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: 811-08257
STATE STREET INSTITUTIONAL FUNDS
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices)(Zip code)
| | |
| (Name and Address of Agent for Service) | | Copy to: |
| |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | | Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal year end: September 30
Date of reporting period: March 31, 2022
Item 1. Shareholder Report.
(a) The Report to Shareholders is attached herewith.
Semi-Annual Report
March 31, 2022
| State Street Institutional Funds |
| State Street Institutional U.S. Equity Fund |
| State Street Institutional Premier Growth Equity Fund |
| State Street Institutional Small-Cap Equity Fund |
State Street Institutional Funds
Semi-Annual Report
March 31, 2022 (Unaudited)
| | Page |
| 1 |
| Fund Information, Understanding Your Fund’s Expenses and Schedule of Investments | |
| 2 |
| 8 |
| 13 |
| Financial Statements | |
| 23 |
| 29 |
| 30 |
| 32 |
| 34 |
| 42 |
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-800-997-7327 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
[This page intentionally left blank]
State Street Institutional Funds
Notes to Performance — March 31, 2022 (Unaudited)
Total return performance shown in this report for the State Street Institutional Funds (the “Trust”) and each of its series portfolios (each, a “Fund” and collectively, the “Funds”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.
The performance data quoted represents past performance; past performance does not guarantee future results.Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods of less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at www.ssga.com for the most recent month-end performance data.
An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Institutional Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
State Street Institutional U.S. Equity Fund
Fund Information — March 31, 2022 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $220,730 (in thousands) as of March 31, 2022 (a)(b) |
| Top Ten Largest Holdings |
| as of March 31, 2022 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 6.20% |
| Apple Inc. | 5.68% |
| Amazon.com Inc. | 4.86% |
| Alphabet Inc., Class A | 3.82% |
| Visa Inc., Class A | 2.28% |
| Johnson & Johnson | 2.16% |
| UnitedHealth Group Inc. | 2.04% |
| Mastercard Inc., Class A | 1.85% |
| QUALCOMM Inc. | 1.78% |
| Meta Platforms Inc., Class A | 1.72% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street Institutional U.S. Equity Fund |
State Street Institutional U.S. Equity Fund
Understanding Your Fund’s Expenses — March 31, 2022 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and service fees (for Service Class shares) and trustees’ fees. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended March 31, 2022.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Investment Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $1,033.80 | | $1,023.10 |
| Expenses Paid During Period* | | $ 1.88 | | $ 1.87 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.37% for Investment Class shares and 0.63% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| Service Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $1,033.30 | | $1,021.80 |
| Expenses Paid During Period* | | $ 3.19 | | $ 3.18 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.37% for Investment Class shares and 0.63% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| State Street Institutional U.S. Equity Fund | 3 |
State Street Institutional U.S. Equity Fund
Schedule of Investments — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 95.8% † |
| Aerospace & Defense - 0.6% |
| Raytheon Technologies Corp. | 13,983 | $ 1,385,296 |
| Apparel Retail - 1.1% |
| Ross Stores Inc. | 25,836 | 2,337,125 |
| Application Software - 3.1% |
| Adobe Inc. (a) | 2,471 | 1,125,837 |
| Intuit Inc. | 890 | 427,947 |
| salesforce.com Inc. (a) | 15,777 | 3,349,773 |
| Splunk Inc. (a) | 13,657 | 2,029,567 |
| | | 6,933,124 |
| Asset Management & Custody Banks - 0.1% |
| Blackstone Inc. | 2,495 | 316,715 |
| Auto Parts & Equipment - 0.8% |
| Magna International Inc. | 26,652 | 1,713,990 |
| Automobile Manufacturers - 0.7% |
| Ford Motor Co. | 87,165 | 1,473,960 |
| Automotive Retail - 0.6% |
| O'Reilly Automotive Inc. (a) | 2,067 | 1,415,812 |
| Biotechnology - 1.3% |
| BioMarin Pharmaceutical Inc. (a) | 10,727 | 827,051 |
| Vertex Pharmaceuticals Inc. (a) | 7,839 | 2,045,744 |
| | | 2,872,795 |
| Building Products - 0.7% |
| Allegion PLC | 4,580 | 502,792 |
| Trane Technologies PLC | 6,804 | 1,038,971 |
| | | 1,541,763 |
| Cable & Satellite - 1.4% |
| Charter Communications Inc., Class A (a) | 1,082 | 590,253 |
| Comcast Corp., Class A | 52,926 | 2,477,995 |
| | | 3,068,248 |
| Communications Equipment - 0.2% |
| Cisco Systems Inc. | 8,248 | 459,908 |
| Construction Materials - 0.3% |
| Martin Marietta Materials Inc. | 1,529 | 588,497 |
| | Number
of Shares | Fair
Value |
| Data Processing & Outsourced Services - 5.7% |
| Fidelity National Information Services Inc. | 24,738 | $ 2,484,190 |
| Mastercard Inc., Class A | 11,443 | 4,089,499 |
| PayPal Holdings Inc. (a) | 8,526 | 986,032 |
| Visa Inc., Class A | 22,724 | 5,039,502 |
| | | 12,599,223 |
| Diversified Banks - 1.6% |
| JPMorgan Chase & Co. | 26,234 | 3,576,219 |
| Diversified Support Services - 0.4% |
| Cintas Corp. | 2,074 | 882,259 |
| Electric Utilities - 1.0% |
| NextEra Energy Inc. | 25,624 | 2,170,609 |
| Electronic Components - 1.2% |
| Amphenol Corp., Class A | 25,749 | 1,940,187 |
| Corning Inc. | 20,923 | 772,268 |
| | | 2,712,455 |
| Environmental & Facilities Services - 0.5% |
| Waste Management Inc. | 6,639 | 1,052,281 |
| Financial Exchanges & Data - 1.2% |
| CME Group Inc. | 4,383 | 1,042,541 |
| S&P Global Inc. | 3,990 | 1,636,618 |
| | | 2,679,159 |
| Footwear - 0.1% |
| NIKE Inc., Class B | 1,629 | 219,198 |
| Healthcare Equipment - 3.3% |
| Becton Dickinson & Co. | 3,674 | 977,284 |
| Boston Scientific Corp. (a) | 57,783 | 2,559,209 |
| Edwards Lifesciences Corp. (a) | 6,148 | 723,743 |
| Medtronic PLC | 16,060 | 1,781,857 |
| Zimmer Biomet Holdings Inc. | 9,960 | 1,273,884 |
| | | 7,315,977 |
| Healthcare Services - 0.6% |
| Cigna Corp. | 5,758 | 1,379,674 |
| Home Improvement Retail - 1.7% |
| Lowe's Companies Inc. | 15,084 | 3,049,834 |
| The Home Depot Inc. | 2,058 | 616,021 |
| | | 3,665,855 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 4 | State Street Institutional U.S. Equity Fund |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Hotels, Resorts & Cruise Lines - 1.1% |
| Marriott International Inc., Class A (a) | 13,414 | $ 2,357,510 |
| Household Products - 1.2% |
| Colgate-Palmolive Co. | 9,373 | 710,755 |
| The Procter & Gamble Co. | 12,890 | 1,969,592 |
| | | 2,680,347 |
| Hypermarkets & Super Centers - 0.7% |
| Walmart Inc. | 9,644 | 1,436,184 |
| Industrial Conglomerates - 1.3% |
| Honeywell International Inc. | 15,007 | 2,920,062 |
| Industrial Gases - 1.3% |
| Air Products & Chemicals Inc. | 11,184 | 2,794,993 |
| Industrial Machinery - 1.3% |
| Parker-Hannifin Corp. | 8,476 | 2,405,150 |
| Xylem Inc. | 6,106 | 520,597 |
| | | 2,925,747 |
| Insurance Brokers - 0.3% |
| Marsh & McLennan Companies Inc. | 3,734 | 636,348 |
| Integrated Oil & Gas - 0.8% |
| Chevron Corp. | 11,181 | 1,820,602 |
| Interactive Home Entertainment - 0.2% |
| Activision Blizzard Inc. | 6,493 | 520,154 |
| Interactive Media & Services - 6.9% |
| Alphabet Inc., Class C (a) | 1,095 | 3,058,324 |
| Alphabet Inc., Class A (a) | 3,029 | 8,424,709 |
| Meta Platforms Inc., Class A (a) | 17,075 | 3,796,797 |
| | | 15,279,830 |
| Internet & Direct Marketing Retail - 4.8% |
| Amazon.com Inc. (a)(b) | 3,289 | 10,721,976 |
| Investment Banking & Brokerage - 1.4% |
| The Charles Schwab Corp. | 35,984 | 3,033,811 |
| IT Consulting & Other Services - 0.4% |
| Accenture PLC, Class A | 2,420 | 816,097 |
| | Number
of Shares | Fair
Value |
| Life & Health Insurance - 0.1% |
| Lincoln National Corp. | 4,703 | $ 307,388 |
| Life Sciences Tools & Services - 0.8% |
| IQVIA Holdings Inc. (a) | 7,652 | 1,769,219 |
| Managed Healthcare - 2.6% |
| Humana Inc. | 2,942 | 1,280,270 |
| UnitedHealth Group Inc. | 8,831 | 4,503,545 |
| | | 5,783,815 |
| Movies & Entertainment - 2.0% |
| Netflix Inc. (a) | 6,128 | 2,295,488 |
| The Walt Disney Co. (a) | 15,901 | 2,180,981 |
| | | 4,476,469 |
| Multi-Line Insurance - 0.3% |
| American International Group Inc. | 11,349 | 712,377 |
| Multi-Sector Holdings - 1.4% |
| Berkshire Hathaway Inc., Class B (a) | 8,591 | 3,031,850 |
| Multi-Utilities - 0.8% |
| Sempra Energy | 10,663 | 1,792,664 |
| Oil & Gas Equipment & Services - 0.6% |
| Schlumberger N.V. | 31,356 | 1,295,316 |
| Oil & Gas Exploration & Production - 2.3% |
| ConocoPhillips | 36,129 | 3,612,900 |
| Pioneer Natural Resources Co. | 5,903 | 1,475,927 |
| | | 5,088,827 |
| Packaged Foods & Meats - 0.6% |
| Mondelez International Inc., Class A | 21,158 | 1,328,299 |
| Personal Products - 0.2% |
| The Estee Lauder Companies Inc., Class A | 1,955 | 532,386 |
| Pharmaceuticals - 4.9% |
| AstraZeneca PLC ADR | 11,342 | 752,428 |
| Bristol-Myers Squibb Co. | 17,407 | 1,271,233 |
| Elanco Animal Health Inc. (a) | 20,479 | 534,297 |
| Johnson & Johnson | 26,889 | 4,765,538 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional U.S. Equity Fund | 5 |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Merck & Company Inc. | 41,655 | $ 3,417,793 |
| | | 10,741,289 |
| Property & Casualty Insurance - 1.2% |
| Chubb Ltd. | 12,723 | 2,721,450 |
| Railroads - 0.7% |
| Union Pacific Corp. | 5,776 | 1,578,061 |
| Regional Banks - 2.9% |
| First Republic Bank | 16,451 | 2,666,707 |
| Regions Financial Corp. | 99,413 | 2,212,933 |
| SVB Financial Group (a) | 2,748 | 1,537,369 |
| | | 6,417,009 |
| Restaurants - 0.6% |
| McDonald's Corp. | 5,325 | 1,316,766 |
| Semiconductor Equipment - 1.4% |
| Applied Materials Inc. | 23,353 | 3,077,925 |
| Semiconductors - 5.0% |
| Advanced Micro Devices Inc. (a) | 16,060 | 1,756,000 |
| NVIDIA Corp. | 9,726 | 2,653,837 |
| QUALCOMM Inc. | 25,705 | 3,928,238 |
| Texas Instruments Inc. | 15,406 | 2,826,693 |
| | | 11,164,768 |
| Soft Drinks - 1.0% |
| Monster Beverage Corp. (a) | 6,567 | 524,703 |
| PepsiCo Inc. | 9,811 | 1,642,165 |
| | | 2,166,868 |
| Specialized REITs - 1.2% |
| American Tower Corp. | 10,323 | 2,593,344 |
| Specialty Chemicals - 0.7% |
| DuPont de Nemours Inc. | 7,685 | 565,463 |
| | Number
of Shares | Fair
Value |
| Ecolab Inc. | 2,113 | $ 373,071 |
| PPG Industries Inc. | 4,114 | 539,222 |
| | | 1,477,756 |
| Systems Software - 7.3% |
| Microsoft Corp. | 44,408 | 13,691,430 |
| Oracle Corp. | 9,150 | 756,980 |
| ServiceNow Inc. (a) | 2,892 | 1,610,526 |
| | | 16,058,936 |
| Technology Hardware, Storage & Peripherals - 5.7% |
| Apple Inc. (b) | 71,785 | 12,534,379 |
| Trading Companies & Distributors - 1.3% |
| United Rentals Inc. (a) | 7,899 | 2,805,804 |
| Trucking - 0.1% |
| Lyft Inc., Class A (a) | 5,824 | 223,642 |
| Wireless Telecommunication Services - 0.2% |
| T-Mobile US Inc. (a) | 4,248 | 545,231 |
Total Common Stock
(Cost $139,843,547) | | 211,845,641 |
| Short-Term Investments - 4.0% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.29% (c)(d)
(Cost $8,884,015) | 8,884,015 | 8,884,015 |
Total Investments
(Cost $148,727,562) | | 220,729,656 |
| Other Assets and Liabilities, net - 0.2% | | 519,946 |
| NET ASSETS - 100.0% | | $ 221,249,602 |
Other Information:
| The Fund had the following long futures contracts open at March 31, 2022: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-Mini Index Futures | June 2022 | 32 | $ 6,766,176 | $ 7,249,200 | $ 483,024 |
During the period ended March 31, 2022, the average notional value related to long futures contracts was $8,037,039.
