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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04041

STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.

(Exact name of registrant as specified in charter)

One Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices)(Zip code)


(Name and Address of Agent for Service)		*Copy to:*

Sean O’Malley, Esq. Senior Vice President and Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210		Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Shareholder Reports.

Semi-Annual Report

June 30, 2020

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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

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

LOGO

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

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		13
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Notes to Financial Statements		17
Other Information		22

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

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

Fund Information — June 30, 2020 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

Sector Allocation

Portfolio Composition as a % of Fair Value of $164,180 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	5.93	%

Apple Inc.	5.72	%

Amazon.com Inc.	4.43	%

Facebook Inc., Class A	2.09	%

Alphabet Inc., Class A	1.63	%

Alphabet Inc., Class C	1.60	%

Johnson & Johnson	1.42	%

Berkshire Hathaway Inc., Class B	1.34	%

Visa Inc., Class A	1.26	%

The Procter & Gamble Co.	1.14	%

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

(b)

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

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.


State Street S&P 500 Index V.I.S. Fund			1

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

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

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

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2020	$	966.50	$	1,023.22
Expenses Paid During Period*	$	1.61	$	1.66

*	Expenses are equal to the Fund’s annualized expense ratio of 0.33% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 98.4%†
Advertising - 0.1%
Omnicom Group Inc. (a)		1,323		72,236
The Interpublic Group of Companies Inc.		2,720		46,675

				118,911


Aerospace & Defense - 1.7%
General Dynamics Corp.		1,473		220,154
Howmet Aerospace Inc.		2,788		44,190
Huntington Ingalls Industries Inc.		200		34,898
L3Harris Technologies Inc.		1,397		237,029
Lockheed Martin Corp.		1,564		570,735
Northrop Grumman Corp.		997		306,518
Raytheon Technologies Corp.		9,281		571,895
Teledyne Technologies Inc. (b)		200		62,190
Textron Inc.		1,525		50,188
The Boeing Co.		3,409		624,870
TransDigm Group Inc.		301		133,057

				2,855,724


Agricultural & Farm Machinery - 0.2%
Deere & Co. (a)		1,992		313,043


Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		3,465		138,254


Air Freight & Logistics - 0.5%
CH Robinson Worldwide Inc.		787		62,220
Expeditors International of Washington Inc.		1,032		78,473
FedEx Corp.		1,528		214,256
United Parcel Service Inc., Class B		4,459		495,752

				850,701


Airlines - 0.2%
Alaska Air Group Inc.		700		25,382
American Airlines Group Inc.		2,398		31,342
Delta Air Lines Inc.		3,906		109,563
Southwest Airlines Co. (b)		2,942		100,558
United Airlines Holdings Inc.		1,450		50,184

				317,029


Alternative Carriers - 0.0%*
CenturyLink Inc.		5,933		59,508


Apparel Retail - 0.4%
L Brands Inc.		1,488		22,275
Ross Stores Inc.		2,226		189,744
The Gap Inc.		1,676		21,151


	Number of Shares		Fair Value $
The TJX Companies Inc.		7,542		381,324

				614,494


Apparel, Accessories & Luxury Goods - 0.2%
Hanesbrands Inc.		2,400		27,096
PVH Corp.		518		24,890
Ralph Lauren Corp. (a)		400		29,008
Tapestry Inc.		1,589		21,102
Under Armour Inc., Class A (b)		1,700		16,558
Under Armour Inc., Class C (b)		1,712		15,134
VF Corp.		1,977		120,478

				254,266


Application Software - 2.4%
Adobe Inc. (b)		3,033		1,320,295
ANSYS Inc. (b)		531		154,909
Autodesk Inc. (b)		1,348		322,428
Cadence Design Systems Inc. (b)		1,700		163,132
Citrix Systems Inc.		707		104,572
Intuit Inc.		1,658		491,083
Paycom Software Inc. (b)		300		92,919
salesforce.com Inc. (b)		5,654		1,059,164
Synopsys Inc. (b)		919		179,205
Tyler Technologies Inc. (b)		300		104,064

				3,991,771


Asset Management & Custody Banks - 0.8%
Ameriprise Financial Inc.		776		116,431
BlackRock Inc.		960		522,327
Franklin Resources Inc. (a)		2,000		41,940
Invesco Ltd.		2,050		22,058
Northern Trust Corp.		1,307		103,697
State Street Corp. (a)(c)		2,311		146,864
T Rowe Price Group Inc.		1,430		176,605
The Bank of New York Mellon Corp.		5,320		205,618

				1,335,540


Auto Parts & Equipment - 0.1%
Aptiv PLC		1,656		129,036
BorgWarner Inc.		1,347		47,549

				176,585


Automobile Manufacturers - 0.2%
Ford Motor Co.		24,337		147,969
General Motors Co.		7,731		195,594

				343,563


Automotive Retail - 0.3%
Advance Auto Parts Inc. (a)		401		57,122
AutoZone Inc. (b)		148		166,962

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

CarMax Inc. (b)		994		89,013
O’Reilly Automotive Inc. (b)		465		196,076

				509,173


Biotechnology - 2.4%
AbbVie Inc.		11,041		1,084,006
Alexion Pharmaceuticals Inc. (b)		1,401		157,248
Amgen Inc.		3,717		876,692
Biogen Inc. (b)		1,058		283,068
Gilead Sciences Inc.		7,896		607,518
Incyte Corp. (b)		1,200		124,764
Regeneron Pharmaceuticals Inc. (b)		611		381,050
Vertex Pharmaceuticals Inc. (b)		1,633		474,076

				3,988,422


Brewers - 0.0%*
Molson Coors Beverage Co., Class B		1,298		44,599


Broadcasting - 0.1%
Discovery Inc., Class A (b)		1,106		23,337
Discovery Inc., Class C (b)		1,944		37,441
Fox Corp., Class A		2,113		56,671
Fox Corp., Class B (b)		1,130		30,329
ViacomCBS Inc., Class B		3,494		81,480

				229,258


Building Products - 0.4%
Allegion PLC		533		54,483
AO Smith Corp.		972		45,801
Carrier Global Corp.		5,170		114,877
Fortune Brands Home & Security Inc.		799		51,080
Johnson Controls International PLC (a)		4,696		160,322
Masco Corp.		1,824		91,583
Trane Technologies PLC		1,452		129,199

				647,345


Cable & Satellite - 1.0%
Charter Communications Inc., Class A (b)		948		483,518
Comcast Corp., Class A (a)		28,439		1,108,552
DISH Network Corp., Class A (b)		1,581		54,560

				1,646,630


Casinos & Gaming - 0.1%
Las Vegas Sands Corp.		2,087		95,042
MGM Resorts International		3,500		58,800


	Number of Shares		Fair Value $
Wynn Resorts Ltd.		657		48,940

				202,782


Commodity Chemicals - 0.2%
Dow Inc. (b)		4,536		184,888
LyondellBasell Industries N.V., Class A		1,538		101,077

				285,965


Communications Equipment - 1.0%
Arista Networks Inc. (b)		350		73,510
Cisco Systems Inc.		26,584		1,239,878
F5 Networks Inc. (b)		400		55,792
Juniper Networks Inc.		2,247		51,366
Motorola Solutions Inc. (a)		1,044		146,296

				1,566,842


Computer & Electronics Retail - 0.1%
Best Buy Company Inc. (a)		1,450		126,542


Construction & Engineering - 0.1%
Jacobs Engineering Group Inc.		850		72,080
Quanta Services Inc.		784		30,756

				102,836


Construction Machinery & Heavy Trucks - 0.5%
Caterpillar Inc.		3,512		444,268
Cummins Inc.		953		165,117
PACCAR Inc.		2,154		161,227
Westinghouse Air Brake Technologies Corp.		1,160		66,781

				837,393


Construction Materials - 0.1%
Martin Marietta Materials Inc.		400		82,628
Vulcan Materials Co.		795		92,101

				174,729


Consumer Electronics - 0.1%
Garmin Ltd.		800		78,000


Consumer Finance - 0.5%
American Express Co.		4,266		406,123
Capital One Financial Corp.		2,853		178,569
Discover Financial Services		1,977		99,028
Synchrony Financial		3,477		77,051

				760,771


Copper - 0.1%
Freeport-McMoRan Inc.		8,774		101,515

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Data Processing & Outsourced Services - 4.3%
Automatic Data Processing Inc.		2,747		409,001
Broadridge Financial Solutions Inc. (a)		730		92,119
Fidelity National Information Services Inc.		3,900		522,951
Fiserv Inc. (b)		3,625		353,872
FleetCor Technologies Inc. (b)		539		135,575
Global Payments Inc.		1,903		322,787
Jack Henry & Associates Inc.		500		92,015
Mastercard Inc., Class A		5,569		1,646,753
Paychex Inc.		2,029		153,697
PayPal Holdings Inc. (b)		7,356		1,281,636
The Western Union Co.		2,524		54,569
Visa Inc., Class A		10,745		2,075,611

				7,140,586


Department Stores - 0.0%*
Kohl’s Corp.		1,273		26,440


Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		994		63,278
Constellation Brands Inc., Class A		1,051		183,873

				247,151


Distributors - 0.1%
Genuine Parts Co.		945		82,177
LKQ Corp. (b)		1,952		51,143

				133,320


Diversified Banks - 2.8%
Bank of America Corp.		49,323		1,171,421
Citigroup Inc.		13,129		670,892
JPMorgan Chase & Co.		19,279		1,813,383
U.S. Bancorp (a)		8,800		324,016
Wells Fargo & Co.		24,020		614,912

				4,594,624


Diversified Chemicals - 0.0%*
Eastman Chemical Co. (a)		918		63,930


Diversified Support Services - 0.2%
Cintas Corp.		508		135,311
Copart Inc. (b)		1,300		108,251

				243,562


Drug Retail - 0.1%
Walgreens Boots Alliance Inc.		4,599		194,952


Electric Utilities - 1.9%
Alliant Energy Corp.		1,600		76,544


	Number of Shares		Fair Value $
American Electric Power Company Inc.		3,119		248,397
Duke Energy Corp.		4,630		369,891
Edison International (a)		2,230		121,111
Entergy Corp.		1,253		117,544
Evergy Inc.		1,388		82,295
Eversource Energy		2,130		177,365
Exelon Corp.		6,034		218,974
FirstEnergy Corp.		3,454		133,946
NextEra Energy Inc.		3,055		733,719
NRG Energy Inc.		1,738		56,589
Pinnacle West Capital Corp.		700		51,303
PPL Corp.		5,037		130,156
The Southern Co.		6,657		345,166
Xcel Energy Inc. (a)		3,336		208,500

				3,071,500


Electrical Components & Equipment - 0.5%
AMETEK Inc.		1,413		126,280
Eaton Corporation PLC		2,602		227,623
Emerson Electric Co.		3,868		239,932
Rockwell Automation Inc.		715		152,295

				746,130


Electronic Components - 0.2%
Amphenol Corp., Class A (a)		1,852		177,440
Corning Inc.		5,134		132,971

				310,411


Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc.		736		29,860
Keysight Technologies Inc. (b)		1,200		120,936
Zebra Technologies Corp., Class A (b)		300		76,785

				227,581


Electronic Manufacturing Services - 0.1%
IPG Photonics Corp. (b)		179		28,710
TE Connectivity Ltd.		2,054		167,504

				196,214


Environmental & Facilities Services - 0.3%
Republic Services Inc. (a)		1,415		116,101
Rollins Inc.		800		33,912
Waste Management Inc.		2,503		265,092

				415,105


Fertilizers & Agricultural Chemicals - 0.2%
CF Industries Holdings Inc.		1,250		35,175
Corteva Inc. (b)		4,717		126,368
FMC Corp. (a)		758		75,512
The Mosaic Co.		2,500		31,275

				268,330

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Financial Exchanges & Data - 1.2%
Cboe Global Markets Inc.		663		61,845
CME Group Inc.		2,282		370,916
Intercontinental Exchange Inc.		3,454		316,386
MarketAxess Holdings Inc.		250		125,230
Moody’s Corp.		1,003		275,554
MSCI Inc.		500		166,910
Nasdaq Inc.		691		82,554
S&P Global Inc.		1,556		512,671

				1,912,066


Food Distributors - 0.1%
Sysco Corp.		3,318		181,362


Food Retail - 0.1%
The Kroger Co.		5,010		169,589


Footwear - 0.5%
NIKE Inc., Class B		7,789		763,711


Gas Utilities - 0.0%*
Atmos Energy Corp.		700		69,706


General Merchandise Stores - 0.5%
Dollar General Corp.		1,606		305,959
Dollar Tree Inc. (b)		1,492		138,279
Target Corp.		3,227		387,014

				831,252


Gold - 0.2%
Newmont Corp.		5,183		319,998


Health Care REITs - 0.2%
Healthpeak Properties Inc.		3,274		90,231
Ventas Inc. (a)		2,129		77,964
Welltower Inc.		2,520		130,410

				298,605


Healthcare Distributors - 0.2%
AmerisourceBergen Corp.		913		92,003
Cardinal Health Inc. (a)		1,868		97,491
Henry Schein Inc. (b)		863		50,391
McKesson Corp.		1,013		155,414

				395,299


Healthcare Equipment - 3.5%
Abbott Laboratories		11,068		1,011,947
ABIOMED Inc. (b)		300		72,468
Baxter International Inc.		3,225		277,672
Becton Dickinson and Co.		1,836		439,300
Boston Scientific Corp. (b)		8,820		309,670


	Number of Shares		Fair Value $
Danaher Corp. (a)		3,929		694,765
DexCom Inc. (b)		562		227,835
Edwards Lifesciences Corp. (b)		3,957		273,468
Hologic Inc. (b)		1,500		85,500
IDEXX Laboratories Inc. (b)		522		172,344
Intuitive Surgical Inc. (b)		719		409,708
Medtronic PLC (a)		8,383		768,721
ResMed Inc.		894		171,648
STERIS PLC		500		76,720
Stryker Corp. (a)		2,000		360,380
Teleflex Inc.		300		109,194
Varian Medical Systems Inc. (b)		634		77,678
Zimmer Biomet Holdings Inc. (a)		1,337		159,584

				5,698,602


Healthcare Facilities - 0.1%
HCA Healthcare Inc.		1,657		160,828
Universal Health Services Inc., Class B		558		51,833

				212,661


Healthcare Services - 0.7%
Cigna Corp. (a)(b)		2,373		445,293
CVS Health Corp.		8,282		538,082
DaVita Inc. (b)		558		44,160
Laboratory Corporation of America Holdings (b)		591		98,171
Quest Diagnostics Inc.		800		91,168

				1,216,874


Healthcare Supplies - 0.2%
Align Technology Inc. (b)		461		126,517
DENTSPLY SIRONA Inc. (a)		1,532		67,500
The Cooper Companies Inc.		315		89,346
West Pharmaceutical Services Inc.		500		113,585

				396,948


Healthcare Technology - 0.1%
Cerner Corp.		2,000		137,100


Home Building - 0.2%
D.R. Horton Inc.		2,047		113,506
Lennar Corp., Class A		1,800		110,916
NVR Inc. (b)		20		65,175
PulteGroup Inc. (a)		1,535		52,236

				341,833


Home Furnishings - 0.0%*
Leggett & Platt Inc. (a)		1,000		35,150
Mohawk Industries Inc. (b)		400		40,704

				75,854

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Home Improvement Retail - 1.4%
Lowe’s Companies Inc.		4,876		658,845
The Home Depot Inc.		6,843		1,714,240

				2,373,085


Hotel & Resort REITs - 0.0%*
Host Hotels & Resorts Inc. (a)		4,517		48,738


Hotels, Resorts & Cruise Lines - 0.2%
Carnival Corp.		2,900		47,618
Hilton Worldwide Holdings Inc.		1,797		131,989
Marriott International Inc., Class A		1,697		145,484
Norwegian Cruise Line Holdings Ltd. (b)		1,500		24,645
Royal Caribbean Cruises Ltd. (a)		1,063		53,469

				403,205


Household Appliances - 0.0%*
Whirlpool Corp.		359		46,501


Household Products - 1.7%
Church & Dwight Company Inc.		1,538		118,887
Colgate-Palmolive Co.		5,439		398,461
Kimberly-Clark Corp. (a)		2,168		306,447
The Clorox Co.		782		171,547
The Procter & Gamble Co.		15,647		1,870,912

				2,866,254


Housewares & Specialties - 0.0%*
Newell Brands Inc.		2,334		37,064


Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		875		46,226


Hypermarkets & Super Centers - 1.2%
Costco Wholesale Corp.		2,764		838,072
Walmart Inc. (a)		8,887		1,064,485

				1,902,557


Independent Power Producers & Energy Traders - 0.0%*
The AES Corp.		3,956		57,322


Industrial Conglomerates - 1.1%
3M Co.		3,663		571,391
General Electric Co. (a)		55,571		379,550
Honeywell International Inc.		4,462		645,161
Roper Technologies Inc.		628		243,827

				1,839,929


	Number of Shares		Fair Value $
Industrial Gases - 0.6%
Air Products & Chemicals Inc. (a)		1,341		323,798
Linde PLC		3,355		711,629

				1,035,427


Industrial Machinery - 0.8%
Dover Corp.		925		89,318
Flowserve Corp. (a)		900		25,668
Fortive Corp.		1,849		125,103
IDEX Corp.		500		79,020
Illinois Tool Works Inc. (a)		1,851		323,648
Ingersoll Rand Inc.		2,211		62,173
Otis Worldwide Corp. (b)		2,585		146,983
Parker-Hannifin Corp.		834		152,847
Pentair PLC		1,146		43,537
Snap-on Inc.		349		48,340
Stanley Black & Decker Inc.		929		129,484
Xylem Inc.		1,095		71,131

				1,297,252


Industrial REITs - 0.3%
Duke Realty Corp.		2,500		88,475
Prologis Inc.		4,687		437,438

				525,913


Insurance Brokers - 0.6%
Aon PLC		1,434		276,188
Arthur J Gallagher & Co.		1,227		119,620
Marsh & McLennan Companies Inc.		3,196		343,155
Willis Towers Watson PLC (a)		819		161,302

				900,265


Integrated Oil & Gas - 1.4%
Chevron Corp.		11,844		1,056,840
Exxon Mobil Corp.		26,513		1,185,661
Occidental Petroleum Corp. (a)		6,029		110,331

				2,352,832


Integrated Telecommunication Services - 1.7%
AT&T Inc.		44,999		1,360,320
Verizon Communications Inc.		25,932		1,429,631

				2,789,951


Interactive Home Entertainment - 0.4%
Activision Blizzard Inc.		4,860		368,874
Electronic Arts Inc. (b)		1,798		237,426
Take-Two Interactive Software Inc. (b)		691		96,443

				702,743

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


State Street S&P 500 Index V.I.S. Fund			7

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Interactive Media & Services - 5.4%
Alphabet Inc., Class A (b)		1,882		2,668,770
Alphabet Inc., Class C (b)		1,857		2,625,074
Facebook Inc., Class A (b)		15,119		3,433,071
Twitter Inc. (b)		5,100		151,929

				8,878,844


Internet & Direct Marketing Retail - 4.9%
Amazon.com Inc. (b)		2,638		7,277,767
Booking Holdings Inc. (b)		260		414,009
eBay Inc.		4,172		218,821
Expedia Group Inc.		850		69,870

				7,980,467


Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (b)		994		106,448
VeriSign Inc. (b)		640		132,371

				238,819


Investment Banking & Brokerage - 0.7%
E*TRADE Financial Corp.		1,240		61,665
Morgan Stanley		7,364		355,681
Raymond James Financial Inc. (a)		786		54,101
The Charles Schwab Corp.		7,411		250,047
The Goldman Sachs Group Inc.		2,021		399,390

				1,120,884


IT Consulting & Other Services - 1.2%
Accenture PLC, Class A		3,971		852,653
Cognizant Technology Solutions Corp., Class A		3,434		195,120
DXC Technology Co. (a)		1,824		30,096
Gartner Inc. (b)		600		72,798
International Business Machines Corp.		5,532		668,100
Leidos Holdings Inc. (a)		800		74,936

				1,893,703


Leisure Products - 0.0%*
Hasbro Inc.		796		59,660


Life & Health Insurance - 0.4%
Aflac Inc.		4,826		173,881
Globe Life Inc.		666		49,437
Lincoln National Corp.		1,260		46,355
MetLife Inc.		4,778		174,493
Principal Financial Group Inc.		1,711		71,075
Prudential Financial Inc.		2,505		152,554
Unum Group		1,589		26,362

				694,157


	Number of Shares		Fair Value $
Life Sciences Tools & Services - 1.2%
Agilent Technologies Inc. (a)		2,022		178,684
Bio-Rad Laboratories Inc., Class A (b)		100		45,149
Illumina Inc. (b)		943		349,240
IQVIA Holdings Inc. (b)		1,103		156,494
Mettler-Toledo International Inc. (b)		150		120,832
PerkinElmer Inc.		711		69,742
Thermo Fisher Scientific Inc. (a)		2,509		909,111
Waters Corp. (b)		384		69,274

				1,898,526


Managed Healthcare - 1.7%
Anthem Inc.		1,610		423,398
Centene Corp. (b)		3,741		237,740
Humana Inc. (a)		847		328,424
UnitedHealth Group Inc.		5,944		1,753,183

				2,742,745


Metal & Glass Containers - 0.1%
Ball Corp.		2,082		144,678


Movies & Entertainment - 1.6%
Live Nation Entertainment Inc. (b)		800		35,464
Netflix Inc. (b)		2,746		1,249,540
The Walt Disney Co.		11,299		1,259,951

				2,544,955


Multi-Line Insurance - 0.2%
American International Group Inc.		5,312		165,628
Assurant Inc.		339		35,015
The Hartford Financial Services Group Inc. (a)		2,196		84,656

				285,299


Multi-Sector Holdings - 1.3%
Berkshire Hathaway Inc., Class B (b)		12,279		2,191,924


Multi-Utilities - 1.0%
Ameren Corp.		1,642		115,531
CenterPoint Energy Inc.		2,964		55,338
CMS Energy Corp.		1,749		102,177
Consolidated Edison Inc.		2,079		149,542
Dominion Energy Inc.		5,228		424,409
DTE Energy Co. (a)		1,280		137,600
NiSource Inc.		2,515		57,191
Public Service Enterprise Group Inc.		3,151		154,903

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Sempra Energy (a)		1,800		211,014
WEC Energy Group Inc.		2,009		176,089

				1,583,794


Office REITs - 0.2%
Alexandria Real Estate Equities Inc. (a)		800		129,800
Boston Properties Inc. (a)		898		81,161
SL Green Realty Corp. (a)		600		29,574
Vornado Realty Trust		811		30,989

				271,524


Oil & Gas Equipment & Services - 0.2%
Baker Hughes Co.		3,481		53,573
Halliburton Co.		5,658		73,441
National Oilwell Varco Inc.		2,846		34,863
Schlumberger Ltd. (a)		8,621		158,540
TechnipFMC PLC (a)		2,686		18,372

				338,789


Oil & Gas Exploration & Production - 0.6%
Apache Corp.		2,348		31,698
Cabot Oil & Gas Corp.		2,380		40,889
Concho Resources Inc.		1,300		66,950
ConocoPhillips		6,735		283,005
Devon Energy Corp.		2,992		33,929
Diamondback Energy Inc.		1,100		46,002
EOG Resources Inc.		3,800		192,508
Hess Corp.		1,531		79,321
Marathon Oil Corp.		5,742		35,141
Noble Energy Inc.		3,700		33,152
Pioneer Natural Resources Co. (a)		1,009		98,579

				941,174


Oil & Gas Refining & Marketing - 0.3%
HollyFrontier Corp.		900		26,280
Marathon Petroleum Corp.		3,983		148,885
Phillips 66		2,830		203,477
Valero Energy Corp.		2,538		149,285

				527,927


Oil & Gas Storage & Transportation - 0.3%
Kinder Morgan Inc.		12,223		185,423
ONEOK Inc.		2,700		89,694
The Williams Companies Inc.		7,489		142,441

				417,558


Packaged Foods & Meats - 1.0%
Campbell Soup Co.		1,076		53,402
Conagra Brands Inc.		3,254		114,443


	Number of Shares		Fair Value $
General Mills Inc.		3,799		234,209
Hormel Foods Corp.		1,800		86,886
Kellogg Co.		1,586		104,771
Lamb Weston Holdings Inc.		868		55,491
McCormick & Company Inc.		800		143,528
Mondelez International Inc., Class A (a)		9,055		462,982
The Hershey Co.		921		119,380
The JM Smucker Co.		747		79,040
The Kraft Heinz Co.		3,828		122,075
Tyson Foods Inc., Class A		1,966		117,390

				1,693,597


Paper Packaging - 0.2%
Amcor PLC (b)		9,798		100,038
Avery Dennison Corp.		492		56,132
International Paper Co.		2,530		89,081
Packaging Corporation of America (a)		603		60,179
Sealed Air Corp.		931		30,583
WestRock Co.		1,775		50,162

				386,175


Personal Products - 0.2%
Coty Inc., Class A		1,910		8,538
The Estee Lauder Companies Inc., Class A		1,406		265,284

				273,822


Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.		14,271		839,135
Eli Lilly & Co.		5,285		867,691
Johnson & Johnson		16,525		2,323,911
Merck & Company Inc. (a)		15,956		1,233,877
Mylan N.V. (b)		3,050		49,044
Perrigo Company PLC		975		53,888
Pfizer Inc.		34,691		1,134,396
Zoetis Inc.		3,023		414,272

				6,916,214


Property & Casualty Insurance - 0.7%
Chubb Ltd. (a)		2,872		363,652
Cincinnati Financial Corp. (a)		923		59,100
Loews Corp.		1,524		52,258
The Allstate Corp.		2,033		197,181
The Progressive Corp.		3,616		289,678
The Travelers Companies Inc.		1,667		190,121
WR Berkley Corp.		1,000		57,290

				1,209,280


Publishing - 0.0%*
News Corp., Class A (a)		2,596		30,789

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


State Street S&P 500 Index V.I.S. Fund			9

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Railroads - 0.9%
CSX Corp.		4,800		334,752
Kansas City Southern (a)		606		90,470
Norfolk Southern Corp.		1,647		289,164
Union Pacific Corp.		4,339		733,594

				1,447,980


Real Estate Services - 0.1%
CBRE Group Inc., Class A (b)		1,921		86,868


Regional Banks - 0.8%
Citizens Financial Group Inc.		3,000		75,720
Comerica Inc.		848		32,309
Fifth Third Bancorp (a)		4,735		91,291
First Republic Bank		1,036		109,805
Huntington Bancshares Inc.		6,934		62,649
KeyCorp		5,765		70,218
M&T Bank Corp.		890		92,533
People’s United Financial Inc.		3,200		37,024
Regions Financial Corp.		5,743		63,862
SVB Financial Group (b)		300		64,659
The PNC Financial Services Group Inc.		2,712		285,329
Truist Financial Corp.		8,625		323,869
Zions Bancorp NA		1,000		34,000

				1,343,268


Reinsurance - 0.0%*
Everest Re Group Ltd.		200		41,240


Research & Consulting Services - 0.3%
Equifax Inc.		744		127,879
IHS Markit Ltd.		2,531		191,090
Nielsen Holdings PLC		2,328		34,594
Verisk Analytics Inc.		1,000		170,200

				523,763


Residential REITs - 0.3%
Apartment Investment & Management Co., Class A		977		36,774
AvalonBay Communities Inc. (a)		869		134,382
Equity Residential (a)		2,308		135,757
Essex Property Trust Inc. (a)		421		96,481
Mid-America Apartment Communities Inc.		700		80,269
UDR Inc.		1,900		71,022

				554,685


Restaurants - 1.2%
Chipotle Mexican Grill Inc. (b)		160		168,378
Darden Restaurants Inc.		886		67,132
Domino’s Pizza Inc.		200		73,888
McDonald’s Corp.		4,712		869,223
Starbucks Corp.		7,525		553,765
Yum! Brands Inc.		1,974		171,560

				1,903,946


	Number of Shares		Fair Value $
Retail REITs - 0.2%
Federal Realty Investment Trust (a)		500		42,605
Kimco Realty Corp. (a)		3,097		39,766
Realty Income Corp. (a)		2,000		119,000
Regency Centers Corp.		999		45,844
Simon Property Group Inc.		1,979		135,324

				382,539


Semiconductor Equipment - 0.5%
Applied Materials Inc.		5,845		353,330
KLA Corp.		985		191,563
Lam Research Corp. (a)		931		301,141

				846,034


Semiconductors - 4.2%
Advanced Micro Devices Inc. (b)		7,300		384,053
Analog Devices Inc.		2,275		279,006
Broadcom Inc.		2,479		782,397
Intel Corp.		26,691		1,596,923
Maxim Integrated Products Inc.		1,800		109,098
Microchip Technology Inc.		1,451		152,805
Micron Technology Inc. (b)		6,868		353,839
NVIDIA Corp.		3,837		1,457,715
Qorvo Inc. (b)		700		77,371
QUALCOMM Inc.		7,271		663,188
Skyworks Solutions Inc.		1,048		133,997
Texas Instruments Inc.		5,840		741,505
Xilinx Inc.		1,587		156,145

				6,888,042


Soft Drinks - 1.5%
Monster Beverage Corp. (b)		2,456		170,250
PepsiCo Inc.		8,737		1,155,556
The Coca-Cola Co.		24,155		1,079,245

				2,405,051


Specialized Consumer Services - 0.0%*
H&R Block Inc.		1,579		22,548


Specialized REITs - 1.5%
American Tower Corp.		2,767		715,380
Crown Castle International Corp.		2,648		443,143
Digital Realty Trust Inc.		1,656		235,334
Equinix Inc.		541		379,944
Extra Space Storage Inc.		800		73,896
Iron Mountain Inc. (a)		1,886		49,225
Public Storage		942		180,761
SBA Communications Corp.		733		218,375
Weyerhaeuser Co.		4,967		111,559

				2,407,617

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Specialty Chemicals - 0.7%
Albemarle Corp.		769		59,374
Celanese Corp.		722		62,337
DuPont de Nemours Inc.		4,639		246,470
Ecolab Inc. (a)		1,510		300,415
International Flavors & Fragrances Inc. (a)		647		79,232
PPG Industries Inc.		1,478		156,757
The Sherwin-Williams Co.		527		304,527

				1,209,112


Specialty Stores - 0.2%
Tiffany & Co. (a)		704		85,846
Tractor Supply Co.		637		83,950
Ulta Beauty Inc. (b)		364		74,045

				243,841


Steel - 0.0%*
Nucor Corp. (a)		1,791		74,165


Systems Software - 6.8%
Fortinet Inc. (b)		900		123,543
Microsoft Corp.		47,866		9,741,210
Nortonlifelock Inc. (a)		3,572		70,833
Oracle Corp.		13,141		726,303
ServiceNow Inc. (b)		1,200		486,072

				11,147,961


Technology Distributors - 0.1%
CDW Corp.		880		102,238


Technology Hardware, Storage & Peripherals - 6.0%
Apple Inc.		25,760		9,397,248
Hewlett Packard Enterprise Co.		8,319		80,944
HP Inc.		9,261		161,419
NetApp Inc.		1,470		65,224
Seagate Technology PLC (a)		1,432		69,323
Western Digital Corp.		1,815		80,133
Xerox Holdings Corp. (a)(b)		1,211		18,516

				9,872,807


Tobacco - 0.7%
Altria Group Inc. (a)		11,884		466,447
Philip Morris International Inc. (a)		9,722		681,123

				1,147,570


	Number of Shares		Fair Value $
Trading Companies & Distributors - 0.2%
Fastenal Co.		3,400		145,656
United Rentals Inc. (b)		440		65,578
WW Grainger Inc.		282		88,593

				299,827


Trucking - 0.1%
JB Hunt Transport Services Inc.		520		62,577
Old Dominion Freight Line Inc.		600		101,754

				164,331


Water Utilities - 0.1%
American Water Works Company Inc.		1,099		141,397


Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (b)		3,203		333,592


Total Common Stock (Cost $59,592,362)				161,654,477


Rights - 0.0%*
Wireless Telecommunication Services - 0.0%*
T-Mobile US Inc. (Expiring 07/27/20) (b) (Cost $889)		2,403		404


Total Investments in Securities (Cost $59,593,251)				161,654,881


Short-Term Investments - 1.5%
State Street Institutional Liquid Reserves Fund - Premier Class 0.35% (a)(d)(e) (Cost $2,525,328)		2,524,215		2,525,225


Total Investments (Cost $62,118,579)				164,180,106

Other Assets and Liabilities, net - 0.1%				202,295


NET ASSETS - 100.0%				164,382,401

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date	Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures	September 2020		19	$	2,887,278	$	2,935,646	$	48,368

During the period ended June 30, 2020, average notional value related to long futures contracts was $1,841,711.

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


State Street S&P 500 Index V.I.S. Fund			11

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

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(b)	Non-income producing security.

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

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

(e)	Coupon amount represents effective yield.

†	Percentages are based on net assets as of June 30, 2020.

*	Less than 0.05%.

Abbreviations:

REIT Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	161,654,477	$	—	$	—	$	161,654,477
Rights		404		—		—		404
Short-Term Investments		2,525,225		—		—		2,525,225

Total Investments in Securities	$	164,180,106	$	—	$	—	$	164,180,106

Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	48,368	$	—	$	—	$	48,368

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Corp.		2,611	$	206,530	$	—	$	13,929	$	(7,318	)	$	(38,419	)		2,311	$	146,864	$	2,403
State Street Institutional Liquid Reserves Fund, Premier Class		896,863		896,953		13,567,270		11,942,127		3,235			(106	)		2,524,215		2,525,225		6,529


TOTAL			$	1,103,483	$	13,567,270	$	11,956,056	$	(4,083	)	$	(38,525	)			$	2,672,089	$	8,932

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


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

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

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			4/15/85

Net asset value, beginning of period	$	46.61		$	38.13		$	44.09		$	38.22		$	36.16		$	36.60


Income/(loss) from investment operations:
Net investment income		0.37	^(a)		0.75	^(a)		0.74	^(a)		0.71	^(a)		0.72			0.69
Net realized and unrealized gains/(losses) on investments		(1.93	)		11.09			(2.86	)		7.52			3.49			(0.28	)

Total income/(loss) from investment operations		(1.56	)		11.84			(2.12	)		8.23			4.21			0.41


Less distributions from:
Net investment income		—			0.62			0.80			0.79			0.73			0.85
Net realized gains		—			2.74			3.04			1.57			1.42			—

Total distributions		—			3.36			3.84			2.36			2.15			0.85

Net asset value, end of period	$	45.05		$	46.61		$	38.13		$	44.09		$	38.22		$	36.16

Total Return^(b)		(3.35	)%		31.05	%		(4.73	)%		21.50	%		11.61	%		1.07	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	164,382		$	186,771		$	160,902		$	194,117		$	180,761		$	179,395

Ratios to average net assets:
Net expenses		0.33	%**		0.34	%		0.33	%		0.32	%		0.34	%^(c)		0.37	%^(c)
Gross expenses		0.33	%**		0.34	%		0.33	%		0.32	%		0.37	%		0.42	%
Net investment income		1.70	%**		1.67	%		1.62	%		1.69	%		1.86	%		1.72	%
Portfolio turnover rate		1	%		2	%		2	%		2	%		2	%		2	%

Notes to Financial Highlights

(a)

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

(b)

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

(c)

Reflects a contractual arrangement with GE Asset Management Incorporated, the Fund’s investment adviser and administrator prior to July 1, 2016, to limit the advisory and administrative fee charged to the Fund to 0.30% of the average daily net assets of the Fund.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


Financial Highlights			13

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

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $59,467,350)	$	161,508,017
Investments in affiliated securities, at fair value (cost $2,651,229)		2,672,089
Cash		1,379
Net cash collateral on deposit with broker for future contracts		219,934
Income receivables		127,838
Receivable for fund shares sold		2,660
Income receivable from affiliated investments		2,685
Receivable for accumulated variation margin on futures contracts		48,413


Total assets		164,583,015


Liabilities
Payable for investments purchased		60,236
Payable for fund shares redeemed		46,704
Payable to the Adviser		33,661
Payable for custody, fund accounting and sub-administration fees		7,009
Accrued other expenses		53,004


Total liabilities		200,614



Net Assets	$	164,382,401


Net Assets Consist of:
Capital paid in	$	55,578,666
Total distributable earnings (loss)		108,803,735


Net Assets	$	164,382,401


Shares outstanding ($0.01 par value; unlimited shares authorized)		3,648,677
Net asset value per share	$	45.05

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


14		Statement of Assets and Liabilities

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

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	1,661,163
Income from affiliated investments		8,932

Total income		1,670,095


Expenses
Advisory and administration fees		205,591
Directors’ fees		9,838
Custody, fund accounting and sub-administration fees		18,769
Professional fees		17,179
Printing and shareholder reports		10,525
Other expenses		7,515

Total Expenses		269,417

Net investment income	$	1,400,678


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	7,907,033
Affiliated investments		(4,083	)
Futures		17,071
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(17,093,939	)
Affiliated investments		(38,525	)
Futures		26,764


Net realized and unrealized gain (loss) on investments		(9,185,679	)


Net Decrease in Net Assets Resulting from Operations	$	(7,785,001	)

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


Statement of Operations			15

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

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	1,400,678		$	2,955,811
Net realized gain (loss) on investments and futures		7,920,021			10,692,819
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(17,105,700	)		33,694,133

Net increase (decrease) from operations		(7,785,001	)		47,342,763


Distributions to shareholders:
Total distributions		—			(12,616,644	)

Increase (decrease) in assets from operations and distributions		(7,785,001	)		34,726,119


Share transactions:
Proceeds from sale of shares		2,668,934			4,643,425
Value of distributions reinvested		—			12,616,644
Cost of shares redeemed		(17,272,142	)		(26,117,849	)

Net increase (decrease) from share transactions		(14,603,208	)		(8,857,780	)


Total increase (decrease) in net assets		(22,388,209	)		25,868,339

Net Assets
Beginning of period		186,770,610			160,902,271


End of period	$	164,382,401		$	186,770,610


Changes in Fund Shares
Shares sold		61,874			103,613
Issued for distributions reinvested		—			269,932
Shares redeemed		(420,307	)		(586,550	)

Net decrease in fund shares		(358,433	)		(213,005	)

Unaudited

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


16		Statements of Changes in Net Assets

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

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the “Fund”), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

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

•

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

•

Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valutaion policy and procedures approved by the Board.


Notes to Financial Statements			17

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

•

Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

•

Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

•

Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

•

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.


18		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Distributions The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Derivative Financial Instruments

Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the period ended June 30, 2020, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	48,413	$	—	$	48,413

Realized Gain/Loss


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	17,071	$	—	$	17,071


Notes to Financial Statements			19

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	26,764	$	—	$	26,764

Fees and Transactions with Affiliates

Advisory Fee The Adviser, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.25%.

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

Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2020 are disclosed in the Schedule of Investments.

Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended, June 30, 2020 were as follows:


Non-U.S. Government Securities
Purchases			Sales
	$	1,293,778		$	15,829,809

Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.


20		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	66,966,388		$	102,252,877		$	4,990,791		$	97,262,086

Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2020.

Risks

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

Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

10.

Subsequent Events

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


Notes to Financial Statements			21

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

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

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


22		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory Agreement¹

Overview of the Contract Review Process

Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (commonly referred to as, the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.²

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street S&P 500 Index V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Agreement. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡

Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2019, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc., the successor to Lipper, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”);

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreement,, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.

On March 25, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board of the Company determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the May 13-14, 2020 meeting was held telephonically in reliance on the Order.


Other Information			23

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

Other Information — June 30, 2020 (Unaudited), continued

^¡

Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”);

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund;

•

A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

•

Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers;

•

Copies of the Advisory Agreement and agreements with other service providers of the Fund;


24		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

•

Responses to a letter from independent legal counsel to the Independent Directors (“Independent Counsel”), reviewed prior to such date by Independent Counsel, requesting specific information from each of:

^¡

SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2019; and the relevant operations of other affiliated service providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2019;

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act;

•

Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 13, 2020;

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund, and the investment strategies used in pursuing the Fund’s investment objective.

The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.

Results of the Process

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 14, 2020 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreement effective June 1, 2020, for an additional year with respect to the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.


Other Information			25

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

Other Information — June 30, 2020 (Unaudited), continued

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.

Fund Performance

The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2019. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Lipper Index and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:

State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1-, 3- and 5-year periods and equal to the median of its Performance Group for the 10-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Lipper Index for the 1-, 3- and 5-year periods and above the Lipper Index for the 10-year period. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:

State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability


26		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increases. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Conclusions

In reaching its decision to approve the Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Agreement.

Further, based upon its review of the Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.


Other Information			27

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

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

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

LOGO

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

Semi-Annual Report

June 30, 2020

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		12
Statement of Assets and Liabilities		13
Statement of Operations		14
Statements of Changes in Net Assets		15
Notes to Financial Statements		16
Other Information		22

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

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $26,051 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Darling Ingredients Inc.	1.28	%

The Brink’s Co.	1.16	%

Dycom Industries Inc.	1.14	%

The Timken Co.	1.05	%

Extended Stay America Inc.	1.02	%

AGCO Corp.	0.98	%

John Wiley & Sons Inc., Class A	0.90	%

Trinity Industries Inc.	0.90	%

Thor Industries Inc.	0.88	%

Ritchie Bros Auctioneers Inc.	0.85	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares.

(b)


State Street Small-Cap Equity V.I.S. Fund			1

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

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2020	$	851.10	$	1,018.30
Expenses Paid During the Period*	$	6.08	$	6.62

*	Expenses are equal to the Fund’s annualized expense ratio of 1.32% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 95.2%†
Aerospace & Defense - 0.6%
Cubic Corp.		495		23,775
Teledyne Technologies Inc. (a)(b)		441		137,129

				160,904


Agricultural & Farm Machinery - 1.0%
AGCO Corp.		4,605		255,393


Agricultural Products - 1.3%
Darling Ingredients Inc. (a)		13,535		333,232


Air Freight & Logistics - 0.3%
Air Transport Services Group Inc. (a)		917		20,422
Echo Global Logistics Inc. (a)		911		19,696
Forward Air Corp.		403		20,077
Hub Group Inc., Class A (a)		402		19,240

				79,435


Apparel Retail - 0.7%
American Eagle Outfitters Inc.		4,793		52,244
Burlington Stores Inc. (a)		401		78,969
Chico’s FAS Inc.		5,589		7,713
The Buckle Inc.		3,096		48,545

				187,471


Application Software - 6.5%
ACI Worldwide Inc. (a)		4,172		112,602
Altair Engineering Inc., Class A (a)		1,752		69,642
Blackbaud Inc.		2,713		154,858
Blackline Inc. (a)		1,899		157,446
Box Inc., Class A (a)		883		18,331
ChannelAdvisor Corp. (a)		999		15,824
Cloudera Inc. (a)		2,185		27,793
Cornerstone OnDemand Inc. (a)		1,923		74,151
Digital Turbine Inc. (a)		2,124		26,699
eGain Corp. (a)		1,176		13,066
Envestnet Inc. (a)		1,460		107,369
J2 Global Inc.		124		7,838
Medallia Inc. (a)		4,400		111,056
Mitek Systems Inc. (a)		1,989		19,114
New Relic Inc. (a)		2,880		198,432
Q2 Holdings Inc. (a)		2,510		215,333
RealPage Inc. (a)		1,325		86,138
SPS Commerce Inc. (a)(b)		134		10,066
Upland Software Inc. (a)		583		20,265
Workiva Inc. (a)		830		44,397
Yext Inc. (a)(b)		11,210		186,198
Zix Corp. (a)(b)		3,780		26,082

				1,702,700


	Number of Shares		Fair Value $
Asset Management & Custody Banks - 0.2%
Artisan Partners Asset Management Inc., Class A		401		13,032
Blucora Inc. (a)		683		7,800
Brightsphere Investment Group Inc. (a)		434		5,408
Cohen & Steers Inc.		298		20,279
Diamond Hill Investment Group Inc.		104		11,822

				58,341


Auto Parts & Equipment - 0.8%
Dana Inc.		2,606		31,767
Dorman Products Inc. (a)		779		52,247
LCI Industries		470		54,041
Modine Manufacturing Co. (a)		2,166		11,956
Standard Motor Products Inc. (b)		1,183		48,740

				198,751


Automobile Manufacturers - 0.9%
Thor Industries Inc. (b)		2,148		228,826


Automotive Retail - 1.4%
America’s Car-Mart Inc. (a)		668		58,697
Group 1 Automotive Inc.		1,163		76,723
Monro Inc.		701		38,513
Murphy USA Inc. (a)		1,659		186,787

				360,720


Biotechnology - 0.9%
Affimed N.V. (a)		4,258		19,651
CareDx Inc. (a)		304		10,771
Coherus Biosciences Inc. (a)		559		9,984
Eagle Pharmaceuticals Inc. (a)		188		9,020
Emergent BioSolutions Inc. (a)		1,339		105,888
Halozyme Therapeutics Inc. (a)		482		12,922
Heron Therapeutics Inc. (a)		2,900		42,659
Ironwood Pharmaceuticals Inc. (a)		1,165		12,023
Retrophin Inc. (a)		639		13,042
Vanda Pharmaceuticals Inc. (a)(b)		885		10,124

				246,084


Brewers - 0.4%
The Boston Beer Company Inc., Class A (a)		200		107,330

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Building Products - 0.8%
American Woodmark Corp. (a)		428		32,378
Builders FirstSource Inc. (a)		1,015		21,010
CSW Industrials Inc.		645		44,576
Gibraltar Industries Inc. (a)		788		37,832
UFP Industries Inc.		1,278		63,274

				199,070


Commodity Chemicals - 0.7%
Koppers Holdings Inc. (a)		9,688		182,522


Communications Equipment - 0.6%
Extreme Networks Inc. (a)		10,007		43,431
Infinera Corp. (a)		3,272		19,370
Lumentum Holdings Inc. (a)		709		57,734
NETGEAR Inc. (a)		842		21,799
Plantronics Inc.		1,012		14,856

				157,190


Computer & Electronics Retail - 0.1%
Rent-A-Center Inc.		561		15,607


Construction & Engineering - 2.0%
Aegion Corp. (a)		7,495		118,945
Comfort Systems USA Inc.		284		11,573
Dycom Industries Inc. (a)		7,233		295,757
EMCOR Group Inc.		278		18,387
Great Lakes Dredge & Dock Corp. (a)		2,207		20,437
MasTec Inc. (a)		355		15,929
Valmont Industries Inc. (b)		385		43,744

				524,772


Construction Machinery & Heavy Trucks - 1.7%
Alamo Group Inc.		527		54,091
Astec Industries Inc.		781		36,168
The Greenbrier Companies Inc.		1,661		37,788
The Manitowoc Company Inc. (a)		3,535		38,461
Trinity Industries Inc. (b)		11,039		235,020
Wabash National Corp. (b)		3,079		32,699

				434,227


Construction Materials - 0.1%
Eagle Materials Inc.		394		27,667


Consumer Electronics - 0.1%
Turtle Beach Corp. (a)		951		13,999
Universal Electronics Inc. (a)(b)		255		11,939

				25,938


	Number of Shares		Fair Value $
Consumer Finance - 0.0%*
Curo Group Holdings Corp.		963		7,868


Data Processing & Outsourced Services - 1.7%
Broadridge Financial Solutions Inc.		1,593		201,021
Cass Information Systems Inc.		194		7,572
CSG Systems International Inc.		1,732		71,687
EVERTEC Inc.		903		25,374
MAXIMUS Inc.		327		23,037
NIC Inc.		4,826		110,805

				439,496


Distillers & Vintners - 0.3%
MGP Ingredients Inc.		1,890		69,372


Distributors - 0.5%
Core-Mark Holding Company Inc.		614		15,322
LKQ Corp. (a)		4,392		115,071

				130,393


Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		1,388		67,665
Materion Corp.		341		20,968

				88,633


Diversified REITs - 0.2%
American Assets Trust Inc.		1,050		29,232
Essential Properties Realty Trust Inc.		1,324		19,648

				48,880


Diversified Support Services - 1.5%
Healthcare Services Group Inc.		4,321		105,692
IAA Inc. (a)		1,299		50,102
Ritchie Bros Auctioneers Inc. (b)		5,434		221,979
UniFirst Corp. (b)		160		28,632

				406,405


Education Services - 0.4%
Chegg Inc. (a)		168		11,299
K12 Inc. (a)		3,203		87,250
Perdoceo Education Corp. (a)		631		10,052

				108,601

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Electric Utilities - 0.9%
ALLETE Inc.		471		25,721
IDACORP Inc.		2,394		209,164

				234,885


Electrical Components & Equipment - 0.9%
Acuity Brands Inc.		144		13,773
Atkore International Group Inc. (a)		667		18,243
EnerSys		185		11,910
Generac Holdings Inc. (a)		1,139		138,878
Regal Beloit Corp.		549		47,939

				230,743


Electronic Components - 1.6%
Belden Inc.		6,378		207,604
II-VI Inc. (a)		571		26,963
Littelfuse Inc.		855		145,889
Rogers Corp. (a)(b)		241		30,028

				410,484


Electronic Equipment & Instruments - 0.8%
National Instruments Corp.		1,427		55,239
OSI Systems Inc. (a)		66		4,926
Zebra Technologies Corp., Class A (a)(b)		555		142,053

				202,218


Electronic Manufacturing Services - 0.5%
Fabrinet (a)		395		24,656
Methode Electronics Inc.		1,215		37,981
Plexus Corp. (a)		799		56,378
Sanmina Corp. (a)(b)		632		15,825

				134,840


Environmental & Facilities Services - 0.7%
Clean Harbors Inc. (a)		3,145		188,637


Food Distributors - 0.3%
Performance Food Group Co. (a)		2,400		69,936


Food Retail - 0.2%
Casey’s General Stores Inc.		141		21,082
Sprouts Farmers Market Inc. (a)(b)		971		24,848

				45,930


Footwear - 0.6%
Deckers Outdoor Corp. (a)		271		53,222
Wolverine World Wide Inc. (b)		4,635		110,359

				163,581


		Number of Shares		Fair Value $
Forest Products - 0.0%*
Boise Cascade Co.			309		11,621


Gas Utilities - 0.2%
Chesapeake Utilities Corp.			210		17,640
Spire Inc. (b)			680		44,683

					62,323


Health Care REITs - 0.4%
LTC Properties Inc.			281		10,585
National Health Investors Inc.			723		43,901
Physicians Realty Trust			2,588		45,342

					99,828


Healthcare Distributors - 0.3%
Covetrus Inc. (a)			3,920		70,129


Healthcare Equipment - 4.7%
AtriCure Inc. (a)			2,260		101,587
Cantel Medical Corp.			2,260		99,960
Cardiovascular Systems Inc. (a)			4,015		126,673
CONMED Corp.			2,000		143,980
Envista Holdings Corp. (a)			1,040		21,934
FONAR Corp. (a)			338		7,223
Globus Medical Inc., Class A (a)			1,055		50,334
Hill-Rom Holdings Inc.			1,837		201,666
Integer Holdings Corp. (a)			257		18,774
Integra LifeSciences Holdings Corp. (a)			3,740		175,742
IntriCon Corp. (a)			1,971		26,648
LeMaitre Vascular Inc.			837		22,097
LivaNova PLC (a)	��		345		16,605
Masimo Corp. (a)			265		60,417
Penumbra Inc. (a)			545		97,457
Surmodics Inc. (a)			233		10,075
Tactile Systems Technology Inc. (a)(b)			1,005		41,637
Varex Imaging Corp. (a)			392		5,939

					1,228,748


Healthcare Facilities - 0.6%
Acadia Healthcare Company Inc. (a)			3,672		92,241
Hanger Inc. (a)			1,624		26,893
Select Medical Holdings Corp. (a)(b)			1,057		15,569
The Ensign Group Inc.			415		17,368

					152,071

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Healthcare Services - 1.1%
Addus HomeCare Corp. (a)		250		23,140
Amedisys Inc. (a)		161		31,965
AMN Healthcare Services Inc. (a)		1,215		54,967
BioTelemetry Inc. (a)		1,657		74,880
LHC Group Inc. (a)		195		33,992
MEDNAX Inc. (a)		3,373		57,678
Premier Inc., Class A (a)		292		10,010

				286,632


Healthcare Supplies - 0.8%
Avanos Medical Inc. (a)		4,590		134,900
Haemonetics Corp. (a)		52		4,657
Lantheus Holdings Inc. (a)		1,154		16,502
Meridian Bioscience Inc. (a)		709		16,513
Quidel Corp. (a)		211		47,209

				219,781


Healthcare Technology - 1.4%
Computer Programs & Systems Inc.		629		14,335
HMS Holdings Corp. (a)		4,205		136,200
Inspire Medical Systems Inc. (a)		1,265		110,080
Livongo Health Inc. (a)		360		27,069
NextGen Healthcare Inc. (a)		2,845		31,238
Omnicell Inc. (a)		594		41,948
Simulations Plus Inc.		234		13,998

				374,868


Home Building - 0.8%
Cavco Industries Inc. (a)		250		48,213
Installed Building Products Inc. (a)		171		11,761
LGI Homes Inc. (a)		514		45,247
Meritage Homes Corp. (a)		219		16,670
Skyline Champion Corp. (a)(b)		729		17,744
TopBuild Corp. (a)(b)		692		78,729

				218,364


Home Furnishing Retail - 0.3%
Aaron’s Inc.		2,005		91,027


Home Furnishings - 0.1%
La-Z-Boy Inc.		1,228		33,230


Hotel & Resort REITs - 0.2%
RLJ Lodging Trust (b)		6,123		57,801


	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 1.1%
Extended Stay America Inc.		23,826		266,613
Wyndham Hotels & Resorts Inc.		232		9,888

				276,501


Household Appliances - 0.3%
Helen of Troy Ltd. (a)		414		78,064


Household Products - 0.1%
Central Garden & Pet Co. (a)		299		10,761
Central Garden & Pet Co., Class A (a)		319		10,779

				21,540


Human Resource & Employment Services - 0.4%
ASGN Inc. (a)		447		29,806
Barrett Business Services Inc.		217		11,529
Heidrick & Struggles International Inc.		448		9,686
Insperity Inc.		348		22,526
Kforce Inc.		823		24,073

				97,620


Hypermarkets & Super Centers - 0.1%
BJ’s Wholesale Club Holdings Inc. (a)		879		32,760


Industrial Machinery - 6.6%
Albany International Corp., Class A		290		17,026
Altra Industrial Motion Corp.		6,853		218,337
Barnes Group Inc.		4,724		186,881
Crane Co.		3,414		202,996
Enerpac Tool Group Corp.		8,928		157,133
Evoqua Water Technologies Corp. (a)		2,285		42,501
John Bean Technologies Corp.		2,110		181,502
LB Foster Co., Class A (a)		1,284		16,397
Lydall Inc. (a)		1,046		14,184
Mueller Industries Inc.		3,686		97,974
Standex International Corp. (b)		955		54,960
The Timken Co. (b)		5,983		272,167
TriMas Corp. (a)(b)		2,930		70,173
Watts Water Technologies Inc., Class A (b)		1,011		81,891
Welbilt Inc. (a)(b)		10,600		64,554
Woodward Inc. (b)		654		50,718

				1,729,394

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Industrial REITs - 0.7%
EastGroup Properties Inc.		1,082		128,336
Monmouth Real Estate Investment Corp.		1,362		19,735
Rexford Industrial Realty Inc.		621		25,728

				173,799


Internet & Direct Marketing Retail - 0.1%
1-800-Flowers.com Inc., Class A (a)		1,092		21,862
Etsy Inc. (a)		162		17,209

