,137,536 |
| Commercial Vehicle Group, Inc. (a) | 1,297 | 6,355 |
| Cummins, Inc. | 957 | 265,022 |
| Douglas Dynamics, Inc. | 699 | 16,357 |
| Federal Signal Corp. | 1,995 | 166,922 |
| Greenbrier Cos., Inc. | 1,015 | 50,293 |
| Hyliion Holdings Corp. (a) | 6,196 | 10,037 |
| Manitowoc Co., Inc. (a) | 1,073 | 12,372 |
| Miller Industries, Inc. | 338 | 18,597 |
| | Number
of Shares | Fair
Value |
| Oshkosh Corp. | 500 | $54,100 |
| PACCAR, Inc. | 3,605 | 371,099 |
| REV Group, Inc. | 1,727 | 42,985 |
| Shyft Group, Inc. | 1,030 | 12,216 |
| Terex Corp. | 2,215 | 121,470 |
| Trinity Industries, Inc. | 2,725 | 81,532 |
| Twin Disc, Inc. | 438 | 5,160 |
| Wabash National Corp. | 1,418 | 30,969 |
| Westinghouse Air Brake Technologies Corp. | 1,241 | 196,140 |
| | | 2,803,640 |
| Construction Materials - 0.2% |
| CRH PLC | 4,600 | 344,908 |
| Eagle Materials, Inc. | 200 | 43,492 |
| Holcim AG | 5,584 | 494,768 |
| James Hardie Industries PLC (a) | 4,541 | 143,447 |
| Knife River Corp. (a) | 1,887 | 132,354 |
| Martin Marietta Materials, Inc. | 456 | 247,061 |
| Smith-Midland Corp. (a) | 176 | 4,873 |
| Summit Materials, Inc., Class A (a) | 4,020 | 147,172 |
| U.S. Lime & Minerals, Inc. | 64 | 23,308 |
| Vulcan Materials Co. | 931 | 231,521 |
| | | 1,812,904 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 1,084 | 176,605 |
| GoPro, Inc., Class A (a) | 5,147 | 7,309 |
| Sonos, Inc. (a) | 4,076 | 60,162 |
| Vizio Holding Corp., Class A (a) | 3,008 | 32,486 |
| | | 276,562 |
| Consumer Finance - 0.2% |
| Ally Financial, Inc. | 2,027 | 80,411 |
| American Express Co. | 3,957 | 916,243 |
| Atlanticus Holdings Corp. (a) | 188 | 5,298 |
| Bread Financial Holdings, Inc. | 1,660 | 73,969 |
| Capital One Financial Corp. | 2,610 | 361,354 |
| Consumer Portfolio Services, Inc. (a) | 417 | 4,087 |
| Credit Acceptance Corp. (a) | 39 | 20,072 |
| Discover Financial Services | 1,675 | 219,107 |
| Encore Capital Group, Inc. (a) | 716 | 29,879 |
| Enova International, Inc. (a) | 883 | 54,967 |
| FirstCash Holdings, Inc. | 1,299 | 136,239 |
| Green Dot Corp., Class A (a) | 1,837 | 17,360 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| LendingClub Corp. (a) | 3,337 | $28,231 |
| LendingTree, Inc. (a) | 325 | 13,517 |
| Medallion Financial Corp. | 735 | 5,645 |
| Moneylion, Inc. (a) | 292 | 21,474 |
| Navient Corp. | 2,584 | 37,623 |
| Nelnet, Inc., Class A | 486 | 49,018 |
| NerdWallet, Inc., Class A (a) | 1,333 | 19,462 |
| OneMain Holdings, Inc. | 600 | 29,094 |
| OppFi, Inc. | 510 | 1,729 |
| PRA Group, Inc. (a) | 1,182 | 23,238 |
| PROG Holdings, Inc. | 1,380 | 47,858 |
| Regional Management Corp. | 226 | 6,495 |
| SLM Corp. | 1,100 | 22,869 |
| SoFi Technologies, Inc. (a) | 6,800 | 44,948 |
| Synchrony Financial | 2,942 | 138,833 |
| Upstart Holdings, Inc. (a) | 2,578 | 60,815 |
| World Acceptance Corp. (a) | 127 | 15,695 |
| | | 2,485,530 |
| Consumer Staples Merchandise Retail - 0.5% |
| BJ's Wholesale Club Holdings, Inc. (a) | 1,000 | 87,840 |
| Costco Wholesale Corp. | 3,100 | 2,634,969 |
| Dollar General Corp. | 1,537 | 203,238 |
| Dollar Tree, Inc. (a) | 1,326 | 141,577 |
| PriceSmart, Inc. | 796 | 64,635 |
| Target Corp. | 3,174 | 469,879 |
| Walmart, Inc. | 29,875 | 2,022,836 |
| | | 5,624,974 |
| Copper - 0.0%* |
| Freeport-McMoRan, Inc. | 9,998 | 485,903 |
| Data Center REITs - 0.1% |
| Digital Realty Trust, Inc. | 2,171 | 330,101 |
| Equinix, Inc. | 650 | 491,790 |
| | | 821,891 |
| Data Processing & Outsourced Services - 0.1% |
| Broadridge Financial Solutions, Inc. | 847 | 166,859 |
| Concentrix Corp. | 152 | 9,619 |
| Conduent, Inc. (a) | 5,216 | 17,004 |
| CSG Systems International, Inc. | 917 | 37,753 |
| ExlService Holdings, Inc. (a) | 5,162 | 161,880 |
| Genpact Ltd. | 1,200 | 38,628 |
| IBEX Holdings Ltd. (a) | 364 | 5,889 |
| Maximus, Inc. | 2,023 | 173,371 |
| | Number
of Shares | Fair
Value |
| SS&C Technologies Holdings, Inc. | 1,600 | $100,272 |
| TTEC Holdings, Inc. | 778 | 4,575 |
| Verra Mobility Corp. (a) | 5,526 | 150,307 |
| | | 866,157 |
| Distillers & Vintners - 0.0%* |
| Brown-Forman Corp., Class A | 600 | 26,478 |
| Brown-Forman Corp., Class B | 1,135 | 49,021 |
| Constellation Brands, Inc., Class A | 1,108 | 285,066 |
| Duckhorn Portfolio, Inc. (a) | 1,644 | 11,672 |
| MGP Ingredients, Inc. | 491 | 36,531 |
| | | 408,768 |
| Distributors - 0.0%* |
| A-Mark Precious Metals, Inc. | 571 | 18,483 |
| Genuine Parts Co. | 900 | 124,488 |
| LKQ Corp. | 1,946 | 80,934 |
| Pool Corp. | 223 | 68,535 |
| Weyco Group, Inc. | 207 | 6,276 |
| | | 298,716 |
| Diversified Banks - 0.9% |
| Bank of America Corp. | 46,781 | 1,860,480 |
| Citigroup, Inc. | 13,310 | 844,653 |
| Comerica, Inc. | 964 | 49,203 |
| Fifth Third Bancorp | 4,433 | 161,760 |
| First Citizens BancShares, Inc., Class A | 80 | 134,689 |
| JPMorgan Chase & Co. | 19,853 | 4,015,468 |
| KeyCorp | 6,851 | 97,353 |
| PNC Financial Services Group, Inc. | 2,715 | 422,128 |
| U.S. Bancorp | 10,700 | 424,790 |
| Wells Fargo & Co. | 24,191 | 1,436,703 |
| | | 9,447,227 |
| Diversified Capital Markets - 0.0%* |
| Forge Global Holdings, Inc. (a) | 4,915 | 7,176 |
| Diversified Chemicals - 0.0%* |
| Chemours Co. | 1,400 | 31,598 |
| Huntsman Corp. | 1,211 | 27,575 |
| LSB Industries, Inc. (a) | 1,651 | 13,505 |
| | | 72,678 |
| Diversified Financial Services - 0.1% |
| Alerus Financial Corp. | 705 | 13,825 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Apollo Global Management, Inc. | 3,654 | $431,428 |
| Corebridge Financial, Inc. | 1,751 | 50,989 |
| Equitable Holdings, Inc. | 2,500 | 102,150 |
| Jackson Financial, Inc., Class A | 2,516 | 186,838 |
| NewtekOne, Inc. | 912 | 11,464 |
| Voya Financial, Inc. | 600 | 42,690 |
| | | 839,384 |
| Diversified Metals & Mining - 0.0%* |
| Compass Minerals International, Inc. | 1,056 | 10,909 |
| Contango ORE, Inc. (a) | 311 | 5,620 |
| Ferroglobe PLC (a)(d)** | 1,316 | — |
| Ivanhoe Electric, Inc. (a) | 2,843 | 26,667 |
| Materion Corp. | 687 | 74,285 |
| MP Materials Corp. (a) | 800 | 10,184 |
| Piedmont Lithium, Inc. (a) | 732 | 7,305 |
| | | 134,970 |
| Diversified Real Estate Activities - 0.0%* |
| RMR Group, Inc., Class A | 468 | 10,577 |
| St. Joe Co. | 1,205 | 65,913 |
| Tejon Ranch Co. (a) | 635 | 10,833 |
| | | 87,323 |
| Diversified REITs - 0.1% |
| Alexander & Baldwin, Inc. | 2,246 | 38,092 |
| Alpine Income Property Trust, Inc. | 536 | 8,340 |
| American Assets Trust, Inc. | 1,507 | 33,727 |
| Armada Hoffler Properties, Inc. | 2,059 | 22,834 |
| Broadstone Net Lease, Inc. | 6,279 | 99,648 |
| CTO Realty Growth, Inc. | 650 | 11,349 |
| Empire State Realty Trust, Inc., Class A | 4,433 | 41,581 |
| Essential Properties Realty Trust, Inc. | 5,822 | 161,328 |
| Gladstone Commercial Corp. | 1,202 | 17,153 |
| Global Net Lease, Inc. | 6,743 | 49,561 |
| NexPoint Diversified Real Estate Trust | 1,406 | 7,775 |
| One Liberty Properties, Inc. | 494 | 11,599 |
| WP Carey, Inc. | 1,631 | 89,787 |
| | | 592,774 |
| | Number
of Shares | Fair
Value |
| Diversified Support Services - 0.1% |
| ACV Auctions, Inc., Class A (a) | 4,929 | $89,954 |
| Cintas Corp. | 603 | 422,257 |
| Copart, Inc. (a) | 5,996 | 324,743 |
| Driven Brands Holdings, Inc. (a) | 2,045 | 26,033 |
| Healthcare Services Group, Inc. (a) | 2,277 | 24,091 |
| Liquidity Services, Inc. (a) | 687 | 13,726 |
| Matthews International Corp., Class A | 910 | 22,795 |
| OPENLANE, Inc. (a) | 3,594 | 59,624 |
| UniFirst Corp. | 502 | 86,108 |
| Vestis Corp. | 550 | 6,727 |
| Viad Corp. (a) | 620 | 21,080 |
| VSE Corp. | 460 | 40,609 |
| | | 1,137,747 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 5,287 | 63,946 |
| Education Services - 0.1% |
| Adtalem Global Education, Inc. (a) | 1,302 | 88,809 |
| American Public Education, Inc. (a) | 568 | 9,985 |
| Bright Horizons Family Solutions, Inc. (a) | 391 | 43,041 |
| Chegg, Inc. (a) | 3,601 | 11,379 |
| Coursera, Inc. (a) | 4,549 | 32,571 |
| Duolingo, Inc. (a) | 300 | 62,601 |
| Graham Holdings Co., Class B | 109 | 76,251 |
| Grand Canyon Education, Inc. (a) | 200 | 27,982 |
| Laureate Education, Inc. | 4,484 | 66,991 |
| Lincoln Educational Services Corp. (a) | 1,015 | 12,038 |
| Nerdy, Inc. (a) | 2,782 | 4,646 |
| Perdoceo Education Corp. | 2,167 | 46,417 |
| Strategic Education, Inc. | 709 | 78,458 |
| Stride, Inc. (a) | 1,417 | 99,899 |
| Udemy, Inc. (a) | 3,255 | 28,091 |
| Universal Technical Institute, Inc. (a) | 1,437 | 22,604 |
| | | 711,763 |
| Electric Utilities - 0.5% |
| ALLETE, Inc. | 1,930 | 120,336 |
| Alliant Energy Corp. | 1,556 | 79,200 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| American Electric Power Co., Inc. | 3,688 | $323,585 |
| Avangrid, Inc. | 398 | 14,141 |
| Constellation Energy Corp. | 2,207 | 441,996 |
| Duke Energy Corp. | 5,388 | 540,039 |
| Edison International | 2,611 | 187,496 |
| Entergy Corp. | 1,384 | 148,088 |
| Evergy, Inc. | 1,687 | 89,360 |
| Eversource Energy | 2,314 | 131,227 |
| Exelon Corp. | 6,788 | 234,933 |
| FirstEnergy Corp. | 4,028 | 154,152 |
| Genie Energy Ltd., Class B | 571 | 8,348 |
| Hawaiian Electric Industries, Inc. | 3,758 | 33,897 |
| IDACORP, Inc. | 300 | 27,945 |
| MGE Energy, Inc. | 1,214 | 90,710 |
| NextEra Energy, Inc. | 14,257 | 1,009,538 |
| NRG Energy, Inc. | 1,661 | 129,326 |
| OGE Energy Corp. | 1,550 | 55,335 |
| Otter Tail Corp. | 1,375 | 120,436 |
| PG&E Corp. | 14,200 | 247,932 |
| Pinnacle West Capital Corp. | 884 | 67,520 |
| PNM Resources, Inc. | 2,994 | 110,658 |
| Portland General Electric Co. | 3,374 | 145,892 |
| PPL Corp. | 5,500 | 152,075 |
| Southern Co. | 7,607 | 590,075 |
| Xcel Energy, Inc. | 3,773 | 201,516 |
| | | 5,455,756 |
| Electrical Components & Equipment - 0.5% |
| Acuity Brands, Inc. | 200 | 48,288 |
| Allient, Inc. | 395 | 9,982 |
| American Superconductor Corp. (a) | 1,161 | 27,156 |
| AMETEK, Inc. | 1,627 | 271,237 |
| Array Technologies, Inc. (a) | 5,118 | 52,511 |
| Atkore, Inc. | 1,215 | 163,940 |
| Blink Charging Co. (a) | 2,323 | 6,365 |
| ChargePoint Holdings, Inc. (a) | 13,386 | 20,213 |
| Eaton Corp. PLC | 2,718 | 852,229 |
| Emerson Electric Co. | 4,029 | 443,835 |
| Encore Wire Corp. | 480 | 139,118 |
| EnerSys | 1,304 | 134,990 |
| Enovix Corp. (a) | 4,960 | 76,682 |
| Fluence Energy, Inc. (a) | 2,052 | 35,582 |
| FuelCell Energy, Inc. (a) | 13,954 | 8,914 |
| Generac Holdings, Inc. (a) | 398 | 52,623 |
| GrafTech International Ltd. (a) | 5,828 | 5,653 |
| Hubbell, Inc. | 400 | 146,192 |
| | Number
of Shares | Fair
Value |
| LSI Industries, Inc. | 833 | $12,053 |
| NEXTracker, Inc., Class A (a) | 3,866 | 181,238 |
| nVent Electric PLC | 1,200 | 91,932 |
| Plug Power, Inc. (a) | 21,161 | 49,305 |
| Powell Industries, Inc. | 309 | 44,311 |
| Preformed Line Products Co. | 73 | 9,091 |
| Regal Rexnord Corp. | 467 | 63,148 |
| Rockwell Automation, Inc. | 822 | 226,280 |
| Schneider Electric SE | 5,815 | 1,397,889 |
| Sensata Technologies Holding PLC | 1,000 | 37,390 |
| SES AI Corp. (a) | 5,164 | 6,455 |
| Shoals Technologies Group, Inc., Class A (a) | 5,309 | 33,128 |
| Stem, Inc. (a) | 5,829 | 6,470 |
| SunPower Corp. (a) | 3,548 | 10,502 |
| Sunrun, Inc. (a) | 7,279 | 86,329 |
| Thermon Group Holdings, Inc. (a) | 1,032 | 31,744 |
| Ultralife Corp. (a) | 410 | 4,354 |
| Vertiv Holdings Co. | 2,493 | 215,819 |
| Vicor Corp. (a) | 679 | 22,516 |
| | | 5,025,464 |
| Electronic Components - 0.1% |
| Amphenol Corp., Class A | 8,098 | 545,562 |
| Bel Fuse, Inc., Class A | 68 | 5,502 |
| Bel Fuse, Inc., Class B | 319 | 20,811 |
| Belden, Inc. | 1,332 | 124,942 |
| Coherent Corp. (a) | 973 | 70,504 |
| Corning, Inc. | 5,217 | 202,680 |
| Knowles Corp. (a) | 2,764 | 47,707 |
| Lightwave Logic, Inc. (a) | 3,611 | 10,797 |
| Littelfuse, Inc. | 200 | 51,118 |
| Rogers Corp. (a) | 627 | 75,622 |
| Vishay Intertechnology, Inc. | 4,206 | 93,794 |
| | | 1,249,039 |
| Electronic Equipment & Instruments - 0.2% |
| 908 Devices, Inc. (a) | 943 | 4,856 |
| Advanced Energy Industries, Inc. | 1,243 | 135,189 |
| Aeva Technologies, Inc. (a) | 630 | 1,588 |
| Arlo Technologies, Inc. (a) | 3,203 | 41,767 |
| Badger Meter, Inc. | 975 | 181,691 |
| Cognex Corp. | 1,300 | 60,788 |
| Crane NXT Co. | 300 | 18,426 |
| Daktronics, Inc. (a) | 1,156 | 16,126 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Evolv Technologies Holdings, Inc. (a) | 3,519 | $8,973 |
| FARO Technologies, Inc. (a) | 756 | 12,096 |
| Iteris, Inc. (a) | 1,815 | 7,859 |
| Itron, Inc. (a) | 1,524 | 150,815 |
| Keysight Technologies, Inc. (a) | 1,173 | 160,408 |
| MicroVision, Inc. (a) | 7,884 | 8,357 |
| Mirion Technologies, Inc. (a) | 6,671 | 71,647 |
| Napco Security Technologies, Inc. | 1,178 | 61,197 |
| nLight, Inc. (a) | 1,350 | 14,756 |
| Novanta, Inc. (a) | 1,189 | 193,938 |
| OSI Systems, Inc. (a) | 540 | 74,261 |
| Ouster, Inc. (a) | 1,510 | 14,843 |
| PAR Technology Corp. (a) | 1,130 | 53,212 |
| Powerfleet, Inc. NJ (a) | 3,169 | 14,482 |
| SmartRent, Inc. (a) | 5,783 | 13,821 |
| Teledyne Technologies, Inc. (a) | 325 | 126,094 |
| Trimble, Inc. (a) | 1,832 | 102,445 |
| Vishay Precision Group, Inc. (a) | 380 | 11,567 |
| Vontier Corp. | 1,199 | 45,802 |
| Zebra Technologies Corp., Class A (a) | 359 | 110,906 |
| | | 1,717,910 |
| Electronic Manufacturing Services - 0.0%* |
| Benchmark Electronics, Inc. | 1,180 | 46,563 |
| CTS Corp. | 965 | 48,858 |
| IPG Photonics Corp. (a) | 300 | 25,317 |
| Jabil, Inc. | 714 | 77,676 |
| Kimball Electronics, Inc. (a) | 743 | 16,331 |
| Methode Electronics, Inc. | 1,034 | 10,702 |
| Plexus Corp. (a) | 906 | 93,481 |
| Sanmina Corp. (a) | 1,822 | 120,707 |
| TTM Technologies, Inc. (a) | 3,339 | 64,877 |
| | | 504,512 |
| Environmental & Facilities Services - 0.2% |
| ABM Industries, Inc. | 2,103 | 106,349 |
| Aris Water Solutions, Inc., Class A | 919 | 14,401 |
| BrightView Holdings, Inc. (a) | 1,277 | 16,984 |
| Casella Waste Systems, Inc., Class A (a) | 1,897 | 188,220 |
| CECO Environmental Corp. (a) | 905 | 26,109 |
| Clean Harbors, Inc. (a) | 300 | 67,845 |
| | Number
of Shares | Fair
Value |
| Enviri Corp. (a) | 2,397 | $20,686 |
| GFL Environmental, Inc. | 2,302 | 89,634 |
| LanzaTech Global, Inc. (a) | 4,197 | 7,764 |
| Montrose Environmental Group, Inc. (a) | 1,066 | 47,501 |
| Perma-Fix Environmental Services, Inc. (a) | 498 | 5,045 |
| Quest Resource Holding Corp. (a) | 665 | 5,852 |
| Republic Services, Inc. | 1,390 | 270,132 |
| Rollins, Inc. | 1,878 | 91,628 |
| Stericycle, Inc. (a) | 500 | 29,065 |
| Tetra Tech, Inc. | 400 | 81,792 |
| Veralto Corp. | 1,570 | 149,888 |
| Waste Management, Inc. | 2,809 | 599,272 |
| | | 1,818,167 |
| Fertilizers & Agricultural Chemicals - 0.0%* |
| American Vanguard Corp. | 1,071 | 9,210 |
| CF Industries Holdings, Inc. | 1,282 | 95,022 |
| Corteva, Inc. | 4,902 | 264,414 |
| FMC Corp. | 934 | 53,752 |
| Intrepid Potash, Inc. (a) | 418 | 9,794 |
| Mosaic Co. | 2,447 | 70,718 |
| Scotts Miracle-Gro Co. | 262 | 17,046 |
| | | 519,956 |
| Financial Exchanges & Data - 0.3% |
| Cboe Global Markets, Inc. | 752 | 127,885 |
| CME Group, Inc. | 2,522 | 495,825 |
| Coinbase Global, Inc., Class A (a) | 1,400 | 311,122 |
| Donnelley Financial Solutions, Inc. (a) | 878 | 52,346 |
| FactSet Research Systems, Inc. | 215 | 87,778 |
| Intercontinental Exchange, Inc. | 3,963 | 542,495 |
| MarketAxess Holdings, Inc. | 222 | 44,518 |
| MarketWise, Inc. | 991 | 1,150 |
| Moody's Corp. | 1,138 | 479,018 |
| Morningstar, Inc. | 200 | 59,170 |
| MSCI, Inc. | 534 | 257,255 |
| Nasdaq, Inc. | 2,438 | 146,914 |
| Open Lending Corp., Class A (a) | 3,028 | 16,896 |
| S&P Global, Inc. | 2,189 | 976,294 |
| Tradeweb Markets, Inc., Class A | 873 | 92,538 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Value Line, Inc. | 20 | $861 |
| | | 3,692,065 |
| Food Distributors - 0.0%* |
| Andersons, Inc. | 1,094 | 54,262 |
| Chefs' Warehouse, Inc. (a) | 1,093 | 42,747 |
| HF Foods Group, Inc. (a) | 1,972 | 5,916 |
| Performance Food Group Co. (a) | 1,100 | 72,721 |
| SpartanNash Co. | 1,052 | 19,736 |
| Sysco Corp. | 3,418 | 244,011 |
| U.S. Foods Holding Corp. (a) | 1,700 | 90,066 |
| United Natural Foods, Inc. (a) | 1,819 | 23,829 |
| | | 553,288 |
| Food Retail - 0.1% |
| Albertsons Cos., Inc., Class A | 3,100 | 61,225 |
| Casey's General Stores, Inc. | 278 | 106,074 |
| Grocery Outlet Holding Corp. (a) | 900 | 19,908 |
| Ingles Markets, Inc., Class A | 479 | 32,864 |
| Kroger Co. | 4,539 | 226,632 |
| Maplebear, Inc. (a) | 1,200 | 38,568 |
| Natural Grocers by Vitamin Cottage, Inc. | 425 | 9,010 |
| Sprouts Farmers Market, Inc. (a) | 3,335 | 279,006 |
| Village Super Market, Inc., Class A | 326 | 8,610 |
| Weis Markets, Inc. | 509 | 31,950 |
| | | 813,847 |
| Footwear - 0.1% |
| Crocs, Inc. (a) | 400 | 58,376 |
| Deckers Outdoor Corp. (a) | 190 | 183,911 |
| NIKE, Inc., Class B | 8,271 | 623,385 |
| Rocky Brands, Inc. | 254 | 9,388 |
| Skechers USA, Inc., Class A (a) | 1,000 | 69,120 |
| Steven Madden Ltd. | 2,397 | 101,393 |
| Wolverine World Wide, Inc. | 2,625 | 35,490 |
| | | 1,081,063 |
| Forest Products - 0.0%* |
| Louisiana-Pacific Corp. | 500 | 41,165 |
| Gas Utilities - 0.1% |
| Atmos Energy Corp. | 934 | 108,951 |
| Chesapeake Utilities Corp. | 737 | 78,270 |
| | Number
of Shares | Fair
Value |
| National Fuel Gas Co. | 600 | $32,514 |
| New Jersey Resources Corp. | 3,262 | 139,418 |
| Northwest Natural Holding Co. | 1,275 | 46,040 |
| ONE Gas, Inc. | 1,873 | 119,591 |
| RGC Resources, Inc. | 318 | 6,503 |
| Southwest Gas Holdings, Inc. | 1,993 | 140,267 |
| Spire, Inc. | 1,799 | 109,253 |
| UGI Corp. | 1,300 | 29,770 |
| | | 810,577 |
| Gold - 0.0%* |
| Coeur Mining, Inc. (a) | 13,187 | 74,111 |
| Dakota Gold Corp. (a) | 2,650 | 6,757 |
| Newmont Corp. | 8,017 | 335,672 |
| Perpetua Resources Corp. (a) | 1,469 | 7,639 |
| Royal Gold, Inc. | 463 | 57,949 |
| | | 482,128 |
| Health Care REITs - 0.1% |
| Alexandria Real Estate Equities, Inc. | 1,092 | 127,731 |
| American Healthcare REIT, Inc. | 2,200 | 32,142 |
| CareTrust REIT, Inc. | 4,507 | 113,126 |
| Community Healthcare Trust, Inc. | 809 | 18,922 |
| Diversified Healthcare Trust | 7,454 | 22,735 |
| Global Medical REIT, Inc. | 1,891 | 17,170 |
| Healthcare Realty Trust, Inc. | 2,600 | 42,848 |
| Healthpeak Properties, Inc. | 5,236 | 102,626 |
| LTC Properties, Inc. | 1,442 | 49,749 |
| Medical Properties Trust, Inc. | 3,500 | 15,085 |
| National Health Investors, Inc. | 1,394 | 94,416 |
| Omega Healthcare Investors, Inc. | 1,836 | 62,883 |
| Sabra Health Care REIT, Inc. | 7,694 | 118,488 |
| Universal Health Realty Income Trust | 397 | 15,538 |
| Ventas, Inc. | 2,923 | 149,833 |
| Welltower, Inc. | 4,114 | 428,884 |
| | | 1,412,176 |
| Healthcare Distributors - 0.1% |
| AdaptHealth Corp. (a) | 3,442 | 34,420 |
| Cardinal Health, Inc. | 1,645 | 161,736 |
| Cencora, Inc. | 1,108 | 249,632 |
| Henry Schein, Inc. (a) | 972 | 62,305 |
| McKesson Corp. | 898 | 524,468 |
| Owens & Minor, Inc. (a) | 2,302 | 31,077 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Patterson Cos., Inc. | 2,608 | $62,905 |
| PetIQ, Inc. (a) | 841 | 18,553 |
| | | 1,145,096 |
| Healthcare Equipment - 0.9% |
| Abbott Laboratories | 11,870 | 1,233,412 |
| Accuray, Inc. (a) | 4,095 | 7,453 |
| Alphatec Holdings, Inc. (a) | 3,466 | 36,220 |
| AngioDynamics, Inc. (a) | 1,683 | 10,182 |
| Artivion, Inc. (a) | 1,211 | 31,062 |
| AtriCure, Inc. (a) | 1,565 | 35,635 |
| Axogen, Inc. (a) | 1,726 | 12,496 |
| Axonics, Inc. (a) | 1,694 | 113,888 |
| Baxter International, Inc. | 3,717 | 124,334 |
| Becton Dickinson & Co. | 1,945 | 454,566 |
| Boston Scientific Corp. (a) | 10,129 | 780,034 |
| CONMED Corp. | 1,030 | 71,400 |
| CVRx, Inc. (a) | 495 | 5,935 |
| Dexcom, Inc. (a) | 2,700 | 306,126 |
| Edwards Lifesciences Corp. (a) | 4,171 | 385,275 |
| Enovis Corp. (a) | 333 | 15,052 |
| Envista Holdings Corp. (a) | 1,100 | 18,293 |
| GE HealthCare Technologies, Inc. | 2,849 | 221,994 |
| Glaukos Corp. (a) | 1,622 | 191,964 |
| Globus Medical, Inc., Class A (a) | 800 | 54,792 |
| Hologic, Inc. (a) | 1,700 | 126,225 |
| IDEXX Laboratories, Inc. (a) | 607 | 295,730 |
| Inari Medical, Inc. (a) | 1,764 | 84,937 |
| Inmode Ltd. (a) | 2,671 | 48,719 |
| Inogen, Inc. (a) | 983 | 7,992 |
| Inspire Medical Systems, Inc. (a) | 265 | 35,465 |
| Insulet Corp. (a) | 468 | 94,442 |
| Integer Holdings Corp. (a) | 1,108 | 128,295 |
| Integra LifeSciences Holdings Corp. (a) | 2,290 | 66,731 |
| Intuitive Surgical, Inc. (a) | 2,456 | 1,092,551 |
| iRadimed Corp. | 218 | 9,579 |
| iRhythm Technologies, Inc. (a) | 1,040 | 111,946 |
| LeMaitre Vascular, Inc. | 679 | 55,868 |
| LivaNova PLC (a) | 1,815 | 99,498 |
| Masimo Corp. (a) | 276 | 34,759 |
| Medtronic PLC | 9,201 | 724,211 |
| NeuroPace, Inc. (a) | 451 | 3,409 |
| Nevro Corp. (a) | 1,101 | 9,270 |
| Novocure Ltd. (a) | 3,560 | 60,983 |
| Omnicell, Inc. (a) | 1,509 | 40,849 |
| | Number
of Shares | Fair
Value |
| Orchestra BioMed Holdings, Inc. (a) | 748 | $6,096 |
| Orthofix Medical, Inc. (a) | 1,084 | 14,374 |
| Paragon 28, Inc. (a) | 1,794 | 12,271 |
| Penumbra, Inc. (a) | 300 | 53,991 |
| PROCEPT BioRobotics Corp. (a) | 1,412 | 86,259 |
| Pulmonx Corp. (a) | 1,578 | 10,004 |
| Pulse Biosciences, Inc. (a) | 696 | 7,788 |
| QuidelOrtho Corp. (a) | 600 | 19,932 |
| ResMed, Inc. | 1,059 | 202,714 |
| Semler Scientific, Inc. (a) | 229 | 7,878 |
| SI-BONE, Inc. (a) | 1,197 | 15,477 |
| Sight Sciences, Inc. (a) | 1,094 | 7,297 |
| Silk Road Medical, Inc. (a) | 1,325 | 35,828 |
| Stereotaxis, Inc. (a) | 1,813 | 3,300 |
| STERIS PLC | 660 | 144,896 |
| Stryker Corp. | 2,503 | 851,646 |
| Surmodics, Inc. (a) | 417 | 17,531 |
| Tactile Systems Technology, Inc. (a) | 923 | 11,021 |
| Tandem Diabetes Care, Inc. (a) | 2,158 | 86,946 |
| Teleflex, Inc. | 310 | 65,202 |
| TransMedics Group, Inc. (a) | 1,065 | 160,410 |
| Treace Medical Concepts, Inc. (a) | 1,398 | 9,297 |
| Varex Imaging Corp. (a) | 1,431 | 21,079 |
| Zimmer Biomet Holdings, Inc. | 1,406 | 152,593 |
| Zimvie, Inc. (a) | 790 | 14,417 |
| Zynex, Inc. (a) | 762 | 7,102 |
| | | 9,266,921 |
| Healthcare Facilities - 0.1% |
| Acadia Healthcare Co., Inc. (a) | 700 | 47,278 |
| Brookdale Senior Living, Inc. (a) | 6,441 | 43,992 |
| Community Health Systems, Inc. (a) | 3,850 | 12,936 |
| Encompass Health Corp. | 600 | 51,474 |
| Ensign Group, Inc. | 1,839 | 227,466 |
| HCA Healthcare, Inc. | 1,363 | 437,905 |
| Joint Corp. (a) | 418 | 5,877 |
| National HealthCare Corp. | 413 | 44,769 |
| PACS Group, Inc. (a) | 849 | 25,045 |
| Select Medical Holdings Corp. | 3,552 | 124,533 |
| Sonida Senior Living, Inc. (a) | 113 | 3,107 |
| Surgery Partners, Inc. (a) | 2,569 | 61,117 |
| Tenet Healthcare Corp. (a) | 700 | 93,121 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| U.S. Physical Therapy, Inc. | 495 | $45,748 |
| Universal Health Services, Inc., Class B | 420 | 77,671 |
| | | 1,302,039 |
| Healthcare Services - 0.3% |
| Accolade, Inc. (a) | 2,163 | 7,744 |
| Addus HomeCare Corp. (a) | 527 | 61,190 |
| agilon health, Inc. (a) | 10,306 | 67,401 |
| AirSculpt Technologies, Inc. (a) | 496 | 1,984 |
| Amedisys, Inc. (a) | 300 | 27,540 |
| AMN Healthcare Services, Inc. (a) | 1,266 | 64,857 |
| Astrana Health, Inc. (a) | 1,425 | 57,798 |
| Aveanna Healthcare Holdings, Inc. (a) | 2,000 | 5,520 |
| BrightSpring Health Services, Inc. (a) | 1,984 | 22,538 |
| Castle Biosciences, Inc. (a) | 751 | 16,349 |
| Chemed Corp. | 126 | 68,365 |
| Cigna Group | 1,930 | 638,000 |
| CorVel Corp. (a) | 296 | 75,264 |
| Cross Country Healthcare, Inc. (a) | 1,048 | 14,504 |
| CVS Health Corp. | 8,589 | 507,266 |
| DaVita, Inc. (a) | 387 | 53,627 |
| DocGo, Inc. (a) | 3,164 | 9,777 |
| Enhabit, Inc. (a) | 1,563 | 13,942 |
| Fulgent Genetics, Inc. (a) | 608 | 11,929 |
| GeneDx Holdings Corp. (a) | 432 | 11,293 |
| Guardant Health, Inc. (a) | 3,923 | 113,296 |
| Hims & Hers Health, Inc. (a) | 6,302 | 127,237 |
| InfuSystem Holdings, Inc. (a) | 754 | 5,150 |
| Innovage Holding Corp. (a) | 1,017 | 5,044 |
| Labcorp Holdings, Inc. | 587 | 119,460 |
| LifeStance Health Group, Inc. (a) | 3,930 | 19,296 |
| ModivCare, Inc. (a) | 374 | 9,814 |
| National Research Corp. | 446 | 10,236 |
| NeoGenomics, Inc. (a) | 4,269 | 59,211 |
| OPKO Health, Inc. (a) | 12,492 | 15,615 |
| Option Care Health, Inc. (a) | 5,785 | 160,245 |
| Pediatrix Medical Group, Inc. (a) | 2,546 | 19,222 |
| Pennant Group, Inc. (a) | 867 | 20,106 |
| Performant Financial Corp. (a) | 2,838 | 8,230 |
| Premier, Inc., Class A | 600 | 11,202 |
| Privia Health Group, Inc. (a) | 3,514 | 61,073 |
| Quest Diagnostics, Inc. | 829 | 113,474 |
| | Number
of Shares | Fair
Value |
| Quipt Home Medical Corp. (a) | 1,681 | $5,413 |
| R1 RCM, Inc. (a) | 700 | 8,792 |
| RadNet, Inc. (a) | 2,196 | 129,388 |
| Talkspace, Inc. (a) | 4,402 | 10,125 |
| Viemed Healthcare, Inc. (a) | 1,482 | 9,707 |
| | | 2,778,224 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 559 | 134,959 |
| Atrion Corp. | 43 | 19,455 |
| Avanos Medical, Inc. (a) | 1,422 | 28,326 |
| Bioventus, Inc., Class A (a) | 1,382 | 7,947 |
| Cerus Corp. (a) | 7,342 | 12,922 |
| Cooper Cos., Inc. | 1,420 | 123,966 |
| Dentsply Sirona, Inc. | 1,367 | 34,052 |
| Embecta Corp. | 1,762 | 22,025 |
| Haemonetics Corp. (a) | 1,666 | 137,828 |
| ICU Medical, Inc. (a) | 715 | 84,906 |
| Lantheus Holdings, Inc. (a) | 2,255 | 181,054 |
| Merit Medical Systems, Inc. (a) | 1,899 | 163,219 |
| Neogen Corp. (a) | 7,253 | 113,364 |
| OraSure Technologies, Inc. (a) | 2,196 | 9,355 |
| OrthoPediatrics Corp. (a) | 490 | 14,093 |
| RxSight, Inc. (a) | 1,137 | 68,413 |
| Sanara Medtech, Inc. (a) | 155 | 4,374 |
| Solventum Corp. (a) | 1,048 | 55,418 |
| STAAR Surgical Co. (a) | 1,651 | 78,604 |
| UFP Technologies, Inc. (a) | 243 | 64,121 |
| Utah Medical Products, Inc. | 99 | 6,614 |
| | | 1,365,015 |
| Healthcare Technology - 0.0%* |
| Certara, Inc. (a) | 1,400 | 19,390 |
| Definitive Healthcare Corp. (a) | 1,979 | 10,805 |
| Doximity, Inc., Class A (a) | 600 | 16,782 |
| Evolent Health, Inc., Class A (a) | 3,849 | 73,593 |
| Health Catalyst, Inc. (a) | 1,686 | 10,774 |
| HealthStream, Inc. | 754 | 21,037 |
| LifeMD, Inc. (a) | 1,260 | 8,644 |
| OptimizeRx Corp. (a) | 625 | 6,250 |
| Phreesia, Inc. (a) | 1,636 | 34,683 |
| Schrodinger, Inc. (a) | 1,839 | 35,566 |
| Simulations Plus, Inc. | 484 | 23,532 |
| Teladoc Health, Inc. (a) | 5,698 | 55,726 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Veeva Systems, Inc., Class A (a) | 979 | $179,167 |
| | | 495,949 |
| Heavy Electrical Equipment - 0.0%* |
| Bloom Energy Corp., Class A (a) | 6,630 | 81,151 |
| Energy Vault Holdings, Inc. (a) | 4,031 | 3,828 |
| GE Vernova, Inc. (a) | 1,837 | 315,064 |
| Net Power, Inc. (a) | 777 | 7,638 |
| NuScale Power Corp. (a) | 2,631 | 30,756 |
| TPI Composites, Inc. (a) | 1,647 | 6,572 |
| | | 445,009 |
| Home Building - 0.2% |
| Beazer Homes USA, Inc. (a) | 904 | 24,842 |
| Cavco Industries, Inc. (a) | 279 | 96,581 |
| Century Communities, Inc. | 946 | 77,250 |
| DR Horton, Inc. | 2,140 | 301,590 |
| Dream Finders Homes, Inc., Class A (a) | 956 | 24,684 |
| Green Brick Partners, Inc. (a) | 1,052 | 60,216 |
| Hovnanian Enterprises, Inc., Class A (a) | 154 | 21,856 |
| Installed Building Products, Inc. | 795 | 163,516 |
| KB Home | 2,234 | 156,782 |
| Landsea Homes Corp. (a) | 770 | 7,076 |
| Legacy Housing Corp. (a) | 442 | 10,139 |
| Lennar Corp., Class A | 1,705 | 255,528 |
| LGI Homes, Inc. (a) | 698 | 62,464 |
| M/I Homes, Inc. (a) | 897 | 109,560 |
| Meritage Homes Corp. | 1,191 | 192,763 |
| NVR, Inc. (a) | 22 | 166,948 |
| PulteGroup, Inc. | 1,418 | 156,122 |
| Skyline Champion Corp. (a) | 1,774 | 120,189 |
| Taylor Morrison Home Corp. (a) | 3,442 | 190,825 |
| Toll Brothers, Inc. | 615 | 70,836 |
| TopBuild Corp. (a) | 244 | 94,006 |
| Tri Pointe Homes, Inc. (a) | 3,022 | 112,570 |
| United Homes Group, Inc. (a) | 215 | 1,223 |
| | | 2,477,566 |
| Home Furnishing Retail - 0.0%* |
| Aaron's Co., Inc. | 1,104 | 11,018 |
| Arhaus, Inc. | 1,738 | 29,442 |
| Beyond, Inc. (a) | 1,371 | 17,933 |
| Haverty Furniture Cos., Inc. | 451 | 11,406 |
| | Number
of Shares | Fair
Value |
| RH (a) | 70 | $17,111 |
| Sleep Number Corp. (a) | 869 | 8,316 |
| Wayfair, Inc., Class A (a) | 600 | 31,638 |
| Williams-Sonoma, Inc. | 455 | 128,478 |
| | | 255,342 |
| Home Furnishings - 0.0%* |
| Ethan Allen Interiors, Inc. | 717 | 19,997 |
| Flexsteel Industries, Inc. | 178 | 5,529 |
| Hooker Furnishings Corp. | 466 | 6,748 |
| La-Z-Boy, Inc. | 1,351 | 50,365 |
| Leggett & Platt, Inc. | 700 | 8,022 |
| Lovesac Co. (a) | 542 | 12,238 |
| Mohawk Industries, Inc. (a) | 400 | 45,436 |
| Purple Innovation, Inc. (a) | 2,199 | 2,287 |
| Tempur Sealy International, Inc. | 1,200 | 56,808 |
| | | 207,430 |
| Home Improvement Retail - 0.3% |
| Floor & Decor Holdings, Inc., Class A (a) | 800 | 79,528 |
| GrowGeneration Corp. (a) | 2,390 | 5,138 |
| Home Depot, Inc. | 6,811 | 2,344,619 |
| Lowe's Cos., Inc. | 3,923 | 864,865 |
| Tile Shop Holdings, Inc. (a) | 1,217 | 8,434 |
| | | 3,302,584 |
| Hotel & Resort REITs - 0.1% |
| Apple Hospitality REIT, Inc. | 7,582 | 110,242 |
| Braemar Hotels & Resorts, Inc. | 3,160 | 8,058 |
| Chatham Lodging Trust | 1,485 | 12,652 |
| DiamondRock Hospitality Co. | 7,043 | 59,514 |
| Host Hotels & Resorts, Inc. | 4,246 | 76,343 |
| Park Hotels & Resorts, Inc. | 1,200 | 17,976 |
| Pebblebrook Hotel Trust | 4,002 | 55,028 |
| RLJ Lodging Trust | 4,770 | 45,935 |
| Ryman Hospitality Properties, Inc. | 1,945 | 194,228 |
| Service Properties Trust | 5,059 | 26,003 |
| Summit Hotel Properties, Inc. | 3,183 | 19,066 |
| Sunstone Hotel Investors, Inc. | 6,726 | 70,354 |
| Xenia Hotels & Resorts, Inc. | 3,285 | 47,074 |
| | | 742,473 |
| Hotels, Resorts & Cruise Lines - 0.3% |
| Airbnb, Inc., Class A (a) | 3,100 | 470,053 |
| Booking Holdings, Inc. | 243 | 962,645 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Carnival Corp. (a) | 7,349 | $137,573 |
| Choice Hotels International, Inc. | 200 | 23,800 |
| Expedia Group, Inc. (a) | 878 | 110,619 |
| Global Business Travel Group I (a) | 4,267 | 28,162 |
| Hilton Grand Vacations, Inc. (a) | 2,476 | 100,105 |
| Hilton Worldwide Holdings, Inc. | 1,736 | 378,795 |
| Hyatt Hotels Corp., Class A | 300 | 45,576 |
| Lindblad Expeditions Holdings, Inc. (a) | 1,400 | 13,510 |
| Marriott International, Inc., Class A | 1,603 | 387,557 |
| Marriott Vacations Worldwide Corp. | 155 | 13,535 |
| Mondee Holdings, Inc. (a) | 1,919 | 4,606 |
| Norwegian Cruise Line Holdings Ltd. (a) | 3,200 | 60,128 |
| Royal Caribbean Cruises Ltd. (a) | 1,600 | 255,088 |
| Sabre Corp. (a) | 12,725 | 33,976 |
| Target Hospitality Corp. (a) | 947 | 8,248 |
| Travel & Leisure Co. | 500 | 22,490 |
| Wyndham Hotels & Resorts, Inc. | 600 | 44,400 |
| | | 3,100,866 |
| Household Appliances - 0.0%* |
| Cricut, Inc., Class A | 1,922 | 11,513 |
| Hamilton Beach Brands Holding Co., Class A | 333 | 5,724 |
| Helen of Troy Ltd. (a) | 793 | 73,543 |
| iRobot Corp. (a) | 1,084 | 9,875 |
| SharkNinja, Inc. | 400 | 30,060 |
| Traeger, Inc. (a) | 1,754 | 4,210 |
| Whirlpool Corp. | 358 | 36,587 |
| Worthington Enterprises, Inc. | 1,055 | 49,933 |
| | | 221,445 |
| Household Products - 0.4% |
| Central Garden & Pet Co. (a) | 294 | 11,319 |
| Central Garden & Pet Co., Class A (a) | 1,747 | 57,703 |
| Church & Dwight Co., Inc. | 1,628 | 168,791 |
| Clorox Co. | 847 | 115,590 |
| Colgate-Palmolive Co. | 5,795 | 562,347 |
| Energizer Holdings, Inc. | 2,401 | 70,926 |
| Kimberly-Clark Corp. | 2,298 | 317,584 |
| | Number
of Shares | Fair
Value |
| Oil-Dri Corp. of America | 148 | $9,485 |
| Procter & Gamble Co. | 16,339 | 2,694,628 |
| Reynolds Consumer Products, Inc. | 100 | 2,798 |
| Spectrum Brands Holdings, Inc. | 200 | 17,186 |
| WD-40 Co. | 453 | 99,497 |
| | | 4,127,854 |
| Housewares & Specialties - 0.0%* |
| Lifetime Brands, Inc. | 509 | 4,372 |
| Newell Brands, Inc. | 3,670 | 23,525 |
| | | 27,897 |
| Human Resource & Employment Services - 0.2% |
| Alight, Inc., Class A (a) | 15,790 | 116,530 |
| Asure Software, Inc. (a) | 1,075 | 9,030 |
| Automatic Data Processing, Inc. | 2,829 | 675,254 |
| Barrett Business Services, Inc. | 824 | 27,003 |
| Dayforce, Inc. (a) | 1,105 | 54,808 |
| DLH Holdings Corp. (a) | 280 | 2,957 |
| First Advantage Corp. | 1,663 | 26,724 |
| Heidrick & Struggles International, Inc. | 620 | 19,580 |
| HireQuest, Inc. | 187 | 2,309 |
| Insperity, Inc. | 1,194 | 108,905 |
| Kelly Services, Inc., Class A | 952 | 20,382 |
| Kforce, Inc. | 582 | 36,160 |
| Korn Ferry | 1,717 | 115,279 |
| ManpowerGroup, Inc. | 279 | 19,474 |
| Paychex, Inc. | 2,228 | 264,152 |
| Paycom Software, Inc. | 335 | 47,918 |
| Paycor HCM, Inc. (a) | 100 | 1,270 |
| Paylocity Holding Corp. (a) | 300 | 39,555 |
| Robert Half, Inc. | 775 | 49,585 |
| Sterling Check Corp. (a) | 944 | 13,971 |
| TriNet Group, Inc. | 1,082 | 108,200 |
| TrueBlue, Inc. (a) | 1,243 | 12,803 |
| Upwork, Inc. (a) | 3,881 | 41,721 |
| | | 1,813,570 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 4,700 | 82,579 |
| Vistra Corp. | 2,400 | 206,352 |
| | | 288,931 |
| Industrial Conglomerates - 0.1% |
| 3M Co. | 3,792 | 387,505 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Honeywell International, Inc. | 4,454 | $951,107 |
| | | 1,338,612 |
| Industrial Gases - 0.2% |
| Air Products & Chemicals, Inc. | 1,506 | 388,623 |
| Linde PLC | 3,284 | 1,441,052 |
| | | 1,829,675 |
| Industrial Machinery & Supplies & Components - 0.5% |
| 374Water, Inc. (a) | 2,496 | 2,995 |
| 3D Systems Corp. (a) | 4,025 | 12,357 |
| Albany International Corp., Class A | 1,040 | 87,828 |
| Barnes Group, Inc. | 1,528 | 63,275 |
| Chart Industries, Inc. (a) | 1,399 | 201,932 |
| Columbus McKinnon Corp. | 871 | 30,084 |
| Crane Co. | 300 | 43,494 |
| Donaldson Co., Inc. | 800 | 57,248 |
| Dover Corp. | 974 | 175,758 |
| Eastern Co. | 204 | 5,196 |
| Energy Recovery, Inc. (a) | 1,703 | 22,633 |
| Enerpac Tool Group Corp. | 1,816 | 69,335 |
| Enpro, Inc. | 699 | 101,753 |
| Esab Corp. | 433 | 40,888 |
| ESCO Technologies, Inc. | 862 | 90,545 |
| Flowserve Corp. | 800 | 38,480 |
| Fortive Corp. | 2,550 | 188,955 |
| Franklin Electric Co., Inc. | 1,475 | 142,072 |
| Gates Industrial Corp. PLC (a) | 1,500 | 23,715 |
| Gencor Industries, Inc. (a) | 423 | 8,181 |
| Gorman-Rupp Co. | 702 | 25,770 |
| Graco, Inc. | 1,239 | 98,228 |
| Graham Corp. (a) | 367 | 10,335 |
| Helios Technologies, Inc. | 1,100 | 52,525 |
| Hillenbrand, Inc. | 2,338 | 93,567 |
| Hillman Solutions Corp. (a) | 6,579 | 58,224 |
| Hyster-Yale, Inc. | 342 | 23,848 |
| IDEX Corp. | 557 | 112,068 |
| Illinois Tool Works, Inc. | 2,002 | 474,394 |
| Ingersoll Rand, Inc. | 2,821 | 256,260 |
| ITT, Inc. | 600 | 77,508 |
| John Bean Technologies Corp. | 1,051 | 99,813 |
| Kadant, Inc. | 390 | 114,574 |
| Kennametal, Inc. | 2,620 | 61,675 |
| L B Foster Co., Class A (a) | 337 | 7,252 |
| Lincoln Electric Holdings, Inc. | 400 | 75,456 |
| Mayville Engineering Co., Inc. (a) | 453 | 7,547 |
| | Number
of Shares | Fair
Value |
| Middleby Corp. (a) | 410 | $50,270 |
| Mueller Industries, Inc. | 3,704 | 210,906 |
| Mueller Water Products, Inc., Class A | 5,175 | 92,736 |
| NN, Inc. (a) | 1,783 | 5,349 |
| Nordson Corp. | 335 | 77,700 |
| Omega Flex, Inc. | 137 | 7,025 |
| Otis Worldwide Corp. | 2,804 | 269,913 |
| Parker-Hannifin Corp. | 861 | 435,502 |
| Park-Ohio Holdings Corp. | 366 | 9,476 |
| Pentair PLC | 1,200 | 92,004 |
| Proto Labs, Inc. (a) | 821 | 25,361 |
| RBC Bearings, Inc. (a) | 200 | 53,956 |
| Snap-on, Inc. | 325 | 84,952 |
| SPX Technologies, Inc. (a) | 1,492 | 212,073 |
| Standex International Corp. | 368 | 59,303 |
| Stanley Black & Decker, Inc. | 1,087 | 86,840 |
| Taylor Devices, Inc. (a) | 97 | 4,363 |
| Tennant Co. | 634 | 62,411 |
| Timken Co. | 500 | 40,065 |
| Watts Water Technologies, Inc., Class A | 909 | 166,683 |
| Xylem, Inc. | 1,643 | 222,840 |
| | | 5,325,496 |
| Industrial REITs - 0.1% |
| Americold Realty Trust, Inc. | 2,000 | 51,080 |
| EastGroup Properties, Inc. | 300 | 51,030 |
| First Industrial Realty Trust, Inc. | 1,000 | 47,510 |
| Industrial Logistics Properties Trust | 2,377 | 8,747 |
| Innovative Industrial Properties, Inc. | 938 | 102,449 |
| LXP Industrial Trust | 9,684 | 88,318 |
| Plymouth Industrial REIT, Inc. | 1,406 | 30,060 |
| Prologis, Inc. | 6,353 | 713,506 |
| Rexford Industrial Realty, Inc. | 1,548 | 69,025 |
| STAG Industrial, Inc. | 1,200 | 43,272 |
| Terreno Realty Corp. | 3,167 | 187,423 |
| | | 1,392,420 |
| Insurance Brokers - 0.2% |
| Aon PLC, Class A | 1,343 | 394,278 |
| Arthur J Gallagher & Co. | 1,507 | 390,780 |
| Baldwin Insurance Group, Inc. (a) | 2,197 | 77,928 |
| Brown & Brown, Inc. | 1,600 | 143,056 |
| Crawford & Co., Class A | 603 | 5,210 |
| GoHealth, Inc., Class A (a) | 137 | 1,332 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Goosehead Insurance, Inc., Class A (a) | 788 | $45,263 |
| Hippo Holdings, Inc. (a) | 700 | 12,033 |
| Marsh & McLennan Cos., Inc. | 3,427 | 722,137 |
| Ryan Specialty Holdings, Inc. | 700 | 40,537 |
