UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04041
STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.
(Exact name of registrant as specified in charter)
One Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
| | |
| (Name and Address of Agent for Service) | | Copy to: |
| |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | | Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. Shareholder Reports.
| (a) | The Report to Shareholders is attached herewith. |
Semi-Annual Report
June 30, 2023
| State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 15 |
| 16 |
| 17 |
| 18 |
| 19 |
| 24 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street S&P 500 Index V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street S&P 500 Index V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street S&P 500 Index V.I.S. Fund | 1 |
State Street S&P 500 Index V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $166,905 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Apple, Inc. | 7.48% |
| Microsoft Corp. | 6.59% |
| Amazon.com, Inc. | 3.02% |
| NVIDIA Corp. | 2.72% |
| Alphabet, Inc., Class A | 1.85% |
| Tesla, Inc. | 1.83% |
| Meta Platforms, Inc., Class A | 1.66% |
| Alphabet, Inc., Class C | 1.60% |
| Berkshire Hathaway, Inc., Class B | 1.58% |
| UnitedHealth Group, Inc. | 1.17% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional Liquid Reserve 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. |
| 2 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,167.00 | | $1,023.20 |
| Expenses Paid During Period* | $ 1.72 | | $ 1.61 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.32% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street S&P 500 Index V.I.S. Fund | 3 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 96.7% † |
| Advertising - 0.1% |
| Interpublic Group of Cos., Inc. | 1,662 | $ 64,120 |
| Omnicom Group, Inc. | 814 | 77,452 |
| | | 141,572 |
| Aerospace & Defense - 1.6% |
| Axon Enterprise, Inc. (a) | 300 | 58,536 |
| Boeing Co. (a) | 2,418 | 510,585 |
| General Dynamics Corp. | 999 | 214,935 |
| Howmet Aerospace, Inc. | 1,436 | 71,168 |
| Huntington Ingalls Industries, Inc. | 200 | 45,520 |
| L3Harris Technologies, Inc. | 842 | 164,838 |
| Lockheed Martin Corp. | 984 | 453,014 |
| Northrop Grumman Corp. | 595 | 271,201 |
| Raytheon Technologies Corp. | 6,357 | 622,732 |
| Textron, Inc. | 1,023 | 69,185 |
| TransDigm Group, Inc. | 217 | 194,035 |
| | | 2,675,749 |
| Agricultural & Farm Machinery - 0.3% |
| Deere & Co. | 1,171 | 474,478 |
| Agricultural Products & Services - 0.1% |
| Archer-Daniels-Midland Co. (b) | 2,287 | 172,806 |
| Bunge Ltd. | 700 | 66,045 |
| | | 238,851 |
| Air Freight & Logistics - 0.6% |
| CH Robinson Worldwide, Inc. | 552 | 52,081 |
| Expeditors International of Washington, Inc. | 713 | 86,366 |
| FedEx Corp. | 1,036 | 256,824 |
| United Parcel Service, Inc., Class B | 3,156 | 565,713 |
| | | 960,984 |
| Apparel Retail - 0.4% |
| Ross Stores, Inc. | 1,479 | 165,840 |
| TJX Cos., Inc. | 5,014 | 425,137 |
| | | 590,977 |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Ralph Lauren Corp. | 170 | 20,961 |
| Tapestry, Inc. | 1,189 | 50,889 |
| VF Corp. | 1,441 | 27,509 |
| | | 99,359 |
| | Number
of Shares | Fair
Value |
| Application Software - 2.3% |
| Adobe, Inc. (a)(b) | 1,989 | $ 972,601 |
| ANSYS, Inc. (a) | 358 | 118,237 |
| Autodesk, Inc. (a) | 963 | 197,039 |
| Cadence Design Systems, Inc. (a) | 1,224 | 287,052 |
| Fair Isaac Corp. (a) | 100 | 80,921 |
| Intuit, Inc. | 1,216 | 557,159 |
| PTC, Inc. (a) | 500 | 71,150 |
| Roper Technologies, Inc. | 430 | 206,744 |
| Salesforce, Inc. (a) | 4,289 | 906,094 |
| Synopsys, Inc. (a) | 682 | 296,950 |
| Tyler Technologies, Inc. (a) | 200 | 83,294 |
| | | 3,777,241 |
| Asset Management & Custody Banks - 0.7% |
| Ameriprise Financial, Inc. | 475 | 157,776 |
| Bank of New York Mellon Corp. | 3,217 | 143,221 |
| BlackRock, Inc. | 657 | 454,079 |
| Franklin Resources, Inc. | 1,491 | 39,825 |
| Invesco Ltd. | 1,674 | 28,140 |
| Northern Trust Corp. | 920 | 68,209 |
| State Street Corp. (c) | 1,468 | 107,428 |
| T Rowe Price Group, Inc. | 928 | 103,954 |
| | | 1,102,632 |
| Automobile Manufacturers - 2.1% |
| Ford Motor Co. | 17,533 | 265,274 |
| General Motors Co. | 6,122 | 236,065 |
| Tesla, Inc. (a) | 11,683 | 3,058,259 |
| | | 3,559,598 |
| Automotive Parts & Equipment - 0.1% |
| Aptiv PLC (a) | 1,165 | 118,935 |
| BorgWarner, Inc. | 863 | 42,209 |
| | | 161,144 |
| Automotive Retail - 0.3% |
| Advance Auto Parts, Inc. (b) | 304 | 21,371 |
| AutoZone, Inc. (a) | 81 | 201,962 |
| CarMax, Inc. (a) | 678 | 56,749 |
| O'Reilly Automotive, Inc. (a) | 279 | 266,529 |
| | | 546,611 |
| Biotechnology - 1.8% |
| AbbVie, Inc. | 7,645 | 1,030,011 |
| Amgen, Inc. | 2,306 | 511,978 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Biogen, Inc. (a) | 625 | $ 178,031 |
| Gilead Sciences, Inc. | 5,394 | 415,716 |
| Incyte Corp. (a) | 768 | 47,808 |
| Moderna, Inc. (a) | 1,415 | 171,922 |
| Regeneron Pharmaceuticals, Inc. (a) | 466 | 334,840 |
| Vertex Pharmaceuticals, Inc. (a) | 1,117 | 393,083 |
| | | 3,083,389 |
| Brewers - 0.0%* |
| Molson Coors Beverage Co., Class B | 810 | 53,330 |
| Broadcasting - 0.1% |
| Fox Corp., Class A | 1,167 | 39,678 |
| Fox Corp., Class B | 740 | 23,598 |
| Paramount Global, Class B | 2,036 | 32,393 |
| | | 95,669 |
| Broadline Retail - 3.1% |
| Amazon.com, Inc. (a)(b) | 38,714 | 5,046,757 |
| eBay, Inc. | 2,497 | 111,591 |
| Etsy, Inc. (a) | 600 | 50,766 |
| | | 5,209,114 |
| Building Products - 0.4% |
| A O Smith Corp. (b) | 607 | 44,177 |
| Allegion PLC | 398 | 47,768 |
| Carrier Global Corp. | 3,467 | 172,345 |
| Johnson Controls International PLC | 3,122 | 212,733 |
| Masco Corp. | 1,006 | 57,724 |
| Trane Technologies PLC | 977 | 186,861 |
| | | 721,608 |
| Cable & Satellite - 0.6% |
| Charter Communications, Inc., Class A (a) | 454 | 166,786 |
| Comcast Corp., Class A | 18,264 | 758,869 |
| DISH Network Corp., Class A (a) | 1,098 | 7,236 |
| | | 932,891 |
| Cargo Ground Transportation - 0.1% |
| JB Hunt Transport Services, Inc. | 354 | 64,085 |
| | Number
of Shares | Fair
Value |
| Old Dominion Freight Line, Inc. | 378 | $ 139,765 |
| | | 203,850 |
| Casinos & Gaming - 0.1% |
| Caesars Entertainment, Inc. (a) | 1,071 | 54,589 |
| Las Vegas Sands Corp. (a) | 1,425 | 82,650 |
| MGM Resorts International | 1,217 | 53,451 |
| Wynn Resorts Ltd. | 481 | 50,798 |
| | | 241,488 |
| Commodity Chemicals - 0.2% |
| Dow, Inc. | 3,126 | 166,491 |
| LyondellBasell Industries NV, Class A | 1,039 | 95,411 |
| | | 261,902 |
| Communications Equipment - 0.8% |
| Arista Networks, Inc. (a)(b) | 1,036 | 167,894 |
| Cisco Systems, Inc. | 17,960 | 929,250 |
| F5, Inc. (a) | 311 | 45,487 |
| Juniper Networks, Inc. | 1,508 | 47,246 |
| Motorola Solutions, Inc. | 715 | 209,695 |
| | | 1,399,572 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 860 | 70,477 |
| Construction & Engineering - 0.1% |
| Quanta Services, Inc. | 633 | 124,353 |
| Construction Machinery & Heavy Transportation Equipment - 0.6% |
| Caterpillar, Inc. | 2,282 | 561,486 |
| Cummins, Inc. | 642 | 157,393 |
| PACCAR, Inc. | 2,217 | 185,452 |
| Westinghouse Air Brake Technologies Corp. | 736 | 80,717 |
| | | 985,048 |
| Construction Materials - 0.2% |
| Martin Marietta Materials, Inc. | 288 | 132,967 |
| Vulcan Materials Co. | 613 | 138,194 |
| | | 271,161 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 700 | 73,003 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Consumer Finance - 0.5% |
| American Express Co. | 2,575 | $ 448,565 |
| Capital One Financial Corp. | 1,670 | 182,648 |
| Discover Financial Services | 1,236 | 144,426 |
| Synchrony Financial | 2,066 | 70,079 |
| | | 845,718 |
| Consumer Staples Merchandise Retail - 1.5% |
| Costco Wholesale Corp. | 1,938 | 1,043,380 |
| Dollar General Corp. | 988 | 167,743 |
| Dollar Tree, Inc. (a) | 861 | 123,554 |
| Target Corp. | 2,036 | 268,548 |
| Walmart, Inc. | 6,128 | 963,199 |
| | | 2,566,424 |
| Copper - 0.1% |
| Freeport-McMoRan, Inc. | 6,129 | 245,160 |
| Data Center REITs - 0.3% |
| Digital Realty Trust, Inc. | 1,208 | 137,555 |
| Equinix, Inc. | 405 | 317,496 |
| | | 455,051 |
| Data Processing & Outsourced Services - 0.1% |
| Broadridge Financial Solutions, Inc. | 562 | 93,084 |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 755 | 50,419 |
| Constellation Brands, Inc., Class A | 740 | 182,136 |
| | | 232,555 |
| Distributors - 0.1% |
| Genuine Parts Co. | 586 | 99,169 |
| LKQ Corp. | 1,238 | 72,138 |
| Pool Corp. | 151 | 56,571 |
| | | 227,878 |
| Diversified Banks - 2.6% |
| Bank of America Corp. | 30,588 | 877,570 |
| Citigroup, Inc. | 8,446 | 388,854 |
| JPMorgan Chase & Co. | 12,784 | 1,859,305 |
| KeyCorp | 3,987 | 36,840 |
| PNC Financial Services Group, Inc. | 1,799 | 226,584 |
| U.S. Bancorp | 6,014 | 198,702 |
| | Number
of Shares | Fair
Value |
| Wells Fargo & Co. | 16,360 | $ 698,245 |
| | | 4,286,100 |
| Diversified Support Services - 0.2% |
| Cintas Corp. | 377 | 187,399 |
| Copart, Inc. (a) | 1,888 | 172,205 |
| | | 359,604 |
| Drug Retail - 0.1% |
| Walgreens Boots Alliance, Inc. | 3,007 | 85,669 |
| Electric Utilities - 1.6% |
| Alliant Energy Corp. (b) | 1,156 | 60,667 |
| American Electric Power Company, Inc. | 2,196 | 184,903 |
| Constellation Energy Corp. | 1,411 | 129,177 |
| Duke Energy Corp. | 3,352 | 300,809 |
| Edison International | 1,623 | 112,717 |
| Entergy Corp. | 900 | 87,633 |
| Evergy, Inc. | 1,088 | 63,561 |
| Eversource Energy | 1,562 | 110,777 |
| Exelon Corp. | 4,180 | 170,293 |
| FirstEnergy Corp. | 2,559 | 99,494 |
| NextEra Energy, Inc. | 8,656 | 642,275 |
| NRG Energy, Inc. | 991 | 37,054 |
| PG&E Corp. (a) | 6,600 | 114,048 |
| Pinnacle West Capital Corp. | 489 | 39,834 |
| PPL Corp. | 3,455 | 91,419 |
| Southern Co. | 4,750 | 333,688 |
| Xcel Energy, Inc. | 2,301 | 143,053 |
| | | 2,721,402 |
| Electrical Components & Equipment - 0.6% |
| AMETEK, Inc. | 968 | 156,700 |
| Eaton Corp. PLC | 1,721 | 346,093 |
| Emerson Electric Co. | 2,503 | 226,246 |
| Generac Holdings, Inc. (a) | 324 | 48,318 |
| Rockwell Automation, Inc. | 514 | 169,338 |
| | | 946,695 |
| Electronic Components - 0.2% |
| Amphenol Corp., Class A | 2,565 | 217,897 |
| Corning, Inc. | 3,162 | 110,796 |
| | | 328,693 |
| Electronic Equipment & Instruments - 0.2% |
| Keysight Technologies, Inc. (a) | 798 | 133,625 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Teledyne Technologies, Inc. (a) | 194 | $ 79,755 |
| Trimble, Inc. (a) | 941 | 49,817 |
| Zebra Technologies Corp., Class A (a) | 250 | 73,957 |
| | | 337,154 |
| Electronic Manufacturing Services - 0.1% |
| TE Connectivity Ltd. | 1,336 | 187,254 |
| Environmental & Facilities Services - 0.3% |
| Republic Services, Inc. | 892 | 136,627 |
| Rollins, Inc. | 1,200 | 51,396 |
| Waste Management, Inc. | 1,566 | 271,576 |
| | | 459,599 |
| Fertilizers & Agricultural Chemicals - 0.2% |
| CF Industries Holdings, Inc. | 949 | 65,879 |
| Corteva, Inc. | 3,036 | 173,963 |
| FMC Corp. | 553 | 57,700 |
| Mosaic Co. | 1,427 | 49,945 |
| | | 347,487 |
| Financial Exchanges & Data - 1.1% |
| Cboe Global Markets, Inc. | 438 | 60,449 |
| CME Group, Inc. | 1,602 | 296,835 |
| FactSet Research Systems, Inc. | 180 | 72,117 |
| Intercontinental Exchange, Inc. | 2,491 | 281,682 |
| MarketAxess Holdings, Inc. | 180 | 47,056 |
| Moody's Corp. | 674 | 234,363 |
| MSCI, Inc. | 353 | 165,659 |
| Nasdaq, Inc. | 1,512 | 75,373 |
| S&P Global, Inc. | 1,438 | 576,480 |
| | | 1,810,014 |
| Food Distributors - 0.1% |
| Sysco Corp. | 2,160 | 160,272 |
| Food Retail - 0.1% |
| Kroger Co. | 2,948 | 138,556 |
| Footwear - 0.4% |
| NIKE, Inc., Class B | 5,397 | 595,667 |
| Gas Utilities - 0.0%* |
| Atmos Energy Corp. | 560 | 65,150 |
| | Number
of Shares | Fair
Value |
| Gold - 0.1% |
| Newmont Corp. | 3,499 | $ 149,267 |
| Health Care REITs - 0.2% |
| Healthpeak Properties, Inc. | 2,669 | 53,647 |
| Ventas, Inc. | 1,522 | 71,945 |
| Welltower, Inc. | 2,144 | 173,428 |
| | | 299,020 |
| Healthcare Distributors - 0.3% |
| AmerisourceBergen Corp. | 655 | 126,042 |
| Cardinal Health, Inc. | 1,169 | 110,552 |
| Henry Schein, Inc. (a) | 663 | 53,769 |
| McKesson Corp. | 586 | 250,404 |
| | | 540,767 |
| Healthcare Equipment - 2.6% |
| Abbott Laboratories (b) | 7,624 | 831,168 |
| Baxter International, Inc. | 2,181 | 99,366 |
| Becton Dickinson & Co. | 1,252 | 330,541 |
| Boston Scientific Corp. (a) | 6,209 | 335,845 |
| Dexcom, Inc. (a) | 1,654 | 212,556 |
| Edwards Lifesciences Corp. (a) | 2,731 | 257,615 |
| GE HealthCare Technologies, Inc. | 1,621 | 131,690 |
| Hologic, Inc. (a) | 1,062 | 85,990 |
| IDEXX Laboratories, Inc. (a) | 363 | 182,309 |
| Insulet Corp. (a) | 300 | 86,502 |
| Intuitive Surgical, Inc. (a) | 1,537 | 525,562 |
| Medtronic PLC | 5,729 | 504,725 |
| ResMed, Inc. | 617 | 134,815 |
| STERIS PLC | 400 | 89,992 |
| Stryker Corp. | 1,448 | 441,770 |
| Teleflex, Inc. | 222 | 53,731 |
| Zimmer Biomet Holdings, Inc. | 862 | 125,507 |
| | | 4,429,684 |
| Healthcare Facilities - 0.2% |
| HCA Healthcare, Inc. | 945 | 286,789 |
| Universal Health Services, Inc., Class B | 241 | 38,022 |
| | | 324,811 |
| Healthcare Services - 0.6% |
| Cigna Group | 1,289 | 361,693 |
| CVS Health Corp. | 5,553 | 383,879 |
| DaVita, Inc. (a) | 158 | 15,874 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Laboratory Corp. of America Holdings | 393 | $ 94,843 |
| Quest Diagnostics, Inc. | 458 | 64,377 |
| | | 920,666 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a)(b) | 287 | 101,495 |
| Cooper Cos., Inc. | 235 | 90,106 |
| Dentsply Sirona, Inc. | 977 | 39,099 |
| | | 230,700 |
| Home Building - 0.3% |
| DR Horton, Inc. | 1,311 | 159,536 |
| Lennar Corp., Class A | 1,136 | 142,352 |
| NVR, Inc. (a) | 12 | 76,207 |
| PulteGroup, Inc. | 907 | 70,456 |
| | | 448,551 |
| Home Furnishings - 0.0%* |
| Mohawk Industries, Inc. (a) | 275 | 28,369 |
| Home Improvement Retail - 1.2% |
| Lowe's Cos., Inc. | 2,650 | 598,105 |
| The Home Depot, Inc. | 4,425 | 1,374,582 |
| | | 1,972,687 |
| Hotel & Resort REITs - 0.0%* |
| Host Hotels & Resorts, Inc. | 2,755 | 46,367 |
| Hotels, Resorts & Cruise Lines - 0.7% |
| Booking Holdings, Inc. (a) | 158 | 426,652 |
| Carnival Corp. (a) | 4,167 | 78,464 |
| Expedia Group, Inc. (a) | 589 | 64,431 |
| Hilton Worldwide Holdings, Inc. | 1,200 | 174,660 |
| Marriott International, Inc., Class A | 1,197 | 219,877 |
| Norwegian Cruise Line Holdings Ltd. (a) | 2,096 | 45,630 |
| Royal Caribbean Cruises Ltd. (a) | 936 | 97,101 |
| | | 1,106,815 |
| Household Appliances - 0.0%* |
| Whirlpool Corp. | 267 | 39,727 |
| Household Products - 1.3% |
| Church & Dwight Co., Inc. | 1,069 | 107,146 |
| Clorox Co. | 513 | 81,588 |
| Colgate-Palmolive Co. | 3,719 | 286,512 |
| | Number
of Shares | Fair
Value |
| Kimberly-Clark Corp. | 1,455 | $ 200,877 |
| The Procter & Gamble Co. | 10,279 | 1,559,735 |
| | | 2,235,858 |
| Housewares & Specialties - 0.0%* |
| Newell Brands, Inc. | 1,635 | 14,225 |
| Human Resource & Employment Services - 0.4% |
| Automatic Data Processing, Inc. | 1,797 | 394,962 |
| Ceridian HCM Holding, Inc. (a) | 666 | 44,602 |
| Paychex, Inc. | 1,364 | 152,591 |
| Paycom Software, Inc. | 203 | 65,212 |
| Robert Half International, Inc. | 390 | 29,336 |
| | | 686,703 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. (b) | 2,716 | 56,303 |
| Industrial Conglomerates - 0.8% |
| 3M Co. (b) | 2,466 | 246,822 |
| General Electric Co. | 4,712 | 517,613 |
| Honeywell International, Inc. | 2,929 | 607,768 |
| | | 1,372,203 |
| Industrial Gases - 0.7% |
| Air Products & Chemicals, Inc. (b) | 963 | 288,448 |
| Linde PLC | 2,139 | 815,130 |
| | | 1,103,578 |
| Industrial Machinery & Supplies & Components - 0.8% |
| Dover Corp. | 626 | 92,429 |
| Fortive Corp. | 1,584 | 118,436 |
| IDEX Corp. | 340 | 73,188 |
| Illinois Tool Works, Inc. | 1,194 | 298,691 |
| Ingersoll Rand, Inc. | 1,662 | 108,628 |
| Nordson Corp. | 237 | 58,819 |
| Otis Worldwide Corp. | 1,858 | 165,380 |
| Parker-Hannifin Corp. | 541 | 211,012 |
| Pentair PLC | 696 | 44,962 |
| Snap-on, Inc. | 182 | 52,451 |
| Stanley Black & Decker, Inc. | 649 | 60,818 |
| Xylem, Inc. | 1,057 | 119,039 |
| | | 1,403,853 |
| Industrial REITs - 0.3% |
| Prologis, Inc. | 4,041 | 495,548 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Insurance Brokers - 0.7% |
| Aon PLC, Class A | 883 | $ 304,812 |
| Arthur J Gallagher & Co. (b) | 927 | 203,541 |
| Brown & Brown, Inc. | 1,145 | 78,822 |
| Marsh & McLennan Cos., Inc. | 2,107 | 396,284 |
| Willis Towers Watson PLC | 494 | 116,337 |
| | | 1,099,796 |
| Integrated Oil & Gas - 1.9% |
| Chevron Corp. | 7,545 | 1,187,206 |
| Exxon Mobil Corp. | 17,535 | 1,880,629 |
| Occidental Petroleum Corp. | 3,243 | 190,688 |
| | | 3,258,523 |
| Integrated Telecommunication Services - 0.7% |
| AT&T, Inc. (b) | 31,283 | 498,964 |
| Verizon Communications, Inc. | 18,220 | 677,602 |
| | | 1,176,566 |
| Interactive Home Entertainment - 0.3% |
| Activision Blizzard, Inc. (a)(b) | 3,028 | 255,260 |
| Electronic Arts, Inc. | 1,150 | 149,155 |
| Take-Two Interactive Software, Inc. (a) | 736 | 108,310 |
| | | 512,725 |
| Interactive Media & Services - 5.1% |
| Alphabet, Inc., Class C (a) | 22,148 | 2,679,244 |
| Alphabet, Inc., Class A (a) | 25,775 | 3,085,267 |
| Match Group, Inc. (a) | 1,240 | 51,894 |
| Meta Platforms, Inc., Class A (a) | 9,632 | 2,764,191 |
| | | 8,580,596 |
| Internet Services & Infrastructure - 0.1% |
| Akamai Technologies, Inc. (a)(b) | 614 | 55,180 |
| VeriSign, Inc. (a) | 374 | 84,513 |
| | | 139,693 |
| Investment Banking & Brokerage - 0.8% |
| Goldman Sachs Group, Inc. | 1,474 | 475,424 |
| Morgan Stanley | 5,680 | 485,072 |
| Raymond James Financial, Inc. | 793 | 82,290 |
| The Charles Schwab Corp. | 6,592 | 373,634 |
| | | 1,416,420 |
| | Number
of Shares | Fair
Value |
| IT Consulting & Other Services - 1.0% |
| Accenture PLC, Class A (b) | 2,734 | $ 843,658 |
| Cognizant Technology Solutions Corp., Class A | 2,337 | 152,559 |
| DXC Technology Co. (a) | 1,002 | 26,773 |
| EPAM Systems, Inc. (a) | 273 | 61,357 |
| Gartner, Inc. (a) | 328 | 114,902 |
| International Business Machines Corp. | 3,967 | 530,824 |
| | | 1,730,073 |
| Leisure Products - 0.0%* |
| Hasbro, Inc. | 692 | 44,821 |
| Life & Health Insurance - 0.4% |
| Aflac, Inc. (b) | 2,389 | 166,752 |
| Globe Life, Inc. | 457 | 50,096 |
| Lincoln National Corp. | 863 | 22,231 |
| MetLife, Inc. | 2,995 | 169,308 |
| Principal Financial Group, Inc. | 1,011 | 76,674 |
| Prudential Financial, Inc. | 1,691 | 149,180 |
| | | 634,241 |
| Life Sciences Tools & Services - 1.5% |
| Agilent Technologies, Inc. (b) | 1,244 | 149,591 |
| Bio-Rad Laboratories, Inc., Class A (a) | 100 | 37,912 |
| Bio-Techne Corp. | 612 | 49,958 |
| Charles River Laboratories International, Inc. (a) | 226 | 47,516 |
| Danaher Corp. | 2,862 | 686,880 |
| Illumina, Inc. (a) | 664 | 124,493 |
| IQVIA Holdings, Inc. (a) | 844 | 189,706 |
| Mettler-Toledo International, Inc. (a) | 95 | 124,606 |
| Revvity, Inc. | 600 | 71,274 |
| Thermo Fisher Scientific, Inc. | 1,668 | 870,279 |
| Waters Corp. (a) | 268 | 71,433 |
| West Pharmaceutical Services, Inc. | 310 | 118,566 |
| | | 2,542,214 |
| Managed Healthcare - 1.7% |
| Centene Corp. (a) | 2,324 | 156,754 |
| Elevance Health, Inc. | 1,047 | 465,172 |
| Humana, Inc. | 548 | 245,027 |
| Molina Healthcare, Inc. (a) | 252 | 75,912 |
| UnitedHealth Group, Inc. | 4,076 | 1,959,089 |
| | | 2,901,954 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Metal, Glass & Plastic Containers - 0.1% |
| Ball Corp. | 1,464 | $ 85,219 |
| Movies & Entertainment - 1.0% |
| Live Nation Entertainment, Inc. (a) | 639 | 58,219 |
| Netflix, Inc. (a) | 1,924 | 847,503 |
| The Walt Disney Co. (a) | 7,910 | 706,205 |
| Warner Bros Discovery, Inc. (a) | 9,394 | 117,801 |
| | | 1,729,728 |
| Multi-Family Residential REITs - 0.3% |
| AvalonBay Communities, Inc. | 620 | 117,347 |
| Camden Property Trust | 500 | 54,435 |
| Equity Residential | 1,384 | 91,303 |
| Essex Property Trust, Inc. | 286 | 67,010 |
| Mid-America Apartment Communities, Inc. | 534 | 81,093 |
| UDR, Inc. | 1,498 | 64,354 |
| | | 475,542 |
| Multi-Line Insurance - 0.2% |
| American International Group, Inc. | 3,186 | 183,323 |
| Assurant, Inc. (b) | 252 | 31,681 |
| Hartford Financial Services Group, Inc. | 1,419 | 102,196 |
| | | 317,200 |
| Multi-Sector Holdings - 1.6% |
| Berkshire Hathaway, Inc., Class B (a) | 7,723 | 2,633,543 |
| Multi-Utilities - 0.7% |
| Ameren Corp. (b) | 1,067 | 87,142 |
| CenterPoint Energy, Inc. | 2,964 | 86,401 |
| CMS Energy Corp. | 1,149 | 67,504 |
| Consolidated Edison, Inc. | 1,542 | 139,397 |
| Dominion Energy, Inc. | 3,580 | 185,408 |
| DTE Energy Co. | 902 | 99,238 |
| NiSource, Inc. | 2,025 | 55,384 |
| Public Service Enterprise Group, Inc. | 2,007 | 125,658 |
| Sempra Energy | 1,321 | 192,324 |
| WEC Energy Group, Inc. | 1,435 | 126,624 |
| | | 1,165,080 |
| | Number
of Shares | Fair
Value |
| Office REITs - 0.1% |
| Alexandria Real Estate Equities, Inc. (b) | 700 | $ 79,443 |
| Boston Properties, Inc. | 678 | 39,046 |
| | | 118,489 |
| Oil & Gas Equipment & Services - 0.3% |
| Baker Hughes Co. (b) | 4,506 | 142,435 |
| Halliburton Co. | 3,815 | 125,857 |
| Schlumberger NV | 6,304 | 309,652 |
| | | 577,944 |
| Oil & Gas Exploration & Production - 1.0% |
| APA Corp. (b) | 1,268 | 43,327 |
| ConocoPhillips | 5,367 | 556,075 |
| Coterra Energy, Inc. | 3,158 | 79,897 |
| Devon Energy Corp. | 2,946 | 142,410 |
| Diamondback Energy, Inc. | 794 | 104,300 |
| EOG Resources, Inc. | 2,534 | 289,991 |
| EQT Corp. | 1,700 | 69,921 |
| Hess Corp. | 1,179 | 160,285 |
| Marathon Oil Corp. | 2,562 | 58,977 |
| Pioneer Natural Resources Co. | 1,004 | 208,009 |
| | | 1,713,192 |
| Oil & Gas Refining & Marketing - 0.4% |
| Marathon Petroleum Corp. | 1,757 | 204,866 |
| Phillips 66 Co. | 1,960 | 186,945 |
| Valero Energy Corp. | 1,653 | 193,897 |
| | | 585,708 |
| Oil & Gas Storage & Transportation - 0.3% |
| Kinder Morgan, Inc. | 8,660 | 149,125 |
| ONEOK, Inc. | 1,965 | 121,280 |
| Targa Resources Corp. | 893 | 67,957 |
| Williams Cos., Inc. | 5,197 | 169,578 |
| | | 507,940 |
| Other Specialized REITs - 0.1% |
| Iron Mountain, Inc. | 1,186 | 67,388 |
| VICI Properties, Inc. | 4,067 | 127,826 |
| | | 195,214 |
| Other Specialty Retail - 0.1% |
| Bath & Body Works, Inc. | 892 | 33,450 |
| Tractor Supply Co. | 457 | 101,043 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Ulta Beauty, Inc. (a) | 212 | $ 99,766 |
| | | 234,259 |
| Packaged Foods & Meats - 0.8% |
| Campbell Soup Co. | 776 | 35,471 |
| Conagra Brands, Inc. | 1,941 | 65,451 |
| General Mills, Inc. | 2,465 | 189,065 |
| Hershey Co. | 663 | 165,551 |
| Hormel Foods Corp. | 1,297 | 52,165 |
| J M Smucker Co. | 459 | 67,781 |
| Kellogg Co. | 1,186 | 79,936 |
| Kraft Heinz Co. | 3,317 | 117,754 |
| Lamb Weston Holdings, Inc. | 568 | 65,292 |
| McCormick & Co., Inc. | 1,028 | 89,672 |
| Mondelez International, Inc., Class A | 5,911 | 431,148 |
| Tyson Foods, Inc., Class A | 1,173 | 59,870 |
| | | 1,419,156 |
| Paper & Plastic Packaging Products & Materials - 0.2% |
| Amcor PLC | 6,636 | 66,227 |
| Avery Dennison Corp. | 351 | 60,302 |
| International Paper Co. | 1,599 | 50,864 |
| Packaging Corp. of America | 446 | 58,944 |
| Sealed Air Corp. | 764 | 30,560 |
| Westrock Co. | 928 | 26,977 |
| | | 293,874 |
| Passenger Airlines - 0.2% |
| Alaska Air Group, Inc. (a)(b) | 700 | 37,226 |
| American Airlines Group, Inc. (a)(b) | 2,697 | 48,384 |
| Delta Air Lines, Inc. (a) | 2,886 | 137,200 |
| Southwest Airlines Co. | 2,670 | 96,681 |
| United Airlines Holdings, Inc. (a) | 1,288 | 70,673 |
| | | 390,164 |
| Personal Care Products - 0.1% |
| Estee Lauder Cos., Inc., Class A | 1,010 | 198,344 |
| Pharmaceuticals - 4.0% |
| Bristol-Myers Squibb Co. | 9,284 | 593,712 |
| Catalent, Inc. (a) | 721 | 31,263 |
| Eli Lilly & Co. | 3,431 | 1,609,070 |
| Johnson & Johnson | 11,246 | 1,861,438 |
| Merck & Company, Inc. | 10,919 | 1,259,943 |
| Organon & Co. | 1,206 | 25,097 |
| | Number
of Shares | Fair
Value |
| Pfizer, Inc. | 24,599 | $ 902,291 |
| Viatris, Inc. | 4,835 | 48,253 |
| Zoetis, Inc. | 2,055 | 353,892 |
| | | 6,684,959 |
| Property & Casualty Insurance - 0.8% |
| Allstate Corp. (b) | 1,181 | 128,776 |
| Arch Capital Group Ltd. (a)(b) | 1,700 | 127,245 |
| Chubb Ltd. | 1,751 | 337,173 |
| Cincinnati Financial Corp. | 723 | 70,362 |
| Loews Corp. | 746 | 44,297 |
| Progressive Corp. | 2,534 | 335,426 |
| Travelers Cos., Inc. | 1,045 | 181,475 |
| W R Berkley Corp. | 808 | 48,124 |
| | | 1,272,878 |
| Publishing - 0.0%* |
| News Corp., Class A | 2,096 | 40,872 |
| News Corp., Class B | 748 | 14,751 |
| | | 55,623 |
| Rail Transportation - 0.6% |
| CSX Corp. | 8,778 | 299,330 |
| Norfolk Southern Corp. | 974 | 220,864 |
| Union Pacific Corp. | 2,698 | 552,065 |
| | | 1,072,259 |
| Real Estate Services - 0.1% |
| CBRE Group, Inc., Class A (a) | 1,320 | 106,537 |
| Regional Banks - 0.3% |
| Citizens Financial Group, Inc. | 2,100 | 54,768 |
| Comerica, Inc. | 648 | 27,449 |