				39,071


Internet Services & Infrastructure - 0.0%*
Brightcove Inc. (a)		1,156		9,109


Investment Banking & Brokerage - 1.0%
Houlihan Lokey Inc.		668		37,167
Piper Sandler Cos.		781		46,204
PJT Partners Inc., Class A		191		9,806
Raymond James Financial Inc.		1,385		95,330
Stifel Financial Corp. (b)		1,230		58,339
Virtu Financial Inc., Class A		374		8,826

				255,672


IT Consulting & Other Services - 0.4%
Perficient Inc. (a)		677		24,223
Perspecta Inc.		458		10,639
Science Applications International Corp.		178		13,827
Unisys Corp. (a)(b)		4,670		50,950

				99,639


Leisure Products - 0.9%
Malibu Boats Inc., Class A (a)		512		26,598
MasterCraft Boat Holdings Inc. (a)		986		18,783
Polaris Inc.		2,088		193,245

				238,626


Life & Health Insurance - 0.2%
Trupanion Inc. (a)(b)		1,348		57,546


Life Sciences Tools & Services - 3.0%
Bruker Corp.		2,760		112,277
ICON PLC (a)		1,152		194,066
Luminex Corp.		302		9,824
Medpace Holdings Inc. (a)		354		32,929
PRA Health Sciences Inc. (a)		300		29,187
Repligen Corp. (a)		1,587		196,169
Syneos Health Inc. (a)(b)		3,532		205,739

				780,191


	Number of Shares		Fair Value $
Managed Healthcare - 0.1%
Magellan Health Inc. (a)		245		17,880


Marine - 0.1%
Kirby Corp. (a)		327		17,514


Metal & Glass Containers - 0.0%*
Silgan Holdings Inc. (b)		218		7,061


Multi-Line Insurance - 0.4%
Horace Mann Educators Corp.		2,336		85,801
National General Holdings Corp.		934		20,184

				105,985


Multi-Utilities - 0.1%
Black Hills Corp.		551		31,220


Office REITs - 1.0%
Corporate Office Properties Trust		1,727		43,762
Cousins Properties Inc.		5,119		152,700
Easterly Government Properties Inc.		2,334		53,962

				250,424


Office Services & Supplies - 1.0%
Herman Miller Inc.		614		14,496
HNI Corp.		1,194		36,501
MSA Safety Inc.		1,904		217,894
Steelcase Inc., Class A (b)		572		6,898

				275,789


Oil & Gas Drilling - 0.1%
Helmerich & Payne Inc.		1,549		30,221


Oil & Gas Equipment & Services - 0.1%
Championx Corp. (a)		998		9,740
Oil States International Inc. (a)		6,304		29,944

				39,684


Oil & Gas Exploration & Production - 0.7%
Cimarex Energy Co.		1,477		40,603
Ovintiv Inc.		5,844		55,810
PDC Energy Inc. (a)		5,319		66,168
Southwestern Energy Co. (a)		4,169		10,673

				173,254


Other Diversified Financial Services - 0.0%*
Voya Financial Inc. (b)		227		10,590

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Packaged Foods & Meats - 4.2%
B&G Foods Inc.		4,150		101,177
Freshpet Inc. (a)		1,610		134,693
Hostess Brands Inc. (a)		13,170		160,937
J&J Snack Foods Corp.		350		44,495
John B Sanfilippo & Son Inc.		411		35,071
Lancaster Colony Corp.		1,285		199,162
Sanderson Farms Inc. (b)		1,546		179,166
The Simply Good Foods Co. (a)(b)		6,070		112,781
Tootsie Roll Industries Inc.		300		10,281
TreeHouse Foods Inc. (a)(b)		2,920		127,896

				1,105,659


Paper Products - 0.1%
Neenah Inc.		534		26,412


Personal Products - 0.5%
elf Beauty Inc. (a)		4,890		93,253
Lifevantage Corp. (a)		710		9,599
Medifast Inc.		178		24,701
USANA Health Sciences Inc. (a)		126		9,252

				136,805


Pharmaceuticals - 1.8%
Amphastar Pharmaceuticals Inc. (a)		563		12,645
ANI Pharmaceuticals Inc. (a)		404		13,065
Catalent Inc. (a)		2,500		183,250
Collegium Pharmaceutical Inc. (a)		1,026		17,955
Corcept Therapeutics Inc. (a)		760		12,783
Innoviva Inc. (a)		721		10,080
Phibro Animal Health Corp., Class A		367		9,641
Prestige Consumer Healthcare Inc. (a)		5,250		197,190
Supernus Pharmaceuticals Inc. (a)(b)		538		12,778

				469,387


Property & Casualty Insurance - 2.0%
AMERISAFE Inc.		1,337		81,771
Argo Group International Holdings Ltd.		3,422		119,188
James River Group Holdings Ltd.		1,765		79,425
Kemper Corp.		193		13,997
Palomar Holdings Inc. (a)		745		63,891
RLI Corp. (b)		1,152		94,579
Selective Insurance Group Inc. (b)		1,399		73,783

				526,634


	Number of Shares		Fair Value $
Publishing - 0.9%
John Wiley & Sons Inc., Class A		6,039		235,521


Real Estate Services - 0.0%*
Newmark Group Inc., Class A		837		4,068


Regional Banks - 7.4%
1st Source Corp.		1,293		46,005
Atlantic Union Bankshares Corp.		1,339		31,011
Bank OZK		45		1,056
BankUnited Inc.		694		14,054
Bryn Mawr Bank Corp.		1,435		39,692
Cadence BanCorp		4,290		38,009
Community Bank System Inc.		1,370		78,117
Cullen/Frost Bankers Inc.		963		71,946
CVB Financial Corp.		3,420		64,091
Enterprise Financial Services Corp.		1,418		44,128
Equity Bancshares Inc., Class A (a)		1,064		18,556
First Interstate BancSystem Inc., Class A		797		24,675
Franklin Financial Network Inc.		968		24,926
Fulton Financial Corp.		6,519		68,645
German American Bancorp Inc.		1,630		50,693
Glacier Bancorp Inc.		475		16,763
Home BancShares Inc.		1,791		27,546
IBERIABANK Corp.		489		22,269
Independent Bank Corp.		2,625		176,111
Investors Bancorp Inc.		2,124		18,054
Lakeland Financial Corp.		502		23,388
National Bank Holdings Corp., Class A		1,081		29,187
Origin Bancorp Inc.		1,578		34,716
PacWest Bancorp		2,055		40,504
Pinnacle Financial Partners Inc.		595		24,984
Prosperity Bancshares Inc.		3,444		204,505
Renasant Corp.		4,550		113,295
Sandy Spring Bancorp Inc. (b)		1,377		34,122
Stock Yards Bancorp Inc. (b)		1,290		51,858
UMB Financial Corp. (b)		2,410		124,235
United Community Banks Inc. (b)		1,656		33,319
Valley National Bancorp (b)		2,266		17,720
Washington Trust Bancorp Inc. (b)		1,150		37,663
Westamerica Bancorp. (b)		1,976		113,462

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Western Alliance Bancorp (b)		3,225		122,131
Wintrust Financial Corp. (b)		1,428		62,289

				1,943,725


Research & Consulting Services - 0.9%
CoreLogic Inc.		2,226		149,632
Exponent Inc.		135		10,925
FTI Consulting Inc. (a)		66		7,560
Resources Connection Inc.		6,181		73,987

				242,104


Residential REITs - 0.2%
NexPoint Residential Trust Inc.		1,590		56,207


Restaurants - 0.6%
Cracker Barrel Old Country Store Inc.		348		38,597
Shake Shack Inc., Class A (a)		320		16,953
Texas Roadhouse Inc. (b)		1,433		75,333
The Cheesecake Factory Inc.		1,485		34,036

				164,919


Retail REITs - 0.1%
Alexander’s Inc.		25		6,023
Retail Opportunity Investments Corp.		2,000		22,660

				28,683


Security & Alarm Services - 1.2%
The Brink’s Co.		6,654		302,824


Semiconductor Equipment - 0.8%
Brooks Automation Inc.		1,560		69,014
FormFactor Inc. (a)		417		12,231
Ichor Holdings Ltd. (a)		1,883		50,050
Onto Innovation Inc. (a)		2,055		69,952

				201,247


Semiconductors - 0.8%
Cirrus Logic Inc. (a)		183		11,306
Diodes Inc. (a)		821		41,625
Semtech Corp. (a)(b)		2,761		144,179
Synaptics Inc. (a)		157		9,439

				206,549


Soft Drinks - 0.4%
Coca-Cola Consolidated Inc.		38		8,709
Primo Water Corp.		6,840		94,050

				102,759


	Number of Shares		Fair Value $
Specialized Consumer Services - 0.7%
frontdoor Inc. (a)		609		26,997
OneSpaWorld Holdings Ltd.		4,916		23,449
ServiceMaster Global Holdings Inc. (a)(b)		3,678		131,268

				181,714


Specialized REITs - 0.8%
CoreSite Realty Corp.		670		81,110
National Storage Affiliates Trust		1,155		33,102
PotlatchDeltic Corp.		1,472		55,980
QTS Realty Trust Inc., Class A		506		32,430

				202,622


Specialty Chemicals - 3.6%
Chase Corp.		360		36,900
HB Fuller Co.		1,827		81,484
Ingevity Corp. (a)		2,764		145,303
Innospec Inc.		915		70,684
Minerals Technologies Inc.		507		23,794
PolyOne Corp.		4,321		113,340
Quaker Chemical Corp.		753		139,794
Sensient Technologies Corp. (b)		2,875		149,960
Stepan Co. (b)		1,887		183,228

				944,487


Specialty Stores - 0.6%
Dick’s Sporting Goods Inc.		260		10,728
National Vision Holdings Inc. (a)		2,300		70,196
Sally Beauty Holdings Inc. (a)(b)		6,580		82,447

				163,371


Steel - 0.5%
Carpenter Technology Corp.		880		21,366
Commercial Metals Co.		3,338		68,095
Steel Dynamics Inc. (b)		1,851		48,293

				137,754


Systems Software - 1.5%
CommVault Systems Inc. (a)		266		10,294
Progress Software Corp.		647		25,071
Qualys Inc. (a)		512		53,258
Sailpoint Technologies Holdings Inc. (a)(b)		5,350		141,615
Tenable Holdings Inc. (a)(b)		5,565		165,893

				396,131

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Technology Distributors - 0.1%
Insight Enterprises Inc. (a)		385		18,942


Technology Hardware, Storage & Peripherals - 0.8%
Pure Storage Inc., Class A (a)		12,115		209,953


Thrifts & Mortgage Finance - 0.9%
Axos Financial Inc. (a)		888		19,607
Essent Group Ltd.		494		17,917
Flagstar Bancorp Inc.		1,171		34,463
FS Bancorp Inc.		237		9,141
HomeStreet Inc.		1,585		39,007
Kearny Financial Corp.		1,315		10,757
NMI Holdings Inc., Class A (a)		856		13,764
PennyMac Financial Services Inc.		300		12,537
WSFS Financial Corp. (b)		2,942		84,435

				241,628


Tires & Rubber - 0.2%
Cooper Tire & Rubber Co.		1,811		50,002


Trading Companies & Distributors - 0.9%
Applied Industrial Technologies Inc.		2,931		182,865
BMC Stock Holdings Inc. (a)		869		21,847
GMS Inc. (a)		840		20,655

				225,367


	Number of Shares		Fair Value $
Trucking - 0.8%
ArcBest Corp.		448		11,876
Marten Transport Ltd.		1,828		45,992
Saia Inc. (a)(b)		1,170		130,081
Universal Logistics Holdings Inc.		704		12,236

				200,185


Total Common Stock (Cost $21,825,923)				24,948,318


Short-Term Investments - 4.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $1,102,705) (c)(d)		1,102,705		1,102,705


Total Investments (Cost $22,928,628)				26,051,023

Other Assets and Liabilities, net - 0.6%				153,748


NET ASSETS - 100.0%			$	26,204,771

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		September 2020		7	$	484,226	$	503,160	$	18,934

During the period ended June 30, 2020, average notional value related to long futures contracts was $441,526.

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	Non-income producing security.

(b)	At June 30, 2020, 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 June 30, 2020.

*	Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	24,948,318	$	—	$	—	$	24,948,318
Short-Term Investments		1,102,705		—		—		1,102,705

Total Investments in Securities	$	26,051,023	$	—	$	—	$	26,051,023

Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	18,934	$	—	$	—	$	18,934

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,912,318	$	1,912,318	$	4,593,473	$	5,403,086		—		—		1,102,705	$	1,102,705	$	6,815


TOTAL			$	1,912,318	$	4,593,473	$	5,403,086	$	—	$	—			$	1,102,705	$	6,815

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


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

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

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15^*
Inception date																	4/28/00

Net asset value, beginning of period	$	13.16		$	11.24		$	14.73		$	14.40		$	12.20		$	14.39


Income/(loss) from investment operations:
Net investment income (loss)		(0.00	)^(a)^†^†		(0.00	)^(a)^†^†		(0.02	)^(a)		(0.02	)^(a)		(0.03	)		(0.04	)
Net realized and unrealized gains/(losses) on investments		(1.96	)		2.94			(1.43	)		1.86			2.93			(0.52	)

Total income/(loss) from investment operations		(1.96	)		2.94			(1.45	)		1.84			2.90			(0.56	)


Less distributions from:
Net investment income		—			—			—			—			—			—
Net realized gains		—			1.02			2.04			1.51			0.70			1.63

Total distributions		—			1.02			2.04			1.51			0.70			1.63

Net asset value, end of period	$	11.20		$	13.16		$	11.24		$	14.73		$	14.40		$	12.20

Total Return^(b)		(14.89	)%		26.12	%		(9.70	)%		12.71	%		23.77	%		(4.12	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	26,205		$	33,600		$	30,781		$	40,711		$	42,320		$	38,359

Ratios to average net assets:
Net expenses		1.32	%^**		1.24	%		1.20	%		1.25	%		1.40	%		1.36	%
Gross expenses		1.32	%^**		1.24	%		1.20	%		1.25	%		1.40	%		1.36	%
Net investment loss		(0.01	)%^**		(0.02	)%		(0.13	)%		(0.13	)%		(0.22	)%		(0.30	)%
Portfolio turnover rate		17	%		29	%		33	%		32	%		36	%		42	%

Notes to Financial Highlights

(a)

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

(b)

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

††

Rounds to less than $0.01.

Annualized for periods less than one year.

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


12		Financial Highlights

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

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $21,825,923)	$	24,948,318
Short-term affiliated investments, at fair value		1,102,705
Cash		497
Cash collateral on deposit with broker for future contracts		127,317
Receivable for investments sold		85,113
Income receivables		19,172
Receivable for fund shares sold		3,869
Income receivable from affiliated investments		153
Receivable for accumulated variation margin on futures contracts		18,950


Total assets		26,306,094


Liabilities
Payable for investments purchased		38,544
Payable for fund shares redeemed		10,877
Payable to the Adviser		20,414
Payable for custody, fund accounting and sub-administration fees		4,871
Accrued other expenses		26,617


Total liabilities		101,323



Net Assets	$	26,204,771


Net Assets Consist of:
Capital paid in	$	23,646,048
Total distributable earnings (loss)		2,558,723


Net Assets	$	26,204,771


Shares outstanding ($0.01 par value; unlimited shares authorized)		2,339,765
Net asset value per share	$	11.20

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


Statement of Assets and Liabilities			13

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

Statement of Operations — For the period ended June 30, 2020 (Unaudited)



Investment Income
Income
Dividend	$	168,660
Income from affiliated investments		6,815
Less: Foreign taxes withheld		(478	)

Total income		174,997


Expenses
Advisory and administration fees		127,290
Directors’ fees		9,107
Custody, fund accounting and sub-administration fees		15,139
Professional fees		18,211
Other expenses		7,174

Total Expenses		176,921

Net investment loss	$	(1,924	)


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(644,386	)
Futures		(99,823	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(4,462,529	)
Futures		17,877


Net realized and unrealized gain (loss) on investments		(5,188,861	)


Net Decrease in Net Assets Resulting from Operations	$	(5,190,785	)

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


14		Statement of Operations

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

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment loss	$	(1,924	)	$	(6,276	)
Net realized gain (loss) on investments and futures		(744,209	)		2,822,645
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(4,444,652	)		4,819,355

Net increase (decrease) from operations		(5,190,785	)		7,635,724


Distributions to shareholders:
Total distributions		—			(2,413,108	)

Increase (decrease) in assets from operations and distributions		(5,190,785	)		5,222,616


Share transactions:
Proceeds from sale of shares		441,480			346,157
Value of distributions reinvested		—			2,413,108
Cost of shares redeemed		(2,645,482	)		(5,163,732	)

Net increase (decrease) from share transactions		(2,204,002	)		(2,404,467	)


Total increase (decrease) in net assets		(7,394,787	)		2,818,149

Net Assets
Beginning of period		33,599,558			30,781,409


End of period	$	26,204,771		$	33,599,558


Changes in Fund Shares
Shares sold		43,783			26,431
Issued for distributions reinvested		—			183,506
Shares redeemed		(256,969	)		(396,476	)

Net decrease in fund shares		(213,186	)		(186,539	)

Unaudited

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


Statements of Changes in Net Assets			15

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

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund (the “Fund”), State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•


16		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

•

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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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.

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.


Notes to Financial Statements			17

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Distributions The Fund declares and pays any dividends from net investment income annually.

Derivative Financial Instruments

Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

For the period ended June 30, 2020, the Fund entered into futures contracts for cash equitization.

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Small-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	18,950	$	—	$	18,950

Realized Gain/Loss


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Small-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(99,823	)	$	—	$	(99,823	)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Small-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	17,877		—	$	17,877


18		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Fees and Transactions with Affiliates

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

Sub-Advisory Fees

Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) GlobeFlex Capital, L.P.; (iv) Kennedy Capital Management, Inc.; and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser a monthly investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.

Directors’ Fees

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


Non-U.S. Government Securities
Purchases			Sales
	$	4,468,935		$	6,117,050

Income Taxes


Notes to Financial Statements			19

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	23,416,612		$	5,512,197		$	2,839,918		$	2,672,279

Line of Credit

The Fund had no outstanding loans as of June 30, 2020.

10.

Risks


20		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

11.

Subsequent Events


Notes to Financial Statements			21

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

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

Quarterly Portfolio Schedule

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


22		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory and Sub-Advisory Agreements¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Small-Cap Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), and the sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Agreements”) by and among SSGA FM, and the Company on behalf of the Fund, and each of Champlain Investment Partners, LLC, GlobeFlex Capital, L.P., Kennedy Capital Management, Inc., Palisade Capital Management, LLC and SouthernSun Asset Management, LLC (collectively, the “Sub-Advisers”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and Sub-Advisers and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Advisers in connection with their consideration of approval of the Agreements. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.


Other Information			23

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

Other Information — June 30, 2020 (Unaudited), continued

information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser and Sub-Advisers for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser and Sub-Advisers with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser and Sub-Advisers, including their investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser and Sub-Advisers

•

Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Advisers;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Advisers;

•

Information about the Adviser’s and each Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and each Sub-Adviser’s practices for overseeing proxy vendors;

•

Information concerning the resources devoted by the Adviser and each Sub-Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund;

•

A description of the adequacy and sophistication of the Adviser’s and Sub-Advisers’ technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

•

A description of the business continuity and disaster recovery plans of the Adviser and Sub-Advisers; and

•

Information regarding the Adviser’s and Sub-Advisers’ risk management processes.


24		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

•

Copies of the Advisory Agreement and Sub-Advisory Agreements and agreements with other service providers of the Fund;

•

^¡

The Sub-Advisers, with respect to their operations relating to the Fund and their approximate profitability from such operations for the calendar year ended December 31, 2019;

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Information from SSGA FM, State Street, the Distributor and the Sub-Advisers with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 13, 2020;

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Advisers, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Advisers relating to the performance of the Fund, and the investment strategies used in pursuing the Fund’s investment objective.

The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.

Results of the Process

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 14, 2020 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2020, for an additional year with respect to the Fund.


Other Information			25

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

Other Information — June 30, 2020 (Unaudited), continued

Nature, Extent and Quality of Services

In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Advisers.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.

In connection with their consideration of the services provided by each of the Sub-Advisers, the Board considered each Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by each Sub-Adviser to the Fund. The Board also considered the Fund’s multi-manager structure and how each Sub-Adviser’s approach to small-cap investing fits within the Fund’s overall strategy.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and each Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.

Fund Performance

State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above its Lipper Index for the 1-, 3-,5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.


26		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Management Fees and Expenses

The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund, as well as the fees paid to each Sub-Adviser by the Adviser, which reduced the net management fees retained by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and each Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Advisers for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Advisers to the fees charged and services provided to other clients of the Adviser and Sub-Advisers, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund:

State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability

The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Advisers in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by SSGA FM and Affiliated Service Providers and the Sub-Advisers in connection with their relationships with the Fund, including, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser and the Sub-Advisers with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increases. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time. The Board noted that the fees under the Sub-Advisory Agreements are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in each Sub-Adviser’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreements.


Other Information			27

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

Other Information — June 30, 2020 (Unaudited), continued

Conclusions

In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Advisers possess the capability and resources to perform the duties required of them under the respective Agreements.

Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreements are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement and Sub-Advisory Agreements are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.


28		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

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

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

LOGO

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

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		7
Statement of Assets and Liabilities		8
Statement of Operations		9
Statements of Changes in Net Assets		10
Notes to Financial Statements		11
Other Information		17

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

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $24,354 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	6.11	%

Amazon.com Inc.	5.39	%

Apple Inc.	4.67	%

Alphabet Inc., Class A	2.85	%

Facebook Inc., Class A	2.64	%

Visa Inc., Class A	2.46	%

JPMorgan Chase & Co.	2.45	%

Merck & Company Inc.	2.20	%

UnitedHealth Group Inc.	2.02	%

salesforce.com Inc.	2.02	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares.

(b)


State Street U.S. Equity V.I.S. Fund			1

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

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the beginning of the period January 1, 2020	$	1,000.00	$	1,000.00
Account Value at the end of the period June 30, 2020	$	996.60	$	1,020.34
Expenses paid during the period*	$	4.52	$	4.57

*	Expenses are equal to the Fund’s annualized expense ratio of 0.91% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 97.8%†
Aerospace & Defense - 0.6%
Raytheon Technologies Corp.		2,238		137,906


Air Freight & Logistics - 0.4%
United Parcel Service Inc., Class B		903		100,396


Application Software - 3.0%
Adobe Inc. (a)		460		200,243
Intuit Inc.		155		45,909
salesforce.com Inc. (a)		2,624		491,554

				737,706


Asset Management & Custody Banks - 0.4%
The Blackstone Group Inc., Class A		1,546		87,596


Automotive Retail - 0.6%
O’Reilly Automotive Inc. (a)		317		133,669


Biotechnology - 1.3%
BioMarin Pharmaceutical Inc. (a)		1,121		138,264
Vertex Pharmaceuticals Inc. (a)		601		174,476

				312,740


Building Products - 1.4%
Allegion PLC		495		50,599
Trane Technologies PLC		3,284		292,210

				342,809


Cable & Satellite - 1.7%
Charter Communications Inc., Class A (a)		513		261,650
Comcast Corp., Class A		3,868		150,775

				412,425


Communications Equipment - 0.5%
Cisco Systems Inc.		2,831		132,038


Construction Materials - 0.8%
Martin Marietta Materials Inc.		960		198,307


Data Processing & Outsourced Services - 3.8%
Fidelity National Information Services Inc.		654		87,695
Mastercard Inc., Class A		796		235,377
Visa Inc., Class A		3,107		600,179

				923,251


	Number of Shares		Fair Value $
Diversified Banks - 2.5%
JPMorgan Chase & Co.		6,342		596,529


Diversified Support Services - 0.3%
Cintas Corp.		291		77,511


Electric Utilities - 1.4%
American Electric Power Company Inc.		497		39,581
Exelon Corp.		2,946		106,910
NextEra Energy Inc.		850		204,145

				350,636


Electronic Components - 2.4%
Amphenol Corp., Class A		2,441		233,872
Corning Inc.		13,391		346,827

				580,699


Environmental & Facilities Services - 1.0%
Waste Management Inc.		2,268		240,204


Financial Exchanges & Data - 2.7%
CME Group Inc.		1,474		239,584
MSCI Inc.		128		42,729
S&P Global Inc.		933		307,405
Tradeweb Markets Inc., Class A		1,180		68,605

				658,323


Footwear - 0.7%
NIKE Inc., Class B		1,813		177,765


Healthcare Equipment - 2.7%
Boston Scientific Corp. (a)		11,617		407,873
Medtronic PLC		1,738		159,375
Zimmer Biomet Holdings Inc.		734		87,610

				654,858


Healthcare Facilities - 0.4%
HCA Healthcare Inc.		1,041		101,039


Healthcare Services - 1.2%
Cigna Corp. (a)		1,017		190,840
Quest Diagnostics Inc.		838		95,499

				286,339


Home Improvement Retail - 2.2%
Lowe’s Companies Inc.		3,269		441,707
The Home Depot Inc.		342		85,675

				527,382

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Hotels, Resorts & Cruise Lines - 0.2%
Marriott International Inc., Class A		498		42,694


Household Products - 1.6%
Colgate-Palmolive Co.		1,567		114,798
The Procter & Gamble Co.		2,387		285,414

				400,212


Hypermarkets & Super Centers - 0.6%
Walmart Inc.		1,157		138,585


Industrial Conglomerates - 2.0%
Honeywell International Inc.		2,461		355,836
Roper Technologies Inc.		357		138,609

				494,445


Industrial Gases - 0.8%
Air Products & Chemicals Inc.		791		190,995


Industrial Machinery - 0.4%
Xylem Inc.		1,424		92,503


Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		744		79,883


Integrated Oil & Gas - 1.6%
Chevron Corp.		3,319		296,154
Exxon Mobil Corp.		2,146		95,969

				392,123


Integrated Telecommunication Services - 0.5%
AT&T Inc.		3,750		113,362


Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		883		67,020


Interactive Media & Services - 6.9%
Alphabet Inc., Class A (a)(b)		490		694,845
Alphabet Inc., Class C (a)(b)		251		354,816
Facebook Inc., Class A (a)		2,831		642,835

				1,692,496


Internet & Direct Marketing Retail - 5.4%
Amazon.com Inc. (a)(b)		476		1,313,198


IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		418		89,753
International Business Machines Corp.		579		69,926

				159,679


	Number of Shares		Fair Value $
Life Sciences Tools & Services - 1.2%
IQVIA Holdings Inc. (a)		1,834		260,208
QIAGEN N.V. (a)		776		33,220

				293,428


Managed Healthcare - 2.6%
Centene Corp. (a)		2,272		144,386
UnitedHealth Group Inc.		1,669		492,271

				636,657


Movies & Entertainment - 1.9%
Netflix Inc. (a)		195		88,733
The Walt Disney Co.		3,380		376,904

				465,637


Multi-Line Insurance - 0.2%
American International Group Inc.		1,265		39,443


Multi-Sector Holdings - 1.0%
Berkshire Hathaway Inc., Class B (a)		1,402		250,271


Multi-Utilities - 1.9%
CMS Energy Corp.		1,564		91,369
Sempra Energy		3,119		365,640

				457,009


Oil & Gas Equipment & Services - 0.5%
Schlumberger Ltd.		7,166		131,783


Oil & Gas Exploration & Production - 0.6%
ConocoPhillips		1,817		76,350
Pioneer Natural Resources Co.		658		64,287

				140,637


Packaged Foods & Meats - 1.8%
General Mills Inc.		1,633		100,674
Mondelez International Inc., Class A		6,419		328,204

				428,878


Personal Products - 0.1%
The Estee Lauder Companies Inc., Class A		136		25,660


Pharmaceuticals - 5.8%
Bristol-Myers Squibb Co.		3,827		225,027
Elanco Animal Health Inc. (a)		10,511		225,461
Johnson & Johnson		2,387		335,684

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $

Merck & Company Inc.		6,936		536,361
Mylan N.V. (a)		5,674		91,238

				1,413,771


Property & Casualty Insurance - 0.7%
Chubb Ltd.		742		93,952
The Progressive Corp.		1,029		82,433

				176,385


Railroads - 0.6%
Union Pacific Corp.		934		157,911


Regional Banks - 2.7%
First Republic Bank		3,690		391,103
Regions Financial Corp.		14,920		165,910
SVB Financial Group (a)		517		111,429

				668,442


Restaurants - 0.9%
Domino’s Pizza Inc.		127		46,919
McDonald’s Corp.		885		163,256

				210,175


Semiconductor Equipment - 1.9%
Applied Materials Inc.		7,457		450,776


Semiconductors - 3.1%
Intel Corp.		2,276		136,173
NVIDIA Corp.		789		299,749
QUALCOMM Inc.		651		59,378
Texas Instruments Inc.		2,136		271,208

				766,508


Soft Drinks - 1.6%
PepsiCo Inc.		2,960		391,490


Specialized REITs - 0.7%
American Tower Corp.		687		177,617


Specialty Chemicals - 0.8%
Albemarle Corp.		1,012		78,136
DuPont de Nemours Inc.		2,037		108,226

				186,362


Specialty Stores - 0.5%
Tractor Supply Co.		969		127,704


Systems Software - 7.3%
Microsoft Corp.		7,306		1,486,844
Oracle Corp.		2,241		123,860
ServiceNow Inc. (a)		405		164,049

				1,774,753


	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 4.7%
Apple Inc.		3,117		1,137,082


Trading Companies & Distributors - 1.1%
United Rentals Inc. (a)		1,847		275,277


Trucking - 0.0%*
Lyft Inc., Class A (a)		359		11,851


Wireless Telecommunication Services - 0.3%
T-Mobile US Inc. (a)		704		73,322


Total Common Stock (Cost $17,033,562)				23,816,152


Rights - 0.0%*
Wireless Telecommunication Services - 0.0%*
T-Mobile US Inc. (Expiring 07/27/20) (Cost $261) (a)		704		118


Total Investments in Securities (Cost $17,033,823)				23,816,270


Short-Term Investments - 2.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $537,895) (c)(d)		537,895		537,895


Total Investments (Cost $17,571,718)				24,354,165

Other Assets and Liabilities, net - 0.0%*				8,345


NET ASSETS - 100.0%			$	24,362,510

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		September 2020		2	$	303,289	$	309,020	$	5,731

During the period ended June 30, 2020, average notional value related to long futures contracts and short contracts was $334,915 and $21,079, respectively.

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	Non-income producing security.

(b)	At June 30, 2020, 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 June 30, 2020.

*	Less than 0.05%.

Abbreviations:

REIT Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total
	Investments in Securities
	Common Stock	$	23,816,152	$	—	$	—	$	23,816,152
	Rights		118		—		—		118
	Short-Term Investments		537,895		—		—		537,895

	Total Investments in Securities	$	24,354,165	$	—	$	—	$	24,354,165

	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	5,731	$	—	$	—	$	5,731

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		760,740	$	760,740	$	2,423,495	$	2,646,340		—		—		537,895	$	537,895	$	2,307

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


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

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

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			1/3/95

Net asset value, beginning of period	$	46.97		$	38.07		$	44.20		$	42.02		$	42.25		$	48.44


Income/(loss) from investment operations:
Net investment income		0.14	^(a)		0.33	^(a)		0.37	^(a)		0.35	^(a)		0.55			0.53
Net realized and unrealized gains/(losses) on investments		(0.30	)		11.78			(1.90	)		8.03			3.41			(1.56	)

Total income/(loss) from investment operations		(0.16	)		12.11			(1.53	)		8.38			3.96			(1.03	)


Less distributions from:
Net investment income		—			0.32			0.41			0.38			0.54			0.53
Net realized gains		—			2.89			4.19			5.82			3.65			4.63

Total distributions		—			3.21			4.60			6.20			4.19			5.16

Net asset value, end of period	$	46.81		$	46.97		$	38.07		$	44.20		$	42.02		$	42.25

Total Return^(b)		(0.34	)%		31.77	%		(3.40	)%		19.91	%		9.31	%		(2.30	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	24,363		$	25,951		$	23,473		$	28,308		$	27,336		$	31,405

Ratios to average net assets:
Net expenses		0.91	%**		0.88	%		0.80	%		0.85	%		0.83	%		0.76	%
Gross expenses		0.91	%**		0.88	%		0.80	%		0.85	%		0.83	%		0.76	%
Net investment income		0.62	%**		0.74	%		0.81	%		0.75	%		1.16	%		1.04	%
Portfolio turnover rate		25	%		31	%		41	%		80	%		37	%		37	%

Notes to Financial Highlights

(a)

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

(b)

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


Financial Highlights			7

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

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $17,033,823)	$	23,816,270
Short-term affiliated investments, at fair value		537,895
Cash		158
Cash collateral on deposit with broker for future contracts		24,878
Income receivables		18,255
Receivable for fund shares sold		294
Income receivable from affiliated investments		80
Receivable for accumulated variation margin on futures contracts		5,735


Total assets		24,403,565


Liabilities
Payable for fund shares redeemed		4,675
Payable to the Adviser		10,982
Payable for custody, fund accounting and sub-administration fees		3,174
Accrued other expenses		22,224


Total liabilities		41,055



Net Assets	$	24,362,510


Net Assets Consist of:
Capital paid in	$	16,567,175
Total distributable earnings (loss)		7,795,335


Net Assets	$	24,362,510


Shares outstanding ($0.01 par value; unlimited shares authorized)		520,501
Net asset value per share	$	46.81

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


8		Statement of Assets and Liabilities

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

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	178,974
Income from affiliated investments		2,307
Less: Foreign taxes withheld		(6	)

Total income		181,275


Expenses
Advisory and administration fees		64,942
Directors’ fees		9,071
Custody, fund accounting and sub-administration fees		10,168
Professional fees		16,051
Printing and shareholder reports		6,226
Other expenses		1,208

Total Expenses		107,666

Net investment income	$	73,609


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	525,454
Futures		90,811
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(927,128	)
Futures		(4,537	)


Net realized and unrealized gain (loss) on investments		(315,400	)


Net Decrease in Net Assets Resulting from Operations	$	(241,791	)

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


Statement of Operations			9

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

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	73,609		$	189,310
Net realized gain (loss) on investments and futures		616,265			1,697,606
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(931,665	)		5,069,696

Net increase (decrease) from operations		(241,791	)		6,956,612


Distributions to shareholders:
Total distributions		—			(1,660,269	)

Increase (decrease) in assets from operations and distributions		(241,791	)		5,296,343


Share transactions:
Proceeds from sale of shares		359,766			499,825
Value of distributions reinvested		—			1,660,269
Cost of shares redeemed		(1,705,987	)		(4,979,288	)

Net increase (decrease) from share transactions		(1,346,221	)		(2,819,194	)


Total increase (decrease) in net assets		(1,588,012	)		2,477,149

Net Assets
Beginning of period		25,950,522			23,473,373


End of period	$	24,362,510		$	25,950,522


Changes in Fund Shares
Shares sold		8,385			11,190
Issued for distributions reinvested		—			35,227
Shares redeemed		(40,408	)		(110,556	)

Net decrease in fund shares		(32,023	)		(64,139	)

Unaudited

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


10		Statements of Changes in Net Assets

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

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund (the “Fund”), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•

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

•


Notes to Financial Statements			11

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

•

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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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.

Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.


12		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Distributions The Fund declares and pays any dividends from net investment income annually.

Derivative Financial Instruments

For the period ended June 30, 2020, the Fund entered into futures contracts for cash equitization.

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	5,735	$	—	$	5,735

Realized Gain/Loss


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	90,811	$	—	$	90,811


Notes to Financial Statements			13

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(4,537	)	$	—	$	(4,537	)

Fees and Transactions with Affiliates

Directors’ Fees

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


Non-U.S. Government Securities
Purchases			Sales

	$	5,828,017		$	6,767,835

Income Taxes


14		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	17,782,577		$	7,270,882		$	693,563		$	6,577,319

Line of Credit

The Fund had no outstanding loans as of June 30, 2020.

Risks


Notes to Financial Statements			15

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

10.

Subsequent Events


16		Notes to Financial Statements

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

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

Quarterly Portfolio Schedule


Other Information			17

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

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory Agreement¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street U.S. Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Agreement. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.


18		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);


Other Information			19

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

Other Information — June 30, 2020 (Unaudited), continued

•

Copies of the Advisory Agreement and agreements with other service providers of the Fund;

•

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

Results of the Process

Nature, Extent and Quality of Services

In considering whether to approve the Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.


20		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.

Fund Performance

State Street U.S. Equity V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe and above its Lipper Index for the 1- and 3-year periods and below the medians of its Performance Group and Performance Universe and below its Lipper Index for the 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

State Street U.S. Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.


Other Information			21

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

Other Information — June 30, 2020 (Unaudited), continued

Profitability

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by SSGA FM and Affiliated Service Providers in connection with their relationships with the Fund, including, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.

Economies of Scale

Conclusions


22		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

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

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

LOGO

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

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		6
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Notes to Financial Statements		10
Other Information		15

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

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $34,709 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	10.08	%

Apple Inc.	8.25	%

Amazon.com Inc.	7.53	%

Alphabet Inc., Class C	4.67	%

Facebook Inc., Class A	4.52	%

Visa Inc., Class A	4.39	%

salesforce.com Inc.	3.42	%

Applied Materials Inc.	3.17	%

UnitedHealth Group Inc.	2.57	%

Boston Scientific Corp.	2.50	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund—Class G Shares.

(b)


State Street Premier Growth Equity V.I.S. Fund			1

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

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period January 1, 2020	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2020	$	1,091.30	$	1,020.29
Expenses paid during the period*	$	4.78	$	4.62

*	Expenses are equal to the Fund’s annualized expense ratio of 0.92% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 97.4% †
Application Software - 3.4%
salesforce.com Inc. (a)		6,329		1,185,612


Biotechnology - 6.3%
Alexion Pharmaceuticals Inc. (a)		6,231		699,367
BioMarin Pharmaceutical Inc. (a)		6,081		750,031
Vertex Pharmaceuticals Inc. (a)		2,495		724,323

				2,173,721


Building Products - 0.5%
Trane Technologies PLC		2,061		183,388


Cable & Satellite - 2.1%
Charter Communications Inc., Class A (a)		1,449		739,048


Data Processing & Outsourced Services - 7.9%
Fidelity National Information Services Inc.		5,126		687,345
Mastercard Inc., Class A		1,776		525,163
Visa Inc., Class A		7,897		1,525,464

				2,737,972


Electronic Components - 1.7%
Corning Inc.		23,088		597,979


Financial Exchanges & Data - 3.6%
CME Group Inc.		3,148		511,676
S&P Global Inc.		2,274		749,237

				1,260,913


Healthcare Equipment - 3.9%
Boston Scientific Corp. (a)		24,729		868,235
Intuitive Surgical Inc. (a)		835		475,808

				1,344,043


Home Improvement Retail - 2.5%
Lowe’s Companies Inc.		6,297		850,851


Industrial Conglomerates - 1.7%
Honeywell International Inc.		3,934		568,817


Interactive Media & Services - 10.9%
Alphabet Inc., Class A (a)		410		581,400
Alphabet Inc., Class C (a)		1,147		1,621,411
Facebook Inc., Class A (a)		6,909		1,568,827

				3,771,638


	Number of Shares		Fair Value $

Internet & Direct Marketing Retail - 9.0%
Alibaba Group Holding Ltd. ADR (a)		2,380		513,366
Amazon.com Inc. (a)		947		2,612,602

				3,125,968


Managed Healthcare - 2.6%
UnitedHealth Group Inc.		3,024		891,929


Movies & Entertainment - 1.9%
The Walt Disney Co.		6,027		672,071


Pharmaceuticals - 2.1%
Elanco Animal Health Inc. (a)		33,688		722,608


Regional Banks - 1.2%
First Republic Bank		4,048		429,047


Restaurants - 0.8%
Domino’s Pizza Inc.		725		267,844


Semiconductor Equipment - 4.6%
Applied Materials Inc.		18,177		1,098,800
ASML Holding N.V.		1,297		477,335

				1,576,135


Semiconductors - 2.3%
NVIDIA Corp.		2,130		809,208


Soft Drinks - 2.5%
PepsiCo Inc.		6,427		850,035


Specialized REITs - 1.7%
American Tower Corp.		2,257		583,525


Specialty Chemicals - 0.9%
Albemarle Corp.		3,908		301,737


Systems Software - 12.5%
Microsoft Corp.		17,194		3,499,151
ServiceNow Inc. (a)		2,077		841,310

				4,340,461


Technology Hardware, Storage & Peripherals - 8.3%
Apple Inc. (b)		7,849		2,863,315


Trading Companies & Distributors - 1.9%
United Rentals Inc. (a)		4,424		659,353


Trucking - 0.6%
Lyft Inc., Class A (a)		6,375		210,438


Total Common Stock (Cost $17,380,419)				33,717,656

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $
Exchange Traded & Mutual Funds - 0.5%
Consumer Discretionary Select Sector SPDR Fund (Cost $144,914) (b)(c)		1,286		164,235


Total Investments in Securities (Cost $17,525,333)				33,881,891


Short-Term Investments - 2.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $827,485) (b)(c)(d)		827,485		827,485


Total Investments (Cost $18,352,818)				34,709,376


Liabilities in Excess of Other Assets, net - (0.3)%				(94,003	)


NET ASSETS - 100.0%				34,615,373

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		September 2020		1	$	151,187	$	154,510	$	3,323

During the period ended June 30, 2020, average notional values related to long and short futures contracts was $269,779 and $88,214, respectively.

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	Non-income producing security.

(b)	At June 30, 2020, 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 June 30, 2020.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	33,717,656	$	—	$	—	$	33,717,656
Exchange Traded & Mutual Funds		164,235		—		—		164,235
Short-Term Investments		827,485		—		—		827,485

Total Investments in Securities	$	34,709,376	$	—	$	—	$	34,709,376

Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	3,323	$	—	$	—	$	3,323

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
Consumer Discretionary Select Sector SPDR Fund		2,634	$	330,356	$	31,692	$	193,594	$	(8,682	)	$	4,463		1,286	$	164,235	$	1,270
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,223,418		1,223,418		4,881,807		5,277,740		—			—		827,485		827,485		3,549


TOTAL			$	1,553,774	$	4,913,499	$	5,471,334	$	(8,682	)	$	4,463			$	991,720	$	4,819

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


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

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

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			12/12/97

Net asset value, beginning of period	$	100.89		$	82.51		$	99.23		$	86.08		$	94.07		$	106.58

Income/(loss) from investment operations:
Net investment income (loss)		(0.09	)^(a)		0.03	^(a)		0.12	^(a)		0.32	^(a)		0.50			0.52
Net realized and unrealized gains/(losses) on investments		9.30			30.84			(2.88	)		24.10			1.90			3.25

Total income/(loss) from investment operations		9.21			30.87			(2.76	)		24.42			2.40			3.77


Less distributions from:
Net investment income		—			—			0.15			0.34			0.48			0.53
Net realized gains		—			12.49			13.81			10.93			9.91			15.75

Total distributions		—			12.49			13.96			11.27			10.39			16.28

Net asset value, end of period		$110.10		$	100.89		$	82.51		$	99.23		$	86.08		$	94.07

Total Return^(b)		9.13	%		37.33	%		(2.66	)%		28.34	%		2.47	%		3.30	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	34,615		$	35,502		$	30,369		$	36,404		$	33,219		$	36,858

Ratios to average net assets:
Net expenses		0.92	%**		0.91	%		0.87	%		0.85	%		0.84	%		0.81	%
Gross expenses		0.92	%**		0.91	%		0.87	%		0.85	%		0.84	%		0.81	%
Net investment income (loss)		(0.18	)%**		0.03	%		0.11	%		0.31	%		0.52	%		0.46	%
Portfolio turnover rate		12	%		22	%		27	%		21	%		22	%		19	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average share method.

(b)

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


6		Financial Highlights

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

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $17,380,419)	$	33,717,656
Investments in affiliated securities, at fair value (cost $144,914)		164,235
Short-term affiliated investments, at fair value		827,485
Net cash collateral on deposit with broker for future contracts		11,976
Receivable for investments sold		67,442
Income receivables		3,987
Receivable for fund shares sold		784
Income receivable from affiliated investments		113
Receivable for accumulated variation margin on futures contracts		3,325


Total assets		34,797,003


Liabilities
Payable for investments purchased		127,235
Payable for fund shares redeemed		11,159
Payable to the Adviser		17,436
Payable for custody, fund accounting and sub-administration fees		3,547
Accrued other expenses		22,253


Total liabilities		181,630



Net Assets	$	34,615,373


Net Assets Consist of:
Capital paid in	$	16,615,951
Total distributable earnings (loss)		17,999,422


Net Assets	$	34,615,373


Shares outstanding ($0.01 par value; unlimited shares authorized)		314,405
Net asset value per share	$	110.10

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


Statement of Assets and Liabilities			7

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

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	118,157
Income from affiliated investments		4,819
Less: Foreign taxes withheld		(295	)

Total income		122,681


Expenses
Advisory and administration fees		107,861
Directors’ fees		9,113
Custody, fund accounting and sub-administration fees		10,869
Professional fees		16,259
Printing and shareholder reports		6,586
Other expenses		1,869

Total Expenses		152,557

Net investment loss	$	(29,876	)


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	1,503,931
Affiliated investments		(8,682	)
Futures		(31,832	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		1,427,357
Affiliated investments		4,463
Futures		(4,308	)


Net realized and unrealized gain (loss) on investments		2,890,929


Net Increase in Net Assets Resulting from Operations	$	2,861,053

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


8		Statement of Operations

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

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income (loss)	$	(29,876	)	$	10,575
Net realized gain (loss) on investments and futures		1,463,417			3,991,999
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		1,427,512			6,518,386

Net increase (decrease) from operations		2,861,053			10,520,960


Distributions to shareholders:
Total distributions		—			(3,931,647	)

Increase (decrease) in assets from operations and distributions		2,861,053			6,589,313


Share transactions:
Proceeds from sale of shares		287,763			356,759
Value of distributions reinvested		—			3,931,647
Cost of shares redeemed		(4,035,930	)		(5,743,877	)

Net increase (decrease) from share transactions		(3,748,167	)		(1,455,471	)


Total increase (decrease) in net assets		(887,114	)		5,133,842

Net Assets
Beginning of period		35,502,487			30,368,645


End of period	$	34,615,373		$	35,502,487


Changes in Fund Shares
Shares sold		3,218			3,443
Issued for distributions reinvested		—			38,755
Shares redeemed		(40,713	)		(58,360	)

Net decrease in fund shares		(37,495	)		(16,162	)

Unaudited

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


Statements of Changes in Net Assets			9

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

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the “Fund”), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•


10		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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.

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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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 The Fund declares and pays any dividends from net investment income annually.


Notes to Financial Statements			11

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Derivative Financial Instruments

For the period ended June 30, 2020, the Fund entered into futures contracts for cash equitization.

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total

State Street Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	3,325	$	—	$	3,325

Realized Gain/Loss


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(31,832	)	$	—	$	(31,832	)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(4,308	)	$	—	$	(4,308	)

Fees and Transactions with Affiliates

Advisory Fee SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.


12		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Directors’ Fees

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


Non-U.S. Government Securities
Purchases			Sales

	$	4,013,113		$	7,304,800

Income Taxes

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	18,690,057		$	16,937,586		$	914,944		$	16,022,642

Line of Credit


Notes to Financial Statements			13

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2020.

Risks

10.

Subsequent Events


14		Notes to Financial Statements

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

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule


Other Information			15

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

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory Agreement¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Premier Growth Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Agreement. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.


16		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Solutions, Inc., the successor to Lipper, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”);

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

•


Other Information			17

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

Other Information — June 30, 2020 (Unaudited), continued

•

Copies of the Advisory Agreement and agreements with other service providers of the Fund;

•

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

Results of the Process

Nature, Extent and Quality of Services

In considering whether to approve the Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.


18		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.

Fund Performance

State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-year period and below the medians of its Performance Group and Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above its Lipper Index for the 1- and 10-year periods and below its Lipper Index for the 3- and 5-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was equal to the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compares favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.


Other Information			19

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

Other Information — June 30, 2020 (Unaudited), continued

Profitability

Economies of Scale

Conclusions


20		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

State Street Income V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

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

LOGO

State Street Income V.I.S. Fund

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		21
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Notes to Financial Statements		25
Other Information		33

State Street Income V.I.S. Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $16,249 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Quality Ratings

as of June 30, 2020 as a % of Fair Value ^(a)(b)


Moody’s / S&P / Rating*	Percentage of Fair Value
Aaa / AAA		20.81	%

Aa / AA		37.98	%

A / A		10.15	%

Baa / BBB		27.40	%

Ba / BB and lower		3.04	%

NR / Other		0.62	%


		100.00	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund—Class G Shares.

(b)

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.