| Selectquote, Inc. (a) | 4,031 | 11,125 |
| Willis Towers Watson PLC | 724 | 189,789 |
| | | 2,033,468 |
| Integrated Oil & Gas - 0.9% |
| BP PLC | 179,864 | 1,080,443 |
| Chevron Corp. | 11,971 | 1,872,504 |
| Exxon Mobil Corp. | 31,108 | 3,581,153 |
| Occidental Petroleum Corp. | 4,439 | 279,790 |
| Shell PLC | 68,389 | 2,450,007 |
| | | 9,263,897 |
| Integrated Telecommunication Services - 0.2% |
| AT&T, Inc. | 49,640 | 948,621 |
| ATN International, Inc. | 461 | 10,511 |
| Consolidated Communications Holdings, Inc. (a) | 2,196 | 9,662 |
| Frontier Communications Parent, Inc. (a) | 1,772 | 46,391 |
| IDT Corp., Class B | 463 | 16,631 |
| Shenandoah Telecommunications Co. | 1,488 | 24,299 |
| Verizon Communications, Inc. | 29,172 | 1,203,053 |
| | | 2,259,168 |
| Interactive Home Entertainment - 0.1% |
| Electronic Arts, Inc. | 1,861 | 259,293 |
| Playstudios, Inc. (a) | 3,547 | 7,342 |
| ROBLOX Corp., Class A (a) | 3,427 | 127,519 |
| Take-Two Interactive Software, Inc. (a) | 1,083 | 168,396 |
| | | 562,550 |
| Interactive Media & Services - 2.0% |
| Alphabet, Inc., Class A | 40,495 | 7,376,164 |
| Alphabet, Inc., Class C | 34,066 | 6,248,386 |
| Bumble, Inc., Class A (a) | 3,129 | 32,886 |
| Cargurus, Inc. (a) | 3,004 | 78,705 |
| Cars.com, Inc. (a) | 2,065 | 40,680 |
| EverQuote, Inc., Class A (a) | 869 | 18,127 |
| fuboTV, Inc. (a) | 8,652 | 10,728 |
| Getty Images Holdings, Inc. (a) | 3,570 | 11,638 |
| IAC, Inc. (a) | 600 | 28,110 |
| | Number
of Shares | Fair
Value |
| Match Group, Inc. (a) | 2,063 | $62,674 |
| MediaAlpha, Inc., Class A (a) | 706 | 9,298 |
| Meta Platforms, Inc., Class A | 15,150 | 7,638,933 |
| Nextdoor Holdings, Inc. (a) | 6,059 | 16,844 |
| Outbrain, Inc. (a) | 1,636 | 8,147 |
| Pinterest, Inc., Class A (a) | 3,897 | 171,741 |
| QuinStreet, Inc. (a) | 1,624 | 26,942 |
| Shutterstock, Inc. | 760 | 29,412 |
| System1, Inc. (a) | 863 | 1,312 |
| TripAdvisor, Inc. (a) | 700 | 12,467 |
| TrueCar, Inc. (a) | 3,687 | 11,540 |
| Trump Media & Technology Group Corp. (a) | 500 | 16,375 |
| Vimeo, Inc. (a) | 4,674 | 17,434 |
| Yelp, Inc. (a) | 2,169 | 80,145 |
| Ziff Davis, Inc. (a) | 1,517 | 83,511 |
| ZipRecruiter, Inc., Class A (a) | 2,374 | 21,580 |
| ZoomInfo Technologies, Inc. (a) | 2,000 | 25,540 |
| | | 22,079,319 |
| Internet Services & Infrastructure - 0.1% |
| Akamai Technologies, Inc. (a) | 914 | 82,333 |
| Applied Digital Corp. (a) | 3,384 | 20,135 |
| Backblaze, Inc., Class A (a) | 1,456 | 8,969 |
| BigCommerce Holdings, Inc. (a) | 2,097 | 16,902 |
| Cloudflare, Inc., Class A (a) | 1,985 | 164,418 |
| Core Scientific, Inc. (a) | 5,968 | 55,502 |
| Couchbase, Inc. (a) | 1,330 | 24,286 |
| DigitalOcean Holdings, Inc. (a) | 2,191 | 76,137 |
| Fastly, Inc., Class A (a) | 4,367 | 32,185 |
| GoDaddy, Inc., Class A (a) | 1,000 | 139,710 |
| MongoDB, Inc. (a) | 437 | 109,232 |
| Okta, Inc. (a) | 961 | 89,959 |
| Rackspace Technology, Inc. (a) | 3,110 | 9,268 |
| Snowflake, Inc., Class A (a) | 2,208 | 298,279 |
| Squarespace, Inc., Class A (a) | 2,023 | 88,263 |
| Tucows, Inc., Class A (a) | 390 | 7,535 |
| Twilio, Inc., Class A (a) | 1,247 | 70,842 |
| VeriSign, Inc. (a) | 607 | 107,925 |
| | | 1,401,880 |
| Investment Banking & Brokerage - 0.4% |
| B Riley Financial, Inc. | 645 | 11,378 |
| BGC Group, Inc., Class A | 12,299 | 102,082 |
| Charles Schwab Corp. | 10,281 | 757,607 |
| Evercore, Inc., Class A | 266 | 55,442 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Goldman Sachs Group, Inc. | 2,208 | $998,723 |
| Houlihan Lokey, Inc. | 400 | 53,944 |
| Interactive Brokers Group, Inc., Class A | 700 | 85,820 |
| Jefferies Financial Group, Inc. | 1,309 | 65,136 |
| Lazard, Inc. | 500 | 19,090 |
| LPL Financial Holdings, Inc. | 503 | 140,488 |
| Moelis & Co., Class A | 2,348 | 133,507 |
| Morgan Stanley | 8,080 | 785,295 |
| Perella Weinberg Partners | 1,788 | 29,055 |
| Piper Sandler Cos. | 577 | 132,808 |
| PJT Partners, Inc., Class A | 787 | 84,925 |
| Raymond James Financial, Inc. | 1,292 | 159,704 |
| Robinhood Markets, Inc., Class A (a) | 4,661 | 105,851 |
| Stifel Financial Corp. | 700 | 58,905 |
| StoneX Group, Inc. (a) | 915 | 68,909 |
| Virtu Financial, Inc., Class A | 500 | 11,225 |
| | | 3,859,894 |
| IT Consulting & Other Services - 0.3% |
| Accenture PLC, Class A | 4,381 | 1,329,239 |
| Amdocs Ltd. | 867 | 68,424 |
| ASGN, Inc. (a) | 1,474 | 129,963 |
| BigBear.ai Holdings, Inc. (a) | 2,108 | 3,183 |
| Cognizant Technology Solutions Corp., Class A | 3,402 | 231,336 |
| DXC Technology Co. (a) | 1,200 | 22,908 |
| EPAM Systems, Inc. (a) | 398 | 74,868 |
| Gartner, Inc. (a) | 538 | 241,594 |
| Globant SA (a) | 300 | 53,478 |
| Grid Dynamics Holdings, Inc. (a) | 1,700 | 17,867 |
| Hackett Group, Inc. | 779 | 16,920 |
| Information Services Group, Inc. | 1,394 | 4,098 |
| International Business Machines Corp. | 6,331 | 1,094,947 |
| Kyndryl Holdings, Inc. (a) | 1,359 | 35,755 |
| Perficient, Inc. (a) | 1,156 | 86,457 |
| Thoughtworks Holding, Inc. (a) | 3,788 | 10,758 |
| Unisys Corp. (a) | 2,017 | 8,330 |
| | | 3,430,125 |
| Leisure Facilities - 0.0%* |
| Dave & Buster's Entertainment, Inc. (a) | 1,054 | 41,960 |
| Life Time Group Holdings, Inc. (a) | 1,985 | 37,377 |
| | Number
of Shares | Fair
Value |
| Planet Fitness, Inc., Class A (a) | 600 | $44,154 |
| Six Flags Entertainment Corp. | 2,439 | 80,828 |
| United Parks & Resorts, Inc. (a) | 1,135 | 61,642 |
| Vail Resorts, Inc. | 300 | 54,039 |
| Xponential Fitness, Inc., Class A (a) | 843 | 13,151 |
| | | 333,151 |
| Leisure Products - 0.1% |
| Acushnet Holdings Corp. | 946 | 60,052 |
| AMMO, Inc. (a) | 3,750 | 6,300 |
| BRP, Inc. | 326 | 20,882 |
| Brunswick Corp. | 500 | 36,385 |
| Clarus Corp. | 1,227 | 8,258 |
| Escalade, Inc. | 417 | 5,750 |
| Funko, Inc., Class A (a) | 1,089 | 10,629 |
| Hasbro, Inc. | 1,000 | 58,500 |
| JAKKS Pacific, Inc. (a) | 325 | 5,821 |
| Johnson Outdoors, Inc., Class A | 237 | 8,290 |
| Latham Group, Inc. (a) | 1,463 | 4,433 |
| Malibu Boats, Inc., Class A (a) | 622 | 21,795 |
| Marine Products Corp. | 321 | 3,242 |
| MasterCraft Boat Holdings, Inc. (a) | 688 | 12,989 |
| Mattel, Inc. (a) | 2,659 | 43,235 |
| Peloton Interactive, Inc., Class A (a) | 11,395 | 38,515 |
| Polaris, Inc. | 400 | 31,324 |
| Smith & Wesson Brands, Inc. | 1,397 | 20,033 |
| Solo Brands, Inc., Class A (a) | 1,145 | 2,611 |
| Sturm Ruger & Co., Inc. | 535 | 22,283 |
| Topgolf Callaway Brands Corp. (a) | 4,690 | 71,757 |
| Vista Outdoor, Inc. (a) | 1,946 | 73,267 |
| YETI Holdings, Inc. (a) | 500 | 19,075 |
| | | 585,426 |
| Life & Health Insurance - 0.2% |
| Aflac, Inc. | 4,055 | 362,152 |
| Brighthouse Financial, Inc. (a) | 670 | 29,038 |
| CNO Financial Group, Inc. | 3,515 | 97,436 |
| F&G Annuities & Life, Inc. | 572 | 21,765 |
| Genworth Financial, Inc., Class A (a) | 14,115 | 85,254 |
| Globe Life, Inc. | 700 | 57,596 |
| Lincoln National Corp. | 1,286 | 39,994 |
| MetLife, Inc. | 4,253 | 298,518 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| National Western Life Group, Inc., Class A | 73 | $36,277 |
| Oscar Health, Inc., Class A (a) | 6,463 | 102,245 |
| Primerica, Inc. | 200 | 47,316 |
| Principal Financial Group, Inc. | 1,600 | 125,520 |
| Prudential Financial, Inc. | 2,402 | 281,490 |
| Unum Group | 1,400 | 71,554 |
| | | 1,656,155 |
| Life Sciences Tools & Services - 0.4% |
| 10X Genomics, Inc., Class A (a) | 800 | 15,560 |
| Adaptive Biotechnologies Corp. (a) | 3,362 | 12,171 |
| Agilent Technologies, Inc. | 2,006 | 260,038 |
| Akoya Biosciences, Inc. (a) | 916 | 2,143 |
| Avantor, Inc. (a) | 4,993 | 105,852 |
| Azenta, Inc. (a) | 400 | 21,048 |
| BioLife Solutions, Inc. (a) | 1,084 | 23,230 |
| Bio-Rad Laboratories, Inc., Class A (a) | 161 | 43,971 |
| Bio-Techne Corp. | 1,162 | 83,257 |
| Bruker Corp. | 761 | 48,559 |
| Charles River Laboratories International, Inc. (a) | 328 | 67,758 |
| ChromaDex Corp. (a) | 1,916 | 5,231 |
| Codexis, Inc. (a) | 3,022 | 9,368 |
| CryoPort, Inc. (a) | 1,363 | 9,418 |
| Cytek Biosciences, Inc. (a) | 3,699 | 20,640 |
| Danaher Corp. | 4,611 | 1,152,058 |
| Fortrea Holdings, Inc. (a) | 587 | 13,701 |
| Harvard Bioscience, Inc. (a) | 1,717 | 4,894 |
| Illumina, Inc. (a) | 1,172 | 122,333 |
| IQVIA Holdings, Inc. (a) | 1,219 | 257,745 |
| Lifecore Biomedical, Inc. (a) | 869 | 4,458 |
| Maravai LifeSciences Holdings, Inc., Class A (a) | 3,761 | 26,929 |
| MaxCyte, Inc. (a) | 3,655 | 14,328 |
| Medpace Holdings, Inc. (a) | 133 | 54,776 |
| Mesa Laboratories, Inc. | 160 | 13,883 |
| Mettler-Toledo International, Inc. (a) | 158 | 220,819 |
| Nautilus Biotechnology, Inc. (a) | 2,044 | 4,783 |
| OmniAb, Inc. (a)(e) | 2,860 | 10,725 |
| OmniAb, Inc. (a)(d)(e)** | 394 | — |
| Pacific Biosciences of California, Inc. (a) | 7,707 | 10,559 |
| Qiagen NV (a) | 3,946 | 162,666 |
| Quanterix Corp. (a) | 1,083 | 14,306 |
| | Number
of Shares | Fair
Value |
| Quantum-Si, Inc. (a) | 4,148 | $4,355 |
| Repligen Corp. (a) | 406 | 51,180 |
| Revvity, Inc. | 760 | 79,694 |
| Sotera Health Co. (a) | 1,300 | 15,431 |
| Standard BioTools, Inc. (a) | 10,425 | 18,452 |
| Thermo Fisher Scientific, Inc. | 2,668 | 1,475,404 |
| Waters Corp. (a) | 352 | 102,122 |
| West Pharmaceutical Services, Inc. | 485 | 159,754 |
| | | 4,723,599 |
| Managed Healthcare - 0.5% |
| Alignment Healthcare, Inc. (a) | 3,409 | 26,658 |
| Centene Corp. (a) | 3,626 | 240,404 |
| Elevance Health, Inc. | 1,549 | 839,341 |
| HealthEquity, Inc. (a) | 2,805 | 241,791 |
| Humana, Inc. | 777 | 290,326 |
| Molina Healthcare, Inc. (a) | 439 | 130,515 |
| Progyny, Inc. (a) | 2,817 | 80,594 |
| UnitedHealth Group, Inc. | 6,400 | 3,259,264 |
| | | 5,108,893 |
| Marine Transportation - 0.0%* |
| Genco Shipping & Trading Ltd. | 1,295 | 27,596 |
| Kirby Corp. (a) | 400 | 47,892 |
| Matson, Inc. | 1,125 | 147,341 |
| Pangaea Logistics Solutions Ltd. | 1,050 | 8,222 |
| | | 231,051 |
| Metal, Glass & Plastic Containers - 0.0%* |
| AptarGroup, Inc. | 464 | 65,336 |
| Ardagh Metal Packaging SA | 4,999 | 16,997 |
| Ball Corp. | 1,992 | 119,560 |
| Berry Global Group, Inc. | 918 | 54,024 |
| Crown Holdings, Inc. | 647 | 48,130 |
| Greif, Inc., Class A | 836 | 48,045 |
| Greif, Inc., Class B | 156 | 9,748 |
| Myers Industries, Inc. | 1,106 | 14,798 |
| O-I Glass, Inc. (a) | 5,123 | 57,019 |
| Silgan Holdings, Inc. | 523 | 22,139 |
| TriMas Corp. | 1,282 | 32,768 |
| | | 488,564 |
| Mortgage REITs - 0.1% |
| AFC Gamma, Inc. | 718 | 8,760 |
| AG Mortgage Investment Trust, Inc. | 1,068 | 7,092 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| AGNC Investment Corp. | 4,789 | $45,687 |
| Angel Oak Mortgage REIT, Inc. | 437 | 5,725 |
| Annaly Capital Management, Inc. | 3,775 | 71,951 |
| Apollo Commercial Real Estate Finance, Inc. | 4,714 | 46,150 |
| Arbor Realty Trust, Inc. | 6,136 | 88,052 |
| ARES Commercial Real Estate Corp. | 1,530 | 10,174 |
| ARMOUR Residential REIT, Inc. | 1,514 | 29,341 |
| Blackstone Mortgage Trust, Inc., Class A | 5,776 | 100,618 |
| BrightSpire Capital, Inc. | 3,940 | 22,458 |
| Chicago Atlantic Real Estate Finance, Inc. | 710 | 10,906 |
| Chimera Investment Corp. | 2,720 | 34,816 |
| Claros Mortgage Trust, Inc. | 2,774 | 22,247 |
| Dynex Capital, Inc. | 2,176 | 25,981 |
| Ellington Financial, Inc. | 2,792 | 33,727 |
| Franklin BSP Realty Trust, Inc. | 2,566 | 32,332 |
| Granite Point Mortgage Trust, Inc. | 2,146 | 6,374 |
| Invesco Mortgage Capital, Inc. | 1,500 | 14,055 |
| KKR Real Estate Finance Trust, Inc. | 1,837 | 16,625 |
| Ladder Capital Corp. | 3,754 | 42,383 |
| MFA Financial, Inc. | 3,161 | 33,633 |
| New York Mortgage Trust, Inc. | 2,852 | 16,656 |
| Nexpoint Real Estate Finance, Inc. | 283 | 3,883 |
| Orchid Island Capital, Inc. | 1,586 | 13,227 |
| PennyMac Mortgage Investment Trust | 2,692 | 37,015 |
| Ready Capital Corp. | 5,344 | 43,714 |
| Redwood Trust, Inc. | 4,040 | 26,220 |
| Rithm Capital Corp. | 3,100 | 33,821 |
| Seven Hills Realty Trust | 486 | 6,162 |
| Starwood Property Trust, Inc. | 2,000 | 37,880 |
| TPG RE Finance Trust, Inc. | 1,988 | 17,176 |
| Two Harbors Investment Corp. | 3,434 | 45,363 |
| | | 990,204 |
| Motorcycle Manufacturers - 0.0%* |
| Harley-Davidson, Inc. | 900 | 30,186 |
| Movies & Entertainment - 0.4% |
| AMC Entertainment Holdings, Inc., Class A (a) | 9,353 | 46,578 |
| | Number
of Shares | Fair
Value |
| Atlanta Braves Holdings, Inc., Class A (a) | 308 | $12,730 |
| Atlanta Braves Holdings, Inc., Class C (a) | 1,677 | 66,141 |
| Cinemark Holdings, Inc. (a) | 3,681 | 79,583 |
| Eventbrite, Inc., Class A (a) | 2,370 | 11,471 |
| IMAX Corp. (a) | 1,368 | 22,941 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 1,499 | 107,688 |
| Liberty Media Corp.-Liberty Live, Class C (a) | 473 | 18,102 |
| Lions Gate Entertainment Corp., Class A (a) | 2,223 | 20,941 |
| Lions Gate Entertainment Corp., Class B (a) | 3,702 | 31,726 |
| Live Nation Entertainment, Inc. (a) | 1,128 | 105,739 |
| LiveOne, Inc. (a) | 2,779 | 4,363 |
| Madison Square Garden Entertainment Corp. (a) | 1,234 | 42,240 |
| Madison Square Garden Sports Corp. (a) | 100 | 18,813 |
| Marcus Corp. | 729 | 8,289 |
| Netflix, Inc. (a) | 2,977 | 2,009,118 |
| Reservoir Media, Inc. (a) | 781 | 6,170 |
| Roku, Inc. (a) | 884 | 52,978 |
| Sphere Entertainment Co. (a) | 820 | 28,749 |
| Spotify Technology SA (a) | 995 | 312,221 |
| TKO Group Holdings, Inc. | 451 | 48,703 |
| Vivid Seats, Inc., Class A (a) | 2,289 | 13,162 |
| Walt Disney Co. | 12,733 | 1,264,259 |
| Warner Bros Discovery, Inc. (a) | 16,146 | 120,126 |
| | | 4,452,831 |
| Multi-Family Residential REITs - 0.1% |
| Apartment Investment & Management Co., Class A (a) | 4,465 | 37,015 |
| AvalonBay Communities, Inc. | 1,005 | 207,924 |
| BRT Apartments Corp. | 496 | 8,665 |
| Camden Property Trust | 738 | 80,523 |
| Centerspace | 466 | 31,516 |
| Clipper Realty, Inc. | 311 | 1,123 |
| Elme Communities | 2,910 | 46,356 |
| Equity Residential | 2,712 | 188,050 |
| Essex Property Trust, Inc. | 404 | 109,969 |
| Independence Realty Trust, Inc. | 7,505 | 140,644 |
| Mid-America Apartment Communities, Inc. | 724 | 103,250 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| NexPoint Residential Trust, Inc. | 693 | $27,380 |
| UDR, Inc. | 2,447 | 100,694 |
| Veris Residential, Inc. | 2,451 | 36,765 |
| | | 1,119,874 |
| Multi-Line Insurance - 0.0%* |
| American International Group, Inc. | 4,575 | 339,648 |
| Horace Mann Educators Corp. | 1,277 | 41,656 |
| | | 381,304 |
| Multi-Sector Holdings - 0.5% |
| Berkshire Hathaway, Inc., Class B (a) | 12,657 | 5,148,868 |
| Cannae Holdings, Inc. | 1,904 | 34,538 |
| Compass Diversified Holdings | 2,237 | 48,968 |
| | | 5,232,374 |
| Multi-Utilities - 0.2% |
| Ameren Corp. | 1,951 | 138,736 |
| Avista Corp. | 2,608 | 90,263 |
| Black Hills Corp. | 2,280 | 123,986 |
| CenterPoint Energy, Inc. | 4,137 | 128,164 |
| CMS Energy Corp. | 1,800 | 107,154 |
| Consolidated Edison, Inc. | 2,339 | 209,153 |
| Dominion Energy, Inc. | 5,742 | 281,358 |
| DTE Energy Co. | 1,484 | 164,739 |
| NiSource, Inc. | 3,113 | 89,686 |
| Northwestern Energy Group, Inc. | 2,052 | 102,764 |
| Public Service Enterprise Group, Inc. | 3,499 | 257,876 |
| Sempra | 4,378 | 332,991 |
| Unitil Corp. | 489 | 25,325 |
| WEC Energy Group, Inc. | 2,274 | 178,418 |
| | | 2,230,613 |
| Office REITs - 0.1% |
| Boston Properties, Inc. | 900 | 55,404 |
| Brandywine Realty Trust | 5,208 | 23,332 |
| City Office REIT, Inc. | 1,611 | 8,023 |
| COPT Defense Properties | 3,749 | 93,837 |
| Cousins Properties, Inc. | 900 | 20,835 |
| Douglas Emmett, Inc. | 5,391 | 71,754 |
| Easterly Government Properties, Inc. | 3,210 | 39,708 |
| Equity Commonwealth (a) | 3,533 | 68,540 |
| | Number
of Shares | Fair
Value |
| Franklin Street Properties Corp., Class C | 3,733 | $5,712 |
| Highwoods Properties, Inc. | 600 | 15,762 |
| Hudson Pacific Properties, Inc. | 4,201 | 20,207 |
| JBG SMITH Properties | 2,914 | 44,380 |
| Kilroy Realty Corp. | 822 | 25,622 |
| NET Lease Office Properties | 523 | 12,876 |
| Orion Office REIT, Inc. | 2,358 | 8,465 |
| Paramount Group, Inc. | 5,679 | 26,294 |
| Peakstone Realty Trust | 1,124 | 11,914 |
| Piedmont Office Realty Trust, Inc., Class A | 3,795 | 27,514 |
| Postal Realty Trust, Inc., Class A | 879 | 11,717 |
| SL Green Realty Corp. | 2,208 | 125,061 |
| Vornado Realty Trust | 1,300 | 34,177 |
| | | 751,134 |
| Office Services & Supplies - 0.0%* |
| ACCO Brands Corp. | 2,847 | 13,381 |
| CompX International, Inc. | 19 | 469 |
| HNI Corp. | 1,569 | 70,636 |
| Interface, Inc. | 1,761 | 25,851 |
| MillerKnoll, Inc. | 2,304 | 61,033 |
| MSA Safety, Inc. | 200 | 37,538 |
| NL Industries, Inc. | 196 | 1,182 |
| Pitney Bowes, Inc. | 5,398 | 27,422 |
| Steelcase, Inc., Class A | 2,868 | 37,169 |
| Virco Mfg. Corp. | 401 | 5,590 |
| | | 280,271 |
| Oil & Gas Drilling - 0.1% |
| Diamond Offshore Drilling, Inc. (a) | 3,429 | 53,115 |
| Helmerich & Payne, Inc. | 3,214 | 116,154 |
| Nabors Industries Ltd. (a) | 278 | 19,782 |
| Noble Corp. PLC | 3,794 | 169,402 |
| Patterson-UTI Energy, Inc. | 13,259 | 137,363 |
| Transocean Ltd. (a) | 24,231 | 129,636 |
| Valaris Ltd. (a) | 2,083 | 155,184 |
| | | 780,636 |
| Oil & Gas Equipment & Services - 0.2% |
| Archrock, Inc. | 5,137 | 103,870 |
| Atlas Energy Solutions, Inc. | 2,283 | 45,500 |
| Baker Hughes Co. | 6,933 | 243,834 |
| Bristow Group, Inc. (a) | 840 | 28,165 |
| Cactus, Inc., Class A | 2,178 | 114,868 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| ChampionX Corp. | 6,244 | $207,363 |
| Core Laboratories, Inc. | 1,440 | 29,218 |
| DMC Global, Inc. (a) | 772 | 11,132 |
| Dril-Quip, Inc. (a) | 1,032 | 19,195 |
| Expro Group Holdings NV (a) | 3,161 | 72,450 |
| Forum Energy Technologies, Inc. (a) | 446 | 7,520 |
| Geospace Technologies Corp. (a) | 503 | 4,517 |
| Halliburton Co. | 6,082 | 205,450 |
| Helix Energy Solutions Group, Inc. (a) | 4,827 | 57,634 |
| Kodiak Gas Services, Inc. | 695 | 18,946 |
| Liberty Energy, Inc. | 5,370 | 112,179 |
| Mammoth Energy Services, Inc. (a) | 972 | 3,188 |
| Natural Gas Services Group, Inc. (a) | 396 | 7,968 |
| Newpark Resources, Inc. (a) | 2,833 | 23,542 |
| NOV, Inc. | 2,900 | 55,129 |
| Oceaneering International, Inc. (a) | 3,372 | 79,782 |
| Oil States International, Inc. (a) | 2,593 | 11,513 |
| ProFrac Holding Corp., Class A (a) | 1,043 | 7,729 |
| ProPetro Holding Corp. (a) | 2,899 | 25,134 |
| Ranger Energy Services, Inc. | 563 | 5,923 |
| RPC, Inc. | 2,660 | 16,625 |
| Schlumberger NV | 9,850 | 464,723 |
| SEACOR Marine Holdings, Inc. (a) | 721 | 9,726 |
| Select Water Solutions, Inc. | 3,088 | 33,042 |
| Solaris Oilfield Infrastructure, Inc., Class A | 925 | 7,936 |
| Tenaris SA | 4,973 | 76,483 |
| TETRA Technologies, Inc. (a) | 3,906 | 13,515 |
| Tidewater, Inc. (a) | 1,619 | 154,145 |
| U.S. Silica Holdings, Inc. (a) | 2,512 | 38,810 |
| Weatherford International PLC (a) | 400 | 48,980 |
| | | 2,365,734 |
| Oil & Gas Exploration & Production - 0.4% |
| Amplify Energy Corp. (a) | 1,463 | 9,919 |
| Antero Resources Corp. (a) | 2,100 | 68,523 |
| APA Corp. | 2,200 | 64,768 |
| Berry Corp. | 2,365 | 15,278 |
| California Resources Corp. | 2,293 | 122,033 |
| Chesapeake Energy Corp. | 900 | 73,971 |
| | Number
of Shares | Fair
Value |
| Chord Energy Corp. | 300 | $50,304 |
| Civitas Resources, Inc. | 600 | 41,400 |
| CNX Resources Corp. (a) | 4,927 | 119,726 |
| Comstock Resources, Inc. | 2,842 | 29,500 |
| ConocoPhillips | 8,172 | 934,713 |
| Coterra Energy, Inc. | 5,527 | 147,405 |
| Crescent Energy Co., Class A | 3,228 | 38,252 |
| Devon Energy Corp. | 4,429 | 209,935 |
| Diamondback Energy, Inc. | 1,231 | 246,434 |
| Diversified Energy Co. PLC | 1,612 | 21,746 |
| Empire Petroleum Corp. (a) | 548 | 2,828 |
| EOG Resources, Inc. | 4,081 | 513,675 |
| EQT Corp. | 2,702 | 99,920 |
| Evolution Petroleum Corp. | 1,228 | 6,472 |
| Granite Ridge Resources, Inc. | 1,530 | 9,685 |
| Gulfport Energy Corp. (a) | 433 | 65,383 |
| Hess Corp. | 1,913 | 282,206 |
| HighPeak Energy, Inc. | 488 | 6,861 |
| Magnolia Oil & Gas Corp., Class A | 5,650 | 143,171 |
| Marathon Oil Corp. | 3,787 | 108,573 |
| Matador Resources Co. | 700 | 41,720 |
| Murphy Oil Corp. | 4,808 | 198,282 |
| Northern Oil & Gas, Inc. | 3,296 | 122,512 |
| Ovintiv, Inc. | 1,900 | 89,053 |
| Permian Resources Corp. | 3,900 | 62,985 |
| PrimeEnergy Resources Corp. (a) | 26 | 2,765 |
| Range Resources Corp. | 1,500 | 50,295 |
| Riley Exploration Permian, Inc. | 373 | 10,560 |
| Ring Energy, Inc. (a) | 4,878 | 8,244 |
| Sable Offshore Corp. (a) | 1,721 | 25,935 |
| SandRidge Energy, Inc. | 983 | 12,710 |
| SilverBow Resources, Inc. (a) | 717 | 27,124 |
| Sitio Royalties Corp., Class A | 2,763 | 65,234 |
| SM Energy Co. | 3,794 | 164,015 |
| Southwestern Energy Co. (a) | 6,900 | 46,437 |
| Talos Energy, Inc. (a) | 4,952 | 60,167 |
| Texas Pacific Land Corp. | 137 | 100,595 |
| VAALCO Energy, Inc. | 3,203 | 20,083 |
| Viper Energy, Inc. | 500 | 18,765 |
| Vital Energy, Inc. (a) | 963 | 43,162 |
| Vitesse Energy, Inc. | 760 | 18,012 |
| W&T Offshore, Inc. | 4,025 | 8,613 |
| | | 4,629,949 |
| Oil & Gas Refining & Marketing - 0.2% |
| Aemetis, Inc. (a) | 1,456 | 4,383 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Clean Energy Fuels Corp. (a) | 5,197 | $13,876 |
| CVR Energy, Inc. | 1,158 | 31,000 |
| Delek U.S. Holdings, Inc. | 2,097 | 51,922 |
| FutureFuel Corp. | 1,104 | 5,663 |
| Green Plains, Inc. (a) | 2,152 | 34,131 |
| HF Sinclair Corp. | 1,200 | 64,008 |
| Marathon Petroleum Corp. | 2,468 | 428,149 |
| Par Pacific Holdings, Inc. (a) | 1,923 | 48,556 |
| PBF Energy, Inc., Class A | 3,474 | 159,873 |
| Phillips 66 Co. | 2,891 | 408,122 |
| REX American Resources Corp. (a) | 474 | 21,610 |
| Valero Energy Corp. | 2,286 | 358,353 |
| World Kinect Corp. | 1,860 | 47,988 |
| | | 1,677,634 |
| Oil & Gas Storage & Transportation - 0.2% |
| Antero Midstream Corp. | 2,500 | 36,850 |
| Cheniere Energy, Inc. | 1,579 | 276,057 |
| DHT Holdings, Inc. | 4,464 | 51,648 |
| Dorian LPG Ltd. | 1,145 | 48,044 |
| DT Midstream, Inc. | 750 | 53,272 |
| Equitrans Midstream Corp. | 14,407 | 187,003 |
| Excelerate Energy, Inc., Class A | 543 | 10,013 |
| International Seaways, Inc. | 1,347 | 79,648 |
| Kinder Morgan, Inc. | 13,617 | 270,570 |
| Kinetik Holdings, Inc. | 1,283 | 53,168 |
| New Fortress Energy, Inc. | 300 | 6,594 |
| NextDecade Corp. (a) | 3,917 | 31,101 |
| Nordic American Tankers Ltd. | 6,295 | 25,054 |
| ONEOK, Inc. | 4,055 | 330,685 |
| Overseas Shipholding Group, Inc., Class A | 1,749 | 14,832 |
| Targa Resources Corp. | 1,547 | 199,223 |
| Williams Cos., Inc. | 8,437 | 358,572 |
| | | 2,032,334 |
| Other Specialized REITs - 0.1% |
| EPR Properties | 700 | 29,386 |
| Farmland Partners, Inc. | 1,382 | 15,934 |
| Four Corners Property Trust, Inc. | 3,061 | 75,515 |
| Gaming & Leisure Properties, Inc. | 1,911 | 86,396 |
| Gladstone Land Corp. | 1,029 | 14,087 |
| Iron Mountain, Inc. | 2,100 | 188,202 |
| Lamar Advertising Co., Class A | 500 | 59,765 |
| Outfront Media, Inc. | 4,944 | 70,699 |
| | Number
of Shares | Fair
Value |
| Safehold, Inc. | 1,752 | $33,796 |
| Uniti Group, Inc. | 7,292 | 21,293 |
| VICI Properties, Inc. | 7,059 | 202,170 |
| | | 797,243 |
| Other Specialty Retail - 0.1% |
| 1-800-Flowers.com, Inc., Class A (a) | 1,136 | 10,815 |
| Academy Sports & Outdoors, Inc. | 2,402 | 127,906 |
| BARK, Inc. (a) | 5,659 | 10,243 |
| Bath & Body Works, Inc. | 1,698 | 66,307 |
| Build-A-Bear Workshop, Inc. | 395 | 9,982 |
| Dick's Sporting Goods, Inc. | 387 | 83,147 |
| Five Below, Inc. (a) | 400 | 43,588 |
| Hibbett, Inc. | 358 | 31,221 |
| Leslie's, Inc. (a) | 5,466 | 22,903 |
| MarineMax, Inc. (a) | 680 | 22,012 |
| National Vision Holdings, Inc. (a) | 2,402 | 31,442 |
| ODP Corp. (a) | 1,197 | 47,006 |
| Petco Health & Wellness Co., Inc. (a) | 2,981 | 11,268 |
| Sally Beauty Holdings, Inc. (a) | 3,324 | 35,666 |
| Signet Jewelers Ltd. | 1,412 | 126,487 |
| Tractor Supply Co. | 703 | 189,810 |
| Ulta Beauty, Inc. (a) | 341 | 131,582 |
| Warby Parker, Inc., Class A (a) | 2,929 | 47,040 |
| Winmark Corp. | 91 | 32,089 |
| | | 1,080,514 |
| Packaged Foods & Meats - 0.5% |
| B&G Foods, Inc. | 2,464 | 19,909 |
| Beyond Meat, Inc. (a) | 1,811 | 12,152 |
| BRC, Inc., Class A (a) | 1,589 | 9,741 |
| Calavo Growers, Inc. | 534 | 12,122 |
| Cal-Maine Foods, Inc. | 1,367 | 83,537 |
| Campbell Soup Co. | 1,400 | 63,266 |
| Conagra Brands, Inc. | 3,500 | 99,470 |
| Dole PLC | 2,543 | 31,126 |
| Flowers Foods, Inc. | 1,400 | 31,080 |
| Freshpet, Inc. (a) | 300 | 38,817 |
| General Mills, Inc. | 3,830 | 242,286 |
| Hain Celestial Group, Inc. (a) | 2,719 | 18,788 |
| Hershey Co. | 994 | 182,727 |
| Hormel Foods Corp. | 2,178 | 66,407 |
| J & J Snack Foods Corp. | 509 | 82,646 |
| J M Smucker Co. | 721 | 78,618 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| JBS SA (a) | 11,000 | $63,907 |
| John B Sanfilippo & Son, Inc. | 275 | 26,722 |
| Kellanova | 1,895 | 109,304 |
| Kraft Heinz Co. | 5,829 | 187,810 |
| Lamb Weston Holdings, Inc. | 1,086 | 91,311 |
| Lancaster Colony Corp. | 650 | 122,830 |
| Mama's Creations, Inc. (a) | 1,211 | 8,162 |
| McCormick & Co., Inc. | 1,577 | 111,872 |
| Mission Produce, Inc. (a) | 1,517 | 14,988 |
| Mondelez International, Inc., Class A | 9,359 | 612,453 |
| Nestle SA | 28,511 | 2,910,115 |
| Pilgrim's Pride Corp. (a) | 303 | 11,662 |
| Post Holdings, Inc. (a) | 400 | 41,664 |
| Seaboard Corp. | 1 | 3,161 |
| Seneca Foods Corp., Class A (a) | 145 | 8,323 |
| Simply Good Foods Co. (a) | 3,035 | 109,655 |
| TreeHouse Foods, Inc. (a) | 1,584 | 58,038 |
| Tyson Foods, Inc., Class A | 2,071 | 118,337 |
| Utz Brands, Inc. | 2,305 | 38,355 |
| Vital Farms, Inc. (a) | 1,093 | 51,120 |
| Westrock Coffee Co. (a) | 1,120 | 11,458 |
| Whole Earth Brands, Inc. (a) | 1,239 | 6,022 |
| WK Kellogg Co. | 2,214 | 36,442 |
| | | 5,826,403 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Amcor PLC | 10,700 | 104,646 |
| Avery Dennison Corp. | 542 | 118,508 |
| Graphic Packaging Holding Co. | 2,300 | 60,283 |
| International Paper Co. | 2,223 | 95,922 |
| Packaging Corp. of America | 583 | 106,433 |
| Pactiv Evergreen, Inc. | 1,253 | 14,184 |
| Ranpak Holdings Corp. (a) | 1,752 | 11,265 |
| Sealed Air Corp. | 1,005 | 34,964 |
| Sonoco Products Co. | 700 | 35,504 |
| Westrock Co. | 1,900 | 95,494 |
| | | 677,203 |
| Paper Products - 0.0%* |
| Clearwater Paper Corp. (a) | 501 | 24,283 |
| Sylvamo Corp. | 1,163 | 79,782 |
| | | 104,065 |
| Passenger Airlines - 0.1% |
| Alaska Air Group, Inc. (a) | 1,021 | 41,248 |
| Allegiant Travel Co. | 485 | 24,362 |
| | Number
of Shares | Fair
Value |
| American Airlines Group, Inc. (a) | 4,800 | $54,384 |
| Blade Air Mobility, Inc. (a) | 2,479 | 8,627 |
| Delta Air Lines, Inc. | 4,148 | 196,781 |
| Frontier Group Holdings, Inc. (a) | 1,651 | 8,139 |
| Hawaiian Holdings, Inc. (a) | 1,552 | 19,291 |
| JetBlue Airways Corp. (a) | 10,492 | 63,896 |
| Joby Aviation, Inc. (a) | 13,427 | 68,478 |
| SkyWest, Inc. (a) | 1,297 | 106,445 |
| Southwest Airlines Co. | 4,362 | 124,797 |
| Spirit Airlines, Inc. | 3,362 | 12,305 |
| Sun Country Airlines Holdings, Inc. (a) | 1,338 | 16,805 |
| United Airlines Holdings, Inc. (a) | 2,366 | 115,130 |
| Wheels Up Experience, Inc. (a) | 3,393 | 6,413 |
| | | 867,101 |
| Passenger Ground Transportation - 0.1% |
| Avis Budget Group, Inc. | 200 | 20,904 |
| Hertz Global Holdings, Inc. (a) | 4,281 | 15,112 |
| Lyft, Inc., Class A (a) | 1,915 | 27,002 |
| Uber Technologies, Inc. (a) | 13,859 | 1,007,272 |
| | | 1,070,290 |
| Personal Care Products - 0.1% |
| Beauty Health Co. (a) | 3,299 | 6,334 |
| BellRing Brands, Inc. (a) | 800 | 45,712 |
| Coty, Inc., Class A (a) | 2,800 | 28,056 |
| Edgewell Personal Care Co. | 1,627 | 65,389 |
| elf Beauty, Inc. (a) | 400 | 84,288 |
| Estee Lauder Cos., Inc., Class A | 1,566 | 166,622 |
| Haleon PLC | 73,556 | 299,960 |
| Herbalife Ltd. (a) | 3,132 | 32,542 |
| Honest Co., Inc. (a) | 2,919 | 8,524 |
| Inter Parfums, Inc. | 609 | 70,662 |
| Kenvue, Inc. | 13,174 | 239,503 |
| Medifast, Inc. | 421 | 9,186 |
| Nature's Sunshine Products, Inc. (a) | 562 | 8,469 |
| Nu Skin Enterprises, Inc., Class A | 1,517 | 15,989 |
| Olaplex Holdings, Inc. (a) | 5,077 | 7,819 |
| USANA Health Sciences, Inc. (a) | 352 | 15,925 |
| Veru, Inc. (a) | 5,362 | 4,511 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Waldencast PLC, Class A (a) | 1,123 | $4,032 |
| | | 1,113,523 |
| Pharmaceuticals - 1.7% |
| Alimera Sciences, Inc. (a) | 852 | 4,737 |
| Alto Neuroscience, Inc. (a) | 293 | 3,132 |
| Amneal Pharmaceuticals, Inc. (a) | 5,377 | 34,144 |
| Amphastar Pharmaceuticals, Inc. (a) | 1,290 | 51,600 |
| ANI Pharmaceuticals, Inc. (a) | 623 | 39,673 |
| Aquestive Therapeutics, Inc. (a) | 2,782 | 7,233 |
| Arvinas, Inc. (a) | 2,152 | 57,286 |
| Atea Pharmaceuticals, Inc. (a) | 2,212 | 7,322 |
| Avadel Pharmaceuticals PLC (a) | 3,107 | 43,684 |
| Axsome Therapeutics, Inc. (a) | 1,213 | 97,647 |
| Biote Corp., Class A (a) | 892 | 6,663 |
| Bristol-Myers Squibb Co. | 14,039 | 583,040 |
| Cassava Sciences, Inc. (a) | 1,230 | 15,191 |
| Catalent, Inc. (a) | 1,329 | 74,730 |
| Collegium Pharmaceutical, Inc. (a) | 1,010 | 32,522 |
| Contineum Therapeutics, Inc., Class A (a) | 268 | 4,719 |
| Corcept Therapeutics, Inc. (a) | 2,695 | 87,561 |
| CorMedix, Inc. (a) | 2,286 | 9,898 |
| Edgewise Therapeutics, Inc. (a) | 2,442 | 43,980 |
| Elanco Animal Health, Inc. (a) | 3,582 | 51,688 |
| Eli Lilly & Co. | 5,896 | 5,338,121 |
| Enliven Therapeutics, Inc. (a) | 1,200 | 28,044 |
| Esperion Therapeutics, Inc. (a) | 6,605 | 14,663 |
| Evolus, Inc. (a) | 1,899 | 20,604 |
| EyePoint Pharmaceuticals, Inc. (a) | 1,748 | 15,208 |
| Fulcrum Therapeutics, Inc. (a) | 2,178 | 13,504 |
| GSK PLC | 44,329 | 857,075 |
| Harmony Biosciences Holdings, Inc. (a) | 993 | 29,959 |
| Harrow, Inc. (a) | 913 | 19,073 |
| Innoviva, Inc. (a) | 1,795 | 29,438 |
| Intra-Cellular Therapies, Inc. (a) | 700 | 47,943 |
| Jazz Pharmaceuticals PLC (a) | 400 | 42,692 |
| Johnson & Johnson | 16,702 | 2,441,164 |
| Ligand Pharmaceuticals, Inc. (a) | 563 | 47,438 |
| | Number
of Shares | Fair
Value |
| Liquidia Corp. (a) | 1,968 | $23,616 |
| Longboard Pharmaceuticals, Inc. (a) | 1,106 | 29,895 |
| Merck & Co., Inc. | 17,443 | 2,159,443 |
| Mind Medicine MindMed, Inc. (a) | 2,487 | 17,931 |
| Nektar Therapeutics (a) | 6,630 | 8,221 |
| Neumora Therapeutics, Inc. (a) | 2,870 | 28,212 |
| Nuvation Bio, Inc. (a) | 6,192 | 18,081 |
| Ocular Therapeutix, Inc. (a) | 5,257 | 35,958 |
| Omeros Corp. (a) | 2,056 | 8,347 |
| Organon & Co. | 1,890 | 39,123 |
| Pacira BioSciences, Inc. (a) | 1,515 | 43,344 |
| Perrigo Co. PLC | 1,000 | 25,680 |
| Pfizer, Inc. | 39,215 | 1,097,236 |
| Phathom Pharmaceuticals, Inc. (a) | 1,276 | 13,143 |
| Phibro Animal Health Corp., Class A | 599 | 10,045 |
| Pliant Therapeutics, Inc. (a) | 1,738 | 18,684 |
| Prestige Consumer Healthcare, Inc. (a) | 1,638 | 112,776 |
| Revance Therapeutics, Inc. (a) | 3,662 | 9,411 |
| Roche Holding AG | 7,839 | 2,185,590 |
| Royalty Pharma PLC, Class A | 2,700 | 71,199 |
| Sanofi SA | 12,168 | 1,172,913 |
| scPharmaceuticals, Inc. (a) | 1,141 | 4,963 |
| SIGA Technologies, Inc. | 1,410 | 10,702 |
| Supernus Pharmaceuticals, Inc. (a) | 1,688 | 45,154 |
| Tarsus Pharmaceuticals, Inc. (a) | 1,246 | 33,866 |
| Terns Pharmaceuticals, Inc. (a) | 2,020 | 13,756 |
| Theravance Biopharma, Inc. (a) | 1,493 | 12,661 |
| Third Harmonic Bio, Inc. (a) | 823 | 10,699 |
| Trevi Therapeutics, Inc. (a) | 1,451 | 4,324 |
| Ventyx Biosciences, Inc. (a) | 2,038 | 4,708 |
| Verrica Pharmaceuticals, Inc. (a) | 727 | 5,300 |
| Viatris, Inc. | 8,900 | 94,607 |
| WaVe Life Sciences Ltd. (a) | 2,189 | 10,923 |
| Xeris Biopharma Holdings, Inc. (a) | 5,477 | 12,323 |
| Zevra Therapeutics, Inc. (a) | 1,469 | 7,198 |
| Zoetis, Inc. | 3,192 | 553,365 |
| | | 18,154,773 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Property & Casualty Insurance - 0.4% |
| Allstate Corp. | 1,791 | $285,951 |
| Ambac Financial Group, Inc. (a) | 1,338 | 17,153 |
| American Coastal Insurance Corp., Class C (a) | 829 | 8,746 |
| American Financial Group, Inc. | 481 | 59,173 |
| AMERISAFE, Inc. | 585 | 25,676 |
| Arch Capital Group Ltd. (a) | 2,400 | 242,136 |
| Assurant, Inc. | 336 | 55,860 |
| Assured Guaranty Ltd. | 400 | 30,860 |
| Axis Capital Holdings Ltd. | 600 | 42,390 |
| Chubb Ltd. | 2,780 | 709,122 |
| Cincinnati Financial Corp. | 965 | 113,966 |
| Donegal Group, Inc., Class A | 670 | 8,630 |
| Employers Holdings, Inc. | 792 | 33,763 |
| Fidelity National Financial, Inc. | 1,900 | 93,898 |
| First American Financial Corp. | 800 | 43,160 |
| Hanover Insurance Group, Inc. | 300 | 37,632 |
| Hartford Financial Services Group, Inc. | 1,950 | 196,053 |
| HCI Group, Inc. | 277 | 25,531 |
| Heritage Insurance Holdings, Inc. (a) | 868 | 6,145 |
| Investors Title Co. | 35 | 6,304 |
| James River Group Holdings Ltd. | 1,142 | 8,828 |
| Kemper Corp. | 300 | 17,799 |
| Kinsale Capital Group, Inc. | 137 | 52,783 |
| Lemonade, Inc. (a) | 1,553 | 25,624 |
| Loews Corp. | 1,200 | 89,688 |
| Markel Group, Inc. (a) | 89 | 140,234 |
| MBIA, Inc. (a) | 1,832 | 10,058 |
| Mercury General Corp. | 833 | 44,266 |
| NI Holdings, Inc. (a) | 294 | 4,498 |
| Old Republic International Corp. | 1,710 | 52,839 |
| Palomar Holdings, Inc. (a) | 818 | 66,381 |
| ProAssurance Corp. (a) | 1,785 | 21,813 |
| Progressive Corp. | 4,067 | 844,757 |
| RLI Corp. | 300 | 42,207 |
| Root, Inc., Class A (a) | 302 | 15,586 |
| Safety Insurance Group, Inc. | 485 | 36,389 |
| Selective Insurance Group, Inc. | 2,017 | 189,255 |
| Skyward Specialty Insurance Group, Inc. (a) | 1,248 | 45,153 |
| | Number
of Shares | Fair
Value |
| Stewart Information Services Corp. | 907 | $56,306 |
| Tiptree, Inc. | 732 | 12,071 |
| Travelers Cos., Inc. | 1,591 | 323,514 |
| Trupanion, Inc. (a) | 1,115 | 32,781 |
| United Fire Group, Inc. | 649 | 13,947 |
| Universal Insurance Holdings, Inc. | 750 | 14,070 |
| W R Berkley Corp. | 1,331 | 104,590 |
| White Mountains Insurance Group Ltd. | 24 | 43,619 |
| | | 4,351,205 |
| Publishing - 0.0%* |
| Gannett Co., Inc. (a) | 4,375 | 20,169 |
| John Wiley & Sons, Inc., Class A | 1,192 | 48,514 |
| New York Times Co., Class A | 1,201 | 61,503 |
| News Corp., Class A | 2,794 | 77,031 |
| News Corp., Class B | 274 | 7,779 |
| Scholastic Corp. | 790 | 28,021 |
| | | 243,017 |
| Rail Transportation - 0.2% |
| CSX Corp. | 13,784 | 461,075 |
| FTAI Infrastructure, Inc. | 3,031 | 26,158 |
| Norfolk Southern Corp. | 1,538 | 330,193 |
| Union Pacific Corp. | 4,228 | 956,627 |
| | | 1,774,053 |
| Real Estate Development - 0.0%* |
| Forestar Group, Inc. (a) | 672 | 21,497 |
| Howard Hughes Holdings, Inc. (a) | 100 | 6,482 |
| Maui Land & Pineapple Co., Inc. (a) | 296 | 6,527 |
| Star Holdings (a) | 599 | 7,224 |
| Stratus Properties, Inc. (a) | 232 | 5,851 |
| | | 47,581 |
| Real Estate Operating Companies - 0.0%* |
| DigitalBridge Group, Inc. | 5,058 | 69,295 |
| FRP Holdings, Inc. (a) | 404 | 11,522 |
| Kennedy-Wilson Holdings, Inc. | 3,705 | 36,013 |
| Transcontinental Realty Investors, Inc. (a) | 80 | 2,218 |
| | | 119,048 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Real Estate Services - 0.1% |
| Anywhere Real Estate, Inc. (a) | 3,354 | $11,102 |
| CBRE Group, Inc., Class A (a) | 2,082 | 185,527 |
| Compass, Inc., Class A (a) | 12,259 | 44,132 |
| CoStar Group, Inc. (a) | 2,928 | 217,082 |
| Cushman & Wakefield PLC (a) | 7,637 | 79,425 |
| eXp World Holdings, Inc. | 2,746 | 30,989 |
| Jones Lang LaSalle, Inc. (a) | 300 | 61,584 |
| Marcus & Millichap, Inc. | 849 | 26,760 |
| Newmark Group, Inc., Class A | 4,516 | 46,199 |
| Opendoor Technologies, Inc. (a) | 20,891 | 38,439 |
| RE/MAX Holdings, Inc., Class A | 747 | 6,051 |
| Redfin Corp. (a) | 3,878 | 23,307 |
| Zillow Group, Inc., Class A (a) | 400 | 18,016 |
| Zillow Group, Inc., Class C (a) | 1,000 | 46,390 |
| | | 835,003 |
| Regional Banks - 0.8% |
| 1st Source Corp. | 622 | 33,352 |
| ACNB Corp. | 304 | 11,026 |
| Amalgamated Financial Corp. | 543 | 14,878 |
| Amerant Bancorp, Inc. | 1,016 | 23,063 |
| Ameris Bancorp | 2,190 | 110,267 |
| Ames National Corp. | 356 | 7,294 |
| Arrow Financial Corp. | 594 | 15,474 |
| Associated Banc-Corp. | 4,984 | 105,412 |
| Atlantic Union Bankshares Corp. | 2,978 | 97,827 |
| Axos Financial, Inc. (a) | 1,819 | 103,956 |
| Banc of California, Inc. | 4,654 | 59,478 |
| BancFirst Corp. | 688 | 60,338 |
| Bancorp, Inc. (a) | 1,602 | 60,492 |
| Bank First Corp. | 324 | 26,759 |
| Bank of Hawaii Corp. | 1,304 | 74,602 |
| Bank of Marin Bancorp | 700 | 11,333 |
| Bank OZK | 800 | 32,800 |
| Bank7 Corp. | 130 | 4,069 |
| BankUnited, Inc. | 2,491 | 72,912 |
| Bankwell Financial Group, Inc. | 194 | 4,922 |
| Banner Corp. | 1,150 | 57,086 |
| Bar Harbor Bankshares | 455 | 12,230 |
| BayCom Corp. | 404 | 8,221 |
| BCB Bancorp, Inc. | 722 | 7,675 |
| Berkshire Hills Bancorp, Inc. | 1,338 | 30,506 |
| Blue Foundry Bancorp (a) | 885 | 8,027 |
| BOK Financial Corp. | 100 | 9,164 |