See Notes to Schedules of Investments and Notes to Financial Statements.
| 6 | State Street Institutional U.S. Equity Fund |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2022 (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) | Non-income producing security. |
| (b) | At March 31, 2022, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of March 31, 2022. |
| 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 March 31, 2022:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 211,845,641 | | $ — | | $ — | | $ 211,845,641 |
| Short-Term Investments | 8,884,015 | | — | | — | | 8,884,015 |
| Total Investments in Securities | $ 220,729,656 | | $ — | | $ — | | $ 220,729,656 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 483,024 | | $ — | | $ — | | $ 483,024 |
| Total Other Financial Instruments | $ 483,024 | | $ — | | $ — | | $ 483,024 |
| | Number
of Shares
Held at
9/30/21 | Value at
9/30/21 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
3/31/22 | Value at
3/31/22 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 9,885,922 | $9,885,922 | $35,841,820 | $36,843,727 | $— | $— | 8,884,015 | $8,884,015 | $2,364 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional U.S. Equity Fund | 7 |
State Street Institutional Premier Growth Equity Fund
Fund Information — March 31, 2022 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $40,264 (in thousands) as of March 31, 2022 (a)(b) |
| Top Ten Largest Holdings |
| as of March 31, 2022 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 11.42% |
| Apple Inc. | 10.43% |
| Amazon.com Inc. | 8.15% |
| Alphabet Inc., Class C | 6.32% |
| Visa Inc., Class A | 4.16% |
| Meta Platforms Inc., Class A | 4.00% |
| QUALCOMM Inc. | 3.10% |
| Mastercard Inc., Class A | 2.82% |
| Alphabet Inc., Class A | 2.29% |
| Lowe's Companies Inc. | 2.14% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 8 | State Street Institutional Premier Growth Equity Fund |
State Street Institutional Premier Growth Equity Fund
Understanding Your Fund’s Expenses — March 31, 2022 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and service fees (for Service Class shares) and trustees’ fees. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended March 31, 2022.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Investment Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $ 988.60 | | $1,022.60 |
| Expenses Paid During Period* | | $ 2.33 | | $ 2.37 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.47% for Investment Class shares and 0.76% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| Service Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $ 987.10 | | $1,021.10 |
| Expenses Paid During Period* | | $ 3.77 | | $ 3.83 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.47% for Investment Class shares and 0.76% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| State Street Institutional Premier Growth Equity Fund | 9 |
State Street Institutional Premier Growth Equity Fund
Schedule of Investments — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 96.4% † |
| Apparel Retail - 1.9% |
| Ross Stores Inc. | 8,351 | $ 755,432 |
| Application Software - 4.9% |
| Adobe Inc. (a) | 889 | 405,046 |
| salesforce.com Inc. (a) | 3,600 | 764,352 |
| Splunk Inc. (a) | 5,367 | 797,590 |
| | | 1,966,988 |
| Biotechnology - 2.3% |
| BioMarin Pharmaceutical Inc. (a) | 5,446 | 419,886 |
| Vertex Pharmaceuticals Inc. (a) | 2,008 | 524,028 |
| | | 943,914 |
| Cable & Satellite - 1.4% |
| Charter Communications Inc., Class A (a) | 1,027 | 560,249 |
| Data Processing & Outsourced Services - 10.1% |
| Fidelity National Information Services Inc. | 4,794 | 481,413 |
| Mastercard Inc., Class A | 3,179 | 1,136,111 |
| PayPal Holdings Inc. (a) | 6,867 | 794,169 |
| Visa Inc., Class A | 7,552 | 1,674,807 |
| | | 4,086,500 |
| Financial Exchanges & Data - 1.4% |
| S&P Global Inc. | 1,414 | 579,995 |
| Healthcare Equipment - 1.5% |
| Boston Scientific Corp. (a) | 13,481 | 597,074 |
| Home Improvement Retail - 2.1% |
| Lowe's Companies Inc. | 4,259 | 861,127 |
| Industrial Conglomerates - 1.0% |
| Honeywell International Inc. | 2,161 | 420,487 |
| Industrial Machinery - 1.7% |
| Parker-Hannifin Corp. | 2,411 | 684,145 |
| Interactive Media & Services - 12.6% |
| Alphabet Inc., Class C (a) | 912 | 2,547,207 |
| Alphabet Inc., Class A (a) | 331 | 920,627 |
| Meta Platforms Inc., Class A (a) | 7,242 | 1,610,331 |
| | | 5,078,165 |
| | Number
of Shares | Fair
Value |
| Internet & Direct Marketing Retail - 9.6% |
| Alibaba Group Holding Ltd. ADR (a)(b) | 2,985 | $ 324,768 |
| Amazon.com Inc. (a) | 1,007 | 3,282,770 |
| Chewy Inc., Class A (a) | 7,161 | 292,025 |
| | | 3,899,563 |
| Investment Banking & Brokerage - 1.6% |
| The Charles Schwab Corp. | 7,770 | 655,089 |
| Managed Healthcare - 1.7% |
| UnitedHealth Group Inc. | 1,319 | 672,650 |
| Movies & Entertainment - 2.2% |
| Netflix Inc. (a) | 1,395 | 522,553 |
| The Walt Disney Co. (a) | 2,746 | 376,641 |
| | | 899,194 |
| Pharmaceuticals - 1.2% |
| Elanco Animal Health Inc. (a) | 19,118 | 498,789 |
| Regional Banks - 1.1% |
| First Republic Bank | 2,763 | 447,882 |
| Semiconductor Equipment - 2.0% |
| Applied Materials Inc. | 6,157 | 811,493 |
| Semiconductors - 6.9% |
| Advanced Micro Devices Inc. (a) | 6,675 | 729,845 |
| NVIDIA Corp. | 2,942 | 802,754 |
| QUALCOMM Inc. | 8,165 | 1,247,775 |
| | | 2,780,374 |
| Soft Drinks - 1.0% |
| Monster Beverage Corp. (a) | 5,110 | 408,289 |
| Specialized REITs - 1.7% |
| American Tower Corp. | 2,662 | 668,748 |
| Systems Software - 13.4% |
| Microsoft Corp. | 14,914 | 4,598,135 |
| ServiceNow Inc. (a) | 1,446 | 805,263 |
| | | 5,403,398 |
| Technology Hardware, Storage & Peripherals - 10.4% |
| Apple Inc. | 24,058 | 4,200,767 |
| Trading Companies & Distributors - 1.7% |
| United Rentals Inc. (a) | 1,933 | 686,621 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 10 | State Street Institutional Premier Growth Equity Fund |
State Street Institutional Premier Growth Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Trucking - 1.0% |
| Lyft Inc., Class A (a) | 10,560 | $ 405,504 |
Total Common Stock
(Cost $27,153,516) | | 38,972,437 |
| Short-Term Investments - 3.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.29% (b)(c)(d)
(Cost $1,291,781) | 1,291,781 | 1,291,781 |
Total Investments
(Cost $28,445,297) | | 40,264,218 |
| Other Assets and Liabilities, net - 0.4% | | 163,981 |
| NET ASSETS - 100.0% | | $ 40,428,199 |
Other Information:
| The Fund had the following long futures contracts open at March 31, 2022: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-Mini Index Futures | June 2022 | 4 | $ 884,976 | $ 906,150 | $ 21,174 |
During the period ended March 31, 2022, the average notional value related to long futures contracts was $1,160,488.