State Street Income V.I.S. Fund			1

State Street Income V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period January 1, 2020	$	1,000.00	$	1,000.00
Account value at the end of the period June 30, 2020	$	1,046.70	$	1,019.29
Expenses paid during the period*	$	5.70	$	5.62

*	Expenses are equal to the Fund’s annualized expense ratio of 1.12% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


2		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $


Bonds and Notes - 90.8%†
U.S. Treasuries - 14.5%
U.S. Treasury Bonds
2.25%, 08/15/46 (a)		135,000		160,080
2.88%, 08/15/45		35,000		46,113
3.00%, 08/15/48 (a)		295,000		405,671
3.75%, 08/15/41		10,000		14,731
4.75%, 02/15/37		50,000		79,750
U.S. Treasury Notes
0.50%, 03/15/23		240,000		242,137
1.13%, 06/30/21		34,000		34,323
1.63%, 12/15/22 - 02/15/26 (a)		653,500		689,622
1.88%, 12/15/20 (a)		632,600		637,567
2.63%, 02/15/29 (a)		20,000		23,438

				2,333,432


Agency Mortgage Backed - 27.6%
Federal Home Loan Mortgage Corp.
3.00%, 04/01/43 - 05/01/50 (a)		917,284		988,211
4.05%, 09/25/28 (a)(b)		31,000		37,596
4.50%, 06/01/33 - 02/01/35 (a)		3,568		3,906
5.00%, 07/01/35 (a)		26,543		30,560
5.50%, 01/01/38 (a)		28,626		33,178
6.00%, 04/01/29 - 11/01/37 (a)		88,226		102,322
6.50%, 02/01/29 (a)		40		46
6.93%, 06/01/26 (a)(c)		60,000		81,722
7.00%, 06/01/29 - 08/01/36 (a)		20,461		24,631
7.50%, 01/01/30 - 09/01/33 (a)		3,782		4,327
8.00%, 11/01/30 (a)		4,119		4,763
8.50%, 04/01/30 (a)		3,637		4,714
Federal National Mortgage Assoc.
3.50%, 08/01/45 - 07/01/47 (a)		238,492		258,304
3.50%, 01/01/48		39,267		41,440
4.00%, 01/01/41 - 01/01/50 (a)		335,758		364,915
4.50%, 08/01/20 - 12/01/48 (a)		183,751		202,348
5.00%, 03/01/34 - 08/01/35 (a)		35,071		40,341
5.50%, 07/01/20 - 01/01/39 (a)		112,896		131,767
6.00%, 03/01/21 - 07/01/35 (a)		134,722		157,376
6.50%, 10/01/28 - 08/01/34 (a)		20,908		23,810
7.00%, 10/01/32 - 02/01/34 (a)		5,162		5,862
7.50%, 11/01/22 - 03/01/33 (a)		13,658		14,947
8.00%, 08/01/25 - 10/01/31 (a)		6,308		7,131
9.00%, 12/01/22 (a)		108		111
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35%, 04/01/37 (a)(b)		884		911
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.82%, 09/25/46 (a)(b)(d)		188,665		44,916
Federal National Mortgage Assoc.
2.00%, TBA (e)		60,000		62,070
Government National Mortgage Assoc.
3.00%, 12/20/42 (a)		324,089		347,771


	Principal Amount ($) or Shares		Fair Value $
3.00%, 05/20/45 - 02/20/47		639,272		679,579
3.50%, 08/20/48		173,577		184,326
4.00%, 01/20/41 - 04/20/43 (a)		105,018		116,036
4.50%, 08/15/33 - 03/20/41 (a)		74,967		83,681
6.00%, 04/15/27 - 04/15/34 (a)		72,040		83,973
6.50%, 03/15/24 - 08/15/34 (a)		25,434		28,965
7.00%, 01/15/28 - 10/15/36 (a)		22,167		24,703
7.50%, 11/15/31 (a)		98		98
9.00%, 12/15/21 (a)		35		35
Government National Mortgage Assoc. 1.50% + 1 year CMT
3.00%, 02/20/23 - 02/20/26 (a)(b)		1,126		1,140
3.13%, 12/20/24 (a)(b)		510		517
Government National Mortgage Assoc.
2.50%, TBA (e)		192,000		202,074

				4,425,123


Agency Collateralized Mortgage Obligations - 1.8%
Federal Home Loan Mortgage Corp.
0.08%, 09/25/43 (a)(b)(d)		369,847		1,093
2.43%, 08/25/29 (a)		102,000		112,800
2.51%, 07/25/29 (a)		55,000		61,227
Federal Home Loan Mortgage Corp. REMIC
3.50%, 11/15/30 (a)(d)		19,103		907
5.50%, 06/15/33 (a)(d)		15,218		2,890
7.50%, 07/15/27 (a)(d)		1,373		246
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.97%, 10/15/42 (a)(b)(d)		160,811		30,131
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.42%, 08/15/25 (a)(b)(d)		7,473		283
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (a)(f)(g)		171		163
8.00%, 02/01/23 - 07/01/24 (a)(d)		409		43
Federal National Mortgage Assoc. REMIC
1.11%, 12/25/42 (a)(b)(d)		19,793		769
5.00%, 09/25/40 (a)(d)		10,972		1,325
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.82%, 07/25/38 (a)(b)(d)		5,055		974
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
6.37%, 11/25/41 (a)(b)(d)		231,263		60,041
Federal National Mortgage Assoc. STRIPS
1.87%, 12/25/34 (a)(f)(g)		12,647		11,802
4.50%, 08/25/35 - 01/25/36 (a)(d)		15,606		2,239
5.00%, 03/25/38 - 05/25/38 (a)(d)		8,856		1,545
5.50%, 12/25/33 (a)(d)		3,943		711
6.00%, 01/25/35 (a)(d)		6,690		1,426
7.50%, 11/25/23 (a)(d)		1,628		133
8.00%, 08/25/23 - 07/25/24 (a)(d)		778		91

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


State Street Income V.I.S. Fund			3

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

8.50%, 07/25/22 (a)(d)**		9		—
9.00%, 05/25/22 (a)(d)**		9		—
Government National Mortgage Assoc. REMIC
4.50%, 08/16/39 (a)(d)		4,947		56


				290,895


Asset Backed - 3.4%
Ally Auto Receivables Trust
2.35%, 06/15/22 (a)		6,827		6,872
American Express Credit Account Master Trust 2018-8
3.18%, 04/15/24 (a)		104,000		107,522
CarMax Auto Owner Trust
3.13%, 06/15/23 (a)		13,848		14,146
Ford Credit Auto Owner Trust 2020-B
0.56%, 10/15/24		63,000		63,096
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR
0.50%, 09/15/22 (a)(b)(h)		124,000		123,944
Nissan Auto Lease Trust 2019-A
2.76%, 03/15/22 (a)		45,000		45,702
Nissan Auto Lease Trust 2020-A
1.80%, 05/16/22 (a)		25,000		25,198
Santander Retail Auto Lease Trust 2019-B
2.30%, 01/20/23 (a)(h)		63,000		64,408
Trillium Credit Card Trust II
3.04%, 01/26/24 (a)(h)		100,000		101,332

				552,220


Corporate Notes - 37.3%
3M Co.
3.13%, 09/19/46 (a)		4,000		4,316
Abbott Laboratories
3.75%, 11/30/26 (a)		6,000		6,981
4.90%, 11/30/46 (a)		8,000		11,448
AbbVie Inc.
2.60%, 11/21/24 (a)(h)		10,000		10,610
2.95%, 11/21/26 (a)(h)		9,000		9,784
3.20%, 05/14/26 (a)		4,000		4,396
3.20%, 11/21/29 (a)(h)		10,000		10,977
3.25%, 10/01/22 (a)(h)		6,000		6,284
3.45%, 03/15/22 (a)(h)		16,000		16,640
4.05%, 11/21/39 (a)(h)		5,000		5,846
4.25%, 11/21/49 (a)(h)		5,000		6,052
4.63%, 10/01/42 (a)(h)		2,000		2,449
4.88%, 11/14/48 (a)		3,000		3,914
5.00%, 12/15/21 (a)(h)		9,000		9,453
Advance Auto Parts Inc.
3.90%, 04/15/30 (a)(h)		20,000		21,387
4.50%, 12/01/23 (a)		12,000		13,066
Aetna Inc.
3.50%, 11/15/24 (a)		8,000		8,694


	Principal Amount ($) or Shares		Fair Value $
Air Products & Chemicals Inc.
2.80%, 05/15/50 (a)		8,000		8,411
Aircastle Ltd.
4.25%, 06/15/26 (a)		7,000		6,392
Albemarle Wodgina Pty Ltd.
3.45%, 11/15/29 (a)(h)		10,000		9,656
Alexandria Real Estate Equities Inc.
4.70%, 07/01/30 (a)		3,000		3,672
Alimentation Couche-Tard Inc.
2.70%, 07/26/22 (a)(h)		8,000		8,204
2.95%, 01/25/30 (a)(h)		6,000		6,177
3.80%, 01/25/50 (a)(h)		8,000		8,275
Ally Financial Inc.
5.75%, 11/20/25 (a)		6,000		6,419
Altria Group Inc.
2.95%, 05/02/23 (a)		5,000		5,262
3.80%, 02/14/24 (a)		4,000		4,377
4.25%, 08/09/42 (a)		2,000		2,105
4.45%, 05/06/50 (a)		5,000		5,466
4.50%, 05/02/43 (a)		3,000		3,216
4.80%, 02/14/29 (a)		7,000		8,168
Amazon.com Inc.
1.50%, 06/03/30		10,000		10,153
2.50%, 06/03/50		5,000		5,114
2.70%, 06/03/60		5,000		5,154
3.15%, 08/22/27 (a)		4,000		4,569
4.05%, 08/22/47 (a)		5,000		6,502
Ameren Corp.
3.65%, 02/15/26 (a)		5,000		5,584
American Campus Communities Operating Partnership LP
4.13%, 07/01/24 (a)		4,000		4,193
American Electric Power Company Inc.
3.25%, 03/01/50 (a)		5,000		5,143
American Electric Power Company Inc.
2.30%, 03/01/30 (a)		5,000		5,126
American Express Co.
3.00%, 10/30/24 (a)		8,000		8,650
American International Group Inc.
4.25%, 03/15/29 (a)		8,000		9,207
4.50%, 07/16/44 (a)		7,000		8,058
6.40%, 12/15/20 (a)		7,000		7,185
American Tower Corp.
2.90%, 01/15/30 (a)		5,000		5,331
3.70%, 10/15/49 (a)		3,000		3,272
3.80%, 08/15/29 (a)		10,000		11,332
American Water Capital Corp.
2.95%, 09/01/27 (a)		9,000		9,937
Amgen Inc.
2.45%, 02/21/30 (a)		17,000		17,973
2.65%, 05/11/22 (a)		9,000		9,344
3.15%, 02/21/40 (a)		9,000		9,652
3.38%, 02/21/50 (a)		9,000		9,950
4.66%, 06/15/51 (a)		3,000		3,995

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


4		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (a)		8,000		9,390
4.90%, 02/01/46 (a)		9,000		10,914
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (a)		6,000		6,746
4.00%, 04/13/28 (a)		4,000		4,616
4.35%, 06/01/40 (a)		10,000		11,425
4.38%, 04/15/38 (a)		9,000		10,199
4.50%, 06/01/50 (a)		3,000		3,564
4.75%, 04/15/58 (a)		7,000		8,434
5.55%, 01/23/49 (a)		6,000		7,968
Anthem Inc.
2.88%, 09/15/29 (a)		3,000		3,259
3.30%, 01/15/23 (a)		6,000		6,388
3.70%, 09/15/49 (a)		3,000		3,404
Apollo Management Holdings LP
2.65%, 06/05/30 (h)		20,000		20,023
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95%, 01/14/50 (a)(b)(h)		10,000		9,025
Apple Inc.
2.20%, 09/11/29 (a)		7,000		7,509
2.85%, 05/11/24 (a)		7,000		7,557
2.95%, 09/11/49 (a)		5,000		5,466
3.35%, 02/09/27 (a)		7,000		7,949
3.45%, 02/09/45 (a)		10,000		11,637
Applied Materials Inc.
4.35%, 04/01/47 (a)		6,000		7,741
Aptiv PLC
4.40%, 10/01/46 (a)		7,000		6,739
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (a)		6,000		6,517
Ascension Health
4.85%, 11/15/53 (a)		10,000		14,398
AstraZeneca PLC
3.50%, 08/17/23 (a)		6,000		6,493
4.00%, 01/17/29 (a)		3,000		3,582
4.38%, 08/17/48 (a)		2,000		2,644
AT&T Inc.
2.30%, 06/01/27 (a)		10,000		10,356
2.75%, 06/01/31 (a)		17,000		17,706
3.85%, 06/01/60 (a)		10,000		10,663
4.35%, 03/01/29 (a)		4,000		4,660
4.45%, 04/01/24 (a)		7,000		7,845
4.50%, 05/15/35 (a)		7,000		8,256
4.55%, 03/09/49 (a)		4,000		4,718
4.75%, 05/15/46 (a)		4,000		4,713
4.80%, 06/15/44 (a)		2,000		2,317
4.85%, 03/01/39 (a)		8,000		9,663
5.15%, 11/15/46 (a)		2,000		2,460
5.25%, 03/01/37 (a)		5,000		6,197


	Principal Amount ($) or Shares		Fair Value $
5.35%, 12/15/43 (a)		7,000		8,834
5.45%, 03/01/47 (a)		7,000		9,172
Athene Holding Ltd.
4.13%, 01/12/28 (a)		4,000		4,115
6.15%, 04/03/30 (a)		9,000		10,339
AvalonBay Communities Inc.
2.45%, 01/15/31 (a)		10,000		10,668
Avangrid Inc.
3.15%, 12/01/24 (a)		9,000		9,744
Avery Dennison Corp.
2.65%, 04/30/30 (a)		10,000		10,231
Bank of America Corp.
3.95%, 04/21/25 (a)		7,000		7,750
4.18%, 11/25/27 (a)		11,000		12,576
4.25%, 10/22/26 (a)		11,000		12,608
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15%+ SOFR thereafter)
2.59%, 04/29/31 (a)(b)		5,000		5,299
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12%, 01/20/23 (a)(b)		8,000		8,283
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37%, 01/23/26 (a)(b)		2,000		2,183
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71%, 04/24/28 (a)(b)		11,000		12,441
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%, 01/23/49 (a)(b)		3,000		3,627
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27%, 07/23/29 (a)(b)		3,000		3,527
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30%, 12/31/99 (a)(b)		10,000		8,915
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44%, 01/20/48 (a)(b)		3,000		3,875
Bank of Montreal (4.34%, fixed rate until 10/05/23; 1.28%, + USD 5 year Swap Rate thereafter)
4.34%10/05/28 (a)(b)		9,000		9,610
Barrick North America Finance LLC
5.70%, 05/30/41 (a)		3,000		4,023

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


State Street Income V.I.S. Fund			5

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

BAT Capital Corp.
2.76%, 08/15/22 (a)		7,000		7,250
3.56%, 08/15/27 (a)		5,000		5,384
4.39%, 08/15/37 (a)		7,000		7,635
4.54%, 08/15/47 (a)		4,000		4,336
4.70%, 04/02/27 (a)		5,000		5,734
4.91%, 04/02/30 (a)		6,000		7,022
5.28%, 04/02/50 (a)		6,000		7,265
Becton Dickinson and Co.
2.89%, 06/06/22 (a)		11,000		11,387
3.70%, 06/06/27 (a)		10,000		11,164
3.73%, 12/15/24 (a)		2,000		2,208
4.67%, 06/06/47 (a)		3,000		3,703
4.69%, 12/15/44 (a)		2,000		2,460
Bemis Company Inc.
2.63%, 06/19/30		10,000		10,285
Berkshire Hathaway Energy Co.
3.25%, 04/15/28 (a)		4,000		4,522
3.70%, 07/15/30 (a)(h)		5,000		5,855
3.80%, 07/15/48 (a)		5,000		5,824
4.25%, 10/15/50 (a)(h)		2,000		2,513
6.13%, 04/01/36 (a)		5,000		7,208
Berkshire Hathaway Finance Corp.
4.25%, 01/15/49 (a)		6,000		7,688
Biogen Inc.
2.25%, 05/01/30 (a)		5,000		5,055
3.15%, 05/01/50 (a)		5,000		4,823
Boardwalk Pipelines LP
4.80%, 05/03/29 (a)		10,000		10,524
Boston Scientific Corp.
4.70%, 03/01/49 (a)		4,000		5,096
BP Capital Markets America Inc.
3.00%, 02/24/50 (a)		5,000		4,900
3.02%, 01/16/27 (a)		11,000		11,922
3.22%, 11/28/23 (a)		8,000		8,585
BP Capital Markets PLC (4.38% Fixed rate until 06/22/2025; 4.04% + 5 year CMT Rate thereafter)
4.38%, 12/31/99 (b)		8,000		8,149
BP Capital Markets PLC (4.88% Fixed rate until 03/22/2030; 4.40% + 5 year CMT Rate thereafter)
4.88%, 12/31/99 (b)		8,000		8,300
Brighthouse Financial Inc.
3.70%, 06/22/27 (a)		2,000		2,038
Bristol-Myers Squibb Co.
3.20%, 06/15/26 (a)(h)		7,000		7,850
3.40%, 07/26/29 (a)(h)		7,000		8,083
3.45%, 11/15/27 (a)(h)		2,000		2,301
4.13%, 06/15/39 (a)(h)		5,000		6,356
4.25%, 10/26/49 (a)(h)		5,000		6,592
4.55%, 02/20/48 (a)(h)		4,000		5,395
5.00%, 08/15/45 (a)(h)		5,000		7,036


	Principal Amount ($) or Shares		Fair Value $
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (a)		3,000		3,116
3.13%, 01/15/25 (a)		3,000		3,203
3.88%, 01/15/27 (a)		2,000		2,160
Broadcom Inc.
3.15%, 11/15/25 (a)(h)		10,000		10,645
4.15%, 11/15/30 (a)(h)		8,000		8,700
4.30%, 11/15/32 (a)(h)		8,000		8,831
Brown-Forman Corp.
4.00%, 04/15/38 (a)		2,000		2,361
Bunge Limited Finance Corp.
3.75%, 09/25/27 (a)		3,000		3,140
Burlington Northern Santa Fe LLC
4.15%, 12/15/48 (a)		8,000		10,055
4.55%, 09/01/44 (a)		11,000		14,224
Cameron LNG LLC
3.30%, 01/15/35 (a)(h)		3,000		3,302
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (a)		7,000		7,485
4.95%, 06/01/47 (a)		2,000		2,194
Cantor Fitzgerald LP
4.88%, 05/01/24 (a)(h)		10,000		10,798
Capital One Financial Corp.
3.75%, 07/28/26 (a)		9,000		9,878
4.75%, 07/15/21 (a)		12,000		12,511
Cardinal Health Inc.
2.62%, 06/15/22 (a)		6,000		6,200
3.08%, 06/15/24 (a)		4,000		4,271
Carlisle Companies Inc.
2.75%, 03/01/30 (a)		10,000		10,290
Carrier Global Corp.
2.72%, 02/15/30 (a)(h)		5,000		5,010
3.38%, 04/05/40 (a)(h)		5,000		4,868
3.58%, 04/05/50 (a)(h)		5,000		4,882
Caterpillar Inc.
3.25%, 09/19/49 (a)		7,000		7,786
3.80%, 08/15/42 (a)		4,000		4,738
Centene Corp.
3.38%, 02/15/30 (a)		12,000		12,108
4.25%, 12/15/27 (a)		15,000		15,472
4.63%, 12/15/29 (a)		5,000		5,276
CenterPoint Energy Inc.
2.50%, 09/01/22 (a)		13,000		13,437
3.60%, 11/01/21 (a)		8,000		8,305
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22 (a)		11,000		11,734
4.80%, 03/01/50 (a)		3,000		3,388
4.91%, 07/23/25 (a)		5,000		5,729
5.05%, 03/30/29 (a)		7,000		8,265
5.75%, 04/01/48 (a)		10,000		12,408
6.38%, 10/23/35 (a)		3,000		3,951

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


6		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25 (a)		7,000		7,860
Chevron Corp.
1.55%, 05/11/25 (a)		2,000		2,057
2.24%, 05/11/30 (a)		3,000		3,152
2.98%, 05/11/40 (a)		5,000		5,360
3.08%, 05/11/50 (a)		5,000		5,304
3.19%, 06/24/23 (a)		4,000		4,289
Chubb INA Holdings Inc.
4.35%, 11/03/45 (a)		8,000		10,412
Cigna Corp.
2.40%, 03/15/30 (a)		5,000		5,190
3.25%, 04/15/25 (a)(h)		7,000		7,638
3.40%, 09/17/21 (a)		7,000		7,231
3.40%, 03/01/27 (a)(h)		5,000		5,521
3.75%, 07/15/23 (a)		4,000		4,342
3.88%, 10/15/47 (a)(h)		4,000		4,520
4.13%, 11/15/25 (a)		7,000		8,027
4.38%, 10/15/28 (a)		3,000		3,553
4.80%, 08/15/38 (a)		3,000		3,801
Cisco Systems Inc.
5.90%, 02/15/39 (a)		5,000		7,472
Citigroup Inc.
2.70%, 10/27/22 (a)		8,000		8,341
4.45%, 09/29/27 (a)		4,000		4,550
4.65%, 07/23/48 (a)		13,000		17,000
4.75%, 05/18/46 (a)		9,000		11,394
5.50%, 09/13/25 (a)		10,000		11,847
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68%, 05/15/24 (a)(b)		28,000		28,536
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88%, 07/24/23 (a)(b)		7,000		7,283
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%, 11/05/30 (a)(b)		6,000		6,375
Citigroup Inc. (3.11% fixed rate until 04/08/25; 2.75% + SOFR thereafter)
3.11%, 04/08/26 (a)(b)		28,000		30,100
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88%, 01/24/39 (a)(b)		7,000		8,104
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70%, 12/31/99 (a)(b)		12,000		10,716
CME Group Inc.
3.75%, 06/15/28 (a)		2,000		2,405


	Principal Amount ($) or Shares		Fair Value $
CMS Energy Corp.
4.88%, 03/01/44 (a)		11,000		14,333
CNA Financial Corp.
3.45%, 08/15/27 (a)		5,000		5,360
3.90%, 05/01/29 (a)		10,000		10,965
CNH Industrial Capital LLC
1.95%, 07/02/23 (a)		10,000		10,089
4.38%, 11/06/20 (a)		7,000		7,054
4.88%, 04/01/21 (a)		8,000		8,209
Comcast Corp.
2.80%, 01/15/51 (a)		5,000		5,114
3.10%, 04/01/25 (a)		5,000		5,499
3.20%, 07/15/36 (a)		7,000		7,758
3.25%, 11/01/39 (a)		9,000		9,913
3.38%, 08/15/25 (a)		5,000		5,565
3.45%, 02/01/50 (a)		5,000		5,667
3.97%, 11/01/47 (a)		6,000		7,150
4.15%, 10/15/28 (a)		7,000		8,387
4.60%, 08/15/45 (a)		3,000		3,893
4.70%, 10/15/48 (a)		4,000		5,351
CommonSpirit Health
4.35%, 11/01/42 (a)		16,000		16,593
Conagra Brands Inc.
3.80%, 10/22/21 (a)		11,000		11,436
5.30%, 11/01/38 (a)		3,000		3,921
5.40%, 11/01/48 (a)		4,000		5,522
Concho Resources Inc.
3.75%, 10/01/27 (a)		3,000		3,203
4.88%, 10/01/47 (a)		4,000		4,495
ConocoPhillips Co.
4.30%, 11/15/44 (a)		8,000		9,793
Consolidated Edison Company of New York Inc.
3.35%, 04/01/30 (a)		5,000		5,687
3.88%, 06/15/47 (a)		4,000		4,622
3.95%, 04/01/50 (a)		5,000		6,044
Constellation Brands Inc.
3.15%, 08/01/29 (a)		8,000		8,622
3.70%, 12/06/26 (a)		6,000		6,719
4.50%, 05/09/47 (a)		8,000		9,490
Continental Resources Inc.
4.50%, 04/15/23 (a)		7,000		6,700
Corning Inc.
4.38%, 11/15/57 (a)		6,000		6,926
CoStar Group Inc.
2.80%, 07/15/30 (e)(h)		8,000		8,084
Costco Wholesale Corp.
1.75%, 04/20/32 (a)		8,000		8,107
Crown Castle International Corp.
3.30%, 07/01/30 (a)		16,000		17,599
5.20%, 02/15/49 (a)		6,000		7,949
CSX Corp.
4.50%, 03/15/49 - 08/01/54 (a)		14,000		17,955

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


State Street Income V.I.S. Fund			7

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

CubeSmart LP
4.38%, 02/15/29 (a)		7,000		8,147
CVS Health Corp.
3.00%, 08/15/26 (a)		6,000		6,549
3.25%, 08/15/29 (a)		5,000		5,517
3.35%, 03/09/21 (a)		6,000		6,115
3.63%, 04/01/27 (a)		5,000		5,635
3.75%, 04/01/30 (a)		5,000		5,737
4.25%, 04/01/50 (a)		5,000		6,020
4.30%, 03/25/28 (a)		2,000		2,334
4.78%, 03/25/38 (a)		3,000		3,712
5.00%, 12/01/24 (a)		6,000		6,848
5.13%, 07/20/45 (a)		2,000		2,583
5.30%, 12/05/43 (a)		6,000		7,814
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (a)(h)		9,000		9,711
4.42%, 06/15/21 (a)(h)		11,000		11,305
5.45%, 06/15/23 (a)(h)		5,000		5,471
6.02%, 06/15/26 (a)(h)		5,000		5,720
8.10%, 07/15/36 (a)(h)		2,000		2,588
8.35%, 07/15/46 (a)(h)		4,000		5,309
Deutsche Bank AG
2.70%, 07/13/20 (a)		12,000		12,003
Devon Energy Corp.
5.00%, 06/15/45 (a)		6,000		5,361
DH Europe Finance II Sarl
2.60%, 11/15/29 (a)		4,000		4,255
3.25%, 11/15/39 (a)		3,000		3,309
3.40%, 11/15/49 (a)		3,000		3,361
Diamondback Energy Inc.
2.88%, 12/01/24 (a)		10,000		10,004
3.25%, 12/01/26 (a)		5,000		5,017
3.50%, 12/01/29 (a)		5,000		4,839
5.38%, 05/31/25 (a)		12,000		12,393
Digital Realty Trust LP
3.60%, 07/01/29 (a)		10,000		11,414
Discovery Communications LLC
2.95%, 03/20/23 (a)		5,000		5,252
3.95%, 03/20/28 (a)		5,000		5,571
4.95%, 05/15/42 (a)		2,000		2,274
5.00%, 09/20/37 (a)		3,000		3,531
Dollar General Corp.
3.50%, 04/03/30 (a)		9,000		10,121
4.13%, 04/03/50 (a)		6,000		7,182
Dollar Tree Inc.
4.00%, 05/15/25 (a)		7,000		7,871
Dominion Energy Inc.
3.07%, 08/15/24 (a)(c)		5,000		5,374
3.38%, 04/01/30 (a)		10,000		11,080
Dover Corp.
2.95%, 11/04/29 (a)		5,000		5,372
DR Horton Inc.
2.60%, 10/15/25 (a)		14,000		14,710


	Principal Amount ($) or Shares		Fair Value $
DTE Energy Co.
2.85%, 10/01/26 (a)		8,000		8,496
3.85%, 12/01/23 (a)		7,000		7,602
Duke Energy Carolinas LLC
3.95%, 03/15/48 (a)		5,000		6,205
Duke Energy Corp.
1.80%, 09/01/21 (a)		7,000		7,092
3.55%, 09/15/21 (a)		6,000		6,165
3.75%, 09/01/46 (a)		3,000		3,395
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39%+ 5 year CMT Rate thereafter)
4.88%, 12/31/99 (a)(b)		9,000		8,972
Duke Energy Progress LLC
4.15%, 12/01/44 (a)		11,000		13,480
Duke Realty LP
3.05%, 03/01/50 (a)		5,000		5,229
3.25%, 06/30/26 (a)		4,000		4,381
3.38%, 12/15/27 (a)		3,000		3,345
DuPont de Nemours Inc.
2.17%, 05/01/23 (a)		10,000		10,191
5.32%, 11/15/38 (a)		3,000		3,799
5.42%, 11/15/48 (a)		3,000		3,947
Duquesne Light Holdings Inc.
3.62%, 08/01/27 (a)(h)		11,000		11,378
DXC Technology Co.
4.00%, 04/15/23 (a)		11,000		11,539
Eastman Chemical Co.
3.50%, 12/01/21 (a)		8,000		8,253
3.60%, 08/15/22 (a)		7,000		7,301
4.50%, 01/15/21 (a)		9,000		9,056
4.65%, 10/15/44 (a)		6,000		6,913
Eaton Corp.
3.10%, 09/15/27 (a)		4,000		4,391
Edison International
2.40%, 09/15/22 (a)		18,000		18,214
4.95%, 04/15/25 (a)		10,000		11,010
EI du Pont de Nemours and Co.
2.30%, 07/15/30 (a)		3,000		3,115
Eli Lilly & Co.
3.95%, 03/15/49 (a)		8,000		10,206
Emera US Finance LP
4.75%, 06/15/46 (a)		3,000		3,567
Emerson Electric Co.
1.80%, 10/15/27 (a)		2,000		2,065
2.75%, 10/15/50 (a)		3,000		3,012
Enbridge Energy Partners LP
5.50%, 09/15/40 (a)		4,000		4,844
Energy Transfer Operating LP
4.25%, 03/15/23 (a)		8,000		8,420
4.50%, 04/15/24 (a)		2,000		2,168
4.95%, 06/15/28 (a)		4,000		4,309
6.50%, 02/01/42 (a)		8,000		8,728

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


8		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Energy Transfer Operating LP (6.75%, fixed rate until 05/15/25; 5.13%, + 5 year CMT Rate thereafter)
6.75%, 12/31/99 (a)(b)		19,000		16,137
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (a)		4,000		4,283
Entergy Louisiana LLC
3.05%, 06/01/31 (a)		10,000		11,152
4.00%, 03/15/33 (a)		3,000		3,689
Enterprise Products Operating LLC
4.25%, 02/15/48 (a)		7,000		7,700
Enterprise Products Operating LLC (5.25%, fixed rate until 08/16/27; 3.03%, + 3 month USD LIBOR thereafter)
5.25%, 08/16/77 (a)(b)		7,000		6,569
EOG Resources Inc.
4.38%, 04/15/30 (a)		5,000		5,960
4.95%, 04/15/50 (a)		8,000		10,210
5.10%, 01/15/36 (a)		4,000		4,661
EPR Properties
4.95%, 04/15/28 (a)		4,000		3,819
Equinix Inc.
1.25%, 07/15/25		10,000		10,012
2.15%, 07/15/30		10,000		9,957
Equinor ASA
3.25%, 11/18/49 (a)		5,000		5,329
ERP Operating LP
4.50%, 07/01/44 (a)		9,000		11,736
Essex Portfolio LP
2.65%, 03/15/32 (a)		5,000		5,291
Eversource Energy
3.45%, 01/15/50 (a)		7,000		7,565
Exelon Corp.
3.50%, 06/01/22 (a)		9,000		9,410
4.05%, 04/15/30 (a)		9,000		10,398
4.45%, 04/15/46 (a)		7,000		8,498
4.70%, 04/15/50 (a)		6,000		7,663
Exxon Mobil Corp.
2.61%, 10/15/30 (a)		17,000		18,215
3.45%, 04/15/51 (a)		10,000		11,068
FedEx Corp.
3.80%, 05/15/25 (a)		22,000		24,494
4.10%, 02/01/45 (a)		7,000		7,089
Fifth Third Bancorp
2.55%, 05/05/27 (a)		10,000		10,711
FirstEnergy Corp.
3.90%, 07/15/27 (a)		2,000		2,265
FirstEnergy Transmission LLC
4.55%, 04/01/49 (a)(h)		7,000		8,515
Fiserv Inc.
3.50%, 07/01/29 (a)		5,000		5,618
4.40%, 07/01/49 (a)		5,000		6,058


	Principal Amount ($) or Shares		Fair Value $
Florida Power & Light Co.
2.85%, 04/01/25 (a)		10,000		10,977
4.13%, 02/01/42 (a)		13,000		16,273
Ford Motor Co.
4.35%, 12/08/26 (a)		6,000		5,585
General Dynamics Corp.
4.25%, 04/01/50 (a)		5,000		6,464
General Mills Inc.
2.88%, 04/15/30 (a)		5,000		5,445
3.70%, 10/17/23 (a)		5,000		5,453
4.55%, 04/17/38 (a)		2,000		2,504
4.70%, 04/17/48 (a)		3,000		3,976
General Motors Co.
5.20%, 04/01/45 (a)		3,000		2,904
5.40%, 04/01/48 (a)		2,000		2,005
6.13%, 10/01/25 (a)		8,000		8,990
6.80%, 10/01/27 (a)		5,000		5,825
General Motors Financial Company Inc.
3.45%, 01/14/22 - 04/10/22 (a)		19,000		19,335
3.55%, 04/09/21 (a)		7,000		7,084
4.20%, 11/06/21 (a)		4,000		4,111
5.25%, 03/01/26 (a)		8,000		8,718
Georgia-Pacific LLC
1.75%, 09/30/25 (a)(h)		11,000		11,343
2.10%, 04/30/27 (a)(h)		8,000		8,277
3.60%, 03/01/25 (a)(h)		11,000		12,176
Gilead Sciences Inc.
2.95%, 03/01/27 (a)		3,000		3,345
3.50%, 02/01/25 (a)		4,000		4,452
3.65%, 03/01/26 (a)		2,000		2,287
4.15%, 03/01/47 (a)		9,000		11,484
GlaxoSmithKline Capital Inc.
3.38%, 05/15/23 (a)		7,000		7,547
3.63%, 05/15/25 (a)		6,000		6,775
GlaxoSmithKline Capital PLC
3.38%, 06/01/29 (a)		9,000		10,345
Glencore Finance Canada Ltd.
4.25%, 10/25/22 (a)(h)		11,000		11,617
4.95%, 11/15/21 (a)(h)		7,000		7,302
Halliburton Co.
5.00%, 11/15/45 (a)		6,000		6,190
HCA Inc.
4.13%, 06/15/29 (a)		5,000		5,517
4.50%, 02/15/27 (a)		6,000		6,681
Health Care Service Corp.
2.20%, 06/01/30 (h)		14,000		14,019
3.20%, 06/01/50 (h)		4,000		4,071
Hess Corp.
5.60%, 02/15/41 (a)		4,000		4,197
5.80%, 04/01/47 (a)		2,000		2,168
Hewlett Packard Enterprise Co.
6.35%, 10/15/45 (a)		5,000		6,117

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


State Street Income V.I.S. Fund			9

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Highwoods Realty LP
4.13%, 03/15/28 (a)		7,000		7,505
4.20%, 04/15/29 (a)		11,000		11,895
Honeywell International Inc.
2.70%, 08/15/29 (a)		2,000		2,208
Hormel Foods Corp.
1.80%, 06/11/30		15,000		15,310
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50%, 12/31/99 (a)(b)		15,000		15,406
Huntington Bancshares Inc.
2.55%, 02/04/30 (a)		12,000		12,413
Hyundai Capital America
3.10%, 04/05/22 (a)(h)		7,000		7,130
Infor Inc.
1.45%, 07/15/23 (h)		5,000		5,038
1.75%, 07/15/25 (h)		10,000		10,070
Ingredion Inc.
2.90%, 06/01/30 (a)		14,000		14,931
3.90%, 06/01/50 (a)		2,000		2,284
Intel Corp.
2.45%, 11/15/29 (a)		18,000		19,430
2.60%, 05/19/26 (a)		8,000		8,753
2.88%, 05/11/24 (a)		3,000		3,243
3.10%, 02/15/60 (a)		10,000		11,067
International Paper Co.
4.40%, 08/15/47 (a)		7,000		8,227
Interstate Power & Light Co.
3.40%, 08/15/25 (a)		8,000		8,737
Intuit Inc.
0.65%, 07/15/23		5,000		5,014
0.95%, 07/15/25		5,000		5,017
1.35%, 07/15/27		5,000		5,028
1.65%, 07/15/30		5,000		5,008
ITC Holdings Corp.
2.95%, 05/14/30 (a)(h)		14,000		14,927
Jabil Inc.
3.95%, 01/12/28 (a)		4,000		4,280
Jefferies Group LLC
5.13%, 01/20/23 (a)		10,000		10,859
John Deere Capital Corp.
2.45%, 01/09/30 (a)		15,000		16,267
Johnson & Johnson
3.63%, 03/03/37 (a)		5,000		6,026
Johnson Controls International PLC
4.50%, 02/15/47 (a)		5,000		5,710
JPMorgan Chase & Co.
3.30%, 04/01/26 (a)		11,000		12,255
3.63%, 12/01/27 (a)		5,000		5,517


	Principal Amount ($) or Shares		Fair Value $
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96%, 05/13/31 (a)(b)		10,000		10,607
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51%, 01/23/29 (a)(b)		7,000		7,888
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%, 07/24/38 (a)(b)		2,000		2,364
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%, 01/23/49		10,000		12,063
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01%, 04/23/29 (a)(b)		4,000		4,613
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03%, 07/24/48 (a)(b)		7,000		8,464
JPMorgan Chase & Co. (4.23% fixed rate until 7/30/20; 3.47% + 3 month USD LIBOR thereafter)
4.23%, 12/29/49 (a)(b)		8,000		7,318
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60%, 12/31/99 (a)(b)		12,000		10,698
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10%, 10/29/49 (a)(b)		7,000		7,174
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (a)		3,000		3,336
3.80%, 05/01/50 (a)		7,000		7,921
4.50%, 11/15/45 (a)		3,000		3,622
KeyCorp
2.25%, 04/06/27 (a)		17,000		17,794
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (a)		11,000		11,134
4.70%, 11/01/42 (a)		2,000		2,160
5.00%, 03/01/43 (a)		2,000		2,217
5.30%, 09/15/20 (a)		7,000		7,060
6.38%, 03/01/41 (a)		4,000		5,017
Kinder Morgan Inc.
5.05%, 02/15/46 (a)		9,000		10,325
KLA Corp.
3.30%, 03/01/50 (a)		5,000		5,166
4.10%, 03/15/29 (a)		11,000		12,991
4.65%, 11/01/24 (a)		6,000		6,871

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


10		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Kohl’s Corp.
9.50%, 05/15/25 (a)		5,000		5,707
Kraft Heinz Foods Co.
2.80%, 07/02/20 (a)		2,000		2,000
L3Harris Technologies Inc.
3.85%, 12/15/26 (a)		6,000		6,876
Lam Research Corp.
4.00%, 03/15/29 (a)		11,000		13,059
Las Vegas Sands Corp.
3.50%, 08/18/26 (a)		5,000		4,986
Lear Corp.
4.25%, 05/15/29 (a)		10,000		10,256
5.25%, 05/15/49 (a)		5,000		5,058
Leidos Inc.
2.95%, 05/15/23 (a)(h)		11,000		11,547
3.63%, 05/15/25 (a)(h)		5,000		5,446
4.38%, 05/15/30 (a)(h)		13,000		14,656
Liberty Mutual Group Inc.
3.95%, 05/15/60 (a)(h)		3,000		3,153
Lincoln National Corp.
3.63%, 12/12/26 (a)		4,000		4,410
4.35%, 03/01/48 (a)		7,000		7,876
Lockheed Martin Corp.
4.50%, 05/15/36 (a)		7,000		9,079
Loews Corp.
3.20%, 05/15/30 (a)		5,000		5,431
Lowe’s Companies Inc.
4.05%, 05/03/47 (a)		4,000		4,700
4.55%, 04/05/49 (a)		7,000		8,857
LYB International Finance BV
4.88%, 03/15/44 (a)		5,000		5,867
Marathon Oil Corp.
3.85%, 06/01/25 (a)		7,000		7,089
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (a)		5,000		5,200
3.50%, 03/10/25 (a)		7,000		7,750
Masco Corp.
3.50%, 11/15/27 (a)		2,000		2,049
Mastercard Inc.
3.30%, 03/26/27 (a)		5,000		5,674
McCormick & Company Inc.
2.50%, 04/15/30 (a)		3,000		3,152
3.25%, 11/15/25 (a)		32,000		34,454
McDonald’s Corp.
3.60%, 07/01/30 (a)		8,000		9,215
3.63%, 09/01/49 (a)		3,000		3,324
3.70%, 01/30/26 (a)		5,000		5,681
3.80%, 04/01/28 (a)		9,000		10,524
4.20%, 04/01/50 (a)		5,000		6,050
4.88%, 12/09/45 (a)		8,000		10,278
McKesson Corp.
3.65%, 11/30/20 (a)		8,000		8,099


	Principal Amount ($) or Shares		Fair Value $
Medtronic Inc.
4.63%, 03/15/45 (a)		2,000		2,686
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52 (a)		17,000		21,630
Merck & Company Inc.
1.45%, 06/24/30		5,000		5,010
2.45%, 06/24/50		5,000		5,042
2.75%, 02/10/25 (a)		7,000		7,599
4.00%, 03/07/49 (a)		4,000		5,168
MetLife Inc.
4.05%, 03/01/45 (a)		3,000		3,536
4.72%, 12/15/44 (a)		10,000		12,612
Microchip Technology Inc.
2.67%, 09/01/23 (a)(h)		28,000		28,837
Micron Technology Inc.
2.50%, 04/24/23 (a)		10,000		10,393
Microsoft Corp.
2.40%, 08/08/26 (a)		6,000		6,548
2.68%, 06/01/60		3,000		3,129
3.45%, 08/08/36 (a)		5,000		6,024
3.50%, 02/12/35 (a)		3,000		3,651
3.70%, 08/08/46 (a)		11,000		13,754
3.95%, 08/08/56 (a)		5,000		6,440
4.10%, 02/06/37 (a)		4,000		5,167
Molson Coors Beverage Co.
2.10%, 07/15/21 (a)		7,000		7,094
4.20%, 07/15/46 (a)		6,000		5,827
Morgan Stanley
3.70%, 10/23/24 (a)		7,000		7,756
3.95%, 04/23/27 (a)		5,000		5,608
4.35%, 09/08/26 (a)		12,000		13,813
5.00%, 11/24/25 (a)		25,000		29,380
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72%, 07/22/25 (a)(b)		12,000		12,704
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62%, 04/01/31 (a)(b)		5,000		5,715
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97%, 07/22/38 (a)(b)		10,000		11,859
MPLX LP
3.38%, 03/15/23 (a)		5,000		5,222
5.20%, 12/01/47 (a)		3,000		3,099
5.25%, 01/15/25 (a)		9,000		9,358
6.25%, 10/15/22 (a)		10,000		10,004
MPLX LP (1.41%, fixed rate until 09/09/20; 1.10%, + 3 month USD LIBOR)
1.41%, 09/09/22 (a)(b)		10,000		9,851

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


State Street Income V.I.S. Fund			11

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Mylan Inc.
5.20%, 04/15/48 (a)		5,000		6,164
Mylan N.V.
3.15%, 06/15/21 (a)		7,000		7,145
3.95%, 06/15/26 (a)		2,000		2,234
National Oilwell Varco Inc.
3.60%, 12/01/29 (a)		9,000		8,787
National Retail Properties Inc.
4.00%, 11/15/25 (a)		6,000		6,523
NetApp Inc.
2.38%, 06/22/27		8,000		8,118
2.70%, 06/22/30		8,000		8,017
Newfield Exploration Co.
5.63%, 07/01/24 (a)		21,000		20,159
Newmont Corp.
2.25%, 10/01/30 (a)		10,000		10,123
4.88%, 03/15/42 (a)		7,000		8,936
Nexen Inc.
6.40%, 05/15/37 (a)		7,000		9,978
NextEra Energy Capital Holdings Inc.
3.25%, 04/01/26 (a)		11,000		12,300
NextEra Energy Capital Holdings Inc. (5.65%, fixed rate until 05/01/29; 3.16%, + 3 month USD LIBOR thereafter)
5.65%, 05/01/79 (a)(b)		7,000		7,601
NIKE Inc.
2.40%, 03/27/25 (a)		10,000		10,787
3.38%, 03/27/50 (a)		2,000		2,303
NiSource Inc.
3.60%, 05/01/30 (a)		5,000		5,729
3.95%, 03/30/48 (a)		2,000		2,310
Noble Energy Inc.
3.85%, 01/15/28 (a)		6,000		5,786
3.90%, 11/15/24 (a)		4,000		4,016
4.20%, 10/15/49 (a)		3,000		2,514
5.05%, 11/15/44 (a)		3,000		2,730
Nordstrom Inc.
4.38%, 04/01/30 (a)		5,000		3,920
Norfolk Southern Corp.
3.95%, 10/01/42 (a)		6,000		6,967
Northrop Grumman Corp.
2.55%, 10/15/22 (a)		5,000		5,215
3.85%, 04/15/45 (a)		4,000		4,696
4.03%, 10/15/47 (a)		3,000		3,608
Novartis Capital Corp.
2.20%, 08/14/30 (a)		8,000		8,456
3.00%, 11/20/25 (a)		3,000		3,328
Nutrien Ltd.
4.00%, 12/15/26 (a)		3,000		3,375
4.90%, 06/01/43 (a)		6,000		7,032
NVIDIA Corp.
2.85%, 04/01/30 (a)		5,000		5,555
3.50%, 04/01/50 (a)		5,000		5,728


	Principal Amount ($) or Shares		Fair Value $
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70%, 05/01/25 (a)(h)		5,000		5,236
Occidental Petroleum Corp.
2.70%, 08/15/22 (a)		5,000		4,655
2.90%, 08/15/24 (a)		4,000		3,418
4.85%, 03/15/21 (a)		3,000		2,996
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (a)		5,000		5,473
Omnicom Group Inc./Omnicom Capital Inc.
3.63%, 05/01/22 (a)		7,000		7,380
Oncor Electric Delivery Company LLC
3.80%, 09/30/47 (a)		2,000		2,412
ONEOK Inc.
4.35%, 03/15/29 (a)		6,000		6,286
5.20%, 07/15/48 (a)		8,000		8,119
Oracle Corp.
2.40%, 09/15/23 (a)		4,000		4,209
2.65%, 07/15/26 (a)		7,000		7,571
2.95%, 04/01/30 (a)		9,000		10,023
3.60%, 04/01/50 (a)		6,000		6,728
3.80%, 11/15/37 (a)		3,000		3,474
4.00%, 07/15/46 - 11/15/47 (a)		15,000		17,663
Otis Worldwide Corp.
2.06%, 04/05/25 (a)(h)		5,000		5,243
2.57%, 02/15/30 (a)(h)		5,000		5,251
3.36%, 02/15/50 (a)(h)		5,000		5,268
Owens Corning
4.40%, 01/30/48 (a)		5,000		5,150
Pacific Gas & Electric Co.
2.50%, 02/01/31		8,000		7,850
Pacific Gas & Electric Co.
2.10%, 08/01/27		5,000		4,961
3.30%, 08/01/40		8,000		7,830
3.50%, 08/01/50		5,000		4,853
PacifiCorp
2.70%, 09/15/30 (a)		5,000		5,455
6.25%, 10/15/37 (a)		4,000		5,798
Parker-Hannifin Corp.
3.25%, 06/14/29 (a)		5,000		5,516
PayPal Holdings Inc.
2.65%, 10/01/26 (a)		10,000		10,881
3.25%, 06/01/50 (a)		4,000		4,328
PepsiCo Inc.
1.63%, 05/01/30 (a)		5,000		5,093
2.63%, 07/29/29 (a)		10,000		11,066
3.45%, 10/06/46 (a)		6,000		6,958
Petroleos Mexicanos
5.35%, 02/12/28 (a)		10,000		8,393
5.63%, 01/23/46 (a)		10,000		7,127
6.35%, 02/12/48 (a)		10,000		7,424
6.50%, 03/13/27 (a)		15,000		13,647
7.69%, 01/23/50 (a)(h)		10,000		8,300

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


12		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Pfizer Inc.
2.63%, 04/01/30 (a)		5,000		5,503
2.70%, 05/28/50 (a)		15,000		15,485
3.45%, 03/15/29 (a)		4,000		4,666
3.60%, 09/15/28 (a)		7,000		8,251
3.90%, 03/15/39 (a)		5,000		6,158
4.40%, 05/15/44 (a)		4,000		5,236
Philip Morris International Inc.
1.50%, 05/01/25 (a)		10,000		10,227
2.10%, 05/01/30 (a)		5,000		5,159
4.13%, 03/04/43 (a)		4,000		4,706
Phillips 66
2.15%, 12/15/30		28,000		27,274
Phillips 66 Partners LP
3.75%, 03/01/28 (a)		3,000		3,204
4.68%, 02/15/45 (a)		6,000		6,367
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (a)		9,000		8,733
3.65%, 06/01/22 (a)		11,000		11,232
Precision Castparts Corp.
4.38%, 06/15/45 (a)		10,000		11,941
Prologis LP
4.38%, 02/01/29 (a)		8,000		9,796
Prudential Financial Inc. (5.70%, fixed rate until 09/15/28; 2.67%, + 3 month USD LIBOR thereafter)
5.70%, 09/15/48 (a)(b)		12,000		13,412
Public Service Company of Colorado
3.70%, 06/15/28 (a)		7,000		8,141
Public Service Electric & Gas Co.
2.38%, 05/15/23 (a)		8,000		8,364
QUALCOMM Inc.
2.90%, 05/20/24 (a)		2,000		2,153
3.00%, 05/20/22 (a)		5,000		5,231
3.25%, 05/20/27 (a)		2,000		2,267
4.30%, 05/20/47 (a)		3,000		3,759
Raytheon Technologies Corp.
3.13%, 05/04/27 (a)		10,000		11,120
4.15%, 05/15/45 (a)		5,000		5,989
Raytheon Technologies Corp.
3.50%, 03/15/27 (h)		3,000		3,378
3.95%, 08/16/25 (a)		2,000		2,279
4.13%, 11/16/28 (a)		2,000		2,354
4.45%, 11/16/38 (a)		4,000		4,885
4.50%, 06/01/42 (a)		4,000		4,973
Realty Income Corp.
3.00%, 01/15/27 (a)		5,000		5,295
3.25%, 01/15/31 (a)		5,000		5,426
Reinsurance Group of America Inc.
3.15%, 06/15/30		10,000		10,407
Reynolds American Inc.
4.45%, 06/12/25 (a)		4,000		4,508


	Principal Amount ($) or Shares		Fair Value $
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (a)		6,000		7,549
Rockwell Automation Inc.
4.20%, 03/01/49 (a)		6,000		7,531
Rogers Communications Inc.
5.00%, 03/15/44 (a)		4,000		5,150
Roper Technologies Inc.
2.95%, 09/15/29 (a)		4,000		4,358
Ross Stores Inc.
4.70%, 04/15/27 (a)		11,000		12,764
RPM International Inc.
3.75%, 03/15/27 (a)		2,000		2,113
Ryder System Inc.
2.90%, 12/01/26 (a)		9,000		9,241
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (a)		4,000		4,296
4.50%, 05/15/30 (a)(h)		5,000		5,545
5.00%, 03/15/27 (a)		2,000		2,234
5.88%, 06/30/26 (a)		9,000		10,578
Santander Holdings USA Inc.
3.70%, 03/28/22 (a)		12,000		12,370
4.40%, 07/13/27 (a)		4,000		4,331
Schlumberger Holdings Corp.
3.90%, 05/17/28 (a)(h)		8,000		8,608
Selective Insurance Group Inc.
5.38%, 03/01/49 (a)		5,000		5,623
Sempra Energy
3.80%, 02/01/38 (a)		2,000		2,161
4.00%, 02/01/48 (a)		4,000		4,536
Shell International Finance BV
2.38%, 08/21/22 (a)		11,000		11,467
3.13%, 11/07/49 (a)		8,000		8,385
3.75%, 09/12/46 (a)		7,000		8,051
4.13%, 05/11/35 (a)		8,000		9,697
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (a)		7,000		7,135
2.88%, 09/23/23 (a)		3,000		3,179
3.20%, 09/23/26 (a)		3,000		3,332
Simon Property Group LP
3.38%, 06/15/27 (a)		4,000		4,239
Southern California Edison Co.
2.40%, 02/01/22 (a)		10,000		10,153
2.90%, 03/01/21 (a)		11,000		11,177
4.00%, 04/01/47 (a)		12,000		13,739
4.20%, 03/01/29 (a)		11,000		12,748
Southern Company Gas Capital Corp.
3.95%, 10/01/46 (a)		6,000		6,487
4.40%, 05/30/47 (a)		2,000		2,361
Southern Copper Corp.
5.88%, 04/23/45 (a)		8,000		10,221
Southwest Airlines Co.
2.63%, 02/10/30 (a)		9,000		8,108

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


State Street Income V.I.S. Fund			13

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

Southwestern Electric Power Co.
2.75%, 10/01/26 (a)		7,000		7,438
Spectra Energy Partners LP
3.38%, 10/15/26 (a)		2,000		2,173
4.50%, 03/15/45 (a)		3,000		3,406
Spirit Realty LP
4.00%, 07/15/29 (a)		10,000		9,817
Starbucks Corp.
4.00%, 11/15/28 (a)		6,000		7,047
Steel Dynamics Inc.
3.45%, 04/15/30 (a)		5,000		5,240
4.13%, 09/15/25 (a)		25,000		25,490
Stryker Corp.
1.95%, 06/15/30 (a)		11,000		11,071
2.90%, 06/15/50 (a)		5,000		5,008
Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22 (a)		11,000		11,456
Suncor Energy Inc.
4.00%, 11/15/47 (a)		3,000		3,089
Sunoco Logistics Partners Operations LP
5.30%, 04/01/44 (a)		5,000		4,827
Sysco Corp.
3.25%, 07/15/27 (a)		4,000		4,232
T-Mobile USA Inc.
3.50%, 04/15/25 (a)(h)		7,000		7,629
3.75%, 04/15/27 (a)(h)		13,000		14,412
3.88%, 04/15/30 (a)(h)		2,000		2,226
Tampa Electric Co.
4.35%, 05/15/44 (a)		13,000		15,329
Target Corp.
2.50%, 04/15/26 (a)		5,000		5,488
Teck Resources Ltd.
3.90%, 07/15/30 (h)		10,000		10,028
5.40%, 02/01/43 (a)		4,000		3,971
Texas Instruments Inc.
3.88%, 03/15/39 (a)		6,000		7,438
The Allstate Corp.
4.20%, 12/15/46 (a)		3,000		3,725
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%, 08/15/53 (a)(b)		11,000		11,385
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63%, 12/29/49 (a)(b)		6,000		5,910
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65%, 12/31/99 (a)(b)		8,000		7,541
The Boeing Co.
2.70%, 02/01/27 (a)		10,000		9,746
2.95%, 02/01/30 (a)		4,000		3,915


	Principal Amount ($) or Shares		Fair Value $
3.25%, 03/01/28 (a)		3,000		2,959
3.75%, 02/01/50 (a)		4,000		3,591
4.88%, 05/01/25 (a)		10,000		10,901
5.04%, 05/01/27 (a)		24,000		26,470
5.15%, 05/01/30		22,000		24,514
5.81%, 05/01/50		10,000		11,837
The Cleveland Electric Illuminating Co.
4.55%, 11/15/30 (a)(h)		14,000		17,028
The Clorox Co.
1.80%, 05/15/30 (a)		10,000		10,118
The Coca-Cola Co.
1.65%, 06/01/30 (a)		6,000		6,112
2.60%, 06/01/50 (a)		11,000		11,101
2.75%, 06/01/60 (a)		11,000		11,093
The Dow Chemical Co.
4.25%, 10/01/34 (a)		5,000		5,581
5.55%, 11/30/48 (a)		4,000		5,215
The Estee Lauder Companies Inc.
2.38%, 12/01/29 (a)		5,000		5,364
3.13%, 12/01/49 (a)		5,000		5,449
The George Washington University
4.13%, 09/15/48 (a)		8,000		9,785
The Goldman Sachs Group Inc.
2.60%, 02/07/30 (a)		5,000		5,243
3.50%, 04/01/25 - 11/16/26 (a)		17,000		18,663
3.85%, 01/26/27 (a)		21,000		23,601
4.25%, 10/21/25 (a)		2,000		2,250
5.15%, 05/22/45 (a)		5,000		6,515
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88%, 10/31/22 (a)(b)		7,000		7,180
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)
2.91%, 06/05/23 (a)(b)		11,000		11,401
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81%, 04/23/29 (a)(b)		4,000		4,519
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02%, 10/31/38 (a)(b)		6,000		6,936
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)
4.22%, 05/01/29 (a)(b)		6,000		6,957
The Hartford Financial Services Group Inc.
2.80%, 08/19/29 (a)		15,000		15,911
The Hartford Financial Services Group Inc. (2.52% fixed rate until 06/29/20; 2.13% + 3 month USD LIBOR)
2.52%, 02/12/47 (a)(b)(h)		10,000		7,816

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


14		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

The Home Depot Inc.
2.70%, 04/15/30 (a)		2,000		2,199
3.35%, 04/15/50 (a)		5,000		5,759
3.50%, 09/15/56 (a)		7,000		8,117
3.90%, 12/06/28 (a)		6,000		7,193
4.50%, 12/06/48 (a)		4,000		5,348
The Interpublic Group of Companies Inc.
3.75%, 10/01/21 (a)		10,000		10,362
The Kroger Co.
2.20%, 05/01/30 (a)		6,000		6,235
2.95%, 11/01/21 (a)		7,000		7,200
4.65%, 01/15/48 (a)		4,000		4,989
The Mosaic Co.
5.63%, 11/15/43 (a)		3,000		3,228
The Procter & Gamble Co.
2.45%, 03/25/25 (a)		3,000		3,256
The Southern Co.
4.40%, 07/01/46 (a)		4,000		4,775
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)
3.63%, 09/15/31 (a)(b)		10,000		11,215
The Travelers Companies Inc.
2.55%, 04/27/50 (a)		4,000		3,946
The Walt Disney Co.
2.65%, 01/13/31 (a)		10,000		10,630
3.38%, 11/15/26 (a)		5,000		5,618
3.60%, 01/13/51 (a)		5,000		5,550
4.75%, 11/15/46 (a)		4,000		5,061
6.65%, 11/15/37 (a)		8,000		11,924
The Williams Companies Inc.
3.75%, 06/15/27 (a)		3,000		3,209
4.85%, 03/01/48 (a)		7,000		7,642
5.40%, 03/04/44 (a)		4,000		4,424
Time Warner Cable LLC
4.50%, 09/15/42 (a)		3,000		3,200
6.55%, 05/01/37 (a)		5,000		6,543
TJX Companies Inc.
4.50%, 04/15/50 (a)		3,000		3,865
Total Capital International S.A.
3.46%, 02/19/29 (a)		7,000		7,919
Trane Technologies Luxembourg Finance S.A.
3.55%, 11/01/24 (a)		7,000		7,708
3.80%, 03/21/29 (a)		6,000		6,777
TransCanada PipeLines Ltd.
4.25%, 05/15/28 (a)		8,000		9,146
4.88%, 01/15/26 (a)		3,000		3,530
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)
5.63%, 05/20/75 (a)(b)		11,000		10,829
Transcontinental Gas Pipe Line Company LLC
4.00%, 03/15/28 (a)		6,000		6,659


	Principal Amount ($) or Shares		Fair Value $
Trinity Health Corp.
3.43%, 12/01/48 (a)		2,000		2,089
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50%, 08/02/22 (a)(b)		6,000		6,174
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80%, 12/31/99 (a)(b)		17,000		15,671
TWDC Enterprises 18 Corp.
4.13%, 06/01/44 (a)		6,000		7,235
Tyco Electronics Group S.A.
3.13%, 08/15/27 (a)		5,000		5,451
Tyson Foods Inc.
4.00%, 03/01/26 (a)		7,000		8,010
4.55%, 06/02/47 (a)		2,000		2,400
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)
5.13%, 12/29/49 (a)(b)		26,000		25,229
UDR Inc.
3.00%, 08/15/31 (a)		5,000		5,333
Union Pacific Corp.
3.50%, 06/08/23 (a)		8,000		8,686
3.60%, 09/15/37 (a)		3,000		3,339
4.10%, 09/15/67 (a)		5,000		5,982
4.30%, 03/01/49 (a)		5,000		6,383
UnitedHealth Group Inc.
2.00%, 05/15/30 (a)		10,000		10,468
4.45%, 12/15/48 (a)		6,000		7,918
4.75%, 07/15/45 (a)		8,000		10,709
Unum Group
4.50%, 03/15/25 (a)		2,000		2,150
Vale S.A.
5.63%, 09/11/42 (a)		5,000		5,772
Valero Energy Corp.
2.85%, 04/15/25 (a)		7,000		7,396
4.00%, 04/01/29 (a)		2,000		2,230
Ventas Realty LP
3.25%, 10/15/26 (a)		10,000		10,245
Verizon Communications Inc.
3.00%, 03/22/27		20,000		22,171
4.33%, 09/21/28 (a)		7,000		8,440
4.40%, 11/01/34 (a)		7,000		8,679
4.52%, 09/15/48 (a)		6,000		7,931
4.67%, 03/15/55 (a)		3,000		4,084
4.86%, 08/21/46 (a)		2,000		2,712
5.25%, 03/16/37 (a)		5,000		6,793
ViacomCBS Inc.
2.90%, 01/15/27 (a)		5,000		5,230
3.45%, 10/04/26 (a)		7,000		7,351
3.70%, 06/01/28 (a)		4,000		4,347

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


State Street Income V.I.S. Fund			15

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

4.38%, 03/15/43 (a)		5,000		5,161
5.25%, 04/01/44 (a)		3,000		3,354
Virginia Electric & Power Co.
4.00%, 11/15/46 (a)		7,000		8,348
Visa Inc.
2.05%, 04/15/30 (a)		5,000		5,244
2.70%, 04/15/40 (a)		8,000		8,584
Vistra Operations Company LLC
3.55%, 07/15/24 (a)(h)		9,000		9,309
Vodafone Group PLC
4.38%, 05/30/28 (a)		8,000		9,508
5.25%, 05/30/48 (a)		4,000		5,188
Vornado Realty LP
3.50%, 01/15/25 (a)		4,000		3,953
Vulcan Materials Co.
3.90%, 04/01/27 (a)		4,000		4,386
Walmart Inc.
3.63%, 12/15/47 (a)		6,000		7,357
3.70%, 06/26/28 (a)		7,000		8,271
3.95%, 06/28/38 (a)		3,000		3,806
4.05%, 06/29/48 (a)		7,000		9,186
WEC Energy Group Inc.
3.55%, 06/15/25 (a)		10,000		11,154
Wells Fargo & Co.
4.15%, 01/24/29 (a)		8,000		9,389
4.75%, 12/07/46 (a)		2,000		2,563
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65%, 06/02/24 (a)(b)		5,000		5,077
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19%, 04/30/26 (a)(b)		10,000		10,340
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39%, 06/02/28 (a)(b)		10,000		10,332
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88%, 10/30/30 (a)(b)		3,000		3,203
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07%, 04/30/41 (a)(b)		10,000		10,437
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20%, 06/17/27 (a)(b)		26,000		28,153
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88%, 12/29/49 (a)(b)		9,000		9,342


	Principal Amount ($) or Shares		Fair Value $
Western Midstream Operating LP
5.38%, 06/01/21 (a)		10,000		10,000
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89%, 02/04/30 (a)(b)		12,000		12,203
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11%, 07/24/34 (a)(b)		7,000		7,714
Willis North America Inc.
3.60%, 05/15/24 (a)		6,000		6,495
3.88%, 09/15/49		6,000		6,629
WPP Finance 2010
3.75%, 09/19/24 (a)		10,000		10,778
WRKCo Inc.
3.00%, 09/15/24 (a)		4,000		4,242
Xcel Energy Inc.
3.40%, 06/01/30 (a)		5,000		5,699
Xilinx Inc.
2.95%, 06/01/24 (a)		5,000		5,371
Xylem Inc.
1.95%, 01/30/28		5,000		5,052
Zoetis Inc.
3.00%, 09/12/27 (a)		3,000		3,311
3.90%, 08/20/28 (a)		6,000		7,074

				5,991,555


Non-Agency Collateralized Mortgage Obligations - 5.2%,
Banc of America Commercial Mortgage Trust 2016-UBS10
5.07%, 07/15/49 (a)(b)		23,000		22,080
BANK 2019-BNK17
4.67%, 04/15/52 (a)(b)		10,000		9,412
Cantor Commercial Real Estate Lending 2019-CF3
3.01%, 01/15/53 (a)		34,000		37,109
CD 2019-CD8 Mortgage Trust
2.91%, 08/15/57 (a)		63,000		68,401
Citigroup Commercial Mortgage Trust 2015-P1
3.72%, 09/15/48 (a)		98,000		107,832
Citigroup Commercial Mortgage Trust 2016-P6
4.03%, 12/10/49 (a)(b)		31,273		33,828
Citigroup Commercial Mortgage Trust 2018-C5
4.51%, 06/10/51 (a)(b)		21,000		22,567
COMM 2014-CR14 Mortgage Trust
4.53%, 02/10/47 (a)(b)		25,000		26,884
GS Mortgage Securities Trust 2016-GS3
2.85%, 10/10/49 (a)		33,000		35,050

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


16		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

GS Mortgage Securities Trust 2017-GS8
3.47%, 11/10/50 (a)		63,977		71,016
GS Mortgage Securities Trust 2018-GS9
4.14%, 03/10/51 (a)(b)		25,000		27,779
GS Mortgage Securities Trust 2019-GC42
2.75%, 09/01/52 (a)		105,000		113,697
GS Mortgage Securities Trust 2019-GSA1
3.05%, 11/10/52 (a)		56,000		61,797
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.18%, 07/15/45 (a)(b)		15,000		15,737
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.80%, 11/15/48 (a)(b)		20,000		17,100
MASTR Alternative Loan Trust 2003-5
5.00%, 08/25/18 (a)(d)		740		2
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
1.02%, 03/15/48 (a)(b)(d)		351,588		11,463
Morgan Stanley Capital I Trust 2006-IQ11
6.05%, 10/15/42 (a)(b)		26,701		26,106
UBS Commercial Mortgage Trust 2018-C12
4.79%, 08/15/51 (a)(b)		17,000		17,021
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35%, 05/15/52 (a)		15,000		12,317
WFRBS Commercial Mortgage Trust 2013-C17
4.26%, 12/15/46 (a)		25,000		26,533
WFRBS Commercial Mortgage Trust 2014-LC14
4.35%, 03/15/47 (a)(b)		58,000		61,871

				825,602


Sovereign Bonds - 0.4%,
Government of Mexico
4.00%, 10/02/23 (a)		12,000		12,776
4.75%, 03/08/44 (a)		20,000		20,975
Government of Peru
5.63%, 11/18/50 (a)		11,000		17,372
Government of Uruguay
5.10%, 06/18/50 (a)		14,040		18,134

				69,257


	Principal Amount ($) or Shares		Fair Value $

Municipal Bonds and Notes - 0.6%,
American Municipal Power Inc.
6.27%, 02/15/50 (a)		15,000		21,009
Port Authority of New York & New Jersey
4.46%, 10/01/62 (a)		25,000		33,188
State of California
4.60%, 04/01/38 (a)		15,000		17,529
State of Illinois 5.10%06/01/33 (a)		10,000		10,144
The University of Texas System 3.35% 08/15/47 (a)		10,000		11,704

				93,574


Total Bonds and Notes (Cost $13,525,733)				14,581,658


Domestic Equity - 0.2%
Preferred Stock - 0.2%
Wells Fargo & Co. 5.85, 3.09% + 3 month USD LIBOR (Cost $23,300) (a)(b)		932		23,076


Total Investments in Securities (Cost $13,549,033)				14,604,734


Short-Term Investments - 10.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $1,643,960) (a)(g)(i)		1,643,960		1,643,960


Total Investments (Cost $15,192,993)				16,248,694

Liabilities in Excess of Other Assets, net - (1.2)%				(190,393	)


NET ASSETS - 100.0%				16,058,301

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


State Street Income V.I.S. Fund			17

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Other Information:

Centrally Cleared Credit Default Swaps


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation/ Depreciation
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	619		1.00%/Quarterly		12/20/24	$	7,159		$	(9,158	)	$	16,317
Markit CDX North America High Yield Index	Intercontinental Exchange		823		5.00%/Quarterly		06/20/25		(5,994	)		(46,018	)		40,024

														$	56,341

Centrally Cleared Interest Rate Swaps


Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency	Floating Rate	Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)		Unrealized Depreciation
CME Group, Inc.	$	634	Pays/ Quarterly	3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(24,692	)	$	—	$	(24,692	)

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		September 2020		1	$	217,366	$	218,156	$	858
2 Yr. U.S. Treasury Notes Futures		September 2020		8		1,766,125		1,766,625		500
5 Yr. U.S. Treasury Notes Futures		September 2020		3		375,459		377,226		1,767
10 Yr. U.S. Treasury Notes Futures		September 2020		2		277,425		278,344		919

									$	4,044

The Fund had the following short futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		September 2020		1	$	(172,998	)	$	(178,562	)	$	(5,564	)
10 Yr. U.S. Treasury Ultra Futures		September 2020		5		(783,741	)		(787,422	)		(3,681	)

											$	(9,245	)

											$	(5,201	)

During the period ended June 30, 2020, average notional values related to derivative contracts were as follows:

Purchased

Put

Options

Purchased

Call

Options

Written

Put

Options

Written

Call

Options

Long

Futures

Contracts

Short

Futures

Contracts

Credit

Default

Swap

Contracts

Interest

Rate

Swap

Contracts

Average Notional Value

—

4,690

—

4,142,195

1,290,839

1,377,111

1,226,544

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


18		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps, and/or TBA’s.