| | Number
of Shares | Fair
Value |
| Bridgewater Bancshares, Inc. (a) | 807 | $9,369 |
| Brookline Bancorp, Inc. | 2,666 | 22,261 |
| Burke & Herbert Financial Services Corp. | 420 | 21,412 |
| Business First Bancshares, Inc. | 743 | 16,168 |
| Byline Bancorp, Inc. | 1,063 | 25,236 |
| Cadence Bank | 6,043 | 170,896 |
| California BanCorp (a) | 295 | 6,343 |
| Cambridge Bancorp | 235 | 16,215 |
| Camden National Corp. | 439 | 14,487 |
| Capital Bancorp, Inc. | 366 | 7,503 |
| Capital City Bank Group, Inc. | 400 | 11,376 |
| Capitol Federal Financial, Inc. | 3,817 | 20,955 |
| Carter Bankshares, Inc. (a) | 655 | 9,904 |
| Cathay General Bancorp | 2,320 | 87,510 |
| Central Pacific Financial Corp. | 826 | 17,511 |
| Chemung Financial Corp. | 144 | 6,912 |
| ChoiceOne Financial Services, Inc. | 293 | 8,394 |
| Citizens & Northern Corp. | 425 | 7,603 |
| Citizens Financial Group, Inc. | 3,352 | 120,773 |
| Citizens Financial Services, Inc. | 165 | 7,398 |
| City Holding Co. | 485 | 51,531 |
| Civista Bancshares, Inc. | 650 | 10,069 |
| CNB Financial Corp. | 626 | 12,777 |
| Coastal Financial Corp. (a) | 332 | 15,318 |
| Colony Bankcorp, Inc. | 636 | 7,791 |
| Columbia Banking System, Inc. | 1,393 | 27,707 |
| Columbia Financial, Inc. (a) | 920 | 13,772 |
| Commerce Bancshares, Inc. | 879 | 49,031 |
| Community Financial System, Inc. | 1,730 | 81,673 |
| Community Trust Bancorp, Inc. | 472 | 20,608 |
| Community West Bancshares | 642 | 11,877 |
| ConnectOne Bancorp, Inc. | 1,114 | 21,043 |
| CrossFirst Bankshares, Inc. (a) | 1,367 | 19,165 |
| Cullen/Frost Bankers, Inc. | 400 | 40,652 |
| Customers Bancorp, Inc. (a) | 995 | 47,740 |
| CVB Financial Corp. | 4,422 | 76,235 |
| Dime Community Bancshares, Inc. | 1,062 | 21,665 |
| Eagle Bancorp, Inc. | 1,118 | 21,130 |
| East West Bancorp, Inc. | 893 | 65,394 |
| Eastern Bankshares, Inc. | 5,191 | 72,570 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Enterprise Bancorp, Inc. | 353 | $8,783 |
| Enterprise Financial Services Corp. | 1,243 | 50,851 |
| Equity Bancshares, Inc., Class A | 452 | 15,910 |
| Esquire Financial Holdings, Inc. | 209 | 9,948 |
| ESSA Bancorp, Inc. | 356 | 6,262 |
| Farmers & Merchants Bancorp, Inc. | 511 | 11,865 |
| Farmers National Banc Corp. | 1,120 | 13,989 |
| FB Financial Corp. | 1,175 | 45,860 |
| Fidelity D&D Bancorp, Inc. | 203 | 8,891 |
| Financial Institutions, Inc. | 632 | 12,210 |
| First Bancorp, Inc. | 376 | 9,344 |
| First Bancorp/Southern Pines NC | 1,324 | 42,262 |
| First Bancshares, Inc. | 937 | 24,343 |
| First Bank | 895 | 11,402 |
| First Busey Corp. | 1,794 | 43,433 |
| First Business Financial Services, Inc. | 290 | 10,727 |
| First Commonwealth Financial Corp. | 3,143 | 43,405 |
| First Community Bankshares, Inc. | 636 | 23,430 |
| First Financial Bancorp | 3,154 | 70,082 |
| First Financial Bankshares, Inc. | 4,324 | 127,688 |
| First Financial Corp. | 351 | 12,945 |
| First Financial Northwest, Inc. | 270 | 5,705 |
| First Foundation, Inc. | 2,131 | 13,958 |
| First Hawaiian, Inc. | 1,200 | 24,912 |
| First Horizon Corp. | 3,200 | 50,464 |
| First Internet Bancorp | 299 | 8,079 |
| First Interstate BancSystem, Inc., Class A | 2,583 | 71,730 |
| First Merchants Corp. | 1,845 | 61,420 |
| First Mid Bancshares, Inc. | 701 | 23,049 |
| First of Long Island Corp. | 847 | 8,487 |
| First Western Financial, Inc. (a) | 408 | 6,936 |
| Five Star Bancorp | 572 | 13,528 |
| Flushing Financial Corp. | 1,133 | 14,899 |
| FNB Corp. | 2,600 | 35,568 |
| FS Bancorp, Inc. | 285 | 10,388 |
| Fulton Financial Corp. | 5,947 | 100,980 |
| FVCBankcorp, Inc. (a) | 657 | 7,174 |
| German American Bancorp, Inc. | 942 | 33,300 |
| Glacier Bancorp, Inc. | 3,783 | 141,182 |
| | Number
of Shares | Fair
Value |
| Great Southern Bancorp, Inc. | 273 | $15,182 |
| Greene County Bancorp, Inc. | 248 | 8,360 |
| Guaranty Bancshares, Inc. | 303 | 9,557 |
| Hancock Whitney Corp. | 2,882 | 137,846 |
| Hanmi Financial Corp. | 940 | 15,717 |
| HarborOne Bancorp, Inc. | 1,237 | 13,768 |
| HBT Financial, Inc. | 465 | 9,495 |
| Heartland Financial USA, Inc. | 1,418 | 63,030 |
| Heritage Commerce Corp. | 1,830 | 15,921 |
| Heritage Financial Corp. | 1,051 | 18,950 |
| Hilltop Holdings, Inc. | 1,451 | 45,387 |
| Hingham Institution For Savings The | 65 | 11,627 |
| Home Bancorp, Inc. | 258 | 10,323 |
| Home BancShares, Inc. | 6,255 | 149,870 |
| HomeStreet, Inc. | 750 | 8,550 |
| HomeTrust Bancshares, Inc. | 448 | 13,453 |
| Hope Bancorp, Inc. | 3,572 | 38,363 |
| Horizon Bancorp, Inc. | 1,336 | 16,526 |
| Huntington Bancshares, Inc. | 10,446 | 137,678 |
| Independent Bank Corp. | 1,999 | 86,754 |
| Independent Bank Group, Inc. | 1,199 | 54,578 |
| International Bancshares Corp. | 1,799 | 102,921 |
| Investar Holding Corp. | 358 | 5,513 |
| John Marshall Bancorp, Inc. | 544 | 9,487 |
| Kearny Financial Corp. | 2,252 | 13,850 |
| Lakeland Financial Corp. | 823 | 50,631 |
| LCNB Corp. | 522 | 7,261 |
| LINKBANCORP, Inc. | 863 | 5,282 |
| Live Oak Bancshares, Inc. | 1,168 | 40,950 |
| M&T Bank Corp. | 1,152 | 174,367 |
| Macatawa Bank Corp. | 774 | 11,300 |
| Mercantile Bank Corp. | 474 | 19,230 |
| Metrocity Bankshares, Inc. | 544 | 14,362 |
| Metropolitan Bank Holding Corp. (a) | 317 | 13,343 |
| Mid Penn Bancorp, Inc. | 588 | 12,907 |
| Middlefield Banc Corp. | 339 | 8,153 |
| Midland States Bancorp, Inc. | 642 | 14,541 |
| MidWestOne Financial Group, Inc. | 424 | 9,536 |
| MVB Financial Corp. | 491 | 9,152 |
| National Bank Holdings Corp., Class A | 1,220 | 47,641 |
| National Bankshares, Inc. | 239 | 6,759 |
| NB Bancorp, Inc. (a) | 1,340 | 20,207 |
| NBT Bancorp, Inc. | 1,541 | 59,483 |
| New York Community Bancorp, Inc. | 25,378 | 81,717 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Nicolet Bankshares, Inc. | 440 | $36,538 |
| Northeast Bank | 203 | 12,355 |
| Northeast Community Bancorp, Inc. | 541 | 9,641 |
| Northfield Bancorp, Inc. | 1,385 | 13,130 |
| Northrim BanCorp, Inc. | 155 | 8,934 |
| Northwest Bancshares, Inc. | 4,214 | 48,672 |
| Norwood Financial Corp. | 312 | 7,919 |
| Oak Valley Bancorp | 282 | 7,042 |
| OceanFirst Financial Corp. | 1,787 | 28,395 |
| Old National Bancorp | 10,436 | 179,395 |
| Old Second Bancorp, Inc. | 1,315 | 19,475 |
| Orange County Bancorp, Inc. | 225 | 11,898 |
| Origin Bancorp, Inc. | 896 | 28,421 |
| Orrstown Financial Services, Inc. | 636 | 17,401 |
| Pacific Premier Bancorp, Inc. | 3,200 | 73,504 |
| Park National Corp. | 482 | 68,608 |
| Parke Bancorp, Inc. | 413 | 7,186 |
| Pathward Financial, Inc. | 811 | 45,878 |
| PCB Bancorp | 482 | 7,847 |
| Peapack-Gladstone Financial Corp. | 663 | 15,017 |
| Peoples Bancorp of North Carolina, Inc. | 178 | 5,198 |
| Peoples Bancorp, Inc. | 1,076 | 32,280 |
| Peoples Financial Services Corp. | 323 | 14,709 |
| Pinnacle Financial Partners, Inc. | 586 | 46,903 |
| Pioneer Bancorp, Inc. (a) | 424 | 4,244 |
| Plumas Bancorp | 233 | 8,383 |
| Ponce Financial Group, Inc. (a) | 809 | 7,394 |
| Preferred Bank | 393 | 29,668 |
| Premier Financial Corp. | 1,077 | 22,035 |
| Primis Financial Corp. | 802 | 8,405 |
| Princeton Bancorp, Inc. | 210 | 6,951 |
| Prosperity Bancshares, Inc. | 600 | 36,684 |
| Provident Bancorp, Inc. (a) | 598 | 6,094 |
| Provident Financial Services, Inc. | 4,216 | 60,500 |
| QCR Holdings, Inc. | 507 | 30,420 |
| RBB Bancorp | 652 | 12,264 |
| Red River Bancshares, Inc. | 209 | 10,030 |
| Regions Financial Corp. | 6,677 | 133,807 |
| Renasant Corp. | 1,854 | 56,621 |
| Republic Bancorp, Inc., Class A | 262 | 14,046 |
| S&T Bancorp, Inc. | 1,180 | 39,400 |
| | Number
of Shares | Fair
Value |
| Sandy Spring Bancorp, Inc. | 1,351 | $32,910 |
| Seacoast Banking Corp. of Florida | 2,824 | 66,759 |
| ServisFirst Bancshares, Inc. | 1,689 | 106,728 |
| Shore Bancshares, Inc. | 867 | 9,927 |
| Sierra Bancorp | 576 | 12,891 |
| Simmons First National Corp., Class A | 4,145 | 72,869 |
| SmartFinancial, Inc. | 611 | 14,462 |
| South Plains Financial, Inc. | 347 | 9,369 |
| Southern California Bancorp (a) | 459 | 6,183 |
| Southern First Bancshares, Inc. (a) | 272 | 7,953 |
| Southern Missouri Bancorp, Inc. | 370 | 16,654 |
| Southern States Bancshares, Inc. | 323 | 8,766 |
| Southside Bancshares, Inc. | 878 | 24,242 |
| SouthState Corp. | 2,522 | 192,731 |
| Stellar Bancorp, Inc. | 1,504 | 34,532 |
| Sterling Bancorp, Inc. (a) | 917 | 4,796 |
| Stock Yards Bancorp, Inc. | 841 | 41,772 |
| Synovus Financial Corp. | 1,118 | 44,932 |
| Texas Capital Bancshares, Inc. (a) | 1,533 | 93,728 |
| Third Coast Bancshares, Inc. (a) | 415 | 8,827 |
| Timberland Bancorp, Inc. | 318 | 8,615 |
| Tompkins Financial Corp. | 420 | 20,538 |
| Towne Bank | 2,350 | 64,085 |
| TriCo Bancshares | 1,078 | 42,656 |
| Triumph Financial, Inc. (a) | 731 | 59,759 |
| Truist Financial Corp. | 9,098 | 353,457 |
| TrustCo Bank Corp. | 577 | 16,600 |
| Trustmark Corp. | 2,037 | 61,192 |
| UMB Financial Corp. | 1,491 | 124,379 |
| United Bankshares, Inc. | 4,390 | 142,412 |
| United Community Banks, Inc. | 3,981 | 101,356 |
| Unity Bancorp, Inc. | 264 | 7,806 |
| Univest Financial Corp. | 879 | 20,068 |
| USCB Financial Holdings, Inc. | 452 | 5,799 |
| Valley National Bancorp | 14,368 | 100,289 |
| Veritex Holdings, Inc. | 1,620 | 34,166 |
| Virginia National Bankshares Corp. | 179 | 5,871 |
| WaFd, Inc. | 2,118 | 60,532 |
| Washington Trust Bancorp, Inc. | 653 | 17,899 |
| Webster Financial Corp. | 1,272 | 55,446 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| WesBanco, Inc. | 1,904 | $53,141 |
| West BanCorp, Inc. | 685 | 12,262 |
| Westamerica BanCorp | 828 | 40,183 |
| Western Alliance Bancorp | 800 | 50,256 |
| Wintrust Financial Corp. | 400 | 39,424 |
| WSFS Financial Corp. | 1,997 | 93,859 |
| Zions Bancorp NA | 1,075 | 46,623 |
| | | 8,897,050 |
| Reinsurance - 0.1% |
| Enstar Group Ltd. (a) | 421 | 128,700 |
| Everest Group Ltd. | 235 | 89,540 |
| Greenlight Capital Re Ltd., Class A (a) | 755 | 9,890 |
| Maiden Holdings Ltd. (a) | 3,822 | 7,873 |
| Reinsurance Group of America, Inc. | 500 | 102,635 |
| Swiss Re AG | 3,234 | 401,281 |
| | | 739,919 |
| Renewable Electricity - 0.0%* |
| Altus Power, Inc. (a) | 2,625 | 10,290 |
| Brookfield Renewable Corp., Class A | 2,205 | 62,497 |
| Clearway Energy, Inc., Class C | 600 | 14,814 |
| Montauk Renewables, Inc. (a) | 1,960 | 11,172 |
| Ormat Technologies, Inc. | 1,793 | 128,558 |
| Sunnova Energy International, Inc. (a) | 3,279 | 18,297 |
| | | 245,628 |
| Research & Consulting Services - 0.2% |
| Blacksky Technology, Inc. (a) | 4,789 | 5,124 |
| Booz Allen Hamilton Holding Corp. | 924 | 142,204 |
| CACI International, Inc., Class A (a) | 169 | 72,692 |
| CBIZ, Inc. (a) | 1,593 | 118,041 |
| Clarivate PLC (a) | 3,112 | 17,707 |
| CRA International, Inc. | 216 | 37,200 |
| Dun & Bradstreet Holdings, Inc. | 2,000 | 18,520 |
| Equifax, Inc. | 791 | 191,786 |
| Experian PLC | 9,844 | 458,678 |
| Exponent, Inc. | 1,677 | 159,516 |
| FiscalNote Holdings, Inc. (a) | 2,217 | 3,237 |
| Forrester Research, Inc. (a) | 503 | 8,591 |
| Franklin Covey Co. (a) | 358 | 13,604 |
| FTI Consulting, Inc. (a) | 200 | 43,106 |
| | Number
of Shares | Fair
Value |
| Huron Consulting Group, Inc. (a) | 580 | $57,130 |
| ICF International, Inc. | 621 | 92,194 |
| Innodata, Inc. (a) | 780 | 11,567 |
| Jacobs Solutions, Inc. | 900 | 125,739 |
| KBR, Inc. | 1,000 | 64,140 |
| Legalzoom.com, Inc. (a) | 4,645 | 38,972 |
| Leidos Holdings, Inc. | 991 | 144,567 |
| Mistras Group, Inc. (a) | 833 | 6,906 |
| NV5 Global, Inc. (a) | 480 | 44,626 |
| Parsons Corp. (a) | 200 | 16,362 |
| Planet Labs PBC (a) | 5,155 | 9,588 |
| Resources Connection, Inc. | 950 | 10,488 |
| Science Applications International Corp. | 400 | 47,020 |
| Spire Global, Inc. (a) | 812 | 8,802 |
| TransUnion | 1,389 | 103,008 |
| Verisk Analytics, Inc. | 946 | 254,994 |
| Willdan Group, Inc. (a) | 488 | 14,079 |
| | | 2,340,188 |
| Restaurants - 0.4% |
| Aramark | 1,800 | 61,236 |
| Biglari Holdings, Inc., Class B (a) | 29 | 5,608 |
| BJ's Restaurants, Inc. (a) | 687 | 23,839 |
| Bloomin' Brands, Inc. | 2,732 | 52,536 |
| Brinker International, Inc. (a) | 1,466 | 106,124 |
| Cava Group, Inc. (a) | 600 | 55,650 |
| Cheesecake Factory, Inc. | 1,614 | 63,414 |
| Chipotle Mexican Grill, Inc. (a) | 9,450 | 592,043 |
| Chuy's Holdings, Inc. (a) | 537 | 13,919 |
| Cracker Barrel Old Country Store, Inc. | 681 | 28,711 |
| Darden Restaurants, Inc. | 800 | 121,056 |
| Denny's Corp. (a) | 1,573 | 11,168 |
| Dine Brands Global, Inc. | 468 | 16,942 |
| Domino's Pizza, Inc. | 250 | 129,083 |
| DoorDash, Inc., Class A (a) | 2,300 | 250,194 |
| Dutch Bros, Inc., Class A (a) | 600 | 24,840 |
| El Pollo Loco Holdings, Inc. (a) | 803 | 9,082 |
| First Watch Restaurant Group, Inc. (a) | 1,046 | 18,368 |
| Jack in the Box, Inc. | 609 | 31,022 |
| Krispy Kreme, Inc. | 2,699 | 29,041 |
| Kura Sushi USA, Inc., Class A (a) | 183 | 11,545 |
| McDonald's Corp. | 4,931 | 1,256,616 |
| Nathan's Famous, Inc. | 120 | 8,134 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| ONE Group Hospitality, Inc. (a) | 841 | $3,574 |
| Papa John's International, Inc. | 1,115 | 52,383 |
| Portillo's, Inc., Class A (a) | 1,863 | 18,108 |
| Potbelly Corp. (a) | 1,135 | 9,114 |
| RCI Hospitality Holdings, Inc. | 269 | 11,718 |
| Shake Shack, Inc., Class A (a) | 1,264 | 113,760 |
| Starbucks Corp. | 7,665 | 596,720 |
| Sweetgreen, Inc., Class A (a) | 3,289 | 99,130 |
| Texas Roadhouse, Inc. | 500 | 85,855 |
| Wendy's Co. | 700 | 11,872 |
| Wingstop, Inc. | 200 | 84,532 |
| Yum! Brands, Inc. | 1,881 | 249,157 |
| | | 4,256,094 |
| Retail REITs - 0.2% |
| Acadia Realty Trust | 3,381 | 60,588 |
| Agree Realty Corp. | 800 | 49,552 |
| Alexander's, Inc. | 66 | 14,841 |
| Brixmor Property Group, Inc. | 2,400 | 55,416 |
| CBL & Associates Properties, Inc. | 816 | 19,078 |
| Federal Realty Investment Trust | 500 | 50,485 |
| Getty Realty Corp. | 1,664 | 44,362 |
| InvenTrust Properties Corp. | 2,282 | 56,502 |
| Kimco Realty Corp. | 4,934 | 96,016 |
| Kite Realty Group Trust | 7,206 | 161,270 |
| Macerich Co. | 7,207 | 111,276 |
| NETSTREIT Corp. | 2,483 | 39,976 |
| NNN REIT, Inc. | 1,400 | 59,640 |
| Phillips Edison & Co., Inc. | 4,079 | 133,424 |
| Realty Income Corp. | 5,716 | 301,919 |
| Regency Centers Corp. | 1,100 | 68,420 |
| Retail Opportunity Investments Corp. | 4,157 | 51,672 |
| Saul Centers, Inc. | 357 | 13,127 |
| Simon Property Group, Inc. | 2,263 | 343,523 |
| SITE Centers Corp. | 6,328 | 91,756 |
| Tanger, Inc. | 3,545 | 96,105 |
| Urban Edge Properties | 4,000 | 73,880 |
| Whitestone REIT | 1,478 | 19,672 |
| | | 2,012,500 |
| Security & Alarm Services - 0.0%* |
| Brink's Co. | 1,491 | 152,679 |
| CoreCivic, Inc. (a) | 3,544 | 46,001 |
| GEO Group, Inc. (a) | 4,162 | 59,766 |
| | | 258,446 |
| | Number
of Shares | Fair
Value |
| Self Storage REITs - 0.1% |
| CubeSmart | 1,700 | $76,789 |
| Extra Space Storage, Inc. | 1,454 | 225,966 |
| National Storage Affiliates Trust | 700 | 28,854 |
| Public Storage | 1,108 | 318,716 |
| | | 650,325 |
| Semiconductor Materials & Equipment - 0.4% |
| ACM Research, Inc., Class A (a) | 1,718 | 39,617 |
| Aehr Test Systems (a) | 813 | 9,081 |
| Amkor Technology, Inc. | 800 | 32,016 |
| Applied Materials, Inc. | 5,734 | 1,353,167 |
| Axcelis Technologies, Inc. (a) | 1,081 | 153,707 |
| Cohu, Inc. (a) | 1,451 | 48,028 |
| Enphase Energy, Inc. (a) | 946 | 94,326 |
| Entegris, Inc. | 982 | 132,963 |
| FormFactor, Inc. (a) | 2,569 | 155,501 |
| Ichor Holdings Ltd. (a) | 1,096 | 42,251 |
| KLA Corp. | 908 | 748,655 |
| Lam Research Corp. | 916 | 975,403 |
| MKS Instruments, Inc. | 500 | 65,290 |
| Onto Innovation, Inc. (a) | 300 | 65,868 |
| PDF Solutions, Inc. (a) | 956 | 34,779 |
| Photronics, Inc. (a) | 2,067 | 50,993 |
| Teradyne, Inc. | 1,029 | 152,590 |
| Ultra Clean Holdings, Inc. (a) | 1,478 | 72,422 |
| Veeco Instruments, Inc. (a) | 1,852 | 86,507 |
| | | 4,313,164 |
| Semiconductors - 3.3% |
| Advanced Micro Devices, Inc. (a)(b) | 11,112 | 1,802,478 |
| Alpha & Omega Semiconductor Ltd. (a) | 820 | 30,643 |
| Ambarella, Inc. (a) | 1,206 | 65,064 |
| Analog Devices, Inc. | 3,469 | 791,834 |
| Broadcom, Inc. | 3,145 | 5,049,392 |
| CEVA, Inc. (a) | 718 | 13,850 |
| Cirrus Logic, Inc. (a) | 400 | 51,064 |
| Credo Technology Group Holding Ltd. (a) | 4,229 | 135,074 |
| Diodes, Inc. (a) | 1,517 | 109,118 |
| Everspin Technologies, Inc. (a) | 781 | 4,678 |
| First Solar, Inc. (a) | 711 | 160,302 |
| GLOBALFOUNDRIES, Inc. (a) | 500 | 25,280 |
| Impinj, Inc. (a) | 733 | 114,912 |
| Intel Corp. | 29,339 | 908,629 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Lattice Semiconductor Corp. (a) | 1,000 | $57,990 |
| MACOM Technology Solutions Holdings, Inc. (a) | 400 | 44,588 |
| Marvell Technology, Inc. | 5,921 | 413,878 |
| MaxLinear, Inc. (a) | 2,648 | 53,331 |
| Microchip Technology, Inc. | 3,738 | 342,027 |
| Micron Technology, Inc. | 7,590 | 998,313 |
| Monolithic Power Systems, Inc. | 339 | 278,550 |
| Navitas Semiconductor Corp. (a) | 3,509 | 13,790 |
| NVE Corp. | 146 | 10,905 |
| NVIDIA Corp. | 164,560 | 20,329,742 |
| ON Semiconductor Corp. (a) | 2,917 | 199,960 |
| Power Integrations, Inc. | 1,880 | 131,957 |
| Qorvo, Inc. (a) | 697 | 80,880 |
| QUALCOMM, Inc. | 7,751 | 1,543,844 |
| QuickLogic Corp. (a) | 532 | 5,528 |
| Rambus, Inc. (a) | 3,608 | 212,006 |
| Rigetti Computing, Inc. (a) | 5,553 | 5,942 |
| Semtech Corp. (a) | 2,166 | 64,720 |
| Silicon Laboratories, Inc. (a) | 1,054 | 116,604 |
| SiTime Corp. (a) | 613 | 76,245 |
| SkyWater Technology, Inc. (a) | 754 | 5,768 |
| Skyworks Solutions, Inc. | 973 | 103,702 |
| SMART Global Holdings, Inc. (a) | 1,596 | 36,501 |
| Synaptics, Inc. (a) | 1,296 | 114,307 |
| Texas Instruments, Inc. | 6,340 | 1,233,320 |
| Universal Display Corp. | 287 | 60,342 |
| Wolfspeed, Inc. (a) | 779 | 17,730 |
| | | 35,814,788 |
| Silver - 0.0%* |
| Hecla Mining Co. | 19,188 | 93,062 |
| Single-Family Residential REITs - 0.0%* |
| American Homes 4 Rent, Class A | 2,500 | 92,900 |
| Equity LifeStyle Properties, Inc. | 1,302 | 84,799 |
| Invitation Homes, Inc. | 3,980 | 142,842 |
| Sun Communities, Inc. | 820 | 98,679 |
| UMH Properties, Inc. | 2,160 | 34,539 |
| | | 453,759 |
| Soft Drinks & Non-alcoholic Beverages - 0.4% |
| Celsius Holdings, Inc. (a) | 1,100 | 62,799 |
| Coca-Cola Co. | 26,719 | 1,700,664 |
| | Number
of Shares | Fair
Value |
| Coca-Cola Consolidated, Inc. | 41 | $44,485 |
| Keurig Dr Pepper, Inc. | 7,091 | 236,840 |
| Monster Beverage Corp. (a) | 5,104 | 254,945 |
| National Beverage Corp. | 733 | 37,559 |
| PepsiCo, Inc. | 9,525 | 1,570,958 |
| Primo Water Corp. | 5,249 | 114,743 |
| Vita Coco Co., Inc. (a) | 1,325 | 36,901 |
| | | 4,059,894 |
| Specialized Consumer Services - 0.0%* |
| ADT, Inc. | 1,200 | 9,120 |
| Carriage Services, Inc. | 406 | 10,897 |
| European Wax Center, Inc., Class A (a) | 1,043 | 10,357 |
| Frontdoor, Inc. (a) | 2,544 | 85,962 |
| H&R Block, Inc. | 1,100 | 59,653 |
| Mister Car Wash, Inc. (a) | 3,205 | 22,820 |
| Service Corp. International | 1,078 | 76,678 |
| | | 275,487 |
| Specialized Finance - 0.0%* |
| Acacia Research Corp. (a) | 1,489 | 7,460 |
| Burford Capital Ltd. | 6,676 | 87,122 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,739 | 110,674 |
| SWK Holdings Corp. (a) | 117 | 1,988 |
| | | 207,244 |
| Specialty Chemicals - 0.3% |
| Albemarle Corp. | 737 | 70,398 |
| Arq, Inc. (a) | 952 | 5,779 |
| Ashland, Inc. | 300 | 28,347 |
| ASP Isotopes, Inc. (a) | 1,557 | 4,764 |
| Aspen Aerogels, Inc. (a) | 1,956 | 46,651 |
| Avient Corp. | 3,000 | 130,950 |
| Axalta Coating Systems Ltd. (a) | 1,300 | 44,421 |
| Balchem Corp. | 1,073 | 165,188 |
| Celanese Corp. | 700 | 94,423 |
| DuPont de Nemours, Inc. | 2,976 | 239,538 |
| Eastman Chemical Co. | 877 | 85,920 |
| Ecolab, Inc. | 1,722 | 409,836 |
| Ecovyst, Inc. (a) | 3,932 | 35,270 |
| Element Solutions, Inc. | 1,700 | 46,104 |
| HB Fuller Co. | 1,818 | 139,913 |
| Ingevity Corp. (a) | 1,204 | 52,627 |
| Innospec, Inc. | 829 | 102,456 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| International Flavors & Fragrances, Inc. | 1,713 | $163,095 |
| Minerals Technologies, Inc. | 1,070 | 88,981 |
| NewMarket Corp. | 43 | 22,170 |
| Northern Technologies International Corp. | 312 | 5,167 |
| Perimeter Solutions SA (a) | 4,663 | 36,511 |
| PPG Industries, Inc. | 1,591 | 200,291 |
| Quaker Chemical Corp. | 466 | 79,080 |
| Rayonier Advanced Materials, Inc. (a) | 1,870 | 10,173 |
| RPM International, Inc. | 936 | 100,789 |
| Sensient Technologies Corp. | 1,402 | 104,014 |
| Sherwin-Williams Co. | 1,608 | 479,875 |
| Stepan Co. | 715 | 60,031 |
| Valhi, Inc. | 60 | 1,070 |
| | | 3,053,832 |
| Steel - 0.1% |
| Alpha Metallurgical Resources, Inc. | 363 | 101,832 |
| Arch Resources, Inc. | 565 | 86,010 |
| ATI, Inc. (a) | 700 | 38,815 |
| Carpenter Technology Corp. | 1,562 | 171,164 |
| Cleveland-Cliffs, Inc. (a) | 3,637 | 55,973 |
| Commercial Metals Co. | 3,835 | 210,887 |
| Haynes International, Inc. | 387 | 22,717 |
| Metallus, Inc. (a) | 1,316 | 26,675 |
| Nucor Corp. | 1,693 | 267,629 |
| Olympic Steel, Inc. | 309 | 13,852 |
| Radius Recycling, Inc. | 811 | 12,384 |
| Ramaco Resources, Inc., Class A | 677 | 8,429 |
| Ramaco Resources, Inc., Class B | 225 | 2,444 |
| Reliance, Inc. | 398 | 113,669 |
| Ryerson Holding Corp. | 891 | 17,375 |
| Steel Dynamics, Inc. | 1,102 | 142,709 |
| SunCoke Energy, Inc. | 2,562 | 25,108 |
| U.S. Steel Corp. | 1,600 | 60,480 |
| Universal Stainless & Alloy Products, Inc. (a) | 316 | 8,652 |
| Warrior Met Coal, Inc. | 1,724 | 108,215 |
| Worthington Steel, Inc. | 1,100 | 36,696 |
| | | 1,531,715 |
| Systems Software - 2.7% |
| A10 Networks, Inc. | 2,178 | 30,165 |
| Adeia, Inc. | 3,598 | 40,244 |
| Appian Corp., Class A (a) | 1,318 | 40,673 |
| | Number
of Shares | Fair
Value |
| Arteris, Inc. (a) | 1,024 | $7,690 |
| CommVault Systems, Inc. (a) | 1,448 | 176,033 |
| Crowdstrike Holdings, Inc., Class A (a) | 1,510 | 578,617 |
| CyberArk Software Ltd. (a) | 459 | 125,500 |
| Dolby Laboratories, Inc., Class A | 457 | 36,208 |
| Fortinet, Inc. (a) | 4,455 | 268,503 |
| Gen Digital, Inc. | 4,026 | 100,569 |
| Gitlab, Inc., Class A (a) | 700 | 34,804 |
| Microsoft Corp. | 51,419 | 22,981,722 |
| Monday.com Ltd. (a) | 393 | 94,619 |
| N-able, Inc. (a) | 2,363 | 35,988 |
| OneSpan, Inc. (a) | 1,232 | 15,794 |
| Oracle Corp. | 10,733 | 1,515,500 |
| Palo Alto Networks, Inc. (a) | 2,174 | 737,008 |
| Progress Software Corp. | 1,379 | 74,825 |
| Qualys, Inc. (a) | 1,231 | 175,541 |
| Rapid7, Inc. (a) | 2,063 | 89,184 |
| SentinelOne, Inc., Class A (a) | 1,600 | 33,680 |
| ServiceNow, Inc. (a) | 1,411 | 1,109,991 |
| SolarWinds Corp. | 1,800 | 21,690 |
| Telos Corp. (a) | 2,080 | 8,362 |
| Tenable Holdings, Inc. (a) | 3,912 | 170,485 |
| Teradata Corp. (a) | 600 | 20,736 |
| UiPath, Inc., Class A (a) | 2,800 | 35,504 |
| Varonis Systems, Inc. (a) | 3,658 | 175,474 |
| Xperi, Inc. (a) | 1,340 | 11,001 |
| Zscaler, Inc. (a) | 579 | 111,278 |
| Zuora, Inc., Class A (a) | 4,211 | 41,815 |
| | | 28,899,203 |
| Technology Distributors - 0.1% |
| Arrow Electronics, Inc. (a) | 367 | 44,319 |
| Avnet, Inc. | 700 | 36,043 |
| CDW Corp. | 971 | 217,349 |
| Climb Global Solutions, Inc. | 177 | 11,117 |
| ePlus, Inc. (a) | 870 | 64,102 |
| Insight Enterprises, Inc. (a) | 925 | 183,483 |
| PC Connection, Inc. | 350 | 22,470 |
| Richardson Electronics Ltd. | 489 | 5,814 |
| ScanSource, Inc. (a) | 765 | 33,897 |
| TD SYNNEX Corp. | 500 | 57,700 |
| | | 676,294 |
| Technology Hardware, Storage & Peripherals - 2.1% |
| Apple, Inc. | 100,616 | 21,191,742 |
| CompoSecure, Inc. | 647 | 4,400 |
| Corsair Gaming, Inc. (a) | 1,547 | 17,079 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| CPI Card Group, Inc. (a) | 148 | $4,033 |
| Dell Technologies, Inc., Class C | 1,700 | 234,447 |
| Diebold Nixdorf, Inc. (a) | 856 | 32,939 |
| Eastman Kodak Co. (a) | 1,668 | 8,974 |
| Hewlett Packard Enterprise Co. | 8,884 | 188,074 |
| HP, Inc. | 6,438 | 225,459 |
| Immersion Corp. | 894 | 8,412 |
| IonQ, Inc. (a) | 6,668 | 46,876 |
| NetApp, Inc. | 1,467 | 188,950 |
| Pure Storage, Inc., Class A (a) | 2,100 | 134,841 |
| Super Micro Computer, Inc. (a) | 342 | 280,218 |
| Turtle Beach Corp. (a) | 625 | 8,962 |
| Western Digital Corp. (a) | 2,200 | 166,694 |
| Xerox Holdings Corp. | 3,647 | 42,378 |
| | | 22,784,478 |
| Telecom Tower REITs - 0.1% |
| American Tower Corp. | 3,234 | 628,625 |
| Crown Castle, Inc. | 3,005 | 293,588 |
| SBA Communications Corp. | 715 | 140,355 |
| | | 1,062,568 |
| Timber REITs - 0.0%* |
| PotlatchDeltic Corp. | 2,643 | 104,108 |
| Rayonier, Inc. | 1,000 | 29,090 |
| Weyerhaeuser Co. | 4,793 | 136,073 |
| | | 269,271 |
| Tires & Rubber - 0.0%* |
| Goodyear Tire & Rubber Co. (a) | 9,479 | 107,587 |
| Tobacco - 0.2% |
| Altria Group, Inc. | 11,907 | 542,364 |
| Ispire Technology, Inc. (a) | 884 | 7,072 |
| Philip Morris International, Inc. | 10,791 | 1,093,452 |
| Turning Point Brands, Inc. | 630 | 20,217 |
| Universal Corp. | 746 | 35,950 |
| Vector Group Ltd. | 4,922 | 52,025 |
| | | 1,751,080 |
| Trading Companies & Distributors - 0.3% |
| Air Lease Corp. | 800 | 38,024 |
| Alta Equipment Group, Inc. | 1,008 | 8,104 |
| Applied Industrial Technologies, Inc. | 1,274 | 247,156 |
| | Number
of Shares | Fair
Value |
| Beacon Roofing Supply, Inc. (a) | 2,112 | $191,136 |
| BlueLinx Holdings, Inc. (a) | 269 | 25,041 |
| Boise Cascade Co. | 1,314 | 156,655 |
| Core & Main, Inc., Class A (a) | 1,200 | 58,728 |
| Custom Truck One Source, Inc. (a) | 2,294 | 9,979 |
| Distribution Solutions Group, Inc. (a) | 412 | 12,360 |
| DNOW, Inc. (a) | 3,620 | 49,703 |
| DXP Enterprises, Inc. (a) | 399 | 18,290 |
| EVI Industries, Inc. | 291 | 5,506 |
| Fastenal Co. | 3,937 | 247,401 |
| Ferguson PLC | 1,400 | 271,110 |
| FTAI Aviation Ltd. | 3,297 | 340,349 |
| GATX Corp. | 1,184 | 156,714 |
| Global Industrial Co. | 407 | 12,764 |
| GMS, Inc. (a) | 1,332 | 107,373 |
| H&E Equipment Services, Inc. | 1,067 | 47,129 |
| Herc Holdings, Inc. | 935 | 124,626 |
| Hudson Technologies, Inc. (a) | 1,350 | 11,867 |
| Karat Packaging, Inc. | 234 | 6,922 |
| McGrath RentCorp | 813 | 86,625 |
| MRC Global, Inc. (a) | 2,591 | 33,450 |
| MSC Industrial Direct Co., Inc., Class A | 298 | 23,634 |
| Rush Enterprises, Inc., Class A | 2,027 | 84,870 |
| Rush Enterprises, Inc., Class B | 351 | 13,773 |
| SiteOne Landscape Supply, Inc. (a) | 300 | 36,423 |
| Titan Machinery, Inc. (a) | 635 | 10,097 |
| Transcat, Inc. (a) | 286 | 34,228 |
| United Rentals, Inc. | 504 | 325,952 |
| Watsco, Inc. | 271 | 125,538 |
| WESCO International, Inc. | 300 | 47,556 |
| Willis Lease Finance Corp. | 116 | 8,039 |
| WW Grainger, Inc. | 329 | 296,837 |
| Xometry, Inc., Class A (a) | 1,455 | 16,820 |
| | | 3,290,779 |
| Transaction & Payment Processing Services - 0.8% |
| Affirm Holdings, Inc. (a) | 1,646 | 49,726 |
| AvidXchange Holdings, Inc. (a) | 5,806 | 70,020 |
| Block, Inc. (a) | 3,832 | 247,126 |
| Cantaloupe, Inc. (a) | 1,699 | 11,213 |
| Cass Information Systems, Inc. | 414 | 16,589 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Corpay, Inc. (a) | 488 | $130,008 |
| Euronet Worldwide, Inc. (a) | 300 | 31,050 |
| Fidelity National Information Services, Inc. | 4,068 | 306,565 |
| Fiserv, Inc. (a) | 4,147 | 618,069 |
| Flywire Corp. (a) | 4,037 | 66,166 |
| Global Payments, Inc. | 1,713 | 165,647 |
| I3 Verticals, Inc., Class A (a) | 699 | 15,434 |
| International Money Express, Inc. (a) | 960 | 20,006 |
| Jack Henry & Associates, Inc. | 538 | 89,319 |
| Marqeta, Inc., Class A (a) | 15,540 | 85,159 |
| Mastercard, Inc., Class A | 5,755 | 2,538,876 |
| NCR Atleos Corp. (a) | 2,410 | 65,118 |
| Payoneer Global, Inc. (a) | 9,493 | 52,591 |
| PayPal Holdings, Inc. (a) | 7,203 | 417,990 |
| Paysafe Ltd. (a) | 1,003 | 17,733 |
| Paysign, Inc. (a) | 1,138 | 4,905 |
| Priority Technology Holdings, Inc. (a) | 671 | 3,543 |
| Remitly Global, Inc. (a) | 4,855 | 58,843 |
| Repay Holdings Corp. (a) | 3,064 | 32,356 |
| Sezzle, Inc. (a) | 88 | 7,763 |
| Shift4 Payments, Inc., Class A (a) | 300 | 22,005 |
| Toast, Inc., Class A (a) | 2,700 | 69,579 |
| Visa, Inc., Class A | 10,893 | 2,859,086 |
| Western Union Co. | 2,700 | 32,994 |
| WEX, Inc. (a) | 292 | 51,725 |
| | | 8,157,204 |
| Water Utilities - 0.1% |
| American States Water Co. | 1,242 | 90,132 |
| American Water Works Co., Inc. | 1,432 | 184,957 |
| Cadiz, Inc. (a) | 1,668 | 5,154 |
| California Water Service Group | 1,928 | 93,489 |
| Consolidated Water Co. Ltd. | 596 | 15,818 |
| Essential Utilities, Inc. | 1,900 | 70,927 |
| Global Water Resources, Inc. | 495 | 5,989 |
| Middlesex Water Co. | 539 | 28,168 |
| Pure Cycle Corp. (a) | 800 | 7,640 |
| SJW Group | 1,083 | 58,720 |
| York Water Co. | 442 | 16,394 |
| | | 577,388 |
| Wireless Telecommunication Services - 0.1% |
| Gogo, Inc. (a) | 2,014 | 19,374 |
| Spok Holdings, Inc. | 774 | 11,463 |
| | Number
of Shares | Fair
Value |
| Telephone & Data Systems, Inc. | 3,297 | $68,347 |
| T-Mobile U.S., Inc. | 3,315 | 584,037 |
| | | 683,221 |
Total Common Stock
(Cost $356,932,762) | | 440,114,511 |
| Rights - 0.0% * |
| Technology Hardware, Storage & Peripherals - 0.0%* |
Contra Rights Pulse Bi (expiring 07/05/24) (a)
(Cost $756) | 76 | 846 |
| Warrant - 0.0% |
| Specialty Chemicals - 0.0% |
Danimer Scientific, Inc. (expiring 05/03/29) (a)**
(Cost $0) | 1,168 | — |
Total Domestic Equity
(Cost $356,933,518) | | 440,115,357 |
| Foreign Equity - 26.9% |
| Common Stock - 26.6% |
| Advertising - 0.1% |
| Dentsu Group, Inc. | 2,200 | 55,431 |
| Focus Media Information Technology Co. Ltd., Class A | 10,900 | 9,047 |
| Gambling.com Group Ltd. (a) | 662 | 5,442 |
| Informa PLC | 14,168 | 153,272 |
| Innovid Corp. (a) | 3,951 | 7,309 |
| Publicis Groupe SA | 2,461 | 262,122 |
| WPP PLC | 11,281 | 103,302 |
| | | 595,925 |
| Aerospace & Defense - 0.4% |
| AECC Aero-Engine Control Co. Ltd., Class A | 1,300 | 3,574 |
| AECC Aviation Power Co. Ltd., Class A | 2,100 | 10,513 |
| Airbus SE | 6,353 | 873,301 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 16,191 | 28,941 |
| AviChina Industry & Technology Co. Ltd., Class H | 35,000 | 15,735 |
| BAE Systems PLC | 32,407 | 540,747 |
| Bharat Electronics Ltd. | 52,554 | 192,790 |
| CAE, Inc. (a) | 3,419 | 63,490 |
| Dassault Aviation SA | 215 | 39,080 |
| Elbit Systems Ltd. | 285 | 49,825 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Hanwha Aerospace Co. Ltd. | 509 | $92,260 |
| Hindustan Aeronautics Ltd. | 2,880 | 181,814 |
| Kongsberg Gruppen ASA | 926 | 75,663 |
| Korea Aerospace Industries Ltd. | 1,232 | 47,436 |
| Kuang-Chi Technologies Co. Ltd., Class A (a) | 3,100 | 7,367 |
| Leonardo SpA | 4,233 | 98,356 |
| Melrose Industries PLC | 13,721 | 95,986 |
| MTU Aero Engines AG | 561 | 143,579 |
| Rheinmetall AG | 469 | 239,111 |
| Rolls-Royce Holdings PLC (a) | 90,147 | 520,545 |
| Saab AB, Class B | 3,411 | 82,133 |
| Safran SA | 3,657 | 773,688 |
| Singapore Technologies Engineering Ltd. | 16,700 | 53,356 |
| Thales SA | 982 | 157,343 |
| | | 4,386,633 |
| Agricultural & Farm Machinery - 0.0%* |
| Husqvarna AB, Class B | 3,974 | 31,874 |
| Kubota Corp. | 10,400 | 145,468 |
| | | 177,342 |
| Agricultural Products & Services - 0.0%* |
| Charoen Pokphand Indonesia Tbk. PT | 85,300 | 26,437 |
| IOI Corp. Bhd. | 38,700 | 30,353 |
| Kuala Lumpur Kepong Bhd. | 7,037 | 30,788 |
| New Hope Liuhe Co. Ltd., Class A (a) | 3,200 | 4,006 |
| SD Guthrie Bhd. | 20,600 | 18,428 |
| Wilmar International Ltd. | 20,606 | 47,134 |
| | | 157,146 |
| Air Freight & Logistics - 0.1% |
| Deutsche Post AG | 10,627 | 430,409 |
| DSV AS | 1,840 | 282,153 |
| Hyundai Glovis Co. Ltd. | 257 | 40,888 |
| InPost SA (a) | 2,191 | 38,651 |
| JD Logistics, Inc. (a)(f) | 23,600 | 25,331 |
| NIPPON EXPRESS HOLDINGS, Inc. | 800 | 36,877 |
| SF Holding Co. Ltd., Class A | 3,300 | 16,132 |
| SG Holdings Co. Ltd. | 3,600 | 33,178 |
| Yamato Holdings Co. Ltd. | 2,800 | 30,783 |
| YTO Express Group Co. Ltd., Class A | 2,700 | 5,788 |
| Yunda Holding Co. Ltd., Class A | 3,600 | 3,817 |
| | Number
of Shares | Fair
Value |
| ZTO Express Cayman, Inc. ADR (b) | 6,109 | $126,762 |
| | | 1,070,769 |
| Airport Services - 0.1% |
| Aena SME SA (f) | 780 | 157,162 |
| Aeroports de Paris SA | 370 | 45,048 |
| Airports of Thailand PCL NVDR | 59,386 | 93,454 |
| Auckland International Airport Ltd. | 14,632 | 68,029 |
| GMR Airports Infrastructure Ltd. (a) | 27,264 | 31,574 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 3,500 | 29,699 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 5,520 | 86,392 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,530 | 76,209 |
| Malaysia Airports Holdings Bhd. | 10,643 | 22,335 |
| Shanghai International Airport Co. Ltd., Class A (a) | 1,300 | 5,742 |
| | | 615,644 |
| Alternative Carriers - 0.0%* |
| Liberty Global Ltd., Class A (a) | 2,100 | 36,603 |
| Liberty Latin America Ltd., Class A (a) | 1,002 | 9,629 |
| Liberty Latin America Ltd., Class C (a) | 4,261 | 40,991 |
| | | 87,223 |
| Aluminum - 0.0%* |
| Aluminum Corp. of China Ltd., Class A | 21,600 | 22,574 |
| Aluminum Corp. of China Ltd., Class H | 48,000 | 32,769 |
| China Hongqiao Group Ltd. | 35,000 | 52,988 |
| Hindalco Industries Ltd. | 19,262 | 160,206 |
| Norsk Hydro ASA | 13,941 | 87,070 |
| Press Metal Aluminium Holdings Bhd. | 53,900 | 65,811 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 14,700 | 7,671 |
| United Co. RUSAL International PJSC (a)(d)** | 55,670 | — |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Yunnan Aluminium Co. Ltd., Class A | 4,900 | $9,067 |
| | | 438,156 |
| Apparel Retail - 0.1% |
| Fast Retailing Co. Ltd. | 1,859 | 468,737 |
| H & M Hennes & Mauritz AB, Class B | 6,009 | 95,127 |
| Industria de Diseno Textil SA | 11,680 | 580,337 |
| Lojas Renner SA | 14,132 | 31,752 |
| Pepkor Holdings Ltd. (f) | 31,319 | 32,125 |
| Topsports International Holdings Ltd. (f) | 17,000 | 9,036 |
| Trent Ltd. | 2,586 | 169,940 |
| Zalando SE (a)(f) | 2,381 | 55,860 |
| ZOZO, Inc. | 1,500 | 37,561 |
| | | 1,480,475 |
| Apparel, Accessories & Luxury Goods - 0.5% |
| adidas AG | 1,737 | 415,144 |
| Amer Sports, Inc. (a) | 1,200 | 15,084 |
| ANTA Sports Products Ltd. | 18,076 | 173,643 |
| Bosideng International Holdings Ltd. | 56,000 | 34,931 |
| Burberry Group PLC | 3,833 | 42,532 |
| Cie Financiere Richemont SA, Class A | 5,749 | 897,282 |
| FF Group (a)(d)** | 1,860 | — |
| Gildan Activewear, Inc. | 1,610 | 61,054 |
| Hermes International SCA | 339 | 777,512 |
| Kering SA | 800 | 290,230 |
| Li Ning Co. Ltd. | 34,319 | 74,287 |
| LPP SA | 16 | 68,019 |
| LVMH Moet Hennessy Louis Vuitton SE | 2,945 | 2,252,339 |
| Moncler SpA | 2,288 | 139,921 |
| Page Industries Ltd. | 87 | 40,793 |
| Pandora AS | 855 | 129,143 |
| Shenzhou International Group Holdings Ltd. | 11,900 | 116,525 |
| Swatch Group AG | 780 | 82,197 |
| Titan Co. Ltd. | 4,946 | 201,915 |
| | | 5,812,551 |
| Application Software - 0.4% |
| Beijing Kingsoft Office Software, Inc., Class A | 441 | 13,742 |
| Bit Digital, Inc. (a) | 3,691 | 11,737 |
| Constellation Software, Inc. | 216 | 622,243 |
| Dassault Systemes SE | 7,195 | 272,207 |
| | Number
of Shares | Fair
Value |
| Descartes Systems Group, Inc. (a) | 897 | $86,891 |
| D-Wave Quantum, Inc. (a) | 2,896 | 3,301 |
| Hundsun Technologies, Inc., Class A | 1,456 | 3,522 |
| Hut 8 Corp. (a) | 2,700 | 40,473 |
| Iflytek Co. Ltd., Class A | 1,500 | 8,824 |
| Kingdee International Software Group Co. Ltd. (a) | 33,000 | 30,940 |
| Nemetschek SE | 613 | 60,344 |
| Nice Ltd. (a) | 658 | 107,611 |
| Open Text Corp. | 2,866 | 86,042 |
| Sage Group PLC | 10,468 | 144,037 |
| SAP SE | 11,154 | 2,265,580 |
| Sapiens International Corp. NV | 948 | 32,166 |
| Shanghai Baosight Software Co. Ltd., Class A | 2,246 | 9,823 |
| Shanghai Baosight Software Co. Ltd., Class B | 13,824 | 22,381 |
| Temenos AG | 685 | 47,262 |
| Thunder Software Technology Co. Ltd., Class A | 500 | 3,122 |
| WiseTech Global Ltd. | 1,743 | 116,756 |
| Xero Ltd. (a) | 1,510 | 137,553 |
| Yonyou Network Technology Co. Ltd., Class A (a) | 2,600 | 3,561 |
| | | 4,130,118 |
| Asset Management & Custody Banks - 0.2% |
| 3i Group PLC | 10,437 | 404,510 |
| Amundi SA (f) | 668 | 43,135 |
| Brookfield Asset Management Ltd., Class A | 3,681 | 140,100 |
| Brookfield Corp. | 14,525 | 603,992 |
| EQT AB | 3,903 | 115,429 |
| Hargreaves Lansdown PLC | 3,846 | 55,035 |
| HDFC Asset Management Co. Ltd. (f) | 1,229 | 58,855 |
| IGM Financial, Inc. | 858 | 23,683 |
| Julius Baer Group Ltd. | 2,151 | 120,165 |
| Onex Corp. | 713 | 48,470 |
| Partners Group Holding AG | 244 | 313,350 |
| Patria Investments Ltd., Class A | 1,691 | 20,393 |
| Reinet Investments SCA | 2,142 | 53,902 |
| Schroders PLC | 8,796 | 40,451 |
| | | 2,041,470 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Automobile Manufacturers - 0.7% |
| Bayerische Motoren Werke AG | 3,424 | $324,326 |