| Fifth Third Bancorp | 3,184 | 83,452 |
| Huntington Bancshares, Inc. | 6,287 | 67,774 |
| M&T Bank Corp. | 705 | 87,251 |
| Regions Financial Corp. | 3,805 | 67,805 |
| Truist Financial Corp. | 5,722 | 173,663 |
| Zions Bancorp NA | 700 | 18,802 |
| | | 580,964 |
| Reinsurance - 0.0%* |
| Everest Re Group Ltd. | 152 | 51,963 |
| Research & Consulting Services - 0.3% |
| CoStar Group, Inc. (a) | 1,800 | 160,200 |
| Equifax, Inc. | 508 | 119,532 |
| Jacobs Solutions, Inc. | 548 | 65,152 |
| Leidos Holdings, Inc. | 645 | 57,069 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 11 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Verisk Analytics, Inc. | 654 | $ 147,824 |
| | | 549,777 |
| Restaurants - 1.2% |
| Chipotle Mexican Grill, Inc. (a) | 122 | 260,958 |
| Darden Restaurants, Inc. | 493 | 82,370 |
| Domino's Pizza, Inc. | 137 | 46,168 |
| McDonald's Corp. | 3,180 | 948,944 |
| Starbucks Corp. | 4,955 | 490,842 |
| Yum! Brands, Inc. | 1,210 | 167,646 |
| | | 1,996,928 |
| Retail REITs - 0.3% |
| Federal Realty Investment Trust | 394 | 38,127 |
| Kimco Realty Corp. | 2,766 | 54,546 |
| Realty Income Corp. | 2,675 | 159,938 |
| Regency Centers Corp. | 620 | 38,297 |
| Simon Property Group, Inc. | 1,397 | 161,326 |
| | | 452,234 |
| Self Storage REITs - 0.2% |
| Extra Space Storage, Inc. | 565 | 84,100 |
| Public Storage | 672 | 196,144 |
| | | 280,244 |
| Semiconductor Materials & Equipment - 0.9% |
| Applied Materials, Inc. | 3,648 | 527,282 |
| Enphase Energy, Inc. (a) | 600 | 100,488 |
| KLA Corp. | 617 | 299,257 |
| Lam Research Corp. | 590 | 379,287 |
| SolarEdge Technologies, Inc. (a) | 226 | 60,805 |
| Teradyne, Inc. | 677 | 75,371 |
| | | 1,442,490 |
| Semiconductors - 6.3% |
| Advanced Micro Devices, Inc. (a)(b) | 6,992 | 796,459 |
| Analog Devices, Inc. | 2,242 | 436,764 |
| Broadcom, Inc. | 1,814 | 1,573,518 |
| First Solar, Inc. (a) | 400 | 76,036 |
| Intel Corp. | 17,808 | 595,499 |
| Microchip Technology, Inc. | 2,345 | 210,089 |
| Micron Technology, Inc. | 4,849 | 306,020 |
| Monolithic Power Systems, Inc. | 206 | 111,287 |
| NVIDIA Corp. | 10,733 | 4,540,274 |
| NXP Semiconductors NV | 1,156 | 236,610 |
| | Number
of Shares | Fair
Value |
| ON Semiconductor Corp. (a) | 1,939 | $ 183,391 |
| Qorvo, Inc. (a) | 376 | 38,363 |
| QUALCOMM, Inc. | 4,908 | 584,248 |
| Skyworks Solutions, Inc. | 636 | 70,399 |
| Texas Instruments, Inc. | 3,938 | 708,919 |
| | | 10,467,876 |
| Single-Family Residential REITs - 0.1% |
| Invitation Homes, Inc. | 2,500 | 86,000 |
| Soft Drinks & Non-alcoholic Beverages - 1.5% |
| Coca-Cola Co. | 16,849 | 1,014,647 |
| Keurig Dr Pepper, Inc. | 3,813 | 119,232 |
| Monster Beverage Corp. (a) | 3,174 | 182,315 |
| PepsiCo, Inc. | 5,992 | 1,109,838 |
| | | 2,426,032 |
| Specialty Chemicals - 0.6% |
| Albemarle Corp. (b) | 541 | 120,692 |
| Celanese Corp. | 373 | 43,193 |
| DuPont de Nemours, Inc. | 2,059 | 147,095 |
| Eastman Chemical Co. | 541 | 45,293 |
| Ecolab, Inc. | 1,047 | 195,464 |
| International Flavors & Fragrances, Inc. | 1,159 | 92,245 |
| PPG Industries, Inc. | 988 | 146,520 |
| Sherwin-Williams Co. | 1,010 | 268,175 |
| | | 1,058,677 |
| Steel - 0.2% |
| Nucor Corp. | 1,147 | 188,085 |
| Steel Dynamics, Inc. | 700 | 76,251 |
| | | 264,336 |
| Systems Software - 7.7% |
| Fortinet, Inc. (a) | 2,735 | 206,739 |
| Gen Digital, Inc. | 2,772 | 51,421 |
| Microsoft Corp. | 32,312 | 11,003,528 |
| Oracle Corp. | 6,658 | 792,901 |
| Palo Alto Networks, Inc. (a) | 1,200 | 306,612 |
| ServiceNow, Inc. (a) | 890 | 500,153 |
| | | 12,861,354 |
| Technology Distributors - 0.1% |
| CDW Corp. | 600 | 110,100 |
| Technology Hardware, Storage & Peripherals - 7.7% |
| Apple, Inc. | 64,344 | 12,480,806 |
| Contra Abiomed, Inc. (a)(b) | 199 | 203 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 12 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Hewlett Packard Enterprise Co. | 5,833 | $ 97,994 |
| HP, Inc. | 3,529 | 108,376 |
| NetApp, Inc. | 938 | 71,663 |
| Seagate Technology Holdings PLC | 715 | 44,237 |
| Western Digital Corp. (a) | 1,358 | 51,509 |
| | | 12,854,788 |
| Telecom Tower REITs - 0.4% |
| American Tower Corp. | 2,020 | 391,759 |
| Crown Castle, Inc. | 1,858 | 211,700 |
| SBA Communications Corp. | 455 | 105,451 |
| | | 708,910 |
| Timber REITs - 0.1% |
| Weyerhaeuser Co. | 3,043 | 101,971 |
| Tobacco - 0.6% |
| Altria Group, Inc. | 7,696 | 348,629 |
| Philip Morris International, Inc. | 6,715 | 655,518 |
| | | 1,004,147 |
| Trading Companies & Distributors - 0.3% |
| Fastenal Co. | 2,371 | 139,865 |
| United Rentals, Inc. | 312 | 138,956 |
| WW Grainger, Inc. | 207 | 163,238 |
| | | 442,059 |
| Transaction & Payment Processing Services - 2.5% |
| Fidelity National Information Services, Inc. | 2,647 | 144,791 |
| | Number
of Shares | Fair
Value |
| Fiserv, Inc. (a) | 2,733 | $ 344,768 |
| FleetCor Technologies, Inc. (a) | 323 | 81,099 |
| Global Payments, Inc. | 1,129 | 111,229 |
| Jack Henry & Associates, Inc. | 349 | 58,398 |
| Mastercard, Inc., Class A | 3,675 | 1,445,377 |
| PayPal Holdings, Inc. (a) | 4,894 | 326,577 |
| Visa, Inc., Class A | 7,081 | 1,681,596 |
| | | 4,193,835 |
| Water Utilities - 0.1% |
| American Water Works Co., Inc. | 817 | 116,627 |
| Wireless Telecommunication Services - 0.2% |
| T-Mobile US Inc. (a) | 2,583 | 358,779 |
Total Common Stock
(Cost $45,647,997) | | 161,737,504 |
| Short-Term Investments - 3.1% |
State Street Institutional Liquid Reserves Fund - Premier Class 5.19% (b)(d)(e)
(Cost $5,167,813) | 5,166,793 | 5,167,827 |
Total Investments
(Cost $50,815,810) | | 166,905,331 |
| Other Assets and Liabilities, net - 0.2% | | 302,095 |
| NET ASSETS - 100.0% | | $ 167,207,426 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2023 | 25 | $ 5,425,748 | $ 5,610,252 | $ 184,504 |
During the period ended June 30, 2023, the average notional value related to long futures contracts was $2,835,007.
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street S&P 500 Index V.I.S. Fund | 13 |
State Street S&P 500 Index V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (e) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 161,737,301 | | $ 203 | | $ — | | $ 161,737,504 |
| Short-Term Investments | 5,167,827 | | — | | — | | 5,167,827 |
| Total Investments in Securities | $ 166,905,128 | | $ 203 | | $ — | | $ 166,905,331 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 184,504 | | $ — | | $ — | | $ 184,504 |
| Total Other Financial Instruments | $ 184,504 | | $ — | | $ — | | $ 184,504 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | | Dividend
Income |
| State Street Corp. | 1,635 | $ 126,827 | | $ — | | $ 12,368 | | $(1,415) | | $(5,616) | 1,468 | $ 107,428 | | $ 1,850 |
| State Street Institutional Liquid Reserves Fund, Premier Class | 3,444,537 | 3,445,226 | | 10,535,833 | | 8,813,576 | | (9) | | 353 | 5,166,793 | 5,167,827 | | 64,421 |
| TOTAL | | $3,572,053 | | $10,535,833 | | $8,825,944 | | $(1,424) | | $(5,263) | | $5,275,255 | | $66,271 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 14 | State Street S&P 500 Index V.I.S. Fund |
State Street S&P 500 Index V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 4/15/85 |
| Net asset value, beginning of period | $ 40.12 | | $ 57.58 | | $ 49.96 | | $ 46.61 | | $ 38.13 | | $ 44.09 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.31 | | 0.65 | | 0.60 | | 0.72 | | 0.75 | | 0.74 |
| Net realized and unrealized gains/(losses) on investments | 6.39 | | (11.22) | | 13.56 | | 7.61 | | 11.09 | | (2.86) |
| Total income/(loss) from investment operations | 6.70 | | (10.57) | | 14.16 | | 8.33 | | 11.84 | | (2.12) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.68) | | (0.66) | | (0.88) | | (0.62) | | (0.80) |
| Net realized gains | — | | (6.21) | | (5.88) | | (4.10) | | (2.74) | | (3.04) |
| Total distributions | — | | (6.89) | | (6.54) | | (4.98) | | (3.36) | | (3.84) |
| Net asset value, end of period | $ 46.82 | | $ 40.12 | | $ 57.58 | | $ 49.96 | | $ 46.61 | | $ 38.13 |
| Total Return(c) | 16.70% | | (18.31)% | | 28.27% | | 17.92% | | 31.05% | | (4.73)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $167,207 | | $146,235 | | $208,535 | | $184,164 | | $186,771 | | $160,902 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.32% (d) | | 0.32% | | 0.31% | | 0.31% | | 0.34% | | 0.33% |
| Gross expenses | 0.32% (d) | | 0.32% | | 0.31% | | 0.31% | | 0.34% | | 0.33% |
| Net investment income | 1.44% (d) | | 1.29% | | 1.06% | | 1.54% | | 1.67% | | 1.62% |
| Portfolio turnover rate | 0% (e) | | 5% | | 2% | | 3% | | 2% | | 2% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
| (e) | Rounds to less than 0.50% |
The accompanying Notes are an integral part of these financial statements.
State Street S&P 500 Index V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $45,579,865) | $ 161,630,076 |
| Investments in affiliated securities, at fair value (cost $68,132) | 107,428 |
| Short-term affiliated investments, at fair value (cost $5,167,813) | 5,167,827 |
| Cash | 912 |
| Net cash collateral on deposit with broker for future contracts | 189,063 |
| Income receivables | 127,026 |
| Receivable for fund shares sold | 3,344 |
| Receivable for accumulated variation margin on futures contracts | 184,564 |
| Total assets | 167,410,240 |
| Liabilities | |
| Payable for investments purchased | 27,616 |
| Payable for fund shares redeemed | 64,078 |
| Payable to the Adviser | 33,776 |
| Payable for custody, fund accounting and sub-administration fees | 15,664 |
| Accrued other expenses | 61,680 |
| Total liabilities | 202,814 |
|
| Net Assets | $ 167,207,426 |
| Net Assets Consist of: | |
| Capital paid in | $ 46,821,174 |
| Total distributable earnings (loss) | 120,386,252 |
| Net Assets | $ 167,207,426 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 3,571,057 |
| Net asset value per share | $ 46.82 |
The accompanying Notes are an integral part of these financial statements.
| 16 | Statement of Assets and Liabilities |
State Street S&P 500 Index V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 1,272,187 |
| Income from affiliated investments | 66,271 |
| Less: Foreign taxes withheld | (352) |
| Total income | 1,338,106 |
| Expenses | |
| Advisory and administration fees | 189,604 |
| Directors' fees | 11,670 |
| Custody, fund accounting and sub-administration fees | 17,534 |
| Professional fees | 13,309 |
| Printing and shareholder reports | 8,809 |
| Other expenses | 5,108 |
| Total expenses | 246,034 |
| Net investment income | $ 1,092,072 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 74,735 |
| Affiliated investments | (1,424) |
| Futures | 397,701 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 22,245,483 |
| Affiliated investments | (5,263) |
| Futures | 221,114 |
| Net realized and unrealized gain (loss) on investments | 22,932,346 |
| Net Increase in Net Assets Resulting from Operations | $ 24,024,418 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 17 |
State Street S&P 500 Index V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income | $ 1,092,072 | | $ 2,178,121 |
| Net realized gain (loss) on investments and futures | 471,012 | | 22,703,164 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 22,461,334 | | (61,761,294) |
| Net increase (decrease) from operations | 24,024,418 | | (36,880,009) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (21,459,700) |
| Increase (decrease) in assets from operations and distributions | 24,024,418 | | (58,339,709) |
| Share transactions: | | | |
| Proceeds from sale of shares | 7,450,584 | | 8,996,904 |
| Value of distributions reinvested | — | | 21,459,700 |
| Cost of shares redeemed | (10,502,649) | | (34,416,637) |
| Net increase (decrease) from share transactions | (3,052,065) | | (3,960,033) |
| Total increase (decrease) in net assets | 20,972,353 | | (62,299,742) |
| Net Assets | | | |
| Beginning of period | 146,235,073 | | 208,534,815 |
| End of period | $ 167,207,426 | | $ 146,235,073 |
| Changes in Fund Shares | | | |
| Shares sold | 173,305 | | 167,535 |
| Issued for distributions reinvested | — | | 536,358 |
| Shares redeemed | (246,930) | | (680,840) |
| Net increase (decrease) in fund shares | (73,625) | | 23,053 |
The accompanying Notes are an integral part of these financial statements.
| 18 | Statements of Changes in Net Assets |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the "Fund"), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board. |
| Notes to Financial Statements | 19 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (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, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
| 20 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 184,564 | $ — | $ 184,564 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 397,701 | $ — | $ 397,701 |
| Notes to Financial Statements | 21 |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street S&P 500 Index V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 221,114 | $ — | $ 221,114 |
4.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.25%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedule of Investments.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 737,673 | $ 3,873,060 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, 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.
| 22 | Notes to Financial Statements |
State Street S&P 500 Index V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 53,741,131 | $ 118,293,699 | $ 4,944,995 | $ 113,348,704 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
9.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
10.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| Notes to Financial Statements | 23 |
State Street S&P 500 Index V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund's Program. The Program's principal objectives include assessing, managing and periodically reviewing the Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street S&P 500 Index V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 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 10-11, 2023 meeting. The Independent Directors considered, among other things, the following:
__________________________________
1 The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-year period, was below the medians of its Performance Group and Performance Universe for the 3- and 5-year periods, and was equal to the medians of its Performance Group and Performance Universe for the 10-year period. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including the fact that the Fund is designed to track a designated index.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street S&P 500 Index V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
State Street S&P 500 Index V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 11 |
| 12 |
| 13 |
| 14 |
| 15 |
| 21 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Small-Cap Equity V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Small-Cap Equity V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street Small-Cap Equity V.I.S. Fund | 1 |
State Street Small-Cap Equity V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $26,041 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| MGP Ingredients, Inc. | 1.51% |
| Darling Ingredients, Inc. | 1.49% |
| Dycom Industries, Inc. | 1.45% |
| RB Global, Inc. | 1.45% |
| Ingevity Corp. | 1.41% |
| Murphy USA, Inc. | 1.20% |
| U.S. Physical Therapy, Inc. | 1.18% |
| MSA Safety, Inc. | 1.12% |
| Enerpac Tool Group Corp. | 1.09% |
| Pure Storage, Inc., Class A | 1.08% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street Small-Cap Equity V.I.S. Fund |
State Street Small-Cap Equity V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,079.00 | | $1,018.20 |
| Expenses Paid During Period* | $ 6.80 | | $ 6.61 |
| * | Expenses are equal to the Fund's annualized expense ratio of 1.32% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street Small-Cap Equity V.I.S. Fund | 3 |
State Street Small-Cap Equity V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 94.8% † |
| Aerospace & Defense - 0.3% |
| Woodward, Inc. | 617 | $ 73,368 |
| Agricultural & Farm Machinery - 0.9% |
| AGCO Corp. | 1,801 | 236,687 |
| Agricultural Products & Services - 1.5% |
| Darling Ingredients, Inc. (a) | 6,093 | 388,673 |
| Apparel Retail - 1.3% |
| American Eagle Outfitters, Inc. (b) | 2,768 | 32,662 |
| Boot Barn Holdings, Inc. (a) | 2,498 | 211,556 |
| Buckle, Inc. | 2,137 | 73,940 |
| Revolve Group, Inc. (a) | 1,489 | 24,420 |
| | | 342,578 |
| Application Software - 5.7% |
| ACI Worldwide, Inc. (a)(b) | 4,000 | 92,680 |
| Altair Engineering, Inc., Class A (a) | 1,258 | 95,407 |
| Asana, Inc., Class A (a) | 3,620 | 79,785 |
| Blackbaud, Inc. (a) | 2,120 | 150,902 |
| Blackline, Inc. (a) | 664 | 35,736 |
| Box, Inc., Class A (a) | 4,690 | 137,792 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 5,987 | 67,114 |
| Freshworks, Inc., Class A Revenue (a) | 7,390 | 129,916 |
| New Relic, Inc. (a) | 2,600 | 170,144 |
| Nutanix, Inc., Class A (a) | 3,780 | 106,029 |
| Q2 Holdings, Inc. (a) | 2,300 | 71,070 |
| Smartsheet, Inc., Class A (a) | 2,800 | 107,128 |
| Vertex, Inc., Class A (a) | 3,687 | 71,897 |
| Workiva, Inc. (a) | 1,500 | 152,490 |
| | | 1,468,090 |
| Automobile Manufacturers - 0.7% |
| Thor Industries, Inc. | 1,855 | 191,993 |
| Automotive Parts & Equipment - 1.3% |
| Dana, Inc. | 3,273 | 55,641 |
| Dorman Products, Inc. (a) | 2,645 | 208,505 |
| LCI Industries | 167 | 21,102 |
| Modine Manufacturing Co. (a) | 1,432 | 47,285 |
| | | 332,533 |
| Automotive Retail - 1.9% |
| America's Car-Mart, Inc. (a)(b) | 375 | 37,418 |
| | Number
of Shares | Fair
Value |
| Group 1 Automotive, Inc. | 394 | $ 101,691 |
| Monro, Inc. | 1,012 | 41,118 |
| Murphy USA, Inc. | 1,003 | 312,043 |
| | | 492,270 |
| Biotechnology - 0.9% |
| Abcam PLC ADR (a) | 830 | 20,310 |
| Avid Bioservices, Inc. (a) | 3,696 | 51,633 |
| Catalyst Pharmaceuticals, Inc. (a) | 1,707 | 22,942 |
| Emergent BioSolutions, Inc. (a) | 1,731 | 12,723 |
| Halozyme Therapeutics, Inc. (a) | 1,029 | 37,116 |
| Heron Therapeutics, Inc. (a) | 14,259 | 16,541 |
| Veracyte, Inc. (a) | 2,510 | 63,930 |
| | | 225,195 |
| Brewers - 0.8% |
| Boston Beer Co., Inc., Class A (a) | 696 | 214,674 |
| Broadline Retail - 0.2% |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 950 | 55,034 |
| Building Products - 2.9% |
| Armstrong World Industries, Inc. | 2,769 | 203,411 |
| AZZ, Inc. | 525 | 22,817 |
| CSW Industrials, Inc. | 860 | 142,923 |
| Gibraltar Industries, Inc. (a) | 2,816 | 177,183 |
| Hayward Holdings, Inc. (a) | 4,600 | 59,110 |
| Insteel Industries, Inc. | 1,639 | 51,006 |
| Simpson Manufacturing Co., Inc. | 391 | 54,153 |
| UFP Industries, Inc. | 466 | 45,225 |
| | | 755,828 |
| Cargo Ground Transportation - 0.7% |
| Saia, Inc. (a) | 559 | 191,407 |
| Commodity Chemicals - 0.2% |
| Hawkins, Inc. | 1,039 | 49,550 |
| Communications Equipment - 0.1% |
| Cambium Networks Corp. (a) | 1,221 | 18,584 |
| Computer & Electronics Retail - 0.1% |
| Upbound Group, Inc. | 707 | 22,009 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Construction & Engineering - 1.8% |
| Dycom Industries, Inc. (a) | 3,326 | $ 378,000 |
| IES Holdings, Inc. (a) | 467 | 26,563 |
| Valmont Industries, Inc. | 189 | 55,008 |
| | | 459,571 |
| Construction Machinery & Heavy Transportation Equipment - 0.6% |
| Alamo Group, Inc. | 459 | 84,415 |
| Astec Industries, Inc. | 455 | 20,675 |
| Wabash National Corp. | 2,408 | 61,741 |
| | | 166,831 |
| Construction Materials - 0.2% |
| Eagle Materials, Inc. | 238 | 44,368 |
| Consumer Finance - 0.3% |
| PROG Holdings, Inc. (a) | 2,516 | 80,814 |
| Data Processing & Outsourced Services - 0.8% |
| CSG Systems International, Inc. | 1,932 | 101,894 |
| Verra Mobility Corp. (a) | 5,995 | 118,221 |
| | | 220,115 |
| Distillers & Vintners - 1.5% |
| MGP Ingredients, Inc. | 3,695 | 392,705 |
| Distributors - 0.8% |
| LKQ Corp. | 3,377 | 196,778 |
| Diversified Metals & Mining - 0.3% |
| Compass Minerals International, Inc. | 1,110 | 37,740 |
| Materion Corp. | 269 | 30,720 |
| | | 68,460 |
| Diversified REITs - 0.3% |
| Alpine Income Property Trust, Inc. (b) | 1,721 | 27,966 |
| American Assets Trust, Inc. (b) | 1,209 | 23,213 |
| Essential Properties Realty Trust, Inc. | 799 | 18,809 |
| | | 69,988 |
| Diversified Support Services - 2.2% |
| Healthcare Services Group, Inc. | 4,017 | 59,974 |
| | Number
of Shares | Fair
Value |
| Matthews International Corp., Class A | 2,392 | $ 101,947 |
| RB Global, Inc. | 6,277 | 376,620 |
| UniFirst Corp. | 160 | 24,801 |
| | | 563,342 |
| Education Services - 0.5% |
| Bright Horizons Family Solutions, Inc. (a) | 447 | 41,325 |
| Stride, Inc. (a) | 2,381 | 88,645 |
| | | 129,970 |
| Electric Utilities - 1.0% |
| ALLETE, Inc. (b) | 559 | 32,405 |
| IDACORP, Inc. | 2,157 | 221,308 |
| | | 253,713 |
| Electrical Components & Equipment - 0.8% |
| Acuity Brands, Inc. (b) | 144 | 23,484 |
| Atkore, Inc. (a) | 359 | 55,982 |
| Generac Holdings, Inc. (a) | 920 | 137,200 |
| | | 216,666 |
| Electronic Components - 1.7% |
| Belden, Inc. | 2,436 | 233,003 |
| Coherent Corp. (a) | 523 | 26,663 |
| Littelfuse, Inc. | 585 | 170,416 |
| | | 430,082 |
| Electronic Equipment & Instruments - 0.9% |
| Novanta, Inc. (a) | 680 | 125,188 |
| Vontier Corp. | 3,459 | 111,414 |
| | | 236,602 |
| Electronic Manufacturing Services - 0.1% |
| Plexus Corp. (a) | 308 | 30,258 |
| Environmental & Facilities Services - 0.3% |
| Montrose Environmental Group, Inc. (a) | 1,880 | 79,186 |
| Food Distributors - 0.5% |
| Performance Food Group Co. (a) | 2,179 | 131,263 |
| Footwear - 0.2% |
| Deckers Outdoor Corp. (a) | 84 | 44,323 |
| Steven Madden Ltd. | 627 | 20,497 |
| | | 64,820 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Forest Products - 0.3% |
| Louisiana-Pacific Corp. | 1,029 | $ 77,154 |
| Gas Utilities - 0.1% |
| UGI Corp. | 516 | 13,917 |
| Health Care REITs - 0.4% |
| Community Healthcare Trust, Inc. | 2,784 | 91,928 |
| Healthcare Distributors - 0.3% |
| AdaptHealth Corp. (a)(b) | 6,367 | 77,486 |
| Healthcare Equipment - 5.6% |
| AtriCure, Inc. (a) | 2,350 | 115,996 |
| Axonics, Inc. (a) | 2,250 | 113,558 |
| CONMED Corp. | 1,220 | 165,786 |
| Envista Holdings Corp. (a) | 1,460 | 49,406 |
| Globus Medical, Inc., Class A (a) | 2,190 | 130,393 |
| Inspire Medical Systems, Inc. (a) | 740 | 240,234 |
| Integra LifeSciences Holdings Corp. (a) | 3,170 | 130,382 |
| LeMaitre Vascular, Inc. | 697 | 46,894 |
| Omnicell, Inc. (a) | 1,310 | 96,508 |
| Outset Medical, Inc. (a) | 2,520 | 55,112 |
| Penumbra, Inc. (a) | 690 | 237,401 |
| SI-BONE, Inc. (a) | 1,135 | 30,622 |
| Tandem Diabetes Care, Inc. (a) | 2,110 | 51,779 |
| | | 1,464,071 |
| Healthcare Facilities - 1.9% |
| Acadia Healthcare Co., Inc. (a) | 2,263 | 180,225 |
| U.S. Physical Therapy, Inc. | 2,523 | 306,267 |
| | | 486,492 |
| Healthcare Services - 0.5% |
| Addus HomeCare Corp. (a)(b) | 471 | 43,662 |
| AMN Healthcare Services, Inc. (a) | 224 | 24,443 |
| Castle Biosciences, Inc. (a) | 2,052 | 28,153 |
| Pediatrix Medical Group, Inc. (a) | 2,722 | 38,680 |
| | | 134,938 |
| Healthcare Supplies - 0.5% |
| ICU Medical, Inc. (a) | 120 | 21,383 |
| | Number
of Shares | Fair
Value |
| Neogen Corp. (a) | 5,260 | $ 114,405 |
| | | 135,788 |
| Healthcare Technology - 0.4% |
| Definitive Healthcare Corp. (a) | 2,180 | 23,980 |
| NextGen Healthcare, Inc. (a) | 2,375 | 38,522 |
| Simulations Plus, Inc. | 742 | 32,151 |
| | | 94,653 |
| Home Building - 0.9% |
| Cavco Industries, Inc. (a) | 108 | 31,860 |
| Green Brick Partners, Inc. (a) | 326 | 18,517 |
| Taylor Morrison Home Corp. (a) | 2,451 | 119,535 |
| TopBuild Corp. (a) | 219 | 58,258 |
| | | 228,170 |
| Home Furnishing Retail - 0.3% |
| Aaron's Co., Inc. (b) | 4,256 | 60,180 |
| Overstock.com, Inc. (a) | 776 | 25,274 |
| | | 85,454 |
| Hotel & Resort REITs - 0.5% |
| RLJ Lodging Trust | 9,634 | 98,941 |
| Sunstone Hotel Investors, Inc. | 4,235 | 42,858 |
| | | 141,799 |
| Household Products - 0.3% |
| Central Garden & Pet Co., Class A (a) | 2,250 | 82,035 |
| Industrial Machinery & Supplies & Components - 7.0% |
| Albany International Corp., Class A (b) | 870 | 81,154 |
| Barnes Group, Inc. | 4,105 | 173,190 |
| Chart Industries, Inc. (a) | 319 | 50,973 |
| Enerpac Tool Group Corp. | 10,463 | 282,501 |
| ESCO Technologies, Inc. | 1,540 | 159,590 |
| Helios Technologies, Inc. | 679 | 44,875 |
| Hillenbrand, Inc. | 729 | 37,383 |
| John Bean Technologies Corp. | 1,980 | 240,174 |
| Mueller Industries, Inc. | 1,873 | 163,475 |
| RBC Bearings, Inc. (a) | 670 | 145,705 |
| Standex International Corp. | 740 | 104,688 |
| Timken Co. | 2,928 | 268,000 |
| Xylem, Inc. | 696 | 78,384 |
| | | 1,830,092 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Industrial REITs - 0.8% |
| EastGroup Properties, Inc. | 1,164 | $ 202,070 |
| Insurance Brokers - 0.4% |
| BRP Group, Inc., Class A (a) | 4,500 | 111,510 |
| Investment Banking & Brokerage - 1.1% |
| Piper Sandler Cos., | 404 | 52,221 |
| Raymond James Financial, Inc. | 1,575 | 163,438 |