(b)	Variable Rate Security—Interest rate shown is rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c)	Step coupon bond.

(d)	Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

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

(f)	Principal only security. These securities represent the right to receive the monthly principal payments

on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(g)	Coupon amount represents effective yield.

(h)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, these securities amounted to $930,189 or 5.79% of the net assets of the State Street Income V.I.S. Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors.

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

†	Percentages are based on net assets as of June 30, 2020.

**	Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
	U.S. Treasuries	$	—	$	2,333,432	$	—	$	2,333,432
	Agency Mortgage Backed		—		4,425,123		—		4,425,123
	Agency Collateralized Mortgage Obligations		—		290,895		—		290,895
	Asset Backed		—		552,220		—		552,220
	Corporate Notes		—		5,991,555		—		5,991,555
	Non-Agency Collateralized Mortgage Obligations		—		825,602		—		825,602
	Sovereign Bonds		—		69,257		—		69,257
	Municipal Bonds and Notes		—		93,574		—		93,574
	Preferred Stock		23,076		—		—		23,076
	Short-Term Investments		1,643,960		—		—		1,643,960

Total Investments in Securities		$	1,667,036	$	14,581,658	$	—	$	16,248,694

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


State Street Income V.I.S. Fund			19

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2020 (Unaudited)


Fund	Investments	Level 1			Level 2			Level 3		Total
Other Financial Instruments
	Credit Default Swap Contracts — Unrealized Appreciation	$	—		$	56,341		$	—	$	56,341
	Interest Rate Swap Contracts — Unrealized Depreciation		—			(24,692	)		—		(24,692	)
	Long Futures Contracts — Unrealized Appreciation		4,044			—			—		4,044
	Short Futures Contracts — Unrealized Depreciation		(9,245	)		—			—		(9,245	)

Total Other Financial Instruments		$	(5,201	)	$	31,649		$	—	$	26,448

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		2,365,049	$	2,365,049	$	9,316,677	$	10,037,766	$	—	$	—		1,643,960	$	1,643,960	$	8,825

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


20		State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			1/3/95

Net asset value, beginning of period	$	12.00		$	11.07		$	11.49		$	11.37		$	11.25		$	11.56

Income/(loss) from investment operations:
Net investment income		0.03	^(a)		0.24	^(a)		0.25	^(a)		0.19	^(a)		0.24			0.25
Net realized and unrealized gains/(losses) on investments		0.52			0.71			(0.41	)		0.18			0.09			(0.30	)

Total income/(loss) from investment operations		0.55			0.95			(0.16	)		0.37			0.33			(0.05	)


Less distributions from:
Net investment income		—			0.02			0.26			0.25			0.21			0.26

Total distributions		—			0.02			0.26			0.25			0.21			0.26

Net asset value, end of period	$	12.55		$	12.00		$	11.07		$	11.49		$	11.37		$	11.25

Total Return^(b)		4.67	%		8.62	%		(1.42	)%		3.25	%		2.98	%		(0.42	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	16,058		$	17,112		$	18,685		$	21,847		$	25,582		$	28,375

Ratios to average net assets:
Net expenses		1.12	%**		1.06	%		1.00	%		1.36	%		1.15	%		1.06	%^(c)
Gross expenses		1.13	%**		1.06	%		1.00	%		1.36	%		1.15	%		1.11	%
Net investment income		0.51	%**		2.05	%		2.25	%		1.62	%		1.98	%		2.06	%
Portfolio turnover rate		79	%^(d)		90	%		182	%		255	%		220	%		241	%

Notes to Financial Highlights

(a)

Per share values have been calculated using the average share method.

(b)

(c)

Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

(d)

The portfolio turnover calculated for the period ended 6/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 199%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


Financial Highlights			21

State Street Income V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $13,549,033)	$	14,604,734
Short-term affiliated investments, at fair value		1,643,960
Cash collateral on deposit with broker for future contracts		5,439
Cash collateral on deposit with broker for swap contracts		14,523
Receivable for investments sold		422,633
Income receivables		83,092
Receivable for fund shares sold		136
Income receivable from affiliated investments		185
Receivable for accumulated variation margin on swap contracts		14,921


Total assets		16,789,623


Liabilities
Due to custodian		6,408
Payable for investments purchased		649,474
Payable for fund shares redeemed		1,079
Payable for accumulated variation margin on swap contracts		26,611
Payable for accumulated variation margin on futures contracts		5,198
Payable to the Adviser		6,472
Payable for custody, fund accounting and sub-administration fees		7,752
Accrued other expenses		28,328


Total liabilities		731,322


Net Assets	$	16,058,301


Net Assets Consist of:
Capital paid in	$	14,529,402
Total distributable earnings (loss)		1,528,899


Net Assets	$	16,058,301

Shares outstanding ($0.01 par value; unlimited shares authorized)		1,279,149
Net asset value per share	$	12.55

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


22		Statement of Assets and Liabilities

State Street Income V.I.S. Fund

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	682
Interest		124,437
Income from affiliated investments		8,825

Total income		133,944


Expenses
Advisory and administration fees		40,897
Directors’ fees		9,031
Custody, fund accounting and sub-administration fees		16,036
Professional fees		17,956
Printing and shareholder reports		7,538
Other expenses		1,312

Total expenses before waivers		92,770

Less: Fees waived by the adviser		(818	)

Net expenses		91,952

Net investment income	$	41,992


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	494,264
Futures		(46,585	)
Swap contracts		(194,743	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		414,188
Futures		(19,503	)
Swap contracts		53,612


Net realized and unrealized gain (loss) on investments		701,233


Net Increase in Net Assets Resulting from Operations	$	743,225

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


Statement of Operations			23

State Street Income V.I.S. Fund

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	41,992		$	367,830
Net realized gain (loss) on investments, futures, written options and swap contracts		252,936			452,007
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		448,297			672,170

Net increase (decrease) from operations		743,225			1,492,007


Distributions to shareholders:
Total distributions		—			(34,589	)

Increase (decrease) in assets from operations and distributions		743,225			1,457,418


Share transactions:
Proceeds from sale of shares		391,627			215,396
Value of distributions reinvested		—			34,589
Cost of shares redeemed		(2,188,242	)		(3,281,191	)

Net increase (decrease) from share transactions		(1,796,615	)		(3,031,206	)


Total increase (decrease) in net assets		(1,053,390	)		(1,573,788	)

Net Assets
Beginning of period		17,111,691			18,685,479


End of period	$	16,058,301		$	17,111,691


Changes in Fund Shares
Shares sold		32,430			18,533
Issued for distributions reinvested		—			2,880
Shares redeemed		(179,807	)		(283,071	)

Net decrease in fund shares		(147,377	)		(261,658	)

Unaudited

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


24		Statements of Changes in Net Assets

State Street Income V.I.S. Fund

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the “Fund”) and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•

Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.


Notes to Financial Statements			25

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

•

Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

•

Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.

•

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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.


26		Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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.

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions The Fund declares and pays any dividends from net investment income annually.

Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities During the period ended June 30, 2020, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

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

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


Notes to Financial Statements			27

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

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

Derivative Financial Instruments

Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

For the period ended June 30, 2020, the Fund entered into futures contracts to manage interest rate risk.

Options on Futures Contracts The Fund may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase the Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease the Fund’s exposure to the underlying instrument. The Fund will not enter into a transaction involving options for speculative purposes. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When the Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

For the period ended June 30, 2020, the Fund purchased options in order to manage interest rate risk.

Credit Default Swaps During the period ended June 30, 2020, the Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its


28		Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation.

As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the period ended June 30, 2020, the Fund entered into interest rate swaps in order to manage interest rate risk.

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Swap Contracts	$	—	$	—	$	14,921	$	—	$	—	$	14,921


Notes to Financial Statements			29

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Liability Derivatives


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	(5,198	)	$	—	$	—	$	—	$	—	$	(5,198	)
Swap Contracts		(26,611	)		—		—		—		—		(26,611	)

Realized Gain/Loss


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	(46,585	)	$	—	$	—		$	—	$	—	$	(46,585	)
Swap Contracts		(56,358	)		—		(138,385	)		—		—		(194,743	)
Purchased Option Contracts^(a)		11,281			—		—			—		—		11,281

(a)

Purchased options are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	(19,503	)	$	—	$	—	$	—	$	—	$	(19,503	)
Swap Contracts		19,809			—		33,803		—		—		53,612

Fees and Transactions with Affiliates

Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%. SSGA FM is contractually obligated until May 1, 2021 to waive its management fee and/or reimburse certain expenses for the Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from the Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to May 1, 2021 except with approval of the Board.

Directors’ Fees


30		Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


U.S. Government Securities
Purchases			Sales
	$	8,281,551		$	8,590,059

Non-U.S. Government Securities
Purchases			Sales
	$	3,379,018		$	1,892,398

Income Taxes

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	15,218,897		$	1,107,236		$	50,991		$	1,056,245

Line of Credit

The Fund had no outstanding loans as of June 30, 2020.

10.

Risks


Notes to Financial Statements			31

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund’s investments.

Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

11.

Subsequent Events


32		Notes to Financial Statements

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

Quarterly Portfolio Schedule

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


Other Information			33

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory Agreement¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Income V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Agreement. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.


34		Other Information

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);

•


Other Information			35

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

•

Copies of the Advisory Agreement and agreements with other service providers of the Fund;

•

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

Results of the Process

Nature, Extent and Quality of Services

In considering whether to approve the Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.


36		Other Information

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.

Fund Performance

State Street Income V.I.S. Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods and below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

State Street Income V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compares favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability


Other Information			37

State Street Income V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

including, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.

Economies of Scale

Conclusions


38		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

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

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

LOGO

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

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		5
Statement of Assets and Liabilities		6
Statement of Operations		7
Statements of Changes in Net Assets		8
Notes to Financial Statements		9
Other Information		14

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

Fund Information — June 30, 2020 (Unaudited)

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free
(800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

Sector Allocation

Portfolio Composition as a % of Fair Value of $44,302 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Equinix Inc.	8.01	%

Prologis Inc.	7.13	%

Invitation Homes Inc.	4.68	%

Digital Realty Trust Inc.	4.17	%

Healthpeak Properties Inc.	3.71	%

Equity Residential	3.66	%

AvalonBay Communities Inc.	2.93	%

Ventas Inc.	2.60	%

Realty Income Corp.	2.52	%

SBA Communications Corp.	2.43	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b)


State Street Real Estate Securities V.I.S. Fund			1

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

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the beginning of the period January 1, 2020	$	1,000.00	$	1,000.00
Account Value at the end of the period June 30, 2020	$	839.00	$	1,019.59
Expenses paid during the period*	$	4.85	$	5.32

*	Expenses are equal to the Fund’s annualized expense ratio of 1.06% (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

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

Schedule of Investments — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock (REITs) – 99.2%†
Alternate Housing – 8.6%
American Campus Communities Inc.		8,022		280,449
American Homes 4 Rent, Class A		16,440		442,236
Invitation Homes Inc.		75,240		2,071,357
Sun Communities Inc.		7,599		1,031,033

				3,825,075


Data Center – 13.5%
CyrusOne Inc.		8,190		595,822
Digital Realty Trust Inc.		12,980		1,844,588
Equinix Inc.		5,053		3,548,722

				5,989,132


Diversified – 2.0%
WP Carey Inc.		13,466		910,975


Healthcare – 12.1%
Diversified Healthcare Trust		13,470		59,605
Healthcare Trust of America Inc., Class A		18,848		499,849
Healthpeak Properties Inc.		59,670		1,644,505
Medical Properties Trust Inc.		40,390		759,332
Sabra Health Care REIT Inc.		29,330		423,232
Ventas Inc.		31,490		1,153,164
Welltower Inc.		16,060		831,105

				5,370,792


Hotel – 3.4%
Apple Hospitality REIT Inc.		25,213		243,558
DiamondRock Hospitality Co.		29,129		161,083
Host Hotels & Resorts Inc.		68,090		734,691
Ryman Hospitality Properties Inc.		6,880		238,048
Xenia Hotels & Resorts Inc.		13,635		127,214

				1,504,594


Industrial – 13.3%
Americold Realty Trust		22,600		820,380
Duke Realty Corp.		18,209		644,417
Prologis Inc.		33,850		3,159,221
Rexford Industrial Realty Inc.		10,929		452,788
STAG Industrial Inc.		28,070		823,012

				5,899,818


Multifamily – 12.1%
Apartment Investment & Management Co., Class A		12,830		482,921
AvalonBay Communities Inc.		8,390		1,297,430
Equity Residential		27,580		1,622,255


	Number of Shares		Fair Value $
Mid-America Apartment Communities Inc.		9,310		1,067,578
UDR Inc.		25,040		935,995

				5,406,179


Net Lease – 6.0%
Realty Income Corp.		18,770		1,116,815
STORE Capital Corp.		23,190		552,154
VEREIT Inc.		155,718		1,001,267

				2,670,236


Office – 9.3%
Boston Properties Inc.		10,830		978,816
Columbia Property Trust Inc.		22,123		290,696
Cousins Properties Inc.		20,490		611,217
Douglas Emmett Inc.		10,752		329,656
Empire State Realty Trust Inc., Class A		40,698		284,886
JBG SMITH Properties		29,409		869,624
Kilroy Realty Corp.		8,710		511,277
SL Green Realty Corp.		5,210		256,801

				4,132,973


Regional Malls – 1.0%
Simon Property Group Inc.		6,370		435,581


Self Storage – 5.6%
CubeSmart		34,360		927,376
Extra Space Storage Inc.		7,760		716,791
Life Storage Inc.		5,668		538,177
Public Storage		1,630		312,781

				2,495,125


Shopping Centers – 5.3%
Brixmor Property Group Inc.		39,510		506,518
Regency Centers Corp.		7,300		334,997
Retail Opportunity Investments Corp.		41,642		471,804
Retail Properties of America Inc., Class A		89,370		654,188
Urban Edge Properties		34,680		411,652

				2,379,159


Specialty – 7.0%
American Tower Corp.		4,090		1,057,428
Gaming and Leisure Properties Inc.		9,180		317,628
Iron Mountain Inc.		24,573		641,355
SBA Communications Corp.		3,617		1,077,577

				3,093,988


Total Common Stock (REITs) (Cost $43,011,310)				44,113,627

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


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

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

Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Number of Shares		Fair Value $


Short-Term Investments - 0.4%
State Street Institutional U.S. Government Money Market Fund -Class G Shares 0.16% (Cost $188,151) (a,b)		188,151		188,151


Total Investments (Cost $43,199,461)				44,301,778

Other Assets and Liabilities, net - 0.4%				176,266


NET ASSETS - 100.0%			$	44,478,044

Notes to Schedule of Investments — June 30, 2020 (Unaudited)

(a)	Coupon amount represents effective yield.

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

†	Percentages are based on net assets as of June 30, 2020.

Abbreviations:

REIT Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total
	Investments in Securities
	Common Stock	$	44,113,627	$	—	$	—	$	44,113,627
	Short-Term Investments		188,151		—		—		188,151

	Total Investments in Securities	$	44,301,778	$	—	$	—	$	44,301,778

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		417,366	$	417,366	$	4,998,135	$	5,227,350	$	—	$	—		188,151	$	188,151	$	770

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


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

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

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			5/1/95

Net asset value, beginning of period	$	12.92		$	11.14		$	12.32		$	12.37		$	13.30		$	14.74

Income/(loss) from investment operations:
Net investment income		0.15	^(a)		0.25	^(a)		0.25	^(a)		0.15	^(a)		0.31			0.29
Net realized and unrealized gains/(losses) on investments		(2.23	)		2.65			(0.95	)		0.57			0.71			0.41

Total income/(loss) from investment operations		(2.08	)		2.90			(0.70	)		0.72			1.02			0.70


Less distributions from:
Net investment income		—			0.19			0.28			0.22			0.35			0.28
Net realized gains		—			0.93			0.16			0.55			1.60			1.86
Return of capital		—			—			0.04			—			—			—

Total distributions		—			1.12			0.48			0.77			1.95			2.14

Net asset value, end of period	$	10.84		$	12.92		$	11.14		$	12.32		$	12.37		$	13.30

Total Return^(b)		(16.10	)%		26.15	%		(5.71	)%		5.84	%		8.00	%		4.56	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	44,478		$	55,266		$	50,360		$	61,685		$	72,483		$	78,912

Ratios to average net assets:
Net expenses		1.06	%**		1.04	%		1.05	%		1.01	%		0.97	%		0.95	%
Gross expenses		1.06	%**		1.04	%		1.05	%		1.01	%		0.97	%		0.95	%
Net investment income		2.59	%**		1.91	%		2.11	%		1.16	%		1.95	%		1.80	%
Portfolio turnover rate		68	%		72	%		59	%		73	%		67	%		57	%

Notes to Financial Highlights

(a)

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

(b)

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


Financial Highlights			5

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

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $43,011,310)	$	44,113,627
Short-term affiliated investments, at fair value		188,151
Cash		1,178
Receivable for investments sold		445,213
Income receivables		167,563
Income receivable from affiliated investments		23


Total assets		44,915,755


Liabilities
Payable for investments purchased		325,769
Payable for fund shares redeemed		44,374
Payable to the Adviser		31,819
Payable for custody, fund accounting and sub-administration fees		4,100
Accrued other expenses		31,649


Total liabilities		437,711



Net Assets	$	44,478,044


Net Assets Consist of:
Capital paid in	$	44,821,961
Total distributable earnings (loss)		(343,917	)


Net Assets	$	44,478,044


Shares outstanding ($0.01 par value; unlimited shares authorized)		4,101,762
Net asset value per share	$	10.84

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


6		Statement of Assets and Liabilities

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

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	855,101
Income from affiliated investments		770

Total income		855,871


Expenses
Advisory and administration fees		199,469
Directors’ fees		9,220
Custody, fund accounting and sub-administration fees		11,258
Professional fees		16,595
Printing and shareholder reports		10,495
Other expenses		1,202

Total Expenses		248,239

Net investment income	$	607,632


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on investments	$	(2,612,246	)
Increase (decrease) in unrealized appreciation/(depreciation) on investments		(5,967,139	)


Net realized and unrealized gain (loss) on investments		(8,579,385	)


Net Decrease in Net Assets Resulting from Operations	$	(7,971,753	)

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


Statement of Operations			7

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

Statements of Changes in Net Assets


	Six Months Ended June 30, 2020*			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	607,632		$	1,059,869
Net realized gain (loss) on investments		(2,612,246	)		4,952,822
Net increase (decrease) in unrealized appreciation/depreciation on investments		(5,967,139	)		6,699,615

Net increase (decrease) from operations		(7,971,753	)		12,712,306


Distributions to shareholders:
Total distributions		—			(4,417,061	)

Increase (decrease) in assets from operations and distributions		(7,971,753	)		8,295,245


Share transactions:
Proceeds from sale of shares		2,373,819			1,937,025
Value of distributions reinvested		—			4,417,061
Cost of shares redeemed		(5,189,894	)		(9,743,533	)

Net increase (decrease) from share transactions		(2,816,075	)		(3,389,447	)


Total increase (decrease) in net assets		(10,787,828	)		4,905,798

Net Assets
Beginning of period		55,265,872			50,360,074


End of period	$	44,478,044		$	55,265,872


Changes in Fund Shares
Shares sold		256,241			147,090
Issued for distributions reinvested		—			345,083
Shares redeemed		(433,400	)		(734,446	)

Net decrease in fund shares		(177,159	)		(242,273	)

Unaudited.

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


8		Statements of Changes in Net Assets

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

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund (the “Fund”). Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•


Notes to Financial Statements			9

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Schedule of Investments.

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.


10		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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.

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the Adviser’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions The Fund declares and pays any dividends from net investment income annually.

Fees and Transactions with Affiliates


Average Daily Net Assets of the Fund			Management Fees
	First $	100 million		0.85	%
	Next $	100 million		0.80	%
	Over $	200 million		0.75	%

Sub-Advisory Fees

Pursuant to an investment sub-advisory agreement with SSGA FM, CenterSquare Investment Management LLC (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of SSGA FM and the Board. For its services, SSGA FM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.


Notes to Financial Statements			11

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Directors’ Fees

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


Non-U.S. Government Securities
Purchases			Sales

	$	31,868,074		$	33,908,583

Income Taxes

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	43,546,167		$	4,853,620		$	4,098,009		$	755,611

Line of Credit

The Fund had no outstanding loans as of June 30, 2020.


12		Notes to Financial Statements

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

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Risks

10.

Subsequent Events


Notes to Financial Statements			13

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

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

Quarterly Portfolio Schedule


14		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory and Sub-advisory Agreements¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Real Estate Securities V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) by and among SSGA FM, and the Company on behalf of the Fund, and CenterSquare Investment Management LLC (the “Sub-Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and Sub-Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Adviser in connection with their consideration of approval of the Agreements. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡

The Independent Directors have identified numerous relevant issues, factors and concerns (“issues, factors and concerns”) that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the “annual review process”). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the “special meeting”). Due to the ongoing Coronavirus Disease 2019 (also known as “COVID-19”) pandemic, the special meeting for calendar year 2020 was held telephonically. At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.


Other Information			15

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

Other Information — June 30, 2020 (Unaudited), continued

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser and Sub-Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser and Sub-Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser and Sub-Adviser, including their investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser and Sub-Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Adviser;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Adviser;

•

Information about the Adviser’s and the Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and the Sub-Adviser’s practices for overseeing proxy vendors;

•

Information concerning the resources devoted by the Adviser and Sub-Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund;

•

A description of the adequacy and sophistication of the Adviser’s and Sub-Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

•

A description of the business continuity and disaster recovery plans of the Adviser and Sub-Adviser; and

•

Information regarding the Adviser’s and Sub-Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);


16		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

•

Copies of the Advisory Agreement and Sub-Advisory Agreement and agreements with other service providers of the Fund;

•

^¡

The Sub-Adviser, with respect to its operations relating to the Fund and its approximate profitability from such operations for the calendar year ended December 31, 2019;

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Information from SSGA FM, State Street, the Distributor and the Sub-Adviser with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 13, 2020;

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Adviser relating to the performance of the Fund, and the investment strategies used in pursuing the Fund’s investment objective.

The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.

Results of the Process

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, on May 14, 2020 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2020, for an additional year with respect to the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Adviser.


Other Information			17

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

Other Information — June 30, 2020 (Unaudited), continued

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.

In connection with their consideration of the services provided by the Sub-Adviser, the Board considered the Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by the Sub-Adviser to the Fund.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and the Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.

Fund Performance

State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1- and 3-year periods and above the median of its Performance Group for the 5- and 10-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe and below its Lipper Index for the 1-year period and above the median of its Performance Universe and above its Lipper Index for the 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund, as well as the fees paid to the Sub-Adviser by the Adviser, which reduced the net management fees retained


18		Other Information

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

Other Information — June 30, 2020 (Unaudited), continued

by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and the Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Adviser for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Adviser to the fees charged and services provided to other clients of the Adviser and Sub-Adviser, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund:

State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser and Sub-Adviser, the Board concluded that the fees and the expense ratio of the Fund compares favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability

The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Adviser in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by SSGA FM and Affiliated Service Providers and the Sub-Adviser in connection with their relationships with the Fund, including, soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser and the Sub-Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

Economies of Scale


Other Information			19

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

Other Information — June 30, 2020 (Unaudited), continued

Conclusions

In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Adviser possess the capability and resources to perform the duties required of them under the respective Agreements.

Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement and Sub-Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.


20		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2020

State Street Total Return V.I.S. Fund

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

LOGO

State Street Total Return V.I.S Fund

Semi-Annual Report

June 30, 2020 (Unaudited)

Table of Contents


	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Summary Schedule of Investments		3
Financial Statements
Financial Highlights		13
Statement of Assets and Liabilities		15
Statement of Operations		16
Statements of Changes in Net Assets		17
Notes to Financial Statements		18
Other Information		25

State Street Total Return V.I.S. Fund

Fund Information — June 30, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,689,152 (in thousands) as of June 30, 2020 ^(a)(b)

LOGO

Top Ten Largest Equity Holdings

as of June 30, 2020 (as a % of Fair Value) ^(a)(b)


Apple Inc.	1.53	%

Johnson & Johnson	0.98	%

Berkshire Hathaway Inc., Class B	0.92	%

Accenture PLC, Class A	0.83	%

Danaher Corp.	0.82	%

Microsoft Corp.	0.79	%

Costco Wholesale Corp.	0.74	%

AT&T Inc.	0.71	%

Honeywell International Inc.	0.67	%

The Procter & Gamble Co.	0.62	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund—Class G Shares.

(b)


State Street Total Return V.I.S. Fund			1

State Street Total Return V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Class 1	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
Account Value at the End of the Period June 30, 2020	$	927.10	$	1,021.90
Expenses Paid During the Period*	$	2.87	$	3.02


Class 3	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account Value at the Beginning of the Period January 1, 2020	$	1,000.00	$	1,000.00
Account Value at the End of the Period June 30, 2020	$	926.20	$	1,020.64
Expenses Paid During the Period*	$	4.07	$	4.27

*	Expenses are equal to the Fund’s annualized expense ratio of 0.60% for Investment Class shares and 0.85% for Service Class shares (for the period January 1, 2020-June 30, 2020), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).


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

State Street Total Return V.I.S. Fund

Summary Schedule of Investments — June 30, 2020 (Unaudited)


	Principal Amount $ or Shares		Fair Value $


Equity Securities - 53.7%†
Communication Services - 3.9%
AT&T Inc.		397,646		12,020,839
KDDI Corp.		173,562		5,182,914
Nippon Telegraph & Telephone Corp.		250,917		5,851,102
T-Mobile US Inc. (a)		85,005		8,853,271
Other Securities				33,146,610

				65,054,736


Consumer Discretionary - 6.8%
Amazon.com Inc. (a)		2,608		7,195,003
FF Group (a)(b)		1,860		1,003
General Motors Co.		178,831		4,524,424
Starbucks Corp.		58,555		4,309,062
Target Corp.		82,606		9,906,938
The TJX Companies Inc.		172,859		8,739,751
Wesfarmers Ltd.		220,988		6,855,067
Other Securities				72,444,824

				113,976,072


Consumer Staples - 4.9%
China Huishan Dairy Holdings Company Ltd. (a)(b)		55,000		—
Costco Wholesale Corp.		41,049		12,446,467
Koninklijke Ahold Delhaize N.V.		214,534		5,845,102
L’Oreal S.A. (a)		18,431		5,946,687
The Kroger Co.		127,807		4,326,267
The Procter & Gamble Co.		87,860		10,505,420
Other Securities				42,674,737

				81,744,680


Energy - 0.8%
Other Securities				13,749,828


Financials - 8.7%
Aflac Inc.		117,309		4,226,643
Allianz SE		30,859		6,303,836
Berkshire Hathaway Inc., Class B (a)		87,234		15,572,141
Calamos Asset Management Inc., Class A (a)(b)		419		—
China Common Rich Renewable Energy Investments Ltd. (a)(b)		64,000		—
Chubb Ltd.		58,930		7,461,717
Muenchener Rueckversicherungs-Gesellschaft AG		27,075		7,047,996
T Rowe Price Group Inc.		37,406		4,619,641
The Allstate Corp.		46,962		4,554,844
Zurich Insurance Group AG		20,522		7,270,799
Other Securities				89,814,128

				146,871,745


	Principal Amount $ or Shares		Fair Value $
Healthcare - 6.4%
Biogen Inc. (a)		26,847		7,182,915
Danaher Corp.		78,235		13,834,295
Humana Inc.		12,301		4,769,713
Johnson & Johnson		116,988		16,452,022
ResMed Inc.		23,695		4,549,440
Roche Holding AG		29,488		10,215,026
Other Securities				51,016,933

				108,020,344


Industrials - 5.8%
Cummins Inc.		24,388		4,225,465
Honeywell International Inc.		78,663		11,373,883
ITOCHU Corp.		262,520		5,685,099
Kone Oyj, Class B		59,853		4,126,740
Other Securities				71,926,563

				97,337,750


Information Technology - 9.5%
Accenture PLC, Class A		65,567		14,078,546
Apple Inc.		70,750		25,809,600
Applied Materials Inc.		151,494		9,157,812
Intel Corp.		134,131		8,025,058
KLA Corp.		25,686		4,995,413
Lam Research Corp.		23,935		7,742,015
Microsoft Corp.		65,885		13,408,256
Shopify Inc., Class A (a)		8,117		7,686,537
Other Securities				69,507,572

				160,410,809


Materials - 2.4%
Air Products & Chemicals Inc.		36,473		8,806,771
Ferroglobe PLC (a)(b)		1,316		—
Linde PLC		38,225		8,107,905
Other Securities				23,502,708

				40,417,384


Real Estate - 1.1%
Other Securities				18,479,163


Utilities - 3.1%
Eversource Energy		55,739		4,641,387
NextEra Energy Inc.		23,150		5,559,935
Xcel Energy Inc.		86,797		5,424,812
Other Securities				35,865,689

				51,491,823


Preferred Stock - 0.3%
Other Securities				5,169,406


Total Equity Securities (Cost $857,652,807)				902,723,740

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


State Street Total Return V.I.S. Fund			3

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount $ or Shares		Fair Value $


Bonds and Notes - 35.1%
U.S. Treasuries - 14.3%
U.S. Treasury Bonds
1.13% 05/15/40		250,000		247,695
1.25% 05/15/50		450,000		432,422
2.00% 02/15/50		950,000		1,088,047
2.25% 08/15/46 - 08/15/49		1,300,000		1,554,891
2.38%11/15/49		850,000		1,049,750
2.50% 02/15/45 - 05/15/46		1,810,000		2,241,010
2.75% 11/15/42 - 11/15/47		1,550,000		2,015,937
2.88% 05/15/43 - 05/15/49		2,600,000		3,456,438
3.00% 05/15/42 - 02/15/49		6,350,000		8,629,743
3.13% 02/15/43 - 05/15/48		1,800,000		2,474,907
3.38% 05/15/44 - 11/15/48		900,000		1,311,328
3.63% 08/15/43 - 02/15/44		1,040,000		1,520,822
3.75% 08/15/41 - 11/15/43		900,000		1,333,469
4.25% 05/15/39 - 11/15/40		600,000		930,469
4.38% 02/15/38 - 05/15/40		1,500,000		2,339,015
4.50% 02/15/36		1,700,000		2,602,328
4.63% 02/15/40		300,000		486,516
5.25% 02/15/29		200,000		278,844
5.50% 08/15/28		200,000		278,844
6.00% 02/15/26		427,000		560,504
6.13% 08/15/29		200,000		298,656
6.38% 08/15/27		200,000		282,688
7.63% 11/15/22 - 02/15/25		500,000		620,227
U.S. Treasury Inflation Indexed Bonds
0.25% 02/15/50		498,740		560,536
0.63% 02/15/43		1,171,191		1,380,048
0.75% 02/15/42 - 02/15/45		2,705,418		3,281,536
0.88% 02/15/47		1,019,866		1,302,092
1.00% 02/15/46 - 02/15/49		2,919,611		3,849,954
1.38% 02/15/44		1,100,350		1,503,139
1.75% 01/15/28		979,288		1,169,468
2.00% 01/15/26		646,035		750,830
2.13% 02/15/40 - 02/15/41		1,529,305		2,275,462
2.38% 01/15/25 - 01/15/27		3,142,310		3,699,269
2.50% 01/15/29		1,194,440		1,532,480
3.38% 04/15/32		577,908		860,801
3.63% 04/15/28		602,509		811,615
3.88% 04/15/29		1,013,974		1,434,619
U.S. Treasury Inflation Indexed Notes
0.13% 01/15/22 - 01/15/30		22,652,830		23,520,993
0.25% 01/15/25 - 07/15/29		6,115,436		6,536,410
0.38% 07/15/23 - 07/15/27		10,785,048		11,503,998
0.50% 04/15/24 - 01/15/28		4,177,450		4,516,233
0.63% 07/15/21 - 01/15/26		11,668,440		12,219,941
0.75% 07/15/28		2,538,751		2,864,667
0.88% 01/15/29		1,929,678		2,202,059
U.S. Treasury Notes
0.13% 05/15/23		1,000,000		998,594
0.25% 04/15/23 - 06/30/25		2,800,000		2,799,266
0.38% 04/30/25		1,000,000		1,004,375
0.50% 03/15/23 - 05/31/27		5,000,000		5,035,390


	Principal Amount $ or Shares		Fair Value $
0.63% 05/15/30		800,000		797,875
1.13% 07/31/21 - 02/28/27		6,500,000		6,683,476
1.25% 10/31/21 - 08/31/24		1,500,000		1,535,234
1.38% 01/31/22 - 08/31/26		4,000,000		4,142,812
1.50% 09/30/21 - 02/15/30		13,100,000		13,567,512
1.63% 08/31/22 - 08/15/29		6,840,000		7,236,336
1.75% 11/30/21 - 11/15/29		7,800,000		8,164,516
1.88% 01/31/22 - 07/31/26		6,700,000		6,951,562
2.00% 10/31/22 - 08/15/25		6,944,000		7,379,453
2.13% 09/30/21 - 05/31/26		7,900,000		8,406,779
2.25% 07/31/21 - 11/15/27		6,590,000		7,261,266
2.38% 01/31/23 - 05/15/29		4,400,000		4,839,749
2.50% 08/15/23 - 01/31/25		3,000,000		3,263,516
2.63% 02/28/23 - 02/15/29		6,500,000		7,178,008
2.75% 09/15/21 - 02/15/28		6,900,000		7,544,681
2.88% 10/15/21 - 08/15/28		8,800,000		9,745,101
3.00% 10/31/25		500,000		570,469
3.13% 11/15/28		1,400,000		1,692,687

				240,609,357


U.S. Government Sponsored Agency - 0.0%*
Tennessee Valley Authority		500,000		627,800


Agency Collateralized Mortgage Obligations - 0.2%
Federal Home Loan Mortgage Corp.
1.48% 04/25/30		69,643		72,329
1.56% 04/25/30		40,000		41,734
1.87% 03/25/53		58,333		62,349
2.75% 01/25/26		300,000		327,761
3.18% 11/25/28		297,417		330,116
3.30% 04/25/23 (f)		100,000		106,926
3.39% 03/25/24		200,000		218,487
3.49% 01/25/24		300,000		327,199
3.56% 01/25/29		200,000		236,991
3.78% 08/25/28		193,440		218,409
Federal National Mortgage Assoc.
3.18% 06/25/27 (f)		261,000		295,006
3.50% 07/25/28 (f)		500,000		580,789
3.78% 08/25/30 (f)		200,000		239,747

				3,057,843


Agency Mortgage Backed - 6.6%
Federal Home Loan Banks
1.63% 12/20/21		395,000		403,212
1.88% 07/07/21		925,000		940,836
2.50% 02/13/24		440,000		474,641
3.25% 11/16/28		125,000		148,941
Federal Home Loan Mortgage Corp.
1.13% 08/12/21		637,000		643,676
2.50% 01/01/28 - 02/01/32 (d)		1,630,599		1,711,954
2.50% 07/01/50		1,600,000		1,669,182
2.51% 11/25/22		300,000		312,012

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


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

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount $ or Shares		Fair Value $

3.00% 07/01/30 - 02/01/50 (d)		9,914,719		10,508,190
3.50% 03/01/26 - 11/01/49 (d)		7,647,602		8,185,275
4.00% 06/01/42 - 03/01/49 (d)		3,389,250		3,660,326
4.50% 05/01/42 - 03/01/49 (d)		947,650		1,020,654
5.50% 01/01/38 - 04/01/39 (d)		256,087		297,001
6.00% 06/01/37 - 11/01/37 (d)		257,348		307,279
6.25% 07/15/32		250,000		393,212
Federal National Mortgage Assoc.
0.25% 05/22/23		500,000		499,650
1.63% 01/07/25		450,000		473,872
1.75% 07/02/24		225,000		237,586
2.00% 07/01/50		500,000		510,102
2.13% 04/24/26		700,000		762,776
2.25% 04/12/22		425,000		440,491
2.50% 09/01/28 - 11/01/49 (d)		3,114,481		3,260,985
2.50% 06/01/40 - 07/01/50		2,496,104		2,604,405
2.63% 01/11/22		500,000		518,515
3.00% 01/01/28 - 05/01/47 (d)		8,739,233		9,313,494
3.00% 06/01/50		997,024		1,052,083
3.50% 01/01/27 - 09/01/49 (d)		9,196,486		9,798,104
3.50% 06/01/50		324,224		342,491
4.00% 10/01/41 - 12/01/48 (d)		7,725,285		8,365,421
4.50% 01/01/27 - 09/01/49 (d)		3,108,952		3,430,643
5.00% 12/01/39 - 05/01/41 (d)		203,104		231,679
5.50% 12/01/35 - 04/01/38 (d)		921,745		1,077,524
6.00% 03/01/34 - 08/01/37 (d)		1,218,420		1,446,476
6.63% 11/15/30		100,000		154,833
2.00% TBA (e)		425,000		439,662
2.50% TBA (e)		1,050,000		1,096,788
3.00% TBA (e)		3,000,000		3,159,630
3.50% TBA (e)		1,925,000		2,023,008
4.00% TBA (e)		500,000		529,825
4.50% TBA (e)		500,000		537,255
Government National Mortgage Assoc.
2.50% 05/20/45 (d)		194,939		207,434
3.00% 10/15/42 - 12/20/49 (d)		6,154,508		6,552,698
3.00% 06/20/50		1,000,000		1,060,776
3.50% 03/20/45 - 11/20/49 (d)		8,156,467		8,700,466
3.50% 12/20/47		488,692		519,578
4.00% 12/20/40 - 07/20/49 (d)		3,807,072		4,129,394
4.50% 05/20/40 - 01/20/49 (d)		1,685,183		1,857,965
5.00% 08/15/41 (d)		1,005,529		1,148,237
2.50% TBA (e)		1,400,000		1,473,458
3.00% TBA (e)		1,025,000		1,085,741
3.50% TBA (e)		250,000		263,770
4.00% TBA (e)		300,000		318,054

				110,301,260


Asset Backed – 0.1%
Other Securities				1,351,998


Corporate Notes – 12.5%
Aflac Inc.
3.63% 11/15/24		50,000		56,571
Air Products & Chemicals Inc.
1.50% 10/15/25		10,000		10,329


	Principal Amount $ or Shares		Fair Value $
2.05% 05/15/30		10,000		10,490
2.70% 05/15/40		25,000		26,283
2.80% 05/15/50		20,000		21,027
Amazon.com Inc.
0.40% 06/03/23		105,000		105,122
0.80% 06/03/25		135,000		136,118
1.50% 06/03/30		165,000		167,520
2.50% 06/03/50		80,000		81,822
3.15% 08/22/27		100,000		114,213
3.88% 08/22/37		100,000		122,759
4.25% 08/22/57		100,000		133,059
4.80% 12/05/34		150,000		204,477
Apple Inc.
0.75% 05/11/23		200,000		201,792
2.40% 01/13/23 - 05/03/23		550,000		581,051
2.50% 02/09/22		150,000		154,968
2.65% 05/11/50		200,000		209,838
2.75% 01/13/25		50,000		54,325
3.00% 11/13/27		100,000		112,469
3.25% 02/23/26		60,000		67,327
3.75% 11/13/47		50,000		61,246
4.38% 05/13/45		65,000		85,871
4.50% 02/23/36		150,000		199,330
4.65% 02/23/46		585,000		804,305
Applied Materials Inc.
3.90% 10/01/25		160,000		183,806
AT&T Inc.
2.75% 06/01/31		100,000		104,154
3.00% 02/15/22		400,000		416,504
3.40% 05/15/25		100,000		109,746
3.60% 07/15/25		400,000		443,780
3.65% 06/01/51		100,000		104,924
4.10% 02/15/28		106,000		121,073
4.30% 02/15/30		20,000		23,422
4.35% 03/01/29 - 06/15/45		550,000		638,452
4.50% 05/15/35 - 03/09/48		145,000		170,297
4.75% 05/15/46		150,000		176,730
4.85% 03/01/39		450,000		543,523
5.15% 03/15/42		50,000		62,391
5.55% 08/15/41		154,000		199,010
6.10% 07/15/40		150,000		197,734
6.25% 03/29/41		100,000		135,741
Biogen Inc.
2.25% 05/01/30		235,000		237,576
4.05% 09/15/25		80,000		91,773
5.20% 09/15/45		50,000		64,929
Costco Wholesale Corp.
3.00% 05/18/27		100,000		112,571
Eversource Energy
2.90% 10/01/24		100,000		107,354
3.15% 01/15/25		125,000		135,412
General Motors Co.
5.40% 10/02/23		200,000		216,532
6.80% 10/01/27		55,000		64,072

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


State Street Total Return V.I.S. Fund			5

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


	Principal Amount $ or Shares		Fair Value $

Honeywell International Inc.
1.35% 06/01/25		50,000		51,241
2.70% 08/15/29		30,000		33,114
3.35% 12/01/23		50,000		54,554
5.38% 03/01/41		100,000		140,664
Humana Inc.
2.90% 12/15/22		100,000		104,539
Intel Corp.
2.45% 11/15/29		135,000		145,728
2.60% 05/19/26		50,000		54,708
3.10% 02/15/60		35,000		38,735
3.25% 11/15/49		50,000		56,766
3.40% 03/25/25		300,000		336,594
3.75% 03/25/27		100,000		116,755
4.60% 03/25/40		500,000		663,515
4.95% 03/25/60		100,000		147,464
Johnson & Johnson
2.45% 12/05/21 - 03/01/26		175,000		184,919
2.90% 01/15/28		50,000		56,201
3.40% 01/15/38		25,000		29,568
3.50% 01/15/48		30,000		37,224
4.38% 12/05/33		150,000		197,358
KLA Corp.
4.65% 11/01/24		115,000		131,689
Lam Research Corp.
3.80% 03/15/25		115,000		130,051
Microsoft Corp.
1.55% 08/08/21		50,000		50,687
2.40% 02/06/22 - 08/08/26		600,000		648,867
2.53% 06/01/50		212,000		221,093
2.88% 02/06/24		50,000		53,955
3.45% 08/08/36		200,000		240,974
3.50% 02/12/35		65,000		79,114
3.70% 08/08/46		500,000		625,170
4.10% 02/06/37		63,000		81,376
Starbucks Corp.
2.00% 03/12/27		25,000		26,199
2.25% 03/12/30		25,000		25,989
2.55% 11/15/30		250,000		262,502
3.10% 03/01/23		50,000		53,152
3.35% 03/12/50		15,000		15,316
3.50% 03/01/28 - 11/15/50		350,000		372,456
3.75% 12/01/47		35,000		37,531
Target Corp.
2.25% 04/15/25		100,000		106,967
3.38% 04/15/29		50,000		57,668
3.90% 11/15/47		50,000		63,756
4.00% 07/01/42		150,000		188,691
The Allstate Corp.
4.20% 12/15/46		100,000		124,160
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75% 08/15/53 (f)		50,000		51,749


	Principal Amount $ or Shares		Fair Value $
The Kroger Co.
3.85% 08/01/23		150,000		162,903
4.50% 01/15/29		100,000		122,030
5.40% 01/15/49		100,000		139,370
The Procter & Gamble Co.
1.70% 11/03/21		100,000		101,794
2.45% 11/03/26		100,000		109,943
3.55% 03/25/40		100,000		119,916
Xcel Energy Inc.
3.30% 06/01/25		50,000		54,851
4.00% 06/15/28		100,000		116,990
Other Securities				194,462,521

				209,872,895


Non-Agency Collateralized Mortgage Obligations - 0.3%
Other Securities				5,273,823


Sovereign Bonds - 0.9%
Other Securities				15,481,982


Municipal Bonds and Notes - 0.2%
Other Securities				3,619,843


Total Bonds and Notes (Cost $548,481,942)				590,196,801


Exchange Traded Funds - 9.9%
Exchange Traded & Mutual Funds - 9.9%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		4,015,389		51,959,134
SPDR Bloomberg Barclays High Yield Bond ETF (h)		967,838		97,906,492
SPDR Dow Jones REIT ETF (h)		200,569		15,650,399


Total Exchange Traded Funds (Cost $184,646,387)				165,516,025


Total Investments in Securities (Cost $1,590,781,136)				1,658,436,566


Short-Term Investments - 1.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $30,715,049) (d)(h)(i)		30,715,049		30,715,049


Total Investments (Cost $1,621,496,185)				1,689,151,615

Liabilities in Excess of Other Assets, net - (0.5)%				(8,909,387	)


NET ASSETS - 100.0%				1,680,242,228

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


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

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		September 2020		2	$	139,902	$	143,760	$	3,858
MSCI EAFE Mini Index Futures		September 2020		15		1,321,903		1,333,800		11,897
MSCI Emerging Market Mini Futures		September 2020		63		3,061,564		3,104,955		43,391
S&P 500 E-mini Index Futures		September 2020		20		3,046,074		3,090,200		44,126

									$	103,272

During the period ended June 30, 2020, average notional values related to long futures contracts was $7,909,786.

Notes to Summary Schedule of Investments — June 30, 2020 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i)without charge, upon request, by calling (800) 242-0134; and ii) on the SEC’s website at http://www.sec.gov.

(a)	Non-income producing security.

(b)	Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors. Security value is determined based on level 3 inputs.

(d)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs.

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

(f)	Variable Rate Security - Interest rate shown is rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(i)	Coupon amount represents effective yield.

†	Percentages are based on net assets as of June 30, 2020.

*	Less than 0.05%.

Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

TBA - To Be Announced

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


State Street Total Return V.I.S. Fund			7

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
	Domestic Equity	$	510,475,584	$	250	$	—	$	510,475,834
	Foreign Equity		75,996,194		316,250,709		1,003		392,247,906
	U.S. Treasuries		—		240,609,357		—		240,609,357
	Agency Mortgage Backed		—		110,301,260		—		110,301,260
	Agency Collateralized Mortgage Obligations		—		3,057,843		—		3,057,843
	Asset Backed		—		1,351,998		—		1,351,998
	Corporate Notes		—		209,872,895		—		209,872,895
	Non-Agency Collateralized Mortgage Obligations		—		5,273,823		—		5,273,823
	Sovereign Bonds		—		15,481,982		—		15,481,982
	Municipal Bonds and Notes		—		3,619,843		—		3,619,843
	U.S. Government Sponsored Agencies		—		627,800		—		627,800
	Exchange Traded & Mutual Funds		165,516,025		—		—		165,516,025
	Short-Term Investments		30,715,049		—		—		30,715,049

	Total Investments in Securities	$	782,702,852	$	906,447,760	$	1,003	$	1,689,151,615

	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	103,272	$	—	$	—	$	103,272

The Fund was invested in the following countries/territories at June 30, 2020 (unaudited):


Country/Territory	Percentage (based on Fair Value)
United States		72.47%
Japan		4.15%
Canada		2.54%
United Kingdom		2.53%
Switzerland		2.25%
China		1.80%
France		1.77%
Ireland		1.33%
Germany		1.27%
Australia		1.01%
Taiwan		0.76%
Sweden		0.67%
Netherlands		0.66%
Supranational		0.65%
South Korea		0.56%
India		0.47%
Italy		0.43%
Spain		0.35%
Hong Kong		0.34%
Finland		0.32%
Russian Federation		0.30%
Bermuda		0.28%
Denmark		0.28%
Belgium		0.27%
Brazil		0.26%
Israel		0.25%
Mexico		0.21%
Norway		0.20%
New Zealand		0.18%


Country/Territory	Percentage (based on Fair Value)
Singapore		0.18%
South Africa		0.16%
Malaysia		0.13%
Cayman Islands		0.09%
Thailand		0.09%
Saudi Arabia		0.08%
Indonesia		0.08%
Chile		0.07%
Colombia		0.06%
Turkey		0.06%
Philippines		0.05%
Portugal		0.05%
Panama		0.04%
Puerto Rico		0.04%
Greece		0.04%
Poland		0.04%
Austria		0.03%
Iraq		0.03%
United Arab Emirates		0.03%
Uruguay		0.02%
Peru		0.02%
Qatar		0.01%
Hungary		0.01%
Luxembourg		0.01%
Czech		0.01%
Pakistan		0.01%
Guernsey		0.00%

		100.00%

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


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

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2020 (unaudited):


Industry	Domestic		Foreign		Total
Exchange Traded Funds		9.80%		0.00%		9.80%
Technology Hardware, Storage & Peripherals		1.53%		0.61%		2.14%
Pharmaceuticals		1.04%		1.01%		2.05%
Electric Utilities	��	1.12%		0.83%		1.95%
Integrated Telecommunication Services		0.72%		1.13%		1.85%
Property & Casualty Insurance		1.47%		0.30%		1.77%
Semiconductor Equipment		1.50%		0.16%		1.66%
IT Consulting & Other Services		0.41%		1.20%		1.61%
Healthcare Equipment		1.34%		0.19%		1.53%
Multi-Line Insurance		0.21%		1.26%		1.47%
Food Retail		0.33%		0.95%		1.28%
Home Building		0.79%		0.46%		1.25%
Wireless Telecommunication Services		0.52%		0.72%		1.24%
Multi-Sector Holdings		0.92%		0.32%		1.24%
Industrial Gases		0.52%		0.57%		1.09%
Semiconductors		0.56%		0.52%		1.08%
Diversified Banks		0.00%		1.00%		1.00%
General Merchandise Stores		0.59%		0.40%		0.99%
Systems Software		0.90%		0.06%		0.96%
Hypermarkets & Super Centers		0.74%		0.18%		0.92%
Biotechnology		0.87%		0.05%		0.92%
Household Products		0.83%		0.07%		0.90%
Packaged Foods & Meats		0.44%		0.40%		0.84%
Industrial Conglomerates		0.73%		0.07%		0.80%
Internet & Direct Marketing Retail		0.46%		0.34%		0.80%
Life & Health Insurance		0.37%		0.41%		0.78%
Trading Companies & Distributors		0.10%		0.64%		0.74%
Healthcare Distributors		0.64%		0.10%		0.74%
Industrial Machinery		0.11%		0.61%		0.72%
Automobile Manufacturers		0.54%		0.16%		0.70%
Construction & Engineering		0.24%		0.42%		0.66%
Reinsurance		0.00%		0.61%		0.61%
Apparel Retail		0.56%		0.05%		0.61%
Multi-Utilities		0.39%		0.18%		0.57%
Data Processing & Outsourced Services		0.56%		0.00%		0.56%
Internet Services & Infrastructure		0.00%		0.46%		0.46%
Tires & Rubber		0.00%		0.44%		0.44%
Personal Products		0.00%		0.44%		0.44%
Asset Management & Custody Banks		0.34%		0.10%		0.44%
Application Software		0.42%		0.00%		0.42%
Oil & Gas Refining & Marketing		0.41%		0.01%		0.42%
Metal & Glass Containers		0.40%		0.00%		0.40%
Auto Parts & Equipment		0.06%		0.32%		0.38%
Financial Exchanges & Data		0.19%		0.18%		0.37%
Regional Banks		0.21%		0.15%		0.36%
Building Products		0.12%		0.24%		0.36%
Interactive Media & Services		0.01%		0.31%		0.32%
Construction Machinery & Heavy Trucks		0.27%		0.05%		0.32%
Restaurants		0.32%		0.00%		0.32%
Gas Utilities		0.12%		0.19%		0.31%
Research & Consulting Services		0.17%		0.14%		0.31%

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


State Street Total Return V.I.S. Fund			9

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


Industry	Domestic		Foreign		Total
Environmental & Facilities Services		0.24%		0.07%		0.31%
Managed Healthcare		0.28%		0.01%		0.29%
Trucking		0.29%		0.00%		0.29%
Integrated Oil & Gas		0.00%		0.29%		0.29%
Healthcare Supplies		0.27%		0.00%		0.27%
Casinos & Gaming		0.02%		0.25%		0.27%
Steel		0.07%		0.19%		0.26%
Diversified Support Services		0.25%		0.01%		0.26%
Life Sciences Tools & Services		0.13%		0.12%		0.25%
Health Care REITs		0.24%		0.00%		0.24%
Healthcare Services		0.10%		0.14%		0.24%
Mortgage REITs		0.23%		0.00%		0.23%
Electronic Components		0.01%		0.20%		0.21%
Cable & Satellite		0.15%		0.05%		0.20%
Technology Distributors		0.15%		0.04%		0.19%
Advertising		0.18%		0.00%		0.18%
Automotive Retail		0.15%		0.03%		0.18%
Tobacco		0.03%		0.15%		0.18%
Electronic Manufacturing Services		0.13%		0.04%		0.17%
Air Freight & Logistics		0.16%		0.01%		0.17%
Real Estate Development		0.00%		0.16%		0.16%
Apparel, Accessories & Luxury Goods		0.00%		0.16%		0.16%
Industrial REITs		0.00%		0.15%		0.15%
Diversified Metals & Mining		0.00%		0.15%		0.15%
Railroads		0.14%		0.01%		0.15%
Electronic Equipment & Instruments		0.04%		0.11%		0.15%
Consumer Electronics		0.14%		0.00%		0.14%
Aerospace & Defense		0.14%		0.00%		0.14%
Marine		0.00%		0.13%		0.13%
Independent Power Producers & Energy Traders		0.01%		0.12%		0.13%
Leisure Products		0.02%		0.11%		0.13%
Human Resource & Employment Services		0.05%		0.07%		0.12%
Commodity Chemicals		0.01%		0.11%		0.12%
Thrifts & Mortgage Finance		0.11%		0.00%		0.11%
Insurance Brokers		0.11%		0.00%		0.11%
Electrical Components & Equipment		0.03%		0.07%		0.10%
Other Diversified Financial Services		0.04%		0.06%		0.10%
Specialized REITs		0.10%		0.00%		0.10%
Specialty Chemicals		0.04%		0.06%		0.10%
Healthcare Facilities		0.09%		0.00%		0.09%
Investment Banking & Brokerage		0.09%		0.00%		0.09%
Diversified REITs		0.06%		0.03%		0.09%
Drug Retail		0.02%		0.07%		0.09%
Specialty Stores		0.05%		0.04%		0.09%
Commercial Printing		0.01%		0.08%		0.09%
Retail REITs		0.03%		0.05%		0.08%
Forest Products		0.00%		0.08%		0.08%
Real Estate Operating Companies		0.00%		0.08%		0.08%
Diversified Real Estate Activities		0.00%		0.08%		0.08%
Office REITs		0.07%		0.00%		0.07%
Home Furnishing Retail		0.07%		0.00%		0.07%
Fertilizers & Agricultural Chemicals		0.05%		0.02%		0.07%
Agricultural Products		0.00%		0.07%		0.07%
Footwear		0.01%		0.05%		0.06%

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


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

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


Industry	Domestic		Foreign		Total
Renewable Electricity		0.00%		0.06%		0.06%
Oil & Gas Storage & Transportation		0.02%		0.04%		0.06%
Soft Drinks		0.00%		0.06%		0.06%
Home Improvement Retail		0.00%		0.06%		0.06%
Food Distributors		0.04%		0.01%		0.05%
Diversified Chemicals		0.00%		0.05%		0.05%
Computer & Electronics Retail		0.00%		0.04%		0.04%
Broadcasting		0.00%		0.04%		0.04%
Paper Products		0.02%		0.02%		0.04%
Education Services		0.00%		0.04%		0.04%
Coal & Consumable Fuels		0.00%		0.04%		0.04%
Household Appliances		0.00%		0.03%		0.03%
Alternative Carriers		0.00%		0.03%		0.03%
Construction Materials		0.00%		0.03%		0.03%
Water Utilities		0.00%		0.03%		0.03%
Diversified Capital Markets		0.00%		0.02%		0.02%
Airlines		0.00%		0.02%		0.02%
Marine Ports & Services		0.00%		0.02%		0.02%
Communications Equipment		0.01%		0.01%		0.02%
Airport Services		0.02%		0.00%		0.02%
Consumer Finance		0.01%		0.01%		0.02%
Hotel & Resort REITs		0.02%		0.00%		0.02%
Healthcare Technology		0.02%		0.00%		0.02%
Motorcycle Manufacturers		0.00%		0.02%		0.02%
Highways & Railtracks		0.00%		0.02%		0.02%
Hotels, Resorts & Cruise Lines		0.01%		0.00%		0.01%
Brewers		0.00%		0.01%		0.01%
Precious Metals & Minerals		0.00%		0.01%		0.01%
Office Services & Supplies		0.01%		0.00%		0.01%
Security & Alarm Services		0.00%		0.01%		0.01%
Copper		0.00%		0.01%		0.01%
Interactive Home Entertainment		0.00%		0.01%		0.01%
Textiles		0.00%		0.01%		0.01%
Oil & Gas Equipment & Services		0.01%		0.00%		0.01%
Department Stores		0.00%		0.01%		0.01%
Specialized Consumer Services		0.01%		0.00%		0.01%
Paper Packaging		0.01%		0.00%		0.01%
Gold		0.00%		0.01%		0.01%
Residential REITs		0.01%		0.00%		0.01%
Movies & Entertainment		0.00%		0.01%		0.01%
Oil & Gas Exploration & Production		0.00%		0.00%		0.00%
Distributors		0.00%		0.00%		0.00%
Leisure Facilities		0.00%		0.00%		0.00%
Oil & Gas Drilling		0.00%		0.00%		0.00%
Specialized Finance		0.00%		0.00%		0.00%
Publishing		0.00%		0.00%		0.00%
Home Furnishings		0.00%		0.00%		0.00%
Banks		0.00%		0.00%		0.00%


						63.24%

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


State Street Total Return V.I.S. Fund			11

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2020 (Unaudited)


Sector	Percentage (based on Fair Value)
U.S. Treasuries		14.24%
Corporate Notes		12.43%
Agency Mortgage Backed		6.53%
Sovereign Bonds		0.92%
Non-Agency Collateralized Mortgage Obligations		0.31%
Municipal Bonds and Notes		0.21%
Agency Collateralized Mortgage Obligations		0.18%
Asset Backed		0.08%
U.S. Government Sponsored Agencies		0.04%

		34.94%


Sector	Percentage (based on Fair Value)
Short-Term Investments		1.82%

		1.82%


		100.00%

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		1,233,354	$	135,101,597	$	34,752,813		63,435,103	$	(1,643,035	)	$	(6,869,780	)		967,838	$	97,906,492	$	2,039,113
SPDR Dow Jones REIT ETF		917,656		93,619,265		12,258,377		71,718,138		(13,875,860	)		(4,633,245	)		200,569		15,650,399		570,552
State Street Institutional U.S. Government Money Market Fund, Class G Shares		60,902,376		60,902,376		233,056,948		263,244,275		—			—			30,715,049		30,715,049		147,184


TOTAL			$	289,623,238	$	280,068,138	$	398,397,516	$	(15,518,895	)	$	(11,503,025	)			$	144,271,940	$	2,756,849

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


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

State Street Total Return V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Class 1
	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			7/1/85

Net asset value, beginning of period	$	15.91		$	14.06		$	19.94		$	18.08		$	17.66		$	18.81


Income/(loss) from investment operations:
Net investment income		0.14	^(a)		0.34	^(a)		0.40	^(a)		0.36	^(a)		0.35			0.31
Net realized and unrealized gains/(losses) on investments		(1.30	)		1.88			(1.69	)		2.46			0.77			(0.52	)

Total income/(loss) from investment operations		(1.16	)		2.22			(1.29	)		2.82			1.12			(0.21	)


Less distributions from:
Net investment income		—			0.37			0.45			0.41			0.35			0.34
Net realized gains		—			—			4.14			0.55			0.35			0.60

Total distributions		—			0.37			4.59			0.96			0.70			0.94

Net asset value, end of period	$	14.75		$	15.91		$	14.06		$	19.94		$	18.08		$	17.66

Total return^(b)		(7.29	)%		15.81	%		(6.34	)%		15.58	%		6.35	%		(1.13	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	676,863		$	764,667		$	733,417		$	856,665		$	797,448		$	807,584

Ratios to average net assets:
Net expenses		0.60	%**		0.61	%		0.62	%		0.62	%		0.60	%		0.61	%
Gross expenses		0.60	%**		0.61	%		0.62	%		0.62	%		0.60	%		0.61	%
Net investment income		1.89	%**		2.24	%		2.01	%		1.83	%		1.85	%		1.56	%
Portfolio turnover rate		38	%^(c)		81	%		97	%		15	%		45	%		70	%

Notes to Financial Highlights

(a)

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

(b)

(c)

The portfolio turnover calculated for the period ended 6/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnoverwould have been 44%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


Financial Highlights			13

State Street Total Return V.I.S. Fund

Financial Highlights

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


	Class 3
	6/30/20^†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15*
Inception date		—			—			—			—			—			5/1/06

Net asset value, beginning of period	$	15.86		$	14.01		$	19.88		$	18.03		$	17.61		$	18.75


Income/(loss) from investment operations:
Net investment income		0.12	^(a)		0.30	^(a)		0.35	^(a)		0.31	^(a)		0.30			0.27
Net realized and unrealized gains/(losses) on investments		(1.29	)		1.88			(1.69	)		2.44			0.77			(0.51	)

Total income/(loss) from investment operations		(1.17	)		2.18			(1.34	)		2.75			1.07			(0.24	)


Less distributions from:
Net investment income		—			0.33			0.39			0.35			0.30			0.30
Net realized gains		—			—			4.14			0.55			0.35			0.60

Total distributions		—			0.33			4.53			0.90			0.65			0.90

Net asset value, end of period	$	14.69		$	15.86		$	14.01		$	19.88		$	18.03		$	17.61

Total return^(b)		(7.38	)%		15.57	%		(6.61	)%		15.26	%		6.08	%		(1.34	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,003,379		$	1,156,437		$	1,165,809		$	1,464,061		$	1,508,428		$	1,633,723

Ratios to average net assets:
Net expenses		0.85	%**		0.86	%		0.87	%		0.87	%		0.85	%		0.86	%
Gross expenses		0.85	%**		0.86	%		0.87	%		0.87	%		0.85	%		0.86	%
Net investment income		1.64	%**		1.99	%		1.76	%		1.59	%		1.60	%		1.31	%
Portfolio turnover rate		38	%^(c)		81	%		97	%		15	%		45	%		70	%

Notes to Financial Highlights

(a)

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

(b)

(c)

The portfolio turnover calculated for the period ended 6/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnoverwould have been 44%.

†

Unaudited.

Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

Annualized for periods less than one year.

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


14		Financial Highlights

State Street Total Return V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2020 (Unaudited)


Assets
Investments in securities, at fair value (cost $1,472,448,770)	$	1,544,879,675
Investments in affiliated securities, at fair value (cost $118,332,366)		113,556,891
Short-term affiliated investments, at fair value		30,715,049
Cash		47,998
Net cash collateral on deposit with broker for future contracts		772,668
Foreign currency (cost $1,511,808)		1,505,277
Receivable for investments sold		97,913,187
Income receivables		6,096,466
Receivable for fund shares sold		26,409
Income receivable from affiliated investments		4,126
Receivable for accumulated variation margin on futures contracts		103,533


Total assets		1,795,621,279


Liabilities
Payable for investments purchased		113,004,375
Payable for fund shares redeemed		605,275
Payable to the Adviser		484,785
Payable for custody, fund accounting and sub-administration fees		112,327
Accrued other expenses		151,939
Distribution and service fees		1,020,350


Total liabilities		115,379,051



Net Assets	$	1,680,242,228


Net Assets Consist of:
Capital paid in	$	1,693,029,081
Total distributable earnings (loss)		(12,786,853	)


Net Assets	$	1,680,242,228


Class 1
Net Assets	$	676,863,242
Shares outstanding ($0.01 par value, unlimited shares authorized)		45,878,230
Net asset value, offering and redemption price per share	$	14.75

Class 3
Net Assets	$	1,003,378,986
Shares outstanding ($0.01 par value, unlimited shares authorized)		68,314,747
Net asset value per share	$	14.69

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


Statement of Assets and Liabilities			15

State Street Total Return V.I.S. Fund

Statement of Operations — For the period ended June 30, 2020 (Unaudited)


Investment Income
Income
Dividend	$	13,538,904
Interest		5,461,470
Income from affiliated investments		2,756,849
Less: Foreign taxes withheld		(488,737	)

Total income		21,268,486


Expenses
Advisory and administration fees		2,987,112
Distribution and service fees
Class 1		684,201
Class 3		2,301,119
Directors’ fees		17,672
Custody, fund accounting and sub-administration fees		266,698
Professional fees		66,267
Other expenses		84,796

Total Expenses		6,407,865

Net investment income	$	14,860,621


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(60,368,235	)*
Affiliated investments		(15,518,895	)
Futures		(900,950	)
Foreign currency transactions		(199,178	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(66,965,427	)**
Affiliated investments		(11,503,025	)
Futures		(177,387	)
Foreign currency translations		(14,901	)


Net realized and unrealized gain (loss) on investments		(155,647,998	)


Net Decrease in Net Assets Resulting from Operations	$	(140,787,377	)

Includes $309 of net realized gains from foreign capital tax gain.

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


16		Statement of Operations

State Street Total Return V.I.S. Fund

Statements of Changes in Net Assets


		Six Months Ended June 30, 2020*			Year Ended December 31, 2019

Increase (Decrease) in Net Assets

Operations:
Net investment income		$	14,860,621		$	40,578,804
Net realized gain (loss) on investments, futures and foreign currency related transactions			(76,987,258	)		5,720,067
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency transactions			(78,660,740	)		235,897,549

Net increase (decrease) from operations			(140,787,377	)		282,196,420


Distributions to shareholders:
Total distributions
Class 1			—			(17,548,395	)
Class 3			—			(23,703,106	)

Total distributions			—			(41,251,501	)

Increase (decrease) in assets from operations and distributions			(140,787,377	)		240,944,919


Share transactions:
Proceeds from sale of shares
Class 1			1,984,470			10,132,130
Class 3	��		13,258,550			13,995,283
Value of distributions reinvested
Class 1			—			17,548,395
Class 3			—			23,703,106
Cost of shares redeemed
Class 1			(34,060,485	)		(90,189,216	)
Class 3			(81,256,920	)		(194,257,291	)

Net increase (decrease) from share transactions			(100,074,385	)		(219,067,593	)


Total increase (decrease) in net assets			(240,861,762	)		21,877,326

Net Assets
Beginning of period			1,921,103,990			1,899,226,664


End of period		$	1,680,242,228		$	1,921,103,990


Changes in Fund Shares
Class 1
Shares sold			135,404			659,598
Issued for distributions reinvested			—			1,101,594
Shares redeemed			(2,321,431	)		(5,867,922	)

Net increase (decrease) in fund shares			(2,186,027	)		(4,106,730	)


Class 3
Shares sold			935,743			912,764
Issued for distributions reinvested			—			1,492,639
Shares redeemed			(5,545,858	)		(12,678,384	)

Net decrease in fund shares			(4,610,115	)		(10,272,981	)

Unaudited

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


Statements of Changes in Net Assets			17

State Street Total Return V.I.S. Fund

Notes to Financial Statements — June 30, 2020 (Unaudited)

Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the “Fund”), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers two share classes of the Fund as investment options for variable life insurance and variable annuity contracts — Class 1 and Class 3. Class 3 shares were first offered on May 1, 2006, and Fund shares outstanding prior to May 1, 2006 were designated as Class 1 shares. Each class of shares has different fees and expenses, and as a result, each class of shares will have different share price and performance. Not all variable contracts offer each class of the Fund’s shares.

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

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

•

Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.


18		Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

•

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.

The 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 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2020 is disclosed in the Fund’s Summary Schedule of Investments.


Notes to Financial Statements			19

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

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 The Fund declares and pays any dividends from net investment income annually.

Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities During the period ended June 30, 2020, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Summary Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.


20		Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

Derivative Financial Instruments

Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Summary Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

For the period ended June 30, 2020, the Fund entered into futures contracts for cash equitization.

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	103,533	��	$	—	$	103,533

Realized Gain/Loss


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(900,950	)	$	—	$	(900,950	)


Notes to Financial Statements			21

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(177,387	)	$	—	$	(177,387	)

Fees and Transactions with Affiliates

Investor Service Plan — Class 1 and Class 3 Shares The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the Fund Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the Fund attributable to each such share class.

Distribution and Shareholder Service (12b-1) Fees The Company has adopted a Distribution and Service (12b-1) Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may have compensated State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the distributor of the shares of the Fund for certain sales services provided by SSGA FD or other broker dealers and investor services provided by SSGA FD or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan for Class 3 shares may not exceed 0.25% of the average daily net assets of the Fund attributable to such share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board, including by those Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.


22		Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

Directors’ Fees

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2020 were as follows:


U.S. Government Securities
Purchases			Sales

	$	108,714,211		$	144,229,055

Non-U.S. Government Securities
Purchases			Sales
	$	536,484,748		$	553,852,609

Income Tax Information

As of June 30, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

	$	1,626,761,018		$	146,553,051		$	84,059,182		$	62,493,869

Line of Credit


Notes to Financial Statements			23

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2020 (Unaudited)

The Fund had no outstanding loans as of June 30, 2020.

10.

Risks

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the value of the Fund’s investments.

11.

Subsequent Events


24		Notes to Financial Statements

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Record

Quarterly Portfolio Schedule


Other Information			25

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

Director Considerations in Approving Continuation of Investment Advisory Agreement¹

Overview of the Contract Review Process

Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met telephonically on April 7, 2020 and May 13-14, 2020 (in reliance on the Order), including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Total Return V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors, as well as the Directors who are “interested persons” of the Adviser, reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser in connection with their consideration of approval of the Agreement. Following the April 7, 2020 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto prior to and at the May 13-14, 2020 meeting. The Independent Directors considered, among other things, the following:

Information about Performance, Expenses and Fees

•

A report prepared by an independent third-party provider of investment company data, which includes for the Fund:

^¡


26		Other Information

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

^¡

A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

^¡

Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

•

Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

•

Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”).

Information about Portfolio Management

•

Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

•

Information concerning the allocation of brokerage; and

•

Information regarding the procedures and processes used to value the assets of the Fund.

Information about the Adviser

•

Reports detailing the financial results and condition of SSGA FM and its affiliates;

•

Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations;

•

Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

•

Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors;

•

A description of the business continuity and disaster recovery plans of the Adviser; and

•

Information regarding the Adviser’s risk management processes.

Other Relevant Information

•

Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”);


Other Information			27

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

•

Copies of the Advisory Agreement and agreements with other service providers of the Fund;

•

^¡

State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and

^¡

•

Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel; and

•

A summary of the foregoing materials prepared by Independent Counsel.

Results of the Process

Nature, Extent and Quality of Services

In considering whether to approve the Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.


28		Other Information

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

Fund Performance

State Street Total Return V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1- and 10-year periods and above the median of its Performance Group for the 3- and 5-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1- and 3-year periods, above the median of its Performance Universe for the 5-year period and equal to the median of its Performance Universe for the 10-year period. The Board also considered that the Fund’s performance was below its Lipper Index for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance.

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

State Street Total Return V.I.S. Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.


Other Information			29

State Street Total Return V.I.S. Fund

Other Information — June 30, 2020 (Unaudited), continued

favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

Profitability

Economies of Scale

Conclusions


30		Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

Ellen M. Needham, President

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

Sean O’Malley, Chief Legal Officer

Bruce S. Rosenberg, Treasurer

Ann M. Carpenter, Vice President and Deputy Treasurer

Chad C. Hallett, Deputy Treasurer

Arthur A. Jensen, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Daniel Foley, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Andrew DeLorme, Secretary

Kevin Morris, Assistant Secretary

David Urman, Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

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 State Street Variable Insurance Series Funds, Inc. (the “Company” or “Registrant”).

Item 6. Investments.

(a)

The Schedule of Investments for the State Street Total Return V.I.S. Fund is listed below. The Schedules of Investments for the State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund and a Summary Schedule of Investments for the State Street Total Return V.I.S. Fund are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

State Street Total Return V.I.S. Fund


Schedule of Investments		June 30, 2020 (Unaudited)


State Street Total Return V.I.S. Fund

	Number of Shares			Fair Value
Domestic Equity – 30.4% †
Common Stock – 30.4%
Advertising – 0.2%
Cardlytics Inc.		5,203		$	364,106	(a)
National CineMedia Inc.		22,657			67,291
Omnicom Group Inc.		35,101			1,916,515
The Interpublic Group of Companies Inc.		41,599			713,839
					3,061,751
Aerospace & Defense – 0.1%
National Presto Industries Inc.		1,647			143,931
Park Aerospace Corp.		6,796			75,708
Teledyne Technologies Inc.		6,028			1,874,407	(a)
Vectrus Inc.		4,024			197,699	(a)
					2,291,745
Air Freight & Logistics – 0.2%
Expeditors International of Washington Inc.		15,153			1,152,234
Hub Group Inc., Class A		6,084			291,180	(a)
XPO Logistics Inc.		14,985			1,157,592	(a)
					2,601,006
Airlines – 0.0% *			��
Mesa Air Group Inc.		3,900			13,416	(a)
Airport Services – 0.0% *
Macquarie Infrastructure Corp.		12,122			372,024
Apparel Retail – 0.6%
Citi Trends Inc.		2,100			42,462
Express Inc.		21,300			32,802	(a)
Guess? Inc.		8,743			84,545
Shoe Carnival Inc.		3,246			95,010
The Buckle Inc.		10,414			163,291
The Cato Corp., Class A		5,810			47,526
The TJX Companies Inc.		172,859			8,739,751
Zumiez Inc.		6,381			174,712	(a)
					9,380,099
Application Software – 0.4%
American Software Inc., Class A		10,682			168,348
Avalara Inc.		3,232			430,147	(a)
Avaya Holdings Corp.		5,900			72,924	(a)
Fair Isaac Corp.		4,582			1,915,459	(a)
Intelligent Systems Corp.		2,282			77,771	(a)
Manhattan Associates Inc.		10,410			980,622	(a)
Nuance Communications Inc.		46,403			1,174,228	(a)
SPS Commerce Inc.		1,072			80,529	(a)
Tyler Technologies Inc.		6,501			2,255,067	(a)
					7,155,095
Asset Management & Custody Banks – 0.4%
Artisan Partners Asset Management Inc., Class A		9,700			315,250
Calamos Asset Management Inc., Class A		419			—	(a,b)
Cohen & Steers Inc.		8,217			559,167
Diamond Hill Investment Group Inc.		1,123			127,652
Federated Hermes Inc.		3,016			71,479
Silvercrest Asset Management Group Inc., Class A		2,914			37,037
T Rowe Price Group Inc.		37,406			4,619,641
Waddell & Reed Financial Inc., Class A		10,769			167,027
Westwood Holdings Group Inc.		2,664			41,958
					5,939,211
Auto Parts & Equipment – 0.1%
American Axle & Manufacturing Holdings Inc.		10,239			77,816	(a)
Gentex Corp.		40,510			1,043,943
					1,121,759


	Number of Shares		Fair Value
Automobile Manufacturers – 0.6%
Ford Motor Co.		643,879	$	3,914,785
General Motors Co.		178,831		4,524,424
Winnebago Industries Inc.		11,231		748,209
				9,187,418
Automotive Retail – 0.2%
America’s Car-Mart Inc.		778		68,363	(a)
Asbury Automotive Group Inc.		3,735		288,827	(a)
AutoNation Inc.		9,217		346,375	(a)
Group 1 Automotive Inc.		6,380		420,889
Lithia Motors Inc., Class A		8,096		1,225,168
Sonic Automotive Inc., Class A		8,810		281,127
				2,630,749
Biotechnology – 0.9%
Aduro Biotech Inc.		24,500		56,595	(a)
Adverum Biotechnologies Inc.		19,833		414,113	(a)
Anika Therapeutics Inc.		4,890		184,500	(a)
Applied Therapeutics Inc.		1,900		68,685	(a)
Aravive Inc.		4,500		52,380	(a)
Ardelyx Inc.		22,760		157,499	(a)
Avid Bioservices Inc.		17,658		115,925	(a)
Biogen Inc.		26,847		7,182,915	(a)
BioSpecifics Technologies Corp.		2,011		123,234	(a)
Bioxcel Therapeutics Inc.		1,354		71,776	(a)
Catalyst Pharmaceuticals Inc.		25,683		118,655	(a)
Cidara Therapeutics Inc.		12,300		45,387	(a)
Constellation Pharmaceuticals Inc.		5,665		170,233	(a)
Cue Biopharma Inc.		3,638		89,167	(a)
Eidos Therapeutics Inc.		600		28,602	(a)
Epizyme Inc.		6,296		101,114	(a)
Fate Therapeutics Inc.		14,727		505,283	(a)
Fennec Pharmaceuticals Inc.		8,000		66,800	(a)
Flexion Therapeutics Inc.		6,305		82,911	(a)
ImmunoGen Inc.		13,281		61,093	(a)
Jounce Therapeutics Inc.		6,016		41,510	(a)
Karyopharm Therapeutics Inc.		9,829		186,161	(a)
Kodiak Sciences Inc.		3,089		167,177	(a)
Krystal Biotech Inc.		1,202		49,787	(a)
Mersana Therapeutics Inc.		7,531		176,225	(a)
Moderna Inc.		38,102		2,446,529	(a)
Molecular Templates Inc.		6,312		87,043	(a)
Momenta Pharmaceuticals Inc.		2,067		68,769	(a)
NantKwest Inc.		10,600		130,168	(a)
PDL BioPharma Inc.		41,904		121,941	(a)
Pfenex Inc.		10,841		90,522	(a)
Principia Biopharma Inc.		604		36,113	(a)
Regeneron Pharmaceuticals Inc.		1,100		686,015	(a)
Syndax Pharmaceuticals Inc.		8,224		121,880	(a)
United Therapeutics Corp.		7,200		871,200	(a)
				14,977,907
Broadcasting – 0.0% *
Media General Inc.		2,076		208
Saga Communications Inc., Class A		1,200		30,720
				30,928
Building Products – 0.1%
AAON Inc.		8,520		462,551
Fortune Brands Home & Security Inc.		22,719		1,452,425
				1,914,976
Cable & Satellite – 0.2%
Altice USA Inc., Class A		51,870		1,169,150	(a)
Cable One Inc.		796		1,412,780
				2,581,930
Casinos & Gaming – 0.0% *
Monarch Casino & Resort Inc.		4,064		138,501	(a)
Penn National Gaming Inc.		5,304		161,984	(a)
				300,485
Coal & Consumable Fuels – 0.0% *
Arch Resources Inc.		2,504		71,139
NACCO Industries Inc., Class A		1,200		27,960
				99,099

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Commercial Printing – 0.0% *
Ennis Inc.		8,525	$	154,644
Commodity Chemicals – 0.0% *
Hawkins Inc.		2,623		111,687
Koppers Holdings Inc.		3,400		64,056	(a)
				175,743
Communications Equipment – 0.0% *
Digi International Inc.		9,650		112,423	(a)
PCTEL Inc.		6,500		43,420
				155,843
Construction & Engineering – 0.3%
AECOM		25,230		948,143	(a)
Argan Inc.		4,961		235,052
Construction Partners Inc., Class A		6,646		118,033	(a)
Great Lakes Dredge & Dock Corp.		6,360		58,894	(a)
HC2 Holdings Inc.		16,100		53,774	(a)
IES Holdings Inc.		2,000		46,340	(a)
Jacobs Engineering Group Inc.		20,714		1,756,547
MYR Group Inc.		3,820		121,896	(a)
Northwest Pipe Co.		1,700		42,619	(a)
Quanta Services Inc.		22,611		887,030
Tutor Perini Corp.		1,900		23,142	(a)
				4,291,470
Construction Machinery & Heavy Trucks – 0.3%
Cummins Inc.		24,388		4,225,465
Miller Industries Inc.		3,907		116,311
The Shyft Group Inc.		9,031		152,082
				4,493,858
Construction Materials – 0.0% *
Forterra Inc.		6,809		75,988	(a)
U.S. Lime & Minerals Inc.		684		57,757
				133,745
Consumer Electronics – 0.1%
Garmin Ltd.		21,156		2,062,710
Universal Electronics Inc.		4,944		231,478	(a)
VOXX International Corp.		7,300		42,194	(a)
				2,336,382
Consumer Finance – 0.0% *
Curo Group Holdings Corp.		3,905		31,904
Santander Consumer USA Holdings Inc.		12,430		228,836
				260,740
Data Processing & Outsourced Services – 0.6%
Genpact Ltd.		8,609		314,401
Jack Henry & Associates Inc.		12,601		2,318,962
NIC Inc.		23,710		544,382
Paychex Inc.		53,031		4,017,098
Sykes Enterprises Inc.		13,858		383,312	(a)
The Western Union Co.		67,635		1,462,269
Verra Mobility Corp.		46,122		474,134	(a)
				9,514,558
Department Stores – 0.0% *
Dillard’s Inc., Class A		670		17,279
Distributors – 0.0% *
Weyco Group Inc.		2,234		48,232
Diversified REITs – 0.1%
Armada Hoffler Properties Inc.		16,863		167,787
One Liberty Properties Inc.		5,159		90,901
PS Business Parks Inc.		4,474		592,358
				851,046
Diversified Support Services – 0.3%
Copart Inc.		33,494		2,789,045	(a)
McGrath RentCorp.		8,271		446,717
UniFirst Corp.		5,163		923,919
				4,159,681
Drug Retail – 0.0% *
Rite Aid Corp.		20,200		344,612	(a)


	Number of Shares		Fair Value
Electric Utilities – 1.1%
Avangrid Inc.		7,455	$	312,961
Eversource Energy		55,739		4,641,387
Hawaiian Electric Industries Inc.		17,634		635,882
NextEra Energy Inc.		23,150		5,559,935
OGE Energy Corp.		33,002		1,001,941
Pinnacle West Capital Corp.		18,599		1,363,121
Xcel Energy Inc.		86,797		5,424,812
				18,940,039
Electrical Components & Equipment – 0.1%
Atkore International Group Inc.		3,009		82,296	(a)
Encore Wire Corp.		1,136		55,460
LSI Industries Inc.		9,500		61,465
Powell Industries Inc.		2,871		78,637
Preformed Line Products Co.		1,090		54,511
Regal Beloit Corp.		6,717		586,528
				918,897
Electronic Components – 0.0% *
Vishay Intertechnology Inc.		9,584		146,348
Electronic Equipment & Instruments – 0.0% *
Badger Meter Inc.		9,772		614,854
Electronic Manufacturing Services – 0.1%
Benchmark Electronics Inc.		13,404		289,527
Jabil Inc.		24,269		778,550
Kimball Electronics Inc.		8,682		117,554	(a)
Plexus Corp.		10,238		722,393	(a)
Sanmina Corp.		8,131		203,600	(a)
				2,111,624
Environmental & Facilities Services – 0.3%
ABM Industries Inc.		10,991		398,973
PICO Holdings Inc.		6,298		53,092	(a)
Republic Services Inc.		34,666		2,844,345
Waste Management Inc.		8,717		923,218
				4,219,628
Fertilizers & Agricultural Chemicals – 0.1%
AgroFresh Solutions Inc.		11,000		33,330	(a)
The Scotts Miracle-Gro Co.		6,692		899,873
				933,203
Financial Exchanges & Data – 0.2%
CME Group Inc.		4,099		666,252
MarketAxess Holdings Inc.		3,913		1,960,100
Morningstar Inc.		3,363		474,082
				3,100,434
Food Distributors – 0.0% *
SpartanNash Co.		13,100		278,375
United Natural Foods Inc.		19,738		359,429	(a)
				637,804
Food Retail – 0.3%
Casey’s General Stores Inc.		6,085		909,829
Ingles Markets Inc., Class A		5,300		228,271
The Kroger Co.		127,807		4,326,267
Village Super Market Inc., Class A		2,700		74,844
Weis Markets Inc.		3,531		176,974
				5,716,185
Footwear – 0.0% *
Rocky Brands Inc.		2,372		48,769
Steven Madden Ltd.		5,512		136,091
				184,860
Gas Utilities – 0.1%
Atmos Energy Corp.		19,968		1,988,413
General Merchandise Stores – 0.6%
Target Corp.		82,606		9,906,938
Gold – 0.0% *
Gold Resource Corp.		10,004		41,116
Health Care REITs – 0.2%
Community Healthcare Trust Inc.		5,929		242,496
LTC Properties Inc.		9,829		370,258
Medical Properties Trust Inc.		81,892		1,539,570

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
National Health Investors Inc.		12,088	$	733,983
New Senior Investment Group Inc.		30,229		109,429
Omega Healthcare Investors Inc.		36,779		1,093,440
				4,089,176
Healthcare Distributors – 0.7%
AmerisourceBergen Corp.		24,101		2,428,658
Cardinal Health Inc.		48,303		2,520,933
Henry Schein Inc.		23,570		1,376,252	(a)
McKesson Corp.		26,710		4,097,848
Owens & Minor Inc.		23,001		175,268
Patterson Companies Inc.		16,463		362,186
				10,961,145
Healthcare Equipment – 1.4%
Danaher Corp.		78,235		13,834,295
Electromed Inc.		2,600		40,014	(a)
FONAR Corp.		2,300		49,151	(a)
Invacare Corp.		12,475		79,466
Masimo Corp.		7,932		1,808,416	(a)
Repro-Med Systems Inc.		3,700		33,226	(a)
ResMed Inc.		23,695		4,549,440
STERIS PLC		13,904		2,133,430
Zynex Inc.		5,771		143,525	(a)
				22,670,963
Healthcare Facilities – 0.1%
Community Health Systems Inc.		31,448		94,658	(a)
National HealthCare Corp.		4,665		295,948
Select Medical Holdings Corp.		23,015		339,011	(a)
Surgery Partners Inc.		8,300		96,031	(a)
Tenet Healthcare Corp.		31,905		577,799	(a)
The Ensign Group Inc.		4,009		167,777
				1,571,224
Healthcare Services – 0.1%
Addus HomeCare Corp.		3,781		349,969	(a)
CorVel Corp.		3,055		216,569	(a)
Cross Country Healthcare Inc.		12,792		78,799	(a)
DaVita Inc.		13,724		1,086,117	(a)
Fulgent Genetics Inc.		3,600		57,600	(a)
InfuSystem Holdings Inc.		5,300		61,162	(a)
Sharps Compliance Corp.		5,300		37,259	(a)
The Providence Service Corp.		3,100		244,621	(a)
				2,132,096
Healthcare Supplies – 0.3%
Atrion Corp.		384		244,612
Meridian Bioscience Inc.		3,200		74,528	(a)
Quidel Corp.		6,100		1,364,814	(a)
Retractable Technologies Inc.		4,900		34,398	(a)
Utah Medical Products Inc.		1,218		107,939
West Pharmaceutical Services Inc.		12,133		2,756,254
				4,582,545
Healthcare Technology – 0.0% *
NantHealth Inc.		9,900		45,342	(a)
Simulations Plus Inc.		4,643		277,744
				323,086
Home Building – 0.8%
Beazer Homes USA Inc.		10,423		104,960	(a)
Century Communities Inc.		10,440		320,090	(a)
D.R. Horton Inc.		54,587		3,026,849
KB Home		4,900		150,332
Lennar Corp., Class A		44,655		2,751,641
M/I Homes Inc.		9,803		337,615	(a)
MDC Holdings Inc.		16,796		599,617
Meritage Homes Corp.		6,121		465,931	(a)
NVR Inc.		554		1,805,348	(a)
PulteGroup Inc.		43,282		1,472,887
Taylor Morrison Home Corp.		21,041		405,881	(a)
Toll Brothers Inc.		19,060		621,165
TopBuild Corp.		5,343		607,873	(a)
TRI Pointe Group Inc.		17,907		263,054	(a)
				12,933,243


	Number of Shares		Fair Value
Home Furnishing Retail – 0.1%
Bed Bath & Beyond Inc.		10,913	$	115,678
Haverty Furniture Companies Inc.		6,245		99,920
Williams-Sonoma Inc.		12,695		1,041,117
				1,256,715
Home Furnishings – 0.0% *
Ethan Allen Interiors Inc.		2,400		28,392
Hotel & Resort REITs – 0.0% *
Apple Hospitality REIT Inc.		34,640		334,622
Hotels, Resorts & Cruise Lines – 0.0% *
Wyndham Destinations Inc.		8,882		250,295
Household Products – 0.8%
The Clorox Co.		16,101		3,532,077
The Procter & Gamble Co.		87,860		10,505,420
				14,037,497
Human Resource & Employment Services – 0.1%
BG Staffing Inc.		2,900		32,828
GP Strategies Corp.		4,200		36,036	(a)
Kelly Services Inc., Class A		11,606		183,549
ManpowerGroup Inc.		9,600		660,000
Mastech Digital Inc.		1,500		38,895	(a)
				951,308
Hypermarkets & Super Centers – 0.7%
Costco Wholesale Corp.		41,049		12,446,467
Independent Power Producers & Energy Traders – 0.0% *
The AES Corp.		15,755		228,290
Industrial Conglomerates – 0.7%
Carlisle Companies Inc.		8,969		1,073,320
Honeywell International Inc.		78,663		11,373,883
				12,447,203
Industrial Gases – 0.5%
Air Products & Chemicals Inc.		36,473		8,806,771
Industrial Machinery – 0.1%
Gencor Industries Inc.		3,000		37,920	(a)
Hurco Companies Inc.		2,097		58,653
Hyster-Yale Materials Handling Inc.		1,327		51,302
Mueller Industries Inc.		12,935		343,812
Omega Flex Inc.		890		94,162
Snap-on Inc.		8,930		1,236,894
The Eastern Co.		1,734		30,987
The Gorman-Rupp Co.		5,992		186,231
				2,039,961
Insurance Brokers – 0.1%
Brown & Brown Inc.		38,902		1,585,646
eHealth Inc.		547		53,737	(a)
Goosehead Insurance Inc., Class A		3,548		266,668	(a)
				1,906,051
Integrated Telecommunication Services – 0.7%
Alaska Communications Systems Group Inc.		19,100		53,289
AT&T Inc.		397,646		12,020,839
Consolidated Communications Holdings Inc.		26,800		181,436	(a)
IDT Corp., Class B		5,500		35,915	(a)
				12,291,479
Interactive Media & Services – 0.0% *
DHI Group Inc.		16,600		34,860	(a)
EverQuote Inc., Class A		3,219		187,217	(a)
				222,077
Internet & Direct Marketing Retail – 0.5%
1-800-Flowers.com Inc., Class A		8,513		170,430	(a)
Amazon.com Inc.		2,608		7,195,003	(a)
PetMed Express Inc.		7,214		257,107
The Rubicon Project Inc.		8,424		56,188	(a)
US Auto Parts Network Inc.		7,800		67,548	(a)
				7,746,276

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Investment Banking & Brokerage – 0.1%
Cowen Inc., Class A		9,752	$	158,080
Houlihan Lokey Inc.		11,560		643,198
Moelis & Co., Class A		10,284		320,450
Oppenheimer Holdings Inc., Class A		1,787		38,939
Stonex Group Inc.		6,048		332,640
				1,493,307
IT Consulting & Other Services – 0.4%
Amdocs Ltd.		21,905		1,333,576
Booz Allen Hamilton Holding Corp.		22,685		1,764,666
CACI International Inc., Class A		4,061		880,750	(a)
Leidos Holdings Inc.		22,260		2,085,094
ManTech International Corp., Class A		8,983		615,246
Perficient Inc.		9,385		335,795	(a)
				7,015,127
Leisure Facilities – 0.0% *
RCI Hospitality Holdings Inc.		3,204		44,407
Leisure Products – 0.0% *
Johnson Outdoors Inc., Class A		1,558		141,809
MasterCraft Boat Holdings Inc.		3,048		58,065	(a)
Nautilus Inc.		10,900		101,043	(a)
				300,917
Life & Health Insurance – 0.4%
Aflac Inc.		117,309		4,226,643
Brighthouse Financial Inc.		16,196		450,573	(a)
FBL Financial Group Inc., Class A		1,525		54,732
Globe Life Inc.		17,293		1,283,659
Independence Holding Co.		1,669		51,055
National Western Life Group Inc., Class A		784		159,301
				6,225,963
Life Sciences Tools & Services – 0.1%
Bio-Rad Laboratories Inc., Class A		3,500		1,580,215	(a)
Luminex Corp.		1,892		61,547
Medpace Holdings Inc.		7,373		685,836	(a)
				2,327,598
Managed Healthcare – 0.3%
Humana Inc.		12,301		4,769,713
Metal & Glass Containers – 0.4%
AptarGroup Inc.		10,648		1,192,363
Ball Corp.		52,659		3,659,274
Crown Holdings Inc.		21,444		1,396,648	(a)
Greif Inc., Class A		3,000		103,230
Greif Inc., Class B		1,555		65,046
Silgan Holdings Inc.		12,937		419,029
				6,835,590
Mortgage REITs – 0.2%
AGNC Investment Corp.		92,969		1,199,300
Annaly Capital Management Inc.		191,260		1,254,666
Apollo Commercial Real Estate Finance Inc.		43,415		425,901
Ares Commercial Real Estate Corp.		9,716		88,610
Blackstone Mortgage Trust Inc., Class A		22,545		543,109
Cherry Hill Mortgage Investment Corp.		141		1,272
Dynex Capital Inc.		8,170		116,831
Ellington Residential Mortgage REIT		3,300		33,990
KKR Real Estate Finance Trust Inc.		10,500		174,090
Ready Capital Corp.		277		2,407
				3,840,176
Multi-Line Insurance – 0.2%
American Financial Group Inc.		12,139		770,341
Assurant Inc.		9,822		1,014,514
The Hartford Financial Services Group Inc.		43,872		1,691,266
				3,476,121
Multi-Sector Holdings – 0.9%
Berkshire Hathaway Inc., Class B		87,234		15,572,141	(a)
Cannae Holdings Inc.		1,919		78,871	(a)
				15,651,012


	Number of Shares		Fair Value
Multi-Utilities – 0.4%
Ameren Corp.		40,690	$	2,862,948
Unitil Corp.		4,027		180,490
WEC Energy Group Inc.		39,892		3,496,534
				6,539,972
Office REITs – 0.1%
Easterly Government Properties Inc.		27,800		642,736
Equity Commonwealth		19,290		621,138
				1,263,874
Office Services & Supplies – 0.0% *
Steelcase Inc., Class A		14,756		177,957
Oil & Gas Drilling – 0.0% *
Nabors Industries Ltd.		1,152		42,647
Oil & Gas Equipment & Services – 0.0% *
Bristow Group Inc.		2,166		30,173	(a)
Matrix Service Co.		9,146		88,899	(a)
				119,072
Oil & Gas Refining & Marketing – 0.4%
Phillips 66		27,822		2,000,402
Renewable Energy Group Inc.		14,100		349,398	(a)
REX American Resources Corp.		2,027		140,613	(a)
Valero Energy Corp.		62,003		3,647,016
World Fuel Services Corp.		23,033		593,330
				6,730,759
Oil & Gas Storage & Transportation – 0.0% *
DHT Holdings Inc.		30,151		154,675
Dorian LPG Ltd.		9,448		73,127	(a)
Nordic American Tankers Ltd.		47,226		191,738
				419,540
Other Diversified Financial Services – 0.0% *
Equitable Holdings Inc.		36,739		708,695
Packaged Foods & Meats – 0.5%
General Mills Inc.		9,284		572,359
J & J Snack Foods Corp.		3,518		447,243
Kellogg Co.		41,402		2,735,016
Lancaster Colony Corp.		4,241		657,313
Seneca Foods Corp., Class A		2,400		81,144	(a)
Tootsie Roll Industries Inc.		5,804		198,903
Tyson Foods Inc., Class A		47,175		2,816,819
				7,508,797
Paper Packaging – 0.0% *
UFP Technologies Inc.		2,469		108,784	(a)
Paper Products – 0.0% *
Clearwater Paper Corp.		1,300		46,969	(a)
Schweitzer-Mauduit International Inc.		11,276		376,731
				423,700
Pharmaceuticals – 1.1%
Johnson & Johnson		116,988		16,452,022
Lannett Company Inc.		11,700		84,942	(a)
Prestige Consumer Healthcare Inc.		18,600		698,616	(a)
Revance Therapeutics Inc.		14,200		346,764	(a)
				17,582,344
Property & Casualty Insurance – 1.5%
AMERISAFE Inc.		6,856		419,313
Arch Capital Group Ltd.		64,854		1,858,067	(a)
Assured Guaranty Ltd.		13,849		338,054
Axis Capital Holdings Ltd.		13,740		557,294
Chubb Ltd.		58,930		7,461,717
Donegal Group Inc., Class A		4,017		57,122
Employers Holdings Inc.		6,008		181,141
Fidelity National Financial Inc.		45,380		1,391,351
First American Financial Corp.		17,878		858,502
James River Group Holdings Ltd.		1,100		49,500
Kinsale Capital Group Inc.		6,751		1,047,823
Loews Corp.		39,567		1,356,752
Markel Corp.		1,502		1,386,601	(a)
Old Republic International Corp.		46,724		762,069
Protective Insurance Corp., Class B		3,290		49,580
Safety Insurance Group Inc.		5,022		382,978

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
The Allstate Corp.		46,962	$	4,554,844
The Hanover Insurance Group Inc.		6,281		636,454
Tiptree Inc.		9,200		59,340
White Mountains Insurance Group Ltd.		532		472,400
WR Berkley Corp.		22,991		1,317,154
				25,198,056
Publishing – 0.0% *
Scholastic Corp.		1,100		32,934
Railroads – 0.1%
Kansas City Southern		15,655		2,337,135
Regional Banks – 0.3%
1st Constitution Bancorp		3,357		41,627
ACNB Corp.		2,246		58,800
American National Bankshares Inc.		1,088		27,244
Ames National Corp.		3,248		64,116
Arrow Financial Corp.		4,409		131,080
Auburn National Bancorp. Inc.		600		34,254
Bank First Corp.		600		38,460
Bank of Hawaii Corp.		6,461		396,770
Bank of Marin Bancorp		2,278		75,926
Baycom Corp.		3,831		49,458	(a)
Cambridge Bancorp		1,529		90,578
CB Financial Services Inc.		1,800		39,276
Chemung Financial Corp.		1,360		37,128
ChoiceOne Financial Services Inc.		2,500		73,900
Citizens & Northern Corp.		4,346		89,745
Citizens Holding Co.		1,300		32,500
City Holding Co.		3,463		225,684
Community Trust Bancorp Inc.		4,211		137,952
County Bancorp Inc.		1,800		37,674
Customers Bancorp Inc.		7,801		93,768	(a)
Eagle Bancorp Montana Inc.		2,300		39,974
Evans Bancorp Inc.		1,791		41,659
Fidelity D&D Bancorp Inc.		1,025		49,292
Financial Institutions Inc.		3,252		60,520
First Business Financial Services Inc.		1,500		24,675
First Capital Inc.		1,089		75,653
First Community Bancshares Inc.		4,983		111,868
First Financial Corp.		3,983		146,734
First Hawaiian Inc.		21,365		368,333
First Internet Bancorp		3,394		56,408
First Mid Bancshares Inc.		4,088		107,228
First Northwest Bancorp		2,100		26,082
FNB Corp.		46,629		349,717
Franklin Financial Services Corp.		1,476		38,228
Hawthorn Bancshares Inc.		1,976		38,907
HBT Financial Inc.		2,900		38,657
Investar Holding Corp.		1,900		27,550
Landmark Bancorporation Inc.		1,400		34,594
LCNB Corp.		3,302		52,700
Level One Bancorp Inc.		1,439		24,089
Mackinac Financial Corp.		2,300		23,851
Meridian Corp.		2,000		31,700	(a)
Mid Penn Bancorp Inc.		390		7,188
Middlefield Banc Corp.		1,600		33,200
National Bankshares Inc.		2,147		61,404
Nicolet Bankshares Inc.		3,372		184,786	(a)
Northrim BanCorp Inc.		2,201		55,333
Norwood Financial Corp.		2,118		52,505
Oak Valley Bancorp		2,274		28,834
Ohio Valley Banc Corp.		1,526		34,411
Orrstown Financial Services Inc.		1,944		28,674
Park National Corp.		3,492		245,767
Parke Bancorp Inc.		3,569		48,360
PCB Bancorp		2,000		20,600
Penns Woods Bancorp Inc.		1,618		36,745
Peoples Bancorp of North Carolina Inc.		1,500		26,505
Premier Financial Bancorp Inc.		4,806		61,613
Prosperity Bancshares Inc.		12,211		725,089
Republic Bancorp Inc., Class A		1,686		55,149
Select Bancorp Inc.		3,657		29,768	(a)


	Number of Shares		Fair Value
Shore Bancshares Inc.		4,570	$	50,681
The Bancorp Inc.		8,274		81,085	(a)
The Community Financial Corp.		1,100		26,840
				5,438,896
Research & Consulting Services – 0.2%
CBIZ Inc.		17,376		416,503	(a)
CRA International Inc.		2,555		100,922
Exponent Inc.		17,673		1,430,276
FTI Consulting Inc.		6,000		687,300	(a)
ICF International Inc.		2,830		183,469
Resources Connection Inc.		7,867		94,168
				2,912,638
Residential REITs – 0.0% *
Bluerock Residential Growth REIT Inc.		6,400		51,712
BRT Apartments Corp.		3,177		34,375
				86,087
Restaurants – 0.3%
Brinker International Inc.		12,945		310,680
Cracker Barrel Old Country Store Inc.		1,656		183,667
Starbucks Corp.		58,555		4,309,062
The Cheesecake Factory Inc.		12,768		292,643
Wingstop Inc.		778		108,119
				5,204,171
Retail REITs – 0.0% *
Getty Realty Corp.		11,233		333,395
RPT Realty		5,500		38,280
Whitestone REIT		13,152		95,615
				467,290
Semiconductor Equipment – 1.5%
Amkor Technology Inc.		33,752		415,487	(a)
Applied Materials Inc.		151,494		9,157,812
KLA Corp.		25,686		4,995,413
Lam Research Corp.		23,935		7,742,015
Photronics Inc.		23,367		260,075	(a)
Teradyne Inc.		27,291		2,306,363
Ultra Clean Holdings Inc.		14,368		325,148	(a)
				25,202,313
Semiconductors – 0.6%
Alpha & Omega Semiconductor Ltd.		6,332		68,892	(a)
Cirrus Logic Inc.		9,601		593,150	(a)
Diodes Inc.		13,656		692,359	(a)
DSP Group Inc.		2,400		38,112	(a)
Intel Corp.		134,131		8,025,058
				9,417,571
Specialized Consumer Services – 0.0% *
Collectors Universe Inc.		3,266		111,958
Specialized Finance – 0.0% *
A-Mark Precious Metals Inc.		1,800		34,290	(a)
NewStar Financial Inc.		492		42
				34,332
Specialized REITs – 0.1%
Farmland Partners Inc.		9,641		66,041
Lamar Advertising Co., Class A		14,184		946,924
Life Storage Inc.		7,749		735,767
				1,748,732
Specialty Chemicals – 0.0% *
FutureFuel Corp.		9,500		113,525
NewMarket Corp.		1,100		440,528
				554,053
Specialty Stores – 0.1%
Dick’s Sporting Goods Inc.		10,145		418,582
Hibbett Sports Inc.		6,053		126,750	(a)
MarineMax Inc.		7,592		169,985	(a)
Sportsman’s Warehouse Holdings Inc.		10,683		152,233	(a)
				867,550
Steel – 0.1%
Reliance Steel & Aluminum Co.		10,475		994,392
Warrior Met Coal Inc.		14,655		225,540
				1,219,932