| Brilliance China Automotive Holdings Ltd. | 32,000 | 33,650 |
| BYD Co. Ltd., Class A | 1,500 | 51,415 |
| BYD Co. Ltd., Class H | 15,000 | 445,731 |
| Chongqing Changan Automobile Co. Ltd., Class A | 12,314 | 22,652 |
| Ferrari NV | 1,350 | 550,821 |
| Ford Otomotiv Sanayi AS | 1,006 | 34,491 |
| Geely Automobile Holdings Ltd. | 88,000 | 99,075 |
| Great Wall Motor Co. Ltd., Class A | 800 | 2,772 |
| Great Wall Motor Co. Ltd., Class H | 33,533 | 51,712 |
| Guangzhou Automobile Group Co. Ltd., Class A | 10,400 | 11,026 |
| Guangzhou Automobile Group Co. Ltd., Class H | 38,000 | 13,433 |
| Honda Motor Co. Ltd. | 48,124 | 514,567 |
| Hyundai Motor Co. | 1,935 | 414,693 |
| Isuzu Motors Ltd. | 6,200 | 82,135 |
| Kia Corp. | 3,695 | 347,086 |
| Li Auto, Inc., Class A (a) | 16,300 | 146,770 |
| Mahindra & Mahindra Ltd. | 13,184 | 453,232 |
| Maruti Suzuki India Ltd. | 1,985 | 286,460 |
| Mazda Motor Corp. | 6,300 | 60,940 |
| Mercedes-Benz Group AG | 8,591 | 594,522 |
| NIO, Inc. ADR (a)(b) | 19,723 | 82,048 |
| Nissan Motor Co. Ltd. | 24,700 | 83,823 |
| Renault SA | 2,010 | 103,058 |
| SAIC Motor Corp. Ltd., Class A | 6,300 | 11,960 |
| Seres Group Co. Ltd., Class A (a) | 1,400 | 17,473 |
| Subaru Corp. | 6,300 | 133,551 |
| Suzuki Motor Corp. | 16,900 | 194,467 |
| Tata Motors Ltd. | 22,630 | 268,602 |
| Tata Motors Ltd., Class A | 8,069 | 64,407 |
| Tofas Turk Otomobil Fabrikasi AS | 2,560 | 26,550 |
| Toyota Motor Corp. | 113,261 | 2,316,478 |
| Volkswagen AG | 322 | 38,686 |
| Volvo Car AB, Class B (a) | 6,821 | 21,116 |
| XPeng, Inc., Class A (a) | 16,800 | 63,586 |
| | Number
of Shares | Fair
Value |
| Zhejiang Leapmotor Technology Co. Ltd. (a)(f) | 4,400 | $15,104 |
| | | 7,982,418 |
| Automotive Parts & Equipment - 0.1% |
| Aisin Corp. | 1,600 | 52,150 |
| Bharat Forge Ltd. | 3,496 | 70,029 |
| Bosch Ltd. | 53 | 21,663 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 300 | 4,604 |
| Continental AG | 1,174 | 66,560 |
| Denso Corp. | 20,260 | 314,618 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 900 | 5,905 |
| Fuyao Glass Industry Group Co. Ltd., Class H (f) | 9,356 | 54,345 |
| Huayu Automotive Systems Co. Ltd., Class A | 1,768 | 3,967 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | 200 | 2,386 |
| Hyundai Mobis Co. Ltd. | 855 | 156,217 |
| Koito Manufacturing Co. Ltd. | 1,900 | 26,210 |
| Magna International, Inc. | 2,849 | 119,386 |
| Ningbo Tuopu Group Co. Ltd., Class A | 800 | 5,874 |
| Samvardhana Motherson International Ltd. | 39,416 | 89,957 |
| Sona Blw Precision Forgings Ltd. (f) | 5,573 | 42,840 |
| Sumitomo Electric Industries Ltd. | 7,466 | 116,148 |
| Tube Investments of India Ltd. | 1,528 | 78,047 |
| | | 1,230,906 |
| Automotive Retail - 0.0%* |
| Abu Dhabi National Oil Co. for Distribution PJSC | 42,932 | 39,624 |
| Hotai Motor Co. Ltd. | 3,940 | 75,542 |
| PTT Oil & Retail Business PCL NVDR | 25,292 | 11,027 |
| Vibra Energia SA | 16,500 | 62,085 |
| Zhongsheng Group Holdings Ltd. | 17,000 | 24,866 |
| | | 213,144 |
| Biotechnology - 0.1% |
| ADC Therapeutics SA (a) | 2,609 | 8,244 |
| Akeso, Inc. (a)(f) | 7,000 | 33,846 |
| Alteogen, Inc. (a) | 511 | 104,130 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Argenx SE (a) | 639 | $279,829 |
| Aurinia Pharmaceuticals, Inc. (a) | 4,885 | 27,893 |
| BeiGene Ltd. (a) | 9,800 | 108,200 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 112 | 1,011 |
| Bloomage Biotechnology Corp. Ltd., Class A (a) | 1,087 | 8,423 |
| Celltrion, Inc. | 2,165 | 274,144 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A (a) | 3,150 | 12,094 |
| Fennec Pharmaceuticals, Inc. (a) | 762 | 4,656 |
| Genmab AS (a) | 713 | 178,808 |
| Grifols SA (a) | 3,304 | 27,833 |
| Hualan Biological Engineering, Inc., Class A | 2,038 | 4,408 |
| Imeik Technology Development Co. Ltd., Class A | 420 | 9,901 |
| Innovent Biologics, Inc. (a)(f) | 17,000 | 80,129 |
| Kiniksa Pharmaceuticals International PLC (a) | 1,234 | 23,039 |
| PharmaEssentia Corp. (a) | 3,000 | 51,786 |
| Prothena Corp. PLC (a) | 1,296 | 26,749 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | 5,500 | 5,891 |
| Shenzhen Kangtai Biological Products Co. Ltd., Class A | 800 | 1,710 |
| SK Bioscience Co. Ltd. (a) | 153 | 5,847 |
| Swedish Orphan Biovitrum AB (a) | 2,076 | 55,594 |
| Walvax Biotechnology Co. Ltd., Class A | 1,400 | 2,182 |
| Zura Bio Ltd. (a) | 788 | 2,758 |
| | | 1,339,105 |
| Brewers - 0.2% |
| Ambev SA | 63,600 | 130,648 |
| Anheuser-Busch InBev SA | 9,623 | 558,164 |
| Asahi Group Holdings Ltd. | 5,200 | 183,451 |
| Carlsberg AS, Class B | 996 | 119,608 |
| China Resources Beer Holdings Co. Ltd. | 23,500 | 79,012 |
| Chongqing Brewery Co. Ltd., Class A | 100 | 831 |
| Heineken Holding NV | 1,355 | 106,956 |
| Heineken NV | 3,093 | 299,338 |
| Kirin Holdings Co. Ltd. | 8,100 | 104,385 |
| | Number
of Shares | Fair
Value |
| Tsingtao Brewery Co. Ltd., Class A | 800 | $7,974 |
| Tsingtao Brewery Co. Ltd., Class H (a) | 8,924 | 59,551 |
| | | 1,649,918 |
| Broadcasting - 0.0%* |
| Vivendi SE | 7,589 | 79,351 |
| Broadline Retail - 0.6% |
| Alibaba Group Holding Ltd. | 229,900 | 2,075,973 |
| Allegro.eu SA (a)(f) | 9,220 | 86,465 |
| Canadian Tire Corp. Ltd., Class A | 556 | 55,155 |
| Central Retail Corp. PCL NVDR | 18,077 | 15,147 |
| Coupang, Inc. (a) | 8,200 | 171,790 |
| Dollarama, Inc. | 2,996 | 273,490 |
| Falabella SA (a) | 12,015 | 36,926 |
| Global-e Online Ltd. (a) | 1,100 | 39,897 |
| GoTo Gojek Tokopedia Tbk. PT (a) | 9,447,100 | 28,846 |
| JD.com, Inc., Class A | 33,126 | 438,292 |
| MINISO Group Holding Ltd. ADR (b) | 1,400 | 26,698 |
| Naspers Ltd., N Shares | 2,580 | 504,021 |
| Next PLC | 1,258 | 143,694 |
| Pan Pacific International Holdings Corp. | 4,000 | 93,597 |
| PDD Holdings, Inc. ADR (a)(b) | 8,457 | 1,124,358 |
| Prosus NV | 15,181 | 541,148 |
| Rakuten Group, Inc. (a) | 15,800 | 81,515 |
| Vipshop Holdings Ltd. ADR (b) | 4,934 | 64,241 |
| Wesfarmers Ltd. | 12,154 | 529,069 |
| Woolworths Holdings Ltd. | 14,667 | 49,624 |
| Zhejiang China Commodities City Group Co. Ltd., Class A | 9,800 | 9,960 |
| | | 6,389,906 |
| Building Products - 0.2% |
| AGC, Inc. | 2,100 | 67,964 |
| Assa Abloy AB, Class B | 10,765 | 304,545 |
| Astral Ltd. | 1,561 | 44,568 |
| Beijing New Building Materials PLC, Class A | 1,600 | 6,500 |
| Cie de Saint-Gobain SA | 4,889 | 380,513 |
| Daikin Industries Ltd. | 2,852 | 396,614 |
| Geberit AG | 360 | 212,651 |
| Kingspan Group PLC | 1,621 | 138,116 |
| Nibe Industrier AB, Class B | 15,977 | 67,799 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Rockwool AS, Class B | 102 | $41,426 |
| TOTO Ltd. | 1,600 | 37,777 |
| | | 1,698,473 |
| Cargo Ground Transportation - 0.0%* |
| TFI International, Inc. | 838 | 121,650 |
| Casinos & Gaming - 0.1% |
| Aristocrat Leisure Ltd. | 6,162 | 204,777 |
| Entain PLC | 7,053 | 56,169 |
| Evolution AB (f) | 1,982 | 206,618 |
| Flutter Entertainment PLC (a) | 1,904 | 348,150 |
| Galaxy Entertainment Group Ltd. | 23,000 | 107,232 |
| Genting Bhd. | 23,100 | 23,063 |
| Genting Malaysia Bhd. | 54,700 | 29,568 |
| Genting Singapore Ltd. | 65,900 | 42,061 |
| La Francaise des Jeux SAEM (f) | 1,148 | 39,126 |
| Lottery Corp. Ltd. | 23,728 | 80,343 |
| OPAP SA | 2,455 | 38,520 |
| Sands China Ltd. (a) | 25,600 | 53,381 |
| Super Group SGHC Ltd. (a) | 4,189 | 13,530 |
| | | 1,242,538 |
| Coal & Consumable Fuels - 0.1% |
| Adaro Energy Indonesia Tbk. PT | 172,900 | 29,459 |
| Cameco Corp. | 4,671 | 229,769 |
| China Coal Energy Co. Ltd., Class H (a) | 29,000 | 33,876 |
| China Shenhua Energy Co. Ltd., Class A | 7,600 | 46,188 |
| China Shenhua Energy Co. Ltd., Class H | 45,490 | 209,463 |
| Coal India Ltd. | 22,256 | 126,283 |
| Encore Energy Corp. (a) | 6,092 | 24,002 |
| Exxaro Resources Ltd. | 3,784 | 36,887 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 3,800 | 10,982 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 16,500 | 29,634 |
| Shaanxi Coal Industry Co. Ltd., Class A | 8,900 | 31,415 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A (a) | 3,800 | 5,366 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 5,200 | 12,913 |
| United Tractors Tbk. PT | 26,500 | 35,563 |
| | Number
of Shares | Fair
Value |
| Yankuang Energy Group Co. Ltd., Class A | 3,450 | $10,741 |
| Yankuang Energy Group Co. Ltd., Class H | 42,900 | 61,322 |
| | | 933,863 |
| Commercial Printing - 0.0%* |
| Cimpress PLC (a) | 598 | 52,391 |
| Dai Nippon Printing Co. Ltd. | 2,200 | 74,017 |
| TOPPAN Holdings, Inc. | 2,400 | 66,139 |
| | | 192,547 |
| Commodity Chemicals - 0.2% |
| Advanced Petrochemical Co. (a) | 1,511 | 15,526 |
| Asahi Kasei Corp. | 13,200 | 84,562 |
| Barito Pacific Tbk. PT | 343,470 | 20,766 |
| Chandra Asri Pacific Tbk. PT | 103,400 | 58,251 |
| Enchem Co. Ltd. (a) | 147 | 24,028 |
| Formosa Chemicals & Fibre Corp. (a) | 50,000 | 77,678 |
| Formosa Plastics Corp. (a) | 54,000 | 95,711 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1,860 | 4,474 |
| Hanwha Solutions Corp. | 1,406 | 28,192 |
| Hengli Petrochemical Co. Ltd., Class A | 7,500 | 14,331 |
| Hengyi Petrochemical Co. Ltd., Class A | 4,700 | 4,564 |
| Huafon Chemical Co. Ltd., Class A (a) | 4,900 | 4,812 |
| Indorama Ventures PCL NVDR | 13,345 | 7,091 |
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 2,700 | 2,555 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A | 4,600 | 5,022 |
| Kum Yang Co. Ltd. (a) | 365 | 22,804 |
| Kumho Petrochemical Co. Ltd. | 181 | 19,264 |
| LB Group Co. Ltd., Class A | 2,100 | 5,341 |
| LG Chem Ltd. | 720 | 180,719 |
| Lotte Chemical Corp. | 324 | 26,998 |
| Mesaieed Petrochemical Holding Co. | 65,734 | 29,717 |
| Mitsui Chemicals, Inc. | 1,800 | 49,683 |
| Nan Ya Plastics Corp. (a) | 68,000 | 103,337 |
| Orbia Advance Corp. SAB de CV | 16,700 | 23,316 |
| Orica Ltd. | 5,157 | 61,546 |
| Orion SA | 1,937 | 42,498 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Petronas Chemicals Group Bhd. | 36,200 | $48,420 |
| PTT Global Chemical PCL NVDR | 35,138 | 29,204 |
| Rongsheng Petrochemical Co. Ltd., Class A | 13,350 | 17,664 |
| Sahara International Petrochemical Co. | 5,604 | 43,618 |
| Sasa Polyester Sanayi AS (a) | 15,086 | 20,192 |
| Satellite Chemical Co. Ltd., Class A | 3,525 | 8,681 |
| Saudi Aramco Base Oil Co. | 696 | 24,377 |
| Saudi Basic Industries Corp. | 12,715 | 249,108 |
| Saudi Industrial Investment Group | 6,465 | 36,292 |
| Saudi Kayan Petrochemical Co. (a) | 11,878 | 25,677 |
| Sinoma Science & Technology Co. Ltd., Class A | 2,800 | 4,947 |
| SKC Co. Ltd. (a) | 278 | 34,051 |
| Solar Industries India Ltd. (a) | 367 | 44,103 |
| Supreme Industries Ltd. | 797 | 56,925 |
| Tongkun Group Co. Ltd., Class A (a) | 3,400 | 7,433 |
| Toray Industries, Inc. | 14,600 | 69,115 |
| Yanbu National Petrochemical Co. | 3,867 | 37,777 |
| Yunnan Energy New Material Co. Ltd., Class A | 500 | 2,168 |
| Zhejiang Juhua Co. Ltd., Class A | 500 | 1,653 |
| | | 1,774,191 |
| Communications Equipment - 0.1% |
| Accton Technology Corp. | 7,000 | 119,754 |
| BYD Electronic International Co. Ltd. | 10,020 | 50,053 |
| Guangzhou Haige Communications Group, Inc. Co., Class A | 12,900 | 18,305 |
| Nokia OYJ | 57,444 | 219,081 |
| Telefonaktiebolaget LM Ericsson, Class B | 28,818 | 179,055 |
| Yealink Network Technology Corp. Ltd., Class A | 1,540 | 7,756 |
| Zhongji Innolight Co. Ltd., Class A | 700 | 13,220 |
| ZTE Corp., Class A (a) | 6,900 | 26,434 |
| ZTE Corp., Class H (a) | 10,000 | 22,133 |
| | | 655,791 |
| | Number
of Shares | Fair
Value |
| Construction & Engineering - 0.2% |
| ACS Actividades de Construccion y Servicios SA | 2,137 | $92,255 |
| Bouygues SA | 2,027 | 65,108 |
| Budimex SA | 173 | 29,995 |
| China Communications Services Corp. Ltd., Class H | 45,733 | 24,661 |
| China Energy Engineering Corp. Ltd., Class A (a) | 34,900 | 10,134 |
| China National Chemical Engineering Co. Ltd., Class A (a) | 10,700 | 12,076 |
| China Railway Group Ltd., Class A | 24,800 | 22,148 |
| China Railway Group Ltd., Class H | 43,000 | 23,738 |
| China State Construction Engineering Corp. Ltd., Class A | 41,900 | 30,474 |
| China State Construction International Holdings Ltd. | 32,000 | 43,692 |
| Eiffage SA | 773 | 71,049 |
| Gamuda Bhd. | 35,803 | 49,938 |
| Hyundai Engineering & Construction Co. Ltd. | 1,136 | 26,450 |
| Kajima Corp. | 4,500 | 77,811 |
| Larsen & Toubro Ltd. | 9,445 | 401,920 |
| Metallurgical Corp. of China Ltd., Class A | 24,100 | 10,233 |
| Obayashi Corp. | 6,900 | 82,014 |
| Power Construction Corp. of China Ltd., Class A | 21,000 | 16,079 |
| Samsung E&A Co. Ltd. (a) | 2,064 | 36,212 |
| Sichuan Road & Bridge Group Co. Ltd., Class A (a) | 9,800 | 10,591 |
| Skanska AB, Class B | 3,608 | 65,004 |
| Stantec, Inc. | 1,200 | 100,439 |
| Taisei Corp. | 1,800 | 66,591 |
| Vinci SA | 5,366 | 565,785 |
| WSP Global, Inc. | 1,343 | 209,083 |
| | | 2,143,480 |
| Construction Machinery & Heavy Transportation Equipment - 0.2% |
| Alstom SA | 3,655 | 61,501 |
| Ashok Leyland Ltd. | 21,250 | 61,642 |
| China CSSC Holdings Ltd., Class A | 4,000 | 22,304 |
| CRRC Corp. Ltd., Class A | 30,500 | 31,374 |
| CRRC Corp. Ltd., Class H | 50,000 | 32,277 |
| Cummins India Ltd. | 2,012 | 95,713 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Daimler Truck Holding AG | 5,759 | $229,421 |
| Doosan Bobcat, Inc. | 610 | 22,734 |
| Epiroc AB, Class A | 6,866 | 137,123 |
| Epiroc AB, Class B | 4,163 | 76,183 |
| Hanwha Ocean Co. Ltd. (a) | 1,048 | 23,259 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | 246 | 27,826 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 620 | 71,526 |
| Hitachi Construction Machinery Co. Ltd. | 1,000 | 26,781 |
| Knorr-Bremse AG | 771 | 58,916 |
| Komatsu Ltd. | 9,914 | 287,879 |
| Metso OYJ | 6,554 | 69,428 |
| Samsung Heavy Industries Co. Ltd. (a) | 9,725 | 66,058 |
| Sany Heavy Industry Co. Ltd., Class A | 5,300 | 11,978 |
| Sinotruk Hong Kong Ltd. | 8,000 | 20,801 |
| Toyota Industries Corp. | 1,600 | 134,925 |
| Volvo AB, Class A | 2,157 | 56,297 |
| Volvo AB, Class B | 17,028 | 435,902 |
| Weichai Power Co. Ltd., Class A | 7,800 | 17,350 |
| Weichai Power Co. Ltd., Class H | 31,401 | 60,088 |
| XCMG Construction Machinery Co. Ltd., Class A (a) | 9,300 | 9,108 |
| Zhuzhou CRRC Times Electric Co. Ltd. (a) | 7,200 | 28,404 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | 8,700 | 9,152 |
| | | 2,185,950 |
| Construction Materials - 0.1% |
| Ambuja Cements Ltd. | 8,726 | 70,138 |
| Anhui Conch Cement Co. Ltd., Class A | 2,769 | 8,947 |
| Anhui Conch Cement Co. Ltd., Class H | 19,581 | 46,649 |
| Asia Cement Corp. | 35,000 | 47,308 |
| Cemex SAB de CV | 216,000 | 138,326 |
| China Jushi Co. Ltd., Class A | 4,114 | 6,227 |
| China National Building Material Co. Ltd., Class H | 59,243 | 21,247 |
| Grasim Industries Ltd. | 3,772 | 120,797 |
| Heidelberg Materials AG | 1,422 | 147,556 |
| Shree Cement Ltd. | 110 | 36,765 |
| | Number
of Shares | Fair
Value |
| Siam Cement PCL NVDR | 10,598 | $64,978 |
| TCC Group Holdings | 95,595 | 100,777 |
| UltraTech Cement Ltd. | 1,652 | 231,154 |
| | | 1,040,869 |
| Consumer Electronics - 0.1% |
| LG Electronics, Inc. | 1,500 | 120,850 |
| Panasonic Holdings Corp. | 25,100 | 205,500 |
| Sony Group Corp. | 13,349 | 1,131,918 |
| | | 1,458,268 |
| Consumer Finance - 0.1% |
| Bajaj Finance Ltd. | 3,929 | 335,266 |
| Cholamandalam Investment & Finance Co. Ltd. | 6,102 | 104,167 |
| Krungthai Card PCL NVDR | 24,365 | 27,055 |
| Muthoot Finance Ltd. | 1,581 | 34,049 |
| Qifu Technology, Inc. ADR (b) | 1,300 | 25,649 |
| SBI Cards & Payment Services Ltd. | 3,309 | 28,754 |
| Shriram Finance Ltd. | 4,071 | 142,140 |
| Sundaram Finance Ltd. | 665 | 37,417 |
| | | 734,497 |
| Consumer Staples Merchandise Retail - 0.1% |
| Aeon Co. Ltd. | 6,775 | 144,842 |
| Atacadao SA (a) | 5,500 | 8,931 |
| Carrefour SA | 5,948 | 84,147 |
| Cencosud SA | 15,092 | 28,380 |
| Sendas Distribuidora SA (a) | 18,600 | 34,625 |
| Wal-Mart de Mexico SAB de CV | 72,586 | 247,147 |
| | | 548,072 |
| Copper - 0.1% |
| Amman Mineral Internasional PT (a) | 93,100 | 62,541 |
| Antofagasta PLC | 4,124 | 109,997 |
| First Quantum Minerals Ltd. | 7,439 | 97,693 |
| Jiangxi Copper Co. Ltd., Class A | 300 | 973 |
| Jiangxi Copper Co. Ltd., Class H | 16,782 | 33,489 |
| KGHM Polska Miedz SA | 1,925 | 71,995 |
| Lundin Mining Corp. | 6,940 | 77,244 |
| Metals Acquisition Ltd., Class A (a) | 1,843 | 25,231 |
| Southern Copper Corp. | 1,808 | 194,794 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | 7,200 | $3,560 |
| | | 677,517 |
| Data Processing & Outsourced Services - 0.0%* |
| Computershare Ltd. | 5,609 | 98,669 |
| Teleperformance SE | 571 | 60,181 |
| WNS Holdings Ltd. (a) | 1,546 | 81,165 |
| | | 240,015 |
| Distillers & Vintners - 0.2% |
| Anhui Gujing Distillery Co. Ltd., Class A | 400 | 11,564 |
| Anhui Gujing Distillery Co. Ltd., Class B | 1,900 | 28,273 |
| Davide Campari-Milano NV | 6,593 | 62,351 |
| Diageo PLC | 23,804 | 749,106 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | 1,400 | 8,859 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | 1,700 | 18,800 |
| Kweichow Moutai Co. Ltd., Class A | 1,100 | 221,088 |
| Luzhou Laojiao Co. Ltd., Class A | 1,500 | 29,481 |
| Pernod Ricard SA | 2,196 | 298,197 |
| Remy Cointreau SA | 270 | 22,542 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (a) | 1,040 | 30,040 |
| Sichuan Swellfun Co. Ltd., Class A | 600 | 3,093 |
| Treasury Wine Estates Ltd. | 8,583 | 71,308 |
| United Spirits Ltd. | 4,104 | 62,824 |
| Wuliangye Yibin Co. Ltd., Class A (a) | 3,300 | 57,874 |
| | | 1,675,400 |
| Distributors - 0.0%* |
| D'ieteren Group | 233 | 49,469 |
| GigaCloud Technology, Inc., Class A (a) | 802 | 24,397 |
| | | 73,866 |
| Diversified Banks - 3.7% |
| ABN AMRO Bank NV (f) | 4,560 | 75,018 |
| Absa Group Ltd. | 11,873 | 103,027 |
| Abu Dhabi Commercial Bank PJSC | 40,850 | 89,196 |
| Abu Dhabi Islamic Bank PJSC | 21,200 | 66,838 |
| | Number
of Shares | Fair
Value |
| Agricultural Bank of China Ltd., Class A | 91,347 | $54,552 |
| Agricultural Bank of China Ltd., Class H | 368,717 | 157,737 |
| AIB Group PLC | 17,843 | 94,392 |
| Akbank TAS | 45,252 | 88,410 |
| Al Rajhi Bank | 27,746 | 602,756 |
| Alinma Bank | 17,726 | 146,945 |
| Alpha Services & Holdings SA (a) | 31,696 | 51,754 |
| AMMB Holdings Bhd. | 37,400 | 34,011 |
| ANZ Group Holdings Ltd. | 32,197 | 607,238 |
| Arab National Bank | 11,812 | 63,789 |
| Axis Bank Ltd. | 32,374 | 491,215 |
| Banco Bilbao Vizcaya Argentaria SA | 62,499 | 626,428 |
| Banco BPM SpA | 13,511 | 87,085 |
| Banco Bradesco SA | 18,367 | 37,002 |
| Banco de Chile | 661,610 | 73,603 |
| Banco de Credito e Inversiones SA | 737 | 20,675 |
| Banco de Sabadell SA | 56,841 | 109,685 |
| Banco del Bajio SA (f) | 11,000 | 33,393 |
| Banco do Brasil SA | 23,500 | 113,006 |
| Banco Santander Chile | 908,860 | 42,558 |
| Banco Santander SA | 169,305 | 785,781 |
| Bancolombia SA | 3,113 | 26,517 |
| Bank AlBilad | 9,206 | 79,997 |
| Bank Al-Jazira (a) | 8,423 | 37,045 |
| Bank Central Asia Tbk. PT | 790,500 | 479,127 |
| Bank Hapoalim BM | 13,276 | 117,388 |
| Bank Leumi Le-Israel BM | 15,888 | 129,476 |
| Bank Mandiri Persero Tbk. PT | 535,900 | 201,269 |
| Bank Negara Indonesia Persero Tbk. PT | 227,100 | 64,628 |
| Bank of Baroda | 14,528 | 47,981 |
| Bank of Beijing Co. Ltd., Class A | 31,600 | 25,277 |
| Bank of China Ltd., Class A | 42,794 | 27,080 |
| Bank of China Ltd., Class H | 1,099,868 | 542,369 |
| Bank of Communications Co. Ltd., Class A | 44,600 | 45,633 |
| Bank of Communications Co. Ltd., Class H | 109,127 | 85,681 |
| Bank of Ireland Group PLC | 10,870 | 113,797 |
| Bank of Montreal | 7,806 | 655,069 |
| Bank of Nova Scotia | 13,085 | 598,428 |
| Bank of NT Butterfield & Son Ltd. | 1,512 | 53,101 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Bank of Shanghai Co. Ltd., Class A | 9,900 | $9,845 |
| Bank of the Philippine Islands | 26,292 | 53,428 |
| Bank Polska Kasa Opieki SA | 2,492 | 104,142 |
| Bank Rakyat Indonesia Persero Tbk. PT | 975,709 | 274,092 |
| Banque Saudi Fransi | 8,277 | 78,322 |
| Barclays PLC | 161,131 | 425,499 |
| BDO Unibank, Inc. | 33,772 | 73,872 |
| BNP Paribas SA | 11,052 | 705,132 |
| BOC Hong Kong Holdings Ltd. | 38,500 | 118,596 |
| Boubyan Bank KSCP | 22,623 | 41,743 |
| CaixaBank SA | 40,401 | 214,031 |
| Canadian Imperial Bank of Commerce | 10,046 | 477,577 |
| Canara Bank | 19,281 | 27,624 |
| Capitec Bank Holdings Ltd. | 1,242 | 178,818 |
| Chang Hwa Commercial Bank Ltd. | 69,324 | 39,426 |
| China CITIC Bank Corp. Ltd., Class H (a) | 116,881 | 75,002 |
| China Common Rich Renewable Energy Investments Ltd. (a)(d)** | 64,000 | — |
| China Construction Bank Corp., Class A | 7,400 | 7,501 |
| China Construction Bank Corp., Class H | 1,343,000 | 992,534 |
| China Everbright Bank Co. Ltd., Class A | 34,220 | 14,858 |
| China Everbright Bank Co. Ltd., Class H (a) | 46,883 | 14,592 |
| China Merchants Bank Co. Ltd., Class A | 17,100 | 80,080 |
| China Merchants Bank Co. Ltd., Class H | 55,500 | 252,001 |
| China Minsheng Banking Corp. Ltd., Class A (a) | 46,100 | 23,931 |
| China Minsheng Banking Corp. Ltd., Class H | 65,700 | 22,721 |
| China Zheshang Bank Co. Ltd., Class A | 23,140 | 8,748 |
| CIMB Group Holdings Bhd. | 92,994 | 134,045 |
| Commercial Bank PSQC | 43,434 | 51,164 |
| Commercial International Bank - Egypt (CIB) | 24,801 | 39,967 |
| Commerzbank AG | 10,949 | 166,455 |
| Commonwealth Bank of Australia | 17,886 | 1,521,575 |
| Credicorp Ltd. | 1,000 | 161,330 |
| Credit Agricole SA | 11,006 | 150,277 |
| | Number
of Shares | Fair
Value |
| CTBC Financial Holding Co. Ltd. | 250,000 | $291,679 |
| Danske Bank AS | 7,427 | 221,480 |
| DBS Group Holdings Ltd. | 21,341 | 563,582 |
| DNB Bank ASA | 8,821 | 173,728 |
| Dubai Islamic Bank PJSC | 40,434 | 63,188 |
| E.Sun Financial Holding Co. Ltd. | 198,647 | 174,818 |
| Emirates NBD Bank PJSC | 26,659 | 119,759 |
| Erste Group Bank AG | 3,500 | 165,950 |
| Eurobank Ergasias Services & Holdings SA, Class A (a) | 36,727 | 79,551 |
| FinecoBank Banca Fineco SpA | 6,400 | 95,480 |
| First Abu Dhabi Bank PJSC | 62,422 | 211,756 |
| First Financial Holding Co. Ltd. | 150,121 | 130,031 |
| Grupo Financiero Banorte SAB de CV, Class O | 36,600 | 285,346 |
| Grupo Financiero Inbursa SAB de CV, Class O (a) | 26,000 | 61,810 |
| Gulf Bank KSCP | 29,631 | 27,530 |
| Haci Omer Sabanci Holding AS | 11,700 | 34,440 |
| Hana Financial Group, Inc. | 4,131 | 182,166 |
| Hang Seng Bank Ltd. | 8,000 | 102,877 |
| HDFC Bank Ltd. | 39,607 | 799,763 |
| Hong Leong Bank Bhd. | 9,800 | 39,886 |
| HSBC Holdings PLC | 201,716 | 1,743,870 |
| Hua Nan Financial Holdings Co. Ltd. | 122,089 | 99,353 |
| Huaxia Bank Co. Ltd., Class A | 22,200 | 19,461 |
| ICICI Bank Ltd. | 73,229 | 1,053,461 |
| IDFC First Bank Ltd. (a) | 53,047 | 52,266 |
| IndusInd Bank Ltd. | 4,200 | 73,763 |
| Industrial & Commercial Bank of China Ltd., Class A | 67,200 | 52,465 |
| Industrial & Commercial Bank of China Ltd., Class H | 900,505 | 535,177 |
| Industrial Bank Co. Ltd., Class A (a) | 21,300 | 51,406 |
| Industrial Bank of Korea | 3,268 | 33,285 |
| ING Groep NV | 35,370 | 605,085 |
| Intesa Sanpaolo SpA | 156,615 | 582,615 |
| Israel Discount Bank Ltd., Class A | 13,104 | 65,360 |
| Japan Post Bank Co. Ltd. | 15,100 | 142,636 |
| KakaoBank Corp. | 2,013 | 29,687 |
| Kasikornbank PCL | 9,700 | 33,173 |
| KB Financial Group, Inc. | 5,417 | 308,924 |
| KBC Group NV | 2,700 | 190,697 |
| Komercni Banka AS | 1,151 | 38,541 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Kotak Mahindra Bank Ltd. | 15,443 | $333,815 |
| Krung Thai Bank PCL NVDR | 63,077 | 29,392 |
| Kuwait Finance House KSCP | 132,741 | 307,241 |
| Lloyds Banking Group PLC | 678,644 | 469,600 |
| Malayan Banking Bhd. | 74,589 | 157,479 |
| Masraf Al Rayan QSC | 85,716 | 54,923 |
| mBank SA (a) | 258 | 40,882 |
| Mediobanca Banca di Credito Finanziario SpA | 5,366 | 78,731 |
| Mega Financial Holding Co. Ltd. | 161,326 | 200,902 |
| Metropolitan Bank & Trust Co. | 25,640 | 29,551 |
| Mitsubishi UFJ Financial Group, Inc. | 118,682 | 1,275,651 |
| Mizrahi Tefahot Bank Ltd. | 1,667 | 56,463 |
| Mizuho Financial Group, Inc. | 25,800 | 538,583 |
| Moneta Money Bank AS (f) | 6,354 | 27,788 |
| National Australia Bank Ltd. | 33,193 | 803,145 |
| National Bank of Canada | 3,645 | 289,048 |
| National Bank of Greece SA (a) | 11,109 | 92,677 |
| National Bank of Kuwait SAKP | 110,851 | 311,503 |
| NatWest Group PLC | 70,320 | 277,164 |
| Nedbank Group Ltd. | 6,277 | 88,143 |
| Nordea Bank Abp | 33,831 | 402,900 |
| NU Holdings Ltd., Class A (a) | 22,060 | 284,353 |
| OTP Bank Nyrt | 3,184 | 158,342 |
| Oversea-Chinese Banking Corp. Ltd. | 36,330 | 386,823 |
| Ping An Bank Co. Ltd., Class A | 20,300 | 28,222 |
| Piraeus Financial Holdings SA (a) | 15,242 | 55,639 |
| Postal Savings Bank of China Co. Ltd., Class A | 34,100 | 23,680 |
| Postal Savings Bank of China Co. Ltd., Class H (f) | 97,675 | 57,298 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 12,163 | 190,370 |
| Public Bank Bhd. | 209,200 | 178,269 |
| Punjab National Bank | 29,593 | 43,743 |
| Qatar International Islamic Bank QSC | 14,405 | 39,563 |
| Qatar Islamic Bank QPSC | 25,837 | 131,988 |
| Qatar National Bank QPSC | 65,784 | 263,967 |
| RHB Bank Bhd. | 27,771 | 32,436 |
| Riyad Bank | 20,845 | 144,742 |
| Royal Bank of Canada | 15,055 | 1,602,485 |
| Santander Bank Polska SA | 547 | 73,640 |
| Saudi Awwal Bank | 14,327 | 147,601 |
| | Number
of Shares | Fair
Value |
| Saudi Investment Bank | 9,608 | $32,884 |
| Saudi National Bank | 41,460 | 405,582 |
| Sberbank of Russia PJSC (a)(d)** | 192,160 | — |
| SCB X PCL NVDR | 13,396 | 37,599 |
| Shanghai Commercial & Savings Bank Ltd. | 54,565 | 77,454 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | 33,600 | 37,876 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | 18,800 | 17,304 |
| Shinhan Financial Group Co. Ltd. | 6,149 | 215,092 |
| SinoPac Financial Holdings Co. Ltd. | 149,921 | 117,380 |
| Skandinaviska Enskilda Banken AB, Class A | 17,069 | 252,243 |
| Societe Generale SA | 7,795 | 183,126 |
| Standard Bank Group Ltd. | 18,776 | 216,767 |
| Standard Chartered PLC | 23,772 | 215,159 |
| State Bank of India | 25,129 | 255,833 |
| Sumitomo Mitsui Financial Group, Inc. | 13,433 | 895,617 |
| Sumitomo Mitsui Trust Holdings, Inc. | 6,800 | 155,141 |
| Svenska Handelsbanken AB, Class A | 15,193 | 144,826 |
| Swedbank AB, Class A | 9,157 | 188,584 |
| Taishin Financial Holding Co. Ltd. | 153,512 | 89,198 |
| Taiwan Business Bank | 92,136 | 51,689 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 140,067 | 112,256 |
| TCS Group Holding PLC GDR (a)(d)** | 500 | — |
| TMBThanachart Bank PCL | 400,000 | 18,639 |
| Toronto-Dominion Bank | 18,906 | 1,039,011 |
| Turkiye Is Bankasi AS, Class C | 109,873 | 53,121 |
| UniCredit SpA | 16,207 | 601,084 |
| Union Bank of India Ltd. | 17,524 | 28,726 |
| United Overseas Bank Ltd. | 13,600 | 314,398 |
| VTB Bank PJSC (a)(d)** | 70,264,000 | — |
| Westpac Banking Corp. | 37,173 | 676,012 |
| Woori Financial Group, Inc. | 8,092 | 86,358 |
| Yapi ve Kredi Bankasi AS | 44,636 | 46,020 |
| Yes Bank Ltd. (a) | 190,554 | 54,136 |
| | | 40,388,787 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Diversified Capital Markets - 0.2% |
| Banco BTG Pactual SA | 16,608 | $92,422 |
| Deutsche Bank AG | 20,349 | 325,129 |
| Macquarie Group Ltd. | 3,897 | 532,729 |
| Mirae Asset Securities Co. Ltd. | 2,723 | 14,480 |
| UBS Group AG | 35,163 | 1,035,012 |
| | | 1,999,772 |
| Diversified Chemicals - 0.1% |
| BASF SE | 9,565 | 463,205 |
| Mitsubishi Chemical Group Corp. | 14,300 | 79,394 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A (a) | 11,000 | 26,111 |
| Nissan Chemical Corp. | 1,400 | 44,360 |
| Pidilite Industries Ltd. | 2,242 | 84,933 |
| Sasol Ltd. | 7,113 | 53,796 |
| SRF Ltd. | 2,234 | 65,263 |
| | | 817,062 |
| Diversified Financial Services - 0.1% |
| Bajaj Finserv Ltd. | 5,397 | 102,788 |
| FirstRand Ltd. | 71,476 | 301,013 |
| Jio Financial Services Ltd. (a) | 40,838 | 175,400 |
| M&G PLC | 24,002 | 61,896 |
| Meritz Financial Group, Inc. | 1,456 | 83,668 |
| ORIX Corp. | 12,400 | 273,808 |
| Yuanta Financial Holding Co. Ltd. | 145,373 | 143,619 |
| | | 1,142,192 |
| Diversified Metals & Mining - 0.5% |
| Anglo American PLC | 13,623 | 430,865 |
| BHP Group Ltd. | 54,190 | 1,544,623 |
| Boliden AB | 2,869 | 91,866 |
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,000 | 4,712 |
| China Rare Earth Resources & Technology Co. Ltd., Class A | 500 | 1,736 |
| CMOC Group Ltd., Class A | 14,500 | 16,882 |
| CMOC Group Ltd., Class H | 57,000 | 52,127 |
| Critical Metals Corp. (a) | 242 | 2,727 |
| GEM Co. Ltd., Class A | 7,800 | 6,805 |
| Glencore PLC | 111,011 | 633,024 |
| GMK Norilskiy Nickel PAO (d)** | 30,500 | — |
| Grupo Mexico SAB de CV | 43,942 | 236,490 |
| | Number
of Shares | Fair
Value |
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | 4,000 | $11,084 |
| Ivanhoe Mines Ltd., Class A (a) | 6,672 | 86,060 |
| Korea Zinc Co. Ltd. | 121 | 45,271 |
| Lifezone Holdings Ltd. (a) | 1,307 | 10,038 |
| Merdeka Copper Gold Tbk. PT (a) | 198,993 | 28,922 |
| Mineral Resources Ltd. | 1,848 | 66,547 |
| MMC Norilsk Nickel PJSC ADR (a)(d)** | 8,131 | — |
| Pilbara Minerals Ltd. | 30,189 | 61,896 |
| Rio Tinto Ltd. | 3,986 | 316,784 |
| Rio Tinto PLC | 12,059 | 792,829 |
| Saudi Arabian Mining Co. (a) | 18,387 | 210,993 |
| Sinomine Resource Group Co. Ltd., Class A | 1,120 | 4,111 |
| South32 Ltd. | 47,306 | 115,631 |
| Sumitomo Metal Mining Co. Ltd. | 2,600 | 78,844 |
| Teck Resources Ltd., Class B | 4,941 | 236,732 |
| Vedanta Ltd. | 13,092 | 71,279 |
| Western Mining Co. Ltd., Class A | 1,400 | 3,442 |
| Yunnan Tin Co. Ltd., Class A | 1,000 | 2,122 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 1,530 | 4,638 |
| | | 5,169,080 |
| Diversified Real Estate Activities - 0.1% |
| Aldar Properties PJSC | 54,631 | 93,109 |
| Ayala Land, Inc. | 94,900 | 46,147 |
| Barwa Real Estate Co. | 31,838 | 24,003 |
| Daito Trust Construction Co. Ltd. | 600 | 61,861 |
| Daiwa House Industry Co. Ltd. | 5,800 | 147,001 |
| DLF Ltd. | 10,611 | 104,949 |
| Hainan Airport Infrastructure Co. Ltd., Class A (a) | 9,000 | 3,871 |
| Mitsubishi Estate Co. Ltd. | 11,700 | 183,290 |
| Mitsui Fudosan Co. Ltd. | 28,700 | 262,004 |
| Nomura Real Estate Holdings, Inc. | 996 | 24,959 |
| Phoenix Mills Ltd. | 1,132 | 48,712 |
| Sumitomo Realty & Development Co. Ltd. | 3,000 | 88,045 |
| Sun Hung Kai Properties Ltd. | 15,000 | 129,781 |
| Swire Pacific Ltd., Class A | 4,500 | 39,770 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Wharf Holdings Ltd. | 12,000 | $33,737 |
| | | 1,291,239 |
| Diversified REITs - 0.0%* |
| Covivio SA | 487 | 23,164 |
| Fibra Uno Administracion SA de CV | 40,600 | 49,913 |
| GPT Group | 20,372 | 54,422 |
| Land Securities Group PLC | 7,508 | 58,796 |
| Mirvac Group | 42,025 | 52,484 |
| Nomura Real Estate Master Fund, Inc. | 44 | 39,033 |
| Stockland | 25,496 | 71,004 |
| | | 348,816 |
| Diversified Support Services - 0.0%* |
| Brambles Ltd. | 14,512 | 140,823 |
| Element Fleet Management Corp. | 4,157 | 75,615 |
| Indian Railway Catering & Tourism Corp. Ltd. | 3,671 | 43,550 |
| RB Global, Inc. | 3,242 | 247,354 |
| | | 507,342 |
| Drug Retail - 0.0%* |
| Alibaba Health Information Technology Ltd. (a) | 104,000 | 41,694 |
| Clicks Group Ltd. | 3,394 | 64,006 |
| JD Health International, Inc. (a)(f) | 14,100 | 38,377 |
| MatsukiyoCocokara & Co. | 3,700 | 53,133 |
| Nahdi Medical Co. | 553 | 19,428 |
| Raia Drogasil SA | 18,324 | 84,718 |
| | | 301,356 |
| Education Services - 0.0%* |
| New Oriental Education & Technology Group, Inc. (a) | 21,100 | 161,343 |
| Pearson PLC | 6,516 | 81,611 |
| TAL Education Group ADR (a)(b) | 6,400 | 68,288 |
| | | 311,242 |
| Electric Utilities - 0.4% |
| Acciona SA | 224 | 26,480 |
| BKW AG | 237 | 37,794 |
| Centrais Eletricas Brasileiras SA | 17,727 | 114,415 |
| CEZ AS | 2,290 | 86,235 |
| Chubu Electric Power Co., Inc. | 6,800 | 80,361 |
| | Number
of Shares | Fair
Value |
| CK Infrastructure Holdings Ltd. | 7,000 | $39,539 |
| CLP Holdings Ltd. | 17,000 | 137,395 |
| CPFL Energia SA | 2,500 | 14,731 |
| EDP - Energias de Portugal SA | 32,732 | 122,747 |
| Elia Group SA | 334 | 31,304 |
| Emera, Inc. | 2,999 | 100,051 |
| Endesa SA | 3,361 | 63,164 |
| Enel Americas SA | 412,573 | 38,288 |
| Enel Chile SA | 508,946 | 28,631 |
| Enel SpA | 87,078 | 606,058 |
| Energisa SA | 4,267 | 35,046 |
| Equatorial Energia SA | 14,992 | 82,835 |
| Equatorial Energia SA (a) | 228 | 1,276 |
| Fortis, Inc. | 5,312 | 206,409 |
| Fortum OYJ | 4,740 | 69,343 |
| Hydro One Ltd. (f) | 3,451 | 100,502 |
| Iberdrola SA | 61,841 | 802,959 |
| Inter RAO UES PJSC (d)** | 467,243 | — |
| Interconexion Electrica SA ESP | 8,314 | 36,513 |
| Kansai Electric Power Co., Inc. | 7,300 | 122,620 |
| Korea Electric Power Corp. | 3,729 | 53,016 |
| Manila Electric Co. | 4,030 | 25,166 |
| Mercury NZ Ltd. | 6,454 | 25,819 |
| Origin Energy Ltd. | 17,988 | 130,464 |
| Orsted AS (a)(f) | 1,978 | 105,350 |
| PGE Polska Grupa Energetyczna SA (a) | 10,086 | 18,009 |
| Power Assets Holdings Ltd. | 14,500 | 78,467 |
| Power Grid Corp. of India Ltd. | 65,719 | 260,827 |
| Public Power Corp. SA (a) | 3,076 | 37,055 |
| Redeia Corp. SA | 4,330 | 75,736 |
| Saudi Electricity Co. | 10,865 | 47,670 |
| SSE PLC | 11,754 | 265,888 |
| Tata Power Co. Ltd. (a) | 20,998 | 110,949 |
| Tenaga Nasional Bhd. | 37,200 | 108,663 |
| Terna - Rete Elettrica Nazionale | 14,691 | 113,648 |
| Tokyo Electric Power Co. Holdings, Inc. (a) | 16,000 | 86,157 |
| Torrent Power Ltd. | 2,511 | 45,120 |
| Verbund AG | 723 | 57,070 |
| | | 4,629,770 |
| Electrical Components & Equipment - 0.3% |
| ABB Ltd. | 17,106 | 950,291 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| CG Power & Industrial Solutions Ltd. | 8,878 | $75,027 |
| Contemporary Amperex Technology Co. Ltd., Class A | 3,800 | 93,703 |
| Ecopro BM Co. Ltd. (a) | 697 | 92,663 |
| Ecopro Co. Ltd. (a) | 1,423 | 93,144 |
| Ecopro Materials Co. Ltd. (a) | 208 | 13,736 |
| Eve Energy Co. Ltd., Class A | 2,500 | 13,670 |
| Fortune Electric Co. Ltd. | 2,000 | 58,259 |
| Freyr Battery, Inc. (a) | 4,169 | 7,087 |
| Fuji Electric Co. Ltd. | 1,300 | 73,962 |
| Ginlong Technologies Co. Ltd., Class A | 300 | 1,711 |
| Goneo Group Co. Ltd., Class A | 580 | 6,127 |
| Gotion High-tech Co. Ltd., Class A | 1,800 | 4,721 |
| Havells India Ltd. | 3,576 | 78,152 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 4,400 | 9,552 |
| L&F Co. Ltd. (a) | 299 | 29,390 |
| Legrand SA | 2,837 | 281,677 |
| LG Energy Solution Ltd. (a) | 664 | 157,498 |
| NIDEC Corp. | 4,500 | 200,998 |
| Polycab India Ltd. (a) | 592 | 47,846 |
| POSCO Future M Co. Ltd. | 444 | 83,381 |
| Prysmian SpA | 2,730 | 169,174 |
| SK IE Technology Co. Ltd. (a)(f) | 583 | 18,678 |
| Sungrow Power Supply Co. Ltd., Class A | 2,660 | 22,600 |
| Sunwoda Electronic Co. Ltd., Class A | 800 | 1,662 |
| TBEA Co. Ltd., Class A | 5,460 | 10,373 |
| Voltronic Power Technology Corp. | 1,000 | 59,338 |
| Walsin Lihwa Corp. | 39,000 | 42,677 |
| WEG SA | 23,546 | 178,849 |
| Zhejiang Chint Electrics Co. Ltd., Class A | 1,800 | 4,699 |
| | | 2,880,645 |
| Electronic Components - 0.2% |
| AUO Corp. | 97,200 | 53,332 |
| Avary Holding Shenzhen Co. Ltd., Class A | 2,900 | 15,793 |
| BOE Technology Group Co. Ltd., Class A | 28,600 | 16,022 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | 2,200 | 8,796 |
| | Number
of Shares | Fair
Value |
| China Zhenhua Group Science & Technology Co. Ltd., Class A | 200 | $1,138 |
| Delta Electronics Thailand PCL NVDR | 44,745 | 101,506 |
| Delta Electronics, Inc. | 28,000 | 334,448 |
| E Ink Holdings, Inc. | 12,000 | 93,214 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 800 | 3,236 |
| Hamamatsu Photonics KK | 1,500 | 40,172 |
| Ibiden Co. Ltd. | 1,200 | 48,847 |
| Innolux Corp. | 125,333 | 55,439 |
| Kyocera Corp. | 13,400 | 154,234 |
| Largan Precision Co. Ltd. | 1,000 | 84,614 |
| Lens Technology Co. Ltd., Class A | 4,960 | 12,398 |
| LG Display Co. Ltd. (a) | 4,924 | 41,030 |
| LG Innotek Co. Ltd. | 236 | 46,634 |
| Lingyi iTech Guangdong Co., Class A | 8,000 | 7,802 |
| Luxshare Precision Industry Co. Ltd., Class A (a) | 5,600 | 30,152 |
| Maxscend Microelectronics Co. Ltd., Class A | 128 | 1,363 |
| Murata Manufacturing Co. Ltd. | 18,500 | 382,053 |
| Omron Corp. | 1,897 | 65,203 |
| Samsung Electro-Mechanics Co. Ltd. | 814 | 93,434 |
| Samsung SDI Co. Ltd. | 784 | 201,624 |
| Shengyi Technology Co. Ltd., Class A | 1,400 | 4,038 |
| Shennan Circuits Co. Ltd., Class A | 800 | 11,590 |
| Sunny Optical Technology Group Co. Ltd. | 9,200 | 56,856 |
| TDK Corp. | 4,200 | 257,572 |
| Unimicron Technology Corp. | 20,000 | 110,969 |
| Yageo Corp. | 4,979 | 112,038 |
| Zhen Ding Technology Holding Ltd. | 9,665 | 38,581 |
| | | 2,484,128 |
| Electronic Equipment & Instruments - 0.1% |