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Premier Growth Equity Fund | 11 |
State Street Institutional Premier Growth Equity Fund
Schedule of Investments, continued — March 31, 2022 (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) | Non-income producing security. |
| (b) | At March 31, 2022, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of March 31, 2022. |
| 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 March 31, 2022:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 38,972,437 | | $ — | | $ — | | $ 38,972,437 |
| Short-Term Investments | 1,291,781 | | — | | — | | 1,291,781 |
| Total Investments in Securities | $ 40,264,218 | | $ — | | $ — | | $ 40,264,218 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 21,174 | | $ — | | $ — | | $ 21,174 |
| Total Other Financial Instruments | $ 21,174 | | $ — | | $ — | | $ 21,174 |
| | Number
of Shares
Held at
9/30/21 | Value at
9/30/21 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
3/31/22 | Value at
3/31/22 | | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,877,600 | $1,877,600 | | $10,300,434 | | $10,886,253 | | $ — | | $ — | 1,291,781 | $1,291,781 | | $363 |
| The Consumer Discretionary Select Sector SPDR Fund | 12,585 | 2,258,378 | | — | | 2,253,767 | | 250,871 | | (255,482) | — | — | | — |
| The Technology Select Sector SPDR Fund | 5,819 | 868,893 | | — | | 858,319 | | 110,117 | | (120,691) | — | — | | — |
| TOTAL | | $5,004,871 | | $10,300,434 | | $13,998,339 | | $360,988 | | $(376,173) | | $1,291,781 | | $363 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 12 | State Street Institutional Premier Growth Equity Fund |
State Street Institutional Small-Cap Equity Fund
Fund Information — March 31, 2022 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $1,166,965 (in thousands) as of March 31, 2022 (a)(b) |
| Top Ten Largest Holdings |
| as of March 31, 2022 (as a % of Fair Value) (a)(b) |
| MGP Ingredients Inc. | 1.59% |
| Darling Ingredients Inc. | 1.40% |
| Ingevity Corp. | 1.13% |
| Ritchie Bros Auctioneers Inc. | 1.12% |
| Dycom Industries Inc. | 1.04% |
| Univar Solutions Inc. | 1.04% |
| John Wiley & Sons Inc., Class A | 1.01% |
| The Timken Co. | 0.99% |
| PDC Energy Inc. | 0.99% |
| The Brink's Co. | 0.99% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| State Street Institutional Small-Cap Equity Fund | 13 |
State Street Institutional Small-Cap Equity Fund
Understanding Your Fund’s Expenses — March 31, 2022 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and service fees (for Service Class shares) and trustees’ fees. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended March 31, 2022.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Investment Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $ 972.40 | | $1,020.80 |
| Expenses Paid During Period* | | $ 4.03 | | $ 4.13 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.82% for Investment Class shares and 1.07% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| Service Class | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
October 1, 2021 | | $1,000.00 | | $1,000.00 |
Ending Account Value
March 31, 2022 | | $ 971.10 | | $1,019.60 |
| Expenses Paid During Period* | | $ 5.26 | | $ 5.39 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.82% for Investment Class shares and 1.07% for Service Class shares (for the period October 1, 2021 - March 31, 2022), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| 14 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 94.7% † |
| Aerospace & Defense - 0.3% |
| Woodward Inc. | 24,159 | $ 3,017,701 |
| Agricultural & Farm Machinery - 0.9% |
| AGCO Corp. (a) | 75,284 | 10,993,723 |
| Agricultural Products - 1.4% |
| Darling Ingredients Inc. (b) | 203,874 | 16,387,392 |
| Aluminum - 0.1% |
| Alcoa Corp. (a) | 9,843 | 886,165 |
| Apparel Retail - 0.4% |
| American Eagle Outfitters Inc. | 117,319 | 1,970,959 |
| The Buckle Inc. | 83,721 | 2,766,142 |
| | | 4,737,101 |
| Application Software - 6.0% |
| ACI Worldwide Inc. (a)(b) | 147,497 | 4,644,681 |
| Alarm.com Holdings Inc. (b) | 34,649 | 2,302,773 |
| Altair Engineering Inc., Class A (a)(b) | 55,280 | 3,560,032 |
| Asana Inc., Class A (b) | 41,500 | 1,658,755 |
| Avalara Inc. (b) | 8,780 | 873,698 |
| Blackbaud Inc. (b) | 103,913 | 6,221,271 |
| Blackline Inc. (b) | 103,736 | 7,595,550 |
| Envestnet Inc. (b) | 41,500 | 3,089,260 |
| Model N Inc. (b) | 40,807 | 1,097,708 |
| New Relic Inc. (b) | 112,000 | 7,490,560 |
| Paylocity Holding Corp. (b) | 12,808 | 2,635,502 |
| Pegasystems Inc. | 23,809 | 1,920,196 |
| PROS Holdings Inc. (b) | 24,262 | 808,167 |
| Q2 Holdings Inc. (b) | 105,000 | 6,473,250 |
| SPS Commerce Inc. (b) | 26,371 | 3,459,875 |
| Sumo Logic Inc. (b) | 182,110 | 2,125,224 |
| The Descartes Systems Group Inc. (b) | 22,319 | 1,635,090 |
| Vertex Inc., Class A (b) | 110,024 | 1,687,768 |
| Workiva Inc. (b) | 74,458 | 8,786,044 |
| Yext Inc. (b) | 275,500 | 1,898,195 |
| | | 69,963,599 |
| Auto Parts & Equipment - 1.1% |
| Dana Inc. | 90,305 | 1,586,659 |
| Dorman Products Inc. (b) | 98,829 | 9,391,720 |
| Gentex Corp. | 39,048 | 1,139,030 |
| LCI Industries | 10,955 | 1,137,238 |
| | | 13,254,647 |
| | Number
of Shares | Fair
Value |
| Automobile Manufacturers - 0.7% |
| Thor Industries Inc. | 102,778 | $ 8,088,629 |
| Automotive Retail - 1.3% |
| America's Car-Mart Inc. (b) | 15,565 | 1,253,916 |
| Group 1 Automotive Inc. | 27,647 | 4,639,996 |
| Monro Inc. | 31,110 | 1,379,418 |
| Murphy USA Inc. | 41,828 | 8,363,927 |
| | | 15,637,257 |
| Biotechnology - 0.9% |
| Avid Bioservices Inc. (b) | 113,164 | 2,305,151 |
| Emergent BioSolutions Inc. (b) | 67,910 | 2,788,384 |
| Halozyme Therapeutics Inc. (b) | 32,275 | 1,287,127 |
| Heron Therapeutics Inc. (b) | 393,793 | 2,252,496 |
| Veracyte Inc. (b) | 81,500 | 2,246,955 |
| | | 10,880,113 |
| Building Products - 1.0% |
| CSW Industrials Inc. | 31,500 | 3,704,085 |
| Gibraltar Industries Inc. (b) | 105,160 | 4,516,622 |
| Insteel Industries Inc. | 31,061 | 1,148,946 |
| UFP Industries Inc. | 31,304 | 2,415,417 |
| | | 11,785,070 |
| Commodity Chemicals - 0.5% |
| Hawkins Inc. | 35,707 | 1,638,952 |
| Koppers Holdings Inc. (b) | 175,487 | 4,829,402 |
| | | 6,468,354 |
| Communications Equipment - 0.5% |
| Cambium Networks Corp. (b) | 50,249 | 1,187,886 |
| Extreme Networks Inc. (b) | 122,928 | 1,500,951 |
| Lumentum Holdings Inc. (b) | 5,035 | 491,416 |
| Plantronics Inc. (b) | 65,043 | 2,562,694 |
| | | 5,742,947 |
| Computer & Electronics Retail - 0.1% |
| Rent-A-Center Inc. | 40,335 | 1,016,039 |
| Construction & Engineering - 1.6% |
| Dycom Industries Inc. (b) | 127,584 | 12,153,652 |
| IES Holdings Inc. (b) | 19,822 | 796,844 |
| Valmont Industries Inc. | 13,035 | 3,110,151 |
| WillScot Mobile Mini Holdings Corp. (b) | 60,674 | 2,374,174 |
| | | 18,434,821 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 15 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Construction Machinery & Heavy Trucks - 0.8% |
| Alamo Group Inc. (a) | 18,901 | $ 2,717,775 |
| Astec Industries Inc. | 34,809 | 1,496,787 |
| The Greenbrier Companies Inc. | 49,261 | 2,537,434 |
| The Manitowoc Company Inc. (b) | 45,101 | 680,123 |
| Wabash National Corp. | 103,099 | 1,529,989 |
| | | 8,962,108 |
| Construction Materials - 0.1% |
| Eagle Materials Inc. | 9,811 | 1,259,340 |
| Consumer Finance - 0.3% |
| PRA Group Inc. (b) | 28,756 | 1,296,321 |
| PROG Holdings Inc. (b) | 80,265 | 2,309,224 |
| | | 3,605,545 |
| Data Processing & Outsourced Services - 0.7% |
| CSG Systems International Inc. | 75,798 | 4,818,479 |
| Verra Mobility Corp. (b) | 234,962 | 3,825,181 |
| | | 8,643,660 |
| Distillers & Vintners - 1.6% |
| MGP Ingredients Inc. | 217,243 | 18,593,828 |
| Distributors - 0.5% |
| LKQ Corp. | 137,986 | 6,265,944 |
| Diversified Metals & Mining - 0.3% |
| Compass Minerals International Inc. | 43,587 | 2,736,828 |
| Materion Corp. | 11,059 | 948,198 |
| | | 3,685,026 |
| Diversified REITs - 0.3% |
| Alpine Income Property Trust Inc. | 70,720 | 1,329,536 |
| American Assets Trust Inc. | 49,747 | 1,884,914 |
| Essential Properties Realty Trust Inc. | 32,864 | 831,459 |
| | | 4,045,909 |
| Diversified Support Services - 2.0% |
| Healthcare Services Group Inc. | 197,168 | 3,661,410 |
| IAA Inc. (b) | 94,258 | 3,605,369 |
| | Number
of Shares | Fair
Value |
| Matthews International Corp., Class A | 70,230 | $ 2,272,643 |