| Stifel Financial Corp. | 1,105 | 65,935 |
| | | 281,594 |
| IT Consulting & Other Services - 0.2% |
| Perficient, Inc. (a) | 267 | 22,249 |
| Unisys Corp. (a) | 6,339 | 25,229 |
| | | 47,478 |
| Leisure Facilities - 0.3% |
| Planet Fitness, Inc., Class A (a) | 1,260 | 84,974 |
| Leisure Products - 1.7% |
| Johnson Outdoors, Inc., Class A | 301 | 18,496 |
| Malibu Boats, Inc., Class A (a) | 2,974 | 174,455 |
| Polaris, Inc. | 2,113 | 255,525 |
| | | 448,476 |
| Life & Health Insurance - 0.1% |
| American Equity Investment Life Holding Co. (b) | 472 | 24,596 |
| Life Sciences Tools & Services - 2.4% |
| Azenta, Inc. (a) | 1,970 | 91,960 |
| BioLife Solutions, Inc. (a) | 3,818 | 84,378 |
| Bruker Corp. | 2,095 | 154,862 |
| ICON PLC ADR (a) | 359 | 89,822 |
| Mesa Laboratories, Inc. | 309 | 39,706 |
| Repligen Corp. (a) | 921 | 130,285 |
| Syneos Health, Inc. (a) | 510 | 21,491 |
| | | 612,504 |
| Marine Transportation - 0.2% |
| Kirby Corp. (a) | 627 | 48,248 |
| Metal, Glass & Plastic Containers - 0.3% |
| TriMas Corp. | 3,035 | 83,432 |
| | Number
of Shares | Fair
Value |
| Multi-Family Residential REITs - 0.2% |
| NexPoint Residential Trust, Inc. | 999 | $ 45,435 |
| Multi-Line Insurance - 0.2% |
| Horace Mann Educators Corp. | 1,781 | 52,824 |
| Multi-Utilities - 0.1% |
| Avista Corp. | 833 | 32,712 |
| Office REITs - 0.7% |
| Corporate Office Properties Trust | 1,043 | 24,771 |
| Cousins Properties, Inc. | 3,692 | 84,178 |
| Easterly Government Properties, Inc. | 5,520 | 80,040 |
| | | 188,989 |
| Office Services & Supplies - 1.1% |
| MSA Safety, Inc. | 1,676 | 291,557 |
| Oil & Gas Drilling - 0.0%* |
| Helmerich & Payne, Inc. | 260 | 9,217 |
| Oil & Gas Equipment & Services - 0.6% |
| ChampionX Corp. | 1,691 | 52,488 |
| Oil States International, Inc. (a) | 15,476 | 115,606 |
| | | 168,094 |
| Oil & Gas Exploration & Production - 1.9% |
| Civitas Resources, Inc. | 770 | 53,415 |
| Northern Oil & Gas, Inc. | 2,366 | 81,201 |
| PDC Energy, Inc. | 2,259 | 160,706 |
| SM Energy Co. | 4,546 | 143,790 |
| Southwestern Energy Co. (a) | 8,221 | 49,408 |
| | | 488,520 |
| Other Specialty Retail - 0.5% |
| Leslie's, Inc. (a) | 6,590 | 61,880 |
| Sally Beauty Holdings, Inc. (a) | 5,400 | 66,690 |
| | | 128,570 |
| Packaged Foods & Meats - 3.3% |
| Calavo Growers, Inc. | 1,380 | 40,048 |
| Fresh Market, Inc. (a)(c) | 10,000 | — |
| Freshpet, Inc. (a) | 1,450 | 95,425 |
| Hostess Brands, Inc. (a) | 5,140 | 130,145 |
| J & J Snack Foods Corp. | 650 | 102,934 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Lancaster Colony Corp. | 850 | $ 170,926 |
| Simply Good Foods Co. (a) | 3,260 | 119,283 |
| Sovos Brands, Inc. (a) | 4,100 | 80,196 |
| Utz Brands, Inc. | 7,690 | 125,808 |
| | | 864,765 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Ranpak Holdings Corp. (a) | 3,908 | 17,664 |
| Personal Care Products - 0.2% |
| BellRing Brands, Inc. (a) | 1,224 | 44,798 |
| Pharmaceuticals - 0.3% |
| ANI Pharmaceuticals, Inc. (a) | 1,149 | 61,851 |
| Organon & Co. | 435 | 9,052 |
| Phathom Pharmaceuticals, Inc. (a) | 590 | 8,449 |
| | | 79,352 |
| Property & Casualty Insurance - 2.0% |
| AMERISAFE, Inc. | 1,748 | 93,203 |
| Argo Group International Holdings Ltd. (b) | 1,762 | 52,173 |
| James River Group Holdings Ltd. | 2,480 | 45,285 |
| Palomar Holdings, Inc. (a) | 1,230 | 71,389 |
| RLI Corp. | 801 | 109,312 |
| Selective Insurance Group, Inc. | 1,470 | 141,047 |
| Trupanion, Inc. (a) | 650 | 12,792 |
| | | 525,201 |
| Publishing - 0.8% |
| John Wiley & Sons, Inc., Class A | 5,913 | 201,219 |
| Regional Banks - 7.6% |
| 1st Source Corp. (b) | 1,202 | 50,400 |
| Banc of California, Inc. | 2,770 | 32,077 |
| BancFirst Corp. | 710 | 65,320 |
| Bank OZK | 1,738 | 69,798 |
| BankUnited, Inc. | 1,019 | 21,959 |
| Banner Corp. | 369 | 16,114 |
| Cadence Bank (b) | 968 | 19,012 |
| Community Bank System, Inc. | 1,320 | 61,882 |
| Cullen/Frost Bankers, Inc. | 925 | 99,465 |
| Enterprise Financial Services Corp. | 864 | 33,782 |
| | Number
of Shares | Fair
Value |
| First Financial Bankshares, Inc. | 2,630 | $ 74,929 |
| Fulton Financial Corp. | 5,219 | 62,211 |
| German American Bancorp, Inc. | 1,940 | 52,729 |
| Heritage Commerce Corp. | 5,455 | 45,167 |
| Home BancShares, Inc. | 2,928 | 66,758 |
| HomeStreet, Inc. | 1,310 | 7,755 |
| Independent Bank Corp. | 2,433 | 108,293 |
| Lakeland Financial Corp. | 452 | 21,931 |
| Live Oak Bancshares, Inc. | 7,077 | 186,196 |
| National Bank Holdings Corp., Class A | 1,461 | 42,427 |
| New York Community Bancorp, Inc. | 1,850 | 20,794 |
| Origin Bancorp, Inc. | 1,209 | 35,424 |
| Peapack-Gladstone Financial Corp. | 952 | 25,780 |
| Pinnacle Financial Partners, Inc. | 734 | 41,581 |
| Prosperity Bancshares, Inc. | 1,682 | 94,999 |
| Renasant Corp. | 3,642 | 95,165 |
| ServisFirst Bancshares, Inc. | 1,170 | 47,876 |
| SouthState Corp. | 403 | 26,517 |
| Stock Yards Bancorp, Inc. | 1,110 | 50,361 |
| Texas Capital Bancshares, Inc. (a) | 833 | 42,900 |
| United Community Banks, Inc. | 1,001 | 25,015 |
| Washington Federal, Inc. | 986 | 26,149 |
| Westamerica BanCorp | 1,581 | 60,552 |
| Wintrust Financial Corp. | 925 | 67,174 |
| WSFS Financial Corp. | 4,358 | 164,384 |
| | | 1,962,876 |
| Research & Consulting Services - 0.3% |
| Resources Connection, Inc. | 4,864 | 76,413 |
| Restaurants - 1.7% |
| Bloomin' Brands, Inc. | 2,461 | 66,176 |
| Cheesecake Factory, Inc. | 1,763 | 60,965 |
| Dave & Buster's Entertainment, Inc. (a) | 175 | 7,798 |
| Shake Shack, Inc., Class A (a) | 1,680 | 130,570 |
| Texas Roadhouse, Inc. | 969 | 108,799 |
| Wingstop, Inc. | 320 | 64,051 |
| | | 438,359 |
| Retail REITs - 0.4% |
| Kite Realty Group Trust | 2,485 | 55,515 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Macerich Co. | 3,239 | $ 36,503 |
| | | 92,018 |
| Security & Alarm Services - 1.0% |
| Brink's Co. | 3,747 | 254,159 |
| Self Storage REITs - 0.1% |
| National Storage Affiliates Trust | 810 | 28,212 |
| Semiconductor Materials & Equipment - 0.7% |
| Ichor Holdings Ltd. (a) | 1,511 | 56,663 |
| Onto Innovation, Inc. (a) | 1,079 | 125,671 |
| | | 182,334 |
| Semiconductors - 0.4% |
| Diodes, Inc. (a) | 286 | 26,452 |
| MaxLinear, Inc. (a) | 585 | 18,463 |
| Semtech Corp. (a) | 2,778 | 70,728 |
| | | 115,643 |
| Soft Drinks & Non-alcoholic Beverages - 0.4% |
| Primo Water Corp. | 8,120 | 101,825 |
| Zevia PBC, Class A (a) | 1,640 | 7,068 |
| | | 108,893 |
| Specialized Consumer Services - 0.5% |
| European Wax Center, Inc., Class A (a) | 3,940 | 73,402 |
| OneSpaWorld Holdings Ltd. (a) | 3,945 | 47,735 |
| | | 121,137 |
| Specialty Chemicals - 4.4% |
| Avient Corp. | 4,129 | 168,876 |
| HB Fuller Co. | 388 | 27,746 |
| Ingevity Corp. (a) | 6,335 | 368,444 |
| Innospec, Inc. | 1,080 | 108,475 |
| Quaker Chemical Corp. | 740 | 144,226 |
| Sensient Technologies Corp. | 1,470 | 104,561 |
| Stepan Co. | 2,405 | 229,822 |
| | | 1,152,150 |
| Steel - 0.7% |
| Carpenter Technology Corp. | 723 | 40,582 |
| Commercial Metals Co. | 1,788 | 94,156 |
| Ryerson Holding Corp. | 812 | 35,225 |
| | | 169,963 |
| | Number
of Shares | Fair
Value |
| Systems Software - 0.5% |
| Progress Software Corp. | 776 | $ 45,086 |
| Tenable Holdings, Inc. (a) | 1,760 | 76,648 |
| | | 121,734 |
| Technology Distributors - 0.1% |
| Insight Enterprises, Inc. (a) | 215 | 31,463 |
| Technology Hardware, Storage & Peripherals - 1.3% |
| Corsair Gaming, Inc. (a) | 3,341 | 59,269 |
| Pure Storage, Inc., Class A (a) | 7,670 | 282,410 |
| | | 341,679 |
| Timber REITs - 0.2% |
| PotlatchDeltic Corp. | 898 | 47,459 |
| Trading Companies & Distributors - 1.4% |
| Applied Industrial Technologies, Inc. | 1,938 | 280,680 |
| Transcat, Inc. (a) | 490 | 41,802 |
| WESCO International, Inc. | 245 | 43,870 |
| | | 366,352 |
| Transaction & Payment Processing Services - 0.2% |
| Shift4 Payments, Inc., Class A (a) | 890 | 60,440 |
| Water Utilities - 0.1% |
| American States Water Co. (b) | 354 | 30,797 |
Total Common Stock
(Cost $18,543,083) | | 24,623,862 |
| Short-Term Investments - 5.5% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (d)(e)
(Cost $1,417,477) | 1,417,477 | 1,417,477 |
Total Investments
(Cost $19,960,560) | | 26,041,339 |
| Liabilities in Excess of Other Assets, net - (0.3)% | | (77,954) |
| NET ASSETS - 100.0% | | $ 25,963,385 |
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, 2023 (Unaudited)
Other Information:
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| E-mini Russell 2000 Index Futures | September 2023 | 4 | $ 379,384 | $ 380,740 | $ 1,356 |
During the period ended June 30, 2023, the average notional value related to long futures contracts was $381,364.
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund's Board of Directors. Security value is determined based on level 3 inputs. |
| (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, 2023. |
| * | Less than 0.05%. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 24,623,862 | | $ — | | $ —(a) | | $ 24,623,862 |
| Short-Term Investments | 1,417,477 | | — | | — | | 1,417,477 |
| Total Investments in Securities | $ 26,041,339 | | $ — | | $ — | | $ 26,041,339 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 1,356 | | $ — | | $ — | | $ 1,356 |
| Total Other Financial Instruments | $ 1,356 | | $ — | | $ — | | $ 1,356 |
| (a) | The Fund held a Level 3 security that was valued at $0 at June 30, 2023. |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,061,790 | $1,061,790 | $5,279,931 | $4,924,244 | $— | $— | 1,417,477 | $1,417,477 | $30,133 |
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
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 4/28/00 |
| Net asset value, beginning of period | $ 11.90 | | $ 14.93 | | $ 14.66 | | $ 13.16 | | $ 11.24 | | $ 14.73 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss)(b) | 0.01 | | (0.03) | | (0.04) | | (0.01) | | (0.00) (c) | | (0.02) |
| Net realized and unrealized gains/(losses) on investments | 0.93 | | (2.27) | | 3.06 | | 1.92 | | 2.94 | | (1.43) |
| Total income/(loss) from investment operations | 0.94 | | (2.30) | | 3.02 | | 1.91 | | 2.94 | | (1.45) |
| Less distributions from: | | | | | | | | | | | |
| Net realized gains | — | | (0.73) | | (2.75) | | (0.41) | | (1.02) | | (2.04) |
| Net asset value, end of period | $ 12.84 | | $ 11.90 | | $ 14.93 | | $ 14.66 | | $ 13.16 | | $ 11.24 |
| Total Return(d) | 7.90% | | (15.40)% | | 20.53% | | 14.53% | | 26.12% | | (9.70)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $25,963 | | $26,066 | | $36,890 | | $34,621 | | $33,600 | | $30,781 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 1.32% (e) | | 1.31% | | 1.21% | | 1.27% | | 1.240% | | 1.20% |
| Gross expenses | 1.32% (e) | | 1.31% | | 1.21% | | 1.27% | | 1.24% | | 1.20% |
| Net investment income (loss) | 0.09% (e) | | (0.21)% | | (0.22)% | | (0.06)% | | (0.02)% | | (0.13)% |
| Portfolio turnover rate | 16% | | 29% | | 39% | | 37% | | 29% | | 33% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.01. |
| (d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (e) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Small-Cap Equity V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $18,543,083) | $ 24,623,862 |
| Short-term affiliated investments, at fair value (cost $1,417,477) | 1,417,477 |
| Cash | 420 |
| Net cash collateral on deposit with broker for future contracts | 27,000 |
| Receivable for investments sold | 35,496 |
| Income receivables | 13,855 |
| Receivable for fund shares sold | 242 |
| Income receivable from affiliated investments | 5,712 |
| Receivable for accumulated variation margin on futures contracts | 1,365 |
| Total assets | 26,125,429 |
| Liabilities | |
| Payable for investments purchased | 94,508 |
| Payable for fund shares redeemed | 4,091 |
| Payable to the Adviser | 19,829 |
| Payable for custody, fund accounting and sub-administration fees | 12,206 |
| Accrued other expenses | 31,410 |
| Total liabilities | 162,044 |
|
| Net Assets | $ 25,963,385 |
| Net Assets Consist of: | |
| Capital paid in | $ 18,962,303 |
| Total distributable earnings (loss) | 7,001,082 |
| Net Assets | $ 25,963,385 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 2,022,511 |
| Net asset value per share | $ 12.84 |
The accompanying Notes are an integral part of these financial statements.
| 12 | Statement of Assets and Liabilities |
State Street Small-Cap Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 152,490 |
| Income from affiliated investments | 30,133 |
| Less: Foreign taxes withheld | (1,454) |
| Total income | 181,169 |
| Expenses | |
| Advisory and administration fees | 122,116 |
| Directors' fees | 11,221 |
| Custody, fund accounting and sub-administration fees | 14,281 |
| Professional fees | 16,950 |
| Other expenses | 4,956 |
| Total expenses | 169,524 |
| Net investment income | $ 11,645 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 1,098,394 |
| Futures | 38,157 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 829,250 |
| Futures | 1,307 |
| Net realized and unrealized gain (loss) on investments | 1,967,108 |
| Net Increase in Net Assets Resulting from Operations | $ 1,978,753 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 13 |
State Street Small-Cap Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income (loss) | $ 11,645 | | $ (61,338) |
| Net realized gain (loss) on investments and futures | 1,136,551 | | 794,429 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 830,557 | | (6,235,886) |
| Net increase (decrease) from operations | 1,978,753 | | (5,502,795) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (1,506,672) |
| Increase (decrease) in assets from operations and distributions | 1,978,753 | | (7,009,467) |
| Share transactions: | | | |
| Proceeds from sale of shares | 76,005 | | 209,130 |
| Value of distributions reinvested | — | | 1,506,672 |
| Cost of shares redeemed | (2,156,930) | | (5,530,725) |
| Net increase (decrease) from share transactions | (2,080,925) | | (3,814,923) |
| Total increase (decrease) in net assets | (102,172) | | (10,824,390) |
| Net Assets | | | |
| Beginning of period | 26,065,557 | | 36,889,947 |
| End of period | $ 25,963,385 | | $ 26,065,557 |
| Changes in Fund Shares | | | |
| Shares sold | 6,088 | | 16,120 |
| Issued for distributions reinvested | — | | 126,931 |
| Shares redeemed | (173,504) | | (423,590) |
| Net decrease in fund shares | (167,416) | | (280,539) |
The accompanying Notes are an integral part of these financial statements.
| 14 | Statements of Changes in Net Assets |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund ("the Fund") , State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| Notes to Financial Statements | 15 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
| 16 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 1,365 | $ — | $ 1,365 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 38,157 | $ — | $ 38,157 |
| Notes to Financial Statements | 17 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Small-Cap Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 1,307 | $ — | $ 1,307 |
4.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Due to Custodian In certain circumstances, the Fund may have a cash 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.
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, 2023 are disclosed in the Schedule of Investments.
5.Sub-Advisory Fees
Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) Kennedy Capital Management, Inc.; and (iv) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.
6.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 3,952,188 | $ 6,282,918 |
| 18 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 20,464,521 | $ 7,438,186 | $ 1,860,012 | $ 5,578,174 |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
10.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the
| Notes to Financial Statements | 19 |
State Street Small-Cap Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
11.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 20 | Notes to Financial Statements |
State Street Small-Cap Equity V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Director Considerations in Approving Continuation of Investment Advisory and Sub-Advisory Agreements1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, 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, Palisade Capital Management, LLC and SouthernSun Asset Management, LLC (collectively, the “Sub-Advisers”)2. Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and Sub-Advisers and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Advisers (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 5, 2023 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 10-11, 2023 meeting. The Independent Directors considered, among other things, the following:
_______________________________
1 The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
2The Board approved the Sub-Advisory Agreement between the Adviser and Kennedy Capital Management, Inc. (“Kennedy”) with respect to the Fund at an in-person meeting held on February 6-7, 2023, for an initial two-year term. As a result, the Sub-Advisory Agreement with Kennedy was not required to be considered for renewed at the May 10-11, 2023 Board meeting.
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Directors were separately represented by counsel who are independent of the Adviser and Sub-Advisers (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 5, 2023 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 10-11, 2023 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, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser and Sub-Advisers for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser and Sub-Advisers with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser and Sub-Advisers, including their investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser and Sub-Advisers
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Advisers; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Advisers; |
| • | Information about the Adviser’s and each Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and each Sub-Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser and Sub-Advisers to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s and Sub-Advisers’ technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| • | A description of the business continuity and disaster recovery plans of the Adviser and Sub-Advisers; and |
| • | Information regarding the Adviser’s and Sub-Advisers’ risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and Sub-Advisory Agreements and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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, 2022; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, the Distributor and the Sub-Advisers with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Advisers and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Advisers relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2023, for an additional year with respect to the Fund.
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Nature, Extent and Quality of Services
In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Advisers.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
In connection with their consideration of the services provided by each of the Sub-Advisers, the Board considered each Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by each Sub-Adviser to the Fund. The Board also considered the Fund’s multi-manager structure and how each Sub-Adviser’s approach to small-cap investing fits within the Fund’s overall strategy.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and each Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1- and 3-year periods and was above the median of its Performance Group for the 5- and 10-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including certain differences between the Fund and the Performance Group.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Management Fees and Expenses
| • | The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund, net of waivers, if any, as well as the fees paid to each of the Sub-Advisers by the Adviser, which reduced the net management fees retained by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and each Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Advisers for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Advisers to the fees charged and services provided to other clients of the Adviser and Sub-Advisers, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund: |
| • | State Street Small-Cap Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses. |
| • | On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided. |
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Advisers in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers and the Sub-Advisers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
The Board also considered that the sub-advisory fee rate under each Sub-Advisory Agreement was negotiated with each Sub-Adviser at arm’s length. In considering the profitability to each Sub-Adviser in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives from the Fund. For these reasons, the Board concluded that the profitability of each Sub-Adviser from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the applicable Sub-Advisory Agreement.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time. The Board noted that the fees under the Sub-Advisory Agreements are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in each Sub-Adviser’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreements.
Conclusions
In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Advisers possess the capability and resources to perform the duties required of them under the respective Agreements.
Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreements are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement and Sub-Advisory Agreements are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Board Considerations related to Approval of New Sub-Advisory Agreement
Kennedy Capital Management, Inc. (“Kennedy” or the “Sub-Adviser”) currently serves as sub-adviser to State Street Small-Cap Equity V.I.S. Fund (the “Fund”), a series of State Street Variable Insurance Series Funds, Inc. Kennedy and Azimut US Holdings Inc. (“Azimut”) signed an agreement to form a strategic relationship under which Azimut purchased 35% of Kennedy’s equity capital, which resulted in a “change of control” of Kennedy (the “Change of Control”). Under applicable law, the Change of Control of Kennedy would result in the automatic termination of the Sub-Advisory Agreement between SSGA Funds Management, Inc. (“SSGA FM”) and Kennedy with respect to the Fund (the “Prior Sub-Advisory Agreement”). In anticipation of the automatic termination of the Prior Sub-Advisory Agreement, at the in-person meeting held on February 7, 2023, the Board of Directors of State Street Variable Insurance Series Funds, Inc. (the “Board”), approved the new sub-advisory agreement (the “New Sub-Advisory Agreement”) between SSGA Funds Management, Inc. (the “Adviser”) and Kennedy with respect to the Fund.
Overview of the Contract Review Process
The Board met in-person on February 7, 2023, including in executive sessions attended by the members of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Fund, the Adviser or the Sub-Adviser (the “Independent Board Members”), to consider a proposal to approve the New Sub-Advisory Agreement. Prior to voting on the proposal, the Independent Board Members, as well as the Board Member who is an “interested person” 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. In considering the New Sub-Advisory Agreement, the Board Members considered the information relating to the Fund and the Sub-Adviser provided to them in connection with the meeting on February 7, 2023, as well as information provided over the past year and information provided to them in connection with their meeting on May 11-12, 2022, which was the meeting in which the Board considered and approved the renewal of the Prior Sub-Advisory Agreement for the one-year period ending May 31, 2023 (the “Annual Renewal Meeting”). At the February 7, 2023 Meeting, the Sub-Adviser affirmed and updated prior information and representations provided to the Board, including information and representations provided in connection with the Annual Renewal Meeting. The Independent Board Members were separately represented by counsel who is independent of the Adviser and Sub-Adviser (“Independent Legal Counsel”) in connection with their consideration of approval of the New Sub-Advisory Agreement. The Independent Board Members also received a memorandum from their Independent Legal Counsel discussing the legal standards for their consideration of the New Sub-Advisory Agreement and discussed the New Sub-Advisory Agreement in a private session with their Independent Legal Counsel at which no representatives of the Adviser or Sub-Adviser were present.