| Halma PLC | 3,968 | 135,732 |
| Hexagon AB, Class B | 22,330 | 252,288 |
| Keyence Corp. | 2,082 | 913,124 |
| Shimadzu Corp. | 2,500 | 62,554 |
| SUPCON Technology Co. Ltd., Class A | 1,570 | 8,107 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| TCL Technology Group Corp., Class A | 14,329 | $8,479 |
| Wuhan Guide Infrared Co. Ltd., Class A | 4,550 | 3,671 |
| Yokogawa Electric Corp. | 2,500 | 60,456 |
| Zhejiang Dahua Technology Co. Ltd., Class A | 2,800 | 5,929 |
| | | 1,450,340 |
| Electronic Manufacturing Services - 0.1% |
| AAC Technologies Holdings, Inc. | 9,000 | 35,389 |
| Fabrinet (a) | 1,207 | 295,462 |
| Foxconn Industrial Internet Co. Ltd., Class A | 10,800 | 40,532 |
| GoerTek, Inc., Class A | 2,448 | 6,542 |
| Hon Hai Precision Industry Co. Ltd. | 176,000 | 1,160,982 |
| Wingtech Technology Co. Ltd., Class A (a) | 1,200 | 4,643 |
| | | 1,543,550 |
| Environmental & Facilities Services - 0.0%* |
| Rentokil Initial PLC | 26,306 | 153,365 |
| Zhejiang Weiming Environment Protection Co. Ltd., Class A | 2,300 | 6,483 |
| | | 159,848 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| ICL Group Ltd. | 8,471 | 36,675 |
| Nutrien Ltd. | 5,316 | 270,588 |
| OCI NV | 950 | 23,204 |
| PhosAgro PJSC (a)(d)** | 13 | — |
| PhosAgro PJSC GDR (a)(d)** | 1,956 | — |
| PI Industries Ltd. | 1,191 | 54,257 |
| Qinghai Salt Lake Industry Co. Ltd., Class A (a) | 3,300 | 7,887 |
| SABIC Agri-Nutrients Co. | 3,397 | 102,138 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 2,470 | 9,013 |
| UPL Ltd. | 7,182 | 49,166 |
| Yara International ASA | 1,767 | 51,048 |
| Zangge Mining Co. Ltd., Class A | 900 | 2,967 |
| | | 606,943 |
| Financial Exchanges & Data - 0.2% |
| ASX Ltd. | 2,038 | 81,665 |
| B3 SA - Brasil Bolsa Balcao | 80,800 | 148,960 |
| | Number
of Shares | Fair
Value |
| Deutsche Boerse AG | 2,037 | $417,201 |
| East Money Information Co. Ltd., Class A | 16,188 | 23,414 |
| Euronext NV (f) | 845 | 78,337 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 500 | 7,102 |
| Hong Kong Exchanges & Clearing Ltd. | 12,883 | 412,855 |
| Japan Exchange Group, Inc. | 5,200 | 121,288 |
| London Stock Exchange Group PLC | 4,874 | 579,155 |
| Moscow Exchange MICEX-Rates PJSC (d)** | 17,461 | — |
| Saudi Tadawul Group Holding Co. | 719 | 47,760 |
| Singapore Exchange Ltd. | 9,036 | 63,207 |
| TMX Group Ltd. | 2,955 | 82,235 |
| | | 2,063,179 |
| Food Distributors - 0.0%* |
| Bid Corp. Ltd. | 4,755 | 110,638 |
| CP Axtra PCL | 38,700 | 28,737 |
| | | 139,375 |
| Food Retail - 0.3% |
| Alimentation Couche-Tard, Inc. | 8,245 | 462,578 |
| Avenue Supermarts Ltd. (a)(f) | 2,274 | 128,627 |
| BIM Birlesik Magazalar AS | 6,661 | 110,734 |
| Coles Group Ltd. | 13,938 | 158,524 |
| CP ALL PCL NVDR | 82,277 | 123,312 |
| Dino Polska SA (a)(f) | 680 | 68,710 |
| Empire Co. Ltd., Class A | 1,549 | 39,587 |
| Endeavour Group Ltd. | 16,219 | 54,701 |
| George Weston Ltd. | 632 | 90,891 |
| J Sainsbury PLC | 17,674 | 56,971 |
| Jeronimo Martins SGPS SA | 3,000 | 58,678 |
| Kesko OYJ, Class B | 2,917 | 51,240 |
| Kobe Bussan Co. Ltd. | 1,700 | 37,876 |
| Koninklijke Ahold Delhaize NV | 10,140 | 299,836 |
| Loblaw Cos. Ltd. | 1,672 | 193,917 |
| Metro, Inc. | 2,369 | 131,214 |
| President Chain Store Corp. | 7,000 | 59,014 |
| Seven & i Holdings Co. Ltd. | 24,051 | 293,050 |
| Shoprite Holdings Ltd. | 7,041 | 109,521 |
| Sumber Alfaria Trijaya Tbk. PT | 242,800 | 40,775 |
| Tesco PLC | 75,619 | 292,505 |
| Woolworths Group Ltd. | 13,124 | 296,165 |
| | | 3,158,426 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Footwear - 0.0%* |
| Asics Corp. | 6,800 | $104,034 |
| Feng TAY Enterprise Co. Ltd. | 9,600 | 45,867 |
| Pou Chen Corp. | 32,000 | 34,524 |
| Puma SE | 1,123 | 51,597 |
| | | 236,022 |
| Forest Products - 0.0%* |
| Svenska Cellulosa AB SCA, Class B | 6,358 | 93,987 |
| West Fraser Timber Co. Ltd. | 603 | 46,302 |
| | | 140,289 |
| Gas Utilities - 0.1% |
| AltaGas Ltd. | 3,155 | 71,269 |
| APA Group | 13,700 | 73,105 |
| Beijing Enterprises Holdings Ltd. | 6,500 | 21,813 |
| Brookfield Infrastructure Corp., Class A | 3,986 | 134,169 |
| China Gas Holdings Ltd. | 43,000 | 38,553 |
| China Resources Gas Group Ltd. | 13,600 | 47,642 |
| ENN Energy Holdings Ltd. | 11,400 | 93,961 |
| ENN Natural Gas Co. Ltd., Class A | 5,300 | 15,099 |
| GAIL India Ltd. | 32,533 | 85,656 |
| Hong Kong & China Gas Co. Ltd. | 117,650 | 89,510 |
| Kunlun Energy Co. Ltd. | 56,000 | 58,099 |
| Osaka Gas Co. Ltd. | 3,900 | 85,899 |
| Petronas Gas Bhd. | 10,349 | 39,092 |
| Snam SpA | 21,132 | 93,560 |
| Tokyo Gas Co. Ltd. | 3,800 | 81,617 |
| | | 1,029,044 |
| Gold - 0.2% |
| Agnico Eagle Mines Ltd. | 5,355 | 350,178 |
| Aneka Tambang Tbk. PT | 103,400 | 7,893 |
| Anglogold Ashanti PLC | 5,971 | 150,344 |
| Barrick Gold Corp. | 18,853 | 314,412 |
| Caledonia Mining Corp. PLC | 688 | 6,687 |
| Cia de Minas Buenaventura SAA ADR (b) | 2,800 | 47,460 |
| Endeavour Mining PLC | 2,005 | 42,732 |
| Franco-Nevada Corp. | 2,068 | 245,134 |
| Gold Fields Ltd. | 12,683 | 189,912 |
| Harmony Gold Mining Co. Ltd. | 8,044 | 74,030 |
| i-80 Gold Corp. (a) | 8,132 | 8,783 |
| Kinross Gold Corp. | 12,892 | 107,312 |
| | Number
of Shares | Fair
Value |
| Northern Star Resources Ltd. | 12,015 | $104,315 |
| Novagold Resources, Inc. (a) | 7,435 | 25,725 |
| Polyus PJSC GDR (a)(d)** | 977 | — |
| Polyus PJSC (a)(d)** | 122 | — |
| Shandong Gold Mining Co. Ltd., Class A | 3,000 | 11,251 |
| Shandong Gold Mining Co. Ltd., Class H (f) | 14,250 | 28,363 |
| SSR Mining, Inc. | 6,874 | 31,002 |
| Wheaton Precious Metals Corp. | 4,874 | 255,499 |
| Zhaojin Mining Industry Co. Ltd., Class H | 18,000 | 30,202 |
| Zhongjin Gold Corp. Ltd., Class A | 4,900 | 9,933 |
| Zijin Mining Group Co. Ltd., Class A | 22,900 | 55,110 |
| Zijin Mining Group Co. Ltd., Class H | 73,119 | 154,341 |
| | | 2,250,618 |
| Healthcare Distributors - 0.0%* |
| Amplifon SpA | 1,349 | 48,058 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 900 | 3,616 |
| Huadong Medicine Co. Ltd., Class A | 1,700 | 6,476 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,700 | 4,450 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 9,000 | 13,533 |
| Sinopharm Group Co. Ltd., Class H | 18,400 | 48,902 |
| | | 125,035 |
| Healthcare Equipment - 0.2% |
| BioMerieux | 451 | 42,898 |
| Carl Zeiss Meditec AG | 440 | 30,959 |
| Cochlear Ltd. | 682 | 151,286 |
| Demant AS (a) | 1,076 | 46,608 |
| DiaSorin SpA | 198 | 19,748 |
| Fisher & Paykel Healthcare Corp. Ltd. | 6,107 | 111,937 |
| Getinge AB, Class B | 2,492 | 42,368 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 600 | 3,090 |
| Koninklijke Philips NV (a) | 8,655 | 218,821 |
| Lepu Medical Technology Beijing Co. Ltd., Class A | 2,300 | 4,675 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Olympus Corp. | 12,400 | $199,922 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | 832 | 12,501 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1,100 | 43,831 |
| Siemens Healthineers AG (f) | 2,931 | 169,002 |
| Smith & Nephew PLC | 9,132 | 113,198 |
| Sonova Holding AG | 527 | 162,803 |
| Straumann Holding AG | 1,162 | 143,924 |
| Sysmex Corp. | 5,300 | 85,368 |
| Terumo Corp. | 14,400 | 237,493 |
| | | 1,840,432 |
| Healthcare Facilities - 0.1% |
| Aier Eye Hospital Group Co. Ltd., Class A | 10,282 | 14,534 |
| Apollo Hospitals Enterprise Ltd. | 1,408 | 104,446 |
| Bangkok Dusit Medical Services PCL NVDR | 154,083 | 112,316 |
| Bumrungrad Hospital PCL NVDR | 8,260 | 55,596 |
| Dallah Healthcare Co. | 522 | 22,123 |
| Dr Sulaiman Al Habib Medical Services Group Co. | 1,211 | 93,159 |
| Hygeia Healthcare Holdings Co. Ltd. (a)(f) | 7,000 | 25,239 |
| IHH Healthcare Bhd. | 25,100 | 33,520 |
| Max Healthcare Institute Ltd. | 11,058 | 124,739 |
| Mouwasat Medical Services Co. | 1,444 | 46,650 |
| Ramsay Health Care Ltd. | 1,949 | 61,776 |
| Rede D'Or Sao Luiz SA (f) | 8,200 | 40,155 |
| | | 734,253 |
| Healthcare Services - 0.0%* |
| Fresenius Medical Care AG | 2,156 | 82,630 |
| Fresenius SE & Co. KGaA (a) | 4,400 | 131,474 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 500 | 1,862 |
| Nano-X Imaging Ltd. (a) | 1,464 | 10,746 |
| Sonic Healthcare Ltd. | 4,808 | 84,450 |
| | | 311,162 |
| Healthcare Supplies - 0.2% |
| Alcon, Inc. | 5,355 | 478,053 |
| Coloplast AS, Class B | 1,312 | 157,745 |
| EssilorLuxottica SA | 3,157 | 680,763 |
| | Number
of Shares | Fair
Value |
| HLB, Inc. (a) | 1,676 | $71,228 |
| Hoya Corp. | 3,800 | 441,869 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 36,400 | 17,343 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 800 | 7,390 |
| | | 1,854,391 |
| Healthcare Technology - 0.0%* |
| M3, Inc. | 4,700 | 44,806 |
| Pro Medicus Ltd. | 621 | 59,415 |
| | | 104,221 |
| Heavy Electrical Equipment - 0.1% |
| ABB India Ltd. | 766 | 77,998 |
| Bharat Heavy Electricals Ltd. | 15,462 | 55,785 |
| Dongfang Electric Corp. Ltd., Class A | 4,000 | 10,108 |
| Doosan Enerbility Co. Ltd. (a) | 6,533 | 95,397 |
| Goldwind Science & Technology Co. Ltd., Class A | 2,800 | 2,577 |
| HD Hyundai Electric Co. Ltd. | 265 | 59,680 |
| Mitsubishi Electric Corp. | 20,700 | 330,394 |
| NARI Technology Co. Ltd., Class A | 6,355 | 21,726 |
| Shanghai Electric Group Co. Ltd., Class A (a) | 15,400 | 7,805 |
| Siemens Energy AG (a) | 6,239 | 162,553 |
| Suzlon Energy Ltd. (a) | 127,251 | 80,665 |
| Vestas Wind Systems AS (a) | 10,854 | 251,532 |
| | | 1,156,220 |
| Highways & Railtracks - 0.0%* |
| Bangkok Expressway & Metro PCL NVDR | 86,474 | 18,027 |
| CCR SA | 12,700 | 26,614 |
| Getlink SE | 3,260 | 53,981 |
| Jiangsu Expressway Co. Ltd., Class H (a) | 26,000 | 27,740 |
| Promotora y Operadora de Infraestructura SAB de CV | 3,155 | 29,204 |
| Taiwan High Speed Rail Corp. | 33,000 | 30,924 |
| Transurban Group | 33,234 | 275,222 |
| Zhejiang Expressway Co. Ltd., Class H | 22,080 | 14,904 |
| | | 476,616 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Home Building - 0.0%* |
| Barratt Developments PLC | 10,320 | $61,601 |
| Berkeley Group Holdings PLC | 1,133 | 65,711 |
| Persimmon PLC | 3,391 | 57,954 |
| Sekisui Chemical Co. Ltd. | 4,100 | 56,736 |
| Sekisui House Ltd. | 6,258 | 138,613 |
| Taylor Wimpey PLC | 37,390 | 67,187 |
| | | 447,802 |
| Home Furnishing Retail - 0.0%* |
| Nitori Holdings Co. Ltd. | 900 | 95,058 |
| Home Furnishings - 0.0%* |
| Nien Made Enterprise Co. Ltd. | 2,000 | 24,043 |
| Oppein Home Group, Inc., Class A | 500 | 3,668 |
| | | 27,711 |
| Home Improvement Retail - 0.0%* |
| Home Product Center PCL NVDR | 95,609 | 24,099 |
| Kingfisher PLC | 19,824 | 62,348 |
| MR DIY Group M Bhd. (f) | 42,900 | 17,642 |
| | | 104,089 |
| Hotels, Resorts & Cruise Lines - 0.1% |
| Accor SA | 2,039 | 83,697 |
| Amadeus IT Group SA | 4,836 | 322,071 |
| Asset World Corp. PCL NVDR | 49,666 | 4,710 |
| Despegar.com Corp. (a) | 2,094 | 27,704 |
| H World Group Ltd. ADR (b) | 3,000 | 99,960 |
| Indian Hotels Co. Ltd. | 12,318 | 92,332 |
| InterContinental Hotels Group PLC | 1,696 | 178,502 |
| Minor International PCL NVDR | 47,077 | 38,485 |
| Shanghai Jinjiang International Hotels Co. Ltd., Class A (a) | 900 | 2,833 |
| Tongcheng Travel Holdings Ltd. | 18,800 | 37,420 |
| TravelSky Technology Ltd., Class H | 6,000 | 7,039 |
| Trip.com Group Ltd. (a) | 7,800 | 374,245 |
| Whitbread PLC | 1,971 | 74,123 |
| | | 1,343,121 |
| Household Appliances - 0.0%* |
| Coway Co. Ltd. | 967 | 45,101 |
| Ecovacs Robotics Co. Ltd., Class A | 400 | 2,585 |
| | Number
of Shares | Fair
Value |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 4,100 | $22,025 |
| Haier Smart Home Co. Ltd., Class A | 5,200 | 20,213 |
| Haier Smart Home Co. Ltd., Class H | 35,200 | 117,673 |
| Midea Group Co. Ltd., Class A | 3,100 | 27,387 |
| SEB SA | 276 | 28,279 |
| | | 263,263 |
| Household Products - 0.1% |
| Essity AB, Class B | 6,334 | 162,324 |
| Henkel AG & Co. KGaA | 1,092 | 85,962 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 24,500 | 42,407 |
| Reckitt Benckiser Group PLC | 7,575 | 410,025 |
| Unicharm Corp. | 4,200 | 134,909 |
| Unilever Indonesia Tbk. PT | 125,600 | 23,164 |
| | | 858,791 |
| Human Resource & Employment Services - 0.1% |
| Adecco Group AG | 1,783 | 59,169 |
| Randstad NV | 1,153 | 52,308 |
| Recruit Holdings Co. Ltd. | 15,837 | 847,377 |
| | | 958,854 |
| Independent Power Producers & Energy Traders - 0.1% |
| ACWA Power Co. | 1,991 | 187,976 |
| Adani Power Ltd. (a) | 10,377 | 89,425 |
| CGN Power Co. Ltd., Class A | 9,100 | 5,771 |
| CGN Power Co. Ltd., Class H (f) | 126,000 | 55,517 |
| China National Nuclear Power Co. Ltd., Class A | 16,500 | 24,092 |
| China Power International Development Ltd. | 66,000 | 34,237 |
| China Resources Power Holdings Co. Ltd. | 28,000 | 85,893 |
| Eneva SA (a) | 7,300 | 16,691 |
| GD Power Development Co. Ltd., Class A | 10,800 | 8,861 |
| Global Power Synergy PCL NVDR | 13,498 | 14,621 |
| Gulf Energy Development PCL NVDR | 37,215 | 41,071 |
| Huadian Power International Corp. Ltd., Class A | 16,100 | 15,304 |
| Huaneng Power International, Inc., Class A (a) | 7,700 | 10,146 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Huaneng Power International, Inc., Class H (a) | 62,000 | $45,979 |
| JSW Energy Ltd. | 5,376 | 47,353 |
| NTPC Ltd. | 61,184 | 277,607 |
| RWE AG | 6,802 | 232,917 |
| SDIC Power Holdings Co. Ltd., Class A | 5,600 | 13,991 |
| Shenzhen Energy Group Co. Ltd., Class A | 5,900 | 5,899 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A (a) | 11,500 | 11,199 |
| | | 1,224,550 |
| Industrial Conglomerates - 0.4% |
| Alfa SAB de CV, Class A | 40,900 | 23,911 |
| Astra International Tbk. PT | 283,700 | 77,270 |
| Ayala Corp. | 3,680 | 36,543 |
| Bidvest Group Ltd. | 4,059 | 63,228 |
| Brookfield Business Corp., Class A | 808 | 16,499 |
| China Baoan Group Co. Ltd., Class A | 1,200 | 1,414 |
| CITIC Ltd. | 90,000 | 81,845 |
| CK Hutchison Holdings Ltd. | 28,000 | 134,129 |
| DCC PLC | 1,056 | 73,953 |
| Far Eastern New Century Corp. | 37,000 | 40,203 |
| Fosun International Ltd. | 31,000 | 16,677 |
| Grupo Carso SAB de CV | 7,060 | 48,556 |
| GS Holdings Corp. | 672 | 22,896 |
| Hikari Tsushin, Inc. | 200 | 37,256 |
| Hitachi Ltd. | 49,570 | 1,109,670 |
| Industries Qatar QSC | 20,836 | 73,249 |
| Investment AB Latour, Class B | 1,609 | 43,483 |
| Jardine Matheson Holdings Ltd. | 1,700 | 60,146 |
| JG Summit Holdings, Inc. | 46,990 | 20,886 |
| Keppel Ltd. | 15,600 | 74,475 |
| KOC Holding AS | 11,062 | 76,528 |
| LG Corp. | 1,326 | 77,643 |
| Lifco AB, Class B | 2,468 | 67,816 |
| Metlen Energy & Metals SA | 1,376 | 51,409 |
| Multiply Group PJSC (a) | 69,559 | 38,823 |
| Samsung C&T Corp. | 1,189 | 122,658 |
| Siemens AG | 8,121 | 1,512,004 |
| Siemens Ltd. | 1,195 | 110,411 |
| Sime Darby Bhd. | 56,158 | 31,189 |
| SK Square Co. Ltd. (a) | 1,412 | 102,579 |
| SK, Inc. | 522 | 60,031 |
| SM Investments Corp. | 3,230 | 45,770 |
| | Number
of Shares | Fair
Value |
| Smiths Group PLC | 3,700 | $79,746 |
| Turkiye Sise ve Cam Fabrikalari AS | 13,770 | 21,085 |
| | | 4,453,981 |
| Industrial Gases - 0.1% |
| Air Liquide SA | 6,171 | 1,066,669 |
| Nippon Sanso Holdings Corp. | 1,800 | 53,253 |
| | | 1,119,922 |
| Industrial Machinery & Supplies & Components - 0.4% |
| Airtac International Group | 1,364 | 41,540 |
| Alfa Laval AB | 3,016 | 132,172 |
| Atlas Copco AB, A Shares | 28,768 | 541,122 |
| Atlas Copco AB, B Shares | 16,779 | 271,168 |
| Daifuku Co. Ltd. | 3,300 | 61,749 |
| FANUC Corp. | 10,200 | 279,571 |
| GEA Group AG | 1,641 | 68,415 |
| Haitian International Holdings Ltd. | 9,655 | 27,454 |
| Hoshizaki Corp. | 1,200 | 38,060 |
| Indutrade AB | 2,916 | 74,785 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 900 | 5,742 |
| Kone OYJ, Class B | 3,667 | 181,139 |
| Luxfer Holdings PLC | 778 | 9,017 |
| Makita Corp. | 2,400 | 65,229 |
| Minebea Mitsumi, Inc. | 3,900 | 79,886 |
| Mitsubishi Heavy Industries Ltd. | 34,370 | 368,143 |
| Ningbo Deye Technology Co. Ltd., Class A | 504 | 5,132 |
| Rational AG | 55 | 45,831 |
| Sandvik AB | 11,474 | 230,126 |
| Schindler Holding AG | 675 | 169,115 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 1,750 | 12,297 |
| SKF AB, Class B | 3,638 | 73,102 |
| SMC Corp. | 640 | 303,728 |
| Spirax Group PLC | 774 | 82,969 |
| Techtronic Industries Co. Ltd. | 14,500 | 165,663 |
| Thermax Ltd. | 458 | 29,390 |
| Trelleborg AB, B Shares | 2,261 | 88,047 |
| VAT Group AG (f) | 281 | 159,294 |
| Wartsila OYJ Abp | 5,262 | 101,512 |
| Yaskawa Electric Corp. | 2,500 | 89,783 |
| | | 3,801,181 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Industrial REITs - 0.1% |
| CapitaLand Ascendas REIT | 39,900 | $75,369 |
| Goodman Group | 18,323 | 425,236 |
| Nippon Prologis REIT, Inc. | 25 | 39,009 |
| Prologis Property Mexico SA de CV | 11,500 | 37,597 |
| Segro PLC | 13,233 | 150,249 |
| Warehouses De Pauw CVA | 1,873 | 50,787 |
| | | 778,247 |
| Insurance Brokers - 0.0%* |
| PB Fintech Ltd. (a) | 3,832 | 64,209 |
| Integrated Oil & Gas - 0.5% |
| Bharat Petroleum Corp. Ltd. (a) | 11,137 | 40,595 |
| Cenovus Energy, Inc. | 15,018 | 295,125 |
| China Petroleum & Chemical Corp., Class A | 37,300 | 32,289 |
| China Petroleum & Chemical Corp., Class H | 334,000 | 216,466 |
| Eni SpA | 22,915 | 352,522 |
| Equinor ASA | 9,685 | 276,474 |
| Galp Energia SGPS SA | 4,870 | 102,927 |
| Gazprom PJSC ADR (a)(d)** | 77,360 | — |
| Gazprom PJSC (a)(d)** | 56,590 | — |
| Guanghui Energy Co. Ltd., Class A | 8,300 | 7,617 |
| Hindustan Petroleum Corp. Ltd. (a) | 3,780 | 15,056 |
| Imperial Oil Ltd. | 1,957 | 133,408 |
| LUKOIL PJSC (d)** | 7,480 | — |
| MOL Hungarian Oil & Gas PLC | 6,069 | 47,401 |
| Novatek PJSC GDR (a)(d)** | 1,641 | — |
| Oil & Natural Gas Corp. Ltd. | 44,901 | 147,646 |
| OMV AG | 1,576 | 68,678 |
| PetroChina Co. Ltd., Class A | 24,900 | 35,197 |
| PetroChina Co. Ltd., Class H | 290,000 | 293,440 |
| Petroleo Brasileiro SA | 52,200 | 379,486 |
| PTT PCL NVDR | 139,976 | 123,965 |
| Repsol SA | 13,117 | 207,147 |
| Rosneft Oil Co. PJSC (d)** | 20,586 | — |
| Saudi Arabian Oil Co. (f) | 55,428 | 409,254 |
| Suncor Energy, Inc. | 13,790 | 525,559 |
| Surgutneftegas PJSC ADR (a)(d)** | 9,978 | — |
| Surgutneftegas PJSC (d)** | 31,000 | — |
| TotalEnergies SE | 22,954 | 1,533,378 |
| | | 5,243,630 |
| | Number
of Shares | Fair
Value |
| Integrated Telecommunication Services - 0.4% |
| BCE, Inc. | 659 | $21,340 |
| BT Group PLC | 67,631 | 119,988 |
| Cellnex Telecom SA (a)(f) | 5,135 | 167,139 |
| China Tower Corp. Ltd., Class H (f) | 634,000 | 82,017 |
| Chunghwa Telecom Co. Ltd. (a) | 52,071 | 201,437 |
| Deutsche Telekom AG | 34,669 | 872,435 |
| Elisa OYJ | 1,522 | 69,881 |
| Emirates Telecommunications Group Co. PJSC | 49,233 | 215,805 |
| Hellenic Telecommunications Organization SA | 2,621 | 37,754 |
| HKT Trust & HKT Ltd. | 40,815 | 45,795 |
| Indus Towers Ltd. (a) | 11,974 | 53,891 |
| Infrastrutture Wireless Italiane SpA (f) | 3,684 | 38,496 |
| Koninklijke KPN NV | 41,077 | 157,607 |
| KT Corp. | 757 | 20,568 |
| LG Uplus Corp. | 2,052 | 14,639 |
| Nippon Telegraph & Telephone Corp. | 321,025 | 302,944 |
| Ooredoo QPSC | 12,728 | 35,657 |
| Operadora De Sites Mexicanos SAB de CV | 26,500 | 23,898 |
| Orange SA | 20,063 | 201,135 |
| Quebecor, Inc., Class B | 1,738 | 36,669 |
| Saudi Telecom Co. | 27,968 | 279,561 |
| Singapore Telecommunications Ltd. | 85,900 | 174,304 |
| Spark New Zealand Ltd. | 19,422 | 49,233 |
| Swisscom AG | 270 | 151,886 |
| Tata Communications Ltd. (a) | 1,426 | 31,713 |
| Telecom Italia SpA (a) | 90,498 | 21,678 |
| Telefonica Brasil SA | 5,487 | 44,789 |
| Telefonica SA | 49,542 | 210,263 |
| Telekom Malaysia Bhd. | 15,397 | 22,063 |
| Telenor ASA | 6,721 | 76,820 |
| Telia Co. AB | 24,995 | 67,100 |
| Telkom Indonesia Persero Tbk. PT | 702,300 | 134,241 |
| Telstra Group Ltd. | 42,386 | 102,473 |
| TELUS Corp. | 5,124 | 77,552 |
| True Corp. PCL NVDR (a) | 169,442 | 40,401 |
| | | 4,203,172 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Interactive Home Entertainment - 0.2% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 3,000 | $5,363 |
| Bilibili, Inc., Class Z (a) | 2,560 | 41,610 |
| Capcom Co. Ltd. | 3,700 | 69,763 |
| CD Projekt SA | 1,255 | 43,378 |
| Kingsoft Corp. Ltd. | 13,200 | 38,125 |
| Konami Group Corp. | 1,100 | 79,187 |
| Krafton, Inc. (a) | 417 | 85,278 |
| NCSoft Corp. | 236 | 30,844 |
| NetEase, Inc. | 27,370 | 522,692 |
| Netmarble Corp. (a)(f) | 252 | 9,831 |
| Nexon Co. Ltd. | 3,600 | 66,580 |
| Nintendo Co. Ltd. | 11,133 | 592,154 |
| Sea Ltd. ADR (a)(b) | 3,900 | 278,538 |
| Zhejiang Century Huatong Group Co. Ltd., Class A (a) | 8,600 | 4,040 |
| | | 1,867,383 |
| Interactive Media & Services - 0.6% |
| Auto Trader Group PLC (f) | 9,447 | 95,679 |
| Autohome, Inc. ADR (b) | 1,200 | 32,940 |
| Baidu, Inc., Class A (a) | 32,000 | 349,412 |
| CAR Group Ltd. | 3,762 | 88,564 |
| Grindr, Inc. (a) | 878 | 10,747 |
| Info Edge India Ltd. | 1,031 | 83,900 |
| Kakao Corp. | 4,466 | 131,887 |
| Kanzhun Ltd. ADR (b) | 3,000 | 56,430 |
| Kuaishou Technology (a)(f) | 33,500 | 198,021 |
| LY Corp. | 28,296 | 68,409 |
| NAVER Corp. | 1,842 | 223,342 |
| REA Group Ltd. | 566 | 74,338 |
| Scout24 SE (f) | 796 | 60,742 |
| SEEK Ltd. | 3,835 | 54,707 |
| Tencent Holdings Ltd. | 93,475 | 4,458,602 |
| VK IPJSC GDR (a)(d)** | 1,600 | — |
| Yandex NV, Class A (a)(d)** | 5,084 | — |
| | | 5,987,720 |
| Internet Services & Infrastructure - 0.1% |
| Shopify, Inc., Class A (a) | 12,920 | 853,654 |
| Wix.com Ltd. (a) | 555 | 88,284 |
| | | 941,938 |
| Investment Banking & Brokerage - 0.1% |
| China Galaxy Securities Co. Ltd., Class A | 2,700 | 4,016 |
| | Number
of Shares | Fair
Value |
| China Galaxy Securities Co. Ltd., Class H | 58,500 | $30,646 |
| China International Capital Corp. Ltd., Class A | 1,200 | 4,867 |
| China International Capital Corp. Ltd., Class H (f) | 25,200 | 28,049 |
| China Merchants Securities Co. Ltd., Class A | 10,800 | 20,577 |
| CITIC Securities Co. Ltd., Class A | 16,990 | 42,423 |
| CITIC Securities Co. Ltd., Class H | 17,425 | 25,666 |
| CSC Financial Co. Ltd., Class A | 4,000 | 10,541 |
| Daiwa Securities Group, Inc. | 13,900 | 106,026 |
| Everbright Securities Co. Ltd., Class A | 3,600 | 7,209 |
| Founder Securities Co. Ltd., Class A | 17,500 | 18,529 |
| Futu Holdings Ltd. ADR (a)(b) | 600 | 39,363 |
| GF Securities Co. Ltd., Class A | 3,200 | 5,334 |
| GF Securities Co. Ltd., Class H | 14,200 | 11,768 |
| Guosen Securities Co. Ltd., Class A | 6,800 | 8,094 |
| Guotai Junan Securities Co. Ltd., Class A | 4,100 | 7,609 |
| Haitong Securities Co. Ltd., Class A | 14,800 | 17,352 |
| Haitong Securities Co. Ltd., Class H | 51,200 | 23,805 |
| Huatai Securities Co. Ltd., Class A | 4,600 | 7,806 |
| Huatai Securities Co. Ltd., Class H (f) | 20,000 | 22,107 |
| Industrial Securities Co. Ltd., Class A | 7,500 | 5,198 |
| Korea Investment Holdings Co. Ltd. | 725 | 36,869 |
| NH Investment & Securities Co. Ltd. | 1,122 | 10,344 |
| Nomura Holdings, Inc. | 32,400 | 185,707 |
| Orient Securities Co. Ltd., Class A | 8,192 | 8,528 |
| SBI Holdings, Inc. | 2,900 | 73,320 |
| SDIC Capital Co. Ltd., Class A (a) | 14,100 | 10,912 |
| Shenwan Hongyuan Group Co. Ltd., Class A | 13,700 | 8,088 |
| SooChow Securities Co. Ltd., Class A | 2,100 | 1,697 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| XP, Inc., Class A | 2,400 | $42,216 |
| Zheshang Securities Co. Ltd., Class A | 5,400 | 7,929 |
| Zhongtai Securities Co. Ltd., Class A | 7,200 | 5,592 |
| | | 838,187 |
| IT Consulting & Other Services - 0.4% |
| Arabian Internet & Communications Services Co. | 348 | 27,123 |
| Bechtle AG | 891 | 41,960 |
| Capgemini SE | 1,668 | 331,972 |
| CGI, Inc. (a) | 2,222 | 221,737 |
| Elm Co. | 350 | 79,971 |
| Fujitsu Ltd. | 18,900 | 295,731 |
| HCL Technologies Ltd. | 13,437 | 235,199 |
| Infosys Ltd. | 46,960 | 882,321 |
| LTIMindtree Ltd. (f) | 1,316 | 84,985 |
| Mphasis Ltd. | 885 | 26,072 |
| NEC Corp. | 2,640 | 217,374 |
| Nomura Research Institute Ltd. | 3,960 | 111,297 |
| NTT Data Group Corp. | 6,600 | 96,912 |
| Obic Co. Ltd. | 700 | 90,252 |
| Otsuka Corp. | 2,500 | 48,039 |
| Persistent Systems Ltd. | 1,508 | 76,703 |
| Posco DX Co. Ltd. | 441 | 12,286 |
| Samsung SDS Co. Ltd. | 570 | 61,493 |
| SCSK Corp. | 1,800 | 35,953 |
| Tata Consultancy Services Ltd. | 12,717 | 595,402 |
| Tech Mahindra Ltd. | 7,751 | 132,953 |
| TIS, Inc. | 2,300 | 44,582 |
| Wipro Ltd. | 19,070 | 117,742 |
| | | 3,868,059 |
| Leisure Facilities - 0.0%* |
| Oriental Land Co. Ltd. | 11,700 | 325,994 |
| Songcheng Performance Development Co. Ltd., Class A | 2,387 | 2,625 |
| | | 328,619 |
| Leisure Products - 0.0%* |
| Bandai Namco Holdings, Inc. | 6,300 | 122,977 |
| Shimano, Inc. | 852 | 131,592 |
| | | 254,569 |
| | Number
of Shares | Fair
Value |
| Life & Health Insurance - 0.5% |
| Aegon Ltd. | 14,289 | $88,333 |
| AIA Group Ltd. | 120,189 | 815,895 |
| Bupa Arabia for Cooperative Insurance Co. | 1,114 | 76,314 |
| Cathay Financial Holding Co. Ltd. (a) | 131,529 | 239,206 |
| China Development Financial Holding Corp. (a) | 229,120 | 106,645 |
| China Life Insurance Co. Ltd., Class A | 3,900 | 16,587 |
| China Life Insurance Co. Ltd., Class H | 103,000 | 145,647 |
| China Taiping Insurance Holdings Co. Ltd. | 27,200 | 27,801 |
| Dai-ichi Life Holdings, Inc. | 9,700 | 259,173 |
| Discovery Ltd. | 6,808 | 50,217 |
| Fubon Financial Holding Co. Ltd. | 107,131 | 261,871 |
| Great-West Lifeco, Inc. | 2,941 | 85,779 |
| HDFC Life Insurance Co. Ltd. (f) | 13,885 | 99,083 |
| iA Financial Corp., Inc. | 1,041 | 65,358 |
| ICICI Prudential Life Insurance Co. Ltd. (f) | 4,194 | 30,464 |
| Japan Post Holdings Co. Ltd. | 22,400 | 222,106 |
| Japan Post Insurance Co. Ltd. | 2,100 | 40,744 |
| Legal & General Group PLC | 64,485 | 185,040 |
| Manulife Financial Corp. | 19,297 | 513,750 |
| Medibank Pvt Ltd. | 29,446 | 73,352 |
| New China Life Insurance Co. Ltd., Class A | 1,600 | 6,581 |
| New China Life Insurance Co. Ltd., Class H | 13,500 | 25,764 |
| NN Group NV | 2,939 | 136,862 |
| Old Mutual Ltd. | 55,261 | 37,496 |
| Phoenix Group Holdings PLC | 7,609 | 50,161 |
| Ping An Insurance Group Co. of China Ltd., Class A | 8,900 | 50,419 |
| Ping An Insurance Group Co. of China Ltd., Class H | 95,000 | 430,745 |
| Poste Italiane SpA (f) | 4,838 | 61,677 |
| Power Corp. of Canada | 5,881 | 163,405 |
| Prudential PLC | 29,563 | 268,470 |
| Samsung Life Insurance Co. Ltd. | 1,137 | 73,102 |
| Sanlam Ltd. | 24,834 | 110,053 |
| SBI Life Insurance Co. Ltd. (f) | 6,439 | 115,205 |
| Shin Kong Financial Holding Co. Ltd. (a) | 172,263 | 52,250 |
| Sun Life Financial, Inc. | 6,254 | 306,587 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Swiss Life Holding AG | 318 | $233,776 |
| T&D Holdings, Inc. | 5,100 | 89,042 |
| | | 5,614,960 |
| Life Sciences Tools & Services - 0.1% |
| Bachem Holding AG | 374 | 34,316 |
| Divi's Laboratories Ltd. | 1,670 | 92,053 |
| Eurofins Scientific SE | 1,421 | 70,894 |
| Genscript Biotech Corp. (a) | 18,000 | 19,182 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | 500 | 3,328 |
| Lonza Group AG | 798 | 435,499 |
| Pharmaron Beijing Co. Ltd., Class A | 675 | 1,718 |
| Samsung Biologics Co. Ltd. (a)(f) | 251 | 132,566 |
| Sartorius Stedim Biotech | 323 | 53,069 |
| WuXi AppTec Co. Ltd., Class A | 3,420 | 18,358 |
| WuXi AppTec Co. Ltd., Class H (f) | 6,008 | 22,470 |
| Wuxi Biologics Cayman, Inc. (a)(f) | 55,000 | 81,294 |
| | | 964,747 |
| Managed Healthcare - 0.0%* |
| Hapvida Participacoes e Investimentos SA (a)(f) | 69,240 | 47,744 |
| Marine Ports & Services - 0.0%* |
| Adani Ports & Special Economic Zone Ltd. | 7,410 | 131,347 |
| China Merchants Port Holdings Co. Ltd. | 24,353 | 36,245 |
| COSCO SHIPPING Ports Ltd. | 678 | 468 |
| International Container Terminal Services, Inc. | 14,340 | 85,587 |
| Shanghai International Port Group Co. Ltd., Class A | 3,100 | 2,454 |
| | | 256,101 |
| Marine Transportation - 0.1% |
| AP Moller - Maersk AS, Class A | 32 | 54,359 |
| AP Moller - Maersk AS, Class B | 47 | 81,765 |
| Cia Sud Americana de Vapores SA | 285,714 | 18,089 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 6,010 | 12,751 |
| | Number
of Shares | Fair
Value |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 49,682 | $86,925 |
| Costamare, Inc. | 1,418 | 23,298 |
| Evergreen Marine Corp. Taiwan Ltd. | 14,400 | 85,668 |
| Golden Ocean Group Ltd. | 3,835 | 52,923 |
| Himalaya Shipping Ltd. (a) | 872 | 7,987 |
| HMM Co. Ltd. | 3,879 | 55,318 |
| Kawasaki Kisen Kaisha Ltd. | 4,200 | 61,097 |
| Kuehne & Nagel International AG | 503 | 144,642 |
| MISC Bhd. | 16,775 | 30,296 |
| Mitsui OSK Lines Ltd. | 3,600 | 107,825 |
| Nippon Yusen KK | 4,800 | 139,709 |
| Orient Overseas International Ltd. | 1,500 | 24,342 |
| Safe Bulkers, Inc. | 2,003 | 11,657 |
| SITC International Holdings Co. Ltd. | 15,000 | 40,731 |
| Wan Hai Lines Ltd. | 7,670 | 20,947 |
| Yang Ming Marine Transport Corp. | 25,000 | 57,488 |
| | | 1,117,817 |
| Metal, Glass & Plastic Containers - 0.0%* |
| CCL Industries, Inc., Class B | 1,572 | 82,647 |
| Motorcycle Manufacturers - 0.1% |
| Bajaj Auto Ltd. | 968 | 110,299 |
| Eicher Motors Ltd. | 1,957 | 109,668 |
| Hero MotoCorp Ltd. | 1,730 | 115,757 |
| Livewire Group, Inc. (a) | 760 | 5,822 |
| TVS Motor Co. Ltd. | 3,418 | 96,934 |
| Yadea Group Holdings Ltd. (f) | 16,000 | 20,227 |
| Yamaha Motor Co. Ltd. | 9,400 | 87,011 |
| | | 545,718 |
| Movies & Entertainment - 0.1% |
| Beijing Enlight Media Co. Ltd., Class A | 5,600 | 6,451 |
| Bollore SE | 7,721 | 45,347 |
| China Ruyi Holdings Ltd. (a) | 104,000 | 27,973 |
| CTS Eventim AG & Co. KGaA | 672 | 56,105 |
| HYBE Co. Ltd. | 287 | 42,221 |
| iQIYI, Inc. ADR (a)(b) | 6,500 | 23,855 |
| Mango Excellent Media Co. Ltd., Class A | 1,600 | 4,580 |
| Tencent Music Entertainment Group ADR (b) | 10,700 | 150,335 |
| Toho Co. Ltd. | 1,300 | 38,016 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Universal Music Group NV | 8,848 | $263,433 |
| Wanda Film Holding Co. Ltd., Class A (a) | 1,800 | 2,981 |
| | | 661,297 |
| Multi-Family Residential REITs - 0.0%* |
| Canadian Apartment Properties REIT | 740 | 24,038 |
| Multi-Line Insurance - 0.4% |
| Ageas SA | 1,683 | 76,984 |
| Allianz SE | 4,187 | 1,164,485 |
| ASR Nederland NV | 1,668 | 79,570 |
| Assicurazioni Generali SpA | 10,963 | 273,648 |
| Aviva PLC | 28,144 | 169,559 |
| AXA SA | 19,441 | 636,954 |
| Baloise Holding AG | 488 | 85,913 |
| BB Seguridade Participacoes SA | 9,403 | 55,746 |
| Caixa Seguridade Participacoes SA | 9,500 | 24,475 |
| China Pacific Insurance Group Co. Ltd., Class A (a) | 7,800 | 29,765 |
| China Pacific Insurance Group Co. Ltd., Class H | 35,289 | 86,150 |
| Co. for Cooperative Insurance | 876 | 33,764 |
| Gjensidige Forsikring ASA | 2,241 | 40,158 |
| Helvetia Holding AG | 396 | 53,543 |
| Powszechny Zaklad Ubezpieczen SA | 8,155 | 104,553 |
| Talanx AG | 687 | 54,891 |
| Zurich Insurance Group AG | 1,565 | 834,400 |
| | | 3,804,558 |
| Multi-Sector Holdings - 0.1% |
| Bajaj Holdings & Investment Ltd. | 380 | 38,900 |
| Eurazeo SE | 499 | 39,763 |
| EXOR NV | 1,040 | 108,898 |
| Groupe Bruxelles Lambert NV | 942 | 67,289 |
| Industrivarden AB, Class A | 1,340 | 45,627 |
| Industrivarden AB, Class C | 1,673 | 56,492 |
| Investor AB, Class B | 18,542 | 508,101 |
| L E Lundbergforetagen AB, Class B | 829 | 41,019 |
| Remgro Ltd. | 6,904 | 51,455 |
| Sofina SA | 169 | 38,616 |
| Washington H Soul Pattinson & Co. Ltd. | 2,503 | 54,863 |
| | | 1,051,023 |
| | Number
of Shares | Fair
Value |
| Multi-Utilities - 0.2% |
| Canadian Utilities Ltd., Class A | 1,509 | $32,587 |
| Centrica PLC | 55,999 | 95,494 |
| E.ON SE | 24,104 | 316,589 |
| Engie SA | 19,625 | 280,477 |
| National Grid PLC | 51,446 | 573,980 |
| Power & Water Utility Co. for Jubail & Yanbu | 1,409 | 22,797 |
| Qatar Electricity & Water Co. QSC | 5,469 | 23,507 |
| Sembcorp Industries Ltd. | 10,100 | 35,847 |
| Veolia Environnement SA | 7,418 | 221,971 |
| YTL Corp. Bhd. | 60,900 | 44,537 |
| YTL Power International Bhd. | 25,900 | 26,463 |
| | | 1,674,249 |
| Office REITs - 0.0%* |
| Dexus | 11,476 | 49,664 |
| Gecina SA | 491 | 45,230 |
| Japan Real Estate Investment Corp. | 14 | 44,212 |
| Nippon Building Fund, Inc. | 16 | 55,999 |
| | | 195,105 |
| Office Services & Supplies - 0.0%* |
| Shanghai M&G Stationery, Inc., Class A | 1,000 | 4,284 |
| Oil & Gas Drilling - 0.0%* |
| Borr Drilling Ltd. (a) | 7,953 | 51,297 |
| China Oilfield Services Ltd., Class H | 32,000 | 30,740 |
| Seadrill Ltd. (a) | 2,472 | 127,308 |
| | | 209,345 |
| Oil & Gas Equipment & Services - 0.0%* |
| Offshore Oil Engineering Co. Ltd., Class A | 2,700 | 2,186 |
| TechnipFMC PLC | 3,200 | 83,680 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 500 | 2,402 |
| | | 88,268 |
| Oil & Gas Exploration & Production - 0.2% |
| Aker BP ASA | 3,328 | 85,079 |
| ARC Resources Ltd. | 6,249 | 111,476 |
| Canadian Natural Resources Ltd. | 22,939 | 816,909 |
| Inpex Corp. | 9,800 | 144,204 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Kosmos Energy Ltd. (a) | 15,592 | $86,380 |
| MEG Energy Corp. (a) | 2,900 | 62,033 |
| PRIO SA | 11,700 | 92,177 |
| PTT Exploration & Production PCL NVDR | 19,883 | 82,355 |
| Santos Ltd. | 33,766 | 172,738 |
| Tatneft PJSC ADR (a)(d)** | 3,383 | — |
| Tatneft PJSC (d)** | 4,926 | — |
| Tourmaline Oil Corp. | 3,470 | 157,352 |
| Woodside Energy Group Ltd. | 20,370 | 383,772 |
| | | 2,194,475 |
| Oil & Gas Refining & Marketing - 0.3% |
| Ampol Ltd. | 2,534 | 54,730 |
| Bharat Petroleum Corp. Ltd. | 11,137 | 40,595 |
| Cosan SA | 16,336 | 39,822 |
| Empresas Copec SA | 5,414 | 41,583 |
| ENEOS Holdings, Inc. | 30,000 | 154,159 |
| Formosa Petrochemical Corp. (a) | 13,000 | 25,967 |
| HD Hyundai Co. Ltd. | 512 | 27,711 |
| Hindustan Petroleum Corp. Ltd. | 7,561 | 30,113 |
| Idemitsu Kosan Co. Ltd. | 9,600 | 62,156 |
| Indian Oil Corp. Ltd. | 41,199 | 81,832 |
| Motor Oil Hellas Corinth Refineries SA | 906 | 22,760 |
| Neste OYJ | 4,442 | 79,147 |
| ORLEN SA | 7,759 | 130,647 |
| Parkland Corp. | 1,523 | 42,684 |
| Petronas Dagangan Bhd. | 2,800 | 10,351 |
| Qatar Fuel QSC | 8,184 | 33,469 |
| Reliance Industries Ltd. | 42,975 | 1,613,505 |
| SK Innovation Co. Ltd. (a) | 835 | 70,428 |
| S-Oil Corp. | 695 | 33,576 |
| Thai Oil PCL NVDR | 14,308 | 20,664 |
| Turkiye Petrol Rafinerileri AS | 14,299 | 72,185 |
| | | 2,688,084 |
| Oil & Gas Storage & Transportation - 0.2% |
| Ardmore Shipping Corp. | 1,285 | 28,951 |
| China Merchants Energy Shipping Co. Ltd., Class A (a) | 10,900 | 12,616 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 3,600 | 7,697 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 18,000 | 23,378 |
| | Number
of Shares | Fair
Value |
| Enbridge, Inc. | 22,740 | $808,825 |
| FLEX LNG Ltd. | 913 | 24,687 |
| Golar LNG Ltd. | 3,293 | 103,236 |
| Keyera Corp. | 2,428 | 67,232 |
| Pembina Pipeline Corp. | 6,239 | 231,440 |
| Petronet LNG Ltd. | 11,577 | 45,850 |
| Qatar Gas Transport Co. Ltd. | 42,816 | 55,057 |
| Scorpio Tankers, Inc. | 1,527 | 124,130 |
| SFL Corp. Ltd. | 3,585 | 49,760 |
| TC Energy Corp. | 11,123 | 421,558 |
| Teekay Corp. (a) | 1,912 | 17,151 |
| Teekay Tankers Ltd., Class A | 803 | 55,254 |
| Ultrapar Participacoes SA | 10,600 | 41,221 |
| | | 2,118,043 |
| Other Specialty Retail - 0.0%* |
| Avolta AG | 1,001 | 38,877 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 2,100 | 17,974 |
| China Tourism Group Duty Free Corp. Ltd., Class H (f) | 2,200 | 13,483 |
| Chow Tai Fook Jewellery Group Ltd. | 28,400 | 30,738 |
| Jarir Marketing Co. | 9,820 | 33,191 |
| JD Sports Fashion PLC | 28,199 | 42,597 |
| Jumbo SA | 1,648 | 47,477 |
| Pop Mart International Group Ltd. (f) | 7,200 | 35,274 |
| | | 259,611 |
| Packaged Foods & Meats - 0.3% |
| Ajinomoto Co., Inc. | 4,910 | 172,183 |
| Almarai Co. JSC | 3,350 | 50,630 |
| Angel Yeast Co. Ltd., Class A | 500 | 1,913 |
| Associated British Foods PLC | 3,537 | 110,615 |
| Barry Callebaut AG | 38 | 61,910 |
| BRF SA (a) | 5,400 | 22,040 |
| Britannia Industries Ltd. (a) | 1,513 | 99,349 |
| Charoen Pokphand Foods PCL NVDR (a) | 53,869 | 33,615 |
| China Feihe Ltd. (f) | 58,568 | 27,081 |
| China Huishan Dairy Holdings Co. Ltd. (a)(d)** | 55,000 | — |
| China Mengniu Dairy Co. Ltd. | 46,000 | 82,486 |
| Chocoladefabriken Lindt & Spruengli AG | 11 | 232,250 |
| CJ CheilJedang Corp. | 105 | 29,406 |
| Danone SA | 6,903 | 422,295 |
| Forafric Global PLC (a) | 183 | 1,953 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3,984 | $18,810 |
| Gruma SAB de CV, Class B | 2,625 | 47,918 |
| Grupo Bimbo SAB de CV | 18,581 | 65,654 |
| Guangdong Haid Group Co. Ltd., Class A | 1,000 | 6,444 |
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 3,185 | 10,370 |
| Indofood CBP Sukses Makmur Tbk. PT | 24,200 | 15,222 |
| Indofood Sukses Makmur Tbk. PT | 65,636 | 24,350 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 7,700 | 27,253 |
| JDE Peet's NV | 1,395 | 27,809 |