| Ritchie Bros Auctioneers Inc. | 221,039 | 13,047,932 |
| UniFirst Corp. | 6,587 | 1,213,852 |
| | | 23,801,206 |
| Education Services - 0.6% |
| Grand Canyon Education Inc. (b) | 32,756 | 3,180,935 |
| Stride Inc. (b) | 98,635 | 3,583,410 |
| | | 6,764,345 |
| Electric Utilities - 0.9% |
| ALLETE Inc. (a) | 12,861 | 861,430 |
| IDACORP Inc. | 79,198 | 9,136,281 |
| | | 9,997,711 |
| Electrical Components & Equipment - 0.4% |
| Acuity Brands Inc. (a) | 5,928 | 1,122,171 |
| Atkore Inc. (b) | 9,287 | 914,212 |
| Regal Rexnord Corp. | 15,496 | 2,305,495 |
| | | 4,341,878 |
| Electronic Components - 1.2% |
| Belden Inc. | 103,819 | 5,751,573 |
| II-VI Inc. (b) | 28,045 | 2,032,982 |
| Littelfuse Inc. | 22,966 | 5,727,950 |
| | | 13,512,505 |
| Electronic Equipment & Instruments - 0.6% |
| National Instruments Corp. | 124,233 | 5,042,617 |
| Novanta Inc. (b) | 14,340 | 2,040,439 |
| | | 7,083,056 |
| Electronic Manufacturing Services - 0.2% |
| Methode Electronics Inc. | 30,403 | 1,314,930 |
| Plexus Corp. (b) | 19,829 | 1,622,210 |
| | | 2,937,140 |
| Environmental & Facilities Services - 0.7% |
| Clean Harbors Inc. (b) | 49,690 | 5,547,392 |
| Montrose Environmental Group Inc. (b) | 40,500 | 2,143,665 |
| | | 7,691,057 |
| Food Distributors - 0.4% |
| Performance Food Group Co. (b) | 85,515 | 4,353,569 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 16 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Footwear - 0.6% |
| Deckers Outdoor Corp. (b) | 11,496 | $ 3,147,260 |
| Wolverine World Wide Inc. | 166,500 | 3,756,240 |
| | | 6,903,500 |
| General Merchandise Stores - 0.1% |
| Ollie's Bargain Outlet Holdings Inc. (b) | 17,896 | 768,812 |
| Health Care REITs - 0.2% |
| Community Healthcare Trust Inc. | 44,390 | 1,873,702 |
| Healthcare Distributors - 0.6% |
| AdaptHealth Corp. (a)(b) | 182,261 | 2,921,644 |
| Covetrus Inc. (b) | 244,095 | 4,098,355 |
| | | 7,019,999 |
| Healthcare Equipment - 4.2% |
| AtriCure Inc. (b) | 56,500 | 3,710,355 |
| Axonics Inc. (b) | 42,710 | 2,673,646 |
| Cardiovascular Systems Inc. (b) | 149,515 | 3,379,039 |
| CONMED Corp. | 61,000 | 9,061,550 |
| Glaukos Corp. (b) | 18,250 | 1,055,215 |
| Globus Medical Inc., Class A (b) | 74,500 | 5,496,610 |
| Heska Corp. (b) | 9,723 | 1,344,497 |
| Integra LifeSciences Holdings Corp. (b) | 124,000 | 7,968,240 |
| LeMaitre Vascular Inc. | 20,904 | 971,409 |
| Masimo Corp. (b) | 6,000 | 873,240 |
| Outset Medical Inc. (b) | 92,000 | 4,176,800 |
| Penumbra Inc. (b) | 20,510 | 4,555,886 |
| SI-BONE Inc. (b) | 83,500 | 1,887,100 |
| Tactile Systems Technology Inc. (b) | 75,500 | 1,522,080 |
| Vapotherm Inc. (b) | 64,500 | 896,550 |
| | | 49,572,217 |
| Healthcare Facilities - 1.2% |
| Acadia Healthcare Company Inc. (a)(b) | 100,479 | 6,584,389 |
| Hanger Inc. (b) | 132,900 | 2,436,057 |
| The Ensign Group Inc. | 32,159 | 2,894,631 |
| The Pennat Group Inc. (b) | 42,251 | 787,136 |
| U.S. Physical Therapy Inc. | 12,437 | 1,236,860 |
| | | 13,939,073 |
| | Number
of Shares | Fair
Value |
| Healthcare Services - 1.5% |
| Addus HomeCare Corp. (a)(b) | 21,107 | $ 1,969,072 |
| Amedisys Inc. (b) | 19,745 | 3,401,866 |
| AMN Healthcare Services Inc. (b) | 35,114 | 3,663,444 |
| Castle Biosciences Inc. (b) | 55,525 | 2,490,851 |
| Chemed Corp. | 3,241 | 1,641,728 |
| MEDNAX Inc. (b) | 83,944 | 1,971,005 |
| Oak Street Health Inc. (b) | 34,312 | 922,307 |
| Privia Health Group Inc. (b) | 58,553 | 1,565,122 |
| | | 17,625,395 |
| Healthcare Supplies - 0.7% |
| BioLife Solutions Inc. (b) | 75,870 | 1,724,525 |
| ICU Medical Inc. (b) | 6,552 | 1,458,737 |
| Neogen Corp. (b) | 35,520 | 1,095,437 |
| OrthoPediatrics Corp. (b) | 17,005 | 918,100 |
| Pulmonx Corp. (b) | 98,500 | 2,443,785 |
| UFP Technologies Inc. (b) | 6,843 | 452,801 |
| | | 8,093,385 |
| Healthcare Technology - 1.5% |
| Certara Inc. (b) | 49,812 | 1,069,962 |
| Health Catalyst Inc. (b) | 35,448 | 926,256 |
| Inspire Medical Systems Inc. (b) | 31,500 | 8,085,735 |
| NextGen Healthcare Inc. (b) | 97,760 | 2,044,162 |
| Omnicell Inc. (b) | 32,009 | 4,144,845 |
| Phreesia Inc. (b) | 28,850 | 760,486 |
| | | 17,031,446 |
| Home Building - 0.7% |
| Cavco Industries Inc. (b) | 8,391 | 2,020,972 |
| Green Brick Partners Inc. (b) | 59,503 | 1,175,779 |
| Taylor Morrison Home Corp. (b) | 122,776 | 3,341,963 |
| TopBuild Corp. (b) | 7,731 | 1,402,326 |
| | | 7,941,040 |
| Home Furnishing Retail - 0.2% |
| The Aaron's Company Inc. (a) | 130,043 | 2,611,263 |
| Home Furnishings - 0.1% |
| La-Z-Boy Inc. | 55,883 | 1,473,635 |
| Home Improvement Retail - 0.1% |
| Floor & Decor Holdings Inc., Class A (b) | 12,193 | 987,633 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 17 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Hotel & Resort REITs - 0.5% |
| RLJ Lodging Trust | 299,356 | $ 4,214,933 |
| Sunstone Hotel Investors Inc. (b) | 103,445 | 1,218,582 |
| | | 5,433,515 |
| Household Appliances - 0.5% |
| Helen of Troy Ltd. (b) | 8,826 | 1,728,484 |
| Traeger Inc. (b) | 629,926 | 4,686,649 |
| | | 6,415,133 |
| Household Products - 0.3% |
| Central Garden & Pet Co., Class A (b) | 75,000 | 3,058,500 |
| Industrial Machinery - 7.7% |
| Albany International Corp., Class A (a) | 23,000 | 1,939,360 |
| Altra Industrial Motion Corp. | 269,539 | 10,493,153 |
| Barnes Group Inc. | 228,107 | 9,167,621 |
| Chart Industries Inc. (b) | 5,148 | 884,272 |
| Crane Co. | 96,679 | 10,468,402 |
| Enerpac Tool Group Corp. | 470,816 | 10,306,162 |
| ESCO Technologies Inc. | 44,000 | 3,076,480 |
| Evoqua Water Technologies Corp. (b) | 194,000 | 9,114,120 |
| John Bean Technologies Corp. | 74,000 | 8,766,780 |
| Kadant Inc. | 7,460 | 1,448,658 |
| Kornit Digital Ltd. (b) | 25,000 | 2,067,250 |
| Mueller Industries Inc. | 92,496 | 5,010,508 |
| Proto Labs Inc. (b) | 6,717 | 355,329 |
| RBC Bearings Inc. (b) | 13,500 | 2,617,380 |
| Standex International Corp. | 28,000 | 2,797,760 |
| The Timken Co. | 191,351 | 11,615,006 |
| | | 90,128,241 |
| Industrial REITs - 0.8% |
| EastGroup Properties Inc. | 41,038 | 8,342,205 |
| Innovative Industrial Properties Inc. | 3,501 | 719,105 |
| | | 9,061,310 |
| Insurance Brokers - 0.4% |
| BRP Group Inc., Class A (b) | 139,500 | 3,742,785 |
| Goosehead Insurance Inc., Class A | 12,612 | 990,925 |
| | | 4,733,710 |
| | Number
of Shares | Fair
Value |
| Interactive Media & Services - 0.0%* |
| Vimeo Inc. (b) | 36,557 | $ 434,297 |
| Internet & Direct Marketing Retail - 0.4% |
| Fiverr International Ltd. (b) | 12,362 | 940,377 |
| Overstock.com Inc. (b) | 30,398 | 1,337,664 |
| Porch Group Inc. (b) | 76,923 | 534,230 |
| Revolve Group Inc. (b) | 33,676 | 1,808,065 |
| ThredUp Inc., Class A (b) | 76,129 | 586,193 |
| | | 5,206,529 |
| Internet Services & Infrastructure - 0.2% |
| Squarespace Inc., Class A (b) | 38,939 | 997,617 |
| Switch Inc., Class A | 48,984 | 1,509,687 |
| | | 2,507,304 |
| Investment Banking & Brokerage - 1.0% |
| Piper Sandler Cos. | 16,640 | 2,184,000 |
| Raymond James Financial Inc. | 65,239 | 7,170,418 |
| Stifel Financial Corp. | 39,173 | 2,659,847 |
| | | 12,014,265 |
| IT Consulting & Other Services - 0.9% |
| Globant S.A. (b) | 13,363 | 3,502,041 |
| Grid Dynamics Holdings Inc. (b) | 62,491 | 879,873 |
| Perficient Inc. (b) | 6,101 | 671,659 |
| Unisys Corp. (b) | 248,470 | 5,369,437 |
| | | 10,423,010 |
| Leisure Products - 1.5% |
| Malibu Boats Inc., Class A (b) | 131,682 | 7,638,873 |
| Polaris Inc. | 100,035 | 10,535,686 |
| | | 18,174,559 |
| Life & Health Insurance - 0.4% |
| American Equity Investment Life Holding Co. | 52,867 | 2,109,922 |
| Trupanion Inc. (b) | 25,504 | 2,272,916 |
| | | 4,382,838 |
| Life Sciences Tools & Services - 2.8% |
| Azenta Inc. | 44,231 | 3,665,865 |
| Bruker Corp. | 85,573 | 5,502,344 |
| ICON PLC (b) | 24,469 | 5,951,350 |
| Medpace Holdings Inc. (b) | 9,622 | 1,574,063 |
| Repligen Corp. (b) | 36,070 | 6,784,406 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 18 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Syneos Health Inc. (b) | 109,913 | $ 8,897,458 |
| | | 32,375,486 |
| Managed Healthcare - 0.1% |
| Progyny Inc. (b) | 26,901 | 1,382,711 |
| Marine - 0.2% |
| Kirby Corp. (b) | 25,792 | 1,861,924 |
| Metal & Glass Containers - 0.4% |
| TriMas Corp. | 146,500 | 4,701,185 |
| Multi-Line Insurance - 0.2% |
| Horace Mann Educators Corp. | 70,594 | 2,952,947 |
| Multi-Utilities - 0.1% |