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Systems Software – 0.9%
GlobalSCAPE Inc.		5,300	$	51,675
Microsoft Corp.		65,885		13,408,257
Nortonlifelock Inc.		92,105		1,826,442
				15,286,374
Technology Distributors – 0.2%
Arrow Electronics Inc.		12,869		883,972	(a)
Insight Enterprises Inc.		11,743		577,756	(a)
PC Connection Inc.		4,030		186,831
ScanSource Inc.		8,582		206,740	(a)
SYNNEX Corp.		6,868		822,580
				2,677,879
Technology Hardware, Storage & Peripherals – 1.5%
Apple Inc.		70,750		25,809,600
Thrifts & Mortgage Finance – 0.1%
Capitol Federal Financial Inc.		48,908		538,477
ESSA Bancorp Inc.		3,501		48,734
FS Bancorp Inc.		1,263		48,714
Luther Burbank Corp.		6,109		61,090
MMA Capital Holdings Inc.		1,700		39,304	(a)
Mr Cooper Group Inc.		28,200		350,808	(a)
Northwest Bancshares Inc.		32,636		333,703
Provident Financial Holdings Inc.		1,900		25,479
Standard AVB Financial Corp.		1,400		32,480
Territorial Bancorp Inc.		2,884		68,610
Timberland Bancorp Inc.		1,247		22,708
TrustCo Bank Corp.		31,944		202,205
Waterstone Financial Inc.		8,343		123,727
Western New England Bancorp Inc.		3,500		20,265
				1,916,304
Tobacco – 0.0% *
Vector Group Ltd.		49,758		500,565
Trading Companies & Distributors – 0.1%
BMC Stock Holdings Inc.		24,095		605,748	(a)
CAI International Inc.		5,973		99,510	(a)
Foundation Building Materials Inc.		7,359		114,874	(a)
GMS Inc.		14,606		359,161	(a)
Kaman Corp.		9,321		387,754
Lawson Products Inc.		1,460		47,100	(a)
Rush Enterprises Inc., Class A		1,200		49,752
Rush Enterprises Inc., Class B		1,679		59,873
Transcat Inc.		2,407		62,245	(a)
				1,786,017
Trucking – 0.3%
Heartland Express Inc.		15,875		330,517
Landstar System Inc.		2,483		278,866
Marten Transport Ltd.		13,402		337,194
Old Dominion Freight Line Inc.		16,101		2,730,569
PAM Transportation Services Inc.		607		18,665	(a)
Saia Inc.		671		74,602	(a)
Schneider National Inc., Class B		9,701		239,324
U.S. Xpress Enterprises Inc., Class A		8,200		49,200	(a)
Werner Enterprises Inc.		19,125		832,511
				4,891,448
Wireless Telecommunication Services – 0.5%
T-Mobile US Inc.		85,005		8,853,271	(a)
Total Domestic Equity (Cost $469,578,262)				510,475,834
Foreign Equity – 23.3%
Common Stock – 23.0%
Agricultural Products – 0.1%
Wilmar International Ltd.		374,406		1,106,255
Air Freight & Logistics – 0.0% *
Hyundai Glovis Company Ltd.		1,108		94,200
ZTO Express Cayman Inc. ADR		4,400		161,524
				255,724


	Number of Shares		Fair Value
Airlines – 0.0% *
Japan Airlines Company Ltd.		22,014	$	397,585
Alternative Carriers – 0.0% *
Iliad S.A.		2,883		562,615
Apparel Retail – 0.1%
ABC-Mart Inc.		6,398		375,641
Mr Price Group Ltd.		36,879		304,561
Shimamura Company Ltd.		4,300		291,491
				971,693
Apparel, Accessories & Luxury Goods – 0.2%
Bosideng International Holdings Ltd.		464,000		144,473
FF Group		1,860		1,003	(a,b)
Li Ning Company Ltd.		144,000		461,154
Pandora A/S		19,490		1,063,883
Shenzhou International Group Holdings Ltd.		45,326		551,041
The Swatch Group AG		10,255		403,242
				2,624,796
Asset Management & Custody Banks – 0.1%
CI Financial Corp.		41,116		521,346
HDFC Asset Management Company Ltd.		6,105		200,969	(c)
IGM Financial Inc.		16,259		393,821
Schroders PLC		9,692		352,736
				1,468,872
Auto Parts & Equipment – 0.3%
Adient PLC		3,812		62,593	(a)
Faurecia S.A.		14,797		581,172	(a)
Fuyao Glass Industry Group Company Ltd., Class H		72,626		173,888	(c)
Magna International Inc.		56,625		2,513,618
Sumitomo Electric Industries Ltd.		146,966		1,696,770
Toyoda Gosei Company Ltd.		12,665		264,838
				5,292,879
Automobile Manufacturers – 0.1%
BAIC Motor Corporation Ltd., Class H		235,000		102,843	(c)
Dongfeng Motor Group Company Ltd., Class H		389,138		234,688
Ford Otomotiv Sanayi A/S		10,069		104,467
Great Wall Motor Company Ltd., Class H		444,907		280,013
Guangzhou Automobile Group Company Ltd., Class H		37,015		26,968
Kia Motors Corp.		32,389		875,234
				1,624,213
Automotive Retail – 0.0% *
Hotai Motor Company Ltd.		9,502		227,827
Petrobras Distribuidora S.A.		26,664		104,649
				332,476
Banks – 0.0% *
China Common Rich Renewable Energy Investments Ltd.		64,000		—	(a,b)
Biotechnology – 0.0% *
Galapagos N.V.		2,373		468,231	(a)
XBiotech Inc.		5,255		72,046	(a)
				540,277
Brewers – 0.0% *
Carlsberg Brewery Malaysia Bhd		21,900		127,329
Tsingtao Brewery Company Ltd., Class H		16,000		119,412
				246,741
Broadcasting – 0.0% *
ITV PLC		706,106		650,759
Building Products – 0.2%
China Lesso Group Holdings Ltd.		156,000		204,764
LIXIL Group Corp.		51,944		730,124
Trane Technologies PLC		36,257		3,226,148
				4,161,036

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Cable & Satellite – 0.1%
Altice Europe N.V., Class A		121,387	$	469,322	(a)
Cyfrowy Polsat S.A.		38,928		260,146
Megacable Holdings SAB de C.V.		32,680		95,139
				824,607
Casinos & Gaming – 0.3%
Altus San Nicolas Corp.		1,060		885	(a)
Flutter Entertainment PLC		30,081		3,970,187	(a)
OPAP S.A.		28,813		274,499
				4,245,571
Coal & Consumable Fuels – 0.0% *
China Shenhua Energy Company Ltd., Class H		319,145		495,308
Commercial Printing – 0.1%
Dai Nippon Printing Company Ltd.		19,547		449,767
Toppan Printing Company Ltd.		51,166		856,154
				1,305,921
Commodity Chemicals – 0.1%
Advanced Petrochemical Co.		15,219		216,997
Berger Paints India Ltd.		33,443		219,070
Tosoh Corp.		50,682		696,794
				1,132,861
Communications Equipment – 0.0% *
BYD Electronic International Company Ltd.		97,000		224,091
Computer & Electronics Retail – 0.0% *
Yamada Denki Company Ltd.		141,314		701,559
Construction & Engineering – 0.4%
Bouygues S.A.		44,061		1,508,817	(a)
China Communications Services Corporation Ltd., Class H		344,121		215,657
China Railway Construction Corporation Ltd., Class H		195,600		154,935
Eiffage S.A.		15,426		1,413,609	(a)
Gamuda Bhd		252,358		215,619
Skanska AB, Class B		66,300		1,353,758	(a)
Vinci S.A.		21,342		1,978,283
				6,840,678
Construction Machinery & Heavy Trucks – 0.1%
Doosan Bobcat Inc.		7,192		159,967
Hino Motors Ltd.		55,987		380,166
Weichai Power Company Ltd., Class H		142,546		268,577
Zoomlion Heavy Industry Science and Technology Company Ltd.		189,200		146,488	(a)
				955,198
Construction Materials – 0.0% *
Anhui Conch Cement Company Ltd., Class H		34,929		236,685
China National Building Material Company Ltd., Class H		160,000		171,618
				408,303
Consumer Finance – 0.0% *
Samsung Card Company Ltd.		4,156		94,984
Copper – 0.0% *
Jiangxi Copper Company Ltd., Class H		169,560		172,764
Department Stores – 0.0% *
Hyundai Department Store Company Ltd.		2,015		94,814
Diversified Banks – 1.0%
Agricultural Bank of China Ltd., Class H		3,657,895		1,480,521
Bancolombia S.A.		35,507		227,896
Bank Hapoalim BM		210,183		1,257,596
Bank Leumi Le-Israel BM		226,213		1,138,365
Bank of China Ltd., Class H		177,823		65,872
Bank of Communications Company Ltd., Class H		1,255,944		777,648
Bank of the Philippine Islands		18,340		26,575
Banque Saudi Fransi		13,064		99,804


	Number of Shares		Fair Value
China CITIC Bank Corporation Ltd., Class H		1,280,953	$	561,328
China Everbright Bank Company Ltd., Class H		455,161		171,868
China Minsheng Banking Corporation Ltd., Class H		835,859		575,376
Credit Agricole S.A.		224,893		2,134,847	(a)
Dubai Islamic Bank PJSC		161,121		168,146
First Financial Holding Company Ltd.		319,134		246,035
Hong Leong Financial Group Bhd		32,912		101,267
Industrial & Commercial Bank of China Ltd., Class H		1,113,427		673,146
Industrial Bank of Korea		35,485		241,127
Krung Thai Bank PCL NVDR		77		26
MCB Bank Ltd.		59,509		57,641
Mega Financial Holding Company Ltd.		731,341		768,747
Mizrahi Tefahot Bank Ltd.		27,481		516,819
Moneta Money Bank A/S		73,315		166,062	(c)
Postal Savings Bank of China Company Ltd., Class H		468,647		270,045	(c)
Qatar International Islamic Bank QSC		106,416		237,850
RHB Bank Bhd		114,748		128,621
Royal Bank of Canada		36,751		2,485,415
SinoPac Financial Holdings Company Ltd.		1,089,381		402,667
Societe Generale S.A.		16,898		282,441	(a)
Taiwan Cooperative Financial Holding Company Ltd.		649,040		458,169
Turkiye Garanti Bankasi A/S		37,709		46,487	(a)
Turkiye Is Bankasi A/S , Class C		225,970		184,529	(a)
VTB Bank PJSC GDR		240,862		224,784
				16,177,720
Diversified Capital Markets – 0.0% *
Banco BTG Pactual S.A.		29,869		416,147
Diversified Chemicals – 0.1%
Daicel Corp.		48,496		376,175
Mitsubishi Gas Chemical Companies Inc.		30,837		469,405
				845,580
Diversified Metals & Mining – 0.2%
Boliden AB		42,614		977,576
Ferroglobe PLC		1,316		—	(a,b)
Grupo Mexico SAB de C.V., Class B		84,200		194,694
Korea Zinc Company Ltd.		1,218		341,278
Mitsubishi Materials Corp.		20,931		442,337
MMC Norilsk Nickel PJSC ADR		22,030		575,833
				2,531,718
Diversified Real Estate Activities – 0.1%
Aldar Properties PJSC		552,761		270,591
Hang Lung Properties Ltd.		76,000		180,674
Kerry Properties Ltd.		127,706		331,735
Nomura Real Estate Holdings Inc.		22,496		419,167
Shenzhen Investment Ltd.		446,000		141,990
				1,344,157
Diversified REITs – 0.0% *
Fibra Uno Administracion S.A. de C.V.		451,982		356,977
Growthpoint Properties Ltd.		433,650		334,586
				691,563
Diversified Support Services – 0.0% *
Greentown Service Group Company Ltd.		168,000		199,133
Drug Retail – 0.1%
Clicks Group Ltd.		36,087		436,907
Welcia Holdings Company Ltd.		9,172		741,598
				1,178,505
Education Services – 0.0% *
GSX Techedu Inc. ADR		8,900		533,911	(a)
Koolearn Technology Holding Ltd.		28,000		112,355	(a,c)
				646,266

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Electric Utilities – 0.8%
CLP Holdings Ltd.		238,826	$	2,345,581
Elia Group S.A.		6,021		654,827
Endesa S.A.		61,906		1,535,177
Enel Americas S.A.		770,635		116,450
Enel S.p.A.		23,292		201,377
HK Electric Investments & HK Electric Investments Ltd.		515,869		535,831
Hydro One Ltd.		63,991		1,199,479	(c)
Inter Rao UES PJSC		5,239,697		358,411	(a)
Interconexion Electrica S.A. ESP		22,285		112,042
Mercury NZ Ltd.		132,758		403,493
Red Electrica Corporacion S.A.		76,979		1,439,793
SSE PLC		180,602		3,049,518
Terna Rete Elettrica Nazionale S.p.A.		66,333		457,393
The Chugoku Electric Power Company Inc.		56,600		755,222
Tohoku Electric Power Company Inc.		83,300		791,975
				13,956,569
Electrical Components & Equipment – 0.1%
WEG S.A.		91,524		843,598
Electronic Components – 0.2%
Hirose Electric Company Ltd.		6,374		700,501
Kingboard Laminates Holdings Ltd.		154,520		156,158
Omron Corp.		32,397		2,171,703
Zhen Ding Technology Holding Ltd.		84,263		369,786
				3,398,148
Electronic Equipment & Instruments – 0.1%
Halma PLC		64,624		1,835,950
Electronic Manufacturing Services – 0.0% *
Fabrinet		12,105		755,594	(a)
Environmental & Facilities Services – 0.1%
A-Living Services Company Ltd.		62,250		316,368	(c)
Country Garden Services Holdings Company Ltd.		133,000		620,895
				937,263
Fertilizers & Agricultural Chemicals – 0.0% *
Saudi Arabian Fertilizer Co.		11,415		227,333
Financial Exchanges & Data – 0.2%
ASX Ltd.		37,732		2,237,526
Singapore Exchange Ltd.		156,636		941,602
				3,179,128
Food Distributors – 0.0% *
The SPAR Group Ltd.		27,633		273,040
Food Retail – 0.9%
BIM Birlesik Magazalar A/S		45,092		446,987
Casino Guichard Perrachon S.A.		8,453		313,071
Empire Company Ltd., Class A		31,169		743,982
George Weston Ltd.		15,000		1,095,264
ICA Gruppen AB		17,691		841,073
J Sainsbury PLC		345,037		890,419
Jeronimo Martins SGPS S.A.		49,060		858,280
Koninklijke Ahold Delhaize N.V.		214,534		5,845,102
Loblaw Companies Ltd.		35,068		1,702,163
Metro Inc.		49,420		2,031,953
Pick n Pay Stores Ltd.		7,352		21,580
WM Morrison Supermarkets PLC		468,732		1,101,090
				15,890,964
Footwear – 0.1%
ANTA Sports Products Ltd.		94,002		836,348
Forest Products – 0.1%
Svenska Cellulosa AB SCA, Class B		118,085		1,412,670	(a)
Gas Utilities – 0.2%
Enagas S.A.		44,419		1,086,307
Petronas Gas Bhd		65,771		260,330
Snam S.p.A.		396,998		1,934,822
				3,281,459


	Number of Shares		Fair Value
General Merchandise Stores – 0.4%
Wesfarmers Ltd.		220,988	$	6,855,067
Gold – 0.0% *
Caledonia Mining Corporation PLC		3,300		57,156
Healthcare Distributors – 0.1%
Alfresa Holdings Corp.		33,878		710,721
Medipal Holdings Corp.		35,705		689,703
Suzuken Company Ltd.		3,848		143,880
				1,544,304
Healthcare Equipment – 0.2%
AK Medical Holdings Ltd.		56,000		178,106	(c)
Fisher & Paykel Healthcare Corporation Ltd.		36,357		835,537
Smith & Nephew PLC		114,174		2,121,467
				3,135,110
Healthcare Services – 0.1%
Sonic Healthcare Ltd.		87,960		1,853,127
Highways & Railtracks – 0.0% *
Jiangsu Expressway Company Ltd., Class H		175,062		205,756
Shenzhen Expressway Company Ltd.		102,000		103,649
				309,405
Home Building – 0.5%
Barratt Developments PLC		198,467		1,216,360
Berkeley Group Holdings PLC		24,535		1,259,989
Iida Group Holdings Company Ltd.		28,738		442,024
Persimmon PLC		62,158		1,754,199	(a)
Sekisui House Ltd.		121,176		2,315,441
Taylor Wimpey PLC		645,157		1,135,491
				8,123,504
Home Improvement Retail – 0.1%
Kingfisher PLC		347,005		951,979
Household Appliances – 0.0% *
Rinnai Corp.		6,862		575,125
Household Products – 0.1%
Hindustan Unilever Ltd.		42,030		1,215,119
Human Resource & Employment Services – 0.1%
Randstad N.V.		23,222		1,038,049
Hypermarkets & Super Centers – 0.2%
Abdullah Al Othaim Markets Co.		4,004		119,341
Aeon Company Ltd.		67,500		1,571,665
Carrefour S.A.		24,681		382,635
Sun Art Retail Group Ltd.		342,000		586,746
Wal-Mart de Mexico SAB de C.V.		214,807		512,685
				3,173,072
Independent Power Producers & Energy Traders – 0.1%
Aboitiz Power Corp.		211,125		114,632
Colbun S.A.		699,455		111,661
Electricity Generating PCL NVDR		31,857		256,386
Ratch Group PCL		22,937		46,197
Ratch Group PCL NVDR		84,100		170,383
Uniper SE		39,230		1,265,523
				1,964,782
Industrial Conglomerates – 0.1%
CJ Corp.		672		48,214
Grupo Carso SAB de C.V., Class A1		42,647		82,721
KOC Holding A/S		32,602		85,733
Shanghai Industrial Holdings Ltd.		62,525		96,576
Siemens Ltd.		10,219		148,493
Sime Darby Bhd		380,904		192,048
SK Holdings Company Ltd.		1,948		471,271
				1,125,056
Industrial Gases – 0.6%
Air Liquide S.A.		7,028		1,015,839
Air Water Inc.		32,076		453,578
Linde PLC		38,225		8,107,905
				9,577,322

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Industrial Machinery – 0.6%
Airtac International Group		11,000	$	194,317
Atlas Copco AB, Class B		76,055		2,826,523
Haitian International Holdings Ltd.		20,000		40,728
Kone Oyj, Class B		59,853		4,126,740
Kurita Water Industries Ltd.		19,207		534,748
Schindler Holding AG		3,922		929,696
SKF AB, Class B		74,191		1,387,122
				10,039,874
Industrial REITs – 0.2%
Segro PLC		229,902		2,535,531
Integrated Oil & Gas – 0.3%
Gazprom PJSC ADR		277,212		1,496,925
LUKOIL PJSC ADR		4,018		298,216
LUKOIL PJSC ADR		16,584		1,232,757
Surgutneftegas PJSC ADR		102,256		551,100
Total S.A.		32,235		1,242,543
				4,821,541
Integrated Telecommunication Services – 1.1%
BCE Inc.		29,956		1,245,307
Chunghwa Telecom Company Ltd.		425,049		1,688,062
Elisa Oyj		4,065		247,284
HKT Trust & HKT Ltd.		737,815		1,082,727
Nippon Telegraph & Telephone Corp.		250,917		5,851,102
PCCW Ltd.		825,579		472,039
Proximus SADP		20,351		414,565
Spark New Zealand Ltd.		358,045		1,056,790
Swisscom AG		5,048		2,646,897
Telia Company AB		147,760		552,892
Telstra Corporation Ltd.		811,312		1,756,974
TELUS Corp.		79,256		1,325,007
				18,339,646
Interactive Home Entertainment – 0.0% *
NetEase Inc. ADR		400		171,752
Interactive Media & Services – 0.3%
NAVER Corp.		3,379		750,046
Tencent Holdings Ltd.		50,598		3,242,233
Z Holdings Corp.		253,971		1,247,459
				5,239,738
Internet & Direct Marketing Retail – 0.3%
Alibaba Group Holding Ltd. ADR		17,703		3,818,537	(a)
Naspers Ltd., Class N		2,062		375,386
Pinduoduo Inc. ADR		3,400		291,856	(a)
Vipshop Holdings Ltd. ADR		63,316		1,260,622	(a)
				5,746,401
Internet Services & Infrastructure – 0.5%
Shopify Inc., Class A		8,117		7,686,537	(a)
Investment Banking & Brokerage – 0.0% *
Samsung Securities Company Ltd.		3,087		68,245
IT Consulting & Other Services – 1.2%
Accenture PLC, Class A		65,567		14,078,546
Fujitsu Ltd.		2,100		246,080
HCL Technologies Ltd.		24,507		180,859
Infosys Ltd.		105,879		1,029,219
Itochu Techno-Solutions Corp.		18,632		701,274
NEC Corp.		48,241		2,319,706
Nomura Research Institute Ltd.		62,360		1,704,643
				20,260,327
Leisure Products – 0.1%
Bandai Namco Holdings Inc.		35,005		1,844,132
Life & Health Insurance – 0.4%
Bupa Arabia for Cooperative Insurance Co.		8,608		250,714
CNP Assurances		33,396		387,221	(a)
Great-West Lifeco Inc.		54,207		947,230
iA Financial Corporation Inc.		20,854		696,052
ICICI Prudential Life Insurance Company Ltd.		49,442		279,511	(c)
Medibank Private Ltd.		68,002		140,658


	Number of Shares		Fair Value
Momentum Metropolitan Holdings		132,670	$	134,838
Poste Italiane S.p.A.		101,826		889,197	(c)
Power Corporation of Canada		110,195		1,932,053
Sun Life Financial Inc.		36,607		1,340,913
				6,998,387
Life Sciences Tools & Services – 0.1%
Divi’s Laboratories Ltd.		11,426		345,107
Sartorius Stedim Biotech		5,390		1,366,141
WuXi AppTec Company Ltd.		15,820		206,605	(c)
				1,917,853
Managed Healthcare – 0.0% *
Triple-S Management Corp., Class B		8,182		155,622	(a)
Marine – 0.1%
Costamare Inc.		18,353		102,043
Kuehne + Nagel International AG		10,525		1,752,949	(a)
MISC Bhd		192,107		344,152
				2,199,144
Marine Ports & Services – 0.0% *
Kamigumi Company Ltd.		19,118		376,298
Westports Holdings Bhd		32,900		29,201
				405,499
Motorcycle Manufacturers – 0.0% *
Bajaj Auto Ltd.		8,344		312,140
Movies & Entertainment – 0.0% *
Eros International PLC		26,900		85,004	(a)
Multi-Line Insurance – 1.3%
Allianz SE		30,859		6,303,836
Assicurazioni Generali S.p.A.		214,167		3,252,240
Baloise Holding AG		9,036		1,361,134
BB Seguridade Participacoes S.A.		100,478		499,023
China Pacific Insurance Group Company Ltd., Class H		370,397		995,517
Gjensidige Forsikring ASA		38,981		718,596	(a)
Mapfre S.A.		210,074		375,009
Porto Seguro S.A.		13,902		127,657
Sul America S.A.		41,890		343,845
Watford Holdings Ltd.		1,400		23,366	(a)
Zurich Insurance Group AG		20,522		7,270,799
				21,271,022
Multi-Sector Holdings – 0.3%
EXOR N.V.		21,137		1,212,828
Groupe Bruxelles Lambert S.A.		14,725		1,232,983
Groupe Bruxelles Lambert S.A.		7,289		611,407
Haci Omer Sabanci Holding A/S		47,870		64,446
Industrivarden AB, Class C		30,926		705,045	(a)
L E Lundbergforetagen AB, Class B		14,813		675,344	(a)
Sofina S.A.		3,004		792,968
				5,295,021
Multi-Utilities – 0.2%
Suez S.A.		67,140		788,891
Veolia Environnement S.A.		105,034		2,371,051
				3,159,942
Oil & Gas Exploration & Production – 0.0% *
Oil & Gas Development Company Ltd.		92,561		61,023
Oil & Gas Refining & Marketing – 0.0% *
Bharat Petroleum Corporation Ltd.		25,694		127,407
Cosan S.A.		22,671		292,822
				420,229
Oil & Gas Storage & Transportation – 0.0% *
Petronet LNG Ltd.		82,444		282,145
SFL Corporation Ltd.		27,822		258,466
				540,611
Other Diversified Financial Services – 0.1%
M&G PLC		506,728		1,049,221

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Packaged Foods & Meats – 0.4%
China Huishan Dairy Holdings Company Ltd.		55,000		—	(a,b)
Chocoladefabriken Lindt & Spruengli AG		210	$	1,734,278
Dali Foods Group Company Ltd.		294,604		179,552	(c)
Indofood CBP Sukses Makmur Tbk PT		334,600		219,596
Indofood Sukses Makmur Tbk PT		629,900		289,250
Mowi ASA		7,004		133,207
Nestle India Ltd.		2,063		468,414
Nestle Malaysia Bhd		3,901		127,502
NH Foods Ltd.		15,930		641,567
Orkla ASA		119,405		1,045,964
PPB Group Bhd		66,649		277,390
QL Resources Bhd		95,833		214,623
Standard Foods Corp.		59,000		126,293
Toyo Suisan Kaisha Ltd.		17,290		966,865
Yihai International Holding Ltd.		17,346		178,752
				6,603,253
Paper Products – 0.0% *
Lee & Man Paper Manufacturing Ltd.		159,000		86,422
Nine Dragons Paper Holdings Ltd.		159,000		145,375
				231,797
Personal Products – 0.4%
Colgate-Palmolive India Ltd.		9,366		174,714
Dabur India Ltd.		76,058		469,766
Hengan International Group Company Ltd.		71,500		559,974
L’Oreal S.A.		18,431		5,946,687	(a)
Marico Ltd.		64,786		302,061
				7,453,202
Pharmaceuticals – 1.0%
Aurobindo Pharma Ltd.		3,983		40,709
CanSino Biologics Inc.		3,800		104,825	(a,c)
China Medical System Holdings Ltd.		196,000		231,793
CSPC Pharmaceutical Group Ltd.		180,000		340,901
Kalbe Farma Tbk PT		3,026,370		310,471
Novo Nordisk A/S, Class B		57,050		3,714,746
Orion Oyj, Class B		20,494		993,534
Richter Gedeon Nyrt		5,950		122,930
Roche Holding AG		29,488		10,215,026
Sino Biopharmaceutical Ltd.		264,000		497,589
UCB S.A.		3,473		402,904
				16,975,428
Precious Metals & Minerals – 0.0% *
Impala Platinum Holdings Ltd.		27,301		183,622
Property & Casualty Insurance – 0.3%
Admiral Group PLC		34,335		970,955
Direct Line Insurance Group PLC		267,991		896,051
Hyundai Marine & Fire Insurance Company Ltd.		8,979		170,943
Intact Financial Corp.		27,390		2,598,430
				4,636,379
Railroads – 0.0% *
BTS Group Holdings PCL NVDR		330,800		121,627
Real Estate Development – 0.2%
China Overseas Land & Investment Ltd.		82,026		250,463
China Resources Land Ltd.		27,274		104,247
China Vanke Company Ltd., Class H		8,676		27,691
Land & Houses PCL NVDR		474,503		117,603
Longfor Group Holdings Ltd.		251,576		1,204,260	(c)
Shimao Property Holdings Ltd.		167,801		717,398
Yuexiu Property Company Ltd.		999,354		179,250
Yuzhou Properties Company Ltd.		255,727		111,416
				2,712,328
Real Estate Operating Companies – 0.1%
Multiplan Empreendimentos Imobiliarios S.A.		9,397		35,084
Swiss Prime Site AG		14,807		1,373,431
				1,408,515


	Number of Shares		Fair Value
Regional Banks – 0.0% *
Chongqing Rural Commercial Bank Company Ltd., Class H		342,526	$	135,462
Popular Inc.		14,288		531,085
				666,547
Reinsurance – 0.6%
Hannover Rueck SE		11,752		2,030,395
Muenchener Rueckversicherungs-Gesellschaft AG		27,075		7,047,996
RenaissanceRe Holdings Ltd.		7,498		1,282,383
				10,360,774
Renewable Electricity – 0.1%
Engie Brasil Energia S.A.		29,245		224,179
Meridian Energy Ltd.		249,768		776,733
				1,000,912
Research & Consulting Services – 0.1%
Thomson Reuters Corp.		34,082		2,308,167
Restaurants – 0.0% *
Saudi Airlines Catering Co.		5,765		119,364
Retail REITs – 0.1%
CapitaLand Mall Trust		278,009		394,065
Mapletree Commercial Trust		395,046		552,176
				946,241
Security & Alarm Services – 0.0% *
S-1 Corp.		2,453		175,781
Semiconductor Equipment – 0.2%
Advantest Corp.		19,131		1,092,726
Disco Corp.		4,252		1,037,879
SUMCO Corp.		10,600		163,102
Xinyi Solar Holdings Ltd.		580,506		558,237
				2,851,944
Semiconductors – 0.5%
Nanya Technology Corp.		166,000		346,341
Novatek Microelectronics Corp.		83,029		645,278
Phison Electronics Corp.		21,024		211,566
Realtek Semiconductor Corp.		12,908		131,565
Semiconductor Manufacturing International Corp.		95,000		333,258	(a)
Silergy Corp.		7,000		455,524
SK Hynix Inc.		4,255		303,800
STMicroelectronics N.V.		124,315		3,387,557
Taiwan Semiconductor Manufacturing Company Ltd.		261,962		2,797,626
Vanguard International Semiconductor Corp.		62,534		166,277
				8,778,792
Soft Drinks – 0.1%
Coca-Cola Amatil Ltd.		98,777		593,600
Coca-Cola Femsa SAB de C.V.		16,700		72,721
Fraser & Neave Holdings Bhd		20,307		154,222
Osotspa PCL		107,700		133,205
				953,748
Specialty Chemicals – 0.1%
Evonik Industries AG		17,455		444,440
JSR Corp.		37,761		733,170
				1,177,610
Specialty Stores – 0.0% *
Jarir Marketing Co.		8,436		330,693
JUMBO S.A.		15,617		280,644
				611,337
Steel – 0.2%
Fortescue Metals Group Ltd.		273,749		2,655,127
Magnitogorsk Iron & Steel Works PJSC		24,641		165,580
Maruichi Steel Tube Ltd.		10,942		272,960
Severstal PAO GDR		10,936		132,343
				3,226,010
Systems Software – 0.1%
Oracle Corporation Japan		7,537		894,729

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


	Number of Shares		Fair Value
Technology Distributors – 0.0% *
Synnex Technology International Corp.		191,768	$	271,691
WPG Holdings Ltd.		228,537		304,929
				576,620
Technology Hardware, Storage & Peripherals – 0.5%
Asustek Computer Inc.		7,561		55,554
Brother Industries Ltd.		8,600		155,506
Canon Inc.		25,866		516,406
Chicony Electronics Company Ltd.		84,353		244,505
Compal Electronics Inc.		600,693		393,183
FUJIFILM Holdings Corp.		70,254		3,009,498
Inventec Corp.		243,628		207,989
Lite-On Technology Corp.		227,240		357,824
Pegatron Corp.		41,000		88,936
Quanta Computer Inc.		414,635		1,003,186
Samsung Electronics Company Ltd.		34,122		1,510,500
Wistron Corp.		407,607		497,598
				8,040,685
Textiles – 0.0% *
Formosa Taffeta Company Ltd.		109,043		135,078
Tires & Rubber – 0.4%
Bridgestone Corp.		104,309		3,369,427
Cie Generale des Etablissements Michelin SCA		33,074		3,446,330
Sumitomo Rubber Industries Ltd.		33,331		330,402
The Yokohama Rubber Company Ltd.		23,110		327,048
				7,473,207
Tobacco – 0.1%
British American Tobacco PLC		64,293		2,458,853
Trading Companies & Distributors – 0.6%
Ferguson PLC		43,929		3,581,777
ITOCHU Corp.		262,520		5,685,099
Marubeni Corp.		306,743		1,394,511
Posco International Corp.		7,080		82,613
				10,744,000
Water Utilities – 0.0% *
Aguas Andinas S.A., Class A		356,511		120,865
Guangdong Investment Ltd.		180,057		310,580
				431,445
Wireless Telecommunication Services – 0.7%
China Mobile Ltd.		160,100		1,081,011
Intouch Holdings PCL		322,000		589,216
KDDI Corp.		173,562		5,182,914
NTT DOCOMO Inc.		146,191		3,884,317
SK Telecom Company Ltd.		823		144,945
Taiwan Mobile Company Ltd.		152,195		570,757
Vodacom Group Ltd.		92,190		653,293
				12,106,453
Total Common Stock (Cost $381,761,708)				387,078,500
Preferred Stock – 0.3%
Automobile Manufacturers – 0.1%
Bayerische Motoren Werke AG		10,940		531,267
Hyundai Motor Co.		3,320		153,700
Hyundai Motor Co.		5,235		250,316
				935,283
Commodity Chemicals – 0.0% *
FUCHS PETROLUB SE		13,546		544,296
LG Chem Ltd.		605		127,283
				671,579
Diversified Banks – 0.1%
Itausa - Investimentos Itau S.A.		432,747		755,818
Integrated Telecommunication Services – 0.0% *
Telefonica Brasil S.A.		61,570		538,575


		Number of Shares		Fair Value
Technology Hardware, Storage & Peripherals – 0.1%
Samsung Electronics Company Ltd.			58,226	$	2,268,151
Total Preferred Stock (Cost $6,312,838)					5,169,406

Total Foreign Equity (Cost $388,074,546)					392,247,906

		Principal Amount		Fair Value
Bonds and Notes – 35.1%
U.S. Treasuries – 14.3%
U.S. Treasury Bonds
1.13%	05/15/40	$	250,000		247,695
1.25%	05/15/50		450,000		432,422
2.00%	02/15/50		950,000		1,088,047
2.25%	08/15/46 - 08/15/49		1,300,000		1,554,891
2.38%	11/15/49		850,000		1,049,750
2.50%	02/15/45 - 05/15/46		1,810,000		2,241,010
2.75%	11/15/42 - 11/15/47		1,550,000		2,015,937
2.88%	05/15/43 - 05/15/49		2,600,000		3,456,438
3.00%	05/15/42 - 02/15/49		6,350,000		8,629,743
3.13%	02/15/43 - 05/15/48		1,800,000		2,474,907
3.38%	05/15/44 - 11/15/48		900,000		1,311,328
3.63%	08/15/43 - 02/15/44		1,040,000		1,520,822
3.75%	08/15/41 - 11/15/43		900,000		1,333,469
4.25%	05/15/39 - 11/15/40		600,000		930,469
4.38%	02/15/38 - 05/15/40		1,500,000		2,339,015
4.50%	02/15/36		1,700,000		2,602,328
4.63%	02/15/40		300,000		486,516
5.25%	02/15/29		200,000		278,844
5.50%	08/15/28		200,000		278,844
6.00%	02/15/26		427,000		560,504
6.13%	08/15/29		200,000		298,656
6.38%	08/15/27		200,000		282,688
7.63%	11/15/22 - 02/15/25		500,000		620,227
U.S. Treasury Inflation Indexed Bonds
0.25%	02/15/50		498,740		560,536
0.63%	02/15/43		1,171,191		1,380,048
0.75%	02/15/42 - 02/15/45		2,705,418		3,281,536
0.88%	02/15/47		1,019,866		1,302,092
1.00%	02/15/46 - 02/15/49		2,919,611		3,849,954
1.38%	02/15/44		1,100,350		1,503,139
1.75%	01/15/28		979,288		1,169,468
2.00%	01/15/26		646,035		750,830
2.13%	02/15/40 - 02/15/41		1,529,305		2,275,462
2.38%	01/15/25 - 01/15/27		3,142,310		3,699,269
2.50%	01/15/29		1,194,440		1,532,480
3.38%	04/15/32		577,908		860,801
3.63%	04/15/28		602,509		811,615
3.88%	04/15/29		1,013,974		1,434,619
U.S. Treasury Inflation Indexed Notes
0.13%	01/15/22 - 01/15/30		22,652,830		23,520,993
0.25%	01/15/25 - 07/15/29		6,115,436		6,536,410
0.38%	07/15/23 - 07/15/27		10,785,048		11,503,998
0.50%	04/15/24 - 01/15/28		4,177,450		4,516,233
0.63%	07/15/21 - 01/15/26		11,668,440		12,219,941
0.75%	07/15/28		2,538,751		2,864,667
0.88%	01/15/29		1,929,678		2,202,059
U.S. Treasury Notes
0.13%	05/15/23		1,000,000		998,594
0.25%	04/15/23 - 06/30/25		2,800,000		2,799,266
0.38%	04/30/25		1,000,000		1,004,375
0.50%	03/15/23 - 05/31/27		5,000,000		5,035,390
0.63%	05/15/30		800,000		797,875
1.13%	07/31/21 - 02/28/27		6,500,000		6,683,476
1.25%	10/31/21 - 08/31/24		1,500,000		1,535,234
1.38%	01/31/22 - 08/31/26		4,000,000		4,142,812
1.50%	09/30/21 - 02/15/30		13,100,000		13,567,512
1.63%	08/31/22 - 08/15/29		6,840,000		7,236,336
1.75%	11/30/21 - 11/15/29		7,800,000		8,164,516

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
1.88%	01/31/22 - 07/31/26	$	6,700,000	$	6,951,562
2.00%	10/31/22 - 08/15/25		6,944,000		7,379,453
2.13%	09/30/21 - 05/31/26		7,900,000		8,406,779
2.25%	07/31/21 - 11/15/27		6,590,000		7,261,266
2.38%	01/31/23 - 05/15/29		4,400,000		4,839,749
2.50%	08/15/23 - 01/31/25		3,000,000		3,263,516
2.63%	02/28/23 - 02/15/29		6,500,000		7,178,008
2.75%	09/15/21 - 02/15/28		6,900,000		7,544,681
2.88%	10/15/21 - 08/15/28		8,800,000		9,745,101
3.00%	10/31/25		500,000		570,469
3.13%	11/15/28		1,400,000		1,692,687
					240,609,357
Agency Mortgage Backed – 6.6%
Federal Home Loan Banks
1.63%	12/20/21		395,000		403,212
1.88%	07/07/21		925,000		940,836
2.50%	02/13/24		440,000		474,641
3.25%	11/16/28		125,000		148,941
Federal Home Loan Mortgage Corp.
1.13%	08/12/21		637,000		643,676
2.50%	01/01/28 - 02/01/32		1,630,599		1,711,954	(d)
2.50%	07/01/50		1,600,000		1,669,182
2.51%	11/25/22		300,000		312,012
3.00%	07/01/30 - 02/01/50		9,914,719		10,508,190	(d)
3.50%	03/01/26 - 11/01/49		7,647,602		8,185,275	(d)
4.00%	06/01/42 - 03/01/49		3,389,250		3,660,326	(d)
4.50%	05/01/42 - 03/01/49		947,650		1,020,654	(d)
5.50%	01/01/38 - 04/01/39		256,087		297,001	(d)
6.00%	06/01/37 - 11/01/37		257,348		307,279	(d)
6.25%	07/15/32		250,000		393,212
Federal National Mortgage Assoc.
0.25%	05/22/23		500,000		499,650
1.63%	01/07/25		450,000		473,872
1.75%	07/02/24		225,000		237,586
2.00%	07/01/50		500,000		510,102
2.13%	04/24/26		700,000		762,776
2.25%	04/12/22		425,000		440,491
2.50%	09/01/28 - 11/01/49		3,114,481		3,260,985	(d)
2.50%	06/01/40 - 07/01/50		2,496,104		2,604,405
2.63%	01/11/22		500,000		518,515
3.00%	01/01/28 - 05/01/47		8,739,233		9,313,494	(d)
3.00%	06/01/50		997,024		1,052,083
3.50%	01/01/27 - 09/01/49		9,196,486		9,798,104	(d)
3.50%	06/01/50		324,224		342,491
4.00%	10/01/41 - 12/01/48		7,725,285		8,365,421	(d)
4.50%	01/01/27 - 09/01/49		3,108,952		3,430,643	(d)
5.00%	12/01/39 - 05/01/41		203,104		231,679	(d)
5.50%	12/01/35 - 04/01/38		921,745		1,077,524	(d)
6.00%	03/01/34 - 08/01/37		1,218,420		1,446,476	(d)
6.63%	11/15/30		100,000		154,833
2.00%	TBA		425,000		439,662	(e)
2.50%	TBA		1,050,000		1,096,788	(e)
3.00%	TBA		3,000,000		3,159,630	(e)
3.50%	TBA		1,925,000		2,023,008	(e)
4.00%	TBA		500,000		529,825	(e)
4.50%	TBA		500,000		537,255	(e)
Government National Mortgage Assoc.
2.50%	05/20/45		194,939		207,434	(d)
3.00%	10/15/42 - 12/20/49		6,154,508		6,552,698	(d)
3.00%	06/20/50		1,000,000		1,060,776
3.50%	03/20/45 - 11/20/49		8,156,467		8,700,466	(d)
3.50%	12/20/47		488,692		519,578
4.00%	12/20/40 - 07/20/49		3,807,072		4,129,394	(d)
4.50%	05/20/40 - 01/20/49		1,685,183		1,857,965	(d)
5.00%	08/15/41		1,005,529		1,148,237	(d)
2.50%	TBA		1,400,000		1,473,458	(e)
3.00%	TBA		1,025,000		1,085,741	(e)
3.50%	TBA		250,000		263,770	(e)
4.00%	TBA		300,000		318,054	(e)
					110,301,260


		Principal Amount		Fair Value
Agency Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp.
1.48%	04/25/30	$	69,643	$	72,329
1.56%	04/25/30		40,000		41,734
1.87%	03/25/53		58,333		62,349
2.75%	01/25/26		300,000		327,761
3.18%	11/25/28		297,417		330,116
3.30%	04/25/23		100,000		106,926	(f)
3.39%	03/25/24		200,000		218,487
3.49%	01/25/24		300,000		327,199
3.56%	01/25/29		200,000		236,991
3.78%	08/25/28		193,440		218,409
Federal National Mortgage Assoc.
3.18%	06/25/27		261,000		295,006	(f)
3.50%	07/25/28		500,000		580,789	(f)
3.78%	08/25/30		200,000		239,747	(f)
					3,057,843
Asset Backed – 0.1%
American Express Credit Account Master Trust 2018-8
3.18%	04/15/24		171,000		176,791
Americredit Automobile Receivables Trust 2018-1
3.50%	01/18/24		75,000		77,801
BA Credit Card Trust
3.10%	12/15/23		200,000		205,641
Capital One Multi-Asset Execution Trust
2.84%	12/15/24		250,000		259,820
Carmax Auto Owner Trust 2018-4
3.48%	02/15/24		150,000		159,103
Discover Card Execution Note Trust
3.32%	03/15/24		65,000		67,274
3.04%	07/15/24		60,000		62,425
Ford Credit Auto Owner Trust 2020-B
0.56%	10/15/24		189,000		189,290
GM Financial Consumer Automobile Receivables Trust 2019-3
2.18%	04/16/24		100,000		102,275
World Omni Auto Receivables Trust 2018-D
3.33%	04/15/24		50,000		51,578
					1,351,998
Corporate Notes – 12.5%
Citigroup Inc. (5.32% fixed rate until 03/26/40; 4.55% + SOFR thereafter)
5.32%	03/26/41		500,000		673,370	(f)
3M Co.
3.00%	09/14/21 - 08/07/25		50,000		54,661
3.25%	02/14/24		75,000		81,729
3.38%	03/01/29		50,000		57,602
3.63%	09/14/28		25,000		29,045
4.00%	09/14/48		55,000		68,391
Abbott Laboratories
2.55%	03/15/22		130,000		134,767
3.75%	11/30/26		57,000		66,317
4.75%	11/30/36		100,000		133,977
4.90%	11/30/46		100,000		143,102
AbbVie Inc.
2.30%	11/21/22		350,000		362,075	(c)
2.60%	11/21/24		50,000		53,052	(c)
3.20%	11/21/29		105,000		115,257	(c)
3.25%	10/01/22		50,000		52,365	(c)
3.38%	11/14/21		100,000		103,604
3.75%	11/14/23		35,000		38,240
4.05%	11/21/39		535,000		625,506	(c)
4.25%	11/14/28		15,000		17,695
4.25%	11/21/49		45,000		54,469	(c)
4.30%	05/14/36		100,000		117,962
4.40%	11/06/42		150,000		180,663
4.50%	05/14/35		70,000		84,561
4.70%	05/14/45		50,000		62,272
4.75%	03/15/45		100,000		124,217	(c)
4.88%	11/14/48		25,000		32,613
Adobe Inc.
1.90%	02/01/25		300,000		316,827
3.25%	02/01/25		70,000		77,865

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Advocate Health & Hospitals Corp.
3.39%	10/15/49	$	25,000	$	27,747
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%	02/01/22		100,000		99,828
4.45%	10/01/25 - 04/03/26		150,000		143,687
6.50%	07/15/25		150,000		157,398
Aetna Inc.
2.75%	11/15/22		50,000		52,059
Aflac Inc.
3.63%	11/15/24		50,000		56,571
African Development Bank
0.75%	04/03/23		300,000		303,690
2.13%	11/16/22		100,000		104,282
3.00%	09/20/23		150,000		162,766
Agilent Technologies Inc.
2.10%	06/04/30		115,000		118,045
2.75%	09/15/29		25,000		27,156
Air Lease Corp.
3.38%	07/01/25		95,000		95,435
3.88%	07/03/23		50,000		50,781
4.25%	02/01/24		100,000		102,256
Air Products & Chemicals Inc.
1.50%	10/15/25		10,000		10,329
2.05%	05/15/30		10,000		10,490
2.70%	05/15/40		25,000		26,283
2.80%	05/15/50		20,000		21,027
Aircastle Ltd.
4.13%	05/01/24		20,000		18,860
5.00%	04/01/23		20,000		19,589
5.50%	02/15/22		20,000		20,102
Alabama Power Co.
3.45%	10/01/49		50,000		55,268
Alexandria Real Estate Equities Inc.
3.45%	04/30/25		100,000		111,142
4.00%	02/01/50		25,000		30,419
4.70%	07/01/30		15,000		18,359
Alibaba Group Holding Ltd.
3.13%	11/28/21		100,000		102,433
4.00%	12/06/37		100,000		115,188
4.20%	12/06/47		60,000		73,571
Alleghany Corp.
3.63%	05/15/30		300,000		319,977
Allegion PLC
3.50%	10/01/29		15,000		15,769
Ally Financial Inc.
5.80%	05/01/25		300,000		334,830
Alphabet Inc.
3.38%	02/25/24		125,000		137,420
Altria Group Inc.
2.35%	05/06/25		220,000		231,205
2.63%	09/16/26		100,000		106,447
3.40%	05/06/30		210,000		226,033
3.80%	02/14/24		20,000		21,886
4.25%	08/09/42		113,000		118,925
4.45%	05/06/50		220,000		240,504
4.80%	02/14/29		40,000		46,676
5.38%	01/31/44		70,000		84,181
5.80%	02/14/39		15,000		18,638
5.95%	02/14/49		40,000		52,157
6.20%	02/14/59		15,000		19,995
Amazon.com Inc.
0.40%	06/03/23		105,000		105,122
0.80%	06/03/25		135,000		136,118
1.50%	06/03/30		165,000		167,520
2.50%	06/03/50		80,000		81,822
3.15%	08/22/27		100,000		114,213
3.88%	08/22/37		100,000		122,759
4.25%	08/22/57		100,000		133,059
4.80%	12/05/34		150,000		204,477
America Movil SAB de C.V.
2.88%	05/07/30		200,000		211,134
3.13%	07/16/22		50,000		51,715


		Principal Amount		Fair Value
6.13%	03/30/40	$	100,000	$	143,052
American Airlines 2019-1 Class AA Pass Through Trust
3.15%	08/15/33		73,845		68,061
American Campus Communities Operating Partnership LP
3.63%	11/15/27		30,000		30,725
American Electric Power Company Inc.
3.20%	11/13/27		100,000		109,997
American Express Co.
2.50%	07/30/24		300,000		317,304
2.75%	05/20/22		100,000		103,880
3.00%	10/30/24		100,000		108,123
3.40%	02/27/23		100,000		106,809
3.63%	12/05/24		50,000		55,295
3.70%	11/05/21		25,000		25,992
American Financial Group Inc.
3.50%	08/15/26		65,000		69,347
American Homes 4 Rent LP
4.90%	02/15/29		100,000		111,760
American Honda Finance Corp.
1.95%	05/20/22		15,000		15,350
2.40%	06/27/24		25,000		26,318
2.60%	11/16/22		100,000		104,211
3.38%	12/10/21		100,000		103,941
American International Group Inc.
2.50%	06/30/25		100,000		105,876
3.40%	06/30/30		100,000		108,209
4.25%	03/15/29		100,000		115,089
4.38%	06/30/50		65,000		75,117
4.50%	07/16/44		50,000		57,556
4.88%	06/01/22		100,000		107,885
American Tower Corp.
2.40%	03/15/25		100,000		105,047
3.50%	01/31/23		150,000		160,222
3.95%	03/15/29		100,000		113,868
American Water Capital Corp.
2.80%	05/01/30		200,000		218,342
Ameriprise Financial Inc.
3.00%	03/22/22		15,000		15,601
AmerisourceBergen Corp.
3.45%	12/15/27		100,000		112,311
Amgen Inc.
1.90%	02/21/25		315,000		328,885
2.20%	02/21/27		200,000		210,216
2.30%	02/25/31		300,000		312,159
2.45%	02/21/30		225,000		237,883
3.15%	02/21/40		275,000		294,929
3.20%	11/02/27		100,000		112,227
3.38%	02/21/50		75,000		82,916
4.56%	06/15/48		50,000		64,798
4.66%	06/15/51		105,000		139,814
Amphenol Corp.
2.80%	02/15/30		50,000		53,413
4.35%	06/01/29		25,000		29,634
Analog Devices Inc.
2.50%	12/05/21		100,000		102,361
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%	02/01/36		150,000		176,068
4.90%	02/01/46		120,000		145,514
Anheuser-Busch InBev Worldwide Inc.
3.50%	06/01/30		200,000		224,868
4.00%	04/13/28		55,000		63,476
4.35%	06/01/40		300,000		342,762
4.38%	04/15/38		215,000		243,640
4.50%	06/01/50		400,000		475,252
4.60%	04/15/48		135,000		157,810
4.75%	01/23/29 - 04/15/58		105,000		126,622
5.45%	01/23/39		35,000		44,184
5.55%	01/23/49		65,000		86,315
5.80%	01/23/59		25,000		35,295
Anthem Inc.
3.30%	01/15/23		100,000		106,473
3.70%	08/15/21 - 09/15/49		237,000		254,133

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
4.38%	12/01/47	$	65,000	$	80,785
4.65%	01/15/43		100,000		126,530
Aon Corp.
2.80%	05/15/30		300,000		321,162
3.75%	05/02/29		25,000		28,565
4.50%	12/15/28		100,000		118,593
Appalachian Power Co.
3.70%	05/01/50		300,000		336,114
Apple Inc.
0.75%	05/11/23		200,000		201,792
2.40%	01/13/23 - 05/03/23		550,000		581,051
2.50%	02/09/22		150,000		154,968
2.65%	05/11/50		200,000		209,838
2.75%	01/13/25		50,000		54,325
3.00%	11/13/27		100,000		112,469
3.25%	02/23/26		60,000		67,327
3.75%	11/13/47		50,000		61,246
4.38%	05/13/45		65,000		85,871
4.50%	02/23/36		150,000		199,330
4.65%	02/23/46		585,000		804,305
Applied Materials Inc.
3.90%	10/01/25		160,000		183,806
Aptiv Corp.
4.15%	03/15/24		50,000		53,880
Arch Capital Finance LLC
4.01%	12/15/26		100,000		113,191
5.03%	12/15/46		100,000		129,384
Archer-Daniels-Midland Co.
4.02%	04/16/43		120,000		142,018
Ares Capital Corp.
4.20%	06/10/24		65,000		66,483
Arizona Public Service Co.
4.25%	03/01/49		25,000		29,602
Arrow Electronics Inc.
4.00%	04/01/25		40,000		42,707
Ascension Health
3.95%	11/15/46		125,000		156,591
Asian Development Bank
0.63%	04/07/22		300,000		301,920
1.50%	10/18/24		300,000		313,965
1.75%	09/19/29		50,000		53,816
1.88%	07/19/22 - 01/24/30		500,000		533,383
2.13%	03/19/25		200,000		215,574
2.63%	01/30/24		200,000		216,138
2.75%	03/17/23		295,000		314,399
3.13%	09/26/28		25,000		29,567
Assurant Inc.
4.90%	03/27/28		50,000		54,374
AstraZeneca PLC
3.50%	08/17/23		25,000		27,053
4.00%	01/17/29		20,000		23,881
4.38%	08/17/48		20,000		26,440
6.45%	09/15/37		50,000		75,155
AT&T Inc.
2.75%	06/01/31		100,000		104,154
3.00%	02/15/22		400,000		416,504
3.40%	05/15/25		100,000		109,746
3.60%	07/15/25		400,000		443,780
3.65%	06/01/51		100,000		104,924
4.10%	02/15/28		106,000		121,073
4.30%	02/15/30		20,000		23,422
4.35%	03/01/29 - 06/15/45		550,000		638,452
4.50%	05/15/35 - 03/09/48		145,000		170,297
4.75%	05/15/46		150,000		176,730
4.85%	03/01/39		450,000		543,523
5.15%	03/15/42		50,000		62,391
5.55%	08/15/41		154,000		199,010
6.10%	07/15/40		150,000		197,734
6.25%	03/29/41		100,000		135,741
Athene Holding Ltd.
6.15%	04/03/30		300,000		344,634


		Principal Amount		Fair Value
Atmos Energy Corp.
4.30%	10/01/48	$	100,000	$	128,292
Australia & New Zealand Banking Group Ltd.
3.70%	11/16/25		50,000		57,124
AutoNation Inc.
3.80%	11/15/27		50,000		51,661
AutoZone Inc.
3.75%	04/18/29		100,000		113,205
AvalonBay Communities Inc.
3.20%	01/15/28		40,000		44,403
3.45%	06/01/25		115,000		128,177
Avangrid Inc.
3.20%	04/15/25		200,000		218,854
3.80%	06/01/29		50,000		57,912
AXA S.A.
8.60%	12/15/30		100,000		144,680
Baidu Inc.
3.08%	04/07/25		200,000		210,020
4.38%	03/29/28		100,000		112,737
Baker Hughes a GE Company LLC/Baker Hughes Co-Obligor Inc.
2.77%	12/15/22		50,000		52,127
3.34%	12/15/27		50,000		53,409
4.08%	12/15/47		50,000		52,059
Banco Santander S.A.
3.13%	02/23/23		100,000		104,073
3.31%	06/27/29		300,000		324,498
3.80%	02/23/28		100,000		108,024
4.25%	04/11/27		100,000		110,575
Bank of America Corp.
3.50%	04/19/26		145,000		163,189
3.88%	08/01/25		50,000		56,641
3.95%	04/21/25		55,000		60,895
4.00%	04/01/24		50,000		55,460
4.18%	11/25/27		100,000		114,327
6.11%	01/29/37		100,000		141,940
Bank of America Corp. (1.31% fixed rate until 06/19/25; 1.15% + SOFR thereafter)
1.32%	06/19/26		150,000		150,666	(f)
Bank of America Corp. (2.02% fixed rate until 02/13/25; 0.64% + 3 month USD LIBOR thereafter)
2.02%	02/13/26		500,000		517,070	(f)
Bank of America Corp. (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)
2.46%	10/22/25		100,000		105,109	(f)
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59%	04/29/31		75,000		79,486	(f)
Bank of America Corp. (2.88% fixed rate until 10/22/29; 1.19% + 3 month USD LIBOR thereafter)
2.88%	10/22/30		100,000		108,008	(f)
Bank of America Corp. (3.00% fixed rate until 12/20/22; 0.79% + 3 month USD LIBOR thereafter)
3.00%	12/20/23		600,000		629,964	(f)
Bank of America Corp. (3.19% fixed rate until 07/23/29; 1.18% + 3 month USD LIBOR thereafter)
3.19%	07/23/30		50,000		55,171	(f)
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42%	12/20/28		107,000		119,147	(f)
Bank of America Corp. (3.46% fixed rate until 03/15/24; 0.97% + 3 month USD LIBOR thereafter)
3.46%	03/15/25		600,000		650,652	(f)
Bank of America Corp. (3.55% fixed rate until 03/05/23; 0.78% + 3 month USD LIBOR thereafter)
3.55%	03/05/24		100,000		106,764	(f)
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%	04/23/27		100,000		111,694	(f)
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%	01/23/49		100,000		120,897	(f)