| Kerry Group PLC, Class A | 1,629 | 132,076 |
| Kikkoman Corp. | 7,100 | 82,251 |
| Lotus Bakeries NV | 4 | 41,284 |
| Marico Ltd. | 7,274 | 53,473 |
| MEIJI Holdings Co. Ltd. | 2,500 | 53,913 |
| Mowi ASA | 4,893 | 81,661 |
| Muyuan Foods Co. Ltd., Class A | 4,720 | 28,187 |
| Nestle India Ltd. | 4,718 | 144,370 |
| Nestle Malaysia Bhd. | 939 | 24,184 |
| Nissin Foods Holdings Co. Ltd. | 2,100 | 53,290 |
| Orion Corp. | 377 | 25,252 |
| Orkla ASA | 7,439 | 60,609 |
| PPB Group Bhd. | 10,487 | 31,789 |
| QL Resources Bhd. | 13,588 | 18,780 |
| Salmar ASA | 722 | 38,109 |
| Saputo, Inc. | 2,705 | 60,728 |
| Savola Group (a) | 3,340 | 41,621 |
| SunOpta, Inc. (a) | 2,934 | 15,844 |
| Tata Consumer Products Ltd. | 8,177 | 107,616 |
| Tingyi Cayman Islands Holding Corp. | 30,000 | 36,158 |
| Uni-President Enterprises Corp. | 66,000 | 165,399 |
| Universal Robina Corp. | 12,740 | 24,172 |
| Want Want China Holdings Ltd. | 71,000 | 42,923 |
| Wens Foodstuffs Group Co. Ltd., Class A | 8,800 | 23,890 |
| WH Group Ltd. (f) | 88,666 | 58,373 |
| Yakult Honsha Co. Ltd. | 2,700 | 48,281 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | 1,000 | 3,746 |
| | | 3,089,535 |
| | Number
of Shares | Fair
Value |
| Paper & Plastic Packaging Products & Materials - 0.0%* |
| Klabin SA | 12,320 | $47,555 |
| SCG Packaging PCL NVDR | 9,854 | 9,063 |
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 2,200 | 7,711 |
| SIG Group AG | 3,371 | 61,710 |
| Smurfit Kappa Group PLC | 2,724 | 121,552 |
| | | 247,591 |
| Paper Products - 0.1% |
| Empresas CMPC SA | 13,235 | 24,818 |
| Holmen AB, Class B | 841 | 33,131 |
| Indah Kiat Pulp & Paper Tbk. PT | 24,100 | 13,099 |
| Mondi PLC | 4,638 | 89,028 |
| Stora Enso OYJ, R Shares | 6,120 | 83,661 |
| Suzano SA | 11,200 | 114,955 |
| UPM-Kymmene OYJ | 5,750 | 201,023 |
| | | 559,715 |
| Passenger Airlines - 0.1% |
| Air Canada (a) | 1,577 | 20,629 |
| Air China Ltd., Class A (a) | 12,700 | 12,838 |
| ANA Holdings, Inc. | 1,800 | 33,228 |
| China Airlines Ltd. | 34,000 | 24,839 |
| China Eastern Airlines Corp. Ltd., Class A (a) | 12,400 | 6,811 |
| China Southern Airlines Co. Ltd., Class A (a) | 11,600 | 9,358 |
| Deutsche Lufthansa AG | 6,519 | 39,894 |
| Eva Airways Corp. | 42,000 | 49,390 |
| Hainan Airlines Holding Co. Ltd., Class A (a) | 102,200 | 14,278 |
| Hanjin Kal Corp. | 490 | 22,996 |
| InterGlobe Aviation Ltd. (a)(f) | 2,406 | 121,999 |
| Japan Airlines Co. Ltd. | 1,314 | 20,736 |
| Korean Air Lines Co. Ltd. | 2,121 | 35,825 |
| Latam Airlines Group SA | 2,068,675 | 28,140 |
| Pegasus Hava Tasimaciligi AS (a) | 3,348 | 23,274 |
| Qantas Airways Ltd. (a) | 7,630 | 29,810 |
| Singapore Airlines Ltd. | 15,900 | 80,952 |
| Spring Airlines Co. Ltd., Class A (a) | 600 | 4,629 |
| Turk Hava Yollari AO (a) | 8,076 | 76,059 |
| | | 655,685 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Passenger Ground Transportation - 0.0%* |
| Grab Holdings Ltd., Class A (a) | 22,100 | $78,455 |
| Localiza Rent a Car SA | 13,065 | 98,791 |
| | | 177,246 |
| Personal Care Products - 0.4% |
| Amorepacific Corp. | 448 | 54,450 |
| Beiersdorf AG | 1,048 | 153,372 |
| By-health Co. Ltd., Class A | 1,000 | 1,856 |
| Colgate-Palmolive India Ltd. | 1,697 | 57,860 |
| Dabur India Ltd. | 8,772 | 63,191 |
| Giant Biogene Holding Co. Ltd. (f) | 5,800 | 34,061 |
| Godrej Consumer Products Ltd. | 5,872 | 96,885 |
| Hengan International Group Co. Ltd. | 9,980 | 30,423 |
| Hindustan Unilever Ltd. | 11,436 | 339,161 |
| Kao Corp. | 5,000 | 202,785 |
| LG H&H Co. Ltd. | 123 | 30,873 |
| L'Oreal SA | 2,572 | 1,130,320 |
| Natura & Co. Holding SA | 12,300 | 34,413 |
| Shiseido Co. Ltd. | 4,200 | 119,791 |
| Unilever PLC | 26,770 | 1,470,346 |
| | | 3,819,787 |
| Pharmaceuticals - 1.3% |
| Aspen Pharmacare Holdings Ltd. | 5,357 | 68,447 |
| Astellas Pharma, Inc. | 19,500 | 192,745 |
| AstraZeneca PLC | 16,556 | 2,585,917 |
| Asymchem Laboratories Tianjin Co. Ltd., Class A | 232 | 2,091 |
| Aurobindo Pharma Ltd. | 3,856 | 55,842 |
| Bayer AG | 10,555 | 298,419 |
| Beijing Tongrentang Co. Ltd., Class A | 1,700 | 8,897 |
| Celltrion Pharm, Inc. (a) | 237 | 15,289 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | 300 | 3,771 |
| China Resources Pharmaceutical Group Ltd. (f) | 17,000 | 12,607 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 2,080 | 12,131 |
| Chugai Pharmaceutical Co. Ltd. | 7,200 | 255,845 |
| Cipla Ltd. | 7,510 | 133,363 |
| | Number
of Shares | Fair
Value |
| CSPC Pharmaceutical Group Ltd. | 130,000 | $103,568 |
| Daiichi Sankyo Co. Ltd. | 19,814 | 680,421 |
| Dong-E-E-Jiao Co. Ltd., Class A | 400 | 3,430 |
| Dr Reddy's Laboratories Ltd. | 1,655 | 127,068 |
| Eisai Co. Ltd. | 2,600 | 106,547 |
| Hanmi Pharm Co. Ltd. | 82 | 16,114 |
| Hansoh Pharmaceutical Group Co. Ltd. (f) | 18,000 | 37,626 |
| Hikma Pharmaceuticals PLC | 1,809 | 43,243 |
| Humanwell Healthcare Group Co. Ltd., Class A | 2,200 | 5,174 |
| Hypera SA | 6,200 | 32,036 |
| Ipsen SA | 402 | 49,332 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (a) | 6,820 | 35,927 |
| Kalbe Farma Tbk. PT | 246,000 | 22,910 |
| Kyowa Kirin Co. Ltd. | 2,900 | 49,532 |
| Lupin Ltd. | 3,040 | 59,108 |
| Mankind Pharma Ltd. (a) | 787 | 20,095 |
| MediWound Ltd. (a) | 317 | 4,920 |
| Merck KGaA | 1,390 | 230,536 |
| Novartis AG | 21,051 | 2,252,921 |
| Novo Nordisk AS, Class B | 34,839 | 5,034,937 |
| Ono Pharmaceutical Co. Ltd. | 4,000 | 54,619 |
| Orion OYJ, Class B | 1,171 | 50,025 |
| Otsuka Holdings Co. Ltd. | 4,500 | 189,388 |
| Recordati Industria Chimica e Farmaceutica SpA | 1,125 | 58,719 |
| Richter Gedeon Nyrt | 1,975 | 51,347 |
| Sandoz Group AG | 4,262 | 154,335 |
| Scilex Holding Co. (a) | 1,832 | 3,536 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,500 | 4,549 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 3,300 | 6,929 |
| Shionogi & Co. Ltd. | 2,600 | 101,456 |
| Sino Biopharmaceutical Ltd. | 155,000 | 53,007 |
| SK Biopharmaceuticals Co. Ltd. (a) | 359 | 20,213 |
| Sun Pharmaceutical Industries Ltd. | 13,432 | 244,977 |
| Takeda Pharmaceutical Co. Ltd. | 17,011 | 441,190 |
| Teva Pharmaceutical Industries Ltd. ADR (a)(b) | 12,100 | 196,625 |
| Torrent Pharmaceuticals Ltd. | 1,395 | 46,696 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| UCB SA | 1,362 | $202,464 |
| Yuhan Corp. | 928 | 54,541 |
| Yunnan Baiyao Group Co. Ltd., Class A | 1,400 | 9,808 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 400 | 11,350 |
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 2,600 | 6,072 |
| | | 14,522,655 |
| Precious Metals & Minerals - 0.0%* |
| Alrosa PJSC (d)** | 46,308 | — |
| Anglo American Platinum Ltd. | 781 | 25,736 |
| Impala Platinum Holdings Ltd. | 12,364 | 61,461 |
| Industrias Penoles SAB de CV (a) | 2,700 | 35,106 |
| Northam Platinum Holdings Ltd. | 4,779 | 33,317 |
| Sibanye Stillwater Ltd. | 38,119 | 41,167 |
| | | 196,787 |
| Property & Casualty Insurance - 0.3% |
| Admiral Group PLC | 2,731 | 90,277 |
| DB Insurance Co. Ltd. | 657 | 54,651 |
| Fairfax Financial Holdings Ltd. | 226 | 257,047 |
| Fidelis Insurance Holdings Ltd. | 1,641 | 26,765 |
| Hamilton Insurance Group Ltd., Class B (a) | 692 | 11,522 |
| ICICI Lombard General Insurance Co. Ltd. (f) | 3,503 | 75,177 |
| Insurance Australia Group Ltd. | 24,988 | 119,154 |
| Intact Financial Corp. | 1,916 | 319,266 |
| Kingsway Financial Services, Inc. (a) | 371 | 3,057 |
| MS&AD Insurance Group Holdings, Inc. | 13,800 | 306,695 |
| OUTsurance Group Ltd. | 11,429 | 29,054 |
| People's Insurance Co. Group of China Ltd., Class A | 10,900 | 7,689 |
| People's Insurance Co. Group of China Ltd., Class H (a) | 134,000 | 45,997 |
| PICC Property & Casualty Co. Ltd., Class H (a) | 98,000 | 121,756 |
| QBE Insurance Group Ltd. | 16,197 | 188,111 |
| Sampo OYJ, A Shares | 4,863 | 208,998 |
| Samsung Fire & Marine Insurance Co. Ltd. | 440 | 124,344 |
| Sompo Holdings, Inc. | 9,300 | 198,592 |
| | Number
of Shares | Fair
Value |
| Suncorp Group Ltd. | 13,253 | $154,096 |
| Tokio Marine Holdings, Inc. | 20,069 | 749,188 |
| Tryg AS | 3,681 | 80,516 |
| | | 3,171,952 |
| Publishing - 0.0%* |
| China Literature Ltd. (a)(f) | 4,000 | 12,885 |
| Saudi Research & Media Group (a) | 633 | 34,927 |
| | | 47,812 |
| Rail Transportation - 0.2% |
| Aurizon Holdings Ltd. | 19,945 | 48,619 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 56,100 | 41,263 |
| Canadian National Railway Co. | 5,828 | 688,533 |
| Canadian Pacific Kansas City Ltd. | 9,975 | 785,403 |
| Central Japan Railway Co. | 8,300 | 179,199 |
| Container Corp. of India Ltd. | 3,305 | 41,315 |
| Daqin Railway Co. Ltd., Class A | 12,900 | 12,651 |
| East Japan Railway Co. | 9,400 | 155,703 |
| Hankyu Hanshin Holdings, Inc. | 2,400 | 63,767 |
| Keisei Electric Railway Co. Ltd. | 1,400 | 45,048 |
| Kintetsu Group Holdings Co. Ltd. | 2,000 | 43,541 |
| MTR Corp. Ltd. | 16,614 | 52,455 |
| Rumo SA | 18,600 | 69,384 |
| Tokyu Corp. | 5,300 | 58,384 |
| West Japan Railway Co. | 4,600 | 85,646 |
| | | 2,370,911 |
| Real Estate Development - 0.1% |
| C&D International Investment Group Ltd. | 4,531 | 8,427 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (a) | 11,200 | 13,485 |
| China Overseas Land & Investment Ltd. | 53,000 | 91,915 |
| China Resources Land Ltd. | 45,500 | 154,728 |
| China Vanke Co. Ltd., Class A | 12,500 | 11,865 |
| China Vanke Co. Ltd., Class H | 26,700 | 15,902 |
| CK Asset Holdings Ltd. | 20,586 | 77,124 |
| Country Garden Holdings Co. Ltd. (a) | 178,298 | 11,076 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Dar Al Arkan Real Estate Development Co. (a) | 8,773 | $27,594 |
| Emaar Properties PJSC | 93,278 | 208,244 |
| Godrej Properties Ltd. (a) | 1,691 | 65,052 |
| Henderson Land Development Co. Ltd. | 16,000 | 42,934 |
| Longfor Group Holdings Ltd. (f) | 27,837 | 38,222 |
| Macrotech Developers Ltd. (f) | 3,403 | 61,359 |
| Poly Developments & Holdings Group Co. Ltd., Class A (a) | 14,400 | 17,278 |
| Ruentex Development Co. Ltd. | 26,550 | 35,682 |
| Sino Land Co. Ltd. | 41,480 | 42,769 |
| | | 923,656 |
| Real Estate Operating Companies - 0.1% |
| Azrieli Group Ltd. | 375 | 21,999 |
| CapitaLand Investment Ltd. | 27,700 | 54,368 |
| Central Pattana PCL NVDR | 28,273 | 42,566 |
| China Resources Mixc Lifestyle Services Ltd. (f) | 7,400 | 24,501 |
| Fastighets AB Balder, Class B (a) | 7,197 | 49,352 |
| Hongkong Land Holdings Ltd. | 12,100 | 39,083 |
| Hulic Co. Ltd. | 4,200 | 37,193 |
| LEG Immobilien SE | 795 | 64,977 |
| Mabanee Co. KPSC | 7,926 | 21,472 |
| NEPI Rockcastle NV | 9,380 | 67,484 |
| Sagax AB, Class B | 2,333 | 59,745 |
| SM Prime Holdings, Inc. | 140,200 | 67,697 |
| Swire Properties Ltd. | 13,800 | 21,988 |
| Swiss Prime Site AG | 825 | 78,222 |
| Vonovia SE | 7,894 | 224,623 |
| Wharf Real Estate Investment Co. Ltd. | 18,000 | 47,724 |
| | | 922,994 |
| Real Estate Services - 0.0%* |
| FirstService Corp. | 445 | 67,708 |
| KE Holdings, Inc. ADR (b) | 9,300 | 131,595 |
| Real Brokerage, Inc. (a) | 3,348 | 13,593 |
| | | 212,896 |
| Regional Banks - 0.1% |
| AU Small Finance Bank Ltd. (f) | 3,332 | 26,854 |
| Bandhan Bank Ltd. (f) | 14,511 | 35,462 |
| | Number
of Shares | Fair
Value |
| Bank of Chengdu Co. Ltd., Class A | 2,100 | $4,369 |
| Bank of Hangzhou Co. Ltd., Class A | 5,547 | 9,915 |
| Bank of Jiangsu Co. Ltd., Class A | 21,100 | 21,473 |
| Bank of Nanjing Co. Ltd., Class A | 8,300 | 11,812 |
| Bank of Ningbo Co. Ltd., Class A | 3,556 | 10,745 |
| Banque Cantonale Vaudoise | 340 | 36,077 |
| Chiba Bank Ltd. | 5,700 | 50,742 |
| Concordia Financial Group Ltd. | 11,100 | 65,292 |
| Dukhan Bank | 20,745 | 21,520 |
| First BanCorp | 5,479 | 100,211 |
| OFG Bancorp | 1,557 | 58,310 |
| Popular, Inc. | 552 | 48,813 |
| Resona Holdings, Inc. | 22,000 | 145,586 |
| Shizuoka Financial Group, Inc. | 4,800 | 46,072 |
| | | 693,253 |
| Reinsurance - 0.1% |
| Hannover Rueck SE | 627 | 159,060 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,460 | 730,741 |
| RenaissanceRe Holdings Ltd. | 300 | 67,053 |
| SiriusPoint Ltd. (a) | 3,321 | 40,516 |
| | | 997,370 |
| Renewable Electricity - 0.0%* |
| Adani Green Energy Ltd. (a) | 4,491 | 96,339 |
| China Longyuan Power Group Corp. Ltd., Class H | 46,000 | 41,361 |
| China Three Gorges Renewables Group Co. Ltd., Class A | 25,500 | 15,228 |
| China Yangtze Power Co. Ltd., Class A | 20,600 | 81,600 |
| EDP Renovaveis SA | 3,332 | 46,603 |
| Energy Absolute PCL NVDR | 24,620 | 7,514 |
| Engie Brasil Energia SA | 3,733 | 29,766 |
| Meridian Energy Ltd. | 13,959 | 53,502 |
| NHPC Ltd. | 46,387 | 56,018 |
| Northland Power, Inc. | 2,769 | 47,595 |
| Sichuan Chuantou Energy Co. Ltd., Class A | 7,500 | 19,262 |
| | | 494,788 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Research & Consulting Services - 0.2% |
| Bureau Veritas SA | 3,328 | $92,237 |
| Intertek Group PLC | 1,690 | 102,416 |
| RELX PLC | 20,076 | 923,508 |
| SGS SA | 1,561 | 138,972 |
| Thomson Reuters Corp. | 1,698 | 286,166 |
| Wolters Kluwer NV | 2,664 | 441,976 |
| | | 1,985,275 |
| Restaurants - 0.2% |
| Americana Restaurants International PLC | 42,922 | 37,278 |
| Compass Group PLC | 18,242 | 498,090 |
| Delivery Hero SE (a)(f) | 2,035 | 48,309 |
| Haidilao International Holding Ltd. (f) | 22,000 | 39,562 |
| Jollibee Foods Corp. | 5,510 | 21,247 |
| Jubilant Foodworks Ltd. | 4,051 | 27,363 |
| McDonald's Holdings Co. Japan Ltd. | 900 | 35,472 |
| Meituan, Class B (a)(f) | 71,907 | 1,023,243 |
| Restaurant Brands International, Inc. | 3,229 | 227,482 |
| Sodexo SA | 930 | 83,725 |
| Yum China Holdings, Inc. | 5,800 | 178,872 |
| Zensho Holdings Co. Ltd. | 1,100 | 42,055 |
| Zomato Ltd. (a) | 87,032 | 209,326 |
| | | 2,472,024 |
| Retail REITs - 0.1% |
| CapitaLand Integrated Commercial Trust | 56,659 | 82,778 |
| Klepierre SA | 2,278 | 60,987 |
| Link REIT | 26,668 | 103,667 |
| RioCan Real Estate Investment Trust | 1,503 | 18,464 |
| Scentre Group | 54,304 | 113,153 |
| Unibail-Rodamco-Westfield (a) | 1,237 | 97,470 |
| Vicinity Ltd. | 41,281 | 51,004 |
| | | 527,523 |
| Security & Alarm Services - 0.0%* |
| Secom Co. Ltd. | 2,200 | 129,886 |
| Securitas AB, Class B | 5,310 | 52,748 |
| | | 182,634 |
| Semiconductor Materials & Equipment - 0.7% |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | 339 | 6,559 |
| | Number
of Shares | Fair
Value |
| Advantest Corp. | 8,200 | $327,521 |
| ASM International NV | 504 | 384,487 |
| ASML Holding NV | 4,266 | 4,408,407 |
| BE Semiconductor Industries NV | 804 | 134,553 |
| Disco Corp. | 1,026 | 389,326 |
| Flat Glass Group Co. Ltd., Class A | 1,700 | 4,680 |
| Flat Glass Group Co. Ltd., Class H | 3,000 | 4,419 |
| GCL Technology Holdings Ltd. (a) | 298,000 | 44,276 |
| Globalwafers Co. Ltd. | 3,000 | 49,844 |
| Hangzhou First Applied Material Co. Ltd., Class A | 1,920 | 3,866 |
| Hanmi Semiconductor Co. Ltd. | 631 | 78,984 |
| Kulicke & Soffa Industries, Inc. | 1,828 | 89,919 |
| Lasertec Corp. | 838 | 188,011 |
| National Silicon Industry Group Co. Ltd., Class A (a) | 5,161 | 9,762 |
| NAURA Technology Group Co. Ltd., Class A | 400 | 17,526 |
| SCREEN Holdings Co. Ltd. | 900 | 81,126 |
| SUMCO Corp. | 3,700 | 53,260 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | 256 | 4,190 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (a) | 5,500 | 6,516 |
| Tokyo Electron Ltd. | 5,088 | 1,103,887 |
| Xinjiang Daqo New Energy Co. Ltd., Class A | 4,082 | 11,400 |
| Xinyi Solar Holdings Ltd. | 65,985 | 33,215 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1,900 | 7,477 |
| | | 7,443,211 |
| Semiconductors - 1.4% |
| Alchip Technologies Ltd. | 1,000 | 75,675 |
| Allegro MicroSystems, Inc. (a) | 700 | 19,768 |
| ASE Technology Holding Co. Ltd. | 44,000 | 228,534 |
| Cambricon Technologies Corp. Ltd., Class A (a) | 348 | 9,470 |
| China Resources Microelectronics Ltd., Class A | 1,955 | 10,026 |
| eMemory Technology, Inc. (a) | 1,000 | 79,220 |
| GigaDevice Semiconductor, Inc., Class A (a) | 560 | 7,334 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Global Unichip Corp. | 1,000 | $49,474 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A (a) | 1,100 | 2,638 |
| Hua Hong Semiconductor Ltd. (f) | 10,000 | 28,242 |
| Hygon Information Technology Co. Ltd., Class A | 2,341 | 22,548 |
| Inari Amertron Bhd. | 56,500 | 44,314 |
| indie Semiconductor, Inc., Class A (a) | 5,541 | 34,188 |
| Infineon Technologies AG | 13,990 | 514,362 |
| Ingenic Semiconductor Co. Ltd., Class A | 600 | 4,556 |
| JA Solar Technology Co. Ltd., Class A | 4,268 | 6,547 |
| JCET Group Co. Ltd., Class A | 2,000 | 8,687 |
| Jinko Solar Co. Ltd., Class A | 15,683 | 15,252 |
| LONGi Green Energy Technology Co. Ltd., Class A (a) | 7,836 | 15,048 |
| MediaTek, Inc. | 22,000 | 949,401 |
| Montage Technology Co. Ltd., Class A | 361 | 2,826 |
| Nanya Technology Corp. (a) | 15,000 | 32,227 |
| Novatek Microelectronics Corp. | 7,886 | 147,309 |
| Realtek Semiconductor Corp. | 7,040 | 118,485 |
| Renesas Electronics Corp. | 16,100 | 301,162 |
| Rohm Co. Ltd. | 3,600 | 48,116 |
| Sanan Optoelectronics Co. Ltd., Class A | 10,900 | 17,498 |
| SG Micro Corp., Class A | 195 | 2,211 |
| Silergy Corp. | 4,888 | 69,610 |
| SK Hynix, Inc. | 7,730 | 1,328,111 |
| StarPower Semiconductor Ltd., Class A | 140 | 1,651 |
| STMicroelectronics NV | 7,274 | 287,396 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 348,557 | 10,378,868 |
| Tianshui Huatian Technology Co. Ltd., Class A | 700 | 781 |
| Tongwei Co. Ltd., Class A | 3,300 | 8,638 |
| Trina Solar Co. Ltd., Class A | 1,600 | 3,708 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | 419 | 3,019 |
| United Microelectronics Corp. (a) | 159,000 | 272,993 |
| Vanguard International Semiconductor Corp. | 11,330 | 45,227 |
| | Number
of Shares | Fair
Value |
| Will Semiconductor Co. Ltd. Shanghai, Class A | 1,840 | $25,044 |
| Winbond Electronics Corp. | 48,889 | 38,730 |
| | | 15,258,894 |
| Silver - 0.0%* |
| Pan American Silver Corp. | 3,845 | 76,403 |
| Soft Drinks & Non-alcoholic Beverages - 0.1% |
| Arca Continental SAB de CV | 6,900 | 67,700 |
| Coca-Cola Europacific Partners PLC | 2,200 | 160,314 |
| Coca-Cola Femsa SAB de CV | 7,265 | 62,326 |
| Coca-Cola HBC AG | 2,338 | 79,738 |
| Coca-Cola Icecek AS | 1,248 | 31,444 |
| Eastroc Beverage Group Co. Ltd., Class A | 100 | 2,955 |
| Fomento Economico Mexicano SAB de CV | 27,300 | 293,865 |
| Nongfu Spring Co. Ltd., Class H (f) | 28,400 | 134,772 |
| Suntory Beverage & Food Ltd. | 1,500 | 53,217 |
| Varun Beverages Ltd. | 6,449 | 126,022 |
| | | 1,012,353 |
| Specialized Consumer Services - 0.0%* |
| OneSpaWorld Holdings Ltd. (a) | 3,369 | 51,782 |
| Specialized Finance - 0.0%* |
| Banco Latinoamericano de Comercio Exterior SA | 842 | 24,982 |
| Chailease Holding Co. Ltd. | 22,201 | 105,046 |
| Far East Horizon Ltd. | 23,000 | 14,965 |
| Mitsubishi HC Capital, Inc. | 8,600 | 56,778 |
| Power Finance Corp. Ltd. | 21,365 | 124,289 |
| REC Ltd. | 19,055 | 120,060 |
| | | 446,120 |
| Specialty Chemicals - 0.3% |
| Akzo Nobel NV | 1,782 | 108,442 |
| Arcadium Lithium PLC (a) | 35,998 | 120,953 |
| Arkema SA | 663 | 57,663 |
| Asian Paints Ltd. | 5,449 | 190,616 |
| Clariant AG | 2,430 | 38,237 |
| CNGR Advanced Material Co. Ltd., Class A | 280 | 1,189 |
| Covestro AG (a)(f) | 1,979 | 116,230 |
| Croda International PLC | 1,399 | 69,819 |
| DSM-Firmenich AG | 2,002 | 226,580 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| EMS-Chemie Holding AG | 75 | $61,471 |
| Evonik Industries AG | 2,832 | 57,821 |
| Ganfeng Lithium Group Co. Ltd., Class A | 940 | 3,689 |
| Ganfeng Lithium Group Co. Ltd., Class H (f) | 5,840 | 11,385 |
| Givaudan SA | 99 | 469,330 |
| Hoshine Silicon Industry Co. Ltd., Class A (a) | 200 | 1,280 |
| Nippon Paint Holdings Co. Ltd. | 10,100 | 65,801 |
| Nitto Denko Corp. | 1,500 | 118,519 |
| Novonesis (Novozymes) B, Class B | 4,013 | 245,744 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,798 | 3,480 |
| Shenzhen Capchem Technology Co. Ltd., Class A | 180 | 704 |
| Shin-Etsu Chemical Co. Ltd. | 19,312 | 748,901 |
| Sika AG | 1,634 | 467,688 |
| Syensqo SA | 781 | 69,951 |
| Symrise AG | 1,381 | 169,174 |
| Tianqi Lithium Corp., Class A | 700 | 2,868 |
| Umicore SA | 2,290 | 34,434 |
| Wanhua Chemical Group Co. Ltd., Class A | 3,300 | 36,549 |
| Zhejiang NHU Co. Ltd., Class A | 2,592 | 6,817 |
| | | 3,505,335 |
| Steel - 0.2% |
| APL Apollo Tubes Ltd. | 2,056 | 38,347 |
| ArcelorMittal SA | 4,897 | 112,158 |
| Baoshan Iron & Steel Co. Ltd., Class A | 26,900 | 24,502 |
| BlueScope Steel Ltd. | 4,877 | 66,543 |
| China Steel Corp. | 164,000 | 116,776 |
| Cia Siderurgica Nacional SA | 12,100 | 28,124 |
| Eregli Demir ve Celik Fabrikalari TAS | 22,053 | 35,821 |
| Fortescue Ltd. | 18,208 | 260,350 |
| Hyundai Steel Co. | 1,347 | 28,427 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (a) | 42,400 | 8,131 |
| JFE Holdings, Inc. | 6,000 | 86,367 |
| Jindal Stainless Ltd. | 5,001 | 49,328 |
| Jindal Steel & Power Ltd. | 5,210 | 65,253 |
| JSW Steel Ltd. | 8,644 | 96,560 |
| Kumba Iron Ore Ltd. | 1,082 | 26,050 |
| | Number
of Shares | Fair
Value |
| Nippon Steel Corp. | 9,200 | $194,512 |
| NMDC Ltd. | 12,643 | 37,305 |
| Novolipetsk Steel PJSC GDR (a)(d)** | 2,290 | — |
| Novolipetsk Steel PJSC (d)** | 4,980 | — |
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (a) | 10,100 | 3,459 |
| POSCO Holdings, Inc. | 1,018 | 268,459 |
| Severstal PAO GDR (a)(d)** | 3,070 | — |
| Severstal PAO (d)** | 695 | — |
| Shanxi Meijin Energy Co. Ltd., Class A (a) | 3,500 | 2,282 |
| Shanxi Taigang Stainless Steel Co. Ltd., Class A (a) | 6,700 | 3,102 |
| Tata Steel Ltd. | 104,850 | 218,797 |
| Vale SA | 47,940 | 537,016 |
| voestalpine AG | 1,054 | 28,489 |
| YongXing Special Materials Technology Co. Ltd., Class A | 260 | 1,274 |
| | | 2,337,432 |
| Systems Software - 0.0%* |
| 360 Security Technology, Inc., Class A | 4,700 | 4,944 |
| Check Point Software Technologies Ltd. (a) | 941 | 155,265 |
| Oracle Corp. | 437 | 30,155 |
| Sangfor Technologies, Inc., Class A | 300 | 2,076 |
| Tata Elxsi Ltd. | 550 | 46,179 |
| TOTVS SA | 9,138 | 50,063 |
| Trend Micro, Inc. | 1,400 | 56,841 |
| | | 345,523 |
| Technology Distributors - 0.0%* |
| Synnex Technology International Corp. | 21,178 | 47,720 |
| Unisplendour Corp. Ltd., Class A | 3,100 | 9,490 |
| WPG Holdings Ltd. | 25,938 | 71,798 |
| | | 129,008 |
| Technology Hardware, Storage & Peripherals - 0.6% |
| Acer, Inc. | 43,000 | 62,098 |
| Advantech Co. Ltd. | 6,599 | 75,262 |
| Asia Vital Components Co. Ltd. | 4,000 | 94,324 |
| Asustek Computer, Inc. | 10,053 | 154,321 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Brother Industries Ltd. | 2,500 | $43,998 |
| Canon, Inc. | 10,700 | 289,617 |
| Catcher Technology Co. Ltd. | 7,000 | 50,059 |
| Compal Electronics, Inc. | 62,225 | 66,557 |
| CosmoAM&T Co. Ltd. (a) | 420 | 43,998 |
| FUJIFILM Holdings Corp. | 12,045 | 281,694 |
| Gigabyte Technology Co. Ltd. | 7,000 | 65,919 |
| IEIT Systems Co. Ltd., Class A | 2,700 | 13,450 |
| Inventec Corp. | 39,249 | 67,509 |
| Lenovo Group Ltd. | 116,000 | 163,732 |
| Lite-On Technology Corp. | 28,693 | 93,752 |
| Logitech International SA | 1,620 | 156,700 |
| Micro-Star International Co. Ltd. | 10,000 | 54,868 |
| Ninestar Corp., Class A (a) | 1,200 | 4,342 |
| Pegatron Corp. | 29,251 | 94,223 |
| Quanta Computer, Inc. | 38,507 | 370,334 |
| Ricoh Co. Ltd. | 5,800 | 49,595 |
| Samsung Electronics Co. Ltd. | 67,526 | 3,998,089 |
| Seiko Epson Corp. | 3,100 | 48,159 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 725 | 7,601 |
| Wistron Corp. | 38,000 | 124,162 |
| Wiwynn Corp. | 1,000 | 81,531 |
| Xiaomi Corp., Class B (a)(f) | 218,600 | 461,425 |
| | | 7,017,319 |
| Textiles - 0.0%* |
| Eclat Textile Co. Ltd. | 3,000 | 48,919 |
| Tires & Rubber - 0.1% |
| Balkrishna Industries Ltd. | 1,229 | 47,590 |
| Bridgestone Corp. | 6,096 | 239,581 |
| Cheng Shin Rubber Industry Co. Ltd. | 34,000 | 51,826 |
| Cie Generale des Etablissements Michelin SCA | 7,298 | 282,439 |
| Hankook Tire & Technology Co. Ltd. | 820 | 26,926 |
| MRF Ltd. | 38 | 58,995 |
| Sailun Group Co. Ltd., Class A | 2,300 | 4,411 |
| Shandong Linglong Tyre Co. Ltd., Class A | 1,500 | 3,774 |
| | | 715,542 |
| Tobacco - 0.1% |
| British American Tobacco PLC | 21,491 | 660,152 |
| Imperial Brands PLC | 8,835 | 226,047 |
| | Number
of Shares | Fair
Value |
| ITC Ltd. | 41,964 | $213,827 |
| Japan Tobacco, Inc. | 12,907 | 348,873 |
| KT&G Corp. | 1,445 | 92,589 |
| Smoore International Holdings Ltd. (f) | 32,000 | 38,814 |
| | | 1,580,302 |
| Trading Companies & Distributors - 0.4% |
| Adani Enterprises Ltd. | 2,417 | 92,090 |
| AerCap Holdings NV | 2,166 | 201,871 |
| Ashtead Group PLC | 4,696 | 313,551 |
| Beijer Ref AB | 3,875 | 59,825 |
| BOC Aviation Ltd. (f) | 2,700 | 19,366 |
| Brenntag SE | 1,363 | 91,972 |
| Bunzl PLC | 3,526 | 134,162 |
| Horizon Construction Development Ltd. (a) | 4,259 | 818 |
| IMCD NV | 598 | 82,869 |
| ITOCHU Corp. | 12,709 | 620,518 |
| Marubeni Corp. | 15,300 | 283,011 |
| Mitsubishi Corp. | 35,746 | 699,543 |
| Mitsui & Co. Ltd. | 27,608 | 626,612 |
| MonotaRO Co. Ltd. | 2,300 | 27,038 |
| Posco International Corp. | 924 | 43,901 |
| Reece Ltd. | 2,465 | 41,436 |
| Rexel SA | 2,415 | 62,533 |
| Seven Group Holdings Ltd. | 2,147 | 54,028 |
| Sumitomo Corp. | 11,200 | 279,687 |
| Toromont Industries Ltd. | 879 | 77,812 |
| Toyota Tsusho Corp. | 6,600 | 128,504 |
| | | 3,941,147 |
| Transaction & Payment Processing Services - 0.1% |
| Adyen NV (a)(f) | 234 | 279,179 |
| Edenred SE | 2,604 | 109,987 |
| EVERTEC, Inc. | 2,133 | 70,922 |
| Nexi SpA (a)(f) | 6,450 | 39,361 |
| Pagseguro Digital Ltd., Class A (a) | 6,216 | 72,665 |
| StoneCo Ltd., Class A (a) | 9,518 | 114,121 |
| Wise PLC, Class A (a) | 6,497 | 55,971 |
| | | 742,206 |
| Water Utilities - 0.0%* |
| Beijing Enterprises Water Group Ltd. | 50,000 | 15,370 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4,800 | 64,787 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Guangdong Investment Ltd. | 48,000 | $28,096 |
| Severn Trent PLC | 2,830 | 85,142 |
| United Utilities Group PLC | 7,158 | 88,910 |
| | | 282,305 |
| Wireless Telecommunication Services - 0.3% |
| Advanced Info Service PCL NVDR | 16,772 | 95,520 |
| America Movil SAB de CV Series B | 262,500 | 223,517 |
| Axiata Group Bhd. | 36,600 | 20,249 |
| Bharti Airtel Ltd. | 31,764 | 550,068 |
| CELCOMDIGI Bhd. | 44,700 | 34,869 |
| China United Network Communications Ltd., Class A | 33,400 | 21,502 |
| Etihad Etisalat Co. | 5,628 | 80,109 |
| Far EasTone Telecommunications Co. Ltd. | 25,000 | 64,809 |
| Intouch Holdings PCL NVDR | 5,700 | 11,106 |
| Intouch Holdings PCL Series F | 16,900 | 32,927 |
| KDDI Corp. | 16,057 | 424,633 |
| Maxis Bhd. | 22,600 | 16,911 |
| Mobile Telecommunications Co. KSCP | 33,002 | 47,876 |
| Mobile Telecommunications Co. Saudi Arabia | 8,107 | 25,326 |
| Mobile TeleSystems PJSC ADR (a)(d)** | 6,600 | — |
| Mobile TeleSystems PJSC (a)(d)** | 3,970 | — |
| MTN Group Ltd. | 24,275 | 112,920 |
| PLDT, Inc. | 960 | 23,538 |
| Rogers Communications, Inc., Class B | 3,719 | 137,524 |
| SK Telecom Co. Ltd. | 1,020 | 38,162 |
| SoftBank Corp. | 30,600 | 373,702 |
| SoftBank Group Corp. | 11,015 | 711,463 |
| Taiwan Mobile Co. Ltd. | 24,946 | 82,278 |
| Tele2 AB, Class B | 5,711 | 57,540 |
| TIM SA | 11,600 | 33,164 |
| Turkcell Iletisim Hizmetleri AS | 18,445 | 56,601 |
| Vodacom Group Ltd. | 8,348 | 44,579 |
| Vodafone Group PLC | 247,807 | 218,525 |
| | | 3,539,418 |
Total Common Stock
(Cost $271,589,398) | | 288,348,060 |
| | Number
of Shares | Fair
Value |
| Preferred Stock - 0.3% |
| Automobile Manufacturers - 0.1% |
| Bayerische Motoren Werke AG 7.30% | 634 | $56,024 |
| Dr Ing hc F Porsche AG 3.32% (f) | 1,194 | 88,963 |
| Hyundai Motor Co. 7.64% | 595 | 79,189 |
| Hyundai Motor Co. 7.66% | 234 | 30,905 |
| Porsche Automobil Holding SE 6.08% | 1,610 | 72,834 |
| Volkswagen AG 8.60% | 2,218 | 250,551 |
| | | 578,466 |
| Commodity Chemicals - 0.0%* |
| LG Chem Ltd. 1.47% | 83 | 14,532 |
| Diversified Banks - 0.1% |
| Banco Bradesco SA 10.60% | 77,221 | 172,113 |
| Bancolombia SA 10.38% | 6,273 | 51,587 |
| Itau Unibanco Holding SA 7.24% | 67,800 | 395,610 |
| Itausa SA 8.62% | 73,111 | 129,257 |
| | | 748,567 |
| Electric Utilities - 0.0%* |
| Centrais Eletricas Brasileiras SA 4.55% | 2,800 | 20,215 |
| Cia Energetica de Minas Gerais 10.92% | 28,607 | 50,936 |
| Cia Paranaense de Energia - Copel 4.09% | 20,204 | 33,827 |
| | | 104,978 |
| Electrical Components & Equipment - 0.0%* |
| Sociedad Quimica y Minera de Chile SA 2.07% | 2,053 | 82,707 |
| Household Products - 0.0%* |
| Henkel AG & Co. KGaA 2.24% | 1,761 | 157,065 |
| Integrated Oil & Gas - 0.0%* |
| Petroleo Brasileiro SA 14.35% | 67,600 | 463,085 |
| Surgutneftegas PJSC 1.24% (d)** | 115,200 | — |
| | | 463,085 |
| Life Sciences Tools & Services - 0.0%* |
| Sartorius AG 0.34% | 280 | 65,720 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Steel - 0.0%* |
| Gerdau SA 6.06% | 19,596 | $64,844 |
| Technology Hardware, Storage & Peripherals - 0.1% |
| Samsung Electronics Co. Ltd. 1.70% | 11,521 | 532,318 |
Total Preferred Stock
(Cost $2,964,524) | | 2,812,282 |
| Rights - 0.0%* |
| Biotechnology - 0.0% |
| Amplifon SpA (expiring 07/09/24) (a)** | 1,077 | — |
| Passenger Ground Transportation - 0.0%* |
| Localiza Rent a Car SA (expiring 08/06/24) (a) | 132 | 214 |
Total Rights
(Cost $0) | | 214 |
| Warrant - 0.0% |
| Application Software - 0.0% |
Constellation Software, Inc. (expiring 03/31/40) (a)(d)**
(Cost $0) | 238 | — |
Total Foreign Equity
(Cost $274,553,922) | | 291,160,556 |
| | Principal
Amount | |
| Bonds and Notes - 14.9% |
| U.S. Treasuries - 9.3% |
| U.S. Treasury Bonds | | |
| 1.25% 05/15/50 | $25,000 | 12,391 |
| 1.38% 08/15/50 | 500,000 | 255,859 |
| 1.63% 11/15/50 | 200,000 | 109,469 |
| 1.75% 08/15/41 | 100,000 | 66,047 |
| 1.88% 02/15/51 - 11/15/51 | 575,000 | 334,972 |
| 2.00% 02/15/50 - 08/15/51 | 350,000 | 211,914 |
| 2.25% 08/15/46 - 08/15/49 | 375,000 | 244,403 |
| 2.38% 11/15/49 - 05/15/51 | 515,000 | 340,270 |
| 2.50% 02/15/45 - 05/15/46 | 485,000 | 344,089 |
| 2.75% 11/15/42 - 11/15/47 | 675,000 | 497,157 |
| 2.88% 05/15/43 - 05/15/52 | 1,185,000 | 887,733 |
| 3.00% 11/15/44 - 08/15/52 | 1,850,000 | 1,414,414 |
| 3.13% 02/15/43 - 05/15/48 | 600,000 | 476,109 |
| 3.25% 05/15/42 | 75,000 | 62,355 |
| 3.38% 08/15/42 - 11/15/48 | 775,000 | 640,946 |
| 3.63% 02/15/44 - 05/15/53 | 390,000 | 334,026 |
| 3.88% 02/15/43 - 05/15/43 | 300,000 | 270,918 |
| 4.00% 11/15/42 - 11/15/52 | 475,000 | 433,832 |
| | Principal
Amount | Fair
Value |
| 4.13% 08/15/53 | $400,000 | $372,562 |
| 4.25% 05/15/39 - 02/15/54 | 500,000 | 480,313 |
| 4.38% 02/15/38 - 05/15/40 | 200,000 | 198,375 |
| 4.50% 02/15/36 | 100,000 | 101,766 |
| 4.63% 02/15/40 - 05/15/54 | 500,000 | 505,595 |
| 4.75% 11/15/43 - 11/15/53 | 300,000 | 308,684 |
| 5.25% 02/15/29 | 200,000 | 207,453 |
| 5.50% 08/15/28 | 200,000 | 208,641 |
| 6.00% 02/15/26 | 427,000 | 434,573 |
| 6.13% 08/15/29 | 200,000 | 215,859 |
| 6.38% 08/15/27 | 200,000 | 210,750 |
| U.S. Treasury Inflation-Indexed Bonds | | |
| 0.13% 02/15/51 - 02/15/52 | 1,429,328 | 821,166 |
| 0.25% 02/15/50 | 847,497 | 517,751 |
| 0.63% 02/15/43 | 674,962 | 507,369 |
| 0.75% 02/15/42 - 02/15/45 | 1,552,161 | 1,185,538 |
| 0.88% 02/15/47 | 688,338 | 517,181 |
| 1.00% 02/15/46 - 02/15/49 | 1,642,143 | 1,264,293 |
| 1.38% 02/15/44 | 807,108 | 691,874 |
| 1.50% 02/15/53 | 595,894 | 500,970 |
| 1.75% 01/15/28 | 785,652 | 773,345 |
| 2.00% 01/15/26 | 789,780 | 780,216 |
| 2.13% 02/15/40 - 02/15/54 | 1,671,389 | 1,649,005 |
| 2.38% 01/15/27 | 761,754 | 761,724 |
| 2.50% 01/15/29 | 584,084 | 594,682 |
| 3.38% 04/15/32 | 441,560 | 482,102 |
| 3.63% 04/15/28 | 1,027,320 | 1,080,271 |
| 3.88% 04/15/29 | 1,001,207 | 1,082,085 |
| U.S. Treasury Inflation-Indexed Notes | | |
| 0.13% 10/15/25 - 01/15/32 | 16,433,502 | 15,034,621 |
| 0.25% 07/15/29 | 1,250,143 | 1,148,593 |
| 0.38% 07/15/25 - 07/15/27 | 5,668,664 | 5,443,877 |
| 0.50% 01/15/28 | 1,423,498 | 1,341,786 |
| 0.63% 01/15/26 - 07/15/32 | 3,222,036 | 2,975,795 |
| 0.75% 07/15/28 | 1,604,901 | 1,525,910 |
| 0.88% 01/15/29 | 1,359,552 | 1,288,760 |
| 1.13% 01/15/33 | 1,973,400 | 1,826,204 |
| 1.25% 04/15/28 | 1,562,574 | 1,510,112 |
| 1.38% 07/15/33 | 2,007,765 | 1,896,868 |
| 1.63% 10/15/27 | 1,561,037 | 1,536,554 |
| 1.75% 01/15/34 | 2,070,397 | 2,010,186 |
| 2.13% 04/15/29 | 1,545,843 | 1,548,862 |
| 2.38% 10/15/28 | 1,637,680 | 1,660,006 |
| U.S. Treasury Notes | | |
| 0.25% 09/30/25 | 400,000 | 377,125 |
| 0.38% 11/30/25 - 09/30/27 | 1,900,000 | 1,731,398 |
| 0.50% 02/28/26 - 05/31/27 | 850,000 | 777,414 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 0.63% 11/30/27 - 08/15/30 | $1,025,000 | $842,797 |
| 0.75% 03/31/26 - 08/31/26 | 1,000,000 | 924,902 |
| 0.88% 09/30/26 | 500,000 | 460,195 |
| 1.13% 02/15/31 | 750,000 | 613,242 |
| 1.25% 11/30/26 - 08/15/31 | 2,000,000 | 1,735,918 |
| 1.38% 08/31/26 - 11/15/31 | 1,350,000 | 1,160,434 |
| 1.50% 08/15/26 - 01/31/27 | 1,250,000 | 1,161,993 |
| 1.63% 02/15/26 - 08/15/29 | 300,000 | 275,808 |
| 1.75% 01/31/29 - 11/15/29 | 650,000 | 576,320 |
| 1.88% 06/30/26 - 02/15/32 | 1,600,000 | 1,443,319 |
| 2.00% 11/15/26 | 150,000 | 141,152 |
| 2.13% 05/31/26 | 100,000 | 95,230 |
| 2.25% 11/15/25 - 08/15/27 | 1,000,000 | 958,585 |
| 2.38% 03/31/29 - 05/15/29 | 750,000 | 685,476 |
| 2.63% 12/31/25 - 05/31/27 | 800,000 | 764,219 |
| 2.75% 07/31/27 - 08/15/32 | 950,000 | 867,094 |
| 2.88% 11/30/25 - 05/15/32 | 1,255,000 | 1,194,852 |
| 3.00% 09/30/25 | 300,000 | 292,687 |
| 3.13% 08/31/27 - 11/15/28 | 1,000,000 | 954,493 |
| 3.25% 06/30/27 - 06/30/29 | 650,000 | 623,508 |
| 3.38% 05/15/33 | 200,000 | 185,375 |
| 3.50% 04/30/30 - 02/15/33 | 1,075,000 | 1,013,672 |
| 3.63% 05/15/26 - 05/31/28 | 950,000 | 925,852 |
| 3.75% 05/31/30 | 350,000 | 338,980 |
| 3.88% 01/15/26 - 08/15/33 | 1,900,000 | 1,855,750 |
| 4.00% 12/15/25 - 02/15/34 | 3,225,000 | 3,168,689 |
| 4.13% 06/15/26 - 11/15/32 | 2,725,000 | 2,690,059 |
| 4.25% 10/15/25 - 02/28/31 | 2,000,000 | 1,985,224 |
| 4.25% 06/30/29 - 06/30/31 (g) | 500,000 | 497,621 |
| 4.38% 08/15/26 - 05/15/34 | 1,350,000 | 1,348,429 |
| 4.50% 03/31/26 - 11/15/33 | 575,000 | 578,065 |
| 4.63% 03/15/26 - 05/31/31 | 1,450,000 | 1,458,714 |
| 4.63% 06/30/26 (g) | 250,000 | 249,551 |
| 4.88% 11/30/25 - 10/31/30 | 1,100,000 | 1,116,868 |
| 5.00% 09/30/25 - 10/31/25 | 600,000 | 599,902 |
| | | 100,810,093 |
| Agency Mortgage Backed - 2.6% |
| Federal Home Loan Banks | | |
| 1.88% 09/11/26 | 325,000 | 305,626 |
| 3.25% 11/16/28 | 125,000 | 119,258 |
| Federal Home Loan Mortgage Corp. | | |
| 1.50% 04/01/37 - 11/01/51 | 724,487 | 549,547 |
| 2.00% 09/01/50 - 11/01/51 | 1,053,555 | 828,850 |
| 2.50% 07/01/28 - 05/01/52 | 1,807,281 | 1,488,521 |
| 3.00% 07/01/30 - 06/01/51 | 1,295,417 | 1,160,205 |
| 3.50% 03/01/26 - 08/01/49 | 781,671 | 710,476 |
| | Principal
Amount | Fair
Value |
| 4.00% 06/01/42 - 08/01/48 | $359,053 | $336,183 |
| 4.50% 05/01/42 - 05/01/53 | 455,469 | 430,591 |
| 5.00% 10/01/52 - 07/01/53 | 489,158 | 474,202 |
| 5.50% 01/01/38 - 07/01/53 | 297,070 | 296,079 |
| 6.00% 06/01/37 - 11/01/53 | 182,328 | 186,528 |
| 6.25% 07/15/32 | 150,000 | 167,981 |
| 6.50% 10/01/53 - 12/01/53 | 368,716 | 377,388 |
| Federal National Mortgage Association | | |
| 1.50% 04/01/36 - 03/01/51 | 1,126,795 | 931,111 |
| 2.00% 11/01/35 - 03/01/52 | 6,100,246 | 4,916,105 |
| 2.13% 04/24/26 | 200,000 | 190,839 |
| 2.50% 09/01/28 - 03/01/52 | 3,208,443 | 2,692,223 |
| 3.00% 04/01/30 - 05/01/52 | 1,774,644 | 1,570,102 |
| 3.50% 01/01/27 - 02/01/50 | 1,065,929 | 966,458 |
| 4.00% 10/01/41 - 08/01/52 | 1,231,994 | 1,146,180 |
| 4.50% 10/01/40 - 09/01/49 | 347,637 | 335,260 |
| 5.00% 12/01/39 - 02/01/53 | 340,505 | 331,473 |
| 5.50% 12/01/35 - 07/01/53 | 743,754 | 743,558 |
| 6.00% 03/01/34 - 07/01/53 | 603,821 | 621,055 |
| 6.50% 11/01/53 - 12/01/53 | 182,798 | 185,965 |
| 7.00% 11/01/53 | 107,154 | 110,130 |
| Government National Mortgage Association | | |
| 2.00% 10/20/50 - 04/20/52 | 1,386,411 | 1,123,176 |
| 2.50% 07/20/50 - 04/20/52 | 1,440,409 | 1,213,198 |
| 3.00% 10/15/42 - 06/20/52 | 1,055,872 | 930,377 |
| 3.50% 11/20/43 - 08/20/49 | 792,078 | 721,822 |
| 4.00% 12/20/40 - 09/20/46 | 531,507 | 503,202 |
| 4.50% 05/20/40 - 01/20/53 | 472,785 | 453,931 |
| 5.00% 08/15/41 - 01/20/53 | 559,445 | 555,867 |
| 5.50% 08/20/53 | 243,657 | 241,700 |
| Government National Mortgage Association, TBA | | |
| 6.00% 07/20/54 (g) | 250,001 | 251,026 |
| Tennessee Valley Authority | | |
| 3.50% 12/15/42 | 100,000 | 82,132 |
| | | 28,248,325 |
| Agency Collateralized Mortgage Obligations - 0.1% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 1.48% 04/25/30 | 69,643 | 58,392 |
| 1.56% 04/25/30 | 40,000 | 33,645 |
| 1.87% 01/25/30 | 58,333 | 50,240 |
| 3.90% 04/25/28 | 100,000 | 96,652 |
| 4.35% 01/25/33 (h) | 100,000 | 96,739 |