The Independent Board Members considered, among other things, the following:
Information about Performance, Expenses and Fees
| • | In connection with the Annual Renewal Meeting, 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, 2021, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and/or a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”); |
| ○ | 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. |
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| • | In connection with the February 7, 2023 meeting, a report prepared by the Sub-Adviser, which includes updated Fund performance information as of December 31, 2022. |
| • | Comparative information concerning fees charged by the Sub-Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for the Sub-Adviser. |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Sub-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 Sub-Adviser
| • | Reports detailing the financial results and condition of the Sub-Adviser; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Fund and for Fund operations;Information relating to compliance with and the administration of the Code of Ethics adopted by the Sub-Adviser; |
| • | Information about the Sub-Adviser’s proxy voting policies and procedures and information regarding the Sub-Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the 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 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 Sub-Adviser; and |
| • | Information regarding the Sub-Adviser’s risk management processes. |
Other Relevant Information
| • | Copies of the New Sub-Advisory Agreement; |
| • | Responses to a request for information in connection with the Annual Renewal Meeting, as updated at the February 7, 2023 meeting, requesting specific information from the Sub-Adviser, with respect to its operations relating to the Fund and its approximate profitability from such operations for the calendar years ended December 31, 2021 and December 31, 2022. |
| • | Materials provided by Broadridge, circulated to the Independent Board Members and to Independent Legal Counsel in connection with the Annual Renewal Meeting. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Adviser throughout the year at meetings of the Board and its committees. At such meetings, the Board Members received, among other things, presentations by the portfolio managers and other investment professionals of the Sub-Adviser relating to the performance of the Fund, and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Board Members were assisted throughout the contract review process by their Independent Legal Counsel. The Independent Board Members relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the New Sub-Advisory Agreement, and the weight to be
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
given to each such factor. The conclusions reached with respect to the New Sub-Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Board Member may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. Representatives from the Sub-Adviser attended the February 7, 2023 meeting and informed the Board Members that there would not be any changes to the Fund’s portfolio management teams or investment processes as a result of the Change in Control and also responded to questions from the Independent Board Members regarding Kennedy and the Change in Control.
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 February 7, 2023, the Board, including a majority of the Independent Board Members, voted to approve the New Sub-Advisory Agreement effective upon the Change in Control for an initial two-year period.
Nature, Extent and Quality of Services
In considering whether to approve the New Sub-Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund 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 the Adviser and the Adviser’s favorable assessment of the nature and quality of the investment sub-advisory services provided by the Sub-Adviser. The Board also considered the Fund’s multi-manager structure and how the Sub-Adviser’s approach to small-cap investing fits within the Fund’s overall strategy.
The Board noted that because there would not be any changes to the Fund’s portfolio management teams or investment processes as a result of the Change of Control, there is not expected to be any changes to the nature, extent and quality of services provided to the Fund by the Sub-Adviser.
On the basis of the foregoing and other relevant information, the Board concluded that the Sub-Adviser can reasonably be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
At the Annual Renewal Meeting, 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, 2021. The Board also reviews the Fund’s performance at each quarterly Board meeting thereafter. The Board also considered updated performance information provided by Kennedy for the portion of the Fund it manages (the “Fund Sleeve”) for various time periods ended December 31, 2022, and considered that the Fund Sleeve outperformed the benchmark index for the 1-, 3-, 5- and 10-year periods ended December 31, 2022.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Sub-Adviser in its management the Fund Sleeve is satisfactory.
Management Fees and Expenses
At the Annual Renewal Meeting, 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 by the Adviser. The Board also reviewed allocation of the total advisory fees between the Adviser and the Sub-Adviser. The Board considered that the sub-advisory fees payable by the Adviser to the Sub-Adviser under the Prior Sub-Advisory Agreement and the New Sub-Advisory Agreement are identical. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Sub-Adviser to the fees charged and services provided to other clients of the Sub-Adviser, including institutional accounts. 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.
State Street Small-Cap Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Profitability
The Board reviewed the level of profits realized by the Sub-Adviser in providing investment sub-advisory services to the Fund. The Board considered other direct and indirect benefits received by the Sub-Adviser in connection with its relationship with the Fund. The Board also noted that because the sub-advisory fee payable by the Adviser to the Sub-Adviser under the Prior Sub-Advisory Agreement and the New Sub-Advisory Agreement are identical, approval of the New Sub-Advisory Agreement is not expected to result in any change to the profitability of the Sub-Adviser.
The Board concluded that the profitability of the Sub-Adviser with respect to the Fund was reasonable in relation to the services provided.
Economies of Scale
The Board noted that the fees under the New Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in the Sub-Adviser’s management of the Fund is not a material factor to the approval of the New Sub-Advisory Agreement.
Conclusions
In reaching its decision to approve the New Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Board Member 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 Board Members, concluded that the Sub-Adviser possesses the capability and resources to perform the duties required of it under the New Sub-Advisory Agreement.
Further, based upon its review of the New Sub-Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Board Members, concluded that (1) the terms of the New Sub-Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the New Sub-Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 8 |
| 9 |
| 10 |
| 11 |
| 12 |
| 17 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street U.S. Equity V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street U.S. Equity V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street U.S. Equity V.I.S. Fund | 1 |
State Street U.S. Equity V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $20,822 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 7.13% |
| Apple, Inc. | 6.25% |
| Amazon.com, Inc. | 4.22% |
| Alphabet, Inc., Class A | 4.01% |
| NVIDIA Corp. | 3.86% |
| Meta Platforms, Inc., Class A | 2.60% |
| Visa, Inc., Class A | 2.13% |
| Johnson & Johnson | 2.11% |
| UnitedHealth Group, Inc. | 2.09% |
| S&P Global, Inc. | 1.99% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,171.20 | | $1,020.10 |
| Expenses Paid During Period* | $ 5.11 | | $ 4.76 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.95% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street U.S. Equity V.I.S. Fund | 3 |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 96.2% † |
| Aerospace & Defense - 0.6% |
| Raytheon Technologies Corp. | 1,313 | $ 128,621 |
| Apparel Retail - 0.7% |
| Ross Stores, Inc. | 1,238 | 138,817 |
| Application Software - 2.6% |
| Adobe, Inc. (a) | 298 | 145,719 |
| Intuit, Inc. | 126 | 57,732 |
| Salesforce, Inc. (a) | 1,449 | 306,116 |
| Splunk, Inc. (a) | 379 | 40,208 |
| | | 549,775 |
| Automobile Manufacturers - 1.1% |
| General Motors Co. | 2,611 | 100,680 |
| Tesla, Inc. (a) | 481 | 125,912 |
| | | 226,592 |
| Automotive Retail - 1.2% |
| O'Reilly Automotive, Inc. (a) | 255 | 243,601 |
| Biotechnology - 1.7% |
| BioMarin Pharmaceutical, Inc. (a) | 1,563 | 135,481 |
| Vertex Pharmaceuticals, Inc. (a) | 644 | 226,630 |
| | | 362,111 |
| Broadline Retail - 4.2% |
| Amazon.com, Inc. (a) | 6,745 | 879,278 |
| Building Products - 0.5% |
| Trane Technologies PLC | 597 | 114,182 |
| Cable & Satellite - 0.2% |
| Charter Communications, Inc., Class A (a) | 92 | 33,798 |
| Communications Equipment - 0.1% |
| Cisco Systems, Inc. | 566 | 29,285 |
| Construction Materials - 0.6% |
| Martin Marietta Materials, Inc. | 293 | 135,275 |
| Consumer Staples Merchandise Retail - 2.0% |
| Costco Wholesale Corp. | 524 | 282,111 |
| Walmart, Inc. | 913 | 143,505 |
| | | 425,616 |
| | Number
of Shares | Fair
Value |
| Diversified Banks - 1.4% |
| JPMorgan Chase & Co. | 1,991 | $ 289,571 |
| Diversified Support Services - 0.9% |
| Cintas Corp. | 204 | 101,404 |
| Copart, Inc. (a) | 946 | 86,285 |
| | | 187,689 |
| Electric Utilities - 1.5% |
| American Electric Power Company, Inc. | 706 | 59,445 |
| NextEra Energy, Inc. | 3,360 | 249,312 |
| | | 308,757 |
| Electrical Components & Equipment - 1.3% |
| Eaton Corp. PLC | 1,382 | 277,920 |
| Electronic Components - 1.1% |
| Amphenol Corp., Class A | 2,770 | 235,312 |
| Environmental & Facilities Services - 1.2% |
| Waste Management, Inc. | 1,396 | 242,094 |
| Financial Exchanges & Data - 3.7% |
| CME Group, Inc. | 1,448 | 268,300 |
| MSCI, Inc. | 170 | 79,779 |
| S&P Global, Inc. | 1,033 | 414,120 |
| | | 762,199 |
| Footwear - 0.5% |
| NIKE, Inc., Class B | 857 | 94,587 |
| Healthcare Equipment - 3.0% |
| Becton Dickinson & Co. | 326 | 86,067 |
| Boston Scientific Corp. (a) | 2,676 | 144,745 |
| Edwards Lifesciences Corp. (a) | 970 | 91,500 |
| Medtronic PLC | 1,043 | 91,889 |
| Teleflex, Inc. | 869 | 210,324 |
| | | 624,525 |
| Home Improvement Retail - 0.8% |
| Lowe's Cos., Inc. | 452 | 102,016 |
| The Home Depot, Inc. | 193 | 59,954 |
| | | 161,970 |
| Hotels, Resorts & Cruise Lines - 0.4% |
| Marriott International, Inc., Class A | 403 | 74,027 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Household Products - 1.3% |
| Colgate-Palmolive Co. | 880 | $ 67,795 |
| The Procter & Gamble Co. | 1,350 | 204,849 |
| | | 272,644 |
| Industrial Conglomerates - 0.6% |
| Honeywell International, Inc. | 625 | 129,688 |
| Industrial Gases - 1.5% |
| Linde PLC | 847 | 322,775 |
| Industrial Machinery & Supplies & Components - 1.5% |
| Parker-Hannifin Corp. | 792 | 308,912 |
| Insurance Brokers - 0.3% |
| Marsh & McLennan Cos., Inc. | 357 | 67,145 |
| Integrated Oil & Gas - 1.0% |
| Chevron Corp. | 1,266 | 199,205 |
| Interactive Home Entertainment - 0.2% |
| Activision Blizzard, Inc. (a) | 446 | 37,598 |
| Interactive Media & Services - 7.1% |
| Alphabet, Inc., Class C (a)(b) | 926 | 112,018 |
| Alphabet, Inc., Class A (a) | 6,969 | 834,190 |
| Meta Platforms, Inc., Class A (a) | 1,888 | 541,818 |
| | | 1,488,026 |
| Investment Banking & Brokerage - 0.3% |
| The Charles Schwab Corp. | 1,236 | 70,056 |
| IT Consulting & Other Services - 0.4% |
| Accenture PLC, Class A | 268 | 82,699 |
| Life Sciences Tools & Services - 1.7% |
| Danaher Corp. | 514 | 123,360 |
| IQVIA Holdings, Inc. (a) | 1,003 | 225,444 |
| | | 348,804 |
| Managed Healthcare - 2.7% |
| Humana, Inc. | 278 | 124,302 |
| UnitedHealth Group, Inc. | 908 | 436,421 |
| | | 560,723 |
| Movies & Entertainment - 0.4% |
| The Walt Disney Co. (a) | 956 | 85,352 |
| | Number
of Shares | Fair
Value |
| Multi-Line Insurance - 0.2% |
| American International Group, Inc. | 673 | $ 38,724 |
| Multi-Sector Holdings - 1.3% |
| Berkshire Hathaway, Inc., Class B (a) | 810 | 276,210 |
| Multi-Utilities - 0.7% |
| Sempra Energy | 957 | 139,330 |
| Oil & Gas Equipment & Services - 0.7% |
| Schlumberger NV | 3,025 | 148,588 |
| Oil & Gas Exploration & Production - 2.1% |
| ConocoPhillips | 2,378 | 246,385 |
| Pioneer Natural Resources Co. | 958 | 198,478 |
| | | 444,863 |
| Packaged Foods & Meats - 0.7% |
| Mondelez International, Inc., Class A | 1,952 | 142,379 |
| Personal Care Products - 0.2% |
| Estee Lauder Cos., Inc., Class A | 229 | 44,971 |
| Pharmaceuticals - 5.0% |
| AstraZeneca PLC ADR | 924 | 66,131 |
| Bristol-Myers Squibb Co. | 1,642 | 105,006 |
| Elanco Animal Health, Inc. (a) | 2,702 | 27,182 |
| Johnson & Johnson | 2,659 | 440,118 |
| Merck & Company, Inc. | 3,465 | 399,826 |
| | | 1,038,263 |
| Property & Casualty Insurance - 1.0% |
| Chubb Ltd. | 1,136 | 218,748 |
| Rail Transportation - 0.3% |
| Union Pacific Corp. | 333 | 68,138 |
| Regional Banks - 0.2% |
| Regions Financial Corp. | 1,755 | 31,274 |
| Reinsurance - 0.1% |
| RenaissanceRe Holdings Ltd. | 88 | 16,414 |
| Restaurants - 0.6% |
| McDonald's Corp. | 401 | 119,662 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Semiconductor Materials & Equipment - 1.7% |
| Applied Materials, Inc. | 1,997 | $ 288,646 |
| ASML Holding N.V. | 98 | 71,026 |
| | | 359,672 |
| Semiconductors - 7.1% |
| Advanced Micro Devices, Inc. (a)(b) | 2,179 | 248,210 |
| NVIDIA Corp. | 1,897 | 802,469 |
| QUALCOMM, Inc. | 2,733 | 325,336 |
| Texas Instruments, Inc. | 635 | 114,313 |
| | | 1,490,328 |
| Soft Drinks & Non-alcoholic Beverages - 1.1% |
| Monster Beverage Corp. (a) | 1,509 | 86,677 |
| PepsiCo, Inc. | 737 | 136,507 |
| | | 223,184 |
| Specialty Chemicals - 1.0% |
| DuPont de Nemours, Inc. | 559 | 39,935 |
| Ecolab, Inc. | 219 | 40,885 |
| International Flavors & Fragrances, Inc. | 1,695 | 134,905 |
| | | 215,725 |
| Systems Software - 8.4% |
| Microsoft Corp. | 4,358 | 1,484,073 |
| Oracle Corp. | 1,198 | 142,670 |
| ServiceNow, Inc. (a) | 221 | 124,196 |
| | | 1,750,939 |
| Technology Hardware, Storage & Peripherals - 6.2% |
| Apple, Inc. | 6,708 | 1,301,151 |
| | Number
of Shares | Fair
Value |
| Telecom Tower REITs - 1.3% |
| American Tower Corp. (b) | 1,421 | $ 275,589 |
| Trading Companies & Distributors - 1.7% |
| United Rentals, Inc. | 708 | 315,322 |
| WW Grainger, Inc. | 48 | 37,852 |
| | | 353,174 |
| Transaction & Payment Processing Services - 4.0% |
| Fidelity National Information Services, Inc. | 499 | 27,295 |
| Mastercard, Inc., Class A | 908 | 357,116 |
| Visa, Inc., Class A | 1,872 | 444,563 |
| | | 828,974 |
| Wireless Telecommunication Services - 0.3% |
| T-Mobile US Inc. (a) | 383 | 53,199 |
Total Common Stock
(Cost $12,143,965) | | 20,078,728 |
| Short-Term Investments - 3.6% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (b)(c)(d)
(Cost $742,793) | 742,793 | 742,793 |
Total Investments
(Cost $12,886,758) | | 20,821,521 |
| Other Assets and Liabilities, net - 0.2% | | 39,892 |
| NET ASSETS - 100.0% | | $ 20,861,413 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2023 | 2 | $ 438,254 | $ 448,825 | $ 10,571 |
During the period ended June 30, 2023, the average notional value related to long futures contracts was $180,746.
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street U.S. Equity V.I.S. Fund |
State Street U.S. Equity V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 20,078,728 | | $ — | | $ — | | $ 20,078,728 |
| Short-Term Investments | 742,793 | | — | | — | | 742,793 |
| Total Investments in Securities | $ 20,821,521 | | $ — | | $ — | | $ 20,821,521 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 10,571 | | $ — | | $ — | | $ 10,571 |
| Total Other Financial Instruments | $ 10,571 | | $ — | | $ — | | $ 10,571 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 374,873 | $374,873 | $3,379,312 | $3,011,392 | $— | $— | 742,793 | $742,793 | $12,463 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street U.S. Equity V.I.S. Fund | 7 |
State Street U.S. Equity V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 1/3/95 |
| Net asset value, beginning of period | $ 40.76 | | $ 56.55 | | $ 53.28 | | $ 46.97 | | $ 38.07 | | $ 44.20 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.10 | | 0.22 | | 0.18 | | 0.27 | | 0.33 | | 0.37 |
| Net realized and unrealized gains/(losses) on investments | 6.88 | | (10.93) | | 13.47 | | 10.34 | | 11.78 | | (1.90) |
| Total income/(loss) from investment operations | 6.98 | | (10.71) | | 13.65 | | 10.61 | | 12.11 | | (1.53) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.24) | | (0.22) | | (0.27) | | (0.32) | | (0.41) |
| Net realized gains | — | | (4.84) | | (10.16) | | (4.03) | | (2.89) | | (4.19) |
| Total distributions | — | | (5.08) | | (10.38) | | (4.30) | | (3.21) | | (4.60) |
| Net asset value, end of period | $ 47.74 | | $ 40.76 | | $ 56.55 | | $ 53.28 | | $ 46.97 | | $ 38.07 |
| Total Return(c) | 17.12% | | (18.91)% | | 25.49% | | 22.64% | | 31.77% | | (3.40)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $20,861 | | $20,449 | | $29,595 | | $27,729 | | $25,951 | | $23,473 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.95% (d) | | 0.88% | | 0.82% | | 0.86% | | 0.88% | | 0.80% |
| Gross expenses | 0.95% (d) | | 0.88% | | 0.82% | | 0.86% | | 0.88% | | 0.80% |
| Net investment income | 0.46% (d) | | 0.46% | | 0.30% | | 0.56% | | 0.74% | | 0.81% |
| Portfolio turnover rate | 20% | | 33% | | 32% | | 38% | | 31% | | 41% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street U.S. Equity V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $12,143,965) | $ 20,078,728 |
| Short-term affiliated investments, at fair value (cost $742,793) | 742,793 |
| Cash | 472 |
| Net cash collateral on deposit with broker for future contracts | 19,328 |
| Receivable for investments sold | 174,550 |
| Income receivables | 12,221 |
| Receivable for fund shares sold | 502 |
| Income receivable from affiliated investments | 1,540 |
| Receivable for accumulated variation margin on futures contracts | 10,575 |
| Total assets | 21,040,709 |
| Liabilities | |
| Payable for investments purchased | 129,238 |
| Payable for fund shares redeemed | 2,337 |
| Payable to the Adviser | 9,281 |
| Payable for custody, fund accounting and sub-administration fees | 8,044 |
| Accrued other expenses | 30,396 |
| Total liabilities | 179,296 |
|
| Net Assets | $ 20,861,413 |
| Net Assets Consist of: | |
| Capital paid in | $ 12,113,457 |
| Total distributable earnings (loss) | 8,747,956 |
| Net Assets | $ 20,861,413 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 436,984 |
| Net asset value per share | $ 47.74 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 9 |
State Street U.S. Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 127,597 |
| Income from affiliated investments | 12,463 |
| Less: Foreign taxes withheld | (150) |
| Total income | 139,910 |
| Expenses | |
| Advisory and administration fees | 54,777 |
| Directors' fees | 11,201 |
| Custody, fund accounting and sub-administration fees | 9,862 |
| Professional fees | 14,914 |
| Printing and shareholder reports | 2,512 |
| Other expenses | 879 |
| Total expenses | 94,145 |
| Net investment income | $ 45,765 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ 757,007 |
| Futures | (7,335) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 2,404,692 |
| Futures | 10,571 |
| Net realized and unrealized gain (loss) on investments | 3,164,935 |
| Net Increase in Net Assets Resulting from Operations | $ 3,210,700 |
The accompanying Notes are an integral part of these financial statements.
| 10 | Statement of Operations |
State Street U.S. Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income | $ 45,765 | | $ 108,119 |
| Net realized gain (loss) on investments and futures | 749,672 | | 1,487,131 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 2,415,263 | | (6,913,702) |
| Net increase (decrease) from operations | 3,210,700 | | (5,318,452) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (2,265,516) |
| Increase (decrease) in assets from operations and distributions | 3,210,700 | | (7,583,968) |
| Share transactions: | | | |
| Proceeds from sale of shares | 178,810 | | 231,552 |
| Value of distributions reinvested | — | | 2,265,516 |
| Cost of shares redeemed | (2,976,936) | | (4,059,426) |
| Net increase (decrease) from share transactions | (2,798,126) | | (1,562,358) |
| Total increase (decrease) in net assets | 412,574 | | (9,146,326) |
| Net Assets | | | |
| Beginning of period | 20,448,839 | | 29,595,165 |
| End of period | $ 20,861,413 | | $ 20,448,839 |
| Changes in Fund Shares | | | |
| Shares sold | 4,064 | | 4,930 |
| Issued for distributions reinvested | — | | 55,787 |
| Shares redeemed | (68,747) | | (82,353) |
| Net decrease in fund shares | (64,683) | | (21,636) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 11 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund (the "Fund"), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
| 12 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
| Notes to Financial Statements | 13 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 10,575 | $ — | $ 10,575 |
| 14 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ (7,335) | $ — | $ (7,335) |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street U.S. Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 10,571 | $ — | $ 10,571 |
4.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.55%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedule of Investments.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 3,906,762 | $ 7,142,794 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending
| Notes to Financial Statements | 15 |
State Street U.S. Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
upon jurisdiction. As of December 31, 2022, SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 13,078,200 | $ 8,098,734 | $ 344,842 | $ 7,753,892 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
9.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
10.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 16 | Notes to Financial Statements |
State Street U.S. Equity V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street U.S. Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street U.S. Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 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 10-11, 2023 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, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
_________________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street U.S. Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
State Street U.S. Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, and the Distributor with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
State Street U.S. Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street U.S. Equity V.I.S. Fund. The Board considered that the Fund’s performance was below the median of its Performance Group for the 1-, 3- and 10-year periods and was above the median of its Performance Group for the 5-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1- and 10-year periods, was equal to the Benchmark for the 3-year period, and was above the Benchmark for the 5-year period.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street 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.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
State Street U.S. Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
[This page intentionally left blank]
Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 7 |
| 8 |
| 9 |
| 10 |
| 11 |
| 16 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Premier Growth Equity V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Premier Growth Equity V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street Premier Growth Equity V.I.S. Fund | 1 |
State Street Premier Growth Equity V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $30,210 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Microsoft Corp. | 12.76% |
| Apple, Inc. | 11.31% |
| Amazon.com, Inc. | 7.16% |
| NVIDIA Corp. | 5.40% |
| Alphabet, Inc., Class C | 4.50% |
| Meta Platforms, Inc., Class A | 3.93% |
| UnitedHealth Group, Inc. | 3.86% |
| Visa, Inc., Class A | 3.51% |
| Mastercard, Inc., Class A | 3.02% |
| Alphabet, Inc., Class A | 2.77% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,306.40 | | $1,020.10 |
| Expenses Paid During Period* | $ 5.43 | | $ 4.76 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.95% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street Premier Growth Equity V.I.S. Fund | 3 |
State Street Premier Growth Equity V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock - 96.7% † |
| Apparel Retail - 1.1% |
| Ross Stores, Inc. | 3,143 | $ 352,425 |
| Application Software - 3.7% |
| Adobe, Inc. (a) | 1,197 | 585,321 |
| Salesforce, Inc. (a) | 2,692 | 568,712 |
| | | 1,154,033 |
| Automobile Manufacturers - 1.0% |
| Tesla, Inc. (a)(b) | 1,129 | 295,538 |
| Biotechnology - 2.7% |
| BioMarin Pharmaceutical, Inc. (a)(b) | 4,050 | 351,054 |
| Vertex Pharmaceuticals, Inc. (a) | 1,341 | 471,911 |
| | | 822,965 |
| Broadline Retail - 7.0% |
| Amazon.com, Inc. (a) | 16,590 | 2,162,672 |
| Cable & Satellite - 1.1% |
| Charter Communications, Inc., Class A (a) | 969 | 355,982 |
| Consumer Staples Merchandise Retail - 2.2% |
| Costco Wholesale Corp. | 1,245 | 670,283 |
| Electrical Components & Equipment - 1.9% |
| Eaton Corp. PLC | 2,874 | 577,961 |
| Electronic Components - 1.5% |
| Amphenol Corp., Class A (b) | 5,297 | 449,980 |
| Financial Exchanges & Data - 1.5% |
| S&P Global, Inc. | 1,194 | 478,663 |
| Healthcare Equipment - 2.2% |
| Boston Scientific Corp. (a) | 6,613 | 357,697 |
| IDEXX Laboratories, Inc. (a) | 659 | 330,970 |
| | | 688,667 |
| Home Improvement Retail - 1.5% |
| Lowe's Cos., Inc. | 2,091 | 471,939 |
| Industrial Machinery & Supplies & Components - 2.0% |
| Parker-Hannifin Corp. | 1,587 | 618,993 |
| Interactive Media & Services - 10.9% |
| Alphabet, Inc., Class C (a) | 11,233 | 1,358,856 |
| Alphabet, Inc., Class A (a) | 6,985 | 836,105 |
| Meta Platforms, Inc., Class A (a) | 4,140 | 1,188,097 |
| | | 3,383,058 |
| | Number
of Shares | Fair
Value |
| Life Sciences Tools & Services - 1.3% |
| IQVIA Holdings, Inc. (a) | 1,762 | $ 396,045 |
| Managed Healthcare - 3.8% |
| UnitedHealth Group, Inc. | 2,426 | 1,166,033 |
| Other Specialty Retail - 1.0% |
| Chewy, Inc., Class A (a) | 7,888 | 311,339 |
| Pharmaceuticals - 1.6% |
| AstraZeneca PLC ADR | 6,849 | 490,183 |
| Semiconductor Materials & Equipment - 2.0% |
| Applied Materials, Inc. | 4,374 | 632,218 |
| Semiconductors - 9.5% |
| Advanced Micro Devices, Inc. (a) | 4,985 | 567,841 |
| NVIDIA Corp. | 3,860 | 1,632,857 |
| QUALCOMM, Inc. | 6,135 | 730,311 |
| | | 2,931,009 |
| Soft Drinks & Non-alcoholic Beverages - 1.7% |
| Monster Beverage Corp. (a) | 9,226 | 529,941 |
| Systems Software - 14.5% |
| Microsoft Corp. | 11,318 | 3,854,232 |
| ServiceNow, Inc. (a) | 1,151 | 646,827 |
| | | 4,501,059 |
| Technology Hardware, Storage & Peripherals - 11.0% |
| Apple, Inc. | 17,617 | 3,417,170 |
| Telecom Tower REITs - 1.6% |
| American Tower Corp. (b) | 2,484 | 481,747 |
| Trading Companies & Distributors - 2.0% |
| United Rentals, Inc. | 1,423 | 633,762 |
| Transaction & Payment Processing Services - 6.4% |
| Mastercard, Inc., Class A | 2,316 | 910,883 |
| Visa, Inc., Class A | 4,468 | 1,061,060 |
| | | 1,971,943 |
Total Common Stock
(Cost $13,808,378) | | 29,945,608 |
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, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 0.9% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (b)(c)(d)
(Cost $264,687) | 264,687 | $ 264,687 |
Total Investments
(Cost $14,073,065) | | 30,210,295 |
| Other Assets and Liabilities, net - 2.4% | | 747,844 |
| NET ASSETS - 100.0% | | $ 30,958,139 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| S&P 500 E-mini Index Futures | September 2023 | 4 | $ 896,909 | $ 897,650 | $ 741 |
During the period ended June 30, 2023, the average notional value related to long futures contracts was $332,407.