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Bank of America Corp. (3.97% fixed rate until 03/05/28; 1.07% + 3 month USD LIBOR thereafter)
3.97%	03/05/29	$	100,000	$	114,623	(f)
Bank of America Corp. (4.08% fixed rate until 04/23/39; 1.32% + 3 month USD LIBOR thereafter)
4.08%	04/23/40		150,000		182,187	(f)
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24%	04/24/38		50,000		60,988	(f)
Bank of America Corp. (4.33% fixed rate until 03/15/49; 1.52% + 3 month USD LIBOR thereafter)
4.33%	03/15/50		100,000		128,149	(f)
Bank of America Corp.(4.08% fixed rate until 03/20/50; 3.15% + 3 month USD LIBOR therefter)
4.08%	03/20/51		200,000		247,372	(f)
Bank of Montreal
2.05%	11/01/22		20,000		20,661
2.90%	03/26/22		50,000		52,094
3.30%	02/05/24		400,000		433,652
Banner Health
2.34%	01/01/30		275,000		283,495
Barclays PLC
3.65%	03/16/25		50,000		54,206
4.38%	01/12/26		200,000		225,774
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter)
2.65%	06/24/31		300,000		298,971	(f)
Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR therefter)
2.85%	05/07/26		200,000		208,630	(f)
Barclays PLC (4.61% fixed rate until 02/15/22; 1.40% + 3 month USD LIBOR thereafter)
4.61%	02/15/23		100,000		105,274	(f)
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97%	05/16/29		100,000		117,158	(f)
BAT Capital Corp.
2.76%	08/15/22		100,000		103,568
2.79%	09/06/24		500,000		525,815
3.56%	08/15/27		100,000		107,678
Baxalta Inc.
4.00%	06/23/25		30,000		34,384
Baxter International Inc.
2.60%	08/15/26		130,000		142,076
3.75%	10/01/25		300,000		342,030	(c)
BBVA USA
3.88%	04/10/25		50,000		53,168
Becton Dickinson and Co.
3.70%	06/06/27		66,000		73,681
3.73%	12/15/24		50,000		55,194
3.79%	05/20/50		390,000		433,173
Bell Canada Inc.
4.30%	07/29/49		30,000		36,746
Berkshire Hathaway Energy Co.
4.05%	04/15/25		300,000		343,164	(c)
4.25%	10/15/50		200,000		251,252	(c)
4.45%	01/15/49		100,000		128,088
Berkshire Hathaway Finance Corp.
3.00%	05/15/22		100,000		104,816
4.20%	08/15/48		100,000		126,568
4.25%	01/15/49		100,000		128,126
Best Buy Company Inc.
4.45%	10/01/28		25,000		28,970
Biogen Inc.
2.25%	05/01/30		235,000		237,576
4.05%	09/15/25		80,000		91,773
5.20%	09/15/45		50,000		64,929
Black Hills Corp.
3.88%	10/15/49		25,000		26,780
4.35%	05/01/33		30,000		33,225
BlackRock Inc.
1.90%	01/28/31		25,000		25,589


		Principal Amount		Fair Value
2.40%	04/30/30	$	20,000	$	21,550
3.25%	04/30/29		60,000		68,750
Boardwalk Pipelines LP
4.80%	05/03/29		20,000		21,049
Booking Holdings Inc.
3.55%	03/15/28		100,000		109,450
BorgWarner Inc.
2.65%	07/01/27		25,000		25,700
Boston Properties LP
3.40%	06/21/29		50,000		55,141
3.85%	02/01/23		150,000		160,275
Boston Scientific Corp.
1.90%	06/01/25		125,000		129,355
2.65%	06/01/30		200,000		208,244
4.55%	03/01/39		50,000		61,176
BP Capital Markets America Inc.
2.94%	04/06/23		500,000		529,015
3.19%	04/06/25		200,000		218,014
3.41%	02/11/26		50,000		55,314
3.94%	09/21/28		100,000		114,489
4.23%	11/06/28		50,000		58,274
BP Capital Markets PLC
2.50%	11/06/22		100,000		103,999
3.06%	03/17/22		110,000		114,369
BPCE S.A.
4.00%	04/15/24		50,000		55,437
Brandywine Operating Partnership LP
4.55%	10/01/29		25,000		26,260
Bristol-Myers Squibb Co.
2.00%	08/01/22		50,000		51,486
2.60%	05/16/22		50,000		51,928	(c)
2.75%	02/15/23		50,000		52,671	(c)
2.90%	07/26/24		355,000		383,379	(c)
3.40%	07/26/29		55,000		63,506	(c)
3.45%	11/15/27		50,000		57,523	(c)
3.88%	08/15/25		300,000		341,490	(c)
4.13%	06/15/39		15,000		19,067	(c)
4.25%	10/26/49		40,000		52,733	(c)
4.35%	11/15/47		50,000		65,801	(c)
5.00%	08/15/45		50,000		70,360	(c)
5.25%	08/15/43		120,000		171,617	(c)
British Telecommunications PLC
9.63%	12/15/30		50,000		81,523
Brixmor Operating Partnership LP
4.05%	07/01/30		100,000		102,541
4.13%	05/15/29		50,000		51,827
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%	01/15/23		100,000		103,859
Broadcom Inc.
2.25%	11/15/23		235,000		242,767	(c)
3.15%	11/15/25		240,000		255,478	(c)
3.46%	09/15/26		15,000		16,085	(c)
4.15%	11/15/30		250,000		271,877	(c)
4.30%	11/15/32		230,000		253,885	(c)
4.70%	04/15/25		300,000		338,253	(c)
4.75%	04/15/29		100,000		113,492	(c)
Broadridge Financial Solutions Inc.
3.40%	06/27/26		80,000		88,331
Brookfield Finance Inc.
3.90%	01/25/28		100,000		109,401
Brown & Brown Inc.
4.50%	03/15/29		100,000		107,549
Brown-Forman Corp.
4.00%	04/15/38		30,000		35,413
Bunge Limited Finance Corp.
4.35%	03/15/24		50,000		54,606
Burlington Northern Santa Fe LLC
3.05%	02/15/51		300,000		324,960
3.55%	02/15/50		100,000		116,779
5.75%	05/01/40		200,000		280,462
California Institute of Technology
3.65%	09/01/19		20,000		22,137

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Camden Property Trust
2.80%	05/15/30	$	10,000	$	10,825
3.35%	11/01/49		10,000		10,759
4.10%	10/15/28		10,000		11,762
Campbell Soup Co.
2.38%	04/24/30		15,000		15,535
3.65%	03/15/23		15,000		16,029
4.15%	03/15/28		50,000		57,752
4.80%	03/15/48		20,000		26,223
Canadian Imperial Bank of Commerce
2.25%	01/28/25		200,000		209,582
3.10%	04/02/24		300,000		321,198
Canadian National Railway Co.
2.95%	11/21/24		155,000		166,871
Canadian Natural Resources Ltd.
3.80%	04/15/24		150,000		159,673
3.85%	06/01/27		100,000		106,926
3.90%	02/01/25		50,000		53,665
Canadian Pacific Railway Co.
2.05%	03/05/30		20,000		20,503
2.90%	02/01/25		50,000		54,214
Capital One Financial Corp.
3.75%	07/28/26 - 03/09/27		230,000		253,182
3.90%	01/29/24		125,000		136,035
4.20%	10/29/25		90,000		100,035
Cardinal Health Inc.
3.20%	03/15/23		50,000		52,801
Carrier Global Corp.
1.92%	02/15/23		10,000		10,196	(c)
2.24%	02/15/25		15,000		15,367	(c)
2.49%	02/15/27		15,000		15,267	(c)
2.72%	02/15/30		25,000		25,052	(c)
3.38%	04/05/40		15,000		14,603	(c)
3.58%	04/05/50		25,000		24,409	(c)
Caterpillar Financial Services Corp.
0.95%	05/13/22		100,000		101,018
1.95%	11/18/22		50,000		51,751
2.55%	11/29/22		50,000		52,510
3.15%	09/07/21		15,000		15,480
3.25%	12/01/24		100,000		110,430
Caterpillar Inc.
3.25%	04/09/50		300,000		334,257
3.80%	08/15/42		100,000		118,460
Celulosa Arauco y Constitucion S.A.
3.88%	11/02/27		100,000		102,508
CenterPoint Energy Houston Electric LLC
4.25%	02/01/49		110,000		139,978
4.50%	04/01/44		50,000		63,952
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%	04/01/31		365,000		370,566
3.70%	04/01/51		105,000		103,274
4.46%	07/23/22		100,000		106,673
4.80%	03/01/50		95,000		107,281
4.91%	07/23/25		135,000		154,682
6.48%	10/23/45		150,000		198,948
Cheniere Corpus Christi Holdings LLC
3.70%	11/15/29		45,000		46,000	(c)
Chevron Corp.
1.14%	05/11/23		200,000		203,428
2.41%	03/03/22		45,000		46,314
2.90%	03/03/24		50,000		53,772
2.95%	05/16/26		100,000		110,860
2.98%	05/11/40		215,000		230,497
3.08%	05/11/50		200,000		212,142
Choice Hotels International Inc.
3.70%	12/01/29		25,000		24,983
Chubb INA Holdings Inc.
4.35%	11/03/45		100,000		130,154
Cigna Corp.
2.40%	03/15/30		15,000		15,569
3.20%	03/15/40		410,000		435,891
3.40%	09/17/21 - 03/15/50		450,000		479,033


		Principal Amount		Fair Value
3.75%	07/15/23	$	37,000	$	40,164
4.38%	10/15/28		40,000		47,370
4.80%	08/15/38		30,000		38,010
4.90%	12/15/48		130,000		171,372
Cimarex Energy Co.
4.38%	03/15/29		50,000		51,303
Cintas Corporation No. 2
3.70%	04/01/27		100,000		113,530
Cisco Systems Inc.
5.90%	02/15/39		200,000		298,864
Citibank NA
3.40%	07/23/21		100,000		102,936
3.65%	01/23/24		100,000		109,657
Citigroup Inc.
2.70%	10/27/22		100,000		104,262
2.90%	12/08/21		100,000		102,979
3.88%	03/26/25		50,000		54,702
4.30%	11/20/26		100,000		113,709
4.45%	09/29/27		150,000		170,619
4.75%	05/18/46		50,000		63,302
5.88%	01/30/42		72,000		104,082
6.13%	08/25/36		155,000		206,341
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68%	05/15/24		500,000		509,570	(f)
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%	11/05/30		50,000		53,126	(f)
Citigroup Inc. (3.11% fixed rate until 04/08/25; 2.75% + SOFR thereafter)
3.11%	04/08/26		100,000		107,500	(f)
Citigroup Inc. (3.35% fixed rate until 04/24/24; 0.90% + 3 month USD LIBOR thereafter)
3.35%	04/24/25		100,000		107,953	(f)
Citigroup Inc. (3.52% fixed rate until 10/27/27; 1.15% + 3 month USD LIBOR thereafter)
3.52%	10/27/28		100,000		110,787	(f)
Citigroup Inc. (3.98% fixed rate until 03/20/29; 1.34% + 3 month USD LIBOR thereafter)
3.98%	03/20/30		100,000		114,299	(f)
Citigroup Inc. (4.41% fixed rate until 03/31/30; 3.91% + SOFR thereafter)
4.41%	03/31/31		500,000		593,275	(f)
Citizens Financial Group Inc.
2.50%	02/06/30		30,000		30,362
3.25%	04/30/30		65,000		69,844
Citrix Systems Inc.
3.30%	03/01/30		25,000		26,712
CME Group Inc.
3.00%	03/15/25		50,000		55,122
CNH Industrial Capital LLC
1.95%	07/02/23		65,000		65,578	(e)
3.88%	10/15/21		15,000		15,371
4.38%	04/05/22		15,000		15,734
CNH Industrial N.V.
3.85%	11/15/27		15,000		15,727
CNOOC Finance 2014 ULC
4.25%	04/30/24		300,000		329,760
Colgate-Palmolive Co.
3.25%	03/15/24		150,000		164,263
Comcast Corp.
2.65%	02/01/30		35,000		38,058
3.15%	02/15/28		100,000		111,302
3.25%	11/01/39		550,000		605,803
3.38%	08/15/25		100,000		111,304
3.40%	04/01/30		500,000		572,525
3.45%	02/01/50		135,000		153,004
3.55%	05/01/28		100,000		114,555
3.70%	04/15/24		555,000		614,651
3.90%	03/01/38		100,000		118,764
3.95%	10/15/25		100,000		114,522
3.97%	11/01/47		100,000		119,169
4.00%	03/01/48		50,000		61,253
4.15%	10/15/28		45,000		53,915
4.25%	01/15/33		100,000		123,073
4.60%	10/15/38		130,000		164,944
4.70%	10/15/48		40,000		53,509

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Comerica Inc.
3.70%	07/31/23	$	25,000	$	26,808
4.00%	02/01/29		50,000		56,189
CommonSpirit Health
4.19%	10/01/49		100,000		102,793
Commonwealth Edison Co.
3.00%	03/01/50		200,000		211,298
4.00%	03/01/49		100,000		123,427
4.60%	08/15/43		150,000		192,859
Conagra Brands Inc.
3.80%	10/22/21		10,000		10,396
4.30%	05/01/24		5,000		5,549
4.85%	11/01/28		25,000		30,140
5.30%	11/01/38		110,000		143,774
5.40%	11/01/48		20,000		27,611
Concho Resources Inc.
4.30%	08/15/28		25,000		27,432
4.85%	08/15/48		25,000		28,053
ConocoPhillips
6.50%	02/01/39		100,000		145,054
ConocoPhillips Co.
4.95%	03/15/26		300,000		358,959
Consolidated Edison Company of New York Inc.
3.88%	06/15/47		100,000		115,548
3.95%	03/01/43		150,000		171,072
4.00%	12/01/28		25,000		29,511
4.13%	05/15/49		50,000		60,656
Constellation Brands Inc.
3.50%	05/09/27		100,000		110,742
3.75%	05/01/50		5,000		5,440
4.75%	11/15/24		100,000		115,090
5.25%	11/15/48		15,000		19,594
Consumers Energy Co.
3.50%	08/01/51		200,000		237,132
3.75%	02/15/50		100,000		121,200
4.05%	05/15/48		50,000		63,017
Cooperatieve Rabobank UA
2.75%	01/10/22		100,000		103,381
3.95%	11/09/22		100,000		105,867
4.63%	12/01/23		50,000		55,037
Corning Inc.
2.90%	05/15/22		55,000		56,919
3.90%	11/15/49		50,000		54,162
Corporation Andina de Fomento
2.13%	09/27/21		150,000		151,000
Costco Wholesale Corp.
3.00%	05/18/27		100,000		112,571
Council Of Europe Development Bank
2.63%	02/13/23		120,000		127,237
Credit Suisse AG
2.80%	04/08/22		300,000		311,175
2.95%	04/09/25		300,000		325,248
3.63%	09/09/24		50,000		55,211
Credit Suisse Group Funding Guernsey Ltd.
4.88%	05/15/45		50,000		66,171
Crown Castle International Corp.
2.25%	01/15/31		55,000		55,638
3.15%	07/15/23		155,000		165,259
3.80%	02/15/28		100,000		112,430
5.20%	02/15/49		50,000		66,244
CSX Corp.
2.60%	11/01/26		100,000		108,510
4.10%	03/15/44		68,000		82,130
4.50%	03/15/49		95,000		122,952
4.75%	11/15/48		65,000		86,233
CubeSmart LP
4.38%	02/15/29		15,000		17,457
CVS Health Corp.
2.63%	08/15/24		100,000		106,342
2.75%	12/01/22		150,000		156,423
3.38%	08/12/24		150,000		163,272


		Principal Amount		Fair Value
3.70%	03/09/23	$	115,000	$	123,438
4.10%	03/25/25		50,000		56,504
4.13%	04/01/40		400,000		472,104
4.30%	03/25/28		110,000		128,374
4.78%	03/25/38		445,000		550,594
5.05%	03/25/48		115,000		150,328
CyrusOne LP/CyrusOne Finance Corp.
2.90%	11/15/24		25,000		26,293
3.45%	11/15/29		30,000		31,212
Darden Restaurants Inc.
4.55%	02/15/48		15,000		14,287
Deere & Co.
3.90%	06/09/42		71,000		88,794
Dell International LLC/EMC Corp.
5.30%	10/01/29		100,000		110,496	(c)
5.85%	07/15/25		300,000		344,451	(c)
6.02%	06/15/26		90,000		102,964	(c)
6.20%	07/15/30		100,000		117,218	(c)
8.10%	07/15/36		100,000		129,420	(c)
Delmarva Power & Light Co.
4.15%	05/15/45		100,000		120,457
Deutsche Bank AG
3.30%	11/16/22		100,000		102,611
Deutsche Bank AG (3.96% fixed rate until 11/26/24; 2.58% + SOFR thereafter)
3.96%	11/26/25		50,000		52,427	(f)
Deutsche Telekom International Finance BV
8.75%	06/15/30		50,000		78,232
Devon Energy Corp.
5.00%	06/15/45		100,000		89,346
DH Europe Finance II Sarl
3.40%	11/15/49		100,000		112,041
Diageo Capital PLC
1.38%	09/29/25		200,000		203,584
2.13%	04/29/32		200,000		207,302
Diageo Investment Corp.
2.88%	05/11/22		50,000		52,169
Diamondback Energy Inc.
2.88%	12/01/24		30,000		30,011
3.25%	12/01/26		20,000		20,067
3.50%	12/01/29		50,000		48,389
4.75%	05/31/25		65,000		69,634
Digital Realty Trust LP
4.45%	07/15/28		50,000		59,735
Discover Bank
4.20%	08/08/23		150,000		163,833
Discover Financial Services
4.50%	01/30/26		100,000		112,844
Discovery Communications LLC
3.45%	03/15/25		135,000		146,517
3.90%	11/15/24		50,000		54,518
4.65%	05/15/50		300,000		340,575
Dollar General Corp.
4.13%	05/01/28		70,000		81,859
Dollar Tree Inc.
3.70%	05/15/23		20,000		21,423
4.00%	05/15/25		50,000		56,223
4.20%	05/15/28		25,000		29,014
Dominion Energy Gas Holdings LLC
2.50%	11/15/24		300,000		317,244
Dominion Energy Inc.
3.38%	04/01/30		200,000		221,598
4.25%	06/01/28		50,000		57,565
Dominion Energy South Carolina Inc.
5.10%	06/01/65		50,000		73,517
DTE Electric Co.
2.25%	03/01/30		225,000		236,936
2.95%	03/01/50		225,000		233,422
3.70%	03/15/45		45,000		52,149
DTE Energy Co.
3.85%	12/01/23		50,000		54,301
Duke Energy Carolinas LLC
2.45%	02/01/30		200,000		216,038

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
3.05%	03/15/23	$	50,000	$	53,176
3.70%	12/01/47		50,000		59,262
3.95%	03/15/48		50,000		62,052
Duke Energy Corp.
2.45%	06/01/30		255,000		268,257
3.05%	08/15/22		139,000		145,059
Duke Energy Florida LLC
2.50%	12/01/29		350,000		377,496
3.20%	01/15/27		100,000		112,160
3.40%	10/01/46		100,000		112,068
3.80%	07/15/28		50,000		58,435
Duke Energy Ohio Inc.
3.65%	02/01/29		100,000		115,823
4.30%	02/01/49		100,000		127,770
Duke Energy Progress LLC
3.70%	09/01/28		100,000		116,075
Duke Realty LP
3.38%	12/15/27		50,000		55,746
Duke University
2.83%	10/01/55		250,000		262,787
DuPont de Nemours Inc.
2.17%	05/01/23		115,000		117,194
4.21%	11/15/23		50,000		54,835
4.73%	11/15/28		50,000		60,156
5.32%	11/15/38		15,000		18,994
5.42%	11/15/48		40,000		52,626
DXC Technology Co.
4.00%	04/15/23		300,000		314,700
4.13%	04/15/25		335,000		356,470
Eaton Vance Corp.
3.50%	04/06/27		100,000		108,171
eBay Inc.
1.90%	03/11/25		140,000		144,529
3.80%	03/09/22		145,000		152,191
Ecolab Inc.
2.38%	08/10/22		100,000		103,844
3.25%	12/01/27		70,000		79,027
Ecopetrol S.A.
4.13%	01/16/25		150,000		150,324
Edison International
4.13%	03/15/28		50,000		52,493
Eli Lilly & Co.
3.95%	03/15/49		50,000		63,787
Eli Lilly & Co.
2.25%	05/15/50		250,000		239,315
2.75%	06/01/25		22,000		24,041
3.38%	03/15/29		30,000		34,630
4.15%	03/15/59		50,000		65,355
Emera US Finance LP
3.55%	06/15/26		60,000		67,433
Emerson Electric Co.
1.95%	10/15/30		50,000		51,205
2.63%	02/15/23		100,000		105,248
Emory University
2.14%	09/01/30		65,000		67,001
2.97%	09/01/50		65,000		69,441
Enable Midstream Partners LP
4.95%	05/15/28		60,000		55,627
Enbridge Energy Partners LP
5.88%	10/15/25		125,000		149,131
Enbridge Inc.
3.50%	06/10/24		65,000		69,972
Enel Chile S.A.
4.88%	06/12/28		50,000		56,042
Energy Transfer Operating LP
4.20%	09/15/23		25,000		26,586
4.50%	04/15/24		135,000		146,320
4.95%	06/15/28		75,000		80,786
5.25%	04/15/29		25,000		27,295
5.88%	01/15/24		300,000		334,476
6.00%	06/15/48		50,000		52,067
6.25%	04/15/49		125,000		133,195


		Principal Amount		Fair Value
6.50%	02/01/42	$	150,000	$	163,656
Entergy Corp.
2.80%	06/15/30		200,000		211,476
Entergy Louisiana LLC
4.05%	09/01/23		50,000		54,751
Entergy Texas Inc.
4.00%	03/30/29		100,000		116,691
4.50%	03/30/39		100,000		121,279
Enterprise Products Operating LLC
2.80%	01/31/30		200,000		208,526
3.50%	02/01/22		25,000		26,088
3.70%	02/15/26		35,000		39,374
3.90%	02/15/24		75,000		82,094
4.15%	10/16/28		25,000		28,514
4.20%	01/31/50		35,000		39,043
4.25%	02/15/48		25,000		27,500
4.45%	02/15/43		142,000		158,265
4.80%	02/01/49		25,000		29,893
Enterprise Products Operating LLC (5.38% fixed rate until 02/15/28; 2.57% + 3 month USD LIBOR thereafter)
5.38%	02/15/78		50,000		44,995	(f)
EOG Resources Inc.
3.15%	04/01/25		80,000		87,469
4.38%	04/15/30		200,000		238,418
EPR Properties
4.95%	04/15/28		100,000		95,465
Equifax Inc.
2.60%	12/01/24		50,000		52,888
3.10%	05/15/30		30,000		31,915
Equinix Inc.
2.15%	07/15/30		115,000		114,502
2.63%	11/18/24		65,000		69,194
5.38%	05/15/27		30,000		32,687
Equinor ASA
2.45%	01/17/23		150,000		156,817
2.88%	04/06/25		300,000		324,330
3.63%	04/06/40		300,000		337,815
3.70%	04/06/50		200,000		228,056
3.95%	05/15/43		100,000		114,771
ERP Operating LP
3.00%	04/15/23		150,000		158,005
Essential Utilities Inc.
2.70%	04/15/30		200,000		209,306
Essex Portfolio LP
3.63%	05/01/27		100,000		110,973
European Bank for Reconstruction & Development
1.50%	02/13/25		300,000		314,373
European Investment Bank
0.63%	07/25/25		300,000		302,670
1.63%	03/14/25		600,000		633,516
2.00%	12/15/22		200,000		208,586
2.25%	06/24/24		250,000		268,775
2.50%	03/15/23		300,000		318,069
2.63%	03/15/24		285,000		308,986
2.88%	12/15/21		115,000		119,407
3.13%	12/14/23		200,000		219,410
Evergy Metro Inc.
2.25%	06/01/30		200,000		209,948
4.20%	06/15/47		100,000		122,722
Eversource Energy
2.90%	10/01/24		100,000		107,354
3.15%	01/15/25		125,000		135,412
Exelon Corp.
4.05%	04/15/30		200,000		231,062
Exelon Generation Company LLC
3.25%	06/01/25		295,000		318,211
Expedia Group Inc.
3.25%	02/15/30		35,000		32,609
Exxon Mobil Corp.
1.57%	04/15/23		500,000		513,075
1.90%	08/16/22		20,000		20,580
2.02%	08/16/24		50,000		52,191

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
2.44%	08/16/29	$	50,000	$	53,102
2.71%	03/06/25		50,000		53,655
2.99%	03/19/25		100,000		108,630
3.04%	03/01/26		250,000		274,542
3.10%	08/16/49		25,000		25,752
3.18%	03/15/24		150,000		162,711
4.23%	03/19/40		100,000		120,888
Fairfax Financial Holdings Ltd.
4.63%	04/29/30		25,000		26,928	(c)
Federal Realty Investment Trust
3.20%	06/15/29		50,000		51,729
FedEx Corp.
3.40%	02/15/28		100,000		107,980
4.05%	02/15/48		100,000		102,607
4.75%	11/15/45		95,000		105,742
5.25%	05/15/50		300,000		364,170
Fibria Overseas Finance Ltd.
4.00%	01/14/25		50,000		51,524
Fidelity National Financial Inc.
4.50%	08/15/28		25,000		28,090
Fidelity National Information Services Inc.
4.25%	05/15/28		80,000		94,288
Fifth Third Bancorp
3.65%	01/25/24		400,000		435,992
Fifth Third Bank NA
2.88%	10/01/21		80,000		82,180
FirstEnergy Corp.
2.65%	03/01/30		215,000		224,875
3.40%	03/01/50		15,000		15,981
4.25%	03/15/23		30,000		32,430
7.38%	11/15/31		55,000		80,351
Fiserv Inc.
2.25%	06/01/27		100,000		104,907
2.65%	06/01/30		100,000		105,974
3.50%	07/01/29		45,000		50,562
3.80%	10/01/23		25,000		27,321
4.20%	10/01/28		30,000		35,214
4.40%	07/01/49		40,000		48,461
Flex Ltd.
4.88%	06/15/29		25,000		27,427
Florida Power & Light Co.
3.15%	10/01/49		255,000		289,053
4.13%	02/01/42		100,000		125,178
Fluor Corp.
4.25%	09/15/28		50,000		43,046
FMC Corp.
3.45%	10/01/29		50,000		54,116
FMS Wertmanagement
2.00%	08/01/22		200,000		207,112
2.75%	01/30/24		100,000		108,476
Fomento Economico Mexicano SAB de C.V.
3.50%	01/16/50		150,000		154,606
Fortune Brands Home & Security Inc.
3.25%	09/15/29		50,000		53,326
Fox Corp.
4.03%	01/25/24		125,000		138,305
FS KKR Capital Corp.
4.13%	02/01/25		25,000		24,148
GATX Corp.
3.50%	03/15/28		100,000		102,453
GE Capital Funding LLC
3.45%	05/15/25		200,000		209,444	(c)
4.40%	05/15/30		200,000		207,888	(c)
GE Capital International Funding Company Unlimited Co.
4.42%	11/15/35		600,000		607,620
General Dynamics Corp.
3.38%	05/15/23		50,000		53,917
3.75%	05/15/28		55,000		64,299
General Electric Co.
4.35%	05/01/50		55,000		54,254
5.88%	01/14/38		100,000		112,090
6.75%	03/15/32		100,000		121,781


		Principal Amount		Fair Value
General Mills Inc.
3.65%	02/15/24	$	50,000	$	54,696
4.55%	04/17/38		100,000		125,188
General Motors Co.
5.40%	10/02/23		200,000		216,532
6.80%	10/01/27		55,000		64,072
General Motors Financial Company Inc.
3.25%	01/05/23		50,000		51,017
3.45%	01/14/22		100,000		101,672
3.60%	06/21/30		200,000		195,100
3.70%	05/09/23		100,000		102,842
4.35%	01/17/27		100,000		103,944
4.38%	09/25/21		100,000		102,703
5.10%	01/17/24		300,000		321,375
5.20%	03/20/23		105,000		112,205
5.25%	03/01/26		55,000		59,940
Georgia Power Co.
2.20%	09/15/24		100,000		105,057
2.65%	09/15/29		100,000		105,540
4.30%	03/15/42		172,000		200,143
Georgia-Pacific LLC
8.88%	05/15/31		50,000		79,872
Gilead Sciences Inc.
3.25%	09/01/22		300,000		317,067
3.65%	03/01/26		200,000		228,744
3.70%	04/01/24		50,000		55,066
4.80%	04/01/44		150,000		201,610
GlaxoSmithKline Capital Inc.
3.63%	05/15/25		55,000		62,103
3.88%	05/15/28		100,000		117,887
GlaxoSmithKline Capital PLC
3.00%	06/01/24		300,000		324,504
Global Payments Inc.
2.90%	05/15/30		245,000		256,647
4.45%	06/01/28		100,000		116,575
Globe Life Inc.
4.55%	09/15/28		25,000		28,858
GLP Capital LP/GLP Financing II Inc.
5.25%	06/01/25		10,000		10,872
5.38%	11/01/23 - 04/15/26		30,000		32,567
5.75%	06/01/28		10,000		11,080
Halliburton Co.
2.92%	03/01/30		50,000		47,395
3.50%	08/01/23		6,000		6,283
5.00%	11/15/45		50,000		51,587
Hasbro Inc.
3.00%	11/19/24		50,000		52,201
HCA Inc.
4.50%	02/15/27		30,000		33,407
4.75%	05/01/23		30,000		32,478
5.00%	03/15/24		50,000		55,540
5.25%	04/15/25 - 06/15/26		70,000		80,487
5.50%	06/15/47		35,000		42,729
Healthcare Trust of America Holdings LP
3.50%	08/01/26		30,000		32,422
Healthpeak Properties Inc.
2.88%	01/15/31		100,000		102,820
3.00%	01/15/30		50,000		52,246
3.25%	07/15/26		100,000		109,149
Hewlett Packard Enterprise Co.
3.50%	10/05/21		50,000		51,581
4.45%	10/02/23		200,000		218,610
4.65%	10/01/24		300,000		336,813
6.35%	10/15/45		150,000		183,496
Highwoods Realty LP
4.20%	04/15/29		25,000		27,033
Honeywell International Inc.
1.35%	06/01/25		50,000		51,241
2.70%	08/15/29		30,000		33,114
3.35%	12/01/23		50,000		54,554
5.38%	03/01/41		100,000		140,664

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Host Hotels & Resorts LP
3.38%	12/15/29	$	100,000	$	95,387
Howmet Aerospace Inc.
5.90%	02/01/27		200,000		213,414
HP Inc.
6.00%	09/15/41		162,000		190,872
HSBC Holdings PLC
2.65%	01/05/22		100,000		102,770
3.90%	05/25/26		50,000		55,530
4.95%	03/31/30		500,000		600,770
5.25%	03/14/44		500,000		630,345
HSBC Holdings PLC (2.10% fixed rate until 06/04/25; 1.93% + SOFR thereafter)
2.10%	06/04/26		200,000		202,064	(f)
HSBC Holdings PLC (2.63% fixed rate until 11/07/24; 1.14% + 3 month USD LIBOR thereafter)
2.63%	11/07/25		100,000		103,514	(f)
HSBC Holdings PLC (3.80% fixed rate until 03/11/24; 1.21% + 3 month USD LIBOR thereafter)
3.80%	03/11/25		100,000		107,979	(f)
HSBC Holdings PLC (3.95% fixed rate until 05/18/23; 0.99% + 3 month USD LIBOR thereafter)
3.95%	05/18/24		100,000		107,447	(f)
HSBC Holdings PLC (3.97% fixed rate until 05/22/29; 1.61% + 3 month USD LIBOR thereafter)
3.97%	05/22/30		100,000		111,080	(f)
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29%	09/12/26		100,000		111,499	(f)
Hubbell Inc.
3.50%	02/15/28		50,000		52,701
Hudson Pacific Properties LP
4.65%	04/01/29		25,000		26,978
Humana Inc.
2.90%	12/15/22		100,000		104,539
Huntsman International LLC
4.50%	05/01/29		20,000		21,052
Husky Energy Inc.
4.00%	04/15/24		100,000		102,330
Hyatt Hotels Corp.
5.75%	04/23/30		25,000		27,484
IBM Credit LLC
3.60%	11/30/21		100,000		104,561
IDEX Corp.
3.00%	05/01/30		10,000		10,449
IHS Markit Ltd.
4.25%	05/01/29		85,000		97,628
Illinois Tool Works Inc.
2.65%	11/15/26		100,000		110,222
3.50%	03/01/24		50,000		54,722
Indiana Michigan Power Co.
3.85%	05/15/28		25,000		28,317
ING Groep N.V.
3.95%	03/29/27		100,000		114,893
Ingredion Inc.
2.90%	06/01/30		200,000		213,300
Intel Corp.
2.45%	11/15/29		135,000		145,728
2.60%	05/19/26		50,000		54,708
3.10%	02/15/60		35,000		38,735
3.25%	11/15/49		50,000		56,766
3.40%	03/25/25		300,000		336,594
3.75%	03/25/27		100,000		116,755
4.60%	03/25/40		500,000		663,515
4.95%	03/25/60		100,000		147,464
Inter-American Development Bank
1.25%	09/14/21		200,000		202,348
1.75%	03/14/25		500,000		529,900
2.00%	07/23/26		300,000		324,150
2.13%	01/15/25		200,000		214,852
2.38%	07/07/27		200,000		222,642
2.63%	01/16/24		300,000		323,934
3.00%	09/26/22		50,000		53,016


		Principal Amount		Fair Value
Intercontinental Exchange Inc.
2.10%	06/15/30	$	155,000	$	158,422
3.00%	06/15/50		115,000		120,057
3.45%	09/21/23		90,000		97,624
International Bank for Reconstruction & Development
0.63%	04/22/25		300,000		302,325
1.50%	08/28/24		200,000		209,066
1.75%	10/23/29		300,000		323,913
2.50%	03/19/24 - 07/29/25		300,000		328,218
2.75%	07/23/21		1,000,000		1,026,530
3.00%	09/27/23		150,000		163,018
International Business Machines Corp.
1.70%	05/15/27		200,000		204,258
1.95%	05/15/30		100,000		102,270
2.50%	01/27/22		50,000		51,589
2.85%	05/13/22 - 05/15/40		200,000		208,667
2.95%	05/15/50		300,000		307,818
3.50%	05/15/29		130,000		149,935
4.00%	06/20/42		150,000		179,892
4.15%	05/15/39		100,000		121,027
International Finance Corp.
0.50%	03/20/23		300,000		301,884
2.00%	10/24/22		100,000		103,922
2.13%	04/07/26		150,000		163,317
International Flavors & Fragrances Inc.
5.00%	09/26/48		15,000		17,311
International Paper Co.
3.65%	06/15/24		50,000		55,113
Intuit Inc.
0.65%	07/15/23		65,000		65,186
Invesco Finance PLC
3.13%	11/30/22		100,000		105,741
Jabil Inc.
3.95%	01/12/28		100,000		107,009
4.70%	09/15/22		23,000		24,435
Jefferies Group LLC
5.13%	01/20/23		150,000		162,889
John Deere Capital Corp.
1.95%	06/13/22		300,000		308,427
2.70%	01/06/23		100,000		105,422
3.45%	06/07/23 - 03/13/25		75,000		83,154
Johnson & Johnson
2.45%	12/05/21 - 03/01/26		175,000		184,919
2.90%	01/15/28		50,000		56,201
3.40%	01/15/38		25,000		29,568
3.50%	01/15/48		30,000		37,224
4.38%	12/05/33		150,000		197,358
Johnson Controls International PLC
3.63%	07/02/24		75,000		79,825	(g)
JPMorgan Chase & Co.
3.13%	01/23/25		50,000		54,450
3.25%	09/23/22		136,000		143,699
3.38%	05/01/23		150,000		160,233
4.50%	01/24/22		103,000		109,299
6.40%	05/15/38		100,000		154,371
JPMorgan Chase & Co. (2.01% fixed rate until 03/13/25; 1.59% + SOFR thereafter)
2.01%	03/13/26		500,000		518,695	(f)
JPMorgan Chase & Co. (2.08% fixed rate until 04/22/25; 1.85% + SOFR thereafter)
2.08%	04/22/26		150,000		155,904	(f)
JPMorgan Chase & Co. (2.30% fixed rate until 10/15/24; 1.16% + SOFR thereafter)
2.30%	10/15/25		625,000		655,231	(f)
JPMorgan Chase & Co. (2.52% fixed rate until 04/22/30; 2.04% + SOFR thereafter)
2.52%	04/22/31		650,000		686,640	(f)
JPMorgan Chase & Co. (2.74% fixed rate until 10/15/29; 1.51% + SOFR thereafter)
2.74%	10/15/30		300,000		321,513	(f)

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96%	05/13/31	$	35,000	$	37,126	(f)
JPMorgan Chase & Co. (3.11% fixed rate until 04/22/40; 2.46% + SOFR thereafter)
3.11%	04/22/41		600,000		646,974	(f)
JPMorgan Chase & Co. (3.11% fixed rate until 04/22/50; 2.44% + SOFR thereafter)
3.11%	04/22/51		150,000		160,146	(f)
JPMorgan Chase & Co. (3.21% fixed rate until 04/01/22; 0.70% + 3 month USD LIBOR thereafter)
3.21%	04/01/23		80,000		83,250	(f)
JPMorgan Chase & Co. (3.54% fixed rate until 05/01/27; 1.38% + 3 month USD LIBOR thereafter)
3.54%	05/01/28		50,000		55,852	(f)
JPMorgan Chase & Co. (3.70% fixed rate until 05/06/29; 1.16% + 3 month USD LIBOR thereafter)
3.70%	05/06/30		75,000		85,950	(f)
JPMorgan Chase & Co. (3.80% fixed rate until 07/23/23; 0.89% + 3 month USD LIBOR thereafter)
3.80%	07/23/24		100,000		108,471	(f)
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%	07/24/38		50,000		59,089	(f)
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%	01/23/49		100,000		120,635	(f)
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96%	01/29/27		100,000		113,789	(f)
JPMorgan Chase & Co. (3.96% fixed rate until 11/15/47; 1.38% + 3 month USD LIBOR thereafter)
3.96%	11/15/48		100,000		120,581	(f)
JPMorgan Chase & Co. (4.02% fixed rate until 12/05/23; 1.00% + 3 month USD LIBOR thereafter)
4.02%	12/05/24		50,000		55,088	(f)
JPMorgan Chase & Co. (4.45% fixed rate until 12/05/28; 1.33% + 3 month USD LIBOR thereafter)
4.45%	12/05/29		50,000		59,712	(f)
Juniper Networks Inc.
3.75%	08/15/29		50,000		56,037
Kansas City Southern
3.50%	05/01/50		25,000		27,055
4.70%	05/01/48		50,000		63,049
Kellogg Co.
2.10%	06/01/30		65,000		66,045
2.65%	12/01/23		84,000		88,872
Kennametal Inc.
4.63%	06/15/28		25,000		26,317
Kentucky Utilities Co.
4.38%	10/01/45		40,000		48,700
Keurig Dr Pepper Inc.
3.13%	12/15/23		100,000		107,247
3.80%	05/01/50		300,000		339,450
4.60%	05/25/28		50,000		59,970
4.99%	05/25/38		125,000		159,707
KeyBank NA
3.38%	03/07/23		150,000		160,603
3.90%	04/13/29		100,000		109,123
Keysight Technologies Inc.
3.00%	10/30/29		25,000		27,121
Kilroy Realty LP
3.45%	12/15/24		50,000		51,745
Kimberly-Clark Corp.
3.20%	07/30/46		125,000		142,265
Kimco Realty Corp.
3.70%	10/01/49		50,000		46,618
Kinder Morgan Energy Partners LP
5.00%	08/15/42		242,000		272,492
Kinder Morgan Inc.
4.30%	06/01/25		115,000		129,196
5.05%	02/15/46		50,000		57,361


		Principal Amount		Fair Value
5.30%	12/01/34	$	100,000	$	114,878
KLA Corp.
4.65%	11/01/24		115,000		131,689
Kohl’s Corp.
9.50%	05/15/25		30,000		34,245
Koninklijke Philips N.V.
6.88%	03/11/38		100,000		150,561
Kreditanstalt fuer Wiederaufbau
1.63%	02/15/23		1,000,000		1,035,000
1.75%	09/15/21		100,000		101,788
2.00%	09/29/22 - 05/02/25		250,000		264,990
2.38%	12/29/22		300,000		315,696
2.50%	02/15/22		200,000		207,248
2.63%	02/28/24		225,000		243,740
2.88%	04/03/28		175,000		203,660
L3Harris Technologies Inc.
3.83%	04/27/25		50,000		55,935
3.85%	12/15/26		100,000		114,605
4.85%	04/27/35		40,000		50,854
Laboratory Corporation of America Holdings
4.00%	11/01/23		100,000		109,030
Lam Research Corp.
3.80%	03/15/25		115,000		130,051
Landwirtschaftliche Rentenbank
0.50%	05/27/25		175,000		175,220
2.50%	11/15/27		100,000		112,666
Las Vegas Sands Corp.
2.90%	06/25/25		65,000		63,092
3.90%	08/08/29		40,000		39,455
Lazard Group LLC
4.38%	03/11/29		50,000		55,916
Lear Corp.
4.25%	05/15/29		25,000		25,639
5.25%	05/15/49		25,000		25,288
Leggett & Platt Inc.
3.50%	11/15/27		50,000		50,883
4.40%	03/15/29		100,000		106,951
Life Storage LP
4.00%	06/15/29		50,000		54,659
Lincoln National Corp.
3.63%	12/12/26		50,000		55,123
4.20%	03/15/22		117,000		123,392
4.38%	06/15/50		55,000		62,705
Lloyds Banking Group PLC
3.00%	01/11/22		100,000		103,186
3.90%	03/12/24		100,000		108,714
4.45%	05/08/25		100,000		112,593
4.65%	03/24/26		50,000		55,981
Lloyds Banking Group PLC (2.86% fixed rate until 03/23/22; 1.25% + 3 month USD LIBOR thereafter)
2.86%	03/17/23		100,000		103,011	(f)
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter)
3.87%	07/09/25		300,000		326,370	(f)
Lockheed Martin Corp.
2.80%	06/15/50		50,000		52,499
3.60%	03/01/35		55,000		66,037
4.70%	05/15/46		150,000		204,804
Loews Corp.
2.63%	05/15/23		100,000		105,586
Lowe’s Companies Inc.
2.50%	04/15/26		130,000		140,621
3.38%	09/15/25		30,000		33,563
5.00%	04/15/40		500,000		648,660
LYB International Finance BV
4.88%	03/15/44		100,000		117,340
LYB International Finance II BV
3.50%	03/02/27		100,000		109,007
LyondellBasell Industries N.V.
6.00%	11/15/21		100,000		105,673
M&T Bank Corp.
3.55%	07/26/23		50,000		54,265

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Magellan Midstream Partners LP
3.25%	06/01/30	$	250,000	$	264,670
Manulife Financial Corp.
2.48%	05/19/27		140,000		146,842
Marathon Petroleum Corp.
3.80%	04/01/28		30,000		31,863
4.50%	04/01/48		25,000		25,692
4.75%	12/15/23		50,000		54,882
5.13%	12/15/26		50,000		57,800
Markel Corp.
3.50%	11/01/27		50,000		53,458
Marriott International Inc.
4.00%	04/15/28		50,000		49,559
4.63%	06/15/30		90,000		93,424
5.75%	05/01/25		40,000		43,468
Marsh & McLennan Companies Inc.
3.88%	03/15/24		100,000		110,848
4.38%	03/15/29		25,000		30,079
4.75%	03/15/39		100,000		128,302
4.90%	03/15/49		15,000		20,387
Martin Marietta Materials Inc.
3.50%	12/15/27		50,000		55,009
Masco Corp.
4.38%	04/01/26		40,000		45,439
Massachusetts Institute of Technology
3.89%	07/01/16		126,000		156,852
Mastercard Inc.
2.00%	03/03/25		100,000		105,811
2.95%	11/21/26		100,000		112,293
McDonald’s Corp.
1.45%	09/01/25		30,000		30,783
2.13%	03/01/30		30,000		30,798
3.50%	07/01/27		200,000		227,430
3.63%	09/01/49		55,000		60,945
3.70%	02/15/42		150,000		167,101
3.80%	04/01/28		50,000		58,464
McKesson Corp.
3.80%	03/15/24		150,000		164,877
Mead Johnson Nutrition Co.
4.13%	11/15/25		110,000		127,346
Medtronic Inc.
4.63%	03/15/45		82,000		110,109
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		95,000		120,873
Merck & Company Inc.
0.75%	02/24/26		115,000		114,917
1.45%	06/24/30		105,000		105,218
2.35%	06/24/40		145,000		148,001
2.40%	09/15/22		128,000		133,210
2.75%	02/10/25		70,000		75,991
3.40%	03/07/29		25,000		28,913
3.90%	03/07/39		25,000		30,861
4.00%	03/07/49		115,000		148,573
Mercy Health
4.30%	07/01/28		100,000		112,904
MetLife Inc.
4.13%	08/13/42		50,000		58,646
6.50%	12/15/32		150,000		219,103
Micron Technology Inc.
2.50%	04/24/23		300,000		311,787
4.64%	02/06/24		15,000		16,493
4.66%	02/15/30		100,000		116,317
Microsoft Corp.
1.55%	08/08/21		50,000		50,687
2.40%	02/06/22 - 08/08/26		600,000		648,867
2.53%	06/01/50		212,000		221,093
2.88%	02/06/24		50,000		53,955
3.45%	08/08/36		200,000		240,974
3.50%	02/12/35		65,000		79,114
3.70%	08/08/46		500,000		625,170
4.10%	02/06/37		63,000		81,376


		Principal Amount		Fair Value
Mid-America Apartments LP
4.20%	06/15/28	$	100,000	$	115,337
MidAmerican Energy Co.
4.25%	07/15/49		200,000		259,442
Mitsubishi UFJ Financial Group Inc.
2.19%	02/25/25		500,000		516,730
2.76%	09/13/26		50,000		53,326
3.22%	03/07/22		100,000		104,035
3.46%	03/02/23		100,000		106,688
3.78%	03/02/25		100,000		110,557
3.96%	03/02/28		100,000		114,849
4.05%	09/11/28		100,000		115,879
4.15%	03/07/39		70,000		83,873
Mizuho Financial Group Inc.
3.55%	03/05/23		100,000		107,016
4.02%	03/05/28		100,000		113,490
Mizuho Financial Group Inc. (2.84% fixed rate until 07/16/24; 0.98% + 3 month USD LIBOR thereafter)
2.84%	07/16/25		100,000		104,988	(f)
Mizuho Financial Group Inc.(2.72% fixed rate until 07/16/22; 0.84% + 3 month USD LIBOR thereafter)
2.72%	07/16/23		300,000		309,900	(f)
Mohawk Industries Inc.
3.63%	05/15/30		300,000		328,476
Molson Coors Beverage Co.
3.00%	07/15/26		95,000		98,430
Mondelez International Inc.
2.13%	04/13/23		300,000		310,695
4.13%	05/07/28		100,000		118,533
Moody’s Corp.
3.25%	05/20/50		300,000		323,649
4.88%	02/15/24 - 12/17/48		150,000		188,223
Morgan Stanley
2.63%	11/17/21		100,000		102,734
2.75%	05/19/22		100,000		103,818
3.13%	01/23/23		100,000		106,059
3.95%	04/23/27		50,000		56,077
4.00%	07/23/25		95,000		107,658
4.10%	05/22/23		150,000		162,054
4.35%	09/08/26		50,000		57,555
4.88%	11/01/22		150,000		163,105
5.50%	07/28/21		98,000		103,165
Morgan Stanley (2.19% fixed rate until 04/28/25; 1.99% + SOFR thereafter)
2.19%	04/28/26		335,000		349,124	(f)
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72%	07/22/25		15,000		15,879	(f)
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62%	04/01/31		500,000		571,520	(f)
Morgan Stanley (3.74% fixed rate until 04/24/23; 0.85% + 3 month USD LIBOR thereafter)
3.74%	04/24/24		110,000		118,518	(f)
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter)
3.77%	01/24/29		100,000		113,844	(f)
Morgan Stanley (4.43% fixed rate until 01/23/29; 1.63% + 3 month USD LIBOR thereafter)
4.43%	01/23/30		100,000		119,149	(f)
Morgan Stanley (4.46% fixed rate until 04/22/38; 1.43% + 3 month USD LIBOR thereafter)
4.46%	04/22/39		100,000		125,861	(f)
Morgan Stanley (5.60% fixed rate until 03/24/2050; 4.84% + SOFR thereafter)
5.60%	03/24/51		200,000		303,716	(f)
Motorola Solutions Inc.
4.60%	02/23/28		100,000		113,373
MPLX LP
4.00%	03/15/28		35,000		36,997
4.25%	12/01/27		35,000		38,077
4.50%	04/15/38		30,000		29,972
4.70%	04/15/48		25,000		25,464
4.80%	02/15/29		70,000		77,862
4.90%	04/15/58		25,000		24,575
5.50%	02/15/49		70,000		77,545

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
MUFG Americas Holdings Corp.
3.00%	02/10/25	$	120,000	$	129,589
MUFG Union Bank NA
3.15%	04/01/22		400,000		416,960
Mylan Inc.
4.55%	04/15/28		100,000		115,639
Nasdaq Inc.
3.25%	04/28/50		20,000		20,935
National Australia Bank Ltd.
2.80%	01/10/22		100,000		103,430
National Bank of Canada
2.10%	02/01/23		300,000		308,376
National Fuel Gas Co.
4.75%	09/01/28		50,000		50,557
National Oilwell Varco Inc.
3.60%	12/01/29		100,000		97,632
National Retail Properties Inc.
3.60%	12/15/26		100,000		105,889
National Rural Utilities Cooperative Finance Corp.
2.40%	03/15/30		200,000		214,180
3.40%	02/07/28		100,000		112,587
3.70%	03/15/29		50,000		57,724
4.40%	11/01/48		10,000		12,760
Newmont Corp.
2.25%	10/01/30		65,000		65,798
Nexen Inc.
6.40%	05/15/37		100,000		142,545
NextEra Energy Capital Holdings Inc.
2.40%	09/01/21		50,000		51,100
2.75%	05/01/25 - 11/01/29		330,000		357,515
3.15%	04/01/24		100,000		108,589
3.50%	04/01/29		100,000		113,287
NIKE Inc.
2.38%	11/01/26		50,000		54,639
2.40%	03/27/25		100,000		107,871
3.25%	03/27/40		100,000		111,899
NiSource Inc.
2.65%	11/17/22		40,000		41,770
3.60%	05/01/30		200,000		229,150
3.65%	06/15/23		100,000		108,017
4.38%	05/15/47		100,000		121,873
Noble Energy Inc.
3.25%	10/15/29		100,000		91,011
Nordic Investment Bank
0.38%	05/19/23		300,000		300,840
Nordstrom Inc.
4.38%	04/01/30		35,000		27,441
Norfolk Southern Corp.
3.05%	05/15/50		250,000		260,672
3.80%	08/01/28		30,000		34,660
3.94%	11/01/47		60,000		70,974
Northern States Power Co.
2.60%	06/01/51		200,000		204,104
Northern Trust Corp.
1.95%	05/01/30		190,000		196,065
3.65%	08/03/28		100,000		116,311
Northrop Grumman Corp.
2.55%	10/15/22		100,000		104,304
2.93%	01/15/25		50,000		54,029
3.25%	01/15/28		65,000		72,506
4.03%	10/15/47		75,000		90,207
Northwell Healthcare Inc.
3.81%	11/01/49		50,000		51,923
Northwestern University
3.66%	12/01/57		10,000		12,534
Novartis Capital Corp.
2.20%	08/14/30		250,000		264,260
2.40%	09/21/22		102,000		106,232
3.00%	11/20/25		50,000		55,473
NSTAR Electric Co.
3.20%	05/15/27		100,000		112,239


		Principal Amount		Fair Value
Nucor Corp.
2.00%	06/01/25	$	35,000	$	36,248
2.70%	06/01/30		30,000		31,485
Nutrien Ltd.
3.63%	03/15/24		150,000		162,220
4.00%	12/15/26		100,000		112,500
5.00%	04/01/49		50,000		63,851
NXP BV/NXP Funding LLC
5.55%	12/01/28		100,000		122,075	(c)
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70%	05/01/25		320,000		335,085	(c)
O’Reilly Automotive Inc.
4.35%	06/01/28		100,000		116,979
Oesterreichische Kontrollbank AG
1.50%	02/12/25		300,000		313,191
2.63%	01/31/22		150,000		155,455
2.88%	09/07/21		100,000		103,035
Ohio Power Co.
4.15%	04/01/48		100,000		123,433
Oklahoma Gas & Electric Co.
3.30%	03/15/30		50,000		54,386
Omega Healthcare Investors Inc.
4.50%	04/01/27		100,000		104,872
Omnicom Group Inc./Omnicom Capital Inc.
3.63%	05/01/22		100,000		105,429
Oncor Electric Delivery Company LLC
2.75%	06/01/24		100,000		107,566
3.70%	11/15/28		100,000		117,263
3.80%	06/01/49		100,000		121,372
ONE Gas Inc.
4.50%	11/01/48		20,000		25,388
ONEOK Inc.
4.35%	03/15/29		50,000		52,380
6.35%	01/15/31		250,000		294,015
7.15%	01/15/51		225,000		274,284
ONEOK Partners LP
6.13%	02/01/41		162,000		174,359
Oracle Corp.
1.90%	09/15/21		500,000		508,365
2.50%	04/01/25		300,000		321,615
2.65%	07/15/26		100,000		108,160
2.80%	04/01/27		300,000		327,519
3.25%	05/15/30		50,000		56,685
3.60%	04/01/50		500,000		560,655
3.63%	07/15/23		125,000		136,324
4.00%	07/15/46		100,000		117,670
4.30%	07/08/34		100,000		124,361
Orange S.A.
9.00%	03/01/31		50,000		81,306
ORIX Corp.
4.05%	01/16/24		100,000		109,298
Otis Worldwide Corp.
2.06%	04/05/25		20,000		20,970	(c)
2.29%	04/05/27		20,000		20,903	(c)
2.57%	02/15/30		20,000		21,004	(c)
3.11%	02/15/40		50,000		51,354	(c)
3.36%	02/15/50		30,000		31,610	(c)
Owens Corning
3.88%	06/01/30		350,000		369,222
PACCAR Financial Corp.
0.80%	06/08/23		70,000		70,342
1.80%	02/06/25		35,000		36,441
Pacific Gas & Electric Co.
1.75%	06/16/22		50,000		50,100
2.50%	02/01/31		100,000		98,122
Pacific Gas & Electric Co.
3.30%	08/01/40		100,000		97,875
PacifiCorp
3.30%	03/15/51		200,000		219,984
4.15%	02/15/50		50,000		62,868
6.25%	10/15/37		153,000		221,789
Packaging Corporation of America
3.40%	12/15/27		35,000		38,516