| 5.15% 12/25/33 | 100,000 | 102,377 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association-ACES | | |
| 1.27% 07/25/30 (b) | $80,000 | $65,491 |
| 1.51% 03/25/31 (b)(h) | 145,000 | 117,403 |
| 1.72% 10/25/31 (h) | 100,000 | 80,889 |
| 3.16% 06/25/27 (h) | 166,104 | 158,025 |
| | | 859,853 |
| Asset Backed - 0.1% |
| American Express Credit Account Master Trust | | |
| 4.87% 05/15/28 (b) | 100,000 | 99,567 |
| CarMax Auto Owner Trust | | |
| 5.28% 05/15/28 (b) | 36,000 | 35,957 |
| Carvana Auto Receivables Trust | | |
| 1.64% 12/10/27 (b) | 150,000 | 141,022 |
| Discover Card Execution Note Trust | | |
| 1.03% 09/15/28 (b) | 81,000 | 74,070 |
| Honda Auto Receivables Owner Trust | | |
| 5.41% 02/18/28 (b) | 61,000 | 61,085 |
| Toyota Auto Receivables Owner Trust | | |
| 4.71% 02/15/28 (b) | 100,000 | 99,010 |
| Verizon Master Trust | | |
| 1.53% 07/20/28 (b) | 100,000 | 97,768 |
| | | 608,479 |
| Corporate Notes - 2.6% |
| 3M Co. | | |
| 3.38% 03/01/29 | 25,000 | 23,196 |
| AbbVie, Inc. | | |
| 2.95% 11/21/26 | 25,000 | 23,822 |
| 3.20% 05/14/26 | 50,000 | 48,295 |
| 4.25% 11/14/28 - 11/21/49 | 60,000 | 52,089 |
| 4.85% 06/15/44 | 50,000 | 46,303 |
| 4.88% 11/14/48 | 25,000 | 22,960 |
| Advocate Health & Hospitals Corp. | | |
| 3.39% 10/15/49 | 25,000 | 18,250 |
| AEP Texas, Inc. | | |
| 3.45% 05/15/51 | 35,000 | 23,034 |
| Agilent Technologies, Inc. | | |
| 2.75% 09/15/29 | 25,000 | 22,305 |
| Agree LP | | |
| 4.80% 10/01/32 | 15,000 | 14,065 |
| Air Lease Corp. | | |
| 3.25% 10/01/29 | 100,000 | 90,511 |
| | Principal
Amount | Fair
Value |
| Air Products & Chemicals, Inc. | | |
| 2.05% 05/15/30 | $10,000 | $8,568 |
| 2.70% 05/15/40 | 25,000 | 17,857 |
| Alabama Power Co. | | |
| 3.45% 10/01/49 | 50,000 | 35,482 |
| Albemarle Corp. | | |
| 5.05% 06/01/32 | 25,000 | 24,017 |
| Alexandria Real Estate Equities, Inc. | | |
| 4.85% 04/15/49 | 50,000 | 42,293 |
| Alibaba Group Holding Ltd. | | |
| 4.00% 12/06/37 | 100,000 | 84,866 |
| Allegion PLC | | |
| 3.50% 10/01/29 | 15,000 | 13,832 |
| Allina Health System | | |
| 2.90% 11/15/51 | 10,000 | 6,510 |
| Ally Financial, Inc. | | |
| 8.00% 11/01/31 | 50,000 | 55,229 |
| Alphabet, Inc. | | |
| 0.80% 08/15/27 | 50,000 | 44,553 |
| 2.25% 08/15/60 | 25,000 | 13,819 |
| Altria Group, Inc. | | |
| 3.70% 02/04/51 | 50,000 | 33,677 |
| 5.80% 02/14/39 | 65,000 | 64,952 |
| Amazon.com, Inc. | | |
| 3.15% 08/22/27 | 50,000 | 47,494 |
| 3.30% 04/13/27 | 25,000 | 23,977 |
| 3.95% 04/13/52 | 25,000 | 20,126 |
| 4.10% 04/13/62 | 25,000 | 19,991 |
| 4.25% 08/22/57 | 50,000 | 41,882 |
| America Movil SAB de CV | | |
| 6.13% 03/30/40 | 100,000 | 103,660 |
| American Airlines Pass-Through Trust | | |
| 3.15% 08/15/33 | 39,150 | 34,817 |
| American Express Co. (4.42% fixed rate until 08/03/32; 1.76% + SOFR thereafter) | | |
| 4.42% 08/03/33 (h) | 50,000 | 47,186 |
| American Express Co. (5.10% fixed rate until 02/16/27; 1.00% + SOFR thereafter) | | |
| 5.10% 02/16/28 (h) | 100,000 | 99,568 |
| American Homes 4 Rent LP | | |
| 3.63% 04/15/32 | 20,000 | 17,468 |
| American Honda Finance Corp. | | |
| 5.65% 11/15/28 | 100,000 | 102,452 |
| American Tower Corp. | | |
| 3.13% 01/15/27 | 50,000 | 47,389 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.05% 03/15/32 | $10,000 | $9,144 |
| American Water Capital Corp. | | |
| 3.45% 06/01/29 | 50,000 | 46,548 |
| Ameriprise Financial, Inc. | | |
| 4.50% 05/13/32 | 10,000 | 9,626 |
| Amgen, Inc. | | |
| 3.35% 02/22/32 | 30,000 | 26,616 |
| 4.20% 03/01/33 | 25,000 | 23,157 |
| 4.56% 06/15/48 | 50,000 | 42,278 |
| 5.65% 06/15/42 | 100,000 | 98,943 |
| Amphenol Corp. | | |
| 4.35% 06/01/29 | 25,000 | 24,242 |
| Analog Devices, Inc. | | |
| 3.50% 12/05/26 | 75,000 | 72,358 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.00% 04/13/28 | 55,000 | 53,452 |
| 5.80% 01/23/59 | 50,000 | 52,052 |
| 8.00% 11/15/39 | 50,000 | 63,225 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.05% 08/23/31 | 50,000 | 40,357 |
| 2.60% 12/02/31 | 35,000 | 29,165 |
| Appalachian Power Co. | | |
| 4.50% 08/01/32 | 45,000 | 41,572 |
| Apple, Inc. | | |
| 0.55% 08/20/25 | 50,000 | 47,477 |
| 1.70% 08/05/31 | 50,000 | 40,890 |
| 4.00% 05/10/28 | 150,000 | 146,874 |
| 4.10% 08/08/62 | 25,000 | 20,221 |
| Applied Materials, Inc. | | |
| 1.75% 06/01/30 | 75,000 | 63,148 |
| Aptiv PLC/Aptiv Corp. | | |
| 4.15% 05/01/52 | 15,000 | 11,161 |
| Arch Capital Finance LLC | | |
| 5.03% 12/15/46 | 50,000 | 45,300 |
| Archer-Daniels-Midland Co. | | |
| 4.02% 04/16/43 | 50,000 | 40,024 |
| ARES Capital Corp. | | |
| 5.88% 03/01/29 (b) | 100,000 | 98,437 |
| Arizona Public Service Co. | | |
| 4.25% 03/01/49 | 25,000 | 19,516 |
| Ascension Health | | |
| 3.95% 11/15/46 | 50,000 | 41,711 |
| Asian Development Bank | | |
| 1.88% 01/24/30 | 75,000 | 65,517 |
| 3.13% 09/26/28 | 25,000 | 23,710 |
| 6.22% 08/15/27 | 200,000 | 207,682 |
| | Principal
Amount | Fair
Value |
| Asian Infrastructure Investment Bank | | |
| 3.75% 09/14/27 | $100,000 | $97,413 |
| Assurant, Inc. | | |
| 4.90% 03/27/28 | 50,000 | 49,222 |
| AstraZeneca PLC | | |
| 4.00% 01/17/29 | 20,000 | 19,266 |
| 6.45% 09/15/37 | 50,000 | 55,639 |
| AT&T, Inc. | | |
| 2.25% 02/01/32 | 100,000 | 81,155 |
| 3.50% 06/01/41 | 50,000 | 38,251 |
| 3.55% 09/15/55 | 75,000 | 50,535 |
| 4.75% 05/15/46 | 50,000 | 43,283 |
| Athene Holding Ltd. | | |
| 3.50% 01/15/31 | 10,000 | 8,853 |
| Atmos Energy Corp. | | |
| 4.30% 10/01/48 | 50,000 | 41,105 |
| 5.45% 10/15/32 | 15,000 | 15,192 |
| Australia & New Zealand Banking Group Ltd. | | |
| 3.70% 11/16/25 | 50,000 | 49,008 |
| Automatic Data Processing, Inc. | | |
| 1.70% 05/15/28 | 20,000 | 17,852 |
| AutoNation, Inc. | | |
| 2.40% 08/01/31 | 50,000 | 40,205 |
| AutoZone, Inc. | | |
| 3.75% 04/18/29 | 50,000 | 47,079 |
| AvalonBay Communities, Inc. | | |
| 2.05% 01/15/32 | 35,000 | 28,632 |
| 3.90% 10/15/46 | 50,000 | 38,969 |
| Baltimore Gas & Electric Co. | | |
| 4.55% 06/01/52 | 5,000 | 4,174 |
| Banco Santander SA (4.18% fixed rate until 03/24/27; 2.00% + 1 yr. CMT thereafter) | | |
| 4.18% 03/24/28 (h) | 100,000 | 96,362 |
| Bank of America Corp. | | |
| 4.18% 11/25/27 | 50,000 | 48,264 |
| 5.00% 01/21/44 | 50,000 | 47,150 |
| 6.11% 01/29/37 | 100,000 | 103,914 |
| Bank of America Corp. (2.57% fixed rate until 10/20/31; 1.21% + SOFR thereafter) | | |
| 2.57% 10/20/32 (h) | 25,000 | 20,736 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (2.88% fixed rate until 10/22/29; 1.45% + 3 mo. Term SOFR thereafter) | | |
| 2.88% 10/22/30 (h) | $100,000 | $89,026 |
| Bank of America Corp. (3.19% fixed rate until 07/23/29; 1.44% + 3 mo. Term SOFR thereafter) | | |
| 3.19% 07/23/30 (h) | 50,000 | 45,378 |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 mo. Term SOFR thereafter) | | |
| 3.42% 12/20/28 (h) | 107,000 | 100,592 |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 mo. Term SOFR thereafter) | | |
| 4.24% 04/24/38 (h) | 50,000 | 44,221 |
| Bank of America Corp. (4.38% fixed rate until 04/27/27; 1.58% + SOFR thereafter) | | |
| 4.38% 04/27/28 (h) | 50,000 | 48,801 |
| Bank of America Corp. (4.83% fixed rate until 07/22/25; 1.75% + SOFR thereafter) | | |
| 4.83% 07/22/26 (h) | 150,000 | 148,537 |
| Bank of Montreal | | |
| 4.70% 09/14/27 (b) | 25,000 | 24,673 |
| Bank of New York Mellon Corp. | | |
| 2.50% 01/26/32 | 25,000 | 20,917 |
| 3.85% 04/26/29 | 25,000 | 23,930 |
| Bank of New York Mellon Corp. (4.41% fixed rate until 07/24/25; 1.35% + SOFR thereafter) | | |
| 4.41% 07/24/26 (h) | 100,000 | 98,862 |
| Bank of Nova Scotia | | |
| 1.95% 02/02/27 | 25,000 | 23,059 |
| 2.95% 03/11/27 | 50,000 | 47,176 |
| 4.50% 12/16/25 | 75,000 | 73,825 |
| Banner Health | | |
| 2.34% 01/01/30 | 75,000 | 65,080 |
| Barclays PLC (3.56% fixed rate until 09/23/30; 2.90% + 5 yr. CMT thereafter) | | |
| 3.56% 09/23/35 (h) | 100,000 | 85,930 |
| | Principal
Amount | Fair
Value |
| Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 mo. Term SOFR thereafter) | | |
| 4.97% 05/16/29 (h) | $100,000 | $97,856 |
| BAT Capital Corp. | | |
| 3.98% 09/25/50 | 25,000 | 17,598 |
| 4.39% 08/15/37 | 50,000 | 42,185 |
| BAT International Finance PLC | | |
| 5.93% 02/02/29 | 100,000 | 102,341 |
| Baxalta, Inc. | | |
| 5.25% 06/23/45 | 75,000 | 70,494 |
| Becton Dickinson & Co. | | |
| 3.70% 06/06/27 | 66,000 | 63,520 |
| 4.30% 08/22/32 | 10,000 | 9,373 |
| Bell Telephone Co. of Canada or Bell Canada | | |
| 4.30% 07/29/49 | 30,000 | 24,320 |
| Berkshire Hathaway Finance Corp. | | |
| 2.88% 03/15/32 | 25,000 | 21,876 |
| BHP Billiton Finance USA Ltd. | | |
| 6.42% 03/01/26 | 50,000 | 50,895 |
| Black Hills Corp. | | |
| 4.35% 05/01/33 | 30,000 | 26,953 |
| BlackRock, Inc. | | |
| 2.40% 04/30/30 | 20,000 | 17,459 |
| Boardwalk Pipelines LP | | |
| 3.60% 09/01/32 | 25,000 | 21,559 |
| Boeing Co. | | |
| 2.20% 02/04/26 | 100,000 | 94,061 |
| 3.75% 02/01/50 | 75,000 | 49,209 |
| 5.71% 05/01/40 | 50,000 | 46,168 |
| Boston Properties LP | | |
| 3.40% 06/21/29 | 50,000 | 44,444 |
| Boston Scientific Corp. | | |
| 4.55% 03/01/39 | 50,000 | 46,589 |
| BP Capital Markets America, Inc. | | |
| 2.72% 01/12/32 | 35,000 | 29,773 |
| 2.77% 11/10/50 | 25,000 | 15,388 |
| 3.94% 09/21/28 | 25,000 | 23,987 |
| 4.23% 11/06/28 | 50,000 | 48,476 |
| Brighthouse Financial, Inc. | | |
| 3.85% 12/22/51 | 50,000 | 31,747 |
| Bristol-Myers Squibb Co. | | |
| 3.40% 07/26/29 | 17,000 | 15,840 |
| 3.55% 03/15/42 | 15,000 | 11,657 |
| 4.13% 06/15/39 | 15,000 | 13,013 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| 5.65% 02/22/64 | $100,000 | $97,711 |
| British Telecommunications PLC | | |
| 9.63% 12/15/30 | 50,000 | 61,051 |
| Broadcom, Inc. | | |
| 3.50% 02/15/41 (f) | 50,000 | 38,310 |
| Brookfield Finance, Inc. | | |
| 3.90% 01/25/28 | 50,000 | 47,697 |
| Brown & Brown, Inc. | | |
| 4.20% 03/17/32 | 15,000 | 13,698 |
| Burlington Northern Santa Fe LLC | | |
| 5.40% 06/01/41 | 50,000 | 49,384 |
| California Institute of Technology | | |
| 3.65% 09/01/19 | 20,000 | 13,307 |
| Camden Property Trust | | |
| 3.35% 11/01/49 | 10,000 | 6,995 |
| 4.10% 10/15/28 | 10,000 | 9,602 |
| Campbell Soup Co. | | |
| 2.38% 04/24/30 | 15,000 | 12,921 |
| Canadian Imperial Bank of Commerce | | |
| 3.60% 04/07/32 | 10,000 | 8,848 |
| 3.95% 08/04/25 | 25,000 | 24,581 |
| Canadian National Railway Co. | | |
| 3.85% 08/05/32 | 25,000 | 23,071 |
| Canadian Pacific Railway Co. | | |
| 2.05% 03/05/30 | 20,000 | 17,067 |
| 4.70% 05/01/48 | 50,000 | 43,351 |
| Capital One Financial Corp. | | |
| 4.20% 10/29/25 | 75,000 | 73,411 |
| Capital One Financial Corp. (2.62% fixed rate until 11/02/31; 1.27% + SOFR thereafter) | | |
| 2.62% 11/02/32 (h) | 25,000 | 20,331 |
| Capital One Financial Corp. (5.25% fixed rate until 07/26/29; 2.60% + SOFR thereafter) | | |
| 5.25% 07/26/30 (h) | 50,000 | 49,057 |
| Carlisle Cos., Inc. | | |
| 2.20% 03/01/32 | 50,000 | 40,247 |
| Carrier Global Corp. | | |
| 2.49% 02/15/27 | 15,000 | 14,045 |
| 3.58% 04/05/50 | 25,000 | 18,156 |
| Caterpillar Financial Services Corp. | | |
| 3.60% 08/12/27 | 50,000 | 48,113 |
| | Principal
Amount | Fair
Value |
| Caterpillar, Inc. | | |
| 3.25% 04/09/50 | $25,000 | $17,806 |
| CDW LLC/CDW Finance Corp. | | |
| 2.67% 12/01/26 | 70,000 | 65,486 |
| Celanese U.S. Holdings LLC | | |
| 6.17% 07/15/27 | 25,000 | 25,373 |
| Celulosa Arauco y Constitucion SA | | |
| 3.88% 11/02/27 | 100,000 | 93,545 |
| Cencora, Inc. | | |
| 3.45% 12/15/27 | 50,000 | 47,306 |
| Centene Corp. | | |
| 4.63% 12/15/29 | 125,000 | 118,152 |
| CenterPoint Energy Houston Electric LLC | | |
| 4.45% 10/01/32 | 50,000 | 47,309 |
| Charles Schwab Corp. | | |
| 4.63% 03/22/30 | 50,000 | 49,165 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 2.80% 04/01/31 | 65,000 | 53,151 |
| 3.70% 04/01/51 | 25,000 | 15,261 |
| 4.91% 07/23/25 | 12,000 | 11,898 |
| 5.25% 04/01/53 | 25,000 | 19,642 |
| Chubb INA Holdings LLC | | |
| 4.35% 11/03/45 | 50,000 | 43,180 |
| Church & Dwight Co., Inc. | | |
| 5.00% 06/15/52 | 25,000 | 23,213 |
| Cigna Group | | |
| 2.40% 03/15/30 | 15,000 | 12,980 |
| 4.38% 10/15/28 | 40,000 | 38,839 |
| 4.50% 02/25/26 | 50,000 | 49,289 |
| 4.80% 08/15/38 | 30,000 | 27,559 |
| Cisco Systems, Inc. | | |
| 2.50% 09/20/26 | 25,000 | 23,762 |
| 5.90% 02/15/39 | 50,000 | 53,123 |
| Citigroup, Inc. | | |
| 3.70% 01/12/26 | 150,000 | 146,110 |
| 4.30% 11/20/26 | 100,000 | 97,622 |
| Citigroup, Inc. (2.52% fixed rate until 11/03/31; 1.18% + SOFR thereafter) | | |
| 2.52% 11/03/32 (h) | 35,000 | 28,789 |
| Citigroup, Inc. (3.06% fixed rate until 01/25/32; 1.35% + SOFR thereafter) | | |
| 3.06% 01/25/33 (h) | 50,000 | 42,401 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | | |
| 3.79% 03/17/33 (h) | $50,000 | $44,569 |
| Citigroup, Inc. (4.08% fixed rate until 04/23/28; 1.45% + 3 mo. Term SOFR thereafter) | | |
| 4.08% 04/23/29 (h) | 75,000 | 71,878 |
| Citigroup, Inc. (4.91% fixed rate until 05/24/32; 2.09% + SOFR thereafter) | | |
| 4.91% 05/24/33 (h) | 50,000 | 48,071 |
| Citizens Financial Group, Inc. (5.64% fixed rate until 05/21/32; 2.75% + 5 yr. CMT thereafter) | | |
| 5.64% 05/21/37 (h) | 50,000 | 46,402 |
| CME Group, Inc. | | |
| 2.65% 03/15/32 | 20,000 | 17,148 |
| Coca-Cola Co. | | |
| 1.00% 03/15/28 | 100,000 | 87,758 |
| 2.50% 06/01/40 | 45,000 | 31,568 |
| Colgate-Palmolive Co. | | |
| 3.25% 08/15/32 | 15,000 | 13,405 |
| Comcast Corp. | | |
| 2.94% 11/01/56 | 100,000 | 60,331 |
| 3.38% 08/15/25 | 50,000 | 48,983 |
| 3.55% 05/01/28 | 50,000 | 47,485 |
| 4.60% 10/15/38 | 30,000 | 27,305 |
| 6.50% 11/15/35 | 50,000 | 54,604 |
| Comerica, Inc. | | |
| 4.00% 02/01/29 | 50,000 | 45,855 |
| Commonwealth Edison Co. | | |
| 4.60% 08/15/43 | 100,000 | 87,287 |
| Conagra Brands, Inc. | | |
| 5.40% 11/01/48 | 75,000 | 69,046 |
| ConocoPhillips | | |
| 6.50% 02/01/39 | 50,000 | 54,997 |
| Consolidated Edison Co. of New York, Inc. | | |
| 3.60% 06/15/61 | 100,000 | 68,681 |
| Constellation Brands, Inc. | | |
| 3.50% 05/09/27 | 25,000 | 23,864 |
| 3.75% 05/01/50 | 5,000 | 3,683 |
| 4.35% 05/09/27 | 50,000 | 48,804 |
| 5.25% 11/15/48 | 15,000 | 13,967 |
| Consumers Energy Co. | | |
| 4.05% 05/15/48 | 50,000 | 40,655 |
| | Principal
Amount | Fair
Value |
| Cooperatieve Rabobank UA | | |
| 5.75% 12/01/43 | $100,000 | $98,556 |
| Corning, Inc. | | |
| 3.90% 11/15/49 | 25,000 | 18,742 |
| Corp. Andina de Fomento | | |
| 2.25% 02/08/27 | 50,000 | 46,503 |
| Crown Castle, Inc. | | |
| 1.35% 07/15/25 | 50,000 | 47,840 |
| 2.90% 03/15/27 | 25,000 | 23,467 |
| 3.80% 02/15/28 | 25,000 | 23,688 |
| CSX Corp. | | |
| 6.22% 04/30/40 | 75,000 | 80,314 |
| CubeSmart LP | | |
| 4.38% 02/15/29 | 15,000 | 14,372 |
| CVS Health Corp. | | |
| 3.88% 07/20/25 | 50,000 | 49,098 |
| 5.05% 03/25/48 | 150,000 | 129,264 |
| Darden Restaurants, Inc. | | |
| 4.55% 02/15/48 | 15,000 | 12,197 |
| Dayton Power & Light Co. | | |
| 3.95% 06/15/49 | 15,000 | 10,930 |
| Deere & Co. | | |
| 7.13% 03/03/31 | 75,000 | 84,586 |
| Deutsche Bank AG (3.55% fixed rate until 09/18/30; 3.04% + SOFR thereafter) | | |
| 3.55% 09/18/31 (h) | 100,000 | 87,936 |
| Deutsche Telekom International Finance BV | | |
| 8.75% 06/15/30 | 50,000 | 58,278 |
| Devon Energy Corp. | | |
| 5.00% 06/15/45 | 25,000 | 21,301 |
| DH Europe Finance II SARL | | |
| 2.60% 11/15/29 | 75,000 | 66,878 |
| 3.40% 11/15/49 | 25,000 | 17,978 |
| Diamondback Energy, Inc. | | |
| 4.40% 03/24/51 | 25,000 | 19,927 |
| 5.40% 04/18/34 | 75,000 | 74,239 |
| Dollar General Corp. | | |
| 4.13% 05/01/28 | 25,000 | 24,068 |
| Dominion Energy, Inc. | | |
| 4.25% 06/01/28 | 50,000 | 48,294 |
| 4.70% 12/01/44 | 50,000 | 42,317 |
| Dow Chemical Co. | | |
| 2.10% 11/15/30 | 100,000 | 84,335 |
| Duke Energy Corp. | | |
| 4.85% 01/05/27 | 50,000 | 49,609 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Duke Energy Corp. (3.25% fixed rate until 01/15/27; 2.32% + 5 yr. CMT thereafter) | | |
| 3.25% 01/15/82 (h) | $25,000 | $22,449 |
| Duke Energy Florida LLC | | |
| 6.35% 09/15/37 | 200,000 | 212,394 |
| DuPont de Nemours, Inc. | | |
| 5.32% 11/15/38 | 9,000 | 9,250 |
| 5.42% 11/15/48 | 40,000 | 41,436 |
| Eagle Materials, Inc. | | |
| 2.50% 07/01/31 | 25,000 | 21,128 |
| Ecolab, Inc. | | |
| 2.13% 02/01/32 | 25,000 | 20,523 |
| Edison International | | |
| 5.75% 06/15/27 | 100,000 | 100,950 |
| Elevance Health, Inc. | | |
| 4.10% 05/15/32 | 25,000 | 23,194 |
| 4.65% 01/15/43 | 50,000 | 44,121 |
| Eli Lilly & Co. | | |
| 2.25% 05/15/50 | 50,000 | 29,170 |
| 3.38% 03/15/29 | 13,000 | 12,283 |
| Emera U.S. Finance LP | | |
| 3.55% 06/15/26 | 60,000 | 57,517 |
| Emory University | | |
| 2.14% 09/01/30 | 40,000 | 34,094 |
| Enbridge Energy Partners LP | | |
| 5.88% 10/15/25 | 75,000 | 75,176 |
| Enel Chile SA | | |
| 4.88% 06/12/28 | 25,000 | 24,172 |
| Energy Transfer LP | | |
| 4.95% 05/15/28 | 60,000 | 59,119 |
| 6.00% 06/15/48 | 50,000 | 48,246 |
| 6.50% 02/01/42 | 50,000 | 51,800 |
| Enstar Group Ltd. | | |
| 3.10% 09/01/31 | 10,000 | 8,260 |
| Entergy Arkansas LLC | | |
| 2.65% 06/15/51 | 100,000 | 58,075 |
| Enterprise Products Operating LLC | | |
| 4.45% 02/15/43 | 42,000 | 36,048 |
| Enterprise Products Operating LLC (5.38% fixed rate until 02/15/28; 2.83% + 3 mo. Term SOFR thereafter) | | |
| 5.38% 02/15/78 (h) | 50,000 | 46,725 |
| Equifax, Inc. | | |
| 5.10% 12/15/27 | 25,000 | 24,905 |
| | Principal
Amount | Fair
Value |
| ERP Operating LP | | |
| 4.50% 07/01/44 | $75,000 | $63,519 |
| Essential Utilities, Inc. | | |
| 2.70% 04/15/30 | 25,000 | 21,733 |
| Estee Lauder Cos., Inc. | | |
| 2.38% 12/01/29 | 20,000 | 17,544 |
| 3.13% 12/01/49 | 30,000 | 20,037 |
| European Bank for Reconstruction & Development | | |
| 4.25% 03/13/34 | 50,000 | 48,948 |
| European Investment Bank | | |
| 0.38% 12/15/25 - 03/26/26 | 150,000 | 139,426 |
| 2.75% 08/15/25 | 20,000 | 19,499 |
| 4.75% 06/15/29 | 100,000 | 101,296 |
| Eversource Energy | | |
| 5.45% 03/01/28 | 100,000 | 100,314 |
| Expedia Group, Inc. | | |
| 3.80% 02/15/28 | 75,000 | 71,385 |
| Extra Space Storage LP | | |
| 3.90% 04/01/29 | 5,000 | 4,704 |
| Exxon Mobil Corp. | | |
| 2.28% 08/16/26 | 50,000 | 47,286 |
| 3.04% 03/01/26 | 50,000 | 48,365 |
| Fairfax Financial Holdings Ltd. | | |
| 4.63% 04/29/30 | 25,000 | 23,831 |
| Federal Realty OP LP | | |
| 3.20% 06/15/29 | 50,000 | 45,346 |
| Fidelity National Financial, Inc. | | |
| 4.50% 08/15/28 | 25,000 | 24,231 |
| Fifth Third Bancorp (1.71% fixed rate until 11/01/26; 0.69% + SOFR thereafter) | | |
| 1.71% 11/01/27 (h) | 25,000 | 22,913 |
| Fifth Third Bancorp (4.77% fixed rate until 07/28/29; 2.13% + SOFR thereafter) | | |
| 4.77% 07/28/30 (h) | 25,000 | 24,045 |
| Fiserv, Inc. | | |
| 5.15% 03/15/27 | 100,000 | 100,061 |
| Flex Ltd. | | |
| 4.88% 06/15/29 | 25,000 | 24,213 |
| Florida Power & Light Co. | | |
| 2.88% 12/04/51 | 100,000 | 63,516 |
| 4.13% 02/01/42 | 50,000 | 42,153 |
| 5.95% 02/01/38 | 25,000 | 26,253 |
| Ford Motor Credit Co. LLC | | |
| 7.35% 03/06/30 | 200,000 | 211,636 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Fortune Brands Innovations, Inc. | | |
| 4.00% 03/25/32 | $25,000 | $22,700 |
| Freeport-McMoRan, Inc. | | |
| 4.63% 08/01/30 | 25,000 | 24,067 |
| GATX Corp. | | |
| 3.50% 03/15/28 | 25,000 | 23,446 |
| 4.90% 03/15/33 | 25,000 | 23,917 |
| General Dynamics Corp. | | |
| 4.25% 04/01/40 | 25,000 | 21,927 |
| General Mills, Inc. | | |
| 2.88% 04/15/30 | 75,000 | 66,489 |
| General Motors Co. | | |
| 5.60% 10/15/32 | 125,000 | 125,025 |
| General Motors Financial Co., Inc. | | |
| 5.00% 04/09/27 | 15,000 | 14,849 |
| Georgetown University | | |
| 2.94% 04/01/50 | 10,000 | 6,709 |
| Georgia Power Co. | | |
| 4.70% 05/15/32 | 25,000 | 24,149 |
| Gilead Sciences, Inc. | | |
| 3.65% 03/01/26 | 75,000 | 72,942 |
| 5.65% 12/01/41 | 50,000 | 50,253 |
| Global Payments, Inc. | | |
| 5.40% 08/15/32 | 25,000 | 24,509 |
| Globe Life, Inc. | | |
| 4.80% 06/15/32 | 15,000 | 13,815 |
| GLP Capital LP/GLP Financing II, Inc. | | |
| 4.00% 01/15/31 | 50,000 | 44,840 |
| 5.38% 04/15/26 | 20,000 | 19,840 |
| 5.75% 06/01/28 | 10,000 | 10,024 |
| Goldman Sachs Group, Inc. | | |
| 3.75% 02/25/26 | 100,000 | 97,453 |
| 6.25% 02/01/41 | 50,000 | 53,109 |
| 6.75% 10/01/37 | 100,000 | 107,977 |
| Goldman Sachs Group, Inc. (2.65% fixed rate until 10/21/31; 1.26% + SOFR thereafter) | | |
| 2.65% 10/21/32 (h) | 30,000 | 24,949 |
| Goldman Sachs Group, Inc. (4.39% fixed rate until 06/15/26; 1.51% + SOFR thereafter) | | |
| 4.39% 06/15/27 (h) | 15,000 | 14,706 |
| Hasbro, Inc. | | |
| 3.90% 11/19/29 | 50,000 | 46,126 |
| | Principal
Amount | Fair
Value |
| HCA, Inc. | | |
| 5.38% 09/01/26 | $100,000 | $99,750 |
| Hess Corp. | | |
| 5.80% 04/01/47 | 75,000 | 75,932 |
| Highwoods Realty LP | | |
| 4.20% 04/15/29 | 25,000 | 22,885 |
| Home Depot, Inc. | | |
| 1.88% 09/15/31 | 20,000 | 16,290 |
| 2.75% 09/15/51 | 50,000 | 31,137 |
| 3.00% 04/01/26 | 50,000 | 48,199 |
| 3.25% 04/15/32 | 20,000 | 17,740 |
| 4.20% 04/01/43 | 50,000 | 42,390 |
| 4.50% 09/15/32 | 15,000 | 14,545 |
| Honeywell International, Inc. | | |
| 5.38% 03/01/41 | 50,000 | 49,704 |
| Host Hotels & Resorts LP | | |
| 3.38% 12/15/29 | 50,000 | 44,643 |
| HP, Inc. | | |
| 4.20% 04/15/32 | 25,000 | 23,160 |
| 5.50% 01/15/33 | 15,000 | 15,102 |
| 6.00% 09/15/41 | 37,000 | 37,794 |
| HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3 mo. Term SOFR thereafter) | | |
| 4.29% 09/12/26 (h) | 50,000 | 49,118 |
| HSBC Holdings PLC (7.39% fixed rate until 11/03/27; 3.35% + SOFR thereafter) | | |
| 7.39% 11/03/28 (h) | 250,000 | 264,400 |
| Hubbell, Inc. | | |
| 3.50% 02/15/28 | 50,000 | 47,208 |
| Huntington Bancshares, Inc. (5.02% fixed rate until 05/17/32; 2.05% + SOFR thereafter) | | |
| 5.02% 05/17/33 (h) | 35,000 | 33,097 |
| Huntsman International LLC | | |
| 4.50% 05/01/29 | 20,000 | 18,947 |
| Hyatt Hotels Corp. | | |
| 5.75% 04/23/30 | 25,000 | 25,398 |
| IDEX Corp. | | |
| 3.00% 05/01/30 | 10,000 | 8,827 |
| Illinois Tool Works, Inc. | | |
| 2.65% 11/15/26 | 50,000 | 47,565 |
| Indiana University Health, Inc. Obligated Group | | |
| 2.85% 11/01/51 | 15,000 | 9,851 |
| ING Groep NV | | |
| 4.05% 04/09/29 | 50,000 | 47,491 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Intel Corp. | | |
| 2.45% 11/15/29 | $25,000 | $21,979 |
| 4.15% 08/05/32 | 25,000 | 23,402 |
| 4.60% 03/25/40 | 50,000 | 45,104 |
| 4.90% 08/05/52 | 25,000 | 22,035 |
| Inter-American Development Bank | | |
| 1.13% 01/13/31 | 75,000 | 60,916 |
| Intercontinental Exchange, Inc. | | |
| 3.00% 06/15/50 | 15,000 | 9,738 |
| 4.60% 03/15/33 | 15,000 | 14,322 |
| International Bank for Reconstruction & Development | | |
| 1.25% 02/10/31 | 150,000 | 122,653 |
| 2.50% 07/29/25 | 100,000 | 97,306 |
| 3.13% 06/15/27 | 50,000 | 47,991 |
| International Business Machines Corp. | | |
| 4.00% 06/20/42 | 50,000 | 40,862 |
| 6.22% 08/01/27 | 100,000 | 103,249 |
| International Finance Corp. | | |
| 0.38% 07/16/25 | 100,000 | 95,241 |
| International Flavors & Fragrances, Inc. | | |
| 5.00% 09/26/48 | 15,000 | 12,889 |
| Interpublic Group of Cos., Inc. | | |
| 4.65% 10/01/28 | 10,000 | 9,777 |
| Interstate Power & Light Co. | | |
| 6.25% 07/15/39 | 75,000 | 77,849 |
| Invitation Homes Operating Partnership LP | | |
| 2.70% 01/15/34 | 15,000 | 11,826 |
| Jabil, Inc. | | |
| 4.25% 05/15/27 | 15,000 | 14,522 |
| JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL | | |
| 5.13% 02/01/28 | 50,000 | 49,408 |
| 5.75% 04/01/33 | 26,000 | 25,857 |
| 6.50% 12/01/52 | 15,000 | 14,912 |
| Jefferies Financial Group, Inc. | | |
| 2.75% 10/15/32 | 35,000 | 27,972 |
| John Deere Capital Corp. | | |
| 2.35% 03/08/27 | 25,000 | 23,381 |
| Johnson & Johnson | | |
| 1.30% 09/01/30 | 75,000 | 61,874 |
| 3.40% 01/15/38 | 25,000 | 20,989 |
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. | | |
| 3.63% 12/01/27 | $100,000 | $95,670 |
| 6.40% 05/15/38 | 100,000 | 110,528 |
| JPMorgan Chase & Co. (2.95% fixed rate until 02/24/27; 1.17% + SOFR thereafter) | | |
| 2.95% 02/24/28 (h) | 30,000 | 28,260 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) | | |
| 3.90% 01/23/49 (h) | 25,000 | 19,703 |
| JPMorgan Chase & Co. (4.45% fixed rate until 12/05/28; 1.59% + 3 mo. Term SOFR thereafter) | | |
| 4.45% 12/05/29 (h) | 50,000 | 48,518 |
| JPMorgan Chase & Co. (4.59% fixed rate until 04/26/32; 1.80% + SOFR thereafter) | | |
| 4.59% 04/26/33 (h) | 40,000 | 38,058 |
| JPMorgan Chase & Co. (5.30% fixed rate until 07/24/28; 1.45% + SOFR thereafter) | | |
| 5.30% 07/24/29 (h) | 100,000 | 100,349 |
| JPMorgan Chase & Co. (5.72% fixed rate until 09/14/32; 2.58% + SOFR thereafter) | | |
| 5.72% 09/14/33 (h) | 75,000 | 76,481 |
| JPMorgan Chase & Co. (5.77% fixed rate until 04/22/34; 1.49% + SOFR thereafter) | | |
| 5.77% 04/22/35 (h) | 75,000 | 76,990 |
| Kaiser Foundation Hospitals | | |
| 3.00% 06/01/51 | 70,000 | 46,766 |
| Kellanova | | |
| 4.50% 04/01/46 | 50,000 | 41,713 |
| Kemper Corp. | | |
| 3.80% 02/23/32 | 25,000 | 21,410 |
| Kennametal, Inc. | | |
| 4.63% 06/15/28 | 25,000 | 24,396 |
| Kentucky Utilities Co. | | |
| 4.38% 10/01/45 | 40,000 | 33,294 |
| Keurig Dr Pepper, Inc. | | |
| 4.05% 04/15/32 | 35,000 | 32,493 |
| Keysight Technologies, Inc. | | |
| 3.00% 10/30/29 | 25,000 | 22,273 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Kimco Realty OP LLC | | |
| 4.60% 02/01/33 | $25,000 | $23,448 |
| KLA Corp. | | |
| 4.95% 07/15/52 | 25,000 | 23,267 |
| Kraft Heinz Foods Co. | | |
| 6.88% 01/26/39 | 50,000 | 55,482 |
| Kreditanstalt fuer Wiederaufbau | | |
| 0.38% 07/18/25 | 50,000 | 47,599 |
| 0.75% 09/30/30 | 75,000 | 60,134 |
| 3.88% 06/15/28 | 150,000 | 146,626 |
| 5.13% 09/29/25 | 100,000 | 100,061 |
| Kroger Co. | | |
| 3.95% 01/15/50 | 50,000 | 38,528 |
| 4.50% 01/15/29 | 25,000 | 24,524 |
| L3Harris Technologies, Inc. | | |
| 4.85% 04/27/35 | 40,000 | 37,966 |
| Lear Corp. | | |
| 4.25% 05/15/29 | 25,000 | 23,817 |
| Lennar Corp. | | |
| 5.25% 06/01/26 | 100,000 | 99,729 |
| Lloyds Banking Group PLC | | |
| 4.65% 03/24/26 | 50,000 | 49,067 |
| Lockheed Martin Corp. | | |
| 3.80% 03/01/45 | 25,000 | 19,887 |
| 4.15% 06/15/53 | 45,000 | 36,380 |
| 4.70% 05/15/46 | 50,000 | 45,003 |
| Lowe's Cos., Inc. | | |
| 1.70% 10/15/30 | 45,000 | 36,735 |
| 2.63% 04/01/31 | 25,000 | 21,344 |
| 3.00% 10/15/50 | 30,000 | 18,781 |
| 3.38% 09/15/25 | 30,000 | 29,270 |
| 4.25% 04/01/52 | 50,000 | 39,306 |
| 4.65% 04/15/42 | 25,000 | 21,832 |
| M&T Bank Corp. (4.55% fixed rate until 08/16/27; 1.78% + SOFR thereafter) | | |
| 4.55% 08/16/28 (h) | 15,000 | 14,357 |
| Manulife Financial Corp. | | |
| 3.70% 03/16/32 | 50,000 | 45,548 |
| Marathon Petroleum Corp. | | |
| 4.50% 04/01/48 | 25,000 | 20,117 |
| Markel Group, Inc. | | |
| 3.50% 11/01/27 | 50,000 | 47,380 |
| Marriott International, Inc. | | |
| 3.75% 10/01/25 | 50,000 | 48,945 |
| Martin Marietta Materials, Inc. | | |
| 3.50% 12/15/27 | 50,000 | 47,511 |
| | Principal
Amount | Fair
Value |
| Marvell Technology, Inc. | | |
| 1.65% 04/15/26 | $25,000 | $23,393 |
| Mastercard, Inc. | | |
| 2.95% 11/21/26 | 50,000 | 47,718 |
| McDonald's Corp. | | |
| 3.50% 07/01/27 | 25,000 | 23,957 |
| 3.63% 09/01/49 | 55,000 | 39,898 |
| 4.60% 09/09/32 | 35,000 | 33,833 |
| Merck & Co., Inc. | | |
| 3.70% 02/10/45 | 50,000 | 39,230 |
| 6.50% 12/01/33 | 100,000 | 111,118 |
| Meta Platforms, Inc. | | |
| 4.45% 08/15/52 | 75,000 | 64,668 |
| MetLife, Inc. | | |
| 4.13% 08/13/42 | 25,000 | 20,728 |
| 5.00% 07/15/52 | 30,000 | 27,338 |
| 6.50% 12/15/32 | 50,000 | 54,401 |
| Micron Technology, Inc. | | |
| 4.66% 02/15/30 | 75,000 | 72,642 |
| Microsoft Corp. | | |
| 2.50% 09/15/50 | 50,000 | 31,475 |
| 2.68% 06/01/60 | 50,000 | 30,399 |
| 3.45% 08/08/36 | 48,000 | 41,849 |
| 4.25% 02/06/47 | 50,000 | 45,741 |
| Mitsubishi UFJ Financial Group, Inc. | | |
| 4.05% 09/11/28 | 100,000 | 96,472 |
| 4.15% 03/07/39 | 25,000 | 22,080 |
| Moody's Corp. | | |
| 3.25% 05/20/50 | 50,000 | 34,187 |
| Morgan Stanley | | |
| 4.00% 07/23/25 | 95,000 | 93,576 |
| 4.35% 09/08/26 | 50,000 | 48,898 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48% 09/16/36 (h) | 50,000 | 39,571 |
| Morgan Stanley (2.51% fixed rate until 10/20/31; 1.20% + SOFR thereafter) | | |
| 2.51% 10/20/32 (h) | 75,000 | 62,046 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80% 01/25/52 (h) | 25,000 | 15,725 |
| Morgan Stanley (4.46% fixed rate until 04/22/38; 1.69% + 3 mo. Term SOFR thereafter) | | |
| 4.46% 04/22/39 (h) | 50,000 | 44,689 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Morgan Stanley (4.89% fixed rate until 07/20/32; 2.08% + SOFR thereafter) | | |
| 4.89% 07/20/33 (h) | $60,000 | $57,847 |
| Morgan Stanley (6.14% fixed rate until 10/16/25; 1.77% + SOFR thereafter) | | |
| 6.14% 10/16/26 (h) | 100,000 | 100,670 |
| Motorola Solutions, Inc. | | |
| 5.60% 06/01/32 | 50,000 | 50,551 |
| MPLX LP | | |
| 5.50% 02/15/49 | 50,000 | 46,190 |
| Nasdaq, Inc. | | |
| 3.25% 04/28/50 | 20,000 | 13,324 |
| National Fuel Gas Co. | | |
| 4.75% 09/01/28 | 50,000 | 48,540 |
| National Rural Utilities Cooperative Finance Corp. | | |
| 1.35% 03/15/31 | 50,000 | 39,079 |
| 4.40% 11/01/48 | 10,000 | 8,345 |
| NatWest Group PLC (4.89% fixed rate until 05/18/28; 1.75% + 3 mo. Term SOFR thereafter) | | |
| 4.89% 05/18/29 (h) | 100,000 | 97,785 |
| New York & Presbyterian Hospital | | |
| 2.26% 08/01/40 | 25,000 | 16,888 |
| 3.95% 08/01/19 | 35,000 | 25,164 |
| NextEra Energy Capital Holdings, Inc. | | |
| 3.50% 04/01/29 | 50,000 | 46,438 |
| Nomura Holdings, Inc. | | |
| 5.10% 07/03/25 | 50,000 | 49,678 |
| Nordic Investment Bank | | |
| 0.38% 09/11/25 | 75,000 | 70,965 |
| Norfolk Southern Corp. | | |
| 3.16% 05/15/55 | 50,000 | 31,697 |
| 3.70% 03/15/53 | 25,000 | 18,028 |
| 3.80% 08/01/28 | 30,000 | 28,719 |
| 3.94% 11/01/47 | 35,000 | 26,959 |
| Northern Trust Corp. | | |
| 1.95% 05/01/30 | 40,000 | 33,973 |
| Northwell Healthcare, Inc. | | |
| 3.81% 11/01/49 | 50,000 | 37,176 |
| Northwestern University | | |
| 3.66% 12/01/57 | 10,000 | 7,586 |
| Novartis Capital Corp. | | |
| 4.40% 05/06/44 | 50,000 | 44,554 |
| | Principal
Amount | Fair
Value |
| Nucor Corp. | | |
| 3.13% 04/01/32 | $10,000 | $8,655 |
| NVIDIA Corp. | | |
| 1.55% 06/15/28 | 50,000 | 44,562 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.13% 02/15/42 | 75,000 | 52,924 |
| Oglethorpe Power Corp. | | |
| 4.50% 04/01/47 | 15,000 | 12,191 |
| OhioHealth Corp. | | |
| 2.83% 11/15/41 | 25,000 | 18,114 |
| Oklahoma Gas & Electric Co. | | |
| 3.30% 03/15/30 | 50,000 | 45,365 |
| Oncor Electric Delivery Co. LLC | | |
| 4.15% 06/01/32 | 20,000 | 18,611 |
| 4.60% 06/01/52 | 50,000 | 42,509 |
| ONE Gas, Inc. | | |
| 4.50% 11/01/48 | 20,000 | 16,764 |
| ONEOK Partners LP | | |
| 6.13% 02/01/41 | 62,000 | 61,939 |
| ONEOK, Inc. | | |
| 4.35% 03/15/29 | 50,000 | 48,162 |
| Oracle Corp. | | |
| 3.25% 05/15/30 | 50,000 | 45,320 |
| 3.60% 04/01/40 | 50,000 | 38,431 |
| 3.85% 04/01/60 | 100,000 | 68,765 |
| 4.30% 07/08/34 | 75,000 | 68,311 |
| 4.50% 07/08/44 | 75,000 | 62,359 |
| Orange SA | | |
| 9.00% 03/01/31 | 50,000 | 59,646 |
| ORIX Corp. | | |
| 5.20% 09/13/32 | 50,000 | 50,110 |
| Owens Corning | | |
| 3.88% 06/01/30 | 25,000 | 23,279 |
| Pacific Gas & Electric Co. | | |
| 3.50% 08/01/50 | 50,000 | 32,715 |
| 4.40% 03/01/32 | 25,000 | 22,875 |
| 6.10% 01/15/29 | 100,000 | 102,353 |
| PacifiCorp | | |
| 6.25% 10/15/37 | 203,000 | 209,634 |
| Paramount Global | | |
| 4.95% 01/15/31 | 100,000 | 87,943 |
| 5.85% 09/01/43 | 25,000 | 19,637 |
| Parker-Hannifin Corp. | | |
| 4.00% 06/14/49 | 20,000 | 15,615 |
| PeaceHealth Obligated Group | | |
| 3.22% 11/15/50 | 25,000 | 16,511 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| PepsiCo, Inc. | | |
| 3.45% 10/06/46 | $25,000 | $18,816 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.75% 05/19/33 | 200,000 | 194,858 |
| Pfizer, Inc. | | |
| 4.13% 12/15/46 | 50,000 | 41,371 |
| 4.30% 06/15/43 | 50,000 | 43,142 |
| Philip Morris International, Inc. | | |
| 3.38% 08/15/29 | 50,000 | 46,217 |
| 3.88% 08/21/42 | 42,000 | 32,765 |
| Phillips 66 Co. | | |
| 3.15% 12/15/29 | 50,000 | 45,286 |
| Pioneer Natural Resources Co. | | |
| 1.13% 01/15/26 | 50,000 | 46,919 |
| PNC Bank NA | | |
| 3.10% 10/25/27 | 100,000 | 93,529 |
| PNC Financial Services Group, Inc. | | |
| 2.60% 07/23/26 | 50,000 | 47,347 |
| 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 | 23,168 |
| President & Fellows of Harvard College | | |
| 3.15% 07/15/46 | 50,000 | 36,843 |
| Procter & Gamble Co. | | |
| 5.55% 03/05/37 | 75,000 | 79,327 |
| Progressive Corp. | | |
| 4.20% 03/15/48 | 50,000 | 41,042 |
| Prologis LP | | |
| 2.25% 01/15/32 | 50,000 | 40,901 |
| 4.38% 02/01/29 | 65,000 | 63,317 |
| Providence St. Joseph Health Obligated Group | | |
| 3.93% 10/01/48 | 20,000 | 15,515 |
| Prudential Financial, Inc. (6.00% fixed rate until 06/01/32; 3.23% + 5 yr. CMT thereafter) | | |
| 6.00% 09/01/52 (h) | 100,000 | 98,614 |
| Public Service Co. of Colorado | | |
| 3.70% 06/15/28 | 50,000 | 47,450 |
| 4.10% 06/15/48 | 30,000 | 22,928 |
| Public Service Electric & Gas Co. | | |
| 3.20% 08/01/49 | 40,000 | 27,550 |
| | Principal
Amount | Fair
Value |
| QUALCOMM, Inc. | | |
| 4.25% 05/20/32 | $10,000 | $9,558 |
| 4.65% 05/20/35 | 50,000 | 48,629 |
| Realty Income Corp. | | |
| 2.70% 02/15/32 | 30,000 | 24,943 |
| 3.10% 12/15/29 | 25,000 | 22,473 |
| Regency Centers LP | | |
| 4.13% 03/15/28 | 25,000 | 24,066 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75% 09/15/30 | 45,000 | 37,037 |
| Reliance, Inc. | | |
| 1.30% 08/15/25 | 55,000 | 52,344 |
| RELX Capital, Inc. | | |
| 4.00% 03/18/29 | 25,000 | 24,024 |
| RenaissanceRe Holdings Ltd. | | |
| 3.60% 04/15/29 | 25,000 | 23,081 |
| Revvity, Inc. | | |
| 2.25% 09/15/31 | 35,000 | 28,596 |
| 3.30% 09/15/29 | 15,000 | 13,650 |
| Rio Tinto Finance USA Ltd. | | |
| 5.20% 11/02/40 | 50,000 | 48,379 |
| Rockwell Automation, Inc. | | |
| 3.50% 03/01/29 | 45,000 | 42,492 |
| Rogers Communications, Inc. | | |
| 4.50% 03/15/42 | 10,000 | 8,461 |
| 7.50% 08/15/38 | 75,000 | 87,293 |
| Royal Bank of Canada | | |
| 3.88% 05/04/32 | 50,000 | 45,775 |
| 4.24% 08/03/27 | 50,000 | 48,668 |
| RPM International, Inc. | | |
| 4.25% 01/15/48 | 50,000 | 41,326 |
| RTX Corp. | | |
| 3.95% 08/16/25 | 15,000 | 14,745 |
| 4.13% 11/16/28 | 150,000 | 144,463 |
| 4.63% 11/16/48 | 15,000 | 12,875 |
| Ryder System, Inc. | | |
| 1.75% 09/01/26 | 15,000 | 13,880 |
| 4.30% 06/15/27 | 10,000 | 9,753 |
| S&P Global, Inc. | | |
| 3.70% 03/01/52 | 50,000 | 37,729 |
| Sabra Health Care LP | | |
| 3.90% 10/15/29 | 25,000 | 22,599 |
| Safehold GL Holdings LLC | | |
| 2.85% 01/15/32 | 25,000 | 20,540 |
| Salesforce, Inc. | | |
| 2.70% 07/15/41 | 50,000 | 34,942 |
| 3.05% 07/15/61 | 25,000 | 15,434 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| San Diego Gas & Electric Co. | | |
| 5.55% 04/15/54 | $50,000 | $48,917 |
| Sempra | | |
| 3.80% 02/01/38 | 25,000 | 20,424 |
| Shell International Finance BV | | |
| 4.38% 05/11/45 | 50,000 | 42,694 |
| 6.38% 12/15/38 | 50,000 | 55,100 |
| Snap-on, Inc. | | |
| 3.10% 05/01/50 | 15,000 | 10,219 |
| Sonoco Products Co. | | |
| 3.13% 05/01/30 | 75,000 | 66,558 |
| Southern California Edison Co. | | |
| 3.45% 02/01/52 | 25,000 | 16,954 |
| 4.20% 03/01/29 | 25,000 | 23,899 |
| Southern California Gas Co. | | |
| 2.55% 02/01/30 | 50,000 | 43,531 |
| Southwest Airlines Co. | | |
| 3.00% 11/15/26 | 50,000 | 47,272 |
| Southwest Gas Corp. | | |
| 4.05% 03/15/32 | 15,000 | 13,576 |
| Southwestern Electric Power Co. | | |
| 3.25% 11/01/51 | 25,000 | 15,772 |
| Starbucks Corp. | | |
| 3.75% 12/01/47 | 35,000 | 25,977 |
| 3.80% 08/15/25 | 50,000 | 49,157 |
| Stryker Corp. | | |
| 4.63% 03/15/46 | 25,000 | 21,983 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 1.47% 07/08/25 | 50,000 | 48,006 |
| 2.14% 09/23/30 | 25,000 | 20,795 |
| 3.01% 10/19/26 | 100,000 | 94,958 |
| 3.35% 10/18/27 | 50,000 | 47,174 |
| 4.31% 10/16/28 | 25,000 | 24,387 |
| Suncor Energy, Inc. | | |
| 6.85% 06/01/39 | 50,000 | 53,850 |
| Suzano Austria GmbH | | |
| 3.75% 01/15/31 | 55,000 | 47,786 |
| Synchrony Financial | | |
| 3.95% 12/01/27 | 25,000 | 23,379 |
| Sysco Corp. | | |
| 3.25% 07/15/27 | 75,000 | 71,033 |
| Tampa Electric Co. | | |
| 4.30% 06/15/48 | 25,000 | 20,265 |
| Tapestry, Inc. | | |
| 3.05% 03/15/32 | 25,000 | 20,150 |
| | Principal
Amount | Fair
Value |
| Target Corp. | | |
| 4.50% 09/15/32 | $25,000 | $24,086 |
| Teck Resources Ltd. | | |
| 6.25% 07/15/41 | 25,000 | 24,985 |
| Telefonica Emisiones SA | | |
| 7.05% 06/20/36 | 50,000 | 54,464 |
| TELUS Corp. | | |
| 4.60% 11/16/48 | 50,000 | 41,779 |
| Tennessee Gas Pipeline Co. LLC | | |
| 7.00% 10/15/28 | 200,000 | 211,772 |
| Texas Instruments, Inc. | | |
| 3.65% 08/16/32 | 15,000 | 13,726 |
| 3.88% 03/15/39 | 50,000 | 43,638 |
| Textron, Inc. | | |
| 3.90% 09/17/29 | 50,000 | 46,906 |
| Thermo Fisher Scientific, Inc. | | |
| 1.75% 10/15/28 | 20,000 | 17,644 |
| Time Warner Cable LLC | | |
| 7.30% 07/01/38 | 50,000 | 50,564 |
| Timken Co. | | |
| 4.50% 12/15/28 | 20,000 | 19,398 |
| T-Mobile USA, Inc. | | |
| 3.60% 11/15/60 | 45,000 | 30,326 |