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures. |
| (c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (d) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 29,945,608 | | $ — | | $ — | | $ 29,945,608 |
| Short-Term Investments | 264,687 | | — | | — | | 264,687 |
| Total Investments in Securities | $ 30,210,295 | | $ — | | $ — | | $ 30,210,295 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 741 | | $ — | | $ — | | $ 741 |
| Total Other Financial Instruments | $ 741 | | $ — | | $ — | | $ 741 |
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
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 500,571 | $500,571 | $3,294,343 | $3,530,227 | $— | $— | 264,687 | $264,687 | $15,794 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Premier Growth Equity V.I.S. Fund |
State Street Premier Growth Equity V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 12/12/97 |
| Net asset value, beginning of period | $ 77.05 | | $126.76 | | $122.96 | | $100.89 | | $ 82.51 | | $ 99.23 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss)(b) | (0.06) | | (0.32) | | (0.44) | | (0.22) | | 0.03 | | 0.12 |
| Net realized and unrealized gains/(losses) on investments | 23.67 | | (38.35) | | 31.51 | | 34.12 | | 30.84 | | (2.88) |
| Total income/(loss) from investment operations | 23.61 | | (38.67) | | 31.07 | | 33.90 | | 30.87 | | (2.76) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | — | | — | | (0.04) | | — | | (0.15) |
| Net realized gains | — | | (11.04) | | (27.27) | | (11.79) | | (12.49) | | (13.81) |
| Total distributions | — | | (11.04) | | (27.27) | | (11.83) | | (12.49) | | (13.96) |
| Net asset value, end of period | $100.66 | | $ 77.05 | | $126.76 | | $122.96 | | $100.89 | | $ 82.51 |
| Total Return(c) | 30.64% | | (30.43)% | | 24.97% | | 33.61% | | 37.33% | | (2.66)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $30,958 | | $25,498 | | $41,961 | | $39,144 | | $35,502 | | $30,369 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 0.95% (d) | | 0.93% | | 0.88% | | 0.89% | | 0.91% | | 0.87% |
| Gross expenses | 0.95% (d) | | 0.93% | | 0.88% | | 0.89% | | 0.91% | | 0.87% |
| Net investment income (loss) | (0.13)% (d) | | (0.31)% | | (0.32)% | | (0.19)% | | 0.03% | | 0.11% |
| Portfolio turnover rate | 13% | | 23% | | 30% | | 22% | | 22% | | 27% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Premier Growth Equity V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $13,808,378) | $ 29,945,608 |
| Short-term affiliated investments, at fair value (cost $264,687) | 264,687 |
| Receivable for investments sold | 957,932 |
| Income receivables | 4,874 |
| Receivable for fund shares sold | 103 |
| Income receivable from affiliated investments | 2,486 |
| Receivable for accumulated variation margin on futures contracts | 750 |
| Total assets | 31,176,440 |
| Liabilities | |
| Net cash collateral on futures contracts due to broker | 44 |
| Payable for investments purchased | 152,296 |
| Payable for fund shares redeemed | 7,149 |
| Payable to the Adviser | 16,155 |
| Payable for custody, fund accounting and sub-administration fees | 8,702 |
| Accrued other expenses | 33,955 |
| Total liabilities | 218,301 |
|
| Net Assets | $ 30,958,139 |
| Net Assets Consist of: | |
| Capital paid in | $ 15,180,317 |
| Total distributable earnings (loss) | 15,777,822 |
| Net Assets | $ 30,958,139 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 307,540 |
| Net asset value per share | $ 100.66 |
The accompanying Notes are an integral part of these financial statements.
| 8 | Statement of Assets and Liabilities |
State Street Premier Growth Equity V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 97,431 |
| Income from affiliated investments | 15,794 |
| Total income | 113,225 |
| Expenses | |
| Advisory and administration fees | 89,880 |
| Directors' fees | 11,223 |
| Custody, fund accounting and sub-administration fees | 10,337 |
| Professional fees | 14,942 |
| Printing and shareholder reports | 3,643 |
| Other expenses | 1,744 |
| Total expenses | 131,769 |
| Net investment income | $ (18,544) |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ (416,675) |
| Futures | 26,692 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 7,878,658 |
| Futures | 8,957 |
| Net realized and unrealized gain (loss) on investments | 7,497,632 |
| Net Increase in Net Assets Resulting from Operations | $ 7,479,088 |
The accompanying Notes are an integral part of these financial statements.
State Street Premier Growth Equity V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment loss | $ (18,544) | | $ (98,064) |
| Net realized gain (loss) on investments and futures | (389,983) | | 1,629,901 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 7,887,615 | | (13,722,753) |
| Net increase (decrease) from operations | 7,479,088 | | (12,190,916) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (3,197,147) |
| Increase (decrease) in assets from operations and distributions | 7,479,088 | | (15,388,063) |
| Share transactions: | | | |
| Proceeds from sale of shares | 193,830 | | 256,572 |
| Value of distributions reinvested | — | | 3,197,147 |
| Cost of shares redeemed | (2,212,527) | | (4,528,893) |
| Net increase (decrease) from share transactions | (2,018,697) | | (1,075,174) |
| Total increase (decrease) in net assets | 5,460,391 | | (16,463,237) |
| Net Assets | | | |
| Beginning of period | 25,497,748 | | 41,960,985 |
| End of period | $ 30,958,139 | | $ 25,497,748 |
| Changes in Fund Shares | | | |
| Shares sold | 2,100 | | 2,585 |
| Issued for distributions reinvested | — | | 41,853 |
| Shares redeemed | (25,474) | | (44,556) |
| Net decrease in fund shares | (23,374) | | (118) |
The accompanying Notes are an integral part of these financial statements.
| 10 | Statement of Operations |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the "Fund"), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| Notes to Financial Statements | 11 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
| 12 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, 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, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 750 | $ — | $ 750 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 26,692 | $ — | $ 26,692 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Premier Growth Equity V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 8,957 | $ — | $ 8,957 |
| Notes to Financial Statements | 13 |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
4.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedule of Investments.
5.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 3,411,200 | $ 5,972,564 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, 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.
| 14 | Notes to Financial Statements |
State Street Premier Growth Equity V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 14,320,908 | $ 16,313,998 | $ 423,870 | $ 15,890,128 |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
9.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
10.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| Notes to Financial Statements | 15 |
State Street Premier Growth Equity V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Premier Growth Equity V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 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 10-11, 2023 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, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings, by Independent Counsel requesting specific information from each of: |
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Premier Growth Equity V.I.S. Fund. The Board considered that the Fund’s actual management fee was 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 are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
State Street Premier Growth Equity V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 23 |
| 24 |
| 25 |
| 26 |
| 27 |
| 35 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Income V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Income V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street Income V.I.S. Fund | 1 |
State Street Income V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $11,842 (in thousands) as of June 30, 2023 (a)(b) |
| Quality Ratings |
| as of June 30, 2023 as a % of Fair Value (a)(b) |
| Moody’s / S&P / Rating* | | Percentage of
Fair Value |
| Aaa / AAA | | 4.92% |
| Aa / AA | | 52.61% |
| A / A | | 7.33% |
| Baa / BBB | | 16.24% |
| Ba / BB and lower | | 1.74% |
| NR / Other | | 17.16% |
| | | 100.00% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| * | Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
| 2 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,016.40 | | $1,018.10 |
| Expenses Paid During Period* | $ 6.75 | | $ 6.76 |
| * | Expenses are equal to the Fund's annualized net expense ratio of 1.35% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street Income V.I.S. Fund | 3 |
State Street Income V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bonds and Notes - 96.9% † |
| U.S. Treasuries - 27.4% |
| U.S. Treasury Bonds | | |
| 2.25%, 08/15/46 (a) | $ 137,000 | $ 100,096 |
| 3.00%, 08/15/48 (a) | 303,000 | 255,704 |
| 3.63%, 05/15/53 (a) | 88,000 | 84,617 |
| 3.88%, 05/15/43 (a) | 16,000 | 15,615 |
| 4.75%, 02/15/37 (a) | 146,900 | 162,439 |
| U.S. Treasury Notes | | |
| 0.25%, 07/31/25 (a) | 166,900 | 151,840 |
| 0.75%, 12/31/23 - 01/31/28 (a) | 590,000 | 542,901 |
| 1.25%, 11/30/26 (a) | 135,000 | 121,637 |
| 1.63%, 05/15/31 (a) | 253,000 | 215,050 |
| 2.75%, 08/15/32 (a) | 499,000 | 457,521 |
| 3.50%, 04/30/28 (a) | 206,000 | 200,158 |
| 3.88%, 12/31/27 - 11/30/29 (a) | 201,200 | 198,963 |
| 4.25%, 10/15/25 (a) | 299,600 | 296,253 |
| | | 2,802,794 |
| Agency Mortgage Backed - 30.6% |
| Federal Home Loan Mortgage Corp. | | |
| 3.00%, 04/01/43 - 10/01/49 | 305,541 | 273,955 |
| 4.50%, 06/01/33 - 02/01/35 | 1,158 | 1,141 |
| 5.00%, 07/01/35 | 14,394 | 14,429 |
| 5.50%, 01/01/38 | 14,146 | 14,528 |
| 6.00%, 04/01/29 - 11/01/37 | 46,098 | 48,055 |
| 6.50%, 02/01/29 | 17 | 18 |
| 6.93%, 06/01/26 (a)(b) | 60,000 | 63,443 |
| 7.00%, 12/01/29 - 08/01/36 | 11,775 | 12,303 |
| 7.50%, 01/01/30 - 09/01/33 | 1,400 | 1,442 |
| 8.00%, 11/01/30 | 2,349 | 2,442 |
| 8.50%, 04/01/30 | 2,352 | 2,578 |
| Federal National Mortgage Association | | |
| 2.50%, 03/01/51 | 233,285 | 197,816 |
| 3.00%, 03/01/50 | 54,114 | 48,055 |
| 3.50%, 08/01/45 - 01/01/48 | 108,467 | 100,576 |
| 4.00%, 01/01/41 - 01/01/50 | 158,840 | 151,891 |
| 4.50%, 07/01/33 - 12/01/48 | 67,532 | 66,222 |
| 5.00%, 03/01/34 - 08/01/35 | 16,111 | 16,127 |
| 5.50%, 12/01/32 - 01/01/39 | 59,456 | 60,659 |
| 6.00%, 02/01/33 - 07/01/35 | 68,620 | 71,494 |
| 6.50%, 01/01/29 - 08/01/34 | 10,336 | 10,811 |
| 7.00%, 10/01/32 - 02/01/34 | 4,117 | 4,249 |
| 7.50%, 12/01/26 - 03/01/33 | 4,526 | 4,668 |
| 8.00%, 08/01/25 - 10/01/31 | 2,039 | 2,073 |
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association 1.60% + 12 month USD LIBOR | | |
| 4.97%, 04/01/37 (c) | $ 604 | $ 594 |
| Government National Mortgage Association | | |
| 3.00%, 12/20/42 - 05/20/45 | 251,917 | 229,826 |
| 3.50%, 08/20/48 | 45,397 | 42,417 |
| 4.00%, 01/20/41 - 04/20/43 | 44,472 | 43,218 |
| 4.50%, 08/15/33 - 03/20/41 | 34,870 | 34,284 |
| 6.00%, 04/15/27 - 04/15/34 | 39,318 | 40,523 |
| 6.50%, 03/15/24 - 08/15/34 | 14,916 | 15,454 |
| 7.00%, 01/15/28 - 10/15/36 | 11,429 | 11,608 |
| Government National Mortgage Association 1.50% + 1 year CMT Rate | | |
| 2.75%, 12/20/24 (c) | 100 | 98 |
| 3.63%, 02/20/26 (c) | 60 | 58 |
| Government National Mortgage Association, TBA | | |
| 2.50%, 07/20/53 (d) | 211,781 | 183,240 |
| 4.00%, 07/20/53 (d) | 41,845 | 39,549 |
| Uniform Mortgage-Backed Security, TBA | | |
| 2.00%, 07/13/53 (d) | 365,226 | 297,593 |
| 2.50%, 07/13/53 (d) | 496,279 | 420,551 |
| 3.00%, 07/13/53 (d) | 137,325 | 120,820 |
| 3.50%, 07/13/53 (d) | 68,183 | 62,105 |
| 4.00%, 07/13/53 (d) | 240,420 | 225,550 |
| 4.50%, 07/13/53 (d) | 202,997 | 195,121 |
| | | 3,131,584 |
| Agency Collateralized Mortgage Obligations - 1.0% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 2.51%, 07/25/29 (a) | 55,000 | 49,059 |
| 4.05%, 09/25/28 (a)(c) | 31,000 | 30,236 |
| Federal Home Loan Mortgage Corp. REMIC | | |
| 3.50%, 11/15/30 (a)(e) | 314 | 1 |
| 5.50%, 06/15/33 (a)(e) | 7,161 | 1,131 |
| 7.50%, 07/15/27 (a)(e) | 503 | 40 |
| Federal Home Loan Mortgage Corp. STRIPS | | |
| 0.00%, 08/01/27 (a)(f) | 72 | 66 |
| 8.00%, 07/01/24 (a)(e) | 41 | 1 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | | |
| 0.08%, 09/25/43 (a)(c)(e) | 253,613 | 1,951 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Federal National Mortgage Association Interest STRIPS | | |
| 7.50%, 11/25/23 (a)(e)** | $ 26 | $ — |
| Federal National Mortgage Association REMIC | | |
| 1.16%, 12/25/42 (a)(c)(e) | 13,002 | 444 |
| 5.00%, 09/25/40 (a)(e) | 3,278 | 346 |
| Federal National Mortgage Association REMIC 6.00% - 1 month USD LIBOR | | |
| 0.85%, 07/25/38 (a)(c)(e) | 2,554 | 203 |
| Federal National Mortgage Association REMIC 6.55% - 1 month USD LIBOR | | |
| 1.40%, 11/25/41 (a)(c)(e) | 117,921 | 13,682 |
| Federal National Mortgage Association STRIPS | | |
| 0.00%, 12/25/34 (a)(f) | 6,231 | 5,060 |
| 4.50%, 08/25/35 - 01/25/36 (a)(e) | 6,608 | 829 |
| 5.00%, 03/25/38 - 05/25/38 (a)(e) | 4,322 | 653 |
| 5.50%, 12/25/33 (a)(e) | 1,969 | 339 |
| 6.00%, 01/25/35 (a)(e) | 3,551 | 605 |
| 8.00%, 07/25/24 (a)(e) | 74 | 2 |
| | | 104,648 |
| Asset Backed - 0.0%* |
| Ford Credit Auto Owner Trust | | |
| 0.56%, 10/15/24 (a) | 2,815 | 2,808 |
| | | 2,808 |
| Corporate Notes - 30.1% |
| 3M Co. | | |
| 3.13%, 09/19/46 (a) | 2,000 | 1,407 |
| 7-Eleven, Inc. | | |
| 0.95%, 02/10/26 (a)(g) | 5,000 | 4,467 |
| Abbott Laboratories | | |
| 3.75%, 11/30/26 (a) | 6,000 | 5,853 |
| 4.90%, 11/30/46 (a) | 8,000 | 8,064 |
| AbbVie, Inc. | | |
| 2.60%, 11/21/24 (a) | 7,000 | 6,717 |
| 2.95%, 11/21/26 (a) | 5,000 | 4,673 |
| 3.20%, 05/14/26 - 11/21/29 (a) | 12,000 | 11,021 |
| 4.05%, 11/21/39 (a) | 3,000 | 2,611 |
| 4.25%, 11/21/49 (a) | 4,000 | 3,447 |
| 4.30%, 05/14/36 (a) | 3,000 | 2,759 |
| 4.40%, 11/06/42 (a) | 2,000 | 1,791 |
| 4.63%, 10/01/42 (a) | 2,000 | 1,807 |
| | Principal
Amount | Fair
Value |
| 4.88%, 11/14/48 (a) | $ 3,000 | $ 2,830 |
| Advance Auto Parts, Inc. | | |
| 3.90%, 04/15/30 (a) | 5,000 | 4,293 |
| 5.95%, 03/09/28 (a) | 10,000 | 9,862 |
| Advanced Micro Devices, Inc. | | |
| 4.39%, 06/01/52 (a) | 3,000 | 2,732 |
| AEP Texas, Inc. | | |
| 3.45%, 05/15/51 (a) | 8,000 | 5,712 |
| AEP Transmission Co. LLC | | |
| 5.40%, 03/15/53 (a) | 5,000 | 5,143 |
| Aetna, Inc. | | |
| 3.50%, 11/15/24 (a) | 4,000 | 3,881 |
| Aircastle Ltd. | | |
| 4.25%, 06/15/26 (a) | 3,000 | 2,827 |
| Alexandria Real Estate Equities, Inc. | | |
| 1.88%, 02/01/33 (a) | 3,000 | 2,195 |
| 2.95%, 03/15/34 (a) | 3,000 | 2,370 |
| 3.55%, 03/15/52 (a) | 3,000 | 2,052 |
| 4.70%, 07/01/30 (a) | 3,000 | 2,851 |
| Allstate Corp. | | |
| 4.20%, 12/15/46 (a) | 4,000 | 3,275 |
| Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | | |
| 5.75%, 08/15/53 (a)(c) | 9,000 | 8,888 |
| Ally Financial, Inc. | | |
| 2.20%, 11/02/28 (a) | 3,000 | 2,401 |
| Altria Group, Inc. | | |
| 3.40%, 02/04/41 (a) | 6,000 | 4,197 |
| 4.00%, 02/04/61 (a) | 2,000 | 1,379 |
| 4.25%, 08/09/42 (a) | 2,000 | 1,563 |
| 4.45%, 05/06/50 (a) | 3,000 | 2,214 |
| 4.50%, 05/02/43 (a) | 3,000 | 2,390 |
| Amazon.com, Inc. | | |
| 1.50%, 06/03/30 (a) | 2,000 | 1,645 |
| 2.50%, 06/03/50 (a) | 3,000 | 1,992 |
| 2.70%, 06/03/60 (a) | 3,000 | 1,926 |
| 2.88%, 05/12/41 (a) | 4,000 | 3,087 |
| 3.15%, 08/22/27 (a) | 2,000 | 1,882 |
| 3.25%, 05/12/61 (a) | 3,000 | 2,173 |
| 4.05%, 08/22/47 (a) | 3,000 | 2,688 |
| Ameren Corp. | | |
| 3.65%, 02/15/26 (a) | 5,000 | 4,764 |
| American Electric Power Co., Inc. | | |
| 2.30%, 03/01/30 (a) | 3,000 | 2,492 |
| 3.25%, 03/01/50 (a) | 3,000 | 2,051 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| American Tower Corp. | | |
| 1.50%, 01/31/28 (a) | $ 4,000 | $ 3,361 |
| 2.90%, 01/15/30 (a) | 4,000 | 3,455 |
| 3.70%, 10/15/49 (a) | 3,000 | 2,154 |
| 3.80%, 08/15/29 (a) | 4,000 | 3,657 |
| American Water Capital Corp. | | |
| 2.95%, 09/01/27 (a) | 8,000 | 7,393 |
| Amgen, Inc. | | |
| 2.45%, 02/21/30 (a) | 2,000 | 1,712 |
| 3.00%, 01/15/52 (a) | 4,000 | 2,670 |
| 3.15%, 02/21/40 (a) | 5,000 | 3,825 |
| 5.51%, 03/02/26 (a) | 5,000 | 4,988 |
| 5.60%, 03/02/43 (a) | 5,000 | 5,012 |
| 5.65%, 03/02/53 (a) | 5,000 | 5,069 |
| 5.75%, 03/02/63 (a) | 5,000 | 5,082 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.70%, 02/01/36 (a) | 7,000 | 6,816 |
| 4.90%, 02/01/46 (a) | 8,000 | 7,641 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 3.50%, 06/01/30 (a) | 5,000 | 4,654 |
| 4.35%, 06/01/40 (a) | 5,000 | 4,597 |
| 4.38%, 04/15/38 (a) | 8,000 | 7,425 |
| 4.50%, 06/01/50 (a) | 3,000 | 2,773 |
| 4.75%, 04/15/58 (a) | 6,000 | 5,562 |
| 5.55%, 01/23/49 (a) | 2,000 | 2,106 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.90%, 08/23/51 (a) | 4,000 | 2,618 |
| Apollo Management Holdings LP | | |
| 2.65%, 06/05/30 (a)(g) | 4,000 | 3,268 |
| 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)(c)(g) | 5,000 | 4,193 |
| Apple, Inc. | | |
| 2.20%, 09/11/29 (a) | 3,000 | 2,633 |
| 2.65%, 02/08/51 (a) | 6,000 | 4,143 |
| 2.80%, 02/08/61 (a) | 2,000 | 1,351 |
| 2.95%, 09/11/49 (a) | 3,000 | 2,233 |
| 3.45%, 02/09/45 (a) | 4,000 | 3,366 |
| 3.95%, 08/08/52 (a) | 3,000 | 2,643 |
| 4.85%, 05/10/53 (a) | 9,000 | 9,220 |
| Applied Materials, Inc. | | |
| 4.35%, 04/01/47 (a) | 4,000 | 3,744 |
| | Principal
Amount | Fair
Value |
| Aptiv PLC | | |
| 4.40%, 10/01/46 (a) | $ 3,000 | $ 2,336 |
| ArcelorMittal SA | | |
| 4.55%, 03/11/26 (a) | 15,000 | 14,643 |
| 6.80%, 11/29/32 (a) | 4,000 | 4,109 |
| Archer-Daniels-Midland Co. | | |
| 2.50%, 08/11/26 (a) | 4,000 | 3,751 |
| Ares Capital Corp. | | |
| 2.88%, 06/15/28 (a) | 3,000 | 2,482 |
| Arthur J Gallagher & Co. | | |
| 3.50%, 05/20/51 (a) | 3,000 | 2,149 |
| Ascension Health | | |
| 4.85%, 11/15/53 (a) | 7,000 | 6,868 |
| Astrazeneca Finance LLC | | |
| 1.75%, 05/28/28 (a) | 8,000 | 6,933 |
| AstraZeneca PLC | | |
| 3.00%, 05/28/51 (a) | 5,000 | 3,711 |
| 4.00%, 01/17/29 (a) | 3,000 | 2,901 |
| 4.38%, 08/17/48 (a) | 2,000 | 1,871 |
| AT&T, Inc. | | |
| 2.75%, 06/01/31 (a) | 10,000 | 8,439 |
| 3.65%, 06/01/51 (a) | 9,000 | 6,603 |
| 3.85%, 06/01/60 (a) | 7,000 | 5,078 |
| 4.35%, 03/01/29 (a) | 2,000 | 1,920 |
| 4.50%, 05/15/35 (a) | 3,000 | 2,756 |
| 4.55%, 03/09/49 (a) | 2,000 | 1,696 |
| 4.75%, 05/15/46 (a) | 2,000 | 1,766 |
| Athene Holding Ltd. | | |
| 4.13%, 01/12/28 (a) | 4,000 | 3,647 |
| 6.15%, 04/03/30 (a) | 5,000 | 5,014 |
| Avangrid, Inc. | | |
| 3.15%, 12/01/24 (a) | 6,000 | 5,764 |
| Bain Capital Specialty Finance, Inc. | | |
| 2.95%, 03/10/26 (a) | 6,000 | 5,327 |
| Bank of America Corp. | | |
| 3.25%, 10/21/27 (a) | 3,000 | 2,795 |
| 4.18%, 11/25/27 (a) | 4,000 | 3,801 |
| 4.25%, 10/22/26 (a) | 4,000 | 3,861 |
| Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | | |
| 2.09%, 06/14/29 (a)(c) | 3,000 | 2,563 |
| Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | | |
| 2.97%, 07/21/52 (a)(c) | 7,000 | 4,751 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3 month Term SOFR) | | |
| 3.37%, 01/23/26 (a)(c) | $ 2,000 | $ 1,920 |
| Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 month Term SOFR) | | |
| 3.71%, 04/24/28 (a)(c) | 4,000 | 3,753 |
| Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 year CMT Rate thereafter) | | |
| 3.85%, 03/08/37 (a)(c) | 4,000 | 3,416 |
| Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 month Term SOFR) | | |
| 3.95%, 01/23/49 (a)(c) | 4,000 | 3,234 |
| Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 month Term SOFR) | | |
| 4.30%, 01/28/25 (a)(c) | 7,000 | 6,255 |
| Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | | |
| 5.29%, 04/25/34 (a)(c) | 10,000 | 9,908 |
| Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 month Term SOFR) | | |
| 4.63%, 09/20/26 (a)(c) | 5,000 | 4,419 |
| Bank of Nova Scotia (7.85% fixed rate until 10/12/23; 2.65% + 3 month USD LIBOR thereafter) | | |
| 7.85%, 10/12/30 (a)(c) | 8,000 | 6,637 |
| Barrick North America Finance LLC | | |
| 5.70%, 05/30/41 (a) | 3,000 | 3,032 |
| BAT Capital Corp. | | |
| 2.73%, 03/25/31 (a) | 4,000 | 3,185 |
| 4.39%, 08/15/37 (a) | 3,000 | 2,397 |
| 4.54%, 08/15/47 (a) | 2,000 | 1,476 |
| 4.91%, 04/02/30 (a) | 4,000 | 3,783 |
| Baxter International, Inc. | | |
| 1.92%, 02/01/27 (a) | 11,000 | 9,774 |
| 3.13%, 12/01/51 (a) | 3,000 | 1,985 |
| Becton Dickinson & Co. | | |
| 3.70%, 06/06/27 (a) | 7,000 | 6,654 |
| | Principal
Amount | Fair
Value |
| 4.67%, 06/06/47 (a) | $ 3,000 | $ 2,750 |
| 4.69%, 12/15/44 (a) | 2,000 | 1,820 |
| Berkshire Hathaway Energy Co. | | |
| 3.25%, 04/15/28 (a) | 2,000 | 1,840 |
| 3.70%, 07/15/30 (a) | 3,000 | 2,753 |
| 3.80%, 07/15/48 (a) | 3,000 | 2,316 |
| 4.25%, 10/15/50 (a) | 2,000 | 1,618 |
| 6.13%, 04/01/36 (a) | 3,000 | 3,130 |
| Berkshire Hathaway Finance Corp. | | |
| 2.85%, 10/15/50 (a) | 6,000 | 4,179 |
| 4.25%, 01/15/49 (a) | 4,000 | 3,641 |
| Berry Global, Inc. | | |
| 4.88%, 07/15/26 (a)(g) | 6,000 | 5,785 |
| BHP Billiton Finance USA Ltd. | | |
| 4.90%, 02/28/33 (a) | 3,000 | 2,987 |
| Biogen, Inc. | | |
| 2.25%, 05/01/30 (a) | 3,000 | 2,507 |
| Block Financial LLC | | |
| 2.50%, 07/15/28 (a) | 3,000 | 2,555 |
| 3.88%, 08/15/30 (a) | 3,000 | 2,647 |
| Boardwalk Pipelines LP | | |
| 4.80%, 05/03/29 (a) | 4,000 | 3,838 |
| Boeing Co. | | |
| 2.70%, 02/01/27 (a) | 4,000 | 3,656 |
| 2.95%, 02/01/30 (a) | 4,000 | 3,480 |
| 3.25%, 03/01/28 (a) | 3,000 | 2,733 |
| 3.75%, 02/01/50 (a) | 2,000 | 1,502 |
| 5.04%, 05/01/27 (a) | 5,000 | 4,943 |
| 5.15%, 05/01/30 (a) | 5,000 | 4,952 |
| 5.81%, 05/01/50 (a) | 3,000 | 2,984 |
| Boston Properties LP | | |
| 3.40%, 06/21/29 (a) | 6,000 | 5,053 |
| BP Capital Markets America, Inc. | | |
| 3.00%, 02/24/50 (a) | 4,000 | 2,792 |
| 3.38%, 02/08/61 (a) | 5,000 | 3,560 |
| 4.81%, 02/13/33 (a) | 5,000 | 4,932 |
| BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | | |
| 4.88%, 03/22/30 (a)(c) | 7,000 | 6,367 |
| Bristol-Myers Squibb Co. | | |
| 1.45%, 11/13/30 (a) | 2,000 | 1,607 |
| 2.35%, 11/13/40 (a) | 2,000 | 1,405 |
| 2.95%, 03/15/32 (a) | 5,000 | 4,416 |
| 3.20%, 06/15/26 (a) | 2,000 | 1,915 |
| 3.40%, 07/26/29 (a) | 2,000 | 1,856 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.13%, 06/15/39 (a) | $ 3,000 | $ 2,737 |
| 4.25%, 10/26/49 (a) | 3,000 | 2,663 |
| 4.55%, 02/20/48 (a) | 2,000 | 1,865 |
| Brixmor Operating Partnership LP | | |
| 2.25%, 04/01/28 (a) | 6,000 | 5,058 |
| Broadcom, Inc. | | |
| 3.14%, 11/15/35 (a)(g) | 3,000 | 2,299 |
| 3.42%, 04/15/33 (a)(g) | 10,000 | 8,372 |
| 3.47%, 04/15/34 (a)(g) | 2,000 | 1,639 |
| 4.15%, 11/15/30 (a) | 4,000 | 3,676 |
| 4.30%, 11/15/32 (a) | 4,000 | 3,665 |
| Brooklyn Union Gas Co. | | |
| 4.87%, 08/05/32 (a)(g) | 11,000 | 10,331 |
| Brown-Forman Corp. | | |
| 4.00%, 04/15/38 (a) | 2,000 | 1,766 |
| Bunge Ltd. Finance Corp. | | |
| 3.75%, 09/25/27 (a) | 3,000 | 2,835 |
| Burlington Northern Santa Fe LLC | | |
| 4.15%, 12/15/48 (a) | 4,000 | 3,485 |
| 4.55%, 09/01/44 (a) | 5,000 | 4,597 |
| Canadian Natural Resources Ltd. | | |
| 3.85%, 06/01/27 (a) | 3,000 | 2,834 |
| 4.95%, 06/01/47 (a) | 4,000 | 3,577 |
| Canadian Pacific Railway Co. | | |
| 1.75%, 12/02/26 (a) | 3,000 | 2,697 |
| 3.50%, 05/01/50 (a) | 3,000 | 2,313 |
| Cantor Fitzgerald LP | | |
| 4.88%, 05/01/24 (a)(g) | 5,000 | 4,890 |