| Avista Corp. | 34,355 | 1,551,128 |
| Office REITs - 0.9% |
| Corporate Office Properties Trust | 42,952 | 1,225,850 |
| Cousins Properties Inc. | 144,659 | 5,828,311 |
| Easterly Government Properties Inc. | 166,294 | 3,515,455 |
| | | 10,569,616 |
| Office Services & Supplies - 0.9% |
| HNI Corp. | 16,169 | 599,062 |
| MSA Safety Inc. | 75,776 | 10,055,475 |
| | | 10,654,537 |
| Oil & Gas Drilling - 0.2% |
| Helmerich & Payne Inc. | 51,682 | 2,210,956 |
| Oil & Gas Equipment & Services - 0.5% |
| ChampionX Corp. (b) | 86,695 | 2,122,293 |
| Oil States International Inc. (b) | 503,966 | 3,502,564 |
| | | 5,624,857 |
| Oil & Gas Exploration & Production - 1.6% |
| Denbury Inc. (b) | 20,661 | 1,623,335 |
| Northern Oil & Gas Inc. | 131,179 | 3,697,936 |
| PDC Energy Inc. | 159,373 | 11,583,230 |
| Southwestern Energy Co. (b) | 246,749 | 1,769,190 |
| | | 18,673,691 |
| Oil & Gas Refining & Marketing - 0.1% |
| HF Sinclair Corp. | 33,448 | 1,332,903 |
| | Number
of Shares | Fair
Value |
| Packaged Foods & Meats - 3.6% |
| Calavo Growers Inc. | 36,879 | $ 1,344,240 |
| Freshpet Inc. (b) | 17,149 | 1,760,173 |
| Hostess Brands Inc. (b) | 277,000 | 6,077,380 |
| J&J Snack Foods Corp. | 25,000 | 3,877,500 |
| Lancaster Colony Corp. | 45,000 | 6,711,750 |
| Sanderson Farms Inc. | 61,098 | 11,455,264 |
| The Simply Good Foods Co. (b) | 202,400 | 7,681,080 |
| Utz Brands Inc. | 244,500 | 3,613,710 |
| | | 42,521,097 |
| Personal Products - 0.4% |
| BellRing Brands Inc. (b) | 33,315 | 768,910 |
| elf Beauty Inc. (b) | 130,500 | 3,370,815 |
| The Honest Company Inc. (b) | 108,500 | 565,285 |
| | | 4,705,010 |
| Property & Casualty Insurance - 1.8% |
| AMERISAFE Inc. | 42,105 | 2,091,356 |
| Argo Group International Holdings Ltd. | 114,519 | 4,727,344 |
| James River Group Holdings Ltd. | 82,000 | 2,028,680 |
| Palomar Holdings Inc. (b) | 35,500 | 2,271,645 |
| RLI Corp. | 36,192 | 4,003,921 |
| Selective Insurance Group Inc. | 64,000 | 5,719,040 |
| | | 20,841,986 |
| Publishing - 1.0% |
| John Wiley & Sons Inc., Class A | 221,862 | 11,765,342 |
| Regional Banks - 7.7% |
| 1st Source Corp. | 37,093 | 1,715,551 |
| Bank OZK | 46,211 | 1,973,210 |
| BankUnited Inc. | 41,947 | 1,843,990 |
| Banner Corp. | 15,184 | 888,719 |
| Cadence Bank | 60,299 | 1,764,349 |
| Community Bank System Inc. | 41,500 | 2,911,225 |
| Cullen/Frost Bankers Inc. | 36,215 | 5,012,518 |
| CVB Financial Corp. | 134,500 | 3,121,745 |
| Enterprise Financial Services Corp. | 35,568 | 1,682,722 |
| Equity Bancshares Inc., Class A | 33,280 | 1,075,277 |
| FB Financial Corp. | 19,171 | 851,576 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 19 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| First Interstate BancSystem Inc., Class A | 70,194 | $ 2,581,033 |
| Fulton Financial Corp. | 204,793 | 3,403,660 |
| German American Bancorp Inc. | 59,000 | 2,241,410 |
| HomeStreet Inc. | 35,048 | 1,660,574 |
| Independent Bank Corp. | 126,721 | 10,351,838 |
| Meta Financial Group Inc. | 25,480 | 1,399,361 |
| National Bank Holdings Corp., Class A | 32,656 | 1,315,384 |
| Origin Bancorp Inc. | 49,731 | 2,103,124 |
| PacWest Bancorp | 55,675 | 2,401,263 |
| Peapack-Gladstone Financial Corp. | 39,208 | 1,362,478 |
| Pinnacle Financial Partners Inc. | 18,685 | 1,720,515 |
| Prosperity Bancshares Inc. | 117,026 | 8,119,264 |
| Renasant Corp. | 142,937 | 4,781,243 |
| Sandy Spring Bancorp Inc. | 34,389 | 1,544,754 |
| Stock Yards Bancorp Inc. | 32,500 | 1,719,250 |
| Texas Capital Bancshares Inc. (b) | 31,512 | 1,805,953 |
| UMB Financial Corp. | 59,000 | 5,732,440 |
| United Community Banks Inc. | 41,149 | 1,431,985 |
| Washington Trust Bancorp Inc. | 22,500 | 1,181,250 |
| Westamerica BanCorp | 62,067 | 3,755,053 |
| Western Alliance Bancorp | 56,179 | 4,652,745 |
| Wintrust Financial Corp. | 25,757 | 2,393,598 |
| | | 90,499,057 |
| Research & Consulting Services - 0.4% |
| Exponent Inc. | 18,506 | 1,999,574 |
| Resources Connection Inc. | 175,852 | 3,014,103 |
| | | 5,013,677 |
| Residential REITs - 0.3% |
| NexPoint Residential Trust Inc. | 41,080 | 3,709,935 |
| Restaurants - 1.1% |
| Brinker International Inc. (b) | 38,515 | 1,469,732 |
| Shake Shack Inc., Class A (b) | 34,500 | 2,342,550 |
| Texas Roadhouse Inc. | 38,025 | 3,183,833 |
| The Cheesecake Factory Inc. (b) | 69,015 | 2,746,107 |
| Wingstop Inc. | 30,500 | 3,579,175 |
| | | 13,321,397 |
| | Number
of Shares | Fair
Value |
| Retail REITs - 0.3% |
| Kite Realty Group Trust | 102,336 | $ 2,330,191 |
| The Macerich Co. | 47,701 | 746,043 |
| | | 3,076,234 |
| Security & Alarm Services - 1.0% |
| The Brink's Co. | 169,858 | 11,550,344 |
| Semiconductor Equipment - 1.4% |
| CMC Materials Inc. | 55,448 | 10,280,059 |
| Ichor Holdings Ltd. (b) | 37,267 | 1,327,451 |
| Onto Innovation Inc. (b) | 58,153 | 5,052,914 |
| | | 16,660,424 |
| Semiconductors - 1.0% |
| Diodes Inc. (b) | 17,333 | 1,507,798 |
| MaxLinear Inc. (b) | 24,059 | 1,403,843 |
| Power Integrations Inc. | 21,585 | 2,000,498 |
| Semtech Corp. (b) | 80,387 | 5,574,034 |
| SMART Global Holdings Inc. (b) | 59,210 | 1,529,394 |
| | | 12,015,567 |
| Soft Drinks - 0.3% |
| Primo Water Corp. | 238,533 | 3,399,095 |
| Zevia PBC, Class A (b) | 82,000 | 374,740 |
| | | 3,773,835 |
| Specialized Consumer Services - 0.2% |
| European Wax Center Inc., Class A (b) | 25,500 | 753,780 |
| OneSpaWorld Holdings Ltd. (b) | 154,789 | 1,578,848 |
| | | 2,332,628 |
| Specialized REITs - 0.2% |
| National Storage Affiliates Trust | 19,483 | 1,222,753 |
| PotlatchDeltic Corp. | 24,728 | 1,303,908 |
| | | 2,526,661 |
| Specialty Chemicals - 3.8% |
| Avient Corp. | 151,357 | 7,265,136 |
| Chase Corp. | 5,870 | 510,162 |
| Danimer Scientific Inc. (b) | 74,499 | 436,564 |
| HB Fuller Co. | 13,901 | 918,439 |
| Ingevity Corp. (b) | 206,823 | 13,251,150 |
| Innospec Inc. | 42,000 | 3,887,100 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 20 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (Unaudited)
| | Number
of Shares | Fair
Value |
| Quaker Chemical Corp. | 22,287 | $ 3,851,416 |
| Sensient Technologies Corp. | 44,000 | 3,693,800 |
| Stepan Co. | 105,986 | 10,472,477 |
| | | 44,286,244 |
| Specialty Stores - 0.7% |
| Dick's Sporting Goods Inc. | 12,307 | 1,230,946 |
| Five Below Inc. (b) | 16,999 | 2,692,132 |
| National Vision Holdings Inc. (b) | 33,058 | 1,440,337 |
| Sally Beauty Holdings Inc. (b) | 192,000 | 3,000,960 |
| | | 8,364,375 |
| Steel - 0.6% |
| Carpenter Technology Corp. | 29,709 | 1,247,184 |
| Commercial Metals Co. | 94,844 | 3,947,407 |
| Steel Dynamics Inc. | 15,357 | 1,281,235 |
| | | 6,475,826 |
| Systems Software - 1.6% |
| Ping Identity Holding Corp. (b) | 190,060 | 5,213,346 |
| Sailpoint Technologies Holdings Inc. (b) | 129,500 | 6,627,810 |
| Tenable Holdings Inc. (b) | 114,000 | 6,588,060 |
| | | 18,429,216 |
| Technology Hardware, Storage & Peripherals - 1.0% |
| Corsair Gaming Inc. (b) | 64,291 | 1,360,398 |
| Pure Storage Inc., Class A (b) | 290,500 | 10,257,555 |
| | | 11,617,953 |
| Thrifts & Mortgage Finance - 0.8% |
| Flagstar Bancorp Inc. | 18,165 | 770,196 |
| | Number
of Shares | Fair
Value |
| Washington Federal Inc. | 32,691 | $ 1,072,918 |
| WSFS Financial Corp. | 154,727 | 7,213,373 |
| | | 9,056,487 |
| Trading Companies & Distributors - 2.2% |
| Applied Industrial Technologies Inc. | 92,073 | 9,452,214 |
| Boise Cascade Co. | 15,323 | 1,064,489 |
| McGrath RentCorp. | 15,427 | 1,310,986 |
| Transcat Inc. (b) | 18,000 | 1,460,520 |
| Univar Solutions Inc. (b) | 376,556 | 12,102,510 |
| | | 25,390,719 |
| Trucking - 0.6% |
| Marten Transport Ltd. | 78,000 | 1,385,280 |
| Saia Inc. (b) | 23,555 | 5,743,180 |
| | | 7,128,460 |
Total Common Stock
(Cost $829,092,605) | | 1,109,606,111 |
| Short-Term Investments - 4.9% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.29% (a)(c)(d)
(Cost $57,358,876) | 57,358,876 | 57,358,876 |
Total Investments
(Cost $886,451,481) | | 1,166,964,987 |
| Other Assets and Liabilities, net - 0.4% | | 5,209,904 |
| NET ASSETS - 100.0% | | $ 1,172,174,891 |
Other Information:
| The Fund had the following long futures contracts open at March 31, 2022: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| E-Mini Russell 2000 Index Futures | June 2022 | 211 | $ 20,865,217 | $ 21,800,520 | $ 935,303 |
During the period ended March 31, 2022, the average notional value related to long futures contracts was $26,611,864.