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Parker-Hannifin Corp.
4.00%	06/14/49	$	20,000	$	22,951
4.20%	11/21/34		100,000		119,159
PayPal Holdings Inc.
2.30%	06/01/30		255,000		266,215
2.40%	10/01/24		35,000		37,191
2.85%	10/01/29		30,000		32,679
PepsiCo Inc.
2.25%	03/19/25		500,000		534,385
2.75%	03/01/23		150,000		158,635
2.88%	10/15/49		25,000		27,070
3.00%	10/15/27		100,000		112,173
3.38%	07/29/49		35,000		40,152
3.45%	10/06/46		50,000		57,982
PerkinElmer Inc.
3.30%	09/15/29		15,000		16,068
Pfizer Inc.
1.70%	05/28/30		100,000		101,689
2.55%	05/28/40		100,000		103,450
2.70%	05/28/50		90,000		92,910
2.80%	03/11/22		100,000		104,065
3.00%	09/15/21		120,000		123,812
3.20%	09/15/23		125,000		135,156
3.45%	03/15/29		50,000		58,329
3.60%	09/15/28		50,000		58,938
3.90%	03/15/39		125,000		153,947
4.00%	12/15/36 - 03/15/49		125,000		154,439
4.30%	06/15/43		100,000		128,142
Philip Morris International Inc.
1.13%	05/01/23		85,000		86,368
2.88%	05/01/24		150,000		161,091
3.13%	03/02/28		50,000		56,125
3.38%	08/15/29		50,000		56,807
3.88%	08/21/42		92,000		104,465
Phillips 66
3.70%	04/06/23		300,000		321,534
3.90%	03/15/28		50,000		56,243
4.88%	11/15/44		45,000		55,676
Phillips 66 Partners LP
3.15%	12/15/29		50,000		51,455
3.75%	03/01/28		10,000		10,681
4.68%	02/15/45		10,000		10,612
Pinnacle West Capital Corp.
1.30%	06/15/25		150,000		152,121
Plains All American Pipeline LP/PAA Finance Corp.
3.80%	09/15/30		200,000		196,738
3.85%	10/15/23		100,000		103,735
4.50%	12/15/26		100,000		105,986
PNC Bank NA
2.55%	12/09/21		150,000		154,200
2.95%	02/23/25		100,000		108,816
3.10%	10/25/27		100,000		112,144
PPG Industries Inc.
3.75%	03/15/28		50,000		58,105
PPL Capital Funding Inc.
4.13%	04/15/30		300,000		341,931
PPL Electric Utilities Corp.
4.15%	06/15/48		100,000		125,192
President & Fellows of Harvard College
3.15%	07/15/46		50,000		57,668
Principal Financial Group Inc.
2.13%	06/15/30		200,000		202,012
3.40%	05/15/25		50,000		54,905
Prologis LP (REIT)
4.25%	08/15/23		150,000		165,993
4.38%	02/01/29		65,000		79,591
Providence St Joseph Health Obligated Group
2.53%	10/01/29		20,000		20,884
3.93%	10/01/48		20,000		22,303
Prudential Financial Inc.
3.70%	03/13/51		50,000		54,873
3.94%	12/07/49		90,000		102,394


		Principal Amount		Fair Value
4.35%	02/25/50	$	100,000	$	119,552
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70%	09/15/48		100,000		111,768	(f)
Public Service Company of Colorado
3.70%	06/15/28		50,000		58,148
4.10%	06/15/48		30,000		37,646
Public Service Electric & Gas Co.
2.38%	05/15/23		100,000		104,555
2.70%	05/01/50		50,000		51,440
3.15%	01/01/50		200,000		221,678
3.20%	08/01/49		90,000		100,150
3.65%	09/01/28		25,000		28,875
Public Service Enterprise Group Inc.
2.88%	06/15/24		15,000		16,035
Public Storage
3.39%	05/01/29		30,000		34,659
Puget Energy Inc.
3.65%	05/15/25		50,000		53,423
4.10%	06/15/30		125,000		138,431	(c)
QUALCOMM Inc.
2.15%	05/20/30		150,000		156,534
3.25%	05/20/50		115,000		126,339
4.30%	05/20/47		100,000		125,312
4.65%	05/20/35		50,000		66,220
Quest Diagnostics Inc.
2.80%	06/30/31		235,000		246,957
4.25%	04/01/24		50,000		55,535
Ralph Lauren Corp.
1.70%	06/15/22		25,000		25,442
Raytheon Technologies Corp.
2.25%	07/01/30		250,000		259,932
3.13%	07/01/50		250,000		264,965
3.95%	08/16/25		15,000		17,092
4.13%	11/16/28		30,000		35,310
4.45%	11/16/38		160,000		195,398
4.50%	06/01/42		158,000		196,440
4.63%	11/16/48		15,000		19,415
Realty Income Corp.
3.25%	01/15/31		20,000		21,704
4.65%	08/01/23		100,000		110,408
Regency Centers LP
4.13%	03/15/28		50,000		54,620
Regions Financial Corp.
3.80%	08/14/23		100,000		108,724
Reinsurance Group of America Inc.
3.90%	05/15/29		50,000		54,255
RELX Capital Inc.
3.50%	03/16/23		30,000		31,961
4.00%	03/18/29		25,000		28,857
RenaissanceRe Holdings Ltd.
3.60%	04/15/29		25,000		27,404
Republic Services Inc.
2.50%	08/15/24		70,000		74,451
3.05%	03/01/50		50,000		51,366
Reynolds American Inc.
4.45%	06/12/25		100,000		112,689
Rio Tinto Finance USA Ltd.
5.20%	11/02/40		150,000		209,943
Rockwell Automation Inc.
3.50%	03/01/29		45,000		50,750
Rogers Communications Inc.
2.90%	11/15/26		100,000		109,767
3.00%	03/15/23		50,000		53,120
3.63%	12/15/25		60,000		67,998
3.70%	11/15/49		100,000		110,908
Roper Technologies Inc.
2.00%	06/30/30		115,000		115,490
3.80%	12/15/26		100,000		113,970
Ross Stores Inc.
5.45%	04/15/50		300,000		387,138

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Royal Bank of Canada
1.15%	06/10/25	$	140,000	$	140,470
1.60%	04/17/23		80,000		81,986
1.95%	01/17/23		30,000		30,953
2.75%	02/01/22		50,000		51,848
2.80%	04/29/22		100,000		104,081
Royal Bank of Scotland Group PLC
3.88%	09/12/23		100,000		107,805
5.13%	05/28/24		80,000		87,297
6.00%	12/19/23		75,000		84,013
6.10%	06/10/23		35,000		38,722
6.13%	12/15/22		85,000		92,694
Royal Bank of Scotland Group PLC (3.07% fixed rate until 05/22/27; 2.55% + 1 year CMT Rate thereafter)
3.07%	05/22/28		200,000		210,182	(f)
Royal Bank of Scotland Group PLC (4.89% fixed rate until 05/18/28; 1.75% + 3 month USD LIBOR thereafter)
4.89%	05/18/29		100,000		117,654	(f)
RPM International Inc.
4.25%	01/15/48		50,000		50,218
Ryder System Inc.
3.40%	03/01/23		50,000		52,485
4.63%	06/01/25		200,000		223,428
S&P Global Inc.
4.40%	02/15/26		100,000		118,044
Sabine Pass Liquefaction LLC
4.50%	05/15/30		225,000		249,534	(c)
5.63%	03/01/25		135,000		154,618
5.75%	05/15/24		35,000		39,428
Sabra Health Care LP
3.90%	10/15/29		25,000		22,800
San Diego Gas & Electric Co.
3.60%	09/01/23		100,000		106,184
Sanofi
3.63%	06/19/28		100,000		117,956
Santander Holdings USA Inc.
3.40%	01/18/23		50,000		52,119
3.50%	06/07/24		100,000		105,102
4.40%	07/13/27		50,000		54,137
4.45%	12/03/21		100,000		103,936
Santander UK Group Holdings PLC (3.37% fixed rate until 01/05/23; 1.08% + 3 month USD LIBOR thereafter)
3.37%	01/05/24		100,000		104,869	(f)
Santander UK PLC
2.88%	06/18/24		100,000		106,550
Seagate HDD Cayman
4.13%	01/15/31		35,000		36,992	(c)
Sempra Energy
3.80%	02/01/38		100,000		108,064
4.05%	12/01/23		50,000		54,440
Shell International Finance BV
2.38%	04/06/25		300,000		318,612
2.75%	04/06/30		200,000		216,988
3.13%	11/07/49		100,000		104,809
3.25%	04/06/50		100,000		107,022
3.50%	11/13/23		140,000		152,456
4.00%	05/10/46		50,000		58,774
4.13%	05/11/35		150,000		181,819
4.38%	05/11/45		100,000		122,554
Shire Acquisitions Investments Ireland DAC
3.20%	09/23/26		50,000		55,537
Simon Property Group LP
2.00%	09/13/24		100,000		102,208
2.45%	09/13/29		100,000		98,418
2.75%	02/01/23		121,000		125,341
3.25%	09/13/49		100,000		91,379
SL Green Operating Partnership LP
3.25%	10/15/22		30,000		30,021
Snap-on Inc.
3.10%	05/01/50		15,000		15,442
Southern California Edison Co.
3.40%	06/01/23		100,000		106,311
3.60%	02/01/45		125,000		134,799


		Principal Amount		Fair Value
3.65%	02/01/50	$	200,000	$	220,768
4.20%	03/01/29		100,000		115,887
Southern California Gas Co.
2.55%	02/01/30		50,000		54,018
Southern Copper Corp.
5.88%	04/23/45		155,000		198,028
Southwest Airlines Co.
3.00%	11/15/26		100,000		97,306
5.13%	06/15/27		140,000		145,223
Southwestern Electric Power Co.
3.85%	02/01/48		100,000		104,123
Southwestern Public Service Co.
3.15%	05/01/50		100,000		105,755
Spectra Energy Partners LP
3.50%	03/15/25		50,000		54,672
Spirit Realty LP
3.40%	01/15/30		25,000		23,572
SSM Health Care Corp.
3.69%	06/01/23		10,000		10,736
Stanley Black & Decker Inc.
2.30%	03/15/30		50,000		51,952
2.90%	11/01/22		50,000		52,733
Starbucks Corp.
2.00%	03/12/27		25,000		26,199
2.25%	03/12/30		25,000		25,989
2.55%	11/15/30		250,000		262,502
3.10%	03/01/23		50,000		53,152
3.35%	03/12/50		15,000		15,316
3.50%	03/01/28 - 11/15/50		350,000		372,456
3.75%	12/01/47		35,000		37,531
Steel Dynamics Inc.
2.40%	06/15/25		15,000		15,462
3.25%	01/15/31		40,000		40,948
Stifel Financial Corp.
4.00%	05/15/30		200,000		211,970
Stryker Corp.
1.95%	06/15/30		100,000		100,647
2.90%	06/15/50		45,000		45,068
3.65%	03/07/28		50,000		57,581
Sumitomo Mitsui Financial Group Inc.
1.47%	07/08/25		200,000		200,308	(e)
2.70%	07/16/24		100,000		105,817
2.75%	01/15/30		300,000		317,568
2.78%	10/18/22		100,000		104,579
3.01%	10/19/26		100,000		108,876
3.35%	10/18/27		50,000		54,710
3.94%	10/16/23		100,000		109,710
4.31%	10/16/28		100,000		117,195
Suncor Energy Inc.
3.10%	05/15/25		75,000		80,081
6.85%	06/01/39		50,000		64,854
Sunoco Logistics Partners Operations LP
5.95%	12/01/25		50,000		57,075
Svensk Exportkredit AB
1.63%	11/14/22		200,000		205,750
Synchrony Financial
2.85%	07/25/22		15,000		15,251
3.95%	12/01/27		100,000		103,802
4.38%	03/19/24		35,000		36,994
Sysco Corp.
2.40%	02/15/30		15,000		14,822
3.30%	02/15/50		20,000		18,882
6.60%	04/01/40		200,000		270,618
T-Mobile USA Inc.
3.75%	04/15/27		300,000		332,586	(c)
4.38%	04/15/40		300,000		347,316	(c)
4.50%	04/15/50		200,000		235,630	(c)
Takeda Pharmaceutical Company Ltd.
2.05%	03/31/30		200,000		200,218	(e)
3.18%	07/09/50		200,000		200,456	(e)
4.00%	11/26/21		100,000		104,302
4.40%	11/26/23		50,000		55,666
5.00%	11/26/28		50,000		61,651

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Tampa Electric Co.
4.30%	06/15/48	$	50,000	$	62,211
Target Corp.
2.25%	04/15/25		100,000		106,967
3.38%	04/15/29		50,000		57,668
3.90%	11/15/47		50,000		63,756
4.00%	07/01/42		150,000		188,691
TC PipeLines LP
3.90%	05/25/27		100,000		105,149
TD Ameritrade Holding Corp.
2.95%	04/01/22		150,000		155,848
Teck Resources Ltd.
6.25%	07/15/41		100,000		109,450
Telefonica Emisiones S.A.
4.10%	03/08/27		100,000		114,309
4.90%	03/06/48		50,000		60,473
5.52%	03/01/49		500,000		653,605
TELUS Corp.
4.60%	11/16/48		50,000		60,827
Texas Instruments Inc.
1.75%	05/04/30		35,000		35,585
3.88%	03/15/39		100,000		123,963
Textron Inc.
3.90%	09/17/29		50,000		52,858
The Allstate Corp.
4.20%	12/15/46		100,000		124,160
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%	08/15/53		50,000		51,749	(f)
The Asian Infrastructure Investment Bank
2.25%	05/16/24		300,000		320,940
The Bank of New York Mellon Corp.
1.60%	04/24/25		300,000		310,914
2.10%	10/24/24		300,000		315,999
2.80%	05/04/26		30,000		33,267
3.00%	02/24/25		105,000		114,888
3.45%	08/11/23		100,000		108,547
3.50%	04/28/23		100,000		107,984
3.85%	04/28/28		100,000		120,335
The Bank of Nova Scotia
2.00%	11/15/22		100,000		103,052
2.20%	02/03/25		300,000		315,222
2.70%	08/03/26		300,000		327,123
The Boeing Co.
2.30%	08/01/21		15,000		15,100
2.95%	02/01/30		50,000		48,944
3.10%	05/01/26		100,000		101,888
3.20%	03/01/29		50,000		49,385
3.38%	06/15/46		150,000		124,122
3.75%	02/01/50		50,000		44,893
4.51%	05/01/23		300,000		317,034
4.88%	05/01/25		255,000		277,988
5.04%	05/01/27		300,000		330,879
5.71%	05/01/40		300,000		339,321
5.81%	05/01/50		100,000		118,370
5.93%	05/01/60		300,000		353,778
The Charles Schwab Corp.
3.85%	05/21/25		50,000		56,781
The Clorox Co.
3.50%	12/15/24		50,000		55,720
The Coca-Cola Co.
1.65%	06/01/30		135,000		137,526
2.13%	09/06/29		100,000		106,729
2.50%	06/01/40		70,000		72,204
2.60%	06/01/50		200,000		201,842
2.95%	03/25/25		100,000		110,081
The Dayton Power & Light Co.
3.95%	06/15/49		15,000		15,533
The Dow Chemical Co.
4.38%	11/15/42		137,000		152,810


		Principal Amount		Fair Value
The Estee Lauder Companies Inc.
2.00%	12/01/24	$	20,000	$	21,066
2.38%	12/01/29		20,000		21,457
3.13%	12/01/49		30,000		32,692
The George Washington University
4.13%	09/15/48		50,000		61,158
The Georgetown University
2.94%	04/01/50		10,000		9,979
The Goldman Sachs Group Inc.
2.60%	02/07/30		95,000		99,611
3.00%	04/26/22		100,000		101,829
3.50%	04/01/25 - 11/16/26		550,000		603,262
3.63%	02/20/24		380,000		413,235
3.80%	03/15/30		500,000		567,995
3.85%	07/08/24		50,000		54,917
4.80%	07/08/44		100,000		130,293
5.75%	01/24/22		600,000		647,226
6.25%	02/01/41		50,000		74,996
6.75%	10/01/37		100,000		144,045
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88%	10/31/22		100,000		102,578	(f)
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02%	10/31/38		100,000		115,602	(f)
The Hartford Financial Services Group Inc.
4.40%	03/15/48		100,000		119,350
The Hershey Co.
2.65%	06/01/50		60,000		60,864
3.38%	05/15/23		50,000		53,953
The Home Depot Inc.
2.13%	09/15/26		45,000		48,467
2.63%	06/01/22		590,000		615,435
2.95%	06/15/29		300,000		336,729
3.13%	12/15/49		50,000		54,763
3.30%	04/15/40		500,000		565,770
3.90%	12/06/28		100,000		119,884
4.20%	04/01/43		50,000		61,737
The Interpublic Group of Companies Inc.
4.65%	10/01/28		10,000		11,603
The JM Smucker Co.
3.38%	12/15/27		100,000		110,252
The Kroger Co.
3.85%	08/01/23		150,000		162,903
4.50%	01/15/29		100,000		122,030
5.40%	01/15/49		100,000		139,370
The Mosaic Co.
3.25%	11/15/22		50,000		51,176
4.05%	11/15/27		50,000		52,981
The New York and Presbyterian Hospital
3.95%	08/01/19		35,000		37,651
The PNC Financial Services Group Inc.
2.20%	11/01/24		50,000		52,947
3.45%	04/23/29		300,000		344,085
3.50%	01/23/24		110,000		120,277
The Procter & Gamble Co.
1.70%	11/03/21		100,000		101,794
2.45%	11/03/26		100,000		109,943
3.55%	03/25/40		100,000		119,916
The Progressive Corp.
4.35%	04/25/44		100,000		127,014
The Sherwin-Williams Co.
3.95%	01/15/26		100,000		112,820
4.20%	01/15/22		100,000		104,185
The Southern Co.
3.70%	04/30/30		200,000		227,850
The Timken Co.
4.50%	12/15/28		20,000		21,562
The Toronto-Dominion Bank
2.65%	06/12/24		100,000		106,997
3.25%	03/11/24		100,000		108,753
The Travelers Companies Inc.
4.00%	05/30/47		100,000		122,516
5.35%	11/01/40		100,000		140,467

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
The Walt Disney Co.
2.65%	01/13/31	$	260,000	$	276,385
3.35%	03/24/25		500,000		554,845
3.38%	11/15/26		100,000		112,353
3.60%	01/13/51		250,000		277,475
6.65%	11/15/37		79,000		117,748
The Western Union Co.
3.60%	03/15/22		150,000		155,980
The Williams Companies Inc.
3.50%	11/15/30		300,000		314,484
3.70%	01/15/23		10,000		10,574
4.55%	06/24/24		40,000		44,362
4.85%	03/01/48		70,000		76,420
5.10%	09/15/45		150,000		163,951
5.75%	06/24/44		15,000		17,327
5.80%	11/15/43		150,000		170,118
Thermo Fisher Scientific Inc.
2.60%	10/01/29		50,000		54,022
4.13%	03/25/25		300,000		342,177
4.15%	02/01/24		25,000		27,709
4.50%	03/25/30		300,000		369,654
Time Warner Cable LLC
4.50%	09/15/42		150,000		160,018
Total Capital International S.A.
2.43%	01/10/25		50,000		53,082
3.13%	05/29/50		150,000		153,696
3.46%	02/19/29		100,000		113,124
Total Capital S.A.
3.88%	10/11/28		25,000		28,978
Toyota Motor Credit Corp.
2.60%	01/11/22		100,000		103,016
2.70%	01/11/23		100,000		105,049
2.90%	03/30/23		400,000		423,356
3.45%	09/20/23		50,000		54,222
3.65%	01/08/29		100,000		116,748
Trane Technologies Global Holding Company Ltd.
4.25%	06/15/23		100,000		109,809
Trane Technologies Luxembourg Finance S.A.
4.50%	03/21/49		100,000		117,930
TransCanada PipeLines Ltd.
4.10%	04/15/30		300,000		342,435
4.25%	05/15/28		50,000		57,165
5.10%	03/15/49		50,000		63,636
7.63%	01/15/39		100,000		152,242
Transcontinental Gas Pipe Line Company LLC
3.95%	05/15/50		200,000		215,622	(c)
4.00%	03/15/28		100,000		110,983
Truist Bank
2.63%	01/15/22		100,000		103,059
2.80%	05/17/22		50,000		52,032
3.00%	02/02/23		100,000		105,730
3.20%	04/01/24		50,000		54,360
Truist Financial Corp.
1.95%	06/05/30		135,000		137,986
2.20%	03/16/23		300,000		311,424
2.85%	10/26/24		50,000		53,934
3.75%	12/06/23		100,000		109,515
4.00%	05/01/25		50,000		56,883
Tucson Electric Power Co.
4.85%	12/01/48		50,000		64,627
TWDC Enterprises 18 Corp.
3.00%	07/30/46		60,000		60,809
Tyson Foods Inc.
4.00%	03/01/26		15,000		17,164
4.88%	08/15/34		70,000		87,900
5.10%	09/28/48		35,000		45,136
U.S. Bancorp
3.95%	11/17/25		100,000		115,763
U.S. Bancorp
2.63%	01/24/22		100,000		103,233
3.00%	07/30/29		400,000		435,212


		Principal Amount		Fair Value
U.S. Bank NA
1.80%	01/21/22	$	250,000	$	255,067
2.80%	01/27/25		50,000		54,420
UDR Inc.
4.40%	01/26/29		50,000		58,274
Unilever Capital Corp.
2.00%	07/28/26		50,000		53,075
2.90%	05/05/27		100,000		111,107
Union Electric Co.
2.95%	06/15/27		100,000		109,446
3.50%	03/15/29		25,000		28,524
3.65%	04/15/45		35,000		40,137
Union Pacific Corp.
2.15%	02/05/27		300,000		317,856
3.00%	04/15/27		100,000		110,606
3.50%	06/08/23		50,000		54,285
3.55%	08/15/39		15,000		16,793
3.70%	03/01/29		65,000		75,924
3.84%	03/20/60		105,000		122,559
3.95%	09/10/28 - 08/15/59		50,000		59,116
4.38%	09/10/38		15,000		18,476
United Parcel Service Inc.
2.45%	10/01/22		75,000		78,238
3.05%	11/15/27		50,000		56,403
3.75%	11/15/47		50,000		57,908
3.90%	04/01/25		100,000		113,526
UnitedHealth Group Inc.
1.25%	01/15/26		90,000		91,561
2.00%	05/15/30		130,000		136,079
2.38%	08/15/24		300,000		319,332
2.88%	08/15/29		75,000		83,811
2.90%	05/15/50		100,000		105,458
2.95%	10/15/27		100,000		111,625
3.10%	03/15/26		50,000		55,785
3.50%	02/15/24 - 08/15/39		370,000		429,591
3.70%	12/15/25 - 08/15/49		75,000		88,705
3.75%	10/15/47		100,000		119,193
3.88%	12/15/28		15,000		17,913
4.45%	12/15/48		10,000		13,196
4.63%	07/15/35		45,000		58,604
6.88%	02/15/38		100,000		156,847
University of Notre Dame du Lac
3.39%	02/15/48		25,000		29,488
Unum Group
4.50%	12/15/49		30,000		27,712
Vale Overseas Ltd.
6.25%	08/10/26		100,000		117,639
6.88%	11/10/39		100,000		130,493
Valero Energy Corp.
2.85%	04/15/25		25,000		26,414
6.63%	06/15/37		50,000		65,414
Valero Energy Partners LP
4.38%	12/15/26		100,000		113,377
Ventas Realty LP
4.00%	03/01/28		50,000		52,770
4.40%	01/15/29		100,000		109,033
VEREIT Operating Partnership LP
3.40%	01/15/28		100,000		100,918
4.60%	02/06/24		20,000		21,393
4.88%	06/01/26		25,000		27,628
Verisk Analytics Inc.
4.13%	03/15/29		60,000		70,363
Verizon Communications Inc.
2.63%	08/15/26		100,000		108,795
3.38%	02/15/25		100,000		111,289
3.85%	11/01/42		136,000		161,484
3.88%	02/08/29		5,000		5,895
4.02%	12/03/29		500,000		597,785
4.33%	09/21/28		109,000		131,420
4.40%	11/01/34		50,000		61,992
4.52%	09/15/48		350,000		462,630
4.81%	03/15/39		189,000		246,662

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
5.15%	09/15/23	$	100,000	$	114,065
5.25%	03/16/37		100,000		135,866
VF Corp.
2.95%	04/23/30		30,000		31,986
ViacomCBS Inc.
4.00%	01/15/26		50,000		55,725
4.20%	05/19/32		150,000		167,371
4.95%	05/19/50		300,000		333,591
5.85%	09/01/43		100,000		117,768
Virginia Electric & Power Co.
3.80%	04/01/28		100,000		116,328
4.60%	12/01/48		60,000		79,017
4.65%	08/15/43		100,000		128,473
Visa Inc.
1.90%	04/15/27		300,000		313,665
2.15%	09/15/22		100,000		103,826
2.70%	04/15/40		300,000		321,918
4.30%	12/14/45		100,000		132,032
VMware Inc.
4.50%	05/15/25		300,000		327,012
4.65%	05/15/27		200,000		221,140
Vodafone Group PLC
4.25%	09/17/50		55,000		64,093
4.38%	05/30/28 - 02/19/43		205,000		239,496
5.00%	05/30/38		100,000		125,443
5.25%	05/30/48		50,000		64,851
Vornado Realty LP
3.50%	01/15/25		50,000		49,415
Vulcan Materials Co.
4.70%	03/01/48		50,000		57,115
Walgreens Boots Alliance Inc.
3.45%	06/01/26		55,000		59,544
4.50%	11/18/34		155,000		173,273
Walmart Inc.
2.35%	12/15/22		100,000		104,691
3.25%	07/08/29		40,000		46,404
3.40%	06/26/23		50,000		54,367
3.63%	12/15/47		125,000		153,266
3.70%	06/26/28		100,000		118,159
3.95%	06/28/38		540,000		685,033
4.05%	06/29/48		85,000		111,550
Waste Connections Inc.
3.50%	05/01/29		50,000		56,186
Waste Management Inc.
2.90%	09/15/22		150,000		156,769
4.15%	07/15/49		65,000		81,319
Wells Fargo & Co.
2.63%	07/22/22		100,000		104,048
3.75%	01/24/24		500,000		546,360
4.13%	08/15/23		150,000		163,062
4.15%	01/24/29		100,000		117,363
4.40%	06/14/46		50,000		60,206
4.65%	11/04/44		50,000		61,686
4.75%	12/07/46		100,000		128,142
5.61%	01/15/44		69,000		94,639
Wells Fargo & Co. (2.16% fixed rate until 02/11/25; 0.75% + 3 month USD LIBOR thereafter)
2.16%	02/11/26		465,000		479,564	(f)
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19%	04/30/26		425,000		439,463	(f)
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39%	06/02/28		120,000		123,982	(f)
Wells Fargo & Co. (2.41% fixed rate until 10/30/24; 0.83% + 3 month USD LIBOR thereafter)
2.41%	10/30/25		90,000		93,667	(f)
Wells Fargo & Co. (2.57% fixed rate until 01/11/23; 1.00% + 3 month USD LIBOR thereafter)
2.57%	02/11/31		165,000		172,512	(f)
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88%	10/30/30		100,000		106,750	(f)


		Principal Amount		Fair Value
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07%	04/30/41	$	165,000	$	172,217	(f)
Wells Fargo & Co. (5.01% fixed rate until 04/04/50; 4.24% + 3 month USD LIBOR thereafter)
5.01%	04/04/51		500,000		693,925	(f)
Wells Fargo Bank NA
3.55%	08/14/23		50,000		54,191
3.63%	10/22/21		100,000		103,741
Welltower Inc.
2.75%	01/15/31		105,000		104,945
3.63%	03/15/24		25,000		26,695
4.25%	04/15/28		115,000		127,719
Westinghouse Air Brake Technologies Corp.
3.45%	11/15/26		100,000		103,258
Westlake Chemical Corp.
4.38%	11/15/47		50,000		49,297
Westpac Banking Corp.
2.00%	08/19/21		100,000		101,824
2.80%	01/11/22		100,000		103,446
3.30%	02/26/24		100,000		108,847
3.35%	03/08/27		100,000		113,285
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11%	07/24/34		100,000		110,203	(f)
Westpac Banking Corp. (4.32% fixed rate until 11/23/26; 2.24% + 5 Year US ISDA thereafter)
4.32%	11/23/31		100,000		110,965	(f)
Weyerhaeuser Co.
7.38%	03/15/32		100,000		137,157
Whirlpool Corp.
3.70%	05/01/25		50,000		53,949
4.60%	05/15/50		225,000		256,097
Willis North America Inc.
2.95%	09/15/29		85,000		90,164
3.88%	09/15/49		35,000		38,666
4.50%	09/15/28		50,000		58,339
Wisconsin Electric Power Co.
4.30%	10/15/48		10,000		12,315
Wisconsin Power & Light Co.
3.05%	10/15/27		100,000		109,617
Wisconsin Public Service Corp.
3.30%	09/01/49		20,000		21,901
WP Carey Inc.
3.85%	07/15/29		50,000		51,910
WR Berkley Corp.
4.00%	05/12/50		5,000		5,465
WRKCo Inc.
4.20%	06/01/32		50,000		58,495
4.65%	03/15/26		100,000		116,075
WW Grainger Inc.
1.85%	02/15/25		50,000		52,252
Xcel Energy Inc.
3.30%	06/01/25		50,000		54,851
4.00%	06/15/28		100,000		116,990
Xilinx Inc.
2.38%	06/01/30		100,000		103,443
Xylem Inc.
2.25%	01/30/31		175,000		176,368
Zimmer Biomet Holdings Inc.
3.05%	01/15/26		300,000		322,140
3.70%	03/19/23		75,000		79,632
Zoetis Inc.
3.00%	05/15/50		70,000		73,848
4.70%	02/01/43		50,000		65,825
					209,872,895
Non-Agency Collateralized Mortgage Obligations – 0.3%
BANK 2018-BNK14
4.23%	09/15/60		191,106		224,688	(f)
BANK 2019-BNK20
3.01%	09/15/62		50,000		55,325
BANK 2019-BNK21
2.85%	10/17/52		100,000		109,174

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
BANK 2019-BNK22
2.98%	11/15/62	$	50,000	$	55,235
BBCMS Mortgage Trust 2018-C2
4.31%	12/15/51		50,000		59,043
Benchmark 2018-B4 Mortgage Trust
4.12%	07/15/51		100,000		117,545	(f)
Benchmark 2018-B5 Mortgage Trust
4.21%	07/15/51		100,000		117,843
Benchmark 2019-B13 Mortgage Trust
2.95%	08/15/57		100,000		109,846
CD 2017-CD6 Mortgage Trust
3.46%	11/13/50		150,000		167,197
Citigroup Commercial Mortgage Trust 2014-GC21
4.03%	05/10/47		100,000		105,188
Citigroup Commercial Mortgage Trust 2014-GC25
4.02%	10/10/47		300,000		320,322
COMM 2015-LC19 Mortgage Trust
3.18%	02/10/48		150,000		160,863
COMM 2016-DC2 Mortgage Trust
3.77%	02/10/49		190,000		211,164
CSAIL 2018-CX12 Commercial Mortgage Trust
4.22%	08/15/51		200,000		234,421	(f)
GS Mortgage Securities Trust 2015-GC28
3.98%	02/10/48		150,000		153,772
GS Mortgage Securities Trust 2016-GS3
2.78%	10/10/49		80,000		83,557
GS Mortgage Securities Trust 2017-GS5
3.67%	03/10/50		204,729		228,619
GS Mortgage Securities Trust 2019-GC38
3.97%	02/10/52		50,000		58,063
JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20
3.80%	07/15/47		250,000		269,458
JPMBB Commercial Mortgage Securities Trust 2013-C14
3.76%	08/15/46		157,123		162,774	(f)
JPMBB Commercial Mortgage Securities Trust 2014-C22
3.80%	09/15/47		75,000		81,509
JPMDB Commercial Mortgage Securities Trust 2017-C5
3.41%	03/15/50		150,000		163,120
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
3.14%	05/15/49		500,000		526,263
Morgan Stanley Capital I Trust 2016-UBS12
3.60%	12/15/49		150,000		166,388
UBS Commercial Mortgage Trust 2017-C4
3.56%	10/15/50		185,000		206,558
UBS Commercial Mortgage Trust 2018-C15
4.07%	12/15/51		100,000		116,728
Wells Fargo Commercial Mortgage Trust 2012-LC5
2.92%	10/15/45		141,156		145,135
4.69%	10/15/45		220,000		219,933	(f)
Wells Fargo Commercial Mortgage Trust 2017-C41
3.47%	11/15/50		150,000		167,007
Wells Fargo Commercial Mortgage Trust 2018-C46
4.15%	08/15/51		200,000		232,722
WFRBS Commercial Mortgage Trust 2012-C7
3.43%	06/15/45		200,000		206,606
WFRBS Commercial Mortgage Trust 2013-C17
4.02%	12/15/46		35,000		37,757
					5,273,823
Sovereign Bonds – 0.9%
Export Development Canada
1.38%	02/24/23		300,000		308,439
2.50%	01/24/23		200,000		211,178
Export-Import Bank of Korea
1.88%	02/12/25		300,000		311,793
3.00%	11/01/22		200,000		209,886
3.63%	11/27/23		100,000		109,301
Government of Canada
1.63%	01/22/25		300,000		316,344
2.63%	01/25/22		100,000		103,799
Government of Chile
2.45%	01/31/31		200,000		207,744
2.55%	01/27/32		200,000		208,324


		Principal Amount		Fair Value
3.13%	01/21/26	$	100,000	$	109,453
3.50%	01/25/50		100,000		112,861
Government of Colombia
3.00%	01/30/30		200,000		198,048
5.00%	06/15/45		150,000		169,207
6.13%	01/18/41		150,000		187,359
Government of Hungary
5.38%	03/25/24		100,000		113,489
Government of Indonesia
2.85%	02/14/30		200,000		204,324
3.85%	10/15/30		200,000		222,420
4.75%	02/11/29		100,000		115,955
Government of Israel
2.75%	07/03/30		500,000		550,815
2.88%	03/16/26		100,000		109,264
3.88%	07/03/50		300,000		357,117
Government of Italy
2.88%	10/17/29		300,000		299,820
5.38%	06/15/33		150,000		185,730
Government of Mexico
3.25%	04/16/30		300,000		297,513
3.90%	04/27/25		400,000		428,096
4.00%	10/02/23		100,000		106,465
4.35%	01/15/47		100,000		100,146
4.75%	03/08/44		102,000		106,973
5.00%	04/27/51		300,000		323,889
5.75%	10/12/10		172,000		190,856
6.05%	01/11/40		130,000		158,492
Government of Panama
3.75%	03/16/25		100,000		108,181
4.50%	04/01/56		300,000		367,836
6.70%	01/26/36		150,000		215,700
Government of Peru
6.55%	03/14/37		147,000		223,453
7.35%	07/21/25		100,000		127,241
Government of Philippines
2.46%	05/05/30		200,000		209,926
2.95%	05/05/45		200,000		207,888
3.70%	03/01/41		100,000		114,093
3.75%	01/14/29		100,000		114,274
4.20%	01/21/24		100,000		109,014
Government of Poland
3.00%	03/17/23		147,000		155,679
3.25%	04/06/26		100,000		112,201
5.00%	03/23/22		100,000		107,373
Government of Uruguay
4.50%	08/14/24		100,000		109,540
4.98%	04/20/55		100,000		128,158
Iraq Government AID Bond
2.15%	01/18/22		480,000		494,069
Japan Bank for International Cooperation
0.63%	05/22/23		200,000		200,704
1.63%	10/17/22		200,000		205,208
1.75%	01/23/23		600,000		619,158
2.88%	07/21/27		100,000		113,364
3.38%	10/31/23		200,000		218,554
Korea International Bond
2.50%	06/19/29		100,000		109,343
Province of Alberta Canada
1.88%	11/13/24		300,000		314,781
2.95%	01/23/24		350,000		378,105
3.35%	11/01/23		150,000		163,421
Province of British Columbia Canada
1.75%	09/27/24		300,000		315,462
Province of Manitoba Canada
2.60%	04/16/24		300,000		322,416
Province of Ontario Canada
1.75%	01/24/23		415,000		429,010
2.30%	06/15/26		500,000		541,790
3.05%	01/29/24		150,000		163,314
3.40%	10/17/23		150,000		164,111

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


		Principal Amount		Fair Value
Province of Quebec Canada
1.50%	02/11/25	$	500,000	$	520,005
2.38%	01/31/22		100,000		103,132
State of Israel
3.38%	01/15/50		300,000		330,153
Svensk Exportkredit AB
0.75%	04/06/23		300,000		302,637
The Korea Development Bank
2.13%	10/01/24		100,000		104,564
2.63%	02/27/22		200,000		205,964
Uruguay Government International Bond
4.38%	01/23/31		100,000		117,060
					15,481,982
Municipal Bonds and Notes – 0.2%
American Municipal Power Inc.
6.27%	02/15/50		100,000		140,060
Chicago O’Hare International Airport
4.47%	01/01/49		100,000		129,739
Chicago Transit Authority
6.90%	12/01/40		75,000		103,285
Commonwealth of Massachusetts
4.50%	08/01/31		100,000		123,263
Dallas Area Rapid Transit
5.02%	12/01/48		75,000		113,417
East Bay Municipal Utility District
5.87%	06/01/40		100,000		150,478
Los Angeles Department of Water & Power
6.57%	07/01/45		100,000		172,128
6.60%	07/01/50		90,000		160,900
Los Angeles Unified School District
5.76%	07/01/29		110,000		140,017
Municipal Electric Authority of Georgia
6.64%	04/01/57		123,000		178,876
New York City Water & Sewer System
6.01%	06/15/42		50,000		77,329
New York State Dormitory Authority
3.14%	07/01/43		50,000		51,532
New York State Urban Development Corp.
3.90%	03/15/33		25,000		28,595
North Texas Tollway Authority
6.72%	01/01/49		100,000		176,412
Port Authority of New York & New Jersey
5.31%	08/01/46		200,000		221,512
Sales Tax Securitization Corp.
4.64%	01/01/40		25,000		28,557
South Carolina State Public Service Authority
6.45%	01/01/50		50,000		78,159


		Principal Amount		Fair Value
State of California
2.38%	10/01/26		500,000		540,700
2.50%	10/01/29	$	300,000	$	326,367
7.60%	11/01/40		100,000		183,577
Texas Transportation Commission
2.56%	04/01/42		80,000		81,210	(e)
University of California
4.60%	05/15/31		100,000		121,382
6.58%	05/15/49		100,000		157,241
University of Texas System
4.79%	08/15/46		100,000		135,107
					3,619,843
U.S. Government Sponsored Agency – 0.0% *
Tennessee Valley Authority
3.50%	12/15/42		500,000		627,800
Total Bonds and Notes (Cost $548,481,942)					590,196,801

		Number of Shares		Fair Value
Exchange Traded & Mutual Funds – 9.9%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF			4,015,389		51,959,134
SPDR Bloomberg Barclays High Yield Bond ETF			967,838		97,906,492	(h)
SPDR Dow Jones REIT ETF			200,569		15,650,399	(h)
					165,516,025
Total Exchange Traded & Mutual Funds (Cost $184,646,387)					165,516,025

Total Investments in Securities (Cost $1,590,781,136)					1,658,436,566
Short-Term Investments – 1.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.16% (Cost $30,715,049)			30,715,049		30,715,049	(d, h,i)

Total Investments (Cost $1,621,496,185)					1,689,151,615

Liabilities in Excess of Other Assets, net – (0.5)%					(8,909,387	)

NET ASSETS – 100.0%				$	1,680,242,228

Other Information:

The Fund had the following long futures contracts open at June 30, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		September 2020		2	$	139,902	$	143,760	$	3,858
MSCI EAFE Mini Index Futures		September 2020		15		1,321,903		1,333,800		11,897
MSCI Emerging Market Mini Futures		September 2020		63		3,061,564		3,104,955		43,391
S&P 500 E-mini Index Futures		September 2020		20		3,046,074		3,090,200		44,126
									$	103,272

During the period ended June 30, 2020, average notional values related to long futures contracts was $7,909,786.

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)

Notes to Schedule of Investments – June 30, 2020(Unaudited)

(a)	Non-income producing security.

(b)	Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors . Security value is determined based on level 3 inputs.

(c)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, these securities amounted to $14,288,179 or 0.85% of the net assets of the State Street Total Return V.I.S. Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors.

(d)	At June 30, 2020, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs.

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

(f)	Variable Rate Security - Interest rate shown is rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(g)	Step coupon bond.

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

(i)	Coupon amount represents effective yield.

†	Percentages are based on net assets as of June 30, 2020.

*	Less than 0.05%.

Abbreviations:


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

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
	Domestic Equity	$	510,475,584	$	250	$	—	$	510,475,834
	Foreign Equity		75,996,194		316,250,709		1,003		392,247,906
	U.S. Treasuries		—		240,609,357		—		240,609,357
	Agency Mortgage Backed		—		110,301,260		—		110,301,260
	Agency Collateralized Mortgage Obligations		—		3,057,843		—		3,057,843
	Asset Backed		—		1,351,998		—		1,351,998
	Corporate Notes		—		209,872,895		—		209,872,895
	Non-Agency Collateralized Mortgage Obligations		—		5,273,823		—		5,273,823
	Sovereign Bonds		—		15,481,982		—		15,481,982
	Municipal Bonds and Notes		—		3,619,843		—		3,619,843
	U.S. Government Sponsored Agencies		—		627,800		—		627,800
	Exchange Traded & Mutual Funds		165,516,025		—		—		165,516,025
	Short-Term Investments		30,715,049		—		—		30,715,049

Total Investments in Securities		$	782,702,852	$	906,447,760	$	1,003	$	1,689,151,615

Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation	$	103,272	$	—	$	—	$	103,272

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)

The Fund was invested in the following countries/territories at June 30, 2020 (unaudited):


Country/Territory	Percentage (based on Fair Value)
United States		72.47	%
Japan		4.15	%
Canada		2.54	%
United Kingdom		2.53	%
Switzerland		2.25	%
China		1.80	%
France		1.77	%
Ireland		1.33	%
Germany		1.27	%
Australia		1.01	%
Taiwan		0.76	%
Sweden		0.67	%
Netherlands		0.66	%
Supranational		0.65	%
South Korea		0.56	%
India		0.47	%
Italy		0.43	%
Spain		0.35	%
Hong Kong		0.34	%
Finland		0.32	%
Russian Federation		0.30	%
Bermuda		0.28	%
Denmark		0.28	%
Belgium		0.27	%
Brazil		0.26	%
Israel		0.25	%
Mexico		0.21	%
Norway		0.20	%
New Zealand		0.18	%
Singapore		0.18	%
South Africa		0.16	%
Malaysia		0.13	%
Cayman Islands		0.09	%
Thailand		0.09	%
Saudi Arabia		0.08	%
Indonesia		0.08	%
Chile		0.07	%
Colombia		0.06	%
Turkey		0.06	%
Philippines		0.05	%
Portugal		0.05	%
Panama		0.04	%
Puerto Rico		0.04	%
Greece		0.04	%
Poland		0.04	%
Austria		0.03	%
Iraq		0.03	%
United Arab Emirates		0.03	%
Uruguay		0.02	%
Peru		0.02	%
Qatar		0.01	%
Hungary		0.01	%
Luxembourg		0.01	%
Czech		0.01	%
Pakistan		0.01	%
Guernsey		0.00	%

		100.00	%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2020 (unaudited):


Industry	Domestic			Foreign			Total
Exchange Traded Funds		9.80	%		0.00	%		9.80	%
Technology Hardware, Storage & Peripherals		1.53	%		0.61	%		2.14	%
Pharmaceuticals		1.04	%		1.01	%		2.05	%
Electric Utilities		1.12	%		0.83	%		1.95	%

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


Industry	Domestic			Foreign			Total
Integrated Telecommunication Services		0.72	%		1.13	%		1.85	%
Property & Casualty Insurance		1.47	%		0.30	%		1.77	%
Semiconductor Equipment		1.50	%		0.16	%		1.66	%
IT Consulting & Other Services		0.41	%		1.20	%		1.61	%
Healthcare Equipment		1.34	%		0.19	%		1.53	%
Multi-Line Insurance		0.21	%		1.26	%		1.47	%
Food Retail		0.33	%		0.95	%		1.28	%
Home Building		0.79	%		0.46	%		1.25	%
Wireless Telecommunication Services		0.52	%		0.72	%		1.24	%
Multi-Sector Holdings		0.92	%		0.32	%		1.24	%
Industrial Gases		0.52	%		0.57	%		1.09	%
Semiconductors		0.56	%		0.52	%		1.08	%
Diversified Banks		0.00	%		1.00	%		1.00	%
General Merchandise Stores		0.59	%		0.40	%		0.99	%
Systems Software		0.90	%		0.06	%		0.96	%
Hypermarkets & Super Centers		0.74	%		0.18	%		0.92	%
Biotechnology		0.87	%		0.05	%		0.92	%
Household Products		0.83	%		0.07	%		0.90	%
Packaged Foods & Meats		0.44	%		0.40	%		0.84	%
Industrial Conglomerates		0.73	%		0.07	%		0.80	%
Internet & Direct Marketing Retail		0.46	%		0.34	%		0.80	%
Life & Health Insurance		0.37	%		0.41	%		0.78	%
Trading Companies & Distributors		0.10	%		0.64	%		0.74	%
Healthcare Distributors		0.64	%		0.10	%		0.74	%
Industrial Machinery		0.11	%		0.61	%		0.72	%
Automobile Manufacturers		0.54	%		0.16	%		0.70	%
Construction & Engineering		0.24	%		0.42	%		0.66	%
Reinsurance		0.00	%		0.61	%		0.61	%
Apparel Retail		0.56	%		0.05	%		0.61	%
Multi-Utilities		0.39	%		0.18	%		0.57	%
Data Processing & Outsourced Services		0.56	%		0.00	%		0.56	%
Internet Services & Infrastructure		0.00	%		0.46	%		0.46	%
Tires & Rubber		0.00	%		0.44	%		0.44	%
Personal Products		0.00	%		0.44	%		0.44	%
Asset Management & Custody Banks		0.34	%		0.10	%		0.44	%
Application Software		0.42	%		0.00	%		0.42	%
Oil & Gas Refining & Marketing		0.41	%		0.01	%		0.42	%
Metal & Glass Containers		0.40	%		0.00	%		0.40	%
Auto Parts & Equipment		0.06	%		0.32	%		0.38	%
Financial Exchanges & Data		0.19	%		0.18	%		0.37	%
Regional Banks		0.21	%		0.15	%		0.36	%
Building Products		0.12	%		0.24	%		0.36	%
Interactive Media & Services		0.01	%		0.31	%		0.32	%
Construction Machinery & Heavy Trucks		0.27	%		0.05	%		0.32	%
Restaurants		0.32	%		0.00	%		0.32	%
Gas Utilities		0.12	%		0.19	%		0.31	%
Research & Consulting Services		0.17	%		0.14	%		0.31	%
Environmental & Facilities Services		0.24	%		0.07	%		0.31	%
Managed Healthcare		0.28	%		0.01	%		0.29	%
Trucking		0.29	%		0.00	%		0.29	%
Integrated Oil & Gas		0.00	%		0.29	%		0.29	%
Healthcare Supplies		0.27	%		0.00	%		0.27	%
Casinos & Gaming		0.02	%		0.25	%		0.27	%
Steel		0.07	%		0.19	%		0.26	%
Diversified Support Services		0.25	%		0.01	%		0.26	%
Life Sciences Tools & Services		0.13	%		0.12	%		0.25	%
Health Care REITs		0.24	%		0.00	%		0.24	%
Healthcare Services		0.10	%		0.14	%		0.24	%
Mortgage REITs		0.23	%		0.00	%		0.23	%
Electronic Components		0.01	%		0.20	%		0.21	%
Cable & Satellite		0.15	%		0.05	%		0.20	%
Technology Distributors		0.15	%		0.04	%		0.19	%
Advertising		0.18	%		0.00	%		0.18	%
Automotive Retail		0.15	%		0.03	%		0.18	%
Tobacco		0.03	%		0.15	%		0.18	%
Electronic Manufacturing Services		0.13	%		0.04	%		0.17	%
Air Freight & Logistics		0.16	%		0.01	%		0.17	%
Real Estate Development		0.00	%		0.16	%		0.16	%
Apparel, Accessories & Luxury Goods		0.00	%		0.16	%		0.16	%
Industrial REITs		0.00	%		0.15	%		0.15	%
Diversified Metals & Mining		0.00	%		0.15	%		0.15	%
Railroads		0.14	%		0.01	%		0.15	%

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


Industry	Domestic			Foreign			Total
Electronic Equipment & Instruments		0.04	%		0.11	%		0.15	%
Consumer Electronics		0.14	%		0.00	%		0.14	%
Aerospace & Defense		0.14	%		0.00	%		0.14	%
Marine		0.00	%		0.13	%		0.13	%
Independent Power Producers & Energy Traders		0.01	%		0.12	%		0.13	%
Leisure Products		0.02	%		0.11	%		0.13	%
Human Resource & Employment Services		0.05	%		0.07	%		0.12	%
Commodity Chemicals		0.01	%		0.11	%		0.12	%
Thrifts & Mortgage Finance		0.11	%		0.00	%		0.11	%
Insurance Brokers		0.11	%		0.00	%		0.11	%
Electrical Components & Equipment		0.03	%		0.07	%		0.10	%
Other Diversified Financial Services		0.04	%		0.06	%		0.10	%
Specialized REITs		0.10	%		0.00	%		0.10	%
Specialty Chemicals		0.04	%		0.06	%		0.10	%
Healthcare Facilities		0.09	%		0.00	%		0.09	%
Investment Banking & Brokerage		0.09	%		0.00	%		0.09	%
Diversified REITs		0.06	%		0.03	%		0.09	%
Drug Retail		0.02	%		0.07	%		0.09	%
Specialty Stores		0.05	%		0.04	%		0.09	%
Commercial Printing		0.01	%		0.08	%		0.09	%
Retail REITs		0.03	%		0.05	%		0.08	%
Forest Products		0.00	%		0.08	%		0.08	%
Real Estate Operating Companies		0.00	%		0.08	%		0.08	%
Diversified Real Estate Activities		0.00	%		0.08	%		0.08	%
Office REITs		0.07	%		0.00	%		0.07	%
Home Furnishing Retail		0.07	%		0.00	%		0.07	%
Fertilizers & Agricultural Chemicals		0.05	%		0.02	%		0.07	%
Agricultural Products		0.00	%		0.07	%		0.07	%
Footwear		0.01	%		0.05	%		0.06	%
Renewable Electricity		0.00	%		0.06	%		0.06	%
Oil & Gas Storage & Transportation		0.02	%		0.04	%		0.06	%
Soft Drinks		0.00	%		0.06	%		0.06	%
Home Improvement Retail		0.00	%		0.06	%		0.06	%
Food Distributors		0.04	%		0.01	%		0.05	%
Diversified Chemicals		0.00	%		0.05	%		0.05	%
Computer & Electronics Retail		0.00	%		0.04	%		0.04	%
Broadcasting		0.00	%		0.04	%		0.04	%
Paper Products		0.02	%		0.02	%		0.04	%
Education Services		0.00	%		0.04	%		0.04	%
Coal & Consumable Fuels		0.00	%		0.04	%		0.04	%
Household Appliances		0.00	%		0.03	%		0.03	%
Alternative Carriers		0.00	%		0.03	%		0.03	%
Construction Materials		0.00	%		0.03	%		0.03	%
Water Utilities		0.00	%		0.03	%		0.03	%
Diversified Capital Markets		0.00	%		0.02	%		0.02	%
Airlines		0.00	%		0.02	%		0.02	%
Marine Ports & Services		0.00	%		0.02	%		0.02	%
Communications Equipment		0.01	%		0.01	%		0.02	%
Airport Services		0.02	%		0.00	%		0.02	%
Consumer Finance		0.01	%		0.01	%		0.02	%
Hotel & Resort REITs		0.02	%		0.00	%		0.02	%
Healthcare Technology		0.02	%		0.00	%		0.02	%
Motorcycle Manufacturers		0.00	%		0.02	%		0.02	%
Highways & Railtracks		0.00	%		0.02	%		0.02	%
Hotels, Resorts & Cruise Lines		0.01	%		0.00	%		0.01	%
Brewers		0.00	%		0.01	%		0.01	%
Precious Metals & Minerals		0.00	%		0.01	%		0.01	%
Office Services & Supplies		0.01	%		0.00	%		0.01	%
Security & Alarm Services		0.00	%		0.01	%		0.01	%
Copper		0.00	%		0.01	%		0.01	%
Interactive Home Entertainment		0.00	%		0.01	%		0.01	%
Textiles		0.00	%		0.01	%		0.01	%
Oil & Gas Equipment & Services		0.01	%		0.00	%		0.01	%
Department Stores		0.00	%		0.01	%		0.01	%
Specialized Consumer Services		0.01	%		0.00	%		0.01	%
Paper Packaging		0.01	%		0.00	%		0.01	%
Gold		0.00	%		0.01	%		0.01	%
Residential REITs		0.01	%		0.00	%		0.01	%
Movies & Entertainment		0.00	%		0.01	%		0.01	%
Oil & Gas Exploration & Production		0.00	%		0.00	%		0.00	%
Distributors		0.00	%		0.00	%		0.00	%
Leisure Facilities		0.00	%		0.00	%		0.00	%
Oil & Gas Drilling		0.00	%		0.00	%		0.00	%
Specialized Finance		0.00	%		0.00	%		0.00	%
Publishing		0.00	%		0.00	%		0.00	%
Home Furnishings		0.00	%		0.00	%		0.00	%
Banks		0.00	%		0.00	%		0.00	%

								63.24	%

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

State Street Total Return V.I.S. Fund

Schedule of Investments

June 30, 2020 (Unaudited)


Sector	Percentage (based on Fair Value)
U.S. Treasuries		14.24	%
Corporate Notes		12.43	%
Agency Mortgage Backed		6.53	%
Sovereign Bonds		0.92	%
Non-Agency Collateralized Mortgage Obligations		0.31	%
Municipal Bonds and Notes		0.21	%
Agency Collateralized Mortgage Obligations		0.18	%
Asset Backed		0.08	%
U.S. Government Sponsored Agencies		0.04	%

		34.94	%


Short-Term Investments
Short-Term Investments		1.82	%

		1.82	%

		100.00	%

Affiliate Table


	Number of Shares Held at 12/31/19		Value At 12/31/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/20		Value at 6/30/20		Dividend Income		Capital Gains Distributions
SPDR Bloomberg Barclays High Yield Bond ETF		1,233,354		135,101,597		34,752,813		63,435,103		(1,643,035	)		(6,869,780	)		967,838	$	97,906,492		2,039,113		—
SPDR Dow Jones REIT ETF		917,656		93,619,265		12,258,377		71,718,138		(13,875,860	)		(4,633,245	)		200,569		15,650,399		570,552		—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		60,902,376		60,902,376		233,056,948		263,244,275		—			—			30,715,049		30,715,049		147,184		—

TOTAL			$	289,623,238	$	280,068,138	$	398,397,516	$	(15,518,895	)	$	(11,503,025	)			$	144,271,940	$	2,756,849		—

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

(b)	Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)	Not applicable to the Registrant.

(b)	Not applicable to the Registrant.

Item 13. Exhibits.


(a)(1)		Not applicable; this Form N-CSR is a Semi-Annual Report.

(a)(2)		Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)		Not applicable to the Registrant.

(a)(4)		Not applicable.

(b)		Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.


By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President

Date:		August 25, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President (Principal Executive Officer)

Date:		August 25, 2020

By:		/s/ Bruce S. Rosenberg
		Bruce S. Rosenberg
		Treasurer (Principal Financial Officer)

Date:		August 25, 2020

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