| Capital One Financial Corp. | | |
| 3.75%, 07/28/26 (a) | 5,000 | 4,657 |
| Cardinal Health, Inc. | | |
| 3.08%, 06/15/24 (a) | 4,000 | 3,899 |
| Carlisle Cos., Inc. | | |
| 2.20%, 03/01/32 (a) | 5,000 | 3,947 |
| Carrier Global Corp. | | |
| 2.72%, 02/15/30 (a) | 3,000 | 2,585 |
| Caterpillar, Inc. | | |
| 3.25%, 09/19/49 - 04/09/50 (a) | 6,000 | 4,723 |
| Cenovus Energy, Inc. | | |
| 2.65%, 01/15/32 (a) | 3,000 | 2,422 |
| 3.75%, 02/15/52 (a) | 3,000 | 2,130 |
| Centene Corp. | | |
| 3.00%, 10/15/30 (a) | 3,000 | 2,502 |
| 3.38%, 02/15/30 (a) | 14,000 | 12,038 |
| 4.25%, 12/15/27 (a) | 18,000 | 16,843 |
| | Principal
Amount | Fair
Value |
| CenterPoint Energy, Inc. | | |
| 2.65%, 06/01/31 (a) | $ 5,000 | $ 4,178 |
| Charles Schwab Corp. | ��� | |
| 2.45%, 03/03/27 (a) | 29,000 | 26,045 |
| Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT rate thereafter) | | |
| 4.00%, 12/01/30 (a)(c) | 8,000 | 5,862 |
| Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | | |
| 5.64%, 05/19/29 (a)(c) | 26,000 | 26,111 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 3.50%, 06/01/41 (a) | 4,000 | 2,702 |
| 3.70%, 04/01/51 (a) | 15,000 | 9,519 |
| 4.80%, 03/01/50 (a) | 5,000 | 3,763 |
| 5.05%, 03/30/29 (a) | 6,000 | 5,721 |
| 5.75%, 04/01/48 (a) | 3,000 | 2,566 |
| Cheniere Corpus Christi Holdings LLC | | |
| 5.88%, 03/31/25 (a) | 5,000 | 4,980 |
| Cheniere Energy Partners LP | | |
| 4.50%, 10/01/29 (a) | 9,000 | 8,265 |
| Chevron USA, Inc. | | |
| 3.85%, 01/15/28 (a) | 4,000 | 3,904 |
| 3.90%, 11/15/24 (a) | 4,000 | 3,931 |
| Chubb INA Holdings, Inc. | | |
| 4.35%, 11/03/45 (a) | 4,000 | 3,622 |
| Church & Dwight Co., Inc. | | |
| 2.30%, 12/15/31 (a) | 3,000 | 2,479 |
| Cigna Group | | |
| 2.40%, 03/15/30 (a) | 3,000 | 2,549 |
| 3.25%, 04/15/25 (a) | 7,000 | 6,712 |
| 3.40%, 03/01/27 (a) | 5,000 | 4,711 |
| 3.88%, 10/15/47 (a) | 2,000 | 1,586 |
| 4.13%, 11/15/25 (a) | 5,000 | 4,869 |
| 4.38%, 10/15/28 (a) | 3,000 | 2,902 |
| 4.80%, 08/15/38 (a) | 3,000 | 2,832 |
| Cisco Systems, Inc. | | |
| 5.90%, 02/15/39 (a) | 3,000 | 3,320 |
| Citigroup, Inc. | | |
| 4.45%, 09/29/27 (a) | 4,000 | 3,820 |
| 4.65%, 07/23/48 (a) | 9,000 | 8,156 |
| 6.17%, 05/25/34 (a)(c) | 5,000 | 5,035 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | | |
| 2.98%, 11/05/30 (a)(c) | $ 6,000 | $ 5,210 |
| Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 month Term SOFR) | | |
| 3.88%, 01/24/39 (a)(c) | 6,000 | 5,023 |
| Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | | |
| 4.70%, 01/30/25 (a)(c) | 6,000 | 5,162 |
| Cleveland Electric Illuminating Co. | | |
| 4.55%, 11/15/30 (a)(g) | 6,000 | 5,661 |
| Clorox Co. | | |
| 1.80%, 05/15/30 (a) | 4,000 | 3,276 |
| CME Group, Inc. | | |
| 3.75%, 06/15/28 (a) | 2,000 | 1,914 |
| CMS Energy Corp. | | |
| 4.88%, 03/01/44 (a) | 7,000 | 6,368 |
| CNH Industrial Capital LLC | | |
| 1.95%, 07/02/23 (a) | 5,000 | 5,000 |
| Coca-Cola Co. | | |
| 2.60%, 06/01/50 (a) | 3,000 | 2,103 |
| 2.75%, 06/01/60 (a) | 3,000 | 2,069 |
| Comcast Corp. | | |
| 2.80%, 01/15/51 (a) | 3,000 | 1,984 |
| 2.94%, 11/01/56 (a) | 5,000 | 3,257 |
| 2.99%, 11/01/63 (a) | 3,000 | 1,901 |
| 3.20%, 07/15/36 (a) | 3,000 | 2,465 |
| 3.25%, 11/01/39 (a) | 3,000 | 2,380 |
| 3.97%, 11/01/47 (a) | 3,000 | 2,492 |
| 4.15%, 10/15/28 (a) | 3,000 | 2,907 |
| CommonSpirit Health | | |
| 4.35%, 11/01/42 (a) | 16,000 | 13,713 |
| Conagra Brands, Inc. | | |
| 5.30%, 11/01/38 (a) | 3,000 | 2,883 |
| 5.40%, 11/01/48 (a) | 2,000 | 1,906 |
| ConocoPhillips Co. | | |
| 4.30%, 11/15/44 (a) | 4,000 | 3,529 |
| Consolidated Edison Co. of New York, Inc. | | |
| 3.35%, 04/01/30 (a) | 3,000 | 2,731 |
| 3.88%, 06/15/47 (a) | 2,000 | 1,571 |
| 3.95%, 04/01/50 (a) | 3,000 | 2,446 |
| Constellation Brands, Inc. | | |
| 3.15%, 08/01/29 (a) | 4,000 | 3,611 |
| 3.70%, 12/06/26 (a) | 4,000 | 3,811 |
| 4.50%, 05/09/47 (a) | 4,000 | 3,454 |
| | Principal
Amount | Fair
Value |
| Continental Resources, Inc. | | |
| 2.88%, 04/01/32 (a)(g) | $ 3,000 | $ 2,309 |
| 3.80%, 06/01/24 (a) | 10,000 | 9,800 |
| Corebridge Financial, Inc. | | |
| 3.90%, 04/05/32 (a) | 15,000 | 13,063 |
| Corning, Inc. | | |
| 4.38%, 11/15/57 (a) | 2,000 | 1,626 |
| Corporate Office Properties LP | | |
| 2.00%, 01/15/29 (a) | 5,000 | 3,820 |
| 2.25%, 03/15/26 (a) | 3,000 | 2,648 |
| 2.75%, 04/15/31 (a) | 3,000 | 2,281 |
| Crown Castle, Inc. | | |
| 2.90%, 03/15/27 (a) | 8,000 | 7,323 |
| 4.15%, 07/01/50 (a) | 3,000 | 2,380 |
| 5.20%, 02/15/49 (a) | 4,000 | 3,698 |
| CSL Finance PLC | | |
| 4.25%, 04/27/32 (a)(g) | 6,000 | 5,692 |
| CSX Corp. | | |
| 4.50%, 03/15/49 - 08/01/54 (a) | 10,000 | 8,903 |
| CubeSmart LP | | |
| 2.50%, 02/15/32 (a) | 3,000 | 2,383 |
| 4.38%, 02/15/29 (a) | 3,000 | 2,817 |
| CVS Health Corp. | | |
| 3.00%, 08/15/26 (a) | 4,000 | 3,750 |
| 3.25%, 08/15/29 (a) | 3,000 | 2,692 |
| 3.63%, 04/01/27 (a) | 3,000 | 2,847 |
| 3.75%, 04/01/30 (a) | 3,000 | 2,751 |
| 4.25%, 04/01/50 (a) | 3,000 | 2,481 |
| 4.78%, 03/25/38 (a) | 3,000 | 2,765 |
| 5.00%, 12/01/24 (a) | 6,000 | 5,924 |
| 5.13%, 07/20/45 (a) | 2,000 | 1,848 |
| 5.30%, 06/01/33 - 12/05/43 (a) | 9,000 | 8,816 |
| Dell International LLC/EMC Corp. | | |
| 4.00%, 07/15/24 (a) | 4,000 | 3,933 |
| 6.02%, 06/15/26 (a) | 3,000 | 3,043 |
| DH Europe Finance II Sarl | | |
| 2.60%, 11/15/29 (a) | 2,000 | 1,761 |
| 3.25%, 11/15/39 (a) | 3,000 | 2,444 |
| 3.40%, 11/15/49 (a) | 3,000 | 2,350 |
| Diamondback Energy, Inc. | ��� | |
| 3.13%, 03/24/31 (a) | 4,000 | 3,425 |
| 3.50%, 12/01/29 (a) | 3,000 | 2,704 |
| 4.40%, 03/24/51 (a) | 3,000 | 2,379 |
| Digital Realty Trust LP | | |
| 3.60%, 07/01/29 (a) | 6,000 | 5,340 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Discovery Communications LLC | | |
| 3.95%, 03/20/28 (a) | $ 4,000 | $ 3,724 |
| 4.95%, 05/15/42 (a) | 2,000 | 1,578 |
| 5.00%, 09/20/37 (a) | 3,000 | 2,564 |
| Dollar General Corp. | | |
| 3.50%, 04/03/30 (a) | 4,000 | 3,583 |
| 4.13%, 04/03/50 (a) | 4,000 | 3,134 |
| Dollar Tree, Inc. | | |
| 4.00%, 05/15/25 (a) | 5,000 | 4,844 |
| Dominion Energy, Inc. | | |
| 3.07%, 08/15/24 (a)(b) | 5,000 | 4,831 |
| 3.38%, 04/01/30 (a) | 6,000 | 5,371 |
| Dover Corp. | | |
| 2.95%, 11/04/29 (a) | 3,000 | 2,637 |
| Dow Chemical Co. | | |
| 2.10%, 11/15/30 (a) | 5,000 | 4,131 |
| 3.60%, 11/15/50 (a) | 3,000 | 2,234 |
| 4.25%, 10/01/34 (a) | 3,000 | 2,732 |
| 6.30%, 03/15/33 (a) | 3,000 | 3,224 |
| DTE Energy Co. | | |
| 2.85%, 10/01/26 (a) | 7,000 | 6,448 |
| Duke Energy Carolinas LLC | | |
| 3.95%, 03/15/48 (a) | 3,000 | 2,447 |
| Duke Energy Corp. | | |
| 2.55%, 06/15/31 (a) | 6,000 | 4,967 |
| 3.30%, 06/15/41 (a) | 7,000 | 5,167 |
| 3.50%, 06/15/51 (a) | 7,000 | 5,076 |
| 3.75%, 09/01/46 (a) | 5,000 | 3,798 |
| Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) | | |
| 4.88%, 09/16/24 (a)(c) | 9,000 | 8,654 |
| Duke Energy Progress LLC | | |
| 4.15%, 12/01/44 (a) | 9,000 | 7,486 |
| Duquesne Light Holdings, Inc. | | |
| 3.62%, 08/01/27 (a)(g) | 7,000 | 6,279 |
| Eastman Chemical Co. | | |
| 4.65%, 10/15/44 (a) | 4,000 | 3,368 |
| Eaton Corp. | | |
| 3.10%, 09/15/27 (a) | 2,000 | 1,876 |
| Edison International | | |
| 4.95%, 04/15/25 (a) | 8,000 | 7,855 |
| EIDP, Inc. | | |
| 2.30%, 07/15/30 (a) | 4,000 | 3,345 |
| Electronic Arts, Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,426 |
| Elevance Health, Inc. | | |
| 2.88%, 09/15/29 (a) | 3,000 | 2,646 |
| | Principal
Amount | Fair
Value |
| 3.60%, 03/15/51 (a) | $ 3,000 | $ 2,296 |
| 3.70%, 09/15/49 (a) | 3,000 | 2,325 |
| Emera U.S. Finance LP | | |
| 2.64%, 06/15/31 (a) | 8,000 | 6,406 |
| Emerson Electric Co. | | |
| 1.80%, 10/15/27 (a) | 2,000 | 1,773 |
| 2.75%, 10/15/50 (a) | 2,000 | 1,332 |
| Enbridge Energy Partners LP | | |
| 5.50%, 09/15/40 (a) | 2,000 | 1,887 |
| Enbridge, Inc. | | |
| 1.60%, 10/04/26 (a) | 5,000 | 4,456 |
| Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | | |
| 5.75%, 07/15/80 (a)(c) | 9,000 | 8,146 |
| Energy Transfer LP | | |
| 4.50%, 04/15/24 (a) | 2,000 | 1,976 |
| 4.95%, 06/15/28 (a) | 4,000 | 3,889 |
| 5.30%, 04/01/44 - 04/15/47 (a) | 7,000 | 6,070 |
| 5.35%, 05/15/45 (a) | 4,000 | 3,494 |
| 5.75%, 02/15/33 (a) | 3,000 | 3,019 |
| 6.50%, 02/01/42 (a) | 4,000 | 4,044 |
| Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | | |
| 6.75%, 05/15/25 (a)(c) | 19,000 | 17,080 |
| Energy Transfer LP/Regency Energy Finance Corp. | | |
| 4.50%, 11/01/23 (a) | 4,000 | 3,982 |
| Enterprise Products Operating LLC | | |
| 4.25%, 02/15/48 (a) | 6,000 | 5,087 |
| Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 month Term SOFR) | | |
| 5.25%, 08/16/77 (a)(c) | 3,000 | 2,624 |
| EOG Resources, Inc. | | |
| 4.95%, 04/15/50 (a) | 3,000 | 2,963 |
| 5.10%, 01/15/36 (a) | 2,000 | 1,926 |
| Equinix, Inc. | | |
| 1.25%, 07/15/25 (a) | 5,000 | 4,566 |
| 2.15%, 07/15/30 (a) | 4,000 | 3,237 |
| Equinor ASA | | |
| 3.25%, 11/18/49 (a) | 4,000 | 3,004 |
| ERP Operating LP | | |
| 4.50%, 07/01/44 (a) | 8,000 | 7,002 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Estee Lauder Cos., Inc. | | |
| 2.38%, 12/01/29 (a) | $ 3,000 | $ 2,593 |
| Everest Reinsurance Holdings, Inc. | | |
| 3.13%, 10/15/52 (a) | 3,000 | 1,986 |
| Eversource Energy | | |
| 3.45%, 01/15/50 (a) | 5,000 | 3,673 |
| Exelon Corp. | | |
| 4.05%, 04/15/30 (a) | 5,000 | 4,687 |
| 4.45%, 04/15/46 (a) | 5,000 | 4,259 |
| 4.70%, 04/15/50 (a) | 4,000 | 3,542 |
| Exxon Mobil Corp. | | |
| 2.61%, 10/15/30 (a) | 4,000 | 3,513 |
| 3.45%, 04/15/51 (a) | 4,000 | 3,122 |
| FedEx Corp. | | |
| 4.10%, 02/01/45 (a) | 6,000 | 4,847 |
| Fidelity National Information Services, Inc. | | |
| 1.15%, 03/01/26 (a) | 4,000 | 3,570 |
| 1.65%, 03/01/28 (a) | 3,000 | 2,536 |
| FirstEnergy Transmission LLC | ��� | |
| 4.55%, 04/01/49 (a)(g) | 7,000 | 5,816 |
| Fiserv, Inc. | | |
| 3.50%, 07/01/29 (a) | 3,000 | 2,745 |
| 4.40%, 07/01/49 (a) | 3,000 | 2,524 |
| Florida Power & Light Co. | | |
| 2.85%, 04/01/25 (a) | 7,000 | 6,731 |
| 4.13%, 02/01/42 (a) | 6,000 | 5,265 |
| Flowers Foods, Inc. | | |
| 2.40%, 03/15/31 (a) | 3,000 | 2,453 |
| Flowserve Corp. | | |
| 2.80%, 01/15/32 (a) | 5,000 | 3,983 |
| Freeport-McMoRan, Inc. | | |
| 4.25%, 03/01/30 (a) | 3,000 | 2,765 |
| GA Global Funding Trust | | |
| 1.63%, 01/15/26 (a)(g) | 3,000 | 2,661 |
| General Dynamics Corp. | | |
| 4.25%, 04/01/50 (a) | 3,000 | 2,751 |
| General Mills, Inc. | | |
| 3.00%, 02/01/51 (a) | 3,000 | 2,123 |
| General Motors Co. | | |
| 5.20%, 04/01/45 (a) | 3,000 | 2,558 |
| 5.40%, 04/01/48 (a) | 2,000 | 1,725 |
| 6.13%, 10/01/25 (a) | 4,000 | 4,026 |
| 6.80%, 10/01/27 (a) | 3,000 | 3,116 |
| General Motors Financial Co., Inc. | | |
| 1.25%, 01/08/26 (a) | 2,000 | 1,787 |
| 2.35%, 01/08/31 (a) | 4,000 | 3,140 |
| | Principal
Amount | Fair
Value |
| 5.25%, 03/01/26 (a) | $ 8,000 | $ 7,876 |
| 5.85%, 04/06/30 (a) | 15,000 | 14,870 |
| Genuine Parts Co. | | |
| 2.75%, 02/01/32 (a) | 3,000 | 2,464 |
| George Washington University | | |
| 4.13%, 09/15/48 (a) | 8,000 | 6,900 |
| Georgia-Pacific LLC | | |
| 1.75%, 09/30/25 (a)(g) | 4,000 | 3,672 |
| 3.60%, 03/01/25 (a)(g) | 9,000 | 8,687 |
| Gilead Sciences, Inc. | | |
| 2.60%, 10/01/40 (a) | 2,000 | 1,449 |
| 3.50%, 02/01/25 (a) | 4,000 | 3,879 |
| 3.65%, 03/01/26 (a) | 2,000 | 1,925 |
| 4.15%, 03/01/47 (a) | 5,000 | 4,342 |
| 4.60%, 09/01/35 (a) | 3,000 | 2,896 |
| GlaxoSmithKline Capital PLC | | |
| 3.38%, 06/01/29 (a) | 5,000 | 4,643 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63%, 05/15/25 (a) | 6,000 | 5,835 |
| Glencore Funding LLC | | |
| 3.88%, 04/27/51 (a)(g) | 4,000 | 2,968 |
| Goldman Sachs Group, Inc. | | |
| 3.85%, 01/26/27 (a) | 4,000 | 3,808 |
| 4.25%, 10/21/25 (a) | 2,000 | 1,928 |
| 5.15%, 05/22/45 (a) | 3,000 | 2,795 |
| Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | | |
| 2.38%, 07/21/32 (a)(c) | 5,000 | 3,999 |
| Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | | |
| 2.91%, 07/21/42 (a)(c) | 5,000 | 3,527 |
| Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | | |
| 3.21%, 04/22/42 (a)(c) | 5,000 | 3,694 |
| Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | | |
| 3.44%, 02/24/43 (a)(c) | 6,000 | 4,557 |
| Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 month Term SOFR) | | |
| 3.81%, 04/23/29 (a)(c) | 4,000 | 3,717 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 month Term SOFR) | | |
| 4.02%, 10/31/38 (a)(c) | $ 2,000 | $ 1,693 |
| Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 month Term SOFR) | | |
| 4.22%, 05/01/29 (a)(c) | 4,000 | 3,779 |
| Graphic Packaging International LLC | | |
| 1.51%, 04/15/26 (a)(g) | 6,000 | 5,355 |
| Gray Oak Pipeline LLC | | |
| 2.00%, 09/15/23 (a)(g) | 5,000 | 4,960 |
| 2.60%, 10/15/25 (a)(g) | 6,000 | 5,509 |
| Halliburton Co. | | |
| 5.00%, 11/15/45 (a) | 4,000 | 3,620 |
| Hartford Financial Services Group, Inc. (7.45% fixed rate until 07/31/23; 2.13% + 3 month USD LIBOR thereafter) | | |
| 7.45%, 02/12/67 (a)(c)(g) | 4,000 | 3,344 |
| HCA, Inc. | | |
| 3.13%, 03/15/27 (a)(g) | 10,000 | 9,183 |
| 3.50%, 09/01/30 (a) | 5,000 | 4,380 |
| 3.63%, 03/15/32 (a)(g) | 3,000 | 2,605 |
| 4.63%, 03/15/52 (a)(g) | 2,000 | 1,642 |
| 5.38%, 02/01/25 (a) | 21,000 | 20,820 |
| Health Care Service Corp. A Mutual Legal Reserve Co. | | |
| 2.20%, 06/01/30 (a)(g) | 3,000 | 2,478 |
| 3.20%, 06/01/50 (a)(g) | 4,000 | 2,831 |
| Healthcare Realty Holdings LP | | |
| 2.00%, 03/15/31 (a) | 3,000 | 2,303 |
| Helmerich & Payne, Inc. | | |
| 2.90%, 09/29/31 (a) | 3,000 | 2,420 |
| Hess Corp. | | |
| 5.60%, 02/15/41 (a) | 2,000 | 1,913 |
| 5.80%, 04/01/47 (a) | 2,000 | 1,945 |
| Hewlett Packard Enterprise Co. | | |
| 6.35%, 10/15/45 (a) | 3,000 | 3,123 |
| Highwoods Realty LP | | |
| 4.13%, 03/15/28 (a) | 3,000 | 2,628 |
| 4.20%, 04/15/29 (a) | 4,000 | 3,396 |
| Home Depot, Inc. | | |
| 2.70%, 04/15/30 (a) | 2,000 | 1,777 |
| 3.35%, 04/15/50 (a) | 3,000 | 2,290 |
| 3.50%, 09/15/56 (a) | 3,000 | 2,311 |
| | Principal
Amount | Fair
Value |
| 3.90%, 12/06/28 (a) | $ 4,000 | $ 3,871 |
| 4.50%, 12/06/48 (a) | 2,000 | 1,855 |
| Honeywell International, Inc. | | |
| 1.75%, 09/01/31 (a) | 5,000 | 4,012 |
| 2.70%, 08/15/29 (a) | 2,000 | 1,781 |
| Hormel Foods Corp. | | |
| 1.80%, 06/11/30 (a) | 5,000 | 4,177 |
| Humana, Inc. | | |
| 1.35%, 02/03/27 (a) | 3,000 | 2,611 |
| 2.15%, 02/03/32 (a) | 3,000 | 2,367 |
| Huntington Bancshares, Inc. | | |
| 2.55%, 02/04/30 (a) | 5,000 | 4,008 |
| Huntsman International LLC | | |
| 4.50%, 05/01/29 (a) | 4,000 | 3,662 |
| Hyundai Capital America | | |
| 1.30%, 01/08/26 (a)(g) | 6,000 | 5,367 |
| Indiana Michigan Power Co. | | |
| 3.25%, 05/01/51 (a) | 5,000 | 3,497 |
| Ingredion, Inc. | | |
| 3.90%, 06/01/50 (a) | 2,000 | 1,486 |
| Intel Corp. | | |
| 2.00%, 08/12/31 (a) | 4,000 | 3,262 |
| 2.45%, 11/15/29 (a) | 6,000 | 5,201 |
| 2.80%, 08/12/41 (a) | 3,000 | 2,139 |
| 3.10%, 02/15/60 (a) | 3,000 | 1,920 |
| 5.63%, 02/10/43 (a) | 3,000 | 3,049 |
| 5.70%, 02/10/53 (a) | 3,000 | 3,056 |
| 5.90%, 02/10/63 (a) | 3,000 | 3,094 |
| Intercontinental Exchange, Inc. | | |
| 1.85%, 09/15/32 (a) | 2,000 | 1,540 |
| 2.65%, 09/15/40 (a) | 2,000 | 1,422 |
| Interstate Power & Light Co. | | |
| 3.40%, 08/15/25 (a) | 8,000 | 7,576 |
| ITC Holdings Corp. | | |
| 2.95%, 05/14/30 (a)(g) | 6,000 | 5,160 |
| Jabil, Inc. | | |
| 3.95%, 01/12/28 (a) | 2,000 | 1,868 |
| 4.25%, 05/15/27 (a) | 8,000 | 7,627 |
| Jacobs Engineering Group, Inc. | | |
| 5.90%, 03/01/33 (a) | 15,000 | 14,720 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13%, 02/01/28 (a)(g) | 6,000 | 5,757 |
| 5.75%, 04/01/33 (a)(g) | 3,000 | 2,825 |
| John Deere Capital Corp. | | |
| 2.45%, 01/09/30 (a) | 9,000 | 7,902 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Johnson & Johnson | | |
| 3.63%, 03/03/37 (a) | $ 3,000 | $ 2,700 |
| Johnson Controls International PLC | | |
| 4.50%, 02/15/47 (a) | 3,000 | 2,620 |
| JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 month Term SOFR) | | |
| 2.96%, 05/13/31 (a)(c) | 3,000 | 2,567 |
| JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | | |
| 3.16%, 04/22/42 (a)(c) | 4,000 | 3,019 |
| JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 month Term SOFR) | | |
| 3.88%, 07/24/38 (a)(c) | 2,000 | 1,726 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 month Term SOFR) | | |
| 3.90%, 01/23/49 (a)(c) | 10,000 | 8,081 |
| JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 month Term SOFR) | | |
| 4.01%, 04/23/29 (a)(c) | 4,000 | 3,771 |
| JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 month Term SOFR) | | |
| 4.03%, 07/24/48 (a)(c) | 3,000 | 2,494 |
| JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 month Term SOFR) | | |
| 4.49%, 03/24/31 (a)(c) | 4,000 | 3,842 |
| JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 month Term SOFR) | | |
| 4.60%, 02/01/25 (a)(c) | 6,000 | 5,600 |
| Kaiser Foundation Hospitals | | |
| 3.00%, 06/01/51 (a) | 5,000 | 3,506 |
| Kenvue, Inc. | | |
| 4.90%, 03/22/33 (a)(g) | 26,000 | 26,290 |
| 5.05%, 03/22/53 (a)(g) | 5,000 | 5,097 |
| Keurig Dr Pepper, Inc. | | |
| 3.20%, 05/01/30 (a) | 3,000 | 2,691 |
| | Principal
Amount | Fair
Value |
| 3.80%, 05/01/50 (a) | $ 2,000 | $ 1,579 |
| Kinder Morgan Energy Partners LP | | |
| 4.70%, 11/01/42 (a) | 2,000 | 1,661 |
| 5.00%, 03/01/43 (a) | 2,000 | 1,724 |
| 6.38%, 03/01/41 (a) | 4,000 | 4,016 |
| Kinder Morgan, Inc. | | |
| 1.75%, 11/15/26 (a) | 8,000 | 7,087 |
| 5.05%, 02/15/46 (a) | 8,000 | 6,846 |
| 5.20%, 06/01/33 (a) | 3,000 | 2,906 |
| KLA Corp. | | |
| 3.30%, 03/01/50 (a) | 3,000 | 2,259 |
| Kraft Heinz Foods Co. | | |
| 5.20%, 07/15/45 (a) | 4,000 | 3,795 |
| L3Harris Technologies, Inc. | | |
| 3.85%, 12/15/26 (a) | 4,000 | 3,814 |
| Lear Corp. | | |
| 4.25%, 05/15/29 (a) | 3,000 | 2,816 |
| Leidos, Inc. | | |
| 3.63%, 05/15/25 (a) | 3,000 | 2,877 |
| 4.38%, 05/15/30 (a) | 5,000 | 4,606 |
| 5.75%, 03/15/33 (a) | 3,000 | 2,985 |
| Liberty Mutual Group, Inc. | | |
| 3.95%, 05/15/60 (a)(g) | 3,000 | 2,119 |
| Life Storage LP | | |
| 2.20%, 10/15/30 (a) | 6,000 | 4,790 |
| Lincoln National Corp. | | |
| 4.35%, 03/01/48 (a) | 6,000 | 4,332 |
| Lincoln National Corp. (9.25% fixed rate until 12/01/27; 5.32% + 5 year CMT Rate thereafter) | | |
| 9.25%, 12/01/27 (a)(c) | 5,000 | 5,286 |
| Lockheed Martin Corp. | | |
| 4.50%, 05/15/36 (a) | 3,000 | 2,896 |
| Lowe's Cos., Inc. | | |
| 1.30%, 04/15/28 (a) | 3,000 | 2,538 |
| 1.70%, 09/15/28 - 10/15/30 (a) | 6,000 | 4,956 |
| 3.00%, 10/15/50 (a) | 3,000 | 1,965 |
| 4.05%, 05/03/47 (a) | 4,000 | 3,216 |
| 5.63%, 04/15/53 (a) | 4,000 | 3,994 |
| LYB International Finance III LLC | | |
| 3.63%, 04/01/51 (a) | 3,000 | 2,082 |
| Masco Corp. | | |
| 3.50%, 11/15/27 (a) | 2,000 | 1,872 |
| McCormick & Co., Inc. | | |
| 1.85%, 02/15/31 (a) | 3,000 | 2,377 |
| 3.25%, 11/15/25 (a) | 7,000 | 6,617 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| McDonald's Corp. | | |
| 3.60%, 07/01/30 (a) | $ 7,000 | $ 6,513 |
| 3.63%, 09/01/49 (a) | 3,000 | 2,367 |
| 4.88%, 12/09/45 (a) | 7,000 | 6,691 |
| Medtronic Global Holdings SCA | | |
| 4.50%, 03/30/33 (a) | 16,000 | 15,682 |
| Medtronic, Inc. | | |
| 4.63%, 03/15/45 (a) | 2,000 | 1,943 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13%, 07/01/52 (a) | 7,000 | 5,937 |
| Merck & Co., Inc. | | |
| 1.90%, 12/10/28 (a) | 10,000 | 8,735 |
| 2.45%, 06/24/50 (a) | 3,000 | 1,965 |
| 2.75%, 12/10/51 (a) | 3,000 | 2,070 |
| 4.00%, 03/07/49 (a) | 2,000 | 1,768 |
| 4.50%, 05/17/33 (a) | 10,000 | 9,925 |
| 5.00%, 05/17/53 (a) | 3,000 | 3,038 |
| Meta Platforms, Inc. | | |
| 3.85%, 08/15/32 (a) | 6,000 | 5,573 |
| 4.45%, 08/15/52 (a) | 4,000 | 3,483 |
| MetLife, Inc. | | |
| 4.72%, 12/15/44 (a) | 5,000 | 4,445 |
| Microchip Technology, Inc. | | |
| 2.67%, 09/01/23 (a) | 6,000 | 5,968 |
| Micron Technology, Inc. | | |
| 3.37%, 11/01/41 (a) | 3,000 | 2,093 |
| 3.48%, 11/01/51 (a) | 3,000 | 1,999 |
| Microsoft Corp. | | |
| 2.40%, 08/08/26 (a) | 4,000 | 3,754 |
| 2.68%, 06/01/60 (a) | 3,000 | 2,009 |
| 2.92%, 03/17/52 (a) | 5,000 | 3,716 |
| 3.45%, 08/08/36 (a) | 3,000 | 2,735 |
| 3.50%, 02/12/35 (a) | 3,000 | 2,807 |
| Mid-America Apartments LP | | |
| 2.88%, 09/15/51 (a) | 5,000 | 3,244 |
| Molson Coors Beverage Co. | | |
| 4.20%, 07/15/46 (a) | 4,000 | 3,296 |
| Morgan Stanley | | |
| 3.97%, 07/22/38 (a)(c) | 7,000 | 5,938 |
| Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | | |
| 1.51%, 07/20/27 (a)(c) | 6,000 | 5,317 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48%, 09/16/36 (a)(c) | 10,000 | 7,569 |
| | Principal
Amount | Fair
Value |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80%, 01/25/52 (a)(c) | $ 11,000 | $ 7,225 |
| MPLX LP | | |
| 2.65%, 08/15/30 (a) | 3,000 | 2,513 |
| Mylan, Inc. | | |
| 5.20%, 04/15/48 (a) | 3,000 | 2,334 |
| Newmont Corp. | | |
| 4.88%, 03/15/42 (a) | 3,000 | 2,788 |
| NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | | |
| 5.65%, 05/01/79 (a)(c) | 5,000 | 4,651 |
| NGPL PipeCo LLC | | |
| 3.25%, 07/15/31 (a)(g) | 6,000 | 4,950 |
| NIKE, Inc. | | |
| 3.38%, 03/27/50 (a) | 2,000 | 1,620 |
| NiSource, Inc. | | |
| 3.60%, 05/01/30 (a) | 5,000 | 4,504 |
| 3.95%, 03/30/48 (a) | 2,000 | 1,605 |
| 5.25%, 03/30/28 (a) | 20,000 | 20,020 |
| NNN REIT, Inc. | | |
| 4.00%, 11/15/25 (a) | 4,000 | 3,808 |
| Norfolk Southern Corp. | | |
| 3.95%, 10/01/42 (a) | 4,000 | 3,279 |
| Northern Trust Corp. | | |
| 6.13%, 11/02/32 (a) | 3,000 | 3,109 |
| Northwestern Mutual Life Insurance Co. | | |
| 3.45%, 03/30/51 (a)(g) | 10,000 | 7,153 |
| NOV, Inc. | | |
| 3.60%, 12/01/29 (a) | 3,000 | 2,675 |
| Novant Health, Inc. | | |
| 3.32%, 11/01/61 (a) | 5,000 | 3,458 |
| Novartis Capital Corp. | | |
| 2.20%, 08/14/30 (a) | 4,000 | 3,462 |
| 3.00%, 11/20/25 (a) | 3,000 | 2,871 |
| Nutrien Ltd. | | |
| 4.90%, 03/27/28 - 06/01/43 (a) | 14,000 | 13,413 |
| NVIDIA Corp. | | |
| 2.85%, 04/01/30 (a) | 4,000 | 3,628 |
| 3.50%, 04/01/50 (a) | 2,000 | 1,625 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.25%, 11/30/51 (a) | 5,000 | 3,347 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Occidental Petroleum Corp. | | |
| 6.13%, 01/01/31 (a) | $ 8,000 | $ 8,122 |
| Oklahoma Gas & Electric Co. | | |
| 3.25%, 04/01/30 (a) | 3,000 | 2,670 |
| Oncor Electric Delivery Co. LLC | | |
| 3.80%, 09/30/47 (a) | 2,000 | 1,608 |
| ONEOK, Inc. | | |
| 4.35%, 03/15/29 (a) | 4,000 | 3,722 |
| 6.10%, 11/15/32 (a) | 3,000 | 3,052 |
| Oracle Corp. | | |
| 2.95%, 04/01/30 (a) | 7,000 | 6,111 |
| 3.60%, 04/01/50 (a) | 4,000 | 2,856 |
| 3.65%, 03/25/41 (a) | 3,000 | 2,311 |
| 3.80%, 11/15/37 (a) | 3,000 | 2,453 |
| 3.95%, 03/25/51 (a) | 3,000 | 2,265 |
| 4.00%, 07/15/46 - 11/15/47 (a) | 7,000 | 5,388 |
| 4.10%, 03/25/61 (a) | 3,000 | 2,208 |
| 5.55%, 02/06/53 (a) | 3,000 | 2,907 |
| 6.15%, 11/09/29 (a) | 8,000 | 8,334 |
| 6.90%, 11/09/52 (a) | 3,000 | 3,362 |
| Otis Worldwide Corp. | | |
| 2.06%, 04/05/25 (a) | 3,000 | 2,829 |
| 2.57%, 02/15/30 (a) | 3,000 | 2,587 |
| 3.36%, 02/15/50 (a) | 3,000 | 2,196 |
| Owens Corning | | |
| 4.40%, 01/30/48 (a) | 3,000 | 2,483 |
| Pacific Gas & Electric Co. | | |
| 2.10%, 08/01/27 (a) | 3,000 | 2,573 |
| 2.50%, 02/01/31 (a) | 4,000 | 3,138 |
| 3.00%, 06/15/28 (a) | 5,000 | 4,331 |
| 3.30%, 08/01/40 (a) | 4,000 | 2,700 |
| 3.50%, 08/01/50 (a) | 3,000 | 1,913 |
| 4.30%, 03/15/45 (a) | 5,000 | 3,564 |
| PacifiCorp | | |
| 2.70%, 09/15/30 (a) | 3,000 | 2,499 |
| 2.90%, 06/15/52 (a) | 8,000 | 4,993 |
| 6.25%, 10/15/37 (a) | 2,000 | 1,999 |
| Paramount Global | | |
| 2.90%, 01/15/27 (a) | 3,000 | 2,699 |
| 3.70%, 06/01/28 (a) | 2,000 | 1,780 |
| 5.25%, 04/01/44 (a) | 3,000 | 2,279 |
| Parker-Hannifin Corp. | | |
| 3.25%, 06/14/29 (a) | 3,000 | 2,730 |
| 4.50%, 09/15/29 (a) | 3,000 | 2,917 |
| PayPal Holdings, Inc. | | |
| 2.65%, 10/01/26 (a) | 4,000 | 3,720 |