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 21 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2022 (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) | At March 31, 2022, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (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 March 31, 2022. |
| * | 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 March 31, 2022:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 1,109,606,111 | | $ — | | $ — | | $ 1,109,606,111 |
| Short-Term Investments | 57,358,876 | | — | | — | | 57,358,876 |
| Total Investments in Securities | $ 1,166,964,987 | | $ — | | $ — | | $ 1,166,964,987 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 935,303 | | $ — | | $ — | | $ 935,303 |
| Total Other Financial Instruments | $ 935,303 | | $ — | | $ — | | $ 935,303 |
| | Number
of Shares
Held at
9/30/21 | Value at
9/30/21 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
3/31/22 | Value at
3/31/22 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 49,748,651 | $49,748,651 | $192,795,969 | $185,185,744 | $— | $— | 57,358,876 | $57,358,876 | $12,449 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 22 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional U.S. Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | Investment Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 11/25/97 |
| Net asset value, beginning of period | $ 17.26 | | $ 13.97 | | $ 12.30 | | $ 13.74 | | $ 14.95 | | $ 13.50 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income | 0.06 (b) | | 0.13 (b) | | 0.14 (b) | | 0.15 (b) | | 0.16 (b) | | 0.18 (b) |
| Net realized and unrealized gains/(losses) on investments | 0.64 (b) | | 3.86 (b) | | 2.35 (b) | | 0.05 (b) | | 1.95 (b) | | 2.16 (b) |
| Total income/(loss) from investment operations | 0.70 | | 3.99 | | 2.49 | | 0.20 | | 2.11 | | 2.34 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | 0.13 | | 0.14 | | 0.16 | | 0.18 | | 0.21 | | 0.21 |
| Net realized gains | 5.70 | | 0.56 | | 0.66 | | 1.46 | | 3.11 | | 0.68 |
| Total distributions | 5.83 | | 0.70 | | 0.82 | | 1.64 | | 3.32 | | 0.89 |
| Net asset value, end of period | $ 12.13 | | $ 17.26 | | $ 13.97 | | $ 12.30 | | $ 13.74 | | $ 14.95 |
| Total Return(c) | 3.38% | | 29.41% | | 20.77% | | 4.43% | | 16.72% | | 18.29% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $221,103 | | $572,329 | | $461,624 | | $419,296 | | $522,658 | | $461,828 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.37% (d) | | 0.37% | | 0.37% | | 0.38% | | 0.37% | | 0.37% |
| Gross expenses | 0.37% (d) | | 0.37% | | 0.37% | | 0.38% | | 0.37% | | 0.37% |
| Net investment income | 0.69% (d) | | 0.81% | | 1.12% | | 1.29% | | 1.21% | | 1.29% |
| Portfolio turnover rate | 14% | | 35% | | 38% | | 35% | | 48% | | 80% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional U.S. Equity Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| | Service Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 1/3/01 |
| Net asset value, beginning of period | $18.86 | | $15.21 | | $13.32 | | $14.70 | | $15.77 | | $14.18 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income | 0.04 (b) | | 0.10 (b) | | 0.12 (b) | | 0.14 (b) | | 0.14 (b) | | 0.15 (b) |
| Net realized and unrealized gains/(losses) on investments | 0.71 (b) | | 4.21 (b) | | 2.54 (b) | | 0.09 (b) | | 2.08 (b) | | 2.29 (b) |
| Total income/(loss) from investment operations | 0.75 | | 4.31 | | 2.66 | | 0.23 | | 2.22 | | 2.44 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | 0.09 | | 0.10 | | 0.11 | | 0.15 | | 0.18 | | 0.17 |
| Net realized gains | 5.70 | | 0.56 | | 0.66 | | 1.46 | | 3.11 | | 0.68 |
| Total distributions | 5.79 | | 0.66 | | 0.77 | | 1.61 | | 3.29 | | 0.85 |
| Net asset value, end of period | $13.82 | | $18.86 | | $15.21 | | $13.32 | | $14.70 | | $15.77 |
| Total Return(c) | 3.33% | | 29.10% | | 20.52% | | 4.23% | | 16.35% | | 18.07% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $ 147 | | $ 268 | | $ 58 | | $ 48 | | $ 104 | | $ 95 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.63% (d) | | 0.62% | | 0.62% | | 0.63% | | 0.62% | | 0.62% |
| Gross expenses | 0.63% (d) | | 0.62% | | 0.62% | | 0.63% | | 0.62% | | 0.62% |
| Net investment income (loss) | 0.50% (d) | | 0.56% | | 0.87% | | 1.06% | | 0.95% | | 1.04% |
| Portfolio turnover rate | 14% | | 35% | | 38% | | 35% | | 48% | | 80% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional Premier Growth Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | Investment Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 10/29/99 |
| Net asset value, beginning of period | $ 11.99 | | $ 10.72 | | $ 15.51 | | $ 17.49 | | $ 15.69 | | $ 14.23 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income | (0.00) (b)(c) | | 0.02 (b) | | 0.05 (b) | | 0.09 (b) | | 0.11 (b) | | 0.13 (b) |
| Net realized and unrealized gains/(losses) on investments | (0.01) (b) | | 2.55 (b) | | 3.89 (b) | | (0.03) (b) | | 2.82 (b) | | 2.60 (b) |
| Total income/(loss) from investment operations | (0.01) | | 2.57 | | 3.94 | | 0.06 | | 2.93 | | 2.73 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | 0.01 | | 0.01 | | 0.09 | | 0.11 | | 0.13 | | 0.12 |
| Net realized gains | 1.53 | | 1.29 | | 8.64 | | 1.93 | | 1.00 | | 1.15 |
| Total distributions | 1.54 | | 1.30 | | 8.73 | | 2.04 | | 1.13 | | 1.27 |
| Net asset value, end of period | $ 10.44 | | $ 11.99 | | $ 10.72 | | $ 15.51 | | $ 17.49 | | $ 15.69 |
| Total Return(d) | (1.14)% | | 25.85% | | 39.25% | | 3.57% | | 19.64% | | 21.18% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $24,602 | | $85,331 | | $73,933 | | $192,144 | | $365,078 | | $360,416 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.47% (e) | | 0.45% | | 0.42% | | 0.39% | | 0.38% | | 0.38% |
| Gross expenses | 0.47% (e) | | 0.45% | | 0.42% | | 0.39% | | 0.38% | | 0.38% |
| Net investment income | (0.00)% (e)(f) | | 0.16% | | 0.40% | | 0.59% | | 0.68% | | 0.88% |
| Portfolio turnover rate | 25% | | 27% | | 28% | | 27% | | 21% | | 24% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (e) | Annualized for periods less than one year. |
| (f) | Less than 0.005%. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional Premier Growth Equity Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| | Service Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 1/3/01 |
| Net asset value, beginning of period | $ 11.57 | | $10.40 | | $15.27 | | $17.24 | | $ 15.48 | | $ 14.06 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss) | (0.02) (b) | | (0.01) (b) | | 0.01 (b) | | 0.05 (b) | | 0.07 (b) | | 0.09 (b) |
| Net realized and unrealized gains/(losses) on investments | — (b) | | 2.47 (b) | | 3.80 (b) | | (0.02) (b) | | 2.78 (b) | | 2.57 (b) |
| Total income/(loss) from investment operations | (0.02) | | 2.46 | | 3.81 | | 0.03 | | 2.85 | | 2.66 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | — | | 0.04 | | 0.07 | | 0.09 | | 0.09 |
| Net realized gains | 1.53 | | 1.29 | | 8.64 | | 1.93 | | 1.00 | | 1.15 |
| Total distributions | 1.53 | | 1.29 | | 8.68 | | 2.00 | | 1.09 | | 1.24 |
| Net asset value, end of period | $ 10.02 | | $11.57 | | $10.40 | | $15.27 | | $ 17.24 | | $ 15.48 |
| Total Return(c) | (1.29)% | | 25.58% | | 38.83% | | 3.32% | | 19.37% | | 20.84% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $15,826 | | $9,784 | | $8,832 | | $9,609 | | $17,298 | | $16,136 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.76% (d) | | 0.70% | | 0.69% | | 0.64% | | 0.63% | | 0.63% |
| Gross expenses | 0.76% (d) | | 0.70% | | 0.69% | | 0.64% | | 0.63% | | 0.63% |
| Net investment income (loss) | (0.28)% (d) | | (0.09)% | | 0.08% | | 0.34% | | 0.43% | | 0.62% |
| Portfolio turnover rate | 25% | | 27% | | 28% | | 27% | | 21% | | 24% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional Small-Cap Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | Investment Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 8/3/98 |
| Net asset value, beginning of period | $ 22.15 | | $ 15.55 | | $ 17.04 | | $ 21.94 | | $ 20.79 | | $ 17.96 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income | 0.03 (b) | | 0.02 (b) | | 0.05 (b) | | 0.06 (b) | | 0.03 (b) | | 0.05 (b) |
| Net realized and unrealized gains/(losses) on investments | (0.45) (b) | | 7.19 (b) | | (0.45) (b) | | (2.06) (b) | | 2.95 (b) | | 3.42 (b) |
| Total income/(loss) from investment operations | (0.42) | | 7.21 | | (0.40) | | (2.00) | | 2.98 | | 3.47 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | 0.03 | | 0.04 | | 0.07 | | 0.04 | | 0.04 | | 0.04 |
| Net realized gains | 3.30 | | 0.57 | | 1.02 | | 2.86 | | 1.79 | | 0.60 |
| Total distributions | 3.33 | | 0.61 | | 1.09 | | 2.90 | | 1.83 | | 0.64 |
| Net asset value, end of period | $ 18.40 | | $ 22.15 | | $ 15.55 | | $ 17.04 | | $ 21.94 | | $ 20.79 |
| Total Return(c) | (2.76)% | | 46.98% | | (3.03)% | | (6.21)% | | 15.47% | | 19.65% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $1,170,209 | | $1,308,410 | | $973,165 | | $1,255,899 | | $1,528,575 | | $1,464,018 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.82% (d) | | 0.88% | | 0.89% | | 0.88% | | 0.88% | | 0.88% |
| Gross expenses | 0.88% (d) | | 0.88% | | 0.89% | | 0.88% | | 0.88% | | 0.88% |
| Net investment income | 0.27% (d) | | 0.10% | | 0.33% | | 0.37% | | 0.14% | | 0.27% |
| Portfolio turnover rate | 12% | | 42% | | 31% | | 29% | | 38% | | 34% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional Small-Cap Equity Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| | Service Class |