| 4.85% 01/15/29 | 100,000 | 98,762 |
| Toronto-Dominion Bank | | |
| 0.75% 09/11/25 | 50,000 | 47,320 |
| 1.95% 01/12/27 | 50,000 | 46,412 |
| TotalEnergies Capital International SA | | |
| 3.39% 06/29/60 | 50,000 | 33,504 |
| Toyota Motor Credit Corp. | | |
| 4.55% 09/20/27 | 25,000 | 24,687 |
| Trane Technologies Financing Ltd. | | |
| 4.50% 03/21/49 | 50,000 | 42,760 |
| TransCanada PipeLines Ltd. | | |
| 5.85% 03/15/36 | 150,000 | 150,843 |
| Travelers Cos., Inc. | | |
| 4.00% 05/30/47 | 50,000 | 40,322 |
| Truist Bank | | |
| 3.30% 05/15/26 | 100,000 | 95,811 |
| Truist Financial Corp. | | |
| 1.95% 06/05/30 | 25,000 | 20,686 |
| Truist Financial Corp. (4.92% fixed rate until 07/28/32; 2.24% + SOFR thereafter) | | |
| 4.92% 07/28/33 (h) | 25,000 | 23,168 |
| TWDC Enterprises 18 Corp. | | |
| 3.00% 07/30/46 | 75,000 | 51,092 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Tyco Electronics Group SA | | |
| 2.50% 02/04/32 | $45,000 | $37,912 |
| Tyson Foods, Inc. | | |
| 4.00% 03/01/26 | 15,000 | 14,648 |
| 4.88% 08/15/34 | 45,000 | 42,359 |
| U.S. Bancorp | | |
| 3.95% 11/17/25 | 50,000 | 49,056 |
| U.S. Bancorp (4.55% fixed rate until 07/22/27; 1.66% + SOFR thereafter) | | |
| 4.55% 07/22/28 (h) | 25,000 | 24,444 |
| U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) | | |
| 5.68% 01/23/35 (h) | 100,000 | 100,468 |
| UBS Group AG | | |
| 4.88% 05/15/45 | 50,000 | 44,889 |
| Unilever Capital Corp. | | |
| 2.90% 05/05/27 | 50,000 | 47,400 |
| Union Electric Co. | | |
| 3.50% 03/15/29 | 25,000 | 23,548 |
| 3.65% 04/15/45 | 35,000 | 26,373 |
| Union Pacific Corp. | | |
| 2.80% 02/14/32 | 15,000 | 12,936 |
| 3.38% 02/14/42 | 10,000 | 7,685 |
| 3.55% 08/15/39 | 15,000 | 12,226 |
| 3.95% 08/15/59 | 20,000 | 15,031 |
| 4.95% 09/09/52 | 50,000 | 46,665 |
| United Airlines Pass-Through Trust | | |
| 5.88% 04/15/29 | 93,663 | 93,915 |
| UnitedHealth Group, Inc. | | |
| 3.88% 12/15/28 | 15,000 | 14,375 |
| 4.45% 12/15/48 | 10,000 | 8,546 |
| 5.20% 04/15/63 | 100,000 | 92,831 |
| 5.95% 02/15/41 | 50,000 | 52,248 |
| 6.88% 02/15/38 | 50,000 | 57,236 |
| University of Notre Dame du Lac | | |
| 3.39% 02/15/48 | 25,000 | 19,277 |
| Vale Overseas Ltd. | | |
| 6.88% 11/10/39 | 75,000 | 79,870 |
| Valero Energy Corp. | | |
| 6.63% 06/15/37 | 50,000 | 53,328 |
| VeriSign, Inc. | | |
| 2.70% 06/15/31 | 30,000 | 25,082 |
| Verisk Analytics, Inc. | | |
| 4.13% 03/15/29 | 60,000 | 57,698 |
| Verizon Communications, Inc. | | |
| 2.88% 11/20/50 | 50,000 | 31,448 |
| | Principal
Amount | Fair
Value |
| 3.88% 02/08/29 - 03/01/52 | $105,000 | $80,667 |
| 4.33% 09/21/28 | 84,000 | 81,669 |
| Vodafone Group PLC | | |
| 4.25% 09/17/50 | 75,000 | 58,513 |
| W R Berkley Corp. | | |
| 4.00% 05/12/50 | 20,000 | 15,287 |
| Wachovia Corp. | | |
| 5.50% 08/01/35 | 100,000 | 98,605 |
| Walmart, Inc. | | |
| 3.25% 07/08/29 | 40,000 | 37,549 |
| 4.50% 04/15/53 | 50,000 | 44,250 |
| Walt Disney Co. | | |
| 3.38% 11/15/26 | 50,000 | 48,084 |
| 3.60% 01/13/51 | 25,000 | 18,640 |
| Warnermedia Holdings, Inc. | | |
| 3.76% 03/15/27 | 75,000 | 71,140 |
| 4.28% 03/15/32 | 40,000 | 34,903 |
| 5.05% 03/15/42 | 15,000 | 12,190 |
| 5.39% 03/15/62 | 15,000 | 11,701 |
| Waste Connections, Inc. | | |
| 3.50% 05/01/29 | 50,000 | 46,724 |
| Waste Management, Inc. | | |
| 2.00% 06/01/29 | 25,000 | 21,841 |
| Wells Fargo & Co. | | |
| 4.15% 01/24/29 | 100,000 | 96,119 |
| 4.40% 06/14/46 | 50,000 | 40,361 |
| Wells Fargo & Co. (4.90% fixed rate until 07/25/32; 2.10% + SOFR thereafter) | | |
| 4.90% 07/25/33 (h) | 60,000 | 57,759 |
| Wells Fargo & Co. (5.01% fixed rate until 04/04/50; 4.50% + 3 mo. Term SOFR thereafter) | | |
| 5.01% 04/04/51 (h) | 125,000 | 113,957 |
| Welltower OP LLC | | |
| 4.13% 03/15/29 | 75,000 | 71,665 |
| Western Digital Corp. | | |
| 3.10% 02/01/32 | 30,000 | 24,399 |
| Westlake Corp. | | |
| 4.38% 11/15/47 | 50,000 | 40,442 |
| Westpac Banking Corp. | | |
| 1.95% 11/20/28 | 25,000 | 22,088 |
| 3.74% 08/26/25 | 50,000 | 49,142 |
| Whirlpool Corp. | | |
| 4.70% 05/14/32 | 15,000 | 14,269 |
| Williams Cos., Inc. | | |
| 5.75% 06/24/44 | 65,000 | 63,647 |
| Wisconsin Electric Power Co. | | |
| 4.30% 10/15/48 | 10,000 | 8,238 |
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 — June 30, 2024 (Unaudited)
| | Principal
Amount | Fair
Value |
| Wisconsin Public Service Corp. | | |
| 3.30% 09/01/49 | $20,000 | $13,819 |
| WP Carey, Inc. | | |
| 3.85% 07/15/29 | 50,000 | 46,676 |
| | | 27,714,863 |
| Non-Agency Collateralized Mortgage Obligations - 0.1% |
| Bank | | |
| 2.98% 11/15/62 | 50,000 | 44,400 |
| 3.01% 09/15/62 | 50,000 | 44,185 |
| BBCMS Mortgage Trust | | |
| 4.31% 12/15/51 | 50,000 | 47,643 |
| Benchmark Mortgage Trust | | |
| 2.58% 04/15/54 | 150,000 | 122,111 |
| CSAIL Commercial Mortgage Trust | | |
| 3.45% 09/15/50 | 150,000 | 138,619 |
| GS Mortgage Securities Trust | | |
| 3.97% 02/10/52 | 50,000 | 46,908 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 3.72% 12/15/49 | 89,000 | 84,718 |
| Morgan Stanley Capital I Trust | | |
| 3.60% 12/15/49 | 150,000 | 140,306 |
| UBS Commercial Mortgage Trust | | |
| 4.07% 12/15/51 | 35,338 | 33,409 |
| Wells Fargo Commercial Mortgage Trust | | |
| 2.73% 02/15/53 | 100,000 | 87,665 |
| | | 789,964 |
| Sovereign Bonds - 0.1% |
| Chile Government International Bonds | | |
| 3.86% 06/21/47 | 100,000 | 77,497 |
| Export Development Canada | | |
| 3.00% 05/25/27 | 50,000 | 47,803 |
| Indonesia Government International Bonds | | |
| 3.05% 03/12/51 | 100,000 | 67,589 |
| 4.75% 02/11/29 | 100,000 | 98,521 |
| Israel Government International Bonds | | |
| 3.88% 07/03/50 | 100,000 | 69,634 |
| Japan Bank for International Cooperation | | |
| 1.25% 01/21/31 | 150,000 | 121,489 |
| 2.88% 07/21/27 | 100,000 | 94,511 |
| | Principal
Amount | Fair
Value |
| Korea International Bonds | | |
| 1.75% 10/15/31 | $100,000 | $82,401 |
| Mexico Government International Bonds | | |
| 3.75% 01/11/28 | 100,000 | 94,452 |
| 4.75% 03/08/44 | 52,000 | 41,579 |
| 4.88% 05/19/33 | 100,000 | 92,132 |
| 6.05% 01/11/40 | 55,000 | 53,196 |
| Panama Government International Bonds | | |
| 3.87% 07/23/60 | 50,000 | 28,459 |
| 6.70% 01/26/36 | 75,000 | 72,986 |
| Peru Government International Bonds | | |
| 3.00% 01/15/34 | 29,000 | 23,570 |
| 3.23% 07/28/21 | 25,000 | 14,011 |
| 6.55% 03/14/37 | 47,000 | 50,323 |
| Philippines Government International Bonds | | |
| 2.95% 05/05/45 | 100,000 | 69,064 |
| Republic of Poland Government International Bonds | | |
| 5.13% 09/18/34 | 100,000 | 98,267 |
| Svensk Exportkredit AB | | |
| 4.38% 02/13/26 | 150,000 | 148,426 |
| Uruguay Government International Bonds | | |
| 5.10% 06/18/50 | 50,000 | 47,061 |
| | | 1,492,971 |
| Municipal Bonds and Notes - 0.0%* |
| Board of Regents of the University of Texas System, TX | | |
| 4.79% 08/15/46 | 100,000 | 95,681 |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, IL | | |
| 6.90% 12/01/40 | 72,773 | 80,400 |
| Regents of the University of California Medical Center Pooled Revenue, CA | | |
| 6.58% 05/15/49 | 100,000 | 109,880 |
| State of California, CA | | |
| 2.50% 10/01/29 | 100,000 | 89,667 |
| | | 375,628 |
Total Bonds and Notes
(Cost $175,784,015) | | 160,900,176 |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares | Fair
Value |
| Exchange Traded & Mutual Funds - 13.9% |
| SPDR Bloomberg High Yield Bond ETF (i) | 975,282 | $91,939,834 |
| SPDR Portfolio Aggregate Bond ETF (i) | 1,073,267 | 26,928,269 |
| SPDR Portfolio Long Term Treasury ETF (i) | 1,172,800 | 31,923,616 |
Total Exchange Traded & Mutual Funds
(Cost $150,923,340) | | 150,791,719 |
Total Investments in Securities
(Cost $958,194,795) | | 1,042,967,808 |
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 3.5% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares (i)(j)
(Cost $37,671,997) | 37,671,997 | $37,671,997 |
Total Investments
(Cost $995,866,792) | | 1,080,639,805 |
| Other Assets and Liabilities, net - 0.2% | | 1,946,395 |
| NET ASSETS - 100.0% | | $1,082,586,200 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2024: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| MSCI Emerging Markets Index Futures | September 2024 | 40 | $2,163,987 | $2,176,421 | $12,434 |
| MSCI EAFE Mini Index Futures | September 2024 | 34 | 3,990,065 | 3,983,440 | (6,625) |
| E-mini Russell 2000 Index Futures | September 2024 | 11 | 1,137,530 | 1,135,750 | (1,780) |
| S&P/Toronto Stock Exchange 60 Index | September 2024 | 2 | 380,214 | 383,089 | 2,875 |
| E-mini Russell 1000 Index Futures | September 2024 | 7 | 1,044,732 | 1,051,680 | 6,948 |
| | | | | | $13,852 |
During the period ended June 30, 2024, the average notional value related to long futures contracts was $11,824,366.
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 June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts 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 June 30, 2024, these securities amounted to $6,956,442 or 0.64% 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. |
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 — June 30, 2024 (Unaudited)
| (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 June 30, 2024. 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 June 30, 2024. |
| * | Less than 0.05%. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| CMT - Constant Maturity Treasury |
| GDR - Global Depositary Receipt |
| NVDR - Non-Voting Depositary Receipt |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| TBA - To Be Announced |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2024:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Domestic Equity | $440,114,256 | | $1,101 | | $0(a) | | $440,115,357 |
| Foreign Equity | 291,036,004 | | 124,552 | | 0(a) | | 291,160,556 |
| U.S. Treasuries | — | | 100,810,093 | | — | | 100,810,093 |
| Agency Mortgage Backed | — | | 28,248,325 | | — | | 28,248,325 |
| Agency Collateralized Mortgage Obligations | — | | 859,853 | | — | | 859,853 |
| Asset Backed | — | | 608,479 | | — | | 608,479 |
| Corporate Notes | — | | 27,714,863 | | — | | 27,714,863 |
| Non-Agency Collateralized Mortgage Obligations | — | | 789,964 | | — | | 789,964 |
| Sovereign Bonds | — | | 1,492,971 | | — | | 1,492,971 |
| Municipal Bonds and Notes | — | | 375,628 | | — | | 375,628 |
| Exchange Traded & Mutual Funds | 150,791,719 | | — | | — | | 150,791,719 |
| Short-Term Investments | 37,671,997 | | — | | — | | 37,671,997 |
| Total Investments in Securities | $919,613,976 | | $161,025,829 | | $— | | $1,080,639,805 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $22,257 | | $— | | $— | | $22,257 |
| Long Futures Contracts - Unrealized Depreciation | (8,405) | | — | | — | | (8,405) |
| Total Other Financial Instruments | $13,852 | | $— | | $— | | $13,852 |
| (a) | The Fund held Level 3 securities that were valued at $0 at June 30, 2024. |
The Fund was invested in the following countries/territories at June 30, 2024 (Unaudited):
| Country/Territory | Percentage (based on
Fair Value) |
| United States | 72.39% |
| Japan | 3.78% |
| China | 2.57% |
| Canada | 2.01% |
| Taiwan | 1.89% |
| India | 1.89% |
| United Kingdom | 1.88% |
| France | 1.56% |
| Germany | 1.45% |
| Australia | 1.26% |
| Republic of Korea | 1.23% |
| Switzerland | 1.06% |
| Country/Territory | Percentage (based on
Fair Value) |
| Netherlands | 0.82% |
| Denmark | 0.65% |
| Sweden | 0.54% |
| Brazil | 0.50% |
| Spain | 0.43% |
| Italy | 0.40% |
| Saudi Arabia | 0.39% |
| South Africa | 0.31% |
| Hong Kong | 0.28% |
| Mexico | 0.27% |
| Singapore | 0.25% |
| Indonesia | 0.17% |
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 — June 30, 2024 (Unaudited)
| Country/Territory | Percentage (based on
Fair Value) |
| Finland | 0.17% |
| Thailand | 0.16% |
| Belgium | 0.15% |
| Malaysia | 0.13% |
| Norway | 0.12% |
| Supranational | 0.12% |
| Israel | 0.11% |
| Poland | 0.11% |
| United Arab Emirates | 0.11% |
| Ireland | 0.08% |
| Chile | 0.08% |
| Qatar | 0.08% |
| Turkey | 0.08% |
| Kuwait | 0.07% |
| Philippines | 0.06% |
| Greece | 0.05% |
| New Zealand | 0.04% |
| Austria | 0.04% |
| Puerto Rico | 0.03% |
| Peru | 0.03% |
| Portugal | 0.03% |
| Hungary | 0.02% |
| Luxembourg | 0.02% |
| Bermuda | 0.02% |
| Macau | 0.02% |
| Monaco | 0.01% |
| Country/Territory | Percentage (based on
Fair Value) |
| Czech Republic | 0.01% |
| Jersey, Channel Islands | 0.01% |
| Panama | 0.01% |
| Colombia | 0.01% |
| Cameroon | 0.01% |
| Zambia | 0.01% |
| Ghana | 0.01% |
| Romania | 0.01% |
| Bahamas | 0.00%*** |
| Uruguay | 0.00%*** |
| Jordan | 0.00%*** |
| Burkina Faso | 0.00%*** |
| Egypt | 0.00%*** |
| UAE | 0.00%*** |
| Argentina | 0.00%*** |
| Cayman Islands | 0.00%*** |
| Guernsey | 0.00%*** |
| Isle Of Man | 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 June 30, 2024 (Unaudited):
| Industry | Domestic | Foreign | Total |
| Exchange Traded Funds | 13.95% | 0.00% | 13.95% |
| Semiconductors | 3.31% | 1.41% | 4.72% |
| Diversified Banks | 0.87% | 3.81% | 4.68% |
| Pharmaceuticals | 1.68% | 1.34% | 3.02% |
| Technology Hardware, Storage & Peripherals | 2.11% | 0.70% | 2.81% |
| Systems Software | 2.67% | 0.03% | 2.70% |
| Interactive Media & Services | 2.04% | 0.55% | 2.59% |
| Broadline Retail | 1.18% | 0.59% | 1.77% |
| Application Software | 1.29% | 0.38% | 1.67% |
| Biotechnology | 1.40% | 0.12% | 1.52% |
| Integrated Oil & Gas | 0.86% | 0.53% | 1.39% |
| Automobile Manufacturers | 0.48% | 0.79% | 1.27% |
| Semiconductor Materials & Equipment | 0.40% | 0.69% | 1.09% |
| Aerospace & Defense | 0.66% | 0.41% | 1.07% |
| Healthcare Equipment | 0.86% | 0.17% | 1.03% |
| Electric Utilities | 0.50% | 0.44% | 0.94% |
| Regional Banks | 0.82% | 0.06% | 0.88% |
| Industrial Machinery & Supplies & Components | 0.49% | 0.35% | 0.84% |
| Packaged Foods & Meats | 0.54% | 0.29% | 0.83% |
| Transaction & Payment Processing Services | 0.75% | 0.07% | 0.82% |
| Electrical Components & Equipment | 0.47% | 0.28% | 0.75% |
| Property & Casualty Insurance | 0.40% | 0.29% | 0.69% |
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 — June 30, 2024 (Unaudited)
| Industry | Domestic | Foreign | Total |
| IT Consulting & Other Services | 0.32% | 0.36% | 0.68% |
| Life & Health Insurance | 0.15% | 0.52% | 0.67% |
| Trading Companies & Distributors | 0.30% | 0.36% | 0.66% |
| Oil & Gas Exploration & Production | 0.43% | 0.20% | 0.63% |
| Restaurants | 0.39% | 0.23% | 0.62% |
| Apparel, Accessories & Luxury Goods | 0.08% | 0.54% | 0.62% |
| Specialty Chemicals | 0.28% | 0.32% | 0.60% |
| Integrated Telecommunication Services | 0.21% | 0.39% | 0.60% |
| Multi-Sector Holdings | 0.48% | 0.10% | 0.58% |
| Consumer Staples Merchandise Retail | 0.52% | 0.05% | 0.57% |
| Asset Management & Custody Banks | 0.38% | 0.19% | 0.57% |
| Industrial Conglomerates | 0.12% | 0.41% | 0.53% |
| Financial Exchanges & Data | 0.34% | 0.19% | 0.53% |
| Life Sciences Tools & Services | 0.44% | 0.10% | 0.54% |
| Diversified Metals & Mining | 0.01% | 0.48% | 0.49% |
| Managed Healthcare | 0.47% | 0.00% | 0.47% |
| Household Products | 0.38% | 0.09% | 0.47% |
| Movies & Entertainment | 0.41% | 0.06% | 0.47% |
| Building Products | 0.32% | 0.16% | 0.48% |
| Soft Drinks & Non-alcoholic Beverages | 0.38% | 0.09% | 0.47% |
| Construction Machinery & Heavy Transportation Equipment | 0.26% | 0.20% | 0.46% |
| Personal Care Products | 0.10% | 0.35% | 0.45% |
| Investment Banking & Brokerage | 0.36% | 0.08% | 0.44% |
| Hotels, Resorts & Cruise Lines | 0.29% | 0.12% | 0.41% |
| Oil & Gas Refining & Marketing | 0.16% | 0.25% | 0.41% |
| Research & Consulting Services | 0.22% | 0.18% | 0.40% |
| Construction & Engineering | 0.20% | 0.20% | 0.40% |
| Wireless Telecommunication Services | 0.06% | 0.33% | 0.39% |
| Multi-Line Insurance | 0.04% | 0.35% | 0.39% |
| Oil & Gas Storage & Transportation | 0.19% | 0.20% | 0.39% |
| Rail Transportation | 0.16% | 0.22% | 0.38% |
| Food Retail | 0.08% | 0.29% | 0.37% |
| Steel | 0.14% | 0.23% | 0.37% |
| Multi-Utilities | 0.21% | 0.15% | 0.36% |
| Apparel Retail | 0.21% | 0.14% | 0.35% |
| Electronic Components | 0.12% | 0.23% | 0.35% |
| Communications Equipment | 0.28% | 0.06% | 0.34% |
| Home Improvement Retail | 0.31% | 0.01% | 0.32% |
| Tobacco | 0.16% | 0.15% | 0.31% |
| Consumer Finance | 0.23% | 0.07% | 0.30% |
| Healthcare Supplies | 0.13% | 0.17% | 0.30% |
| Electronic Equipment & Instruments | 0.16% | 0.13% | 0.29% |
| Healthcare Services | 0.26% | 0.03% | 0.29% |
| Industrial Gases | 0.17% | 0.10% | 0.27% |
| Home Building | 0.23% | 0.04% | 0.27% |
| Construction Materials | 0.17% | 0.10% | 0.27% |
| Human Resource & Employment Services | 0.17% | 0.09% | 0.26% |
| Gold | 0.04% | 0.21% | 0.25% |
| Commodity Chemicals | 0.08% | 0.16% | 0.24% |
| Air Freight & Logistics | 0.14% | 0.10% | 0.24% |
| Retail REITs | 0.19% | 0.05% | 0.24% |
| Automotive Parts & Equipment | 0.11% | 0.11% | 0.22% |
| Oil & Gas Equipment & Services | 0.22% | 0.01% | 0.23% |
| Interactive Home Entertainment | 0.05% | 0.17% | 0.22% |
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 — June 30, 2024 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Internet Services & Infrastructure | 0.13% | 0.09% | 0.22% |
| Industrial REITs | 0.13% | 0.07% | 0.20% |
| Casinos & Gaming | 0.09% | 0.12% | 0.21% |
| Insurance Brokers | 0.19% | 0.01% | 0.20% |
| Distillers & Vintners | 0.04% | 0.16% | 0.20% |
| Electronic Manufacturing Services | 0.05% | 0.14% | 0.19% |
| Healthcare Facilities | 0.12% | 0.07% | 0.19% |
| Diversified Capital Markets | 0.00% | 0.19% | 0.19% |
| Diversified Financial Services | 0.08% | 0.11% | 0.19% |
| Environmental & Facilities Services | 0.17% | 0.01% | 0.18% |
| Gas Utilities | 0.08% | 0.10% | 0.18% |
| Automotive Retail | 0.15% | 0.02% | 0.17% |
| Brewers | 0.01% | 0.15% | 0.16% |
| Reinsurance | 0.07% | 0.09% | 0.16% |
| Consumer Electronics | 0.03% | 0.13% | 0.16% |
| Diversified Support Services | 0.11% | 0.05% | 0.16% |
| Heavy Electrical Equipment | 0.04% | 0.11% | 0.15% |
| Passenger Airlines | 0.08% | 0.06% | 0.14% |
| Independent Power Producers & Energy Traders | 0.03% | 0.11% | 0.14% |
| Cable & Satellite | 0.14% | 0.00% | 0.14% |
| Health Care REITs | 0.13% | 0.00% | 0.13% |
| Diversified Real Estate Activities | 0.01% | 0.12% | 0.13% |
| Advertising | 0.07% | 0.06% | 0.13% |
| Marine Transportation | 0.02% | 0.10% | 0.12% |
| Other Specialty Retail | 0.10% | 0.02% | 0.12% |
| Footwear | 0.10% | 0.02% | 0.12% |
| Coal & Consumable Fuels | 0.03% | 0.09% | 0.12% |
| Healthcare Distributors | 0.11% | 0.01% | 0.12% |
| Passenger Ground Transportation | 0.10% | 0.02% | 0.12% |
| Copper | 0.04% | 0.06% | 0.10% |
| Multi-Family Residential REITs | 0.10% | 0.00% | 0.10% |
| Fertilizers & Agricultural Chemicals | 0.05% | 0.06% | 0.11% |
| Cargo Ground Transportation | 0.09% | 0.01% | 0.10% |
| Data Processing & Outsourced Services | 0.08% | 0.02% | 0.10% |
| Agricultural & Farm Machinery | 0.08% | 0.02% | 0.10% |
| Telecom Tower REITs | 0.10% | 0.00% | 0.10% |
| Real Estate Services | 0.08% | 0.02% | 0.10% |
| Real Estate Operating Companies | 0.01% | 0.09% | 0.10% |
| Education Services | 0.07% | 0.03% | 0.10% |
| Mortgage REITs | 0.09% | 0.00% | 0.09% |
| Oil & Gas Drilling | 0.07% | 0.02% | 0.09% |
| Commercial & Residential Mortgage Finance | 0.09% | 0.00% | 0.09% |
| Real Estate Development | 0.00% | 0.09% | 0.09% |
| Office REITs | 0.07% | 0.02% | 0.09% |
| Diversified REITs | 0.05% | 0.03% | 0.08% |
| Paper & Plastic Packaging Products & Materials | 0.06% | 0.02% | 0.08% |
| Diversified Chemicals | 0.01% | 0.08% | 0.09% |
| Water Utilities | 0.05% | 0.03% | 0.08% |
| Leisure Products | 0.05% | 0.02% | 0.07% |
| Tires & Rubber | 0.01% | 0.07% | 0.08% |
| Data Center REITs | 0.08% | 0.00% | 0.08% |
| Technology Distributors | 0.06% | 0.01% | 0.07% |
| Other Specialized REITs | 0.07% | 0.00% | 0.07% |
| Hotel & Resort REITs | 0.07% | 0.00% | 0.07% |
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 — June 30, 2024 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Renewable Electricity | 0.02% | 0.05% | 0.07% |
| Food Distributors | 0.05% | 0.01% | 0.06% |
| Paper Products | 0.01% | 0.05% | 0.06% |
| Leisure Facilities | 0.03% | 0.03% | 0.06% |
| Specialized Finance | 0.02% | 0.04% | 0.06% |
| Self Storage REITs | 0.06% | 0.00% | 0.06% |
| Aluminum | 0.02% | 0.04% | 0.06% |
| Airport Services | 0.00% | 0.06% | 0.06% |
| Healthcare Technology | 0.05% | 0.01% | 0.06% |
| Agricultural Products & Services | 0.04% | 0.01% | 0.05% |
| Motorcycle Manufacturers | 0.00% | 0.05% | 0.05% |
| Metal, Glass & Plastic Containers | 0.05% | 0.01% | 0.06% |
| Household Appliances | 0.02% | 0.02% | 0.04% |
| Highways & Railtracks | 0.00% | 0.04% | 0.04% |
| Single-Family Residential REITs | 0.04% | 0.00% | 0.04% |
| Security & Alarm Services | 0.02% | 0.02% | 0.04% |
| Broadcasting | 0.03% | 0.01% | 0.04% |
| Distributors | 0.03% | 0.01% | 0.04% |
| Drug Retail | 0.01% | 0.03% | 0.04% |
| Home Furnishing Retail | 0.02% | 0.01% | 0.03% |
| Alternative Carriers | 0.02% | 0.01% | 0.03% |
| Specialized Consumer Services | 0.03% | 0.00% | 0.03% |
| Publishing | 0.02% | 0.00% | 0.02% |
| Office Services & Supplies | 0.03% | 0.00% | 0.03% |
| Timber REITs | 0.02% | 0.00% | 0.02% |
| Marine Ports & Services | 0.00% | 0.02% | 0.02% |
| Commercial Printing | 0.01% | 0.02% | 0.03% |
| Home Furnishings | 0.02% | 0.00% | 0.02% |
| Computer & Electronics Retail | 0.02% | 0.00% | 0.02% |
| Precious Metals & Minerals | 0.00% | 0.02% | 0.02% |
| Forest Products | 0.00% | 0.01% | 0.01% |
| Silver | 0.01% | 0.01% | 0.02% |
| Textiles | 0.00% | 0.00% | 0.00%*** |
| Housewares & Specialties | 0.00% | 0.00% | 0.00%*** |
| | | | 81.62% |
| Sector | Percentage (based
on Fair Value) |
| U.S. Treasuries | | | 9.33% |
| Agency Mortgage Backed | | | 2.61% |
| Corporate Notes | | | 2.56% |
| Sovereign Bonds | | | 0.14% |
| Agency Collateralized Mortgage Obligations | | | 0.08% |
| Non-Agency Collateralized Mortgage Obligations | | | 0.07% |
| Asset Backed | | | 0.06% |
| Sector | Percentage (based
on Fair Value) |
| Municipal Bonds and Notes | | | 0.04% |
| | | | 14.89% |
| Short-Term Investments | | | 3.49% |
| | | | 100.00% |
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 — June 30, 2024 (Unaudited)
| | Number
of Shares
Held at
12/31/23 | Value at
12/31/23 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/24 | Value at
6/30/24 | | Dividend
Income |
| SPDR Bloomberg High Yield Bond ETF | 426,678 | $40,419,207 | | $90,313,159 | | $38,078,914 | | $308,891 | | $(1,022,509) | 975,282 | $91,939,834 | | $2,705,469 |
| SPDR Bloomberg International Treasury Bond ETF | 1,184,244 | 27,450,776 | | 14,409,396 | | 40,748,644 | | 1,099,456 | | (2,210,984) | — | — | | 57,032 |
| SPDR Gold Shares | 142,453 | 27,232,740 | | 409,989 | | 31,255,469 | | 5,549,925 | | (1,937,185) | — | — | | — |
| SPDR Portfolio Aggregate Bond ETF | 2,899,192 | 74,335,283 | | 94,814,665 | | 140,958,338 | | 2,696,298 | | (3,959,639) | 1,073,267 | 26,928,269 | | 323,017 |
| SPDR Portfolio Long Term Treasury ETF | 713,771 | 20,713,634 | | 32,466,881 | | 21,076,296 | | 523,445 | | (704,048) | 1,172,800 | 31,923,616 | | — |
| State Street Corp. | 3,361 | 260,343 | | 15,316 | | 109,804 | | (3,093) | | (10,248) | 2,061 | 152,514 | | 2,043 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 30,259,029 | 30,259,029 | | 318,647,956 | | 311,234,988 | | — | | — | 37,671,997 | 37,671,997 | | 1,937,882 |
| TOTAL | | $220,671,012 | | $551,077,362 | | $583,462,453 | | $10,174,922 | | $(9,844,613) | | $188,616,230 | | $5,025,443 |
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
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | | Class 1 |
| | | 6/30/24(a) | | 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 | | $14.76 | | $13.06 | | $16.06 | | $16.63 | | $15.91 | | $14.06 |
| Income/(loss) from investment operations: | | | | | | | | | | | | |
| Net investment income(b) | | 0.17 | | 0.30 | | 0.29 | | 0.40 | | 0.27 | | 0.34 |
| Net realized and unrealized gains/(losses) on investments | | 0.79 | | 1.73 | | (2.94) | | 1.84 | | 0.75 | | 1.88 |
| Total income/(loss) from investment operations | | 0.96 | | 2.03 | | (2.65) | | 2.24 | | 1.02 | | 2.22 |
| Contribution from advisor | | — | | — | | — | | 0.00(c) | | — | | — |
| Contribution from affiliate | | — | | — | | — | | 0.00(c) | | — | | — |
| 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 | | $15.72 | | $14.76 | | $13.06 | | $16.06 | | $16.63 | | $15.91 |
| Total Return(d) | | 6.51% | | 15.48% | | (16.51)% | | 13.45%(e) | | 6.44% | | 15.81% |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $622,609 | | $614,415 | | $588,132 | | $768,504 | | $743,820 | | $764,667 |
| Ratios to average net assets: | | | | | | | | | | | | |
| Gross expenses | | 0.59%(f) | | 0.59% | | 0.64% | | 0.62% | | 0.60% | | 0.61% |
| Net investment income | | 2.29%(f) | | 2.12% | | 2.02% | | 2.22% | | 1.77% | | 2.24% |
| Portfolio turnover rate | | 35%(g) | | 72%(g) | | 109%(g) | | 118%(g) | | 92%(g) | | 81% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.005. |
| (d) | 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. |
| (e) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (f) | Annualized for periods less than one year. |
| (g) | The portfolio turnover calculated for the period ended 6/30/2024 and 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 37%, 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 periods indicated
| | | Class 3 |
| | | 6/30/24(a) | | 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 | | $14.75 | | $13.05 | | $16.00 | | $16.57 | | $15.86 | | $14.01 |
| Income/(loss) from investment operations: | | | | | | | | | | | | |
| Net investment income(b) | | 0.15 | | 0.26 | | 0.25 | | 0.35 | | 0.23 | | 0.30 |
| Net realized and unrealized gains/(losses) on investments | | 0.78 | | 1.73 | | (2.92) | | 1.84 | | 0.74 | | 1.88 |
| Total income/(loss) from investment operations | | 0.93 | | 1.99 | | (2.67) | | 2.19 | | 0.97 | | 2.18 |
| Contribution from advisor | | — | | — | | — | | 0.00(c) | | — | | — |
| Contribution from affiliate | | — | | — | | — | | 0.00(c) | | — | | — |
| 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 | | $15.68 | | $14.75 | | $13.05 | | $16.00 | | $16.57 | | $15.86 |
| Total Return(d) | | 6.31% | | 15.21% | | (16.72)% | | 13.20%(e) | | 6.14% | | 15.57% |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $459,978 | | $750,510 | | $748,657 | | $1,035,137 | | $1,063,931 | | $1,156,437 |
| Ratios to average net assets: | | | | | | | | | | | | |
| Gross expenses | | 0.84%(f) | | 0.84% | | 0.89% | | 0.87% | | 0.85% | | 0.86% |
| Net investment income | | 1.95%(f) | | 1.87% | | 1.77% | | 1.95% | | 1.52% | | 1.99% |
| Portfolio turnover rate | | 35%(g) | | 72%(g) | | 109%(g) | | 118%(g) | | 92%(g) | | 81% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.005. |
| (d) | 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. |
| (e) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (f) | Annualized for periods less than one year. |
| (g) | The portfolio turnover calculated for the period ended 6/30/2024 and 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 37%, 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 — June 30, 2024 (Unaudited)
| Assets | |
| Investments in unaffiliated securities, at fair value (cost $807,115,881) | $892,023,575 |
| Investments in affiliated securities, at fair value (cost $188,750,911) | 188,616,230 |
| Cash | 10,722 |
| Net cash collateral on deposit with broker for future contracts | 354,888 |
| Foreign currency (cost $1,980,650) | 2,228,625 |
| Receivable for investments sold | 12,786,271 |
| Income receivables | 2,899,799 |
| Income receivable from affiliated investments | 257,446 |
| Receivable for accumulated variation margin on futures contracts | 14,094 |
| Total assets | 1,099,191,650 |
| Liabilities | |
| Payable for investments purchased | 14,437,288 |
| Payable for fund shares redeemed | 279,345 |
| Payable to the Adviser | 311,222 |
| Payable for custody, fund accounting and sub-administration fees | 135,831 |
| Accrued other expenses | 135,439 |
| Distribution and service fees | 684,438 |
| Accrued foreign capital gains tax | 621,887 |
| Total liabilities | 16,605,450 |
|
| Net Assets | $1,082,586,200 |
| Net Assets Consist of: | |
| Capital paid in | $1,010,037,383 |
| Total distributable earnings (loss) | 72,548,817 |
| Net Assets | $1,082,586,200 |
|
| Class 1: | |
| Net Assets | $622,608,685 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 39,615,746 |
| Net asset value, offering and redemption price per share | $15.72 |
|
| Class 3: | |
| Net Assets | $459,977,515 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 29,327,125 |
| Net asset value per share | $15.68 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 99 |
State Street Total Return V.I.S. Fund
Statement of Operations — For the period ended June 30, 2024 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $9,258,234 |
| Interest | 4,152,109 |
| Income from affiliated investments | 5,025,443 |
| Less: Foreign taxes withheld | (576,157) |
| Total income | 17,859,629 |
| Expenses | |
| Advisory and administration fees | 2,208,196 |
| Distribution and service fees | |
| Class 1 | 614,493 |
| Class 3 | 1,456,500 |
| Directors' fees | 15,071 |
| Custody, fund accounting and sub-administration fees | 170,571 |
| Professional fees | 30,352 |
| Registration fees | 437 |
| Other expenses | 28,559 |
| Total expenses | 4,524,179 |
| Net investment income (loss) | $13,335,450 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $69,859,632(a) |
| Affiliated investments | 10,174,922 |
| Futures | 908,276 |
| Foreign currency transactions | (114,479) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | (11,433,371)(b) |
| Affiliated investments | (9,844,613) |
| Futures | (511,542) |
| Foreign currency translations | (19,786) |
| Net realized and unrealized gain (loss) on investments | 59,019,039 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $72,354,489 |
| (a) | Includes $(192,893) of net realized gains from foreign capital tax gain. |
| (b) | Includes change in deferred foreign capital gains tax amounted to $(160,381). |
The accompanying Notes are an integral part of these financial statements.
| 100 | Statement of Operations |
State Street Total Return V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2024(a) | | Year Ended
December 31,
2023 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $13,335,450 | | $26,567,297 |
| Net realized gain (loss) on investments, futures and foreign currency transactions | 80,828,351 | | (22,347,739) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency translations | (21,809,312) | | 187,563,300 |
| Net increase (decrease) from operations | 72,354,489 | | 191,782,858 |
| Distributions to shareholders: | | | |
| Total distributions | | | |
| Class 1 | — | | (13,520,779) |
| Class 3 | — | | (14,685,388) |
| Total distributions | — | | (28,206,167) |
| Increase (decrease) in assets from operations and distributions | 72,354,489 | | 163,576,691 |
| Share transactions: | | | |
| Proceeds from sale of shares | | | |
| Class 1 | 166,232 | | 2,733,621 |
| Class 3 | 4,480,694 | | 12,013,475 |
| Value of distributions reinvested | | | |
| Class 1 | — | | 13,520,779 |
| Class 3 | — | | 14,685,388 |
| Cost of shares redeemed | | | |
| Class 1 | (30,811,018) | | (62,632,529) |
| Class 3 | (328,529,378) | | (115,760,740) |
| Net increase (decrease) from share transactions | (354,693,470) | | (135,440,006) |
| Total increase (decrease) in net assets | (282,338,981) | | 28,136,685 |
| Net Assets | | | |
| Beginning of period | 1,364,925,181 | | 1,336,788,496 |
| End of period | $1,082,586,200 | | $1,364,925,181 |
| Changes in Fund Shares | | | |
| Class 1 | | | |
| Shares sold | 10,790 | | 198,196 |
| Issued for distributions reinvested | — | | 918,531 |
| Shares redeemed | (2,025,015) | | (4,504,249) |
| Net increase (decrease) in fund shares | (2,014,225) | | (3,387,522) |
| Class 3 | | | |
| Shares sold | 297,833 | | 868,314 |
| Issued for distributions reinvested | — | | 998,327 |
| Shares redeemed | (21,866,640) | | (8,325,107) |
| Net increase (decrease) in fund shares | (21,568,807) | | (6,458,466) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 101 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements — June 30, 2024 (Unaudited)
1.Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the “Fund”), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, 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. |
| 102 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
| • | 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. |
| Notes to Financial Statements | 103 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2024 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 June 30, 2024, 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 period ended June 30, 2024, 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
| 104 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 period ended June 30, 2024, the Fund entered into futures contracts for cash equitization.
| Notes to Financial Statements | 105 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2024 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 | $— | $— | $— | $14,094 | $— | $14,094 |
| 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 | $— | $— | $— | $908,276 | $— | $908,276 |
| 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 | $— | $— | $— | (511,542) | $— | $(511,542) |
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
| 106 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 period ended June 30, 2024 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 period ended June 30, 2024 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $20,974,625 | $64,220,276 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $390,940,351 | $697,254,622 |
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. As of December 31, 2023, 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.
| Notes to Financial Statements | 107 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
As of June 30, 2024, 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) |
| $1,045,297,143 | $138,239,809 | $102,883,295 | $35,356,514 |
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 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 June 30, 2024.
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. 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.
| 108 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2024 (Unaudited)
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 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.
| Notes to Financial Statements | 109 |
State Street Total Return V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract — June 30, 2024 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 3, 2024 and May 8-9, 2024, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Total Return V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 3, 2024 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 8-9, 2024 meeting. The Independent Directors considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
_________________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Total Return V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
State Street Total Return V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 8-9, 2024, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2024, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
State Street Total Return V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2023. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Total Return V.I.S. Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1-year period and was below the median of its Performance Group for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1- and 3-year periods and was below the median of its Performance Universe for the 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is being appropriately monitored and/or addressed by management.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Total Return V.I.S. Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
State Street Total Return V.I.S. Fund
Statement Regarding Basis for Approval of Investment Advisory Contract, continued — June 30, 2024 (Unaudited)
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 15. 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 Trustees.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| (a) | Not applicable to the Registrant. |
| (b) | Not applicable to the Registrant. |
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.
Item 19. Exhibits.
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: | | August 29, 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: | | August 29, 2024 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
| |
| Date: | | August 29, 2024 |