| 3.25%, 06/01/50 (a) | 2,000 | 1,447 |
| | Principal
Amount | Fair
Value |
| PepsiCo, Inc. | | |
| 1.63%, 05/01/30 (a) | $ 3,000 | $ 2,498 |
| 2.75%, 10/21/51 (a) | 5,000 | 3,592 |
| Petroleos Mexicanos | | |
| 5.35%, 02/12/28 (a) | 10,000 | 8,202 |
| 6.70%, 02/16/32 (a) | 10,000 | 7,618 |
| 7.69%, 01/23/50 (a) | 10,000 | 6,771 |
| Pfizer Investment Enterprises Pte. Ltd. | | |
| 4.45%, 05/19/28 (a) | 14,000 | 13,770 |
| 4.75%, 05/19/33 (a) | 10,000 | 9,966 |
| 5.34%, 05/19/63 (a) | 5,000 | 5,060 |
| Pfizer, Inc. | | |
| 2.70%, 05/28/50 (a) | 6,000 | 4,225 |
| 3.90%, 03/15/39 (a) | 3,000 | 2,686 |
| 4.40%, 05/15/44 (a) | 2,000 | 1,898 |
| Philip Morris International, Inc. | | |
| 1.50%, 05/01/25 (a) | 4,000 | 3,741 |
| 2.10%, 05/01/30 (a) | 3,000 | 2,483 |
| 4.13%, 03/04/43 (a) | 2,000 | 1,633 |
| 5.13%, 02/15/30 (a) | 16,000 | 15,825 |
| 5.38%, 02/15/33 (a) | 5,000 | 4,991 |
| 5.63%, 11/17/29 (a) | 7,000 | 7,132 |
| Phillips 66 Co. | | |
| 2.15%, 12/15/30 (a) | 6,000 | 4,897 |
| 3.15%, 12/15/29 (a) | 6,000 | 5,237 |
| 3.30%, 03/15/52 (a) | 3,000 | 2,063 |
| 3.75%, 03/01/28 (a) | 3,000 | 2,813 |
| 4.68%, 02/15/45 (a) | 4,000 | 3,417 |
| Pilgrim's Pride Corp. | | |
| 6.25%, 07/01/33 (a) | 5,000 | 4,864 |
| Pioneer Natural Resources Co. | | |
| 1.13%, 01/15/26 (a) | 9,000 | 8,114 |
| 2.15%, 01/15/31 (a) | 5,000 | 4,094 |
| Plains All American Pipeline LP/PAA Finance Corp. | | |
| 3.55%, 12/15/29 (a) | 3,000 | 2,642 |
| Precision Castparts Corp. | | |
| 4.38%, 06/15/45 (a) | 4,000 | 3,576 |
| Progressive Corp. | | |
| 3.00%, 03/15/32 (a) | 8,000 | 6,991 |
| Prologis LP | | |
| 3.05%, 03/01/50 (a) | 5,000 | 3,450 |
| 3.25%, 06/30/26 (a) | 4,000 | 3,791 |
| Prospect Capital Corp. | | |
| 3.36%, 11/15/26 (a) | 7,000 | 5,896 |
| Prudential Financial, Inc. | | |
| 3.94%, 12/07/49 (a) | 5,000 | 3,983 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | | |
| 5.70%, 09/15/48 (a)(c) | $ 5,000 | $ 4,804 |
| Public Service Co. of Colorado | | |
| 3.70%, 06/15/28 (a) | 5,000 | 4,743 |
| PVH Corp. | | |
| 4.63%, 07/10/25 (a) | 5,000 | 4,831 |
| QUALCOMM, Inc. | | |
| 4.30%, 05/20/47 (a) | 3,000 | 2,716 |
| 4.50%, 05/20/52 (a) | 4,000 | 3,640 |
| Quanta Services, Inc. | | |
| 2.35%, 01/15/32 (a) | 3,000 | 2,361 |
| 3.05%, 10/01/41 (a) | 3,000 | 2,082 |
| Raytheon Technologies Corp. | | |
| 1.90%, 09/01/31 (a) | 5,000 | 3,996 |
| 2.82%, 09/01/51 (a) | 3,000 | 2,015 |
| 3.95%, 08/16/25 (a) | 2,000 | 1,959 |
| 4.15%, 05/15/45 (a) | 3,000 | 2,558 |
| 4.45%, 11/16/38 (a) | 2,000 | 1,844 |
| Realty Income Corp. | | |
| 2.85%, 12/15/32 (a) | 3,000 | 2,445 |
| 3.00%, 01/15/27 (a) | 3,000 | 2,772 |
| 3.25%, 01/15/31 (a) | 3,000 | 2,623 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75%, 09/15/30 (a) | 6,000 | 4,782 |
| RenaissanceRe Holdings Ltd. | | |
| 5.75%, 06/05/33 (a) | 8,000 | 7,835 |
| Republic Services, Inc. | | |
| 5.00%, 04/01/34 (a) | 5,000 | 4,984 |
| Reynolds American, Inc. | | |
| 4.45%, 06/12/25 (a) | 4,000 | 3,889 |
| Rio Tinto Finance USA PLC | | |
| 4.13%, 08/21/42 (a) | 4,000 | 3,514 |
| Rockwell Automation, Inc. | | |
| 4.20%, 03/01/49 (a) | 2,000 | 1,789 |
| Rogers Communications, Inc. | | |
| 5.00%, 03/15/44 (a) | 2,000 | 1,771 |
| Roper Technologies, Inc. | | |
| 2.95%, 09/15/29 (a) | 2,000 | 1,770 |
| Ross Stores, Inc. | | |
| 4.70%, 04/15/27 (a) | 3,000 | 2,924 |
| Royalty Pharma PLC | | |
| 0.75%, 09/02/23 (a) | 5,000 | 4,952 |
| 1.20%, 09/02/25 (a) | 5,000 | 4,515 |
| 1.75%, 09/02/27 (a) | 3,000 | 2,583 |
| 2.20%, 09/02/30 (a) | 3,000 | 2,413 |
| | Principal
Amount | Fair
Value |
| RPM International, Inc. | | |
| 3.75%, 03/15/27 (a) | $ 2,000 | $ 1,877 |
| Ryder System, Inc. | | |
| 2.90%, 12/01/26 (a) | 5,000 | 4,576 |
| Salesforce, Inc. | | |
| 1.95%, 07/15/31 (a) | 6,000 | 4,953 |
| 2.70%, 07/15/41 (a) | 3,000 | 2,198 |
| Schlumberger Holdings Corp. | | |
| 3.90%, 05/17/28 (a)(g) | 4,000 | 3,768 |
| Schlumberger Investment SA | | |
| 4.85%, 05/15/33 (a) | 10,000 | 9,857 |
| Sealed Air Corp. | | |
| 1.57%, 10/15/26 (a)(g) | 10,000 | 8,705 |
| Selective Insurance Group, Inc. | | |
| 5.38%, 03/01/49 (a) | 3,000 | 2,767 |
| Sempra Energy | | �� |
| 3.80%, 02/01/38 (a) | 2,000 | 1,657 |
| 4.00%, 02/01/48 (a) | 4,000 | 3,111 |
| Sempra Energy (4.13% fixed rate until 01/01/27; 2.87% + 5 year CMT Rate thereafter) | | |
| 4.13%, 04/01/52 (a)(c) | 7,000 | 5,667 |
| Shell International Finance BV | | |
| 3.75%, 09/12/46 (a) | 6,000 | 4,898 |
| Shire Acquisitions Investments Ireland DAC | | |
| 2.88%, 09/23/23 (a) | 2,000 | 1,986 |
| 3.20%, 09/23/26 (a) | 3,000 | 2,816 |
| Simon Property Group LP | | |
| 3.38%, 06/15/27 (a) | 4,000 | 3,718 |
| Sonoco Products Co. | | |
| 2.85%, 02/01/32 (a) | 3,000 | 2,499 |
| Southern California Edison Co. | | |
| 4.00%, 04/01/47 (a) | 9,000 | 7,173 |
| 4.20%, 03/01/29 (a) | 8,000 | 7,606 |
| Southern Co. | | |
| 3.70%, 04/30/30 (a) | 6,000 | 5,510 |
| Southern Co. Gas Capital Corp. | | |
| 3.95%, 10/01/46 (a) | 4,000 | 3,087 |
| 4.40%, 05/30/47 (a) | 2,000 | 1,661 |
| Southwest Airlines Co. | | |
| 2.63%, 02/10/30 (a) | 7,000 | 5,962 |
| Southwestern Electric Power Co. | | |
| 2.75%, 10/01/26 (a) | 5,000 | 4,601 |
| Spectra Energy Partners LP | | |
| 3.38%, 10/15/26 (a) | 2,000 | 1,879 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.50%, 03/15/45 (a) | $ 3,000 | $ 2,470 |
| Stanley Black & Decker, Inc. | | |
| 3.00%, 05/15/32 (a) | 3,000 | 2,550 |
| Starbucks Corp. | | |
| 4.00%, 11/15/28 (a) | 4,000 | 3,839 |
| Stryker Corp. | | |
| 1.95%, 06/15/30 (a) | 7,000 | 5,851 |
| Suncor Energy, Inc. | | |
| 4.00%, 11/15/47 (a) | 3,000 | 2,321 |
| Sysco Corp. | | |
| 3.25%, 07/15/27 (a) | 2,000 | 1,869 |
| Take-Two Interactive Software, Inc. | | |
| 3.70%, 04/14/27 (a) | 15,000 | 14,210 |
| 4.00%, 04/14/32 (a) | 3,000 | 2,749 |
| Tampa Electric Co. | | |
| 2.40%, 03/15/31 (a) | 8,000 | 6,557 |
| 3.45%, 03/15/51 (a) | 5,000 | 3,588 |
| 4.35%, 05/15/44 (a) | 6,000 | 5,059 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | |
| 5.00%, 01/15/28 (a) | 8,000 | 7,661 |
| Target Corp. | | |
| 1.95%, 01/15/27 (a) | 2,000 | 1,831 |
| Teck Resources Ltd. | | |
| 5.40%, 02/01/43 (a) | 2,000 | 1,818 |
| Texas Instruments, Inc. | | |
| 3.88%, 03/15/39 (a) | 4,000 | 3,587 |
| Thermo Fisher Scientific, Inc. | | |
| 2.80%, 10/15/41 (a) | 5,000 | 3,722 |
| Time Warner Cable LLC | | |
| 6.55%, 05/01/37 (a) | 3,000 | 2,885 |
| T-Mobile USA, Inc. | | |
| 3.50%, 04/15/31 (a) | 17,000 | 14,994 |
| 3.75%, 04/15/27 (a) | 4,000 | 3,789 |
| 4.50%, 04/15/50 (a) | 3,000 | 2,578 |
| 4.80%, 07/15/28 (a) | 15,000 | 14,723 |
| Toronto-Dominion Bank | | |
| 3.20%, 03/10/32 (a) | 11,000 | 9,510 |
| 4.46%, 06/08/32 (a) | 3,000 | 2,850 |
| Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 year Swap Rate thereafter) | | |
| 3.63%, 09/15/31 (a)(c) | 6,000 | 5,527 |
| TotalEnergies Capital International SA | | |
| 3.46%, 02/19/29 (a) | 3,000 | 2,801 |
| | Principal
Amount | Fair
Value |
| Tractor Supply Co. | | |
| 5.25%, 05/15/33 (a) | $ 5,000 | $ 4,957 |
| Trane Technologies Luxembourg Finance SA | | |
| 3.55%, 11/01/24 (a) | 5,000 | 4,851 |
| 3.80%, 03/21/29 (a) | 4,000 | 3,768 |
| TransCanada PipeLines Ltd. | | |
| 4.25%, 05/15/28 (a) | 7,000 | 6,681 |
| Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | | |
| 5.63%, 05/20/75 (a)(c) | 9,000 | 8,611 |
| Transcontinental Gas Pipe Line Co. LLC | | |
| 4.00%, 03/15/28 (a) | 4,000 | 3,766 |
| Travelers Cos., Inc. | | |
| 2.55%, 04/27/50 (a) | 4,000 | 2,577 |
| Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | | |
| 4.80%, 09/01/24 (a)(c) | 9,000 | 7,627 |
| TWDC Enterprises 18 Corp. | | |
| 4.13%, 06/01/44 (a) | 4,000 | 3,512 |
| Tyco Electronics Group SA | | |
| 3.13%, 08/15/27 (a) | 3,000 | 2,806 |
| Tyson Foods, Inc. | | |
| 4.00%, 03/01/26 (a) | 3,000 | 2,898 |
| U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | | |
| 4.97%, 07/22/33 (a)(c) | 11,000 | 9,974 |
| UDR, Inc. | | |
| 2.10%, 08/01/32 (a) | 3,000 | 2,281 |
| 3.00%, 08/15/31 (a) | 3,000 | 2,549 |
| Union Pacific Corp. | | |
| 3.55%, 05/20/61 (a) | 4,000 | 2,960 |
| 3.80%, 04/06/71 (a) | 5,000 | 3,832 |
| 4.10%, 09/15/67 (a) | 5,000 | 4,143 |
| UnitedHealth Group, Inc. | | |
| 2.00%, 05/15/30 (a) | 6,000 | 5,053 |
| 4.20%, 05/15/32 (a) | 3,000 | 2,863 |
| 4.45%, 12/15/48 (a) | 4,000 | 3,646 |
| 4.75%, 07/15/45 - 05/15/52 (a) | 8,000 | 7,623 |
| 5.05%, 04/15/53 (a) | 5,000 | 4,964 |
| 5.20%, 04/15/63 (a) | 5,000 | 4,988 |
| Utah Acquisition Sub, Inc. | | |
| 3.95%, 06/15/26 (a) | 21,000 | 19,942 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Vale Overseas Ltd. | | |
| 6.13%, 06/12/33 (a) | $ 5,000 | $ 5,012 |
| Ventas Realty LP | | |
| 3.25%, 10/15/26 (a) | 7,000 | 6,417 |
| Verizon Communications, Inc. | | |
| 2.36%, 03/15/32 (a) | 6,000 | 4,826 |
| 3.00%, 03/22/27 (a) | 4,000 | 3,737 |
| 3.40%, 03/22/41 (a) | 4,000 | 3,085 |
| 3.55%, 03/22/51 (a) | 3,000 | 2,240 |
| 3.70%, 03/22/61 (a) | 6,000 | 4,364 |
| 4.40%, 11/01/34 (a) | 3,000 | 2,767 |
| Viatris, Inc. | | |
| 1.65%, 06/22/25 (a) | 16,000 | 14,729 |
| 4.00%, 06/22/50 (a) | 4,000 | 2,646 |
| Virginia Electric & Power Co. | | |
| 4.00%, 11/15/46 (a) | 5,000 | 3,975 |
| Visa, Inc. | | |
| 2.70%, 04/15/40 (a) | 4,000 | 3,069 |
| Vistra Operations Co. LLC | | |
| 3.55%, 07/15/24 (a)(g) | 6,000 | 5,795 |
| Vontier Corp. | | |
| 2.40%, 04/01/28 (a) | 6,000 | 5,009 |
| 2.95%, 04/01/31 (a) | 4,000 | 3,199 |
| Vornado Realty LP | | |
| 2.15%, 06/01/26 (a) | 4,000 | 3,388 |
| Vulcan Materials Co. | | |
| 3.90%, 04/01/27 (a) | 2,000 | 1,923 |
| Walmart, Inc. | | |
| 1.80%, 09/22/31 (a) | 3,000 | 2,491 |
| 2.50%, 09/22/41 (a) | 3,000 | 2,235 |
| Walt Disney Co. | | |
| 2.65%, 01/13/31 (a) | 4,000 | 3,481 |
| 3.38%, 11/15/26 (a) | 3,000 | 2,855 |
| 3.60%, 01/13/51 (a) | 2,000 | 1,592 |
| 4.75%, 11/15/46 (a) | 2,000 | 1,885 |
| 6.65%, 11/15/37 (a) | 4,000 | 4,632 |
| Warnermedia Holdings, Inc. | | |
| 4.28%, 03/15/32 (a) | 17,000 | 15,063 |
| Waste Connections, Inc. | | |
| 2.20%, 01/15/32 (a) | 3,000 | 2,426 |
| 2.95%, 01/15/52 (a) | 3,000 | 2,057 |
| WEC Energy Group, Inc. | | |
| 3.55%, 06/15/25 (a) | 2,000 | 1,913 |
| Wells Fargo & Co. | | |
| 4.15%, 01/24/29 (a) | 7,000 | 6,633 |
| 4.75%, 12/07/46 (a) | 2,000 | 1,701 |
| 5.88%, 06/15/25 (a)(c) | 13,000 | 12,757 |
| | Principal
Amount | Fair
Value |
| Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | | |
| 2.19%, 04/30/26 (a)(c) | $ 8,000 | $ 7,498 |
| Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | | |
| 2.39%, 06/02/28 (a)(c) | 2,000 | 1,784 |
| Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | | |
| 3.07%, 04/30/41 (a)(c) | 7,000 | 5,136 |
| Westlake Corp. | | |
| 2.88%, 08/15/41 (a) | 3,000 | 2,001 |
| 3.13%, 08/15/51 (a) | 3,000 | 1,881 |
| 3.38%, 08/15/61 (a) | 2,000 | 1,219 |
| Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | | |
| 2.89%, 02/04/30 (a)(c) | 7,000 | 6,543 |
| Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | | |
| 4.11%, 07/24/34 (a)(c) | 3,000 | 2,617 |
| Weyerhaeuser Co. | | |
| 4.00%, 03/09/52 (a) | 3,000 | 2,395 |
| Williams Cos., Inc. | | |
| 3.75%, 06/15/27 (a) | 3,000 | 2,833 |
| 4.85%, 03/01/48 (a) | 3,000 | 2,611 |
| 4.90%, 01/15/45 (a) | 4,000 | 3,499 |
| 5.40%, 03/04/44 (a) | 2,000 | 1,847 |
| Willis North America, Inc. | | |
| 3.88%, 09/15/49 (a) | 4,000 | 2,910 |
| Workday, Inc. | | |
| 3.50%, 04/01/27 (a) | 3,000 | 2,844 |
| 3.70%, 04/01/29 (a) | 8,000 | 7,422 |
| WPP Finance 2010 | | |
| 3.75%, 09/19/24 (a) | 8,000 | 7,760 |
| Xcel Energy, Inc. | | |
| 3.40%, 06/01/30 (a) | 3,000 | 2,673 |
| Yamana Gold, Inc. | | |
| 2.63%, 08/15/31 (a) | 4,000 | 3,118 |
| Zoetis, Inc. | | |
| 3.00%, 09/12/27 (a) | 3,000 | 2,795 |
| 3.90%, 08/20/28 (a) | 4,000 | 3,839 |
| 5.60%, 11/16/32 (a) | 10,000 | 10,453 |
| | | 3,079,411 |
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, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Non-Agency Collateralized Mortgage Obligations - 6.5% |
| Bank | | |
| 3.18%, 09/15/60 (a) | $ 158,000 | $ 142,494 |
| 4.41%, 11/15/61 (a)(c) | 66,000 | 62,607 |
| BPR Trust 1.90% + 1 month Term SOFR | | |
| 7.05%, 04/15/37 (a)(c)(g) | 24,770 | 24,116 |
| Cantor Commercial Real Estate Lending | | |
| 3.01%, 01/15/53 (a) | 34,000 | 29,164 |
| CD Mortgage Trust | | |
| 2.91%, 08/15/57 (a) | 63,000 | 53,826 |
| Citigroup Commercial Mortgage Trust | | |
| 4.03%, 12/10/49 (a)(c) | 31,273 | 28,490 |
| COMM Mortgage Trust | | |
| 4.53%, 02/10/47 (a)(c) | 25,000 | 24,390 |
| GS Mortgage Securities Trust | | |
| 2.75%, 09/10/52 (a) | 105,000 | 89,292 |
| 3.05%, 11/10/52 (a) | 56,000 | 48,343 |
| 4.14%, 03/10/51 (a)(c) | 25,000 | 22,471 |
| 4.56%, 11/10/48 (a)(c) | 25,000 | 18,794 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 4.81%, 11/15/48 (a)(c) | 20,000 | 15,175 |
| MASTR Alternative Loan Trust | | |
| 5.00%, 08/25/18 (a)(e) | 718 | 39 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 0.98%, 03/15/48 (a)(c)(e) | 310,143 | 2,801 |
| Wells Fargo Commercial Mortgage Trust | | |
| 4.32%, 08/15/50 (a) | 28,250 | 21,499 |
| WFRBS Commercial Mortgage Trust | | |
| 4.26%, 12/15/46 (a) | 25,000 | 24,757 |
| 4.35%, 03/15/47 (a)(c) | 58,000 | 56,819 |
| | | 665,077 |
| Sovereign Bonds - 0.6% |
| Mexico Government International Bonds | | |
| 4.75%, 03/08/44 (a) | 20,000 | 17,167 |
| Peruvian Government International Bonds | | |
| 1.86%, 12/01/32 (a) | 10,000 | 7,704 |
| 2.78%, 12/01/60 (a) | 15,000 | 9,137 |
| 5.63%, 11/18/50 (a) | 11,000 | 11,280 |
| | Principal
Amount | Fair
Value |
| Uruguay Government International Bonds | | |
| 5.10%, 06/18/50 (a) | $ 14,040 | $ 14,023 |
| | | 59,311 |
| Municipal Bonds and Notes - 0.7% |
| American Municipal Power, Inc., OH | | |
| 6.27%, 02/15/50 (a) | 15,000 | 16,453 |
| Board of Regents of the University of Texas System, TX | | |
| 3.35%, 08/15/47 (a) | 10,000 | 8,048 |
| Port Authority of New York & New Jersey, NY | | |
| 4.46%, 10/01/62 (a) | 25,000 | 22,836 |
| State of California, CA | | |
| 4.60%, 04/01/38 (a) | 15,000 | 14,379 |
| State of Illinois, IL | | |
| 5.10%, 06/01/33 (a) | 10,000 | 9,827 |
| | | 71,543 |
Total Bonds and Notes
(Cost $10,838,164) | | 9,917,176 |
| | Number
of Shares | |
| Domestic Equity - 0.2% |
| Preferred Stock - 0.2% |
Wells Fargo & Co. 5.85%, (5.85% fixed rate until 09/15/23; 3.09% + 3 month USD LIBOR thereafter)
(Cost $23,300) (a)(c) | 932 | 23,309 |
Total Investments in Securities
(Cost $10,861,464) | | 9,940,485 |
| Short-Term Investments - 18.6% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (h)(i)
(Cost $1,901,878) | 1,901,878 | 1,901,878 |
Total Investments
(Cost $12,763,342) | | 11,842,363 |
| Liabilities in Excess of Other Assets, net - (15.7)% | | (1,607,669) |
| NET ASSETS - 100.0% | | $ 10,234,694 |
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, 2023 (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) |
| Buy Protection | | | | | | | |
| Markit CDX North America High Yield Index | Intercontinental Exchange | $404 | 5.00%/
Quarterly | 12/20/27 | $13,142 | $(14,443) | $27,585 |
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 2 Yr. U.S. Treasury Notes Futures | September 2023 | 4 | $ 825,164 | $ 813,409 | $ (11,755) |
| 5 Yr. U.S. Treasury Notes Futures | September 2023 | 11 | 1,198,639 | 1,178,031 | (20,608) |
| 10 Yr. U.S. Treasury Ultra Futures | September 2023 | 6 | 716,746 | 710,625 | (6,121) |
| | | | | | $ (38,484) |
| The Fund had the following short futures contracts open at June 30, 2023: |
| Description | Expiration
date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| 10 Yr. U.S. Treasury Notes Futures | September 2023 | 4 | $ (457,498) | $ (449,062) | $ 8,436 |
| U.S. Ultra Bond Futures | September 2023 | 1 | (134,467) | (136,219) | (1,752) |
| | | | | | $ 6,684 |
| During the period ended June 30, 2023, average notional values related to derivative contracts were as follows: |
| | Long
Futures
Contracts | Short
Futures
Contracts | Credit
Default
Swap
Contracts |
| Average Notional Value | $1,920,233 | $612,942 | $407,355 |
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
| (b) | Step coupon bond. |
| (c) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (d) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 20 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| (e) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
| (f) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
| (g) | 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, 2023, these securities amounted to $233,998 or 2.29% 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. |
| (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, 2023. |
| ** | Amount is less than $0.50. |
| * | Less than 0.05%. |
| Abbreviations: |
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| 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, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| U.S. Treasuries | $ — | | $ 2,802,794 | | $ — | | $ 2,802,794 |
| Agency Mortgage Backed | — | | 3,131,584 | | — | | 3,131,584 |
| Agency Collateralized Mortgage Obligations | — | | 104,648 | | — | | 104,648 |
| Asset Backed | — | | 2,808 | | — | | 2,808 |
| Corporate Notes | — | | 3,079,411 | | — | | 3,079,411 |
| Non-Agency Collateralized Mortgage Obligations | — | | 665,077 | | — | | 665,077 |
| Sovereign Bonds | — | | 59,311 | | — | | 59,311 |
| Municipal Bonds and Notes | — | | 71,543 | | — | | 71,543 |
| Preferred Stock | 23,309 | | — | | — | | 23,309 |
| Short-Term Investments | 1,901,878 | | — | | — | | 1,901,878 |
| Total Investments in Securities | $ 1,925,187 | | $ 9,917,176 | | $ — | | $ 11,842,363 |
| Other Financial Instruments | | | | | | | |
| Credit Default Swap Contracts - Unrealized Appreciation | $ — | | $ 27,585 | | $ — | | $ 27,585 |
| Long Futures Contracts - Unrealized Depreciation | (38,484) | | — | | — | | (38,484) |
| Short Futures Contracts - Unrealized Appreciation | 8,436 | | — | | — | | 8,436 |
| Short Futures Contracts - Unrealized Depreciation | (1,752) | | — | | — | | (1,752) |
| Total Other Financial Instruments | $ (31,800) | | $ 27,585 | | $ — | | $ (4,215) |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Income V.I.S. Fund | 21 |
State Street Income V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 2,022,424 | $2,022,424 | $2,387,401 | $2,507,947 | $— | $— | 1,901,878 | $1,901,878 | $46,908 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 22 | State Street Income V.I.S. Fund |
State Street Income V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 1/3/95 |
| Net asset value, beginning of period | $ 9.73 | | $ 11.86 | | $ 12.48 | | $ 12.00 | | $ 11.07 | | $ 11.49 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.12 | | 0.17 | | 0.12 | | 0.19 | | 0.24 | | 0.25 |
| Net realized and unrealized gains/(losses) on investments | 0.04 | | (1.87) | | (0.35) | | 0.65 | | 0.71 | | (0.41) |
| Total income/(loss) from investment operations | 0.16 | | (1.70) | | (0.23) | | 0.84 | | 0.95 | | (0.16) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.29) | | (0.28) | | (0.32) | | (0.02) | | (0.26) |
| Net realized gains | — | | (0.14) | | (0.11) | | (0.04) | | — | | — |
| Total distributions | — | | (0.43) | | (0.39) | | (0.36) | | (0.02) | | (0.26) |
| Net asset value, end of period | $ 9.89 | | $ 9.73 | | $ 11.86 | | $ 12.48 | | $ 12.00 | | $ 11.07 |
| Total Return(c) | 1.64% | | (14.38)% | | (1.81)% | | 7.03% | | 8.62% | | (1.42)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $10,235 | | $10,616 | | $14,766 | | $17,435 | | $17,112 | | $18,685 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 1.35% (d) | | 1.24% | | 1.06% | | 1.06% | | 1.06% | | 1.00% |
| Gross expenses | 1.35% (d) | | 1.24% | | 1.06% | | 1.06% | | 1.06% | | 1.00% |
| Net investment income | 2.51% (d) | | 1.62% | | 1.01% | | 1.50% | | 2.05% | | 2.25% |
| Portfolio turnover rate | 30% (e) | | 51% (e) | | 81% (e) | | 120% (e) | | 90% | | 182% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
| (e) | The portfolio turnover calculated for the period ended 6/30/23 and fiscal years ended 12/31/22 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 133%, 178%, 183% and 277%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Income V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $10,861,464) | $ 9,940,485 |
| Short-term affiliated investments, at fair value (cost $1,901,878) | 1,901,878 |
| Cash | 1,125 |
| Net cash collateral on deposit with broker for future contracts | 31,617 |
| Receivable for investments sold | 343,961 |
| Income receivables | 64,764 |
| Receivable for fund shares sold | 290 |
| Income receivable from affiliated investments | 8,419 |
| Receivable for accumulated variation margin on swap contracts | 13,760 |
| Total assets | 12,306,299 |
| Liabilities | |
| Net cash collateral on swap contracts due to broker | 10,669 |
| Payable for investments purchased | 1,977,403 |
| Payable for fund shares redeemed | 661 |
| Payable for accumulated variation margin on futures contracts | 31,785 |
| Payable to the Adviser | 4,107 |
| Payable for custody, fund accounting and sub-administration fees | 17,336 |
| Accrued other expenses | 29,644 |
| Total liabilities | 2,071,605 |
|
| Net Assets | $ 10,234,694 |
| Net Assets Consist of: | |
| Capital paid in | $ 11,815,564 |
| Total distributable earnings (loss) | (1,580,870) |
| Net Assets | $ 10,234,694 |
| Shares outstanding ($0.01 par value; unlimited shares authorized) | 1,034,558 |
| Net asset value per share | $ 9.89 |
The accompanying Notes are an integral part of these financial statements.
| 24 | Statement of Assets and Liabilities |
State Street Income V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 1,042 |
| Interest | 155,235 |
| Income from affiliated investments | 46,908 |
| Total income | 203,185 |
| Expenses | |
| Advisory and administration fees | 26,308 |
| Directors' fees | 11,165 |
| Custody, fund accounting and sub-administration fees | 14,958 |
| Professional fees | 16,878 |
| Printing and shareholder reports | 1,766 |
| Other expenses | 652 |
| Total expenses before waivers | 71,727 |
| Less: Fees waived by the adviser | (684) |
| Net expenses | 71,043 |
| Net investment income | $ 132,142 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ (188,312) |
| Futures | (6,985) |
| Swap contracts | 7,527 |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 266,372 |
| Futures | (39,485) |
| Swap contracts | 8,993 |
| Net realized and unrealized gain (loss) on investments | 48,110 |
| Net Increase in Net Assets Resulting from Operations | $ 180,252 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Operations | 25 |
State Street Income V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income | $ 132,142 | | $ 195,470 |
| Net realized gain (loss) on investments, futures and swap contracts | (187,770) | | (627,344) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 235,880 | | (1,538,893) |
| Net increase (decrease) from operations | 180,252 | | (1,970,767) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (446,838) |
| Increase (decrease) in assets from operations and distributions | 180,252 | | (2,417,605) |
| Share transactions: | | | |
| Proceeds from sale of shares | 314,260 | | 654,513 |
| Value of distributions reinvested | — | | 446,838 |
| Cost of shares redeemed | (875,944) | | (2,833,564) |
| Net increase (decrease) from share transactions | (561,684) | | (1,732,213) |
| Total increase (decrease) in net assets | (381,432) | | (4,149,818) |
| Net Assets | | | |
| Beginning of period | 10,616,126 | | 14,765,944 |
| End of period | $ 10,234,694 | | $ 10,616,126 |
| Changes in Fund Shares | | | |