| | 3/31/22 (a) | | 9/30/21 | | 9/30/20 | | 9/30/19 | | 9/30/18 | | 9/30/17 |
| Inception date | | | 9/30/05 |
| Net asset value, beginning of period | $22.11 | | $15.53 | | $17.02 | | $21.93 | | $20.79 | | $17.98 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss) | 0.00 (b) | | (0.03) (b) | | 0.01 (b) | | 0.02 (b) | | (0.02) (b) | | 0.01 (b) |
| Net realized and unrealized gains/(losses) on investments | (0.45) (b) | | 7.18 (b) | | (0.46) (b) | | (2.05) (b) | | 2.95 (b) | | 3.41 (b) |
| Total income/(loss) from investment operations | (0.45) | | 7.15 | | (0.45) | | (2.03) | | 2.93 | | 3.42 |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | — | | 0.02 | | 0.02 | | — | | 0.01 |
| Net realized gains | 3.30 | | 0.57 | | 1.02 | | 2.86 | | 1.79 | | 0.60 |
| Total distributions | 3.30 | | 0.57 | | 1.04 | | 2.88 | | 1.79 | | 0.61 |
| Net asset value, end of period | $18.36 | | $22.11 | | $15.53 | | $17.02 | | $21.93 | | $20.79 |
| Total Return(c) | (2.89)% | | 46.60% | | 3.30% | | (6.44)% | | 15.14% | | 19.38% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $1,966 | | $2,078 | | $1,750 | | $1,937 | | $2,671 | | $2,373 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 1.07% (d) | | 1.13% | | 1.14% | | 1.13% | | 1.13% | | 1.13% |
| Gross expenses | 1.13% (d) | | 1.13% | | 1.14% | | 1.13% | | 1.13% | | 1.13% |
| Net investment income (loss) | 0.02% (d) | | (0.14)% | | 0.08% | | 0.12% | | (0.11)% | | 0.03% |
| Portfolio turnover rate | 12% | | 42% | | 31% | | 29% | | 38% | | 34% |
| 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 and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Institutional Funds
Statements of Assets and Liabilities — March 31, 2022 (Unaudited)
| | State Street
Institutional
U.S. Equity
Fund | | State Street
Institutional
Premier Growth
Equity Fund | | State Street
Institutional
Small-Cap
Equity Fund |
| Assets | | | | | |
| Investments in securities, at fair value (cost $139,843,547; $27,153,516 and $829,092,605, respectively) | $ 211,845,641 | | $ 38,972,437 | | $ 1,109,606,111 |
| Short-term affiliated investments, at fair value | 8,884,015 | | 1,291,781 | | 57,358,876 |
| Cash | — | | — | | 15,610 |
| Net cash collateral on deposit with broker for future contracts | — | | 18,524 | | 4,099,317 |
| Receivable for investments sold | 644,626 | | 88,190 | | 1,464,603 |
| Income receivables | 150,039 | | — | | 682,066 |
| Receivable for fund shares sold | 135,200 | | 53,905 | | 6,095 |
| Income receivable from affiliated investments | 1,076 | | 219 | | 7,411 |
| Receivable for accumulated variation margin on futures contracts | 483,098 | | 21,183 | | 935,800 |
| Total assets | 222,143,695 | | 40,446,239 | | 1,174,175,889 |
| Liabilities | | | | | |
| Net cash collateral on futures contracts due to broker | 178,073 | | — | | — |
| Payable for investments purchased | 645,704 | | — | | 1,067,284 |
| Payable for fund shares redeemed | 276 | | 1,069 | | 194,471 |
| Payable to the Adviser | 70,009 | | 14,938 | | 738,615 |
| Accrued other expenses | — | | — | | 215 |
| Distribution and service fees | 31 | | 2,033 | | 413 |
| Total liabilities | 894,093 | | 18,040 | | 2,000,998 |
|
| Net Assets | $ 221,249,602 | | $ 40,428,199 | | $ 1,172,174,891 |
| Net Assets Consist of: | | | | | |
| Capital paid in | $ 123,744,296 | | $ (8,674,136) | | $ 847,152,898 |
| Total distributable earnings (loss) | 97,505,306 | | 49,102,335 | | 325,021,993 |
| Net Assets | $ 221,249,602 | | $ 40,428,199 | | $ 1,172,174,891 |
|
| Investment Class: | | | | | |
| Net Assets | $ 221,102,592 | | $ 24,602,091 | | $ 1,170,209,230 |
| Shares outstanding ($0.001 par value, unlimited shares authorized) | 18,228,961 | | 2,356,222 | | 63,614,212 |
| Net asset value, offering and redemption price per share | $ 12.13 | | $ 10.44 | | $ 18.40 |
|
| Service Class: | | | | | |
| Net Assets | $ 147,010 | | $ 15,826,108 | | $ 1,965,661 |
| Shares outstanding ($0.001 par value, unlimited shares authorized) | 10,641 | | 1,578,863 | | 107,044 |
| Net asset value, offering and redemption price per share | $ 13.82 | | $ 10.02 | | $ 18.36 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Assets and Liabilities | 29 |
State Street Institutional Funds
Statements of Operations — For the period ended March 31, 2022 (Unaudited)
| | State Street
Institutional
U.S. Equity
Fund | | State Street
Institutional
Premier Growth
Equity Fund | | State Street
Institutional
Small-Cap
Equity Fund |
| Investment Income | | | | | |
| Income | | | | | |
| Dividend | $ 2,538,769 | | $ 168,293 | | $ 6,949,839 |
| Income from affiliated investments | 2,364 | | 363 | | 12,449 |
| Less: Foreign taxes withheld | (6,176) | | — | | (21,119) |
| Total income | 2,534,957 | | 168,656 | | 6,941,169 |
| Expenses | | | | | |
| Advisory and administration fees | 871,925 | | 161,843 | | 5,628,526 |
| Distribution and service fees | | | | | |
| Service Class | 200 | | 12,543 | | 2,619 |
| Trustees' fees | 10,924 | | 9,782 | | 12,505 |
| Other expenses | 3,382 | | 31 | | 9 |
| Total expenses before waivers | 886,431 | | 184,199 | | 5,643,659 |
| Less: Expenses waived or borne by the adviser | — | | — | | (396,984) |
| Net expenses | 886,431 | | 184,199 | | 5,246,675 |
| Net investment income | $ 1,648,526 | | $ (15,543) | | $ 1,694,494 |
| Net Realized and Unrealized Gain (Loss) on Investments | | | | | |
| Realized gain (loss) on: | | | | | |
| Unaffiliated investments | $ 168,352,239 | | $ 38,563,214 | | $ 74,750,916 |
| Affiliated investments | — | | 360,988 | | — |
| Futures | (29,222) | | 48,485 | | (1,422,329) |
| Increase (decrease) in unrealized appreciation/depreciation on: | | | | | |
| Unaffiliated investments | (142,675,455) | | (34,514,374) | | (108,367,193) |
| Affiliated investments | — | | (376,173) | | — |
| Futures | 673,057 | | 76,800 | | 1,084,926 |
| Net realized and unrealized gain (loss) on investments | 26,320,619 | | 4,158,940 | | (33,953,680) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ 27,969,145 | | $ 4,143,397 | | $ (32,259,186) |
The accompanying Notes are an integral part of these financial statements.
| 30 | Statements of Operations |
[This page intentionally left blank]
State Street Institutional Funds
Statements of Changes in Net Assets
| | State Street Institutional
U.S. Equity Fund | | State Street Institutional
Premier Growth Equity Fund |
| | Six Months
Ended
March 31,
2022(a) | | Year Ended
September 30,
2021 | | Six Months
Ended
March 31,
2022(a) | | Year Ended
September 30,
2021 |
| Increase (Decrease) in Net Assets | | | | | | | |
| Operations: | | | | | | | |
| Net investment income (loss) | $ 1,648,526 | | $ 4,433,694 | | $ (15,543) | | $ 122,083 |
| Net realized gain (loss) on investments and futures | 168,323,017 | | 62,022,436 | | 38,972,687 | | 12,886,766 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | (142,002,398) | | 70,234,904 | | (34,813,747) | | 7,930,345 |
| Net increase (decrease) from operations | 27,969,145 | | 136,691,034 | | 4,143,397 | | 20,939,194 |
| Distributions to shareholders: | | | | | | | |
| Total distributions | | | | | | | |
| Investment Class | (205,273,357) | | (23,406,981) | | (10,884,926) | | (8,735,337) |
| Service Class | (44,930) | | (2,531) | | (1,289,070) | | (1,048,868) |
| Total distributions | (205,318,287) | | (23,409,512) | | (12,173,996) | | (9,784,205) |
| Increase (decrease) in assets from operations and distributions | (177,349,142) | | 113,281,522 | | (8,030,599) | | 11,154,989 |
| Share transactions: | | | | | | | |
| Proceeds from sale of shares | | | | | | | |
| Investment Class | 10,460,288 | | 22,603,685 | | 417,608 | | 2,801,546 |
| Service Class | 20,000 | | 214,086 | | 7,149,134 | | 1,531,472 |
| Value of distributions reinvested | | | | | | | |
| Investment Class | 205,036,339 | | 23,158,592 | | 10,884,764 | | 8,735,201 |
| Service Class | 44,930 | | 2,531 | | 1,289,070 | | 1,048,868 |
| Cost of shares redeemed | | | | | | | |
| Investment Class | (389,409,626) | | (48,319,146) | | (65,538,515) | | (10,268,082) |
| Service Class | (150,188) | | (26,642) | | (858,124) | | (2,653,742) |
| Net increase (decrease) from share transactions | (173,998,257) | | (2,366,894) | | (46,656,063) | | 1,195,263 |
| Total increase (decrease) in net assets | (351,347,399) | | 110,914,628 | | (54,686,662) | | 12,350,252 |
| Net Assets | | | | | | | |
| Beginning of period | 572,597,001 | | 461,682,373 | | 95,114,861 | | 82,764,609 |
| End of period | $ 221,249,602 | | $ 572,597,001 | | $ 40,428,199 | | $ 95,114,861 |
| Changes in Fund Shares | | | | | | | |
| Investment Class | | | | | | | |
| Shares sold | 753,554 | | 1,450,198 | | 35,451 | | 246,456 |
| Issued for distributions reinvested | 15,246,073 | | 1,580,791 | | 955,642 | | 846,434 |
| Shares redeemed | (30,927,461) | | (2,928,886) | | (5,749,884) | | (874,337) |
| Net increase (decrease) in fund shares | (14,927,834) | | 102,103 | | (4,758,791) | | 218,553 |
| Service Class | | | | | | | |
| Shares sold | 1,506 | | 11,659 | | 696,596 | | 139,140 |
| Issued for distributions reinvested | 2,917 | | 158 | | 117,831 | | 105,097 |
| Shares redeemed | (7,965) | | (1,453) | | (81,432) | | (247,671) |
| Net increase (decrease) in fund shares | (3,542) | | 10,364 | | 732,995 | | (3,434) |
The accompanying Notes are an integral part of these financial statements.
| 32 | Statements of Changes in Net Assets |
State Street Institutional
Small-Cap Equity Fund |
Six Months
Ended
March 31,
2022(a) | | Year Ended
September 30,
2021 |
| | | |
| | | |
| $ 1,694,494 | | $ 1,263,304 |
| 73,328,587 | | 189,993,131 |
| (107,282,267) | | 248,918,692 |
| (32,259,186) | | 440,175,127 |
| | | |
| | | |
| (192,472,199) | | (36,826,282) |
| (313,806) | | (53,141) |
| (192,786,005) | | (36,879,423) |
| (225,045,191) | | 403,295,704 |
| | | |
| | | |
| 22,210,168 | | 67,272,135 |
| 94,061 | | 300,585 |
| | | |
| 192,441,993 | | 36,808,062 |
| 313,806 | | 53,141 |
| | | |
| (128,183,447) | | (171,456,650) |
| (144,649) | | (699,980) |
| 86,731,932 | | (67,722,707) |
| (138,313,259) | | 335,572,997 |
| | | |
| 1,310,488,150 | | 974,915,153 |
| $ 1,172,174,891 | | $ 1,310,488,150 |
| | | |
| | | |
| 1,141,308 | | 3,105,436 |
| 9,884,026 | | 1,909,132 |
| (6,494,137) | | (8,531,351) |
| 4,531,197 | | (3,516,783) |
| | | |
| 4,563 | | 13,863 |
| 16,134 | | 2,755 |
| (7,626) | | (35,326) |
| 13,071 | | (18,708) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 33 |
State Street Institutional Funds
Notes to Financial Statements — March 31, 2022 (Unaudited)
1. Organization of the Funds
State Street Institutional Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Delaware business trust on May 23, 1997, and is authorized to issue an unlimited number of shares. It is currently comprised of the following three series (each, a “Fund” and collectively, the “Funds”): State Street Institutional U.S. Equity Fund, State Street Institutional Premier Growth Equity Fund and State Street Institutional Small-Cap Equity Fund. Each Fund presently offers two classes of shares — the Investment Class and the Service Class. The Trust expects that most of the time, each Fund will have relatively few shareholders (as compared with most mutual funds), but that these shareholders will invest substantial amounts in a Fund (minimum initial investment requirements are described in the current summary prospectus for each Fund and in the Funds’ statutory prospectus). Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Institutional Premier Growth Equity Fund, which is a non-diversified investment company.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust 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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation Each 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 each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
| • | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| 34 | Notes to Financial Statements |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (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 Funds value their 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 each Fund’s investments according to the fair value hierarchy as of March 31, 2022 is disclosed in each 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.
Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Certain Funds invest 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 Funds’ policy is to record all REIT distributions initially as dividend income and re-designate a portion of the capital or capital gains 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 redesignations for which actual information has not yet been reported.
Expenses Each Fund pays a “unitary fee” to SSGA FM equivalent to the Fund’s advisory and administration fee. This fee includes all operating expenses payable by each Fund, except for fees and expenses associated with the
| Notes to Financial Statements | 35 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (Unaudited)
Trust’s independent Trustees, shareholder servicing and distribution (12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).
Foreign Currency Translation The accounting records of the Funds 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 Funds 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 Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Distributions Distributions from net investment income, if any, are declared and paid annually for all Funds.
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 Each 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 Schedules of Investments and cash deposited, if any, is included in the Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by a 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. A 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 March 31, 2022, the following Funds entered into futures contracts for strategies listed below:
| Fund | Strategies |
| State Street Institutional U.S. Equity Fund | Equitization of Cash |
| State Street Institutional Premier Growth Equity Fund | Equitization of Cash |
| State Street Institutional Small-Cap Equity Fund | Equitization of Cash |
| 36 | Notes to Financial Statements |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (Unaudited)
The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2022 and the related location in the accompanying Statements of Assets and Liabilities and Statements 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 Institutional U.S. Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 483,098 | $ — | $ 483,098 |
| State Street Institutional Premier Growth Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 21,183 | $ — | $ 21,183 |
| State Street Institutional Small-Cap Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 935,800 | $ — | $ 935,800 |
| Realized Gain/Loss |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Institutional U.S. Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ (29,222) | $ — | $ (29,222) |
| State Street Institutional Premier Growth Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 48,485 | $ — | $ 48,485 |
| State Street Institutional Small-Cap Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | (1,422,329) | $ — | $ (1,422,329) |
| Net Change in Unrealized Appreciation (Depreciation) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Institutional U.S. Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 673,057 | $ — | $ 673,057 |
| State Street Institutional Premier Growth Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 76,800 | $ — | $ 76,800 |
| State Street Institutional Small-Cap Equity Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | 1,084,926 | $ — | $ 1,084,926 |
| Notes to Financial Statements | 37 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (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 each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:
| Fund | Average Daily
Net Assets of the Fund | Management Fee |
| State Street Institutional U.S. Equity Fund | First $25 million | 0.55% |
| | Next $25 million | 0.45% |
| | Over $50 million | 0.35% |
| State Street Institutional Premier Growth Equity Fund | First $25 million | 0.55% |
| | Next $25 million | 0.45% |
| | Over $50 million | 0.35% |
| State Street Institutional Small-Cap Equity Fund | First $250 million | 0.95% |
| | Next $250 million | 0.90% |
| | Over $500 million | 0.85% |
Each Fund’s Management Fee is a “unitary” fee that includes all operating expenses payable by the Fund, except for fees and expenses associated with the Independent Trustees, shareholder servicing and distribution (12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).
Effective January 1, 2022, SSGA FM is contractually obligated until January 31, 2023 (i) to waive up to the full amount of the advisory fee payable by the State Street Institutional Small-Cap Equity Fund, and/or (ii) to reimburse the State Street Institutional Small-Cap Equity Fund for expenses to the extent that total annual fund operating expenses (exclusive of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing) exceed 0.75% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2023 except with approval of the Board.
Distribution and Shareholder Servicing Fees The Funds have adopted a Shareholder Servicing and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the Service Class shares of each Fund. Each Fund pays State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the Funds' principal underwriter, a monthly fee for distribution and/or shareholder services provided, at an annual rate of 0.25% of the average daily net assets of such Fund attributable to the Service Class shares. Currently, Investment Class shares are not subject to a 12b-1 fee.
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 Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and subadministration fees in the Statements of Operations.
Due to Custodian In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian, who is an affiliate of the Funds.
Other Transactions with Affiliates The Funds 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 Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2022 are disclosed in the Schedules of Investments.
| 38 | Notes to Financial Statements |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (Unaudited)
5.Sub-Advisory Fees
Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the State Street Institutional Small-Cap Equity Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) Riverbridge Partners LLC; (iv) Kennedy Capital Management, Inc.; and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the State Street Institutional Small-Cap Equity Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the State Street Institutional Small-Cap Equity Fund’s cash position, while each subadviser 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.Trustees' Fees
The fees and expenses of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) are paid directly by the Funds. The Independent Trustees 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 March 31, 2022 were as follows:
| | U.S. Government
Obligations | | Other
Securities |
| Fund | Purchases | Sales | | Purchases | Sales |
| State Street Institutional U.S. Equity Fund | $— | $— | | $ 68,132,459 | $444,583,091 |
| State Street Institutional Premier Growth Equity Fund | — | — | | 17,672,281 | 75,544,817 |
| State Street Institutional Small-Cap Equity Fund | — | — | | 147,325,624 | 263,793,289 |
8.Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each 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 Funds file 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 (the ̈IRS̈) for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Funds' 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 | 39 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (Unaudited)
As of March 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
| Fund | Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| State Street Institutional U.S. Equity Fund | $150,536,296 | $ 74,732,000 | $ 4,055,616 | $ 70,676,384 |
| State Street Institutional Premier Growth Equity Fund | 28,938,696 | 12,646,177 | 1,299,481 | 11,346,696 |
| State Street Institutional Small-Cap Equity Fund | 902,619,871 | 326,869,797 | 61,589,378 | 265,280,419 |
9.Line of Credit
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.1 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 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.
Prior to October 7, 2021, the Funds had access to $200 million of a $500 million revolving credit facility and interest was calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
The Funds had no outstanding loans as of March 31, 2022.
10.Risks
Concentration Risk As a result of a 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 a Fund's investments more than if a Fund was more broadly diversified.
Market Risk A 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. A 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 or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 will likely affect certain sectors and industries more dramatically than others, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases
| 40 | Notes to Financial Statements |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2022 (Unaudited)
in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.
11.Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds 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 | 41 |
State Street Institutional Funds
Other Information — March 31, 2022 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds' Program. The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for periods ending June 2021 and December 2021. As reported to the Board, the Program supported each Fund's ability to honor redemption requests timely and SSGA FM's management of each Fund's liquidity profile, including during periods of market volatility. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Funds have adopted the proxy voting policies of the Adviser. A description of the Funds' proxy voting policies and procedures that are used by the Funds' investment Adviser to vote proxies relating to Funds' portfolio of securities are available (i) without charge, upon request, by calling 1-800-242-0134 (toll free) and (ii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.ssga.com.
Special Meeting of Shareholders — Voting Results
A special meeting of shareholders of State Street Institutional Premier Growth Equity Fund (the “Fund”), a series of State Street Institutional Funds, was held on September 29, 2021 to approve a change in the sub-classification of the Fund from “diversified” to “non-diversified” and the elimination of a related fundamental investment restriction. At the meeting the following votes were recorded:
| Shares For | 6,016,941.317 |
| Shares Against | 60,765.782 |
| Shares Abstained | 467.000 |
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Funds' website at www.ssga.com. The Funds' Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Institutional Funds
Other Information, continued — March 31, 2022 (Unaudited)
State Street Institutional Funds
Trustees
Michael F. Holland, Co-Chairperson
Patrick J. Riley, Co-Chairperson
John R. Costantino
Donna M. Rapaccioli
Michael A. Jessee
Richard D. Shirk
Ellen M. Needham
Officers
Ellen M. Needham, President
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer
Bruce S. Rosenberg, Treasurer
Ann M. Carpenter, Vice President and Deputy Treasurer
Chad C. Hallett, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
David K. Lancaster, Assistant Treasurer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
Timothy Collins, Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
(b) Not applicable.
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. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR
is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Item 13. Exhibits.
| (a)(1) | Not applicable; this Form N-CSR is a Semi-Annual Report. |
| (a)(3) | Not applicable to the Registrant. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Registrant: | | STATE STREET INSTITUTIONAL FUNDS |
| |
| By: | | /s/ Ellen M. Needham |
| | Ellen M. Needham |
| | President |
| |
| Date: | | June 3, 2022 |
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/ Ellen M. Needham |
| | Ellen M. Needham |
| | President (Principal Executive Officer) |
| |
| Date: | | June 3, 2022 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
| |
| Date: | | June 3, 2022 |