| Shares sold | 31,608 | | 58,331 |
| Issued for distributions reinvested | — | | 45,783 |
| Shares redeemed | (87,624) | | (259,005) |
| Net decrease in fund shares | (56,016) | | (154,891) |
The accompanying Notes are an integral part of these financial statements.
| 26 | Statements of Changes in Net Assets |
State Street Income V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the "Fund") and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair |
| Notes to Financial Statements | 27 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| | valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
| • | Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
| • | Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
| 28 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Securities and Other Investments
Delayed Delivery Transactions and When-Issued Securities During the period ended June 30, 2023, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
To-Be-Announced Transactions The Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.
The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.
| Notes to Financial Statements | 29 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.
4.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, the Fund entered into futures contracts to manage interest rate risk.
Credit Default Swaps During the period ended June 30, 2023, the Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation.
As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For
| 30 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Swap Contracts | $ — | $ — | $ 13,760 | $ — | $ — | $ 13,760 |
| Liability Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ (31,785) | $ — | $ — | $ — | $ — | $ (31,785) |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ (6,985) | $ — | $ — | $ — | $ — | $ (6,985) |
| Swap Contracts | — | — | 7,527 | — | — | 7,527 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Income V.I.S. Fund | | | | | | |
| Futures Contracts | $ (39,485) | $ — | $ — | $ — | $ — | $ (39,485) |
| Swap Contracts | — | — | 8,993 | — | — | 8,993 |
5.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%. SSGA FM is contractually obligated until April 30, 2024 to waive its management fee and/or reimburse certain expenses for the Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding
| Notes to Financial Statements | 31 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
AFFEs derived from the Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2024 except with approval of the Board.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
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, 2023 are disclosed in the Schedule of Investments.
6.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $ 13,235,629 | $ 13,752,811 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 565,929 | $ 635,898 |
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, 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.
| 32 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 12,867,042 | $ 51,291 | $ 1,080,185 | $ (1,028,894) |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
10.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Interest Rate Risk 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. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the
| Notes to Financial Statements | 33 |
State Street Income V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
11.Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
12.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 34 | Notes to Financial Statements |
State Street Income V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Income V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Director Considerations in Approving Continuation of the Investment Advisory Agreement 1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Income V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 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 10-11, 2023 meeting. The Independent Directors considered, among other things, the following:
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Income V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Information about Performance, Expenses and Fees
| • | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
| ○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund���s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
State Street Income V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023 the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board considered the extensive experience and resources committed by the Adviser to the evaluation of the portfolio’s quality distribution and sector and interest rate
State Street Income V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Income V.I.S. Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was below the Benchmark for the 1-, 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including the relatively small size of the Fund.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is being appropriately monitored and/or addressed by management.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Income V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were above the medians of its Expense Group and Expense Universe. The Board considered management’s discussion of the Fund’s expenses.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered
State Street Income V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street Real Estate Securities V.I.S. Fund |
State Street Real Estate Securities V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 6 |
| 7 |
| 8 |
| 9 |
| 10 |
| 15 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Real Estate Securities V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Real Estate Securities V.I.S Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street Real Estate Securities V.I.S. Fund | 1 |
State Street Real Estate Securities V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $40,908 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| Prologis, Inc. | 9.82% |
| Equinix, Inc. | 6.46% |
| Digital Realty Trust, Inc. | 5.62% |
| Public Storage | 4.63% |
| Realty Income Corp. | 4.54% |
| Welltower, Inc. | 4.48% |
| Equity Residential | 4.16% |
| Invitation Homes, Inc. | 3.98% |
| AvalonBay Communities, Inc. | 3.89% |
| Ventas, Inc. | 3.28% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street Real Estate Securities V.I.S. Fund |
State Street Real Estate Securities V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Beginning Account Value
January 1, 2023 | $1,000.00 | | $1,000.00 |
Ending Account value
June 30, 2023 | $1,057.00 | | $1,019.60 |
| Expenses Paid During Period* | $ 5.36 | | $ 5.26 |
| * | Expenses are equal to the Fund's annualized expense ratio of 1.05% (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street Real Estate Securities V.I.S. Fund | 3 |
State Street Real Estate Securities V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Common Stock (REITs) - 99.3% † |
| Alternate Housing - 8.4% |
| American Homes 4 Rent, Class A | 5,500 | $ 194,975 |
| Invitation Homes, Inc. | 47,350 | 1,628,840 |
| Sun Communities, Inc. | 9,139 | 1,192,274 |
| Tricon Residential, Inc. | 47,496 | 418,440 |
| | | 3,434,529 |
| Data Center - 12.0% |
| Digital Realty Trust, Inc. | 20,210 | 2,301,312 |
| Equinix, Inc. | 3,370 | 2,641,878 |
| | | 4,943,190 |
| Healthcare - 14.8% |
| Alexandria Real Estate Equities, Inc. | 7,060 | 801,239 |
| Healthpeak Properties, Inc. | 48,230 | 969,423 |
| Medical Properties Trust, Inc. | 52,749 | 488,456 |
| Omega Healthcare Investors, Inc. | 14,960 | 459,122 |
| Sabra Health Care REIT, Inc. | 13,783 | 162,226 |
| Ventas, Inc. | 28,380 | 1,341,523 |
| Welltower, Inc. | 22,665 | 1,833,372 |
| | | 6,055,361 |
| Hotel - 3.0% |
| DiamondRock Hospitality Co. | 38,000 | 304,380 |
| Host Hotels & Resorts, Inc. | 36,196 | 609,179 |
| Xenia Hotels & Resorts, Inc. | 25,100 | 308,981 |
| | | 1,222,540 |
| Industrial - 15.0% |
| Americold Realty Trust, Inc. | 6,640 | 214,472 |
| First Industrial Realty Trust, Inc. | 16,620 | 874,877 |
| Prologis, Inc. | 32,750 | 4,016,132 |
| Rexford Industrial Realty, Inc. | 17,980 | 938,916 |
| STAG Industrial, Inc. | 3,560 | 127,733 |
| | | 6,172,130 |
| Multifamily - 11.5% |
| AvalonBay Communities, Inc. | 8,410 | 1,591,761 |
| Camden Property Trust | 2,289 | 249,204 |
| Elme Communities | 2,512 | 41,297 |
| Equity Residential | 25,820 | 1,703,345 |
| Mid-America Apartment Communities, Inc. | 2,442 | 370,842 |
| UDR, Inc. | 18,270 | 784,879 |
| | | 4,741,328 |
| | Number
of Shares | Fair
Value |
| Net Lease - 8.2% |
| Agree Realty Corp. | 15,556 | $ 1,017,207 |
| Broadstone Net Lease, Inc. | 31,230 | 482,191 |
| Realty Income Corp. | 31,085 | 1,858,572 |
| | | 3,357,970 |
| Office - 3.9% |
| Boston Properties, Inc. | 4,840 | 278,735 |
| Cousins Properties, Inc. | 16,330 | 372,324 |
| Douglas Emmett, Inc. | 28,144 | 353,770 |
| Highwoods Properties, Inc. | 7,100 | 169,761 |
| Kilroy Realty Corp. | 14,230 | 428,181 |
| | | 1,602,771 |
| Regional Malls - 2.9% |
| Simon Property Group, Inc. | 10,230 | 1,181,360 |
| Self Storage - 8.7% |
| Extra Space Storage, Inc. | 7,820 | 1,164,007 |
| Life Storage, Inc. | 3,410 | 453,394 |
| National Storage Affiliates Trust | 1,290 | 44,931 |
| Public Storage | 6,488 | 1,893,717 |
| | | 3,556,049 |
| Shopping Centers - 6.7% |
| Acadia Realty Trust | 20,567 | 295,959 |
| Brixmor Property Group, Inc. | 32,360 | 711,920 |
| Kimco Realty Corp. | 26,954 | 531,533 |
| Regency Centers Corp. | 3,830 | 236,579 |
| Retail Opportunity Investments Corp. | 29,784 | 402,382 |
| RPT Realty | 26,500 | 276,925 |
| Urban Edge Properties | 19,086 | 294,497 |
| | | 2,749,795 |
| Specialty - 4.2% |
| Outfront Media, Inc. | 4,309 | 67,737 |
| SBA Communications Corp. | 1,980 | 458,885 |
| VICI Properties, Inc. | 37,740 | 1,186,168 |
| | | 1,712,790 |
Total Common Stock (REITs)
(Cost $41,646,388) | | 40,729,813 |
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
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Short-Term Investments - 0.4% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (a)(b)
(Cost $177,758) | 177,758 | $ 177,758 |
Total Investments
(Cost $41,824,146) | | 40,907,571 |
| Other Assets and Liabilities, net - 0.3% | | 127,853 |
| NET ASSETS - 100.0% | | $ 41,035,424 |
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited
may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (b) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| 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, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Common Stock | $ 40,729,813 | | $ — | | $ — | | $ 40,729,813 |
| Short-Term Investments | 177,758 | | — | | — | | 177,758 |
| Total Investments in Securities | $ 40,907,571 | | $ — | | $ — | | $ 40,907,571 |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | Cost of
Purchases | Proceeds
from
Shares
Sold | Realized
Gain
(Loss) | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | Dividend
Income |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 300,858 | $300,858 | $2,720,768 | $2,843,868 | $— | $— | 177,758 | $177,758 | $3,955 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Real Estate Securities V.I.S. Fund | 5 |
State Street Real Estate Securities V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | 5/1/95 |
| Net asset value, beginning of period | $ 8.77 | | $ 13.89 | | $ 12.02 | | $ 12.92 | | $ 11.14 | | $ 12.32 |
| Income/(loss) from investment operations: | | | | | | | | | | | |
| Net investment income(b) | 0.14 | | 0.20 | | 0.13 | | 0.17 | | 0.25 | | 0.25 |
| Net realized and unrealized gains/(losses) on investments | 0.36 | | (3.66) | | 4.85 | | (0.85) | | 2.65 | | (0.95) |
| Total income/(loss) from investment operations | 0.50 | | (3.46) | | 4.98 | | (0.68) | | 2.90 | | (0.70) |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | — | | (0.17) | | (0.34) | | (0.06) | | (0.19) | | (0.28) |
| Net realized gains | — | | (1.49) | | (2.77) | | (0.16) | | (0.93) | | (0.16) |
| Return of capital | — | | — | | — | | — | | — | | 0.04 |
| Total distributions | — | | (1.66) | | (3.11) | | (0.22) | | (1.12) | | (0.48) |
| Net asset value, end of period | $ 9.27 | | $ 8.77 | | $ 13.89 | | $ 12.02 | | $ 12.92 | | $ 11.14 |
| Total Return(c) | 5.70% | | (24.93)% | | 41.80% | | (5.23)% | | 26.15% | | (5.71)% |
| Ratios/Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $41,035 | | $40,669 | | $45,748 | | $47,588 | | $55,266 | | $50,360 |
| Ratios to average net assets: | | | | | | | | | | | |
| Net expenses | 1.05% (d) | | 1.05% | | 1.04% | | 1.04% | | 1.04% | | 1.05% |
| Gross expenses | 1.05% (d) | | 1.05% | | 1.04% | | 1.04% | | 1.04% | | 1.05% |
| Net investment income | 3.08% (d) | | 1.72% | | 0.93% | | 1.49% | | 1.91% | | 2.11% |
| Portfolio turnover rate | 22% | | 86% | | 85% | | 108% | | 72% | | 59% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
State Street Real Estate Securities V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $41,646,388) | $ 40,729,813 |
| Short-term affiliated investments, at fair value (cost $177,758) | 177,758 |
| Receivable for investments sold | 18,327 |
| Income receivables | 172,133 |
| Receivable for fund shares sold | 43,747 |
| Income receivable from affiliated investments | 515 |
| Total assets | 41,142,293 |
| Liabilities | |
| Payable for investments purchased | 36,202 |
| Payable for fund shares redeemed | 2,156 |
| Payable to the Adviser | 28,350 |
| Payable for custody, fund accounting and sub-administration fees | 9,339 |
| Accrued other expenses | 30,822 |
| Total liabilities | 106,869 |
|
| Net Assets | $ 41,035,424 |
| Net Assets Consist of: | |
| Capital paid in | $ 43,490,458 |
| Total distributable earnings (loss) | (2,455,034) |
| Net Assets | $ 41,035,424 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 4,425,734 |
| Net asset value per share | $ 9.27 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 7 |
State Street Real Estate Securities V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 836,970 |
| Income from affiliated investments | 3,955 |
| Less: Foreign taxes withheld | (413) |
| Total income | 840,512 |
| Expenses | |
| Advisory and administration fees | 172,814 |
| Directors' fees | 11,267 |
| Custody, fund accounting and sub-administration fees | 10,740 |
| Professional fees | 15,010 |
| Printing and shareholder reports | 2,871 |
| Other expenses | 837 |
| Total expenses | 213,539 |
| Net investment income | $ 626,973 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on investments | $ (1,314,570) |
| Increase (decrease) in unrealized appreciation/(depreciation) on investments | 3,088,538 |
| Net realized and unrealized gain (loss) on investments | 1,773,968 |
| Net Increase in Net Assets Resulting from Operations | $ 2,400,941 |
The accompanying Notes are an integral part of these financial statements.
State Street Real Estate Securities V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income | $ 626,973 | | $ 631,786 |
| Net realized gain (loss) on investments | (1,314,570) | | 3,664,669 |
| Net increase (decrease) in unrealized appreciation/depreciation on investments | 3,088,538 | | (15,093,357) |
| Net increase (decrease) from operations | 2,400,941 | | (10,796,902) |
| Distributions to shareholders: | | | |
| Total distributions | — | | (6,496,308) |
| Increase (decrease) in assets from operations and distributions | 2,400,941 | | (17,293,210) |
| Share transactions: | | | |
| Proceeds from sale of shares | 1,233,162 | | 22,268,925 |
| Value of distributions reinvested | — | | 6,496,308 |
| Cost of shares redeemed | (3,267,231) | | (16,551,322) |
| Net increase (decrease) from share transactions | (2,034,069) | | 12,213,911 |
| Total increase (decrease) in net assets | 366,872 | | (5,079,299) |
| Net Assets | | | |
| Beginning of period | 40,668,552 | | 45,747,851 |
| End of period | $ 41,035,424 | | $ 40,668,552 |
| Changes in Fund Shares | | | |
| Shares sold | 140,967 | | 1,927,883 |
| Issued for distributions reinvested | — | | 738,217 |
| Shares redeemed | (351,435) | | (1,323,809) |
| Net increase (decrease) in fund shares | (210,468) | | 1,342,291 |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 9 |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund (the "Fund'). Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| 10 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
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Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund. The Management Fee is stated in the following schedule:
Average Daily
Net Assets of the Fund | Management Fee |
| First $100 million | 0.85% |
| Next $100 million | 0.80% |
| Over $200 million | 0.75% |
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedule of Investments.
4.Sub-Advisory Fees
Pursuant to an investment sub-advisory agreement with SSGA FM, CenterSquare Investment Management LLC (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of SSGA FM and the Board. For its services, SSGA FM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.
5.Directors’ Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
| 12 | Notes to Financial Statements |
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Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
6.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 9,163,395 | $ 10,510,544 |
7.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 42,358,449 | $ 2,390,071 | $ 3,840,949 | $ (1,450,878) |
8.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
9.Risks
Concentration Risk As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.
| Notes to Financial Statements | 13 |
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Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
10.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| 14 | Notes to Financial Statements |
State Street Real Estate Securities V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the "Program"). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
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Director Considerations in Approving Continuation of Investment Advisory and Sub-Advisory Agreements1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to State Street Real Estate Securities V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) by and among SSGA FM, and the Company on behalf of the Fund, and CenterSquare Investment Management LLC (the “Sub-Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and Sub-Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser and Sub-Adviser (“Independent Counsel”) in connection with their consideration of approval of the Agreements. Following the April 5, 2023 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 10-11, 2023 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, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
__________________________________
1The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
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Other Information, continued — June 30, 2023 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser and Sub-Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser and Sub-Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser and Sub-Adviser, including their investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser and Sub-Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Adviser; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Adviser; |
| • | Information about the Adviser’s and the Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and the Sub-Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser and Sub-Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund |
| • | A description of the adequacy and sophistication of the Adviser’s and Sub-Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser and Sub-Adviser; and |
| • | Information regarding the Adviser’s and Sub-Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and Sub-Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
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Other Information, continued — June 30, 2023 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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, 2022; |
| ○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Fund, with respect to its operations relating to the Fund; and |
| ○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the “Distributor”), with respect to its operations relating to the Fund, together with the Fund’s related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
| • | Information from SSGA FM, State Street, the Distributor and the Sub-Adviser with respect to the Fund, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser and Sub-Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser and Sub-Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Agreements effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Agreements, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and Sub-Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board considered the Adviser’s process used for overseeing sub-advisers. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and
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Other Information, continued — June 30, 2023 (Unaudited)
entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
In connection with their consideration of the services provided by the Sub-Adviser, the Board considered the Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by the Sub-Adviser to the Fund.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser and the Sub-Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s performance was above the median of its Performance Group for the 1- and 10-year periods and was below the median of its Performance Group for the 3- and 5-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the 1-, 3- and 10-year periods and was below the median of its Performance Universe for the 5-year period. The Board also considered that the Fund’s performance was below the Benchmark for the 1-year period and was above the Benchmark for the 3-, 5- and 10-year periods. 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, net of waivers, if any, as well as the fees paid to the Sub-Adviser by the Adviser, which reduced the net management fees retained by the Adviser. The Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and the Sub-Adviser, and (ii) the services required of SSGA FM to oversee the Sub-Adviser for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser and Sub-Adviser to the fees charged and services provided to other clients of the Adviser and Sub-Adviser, including institutional accounts, as applicable. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Fund and are not paid by the Fund. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Real Estate Securities V.I.S. Fund. The Board considered that the Fund’s actual management fee was above the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total
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Other Information, continued — June 30, 2023 (Unaudited)
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 are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates and the Sub-Adviser in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers and the Sub-Adviser in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
The Board also considered that the sub-advisory fee rate under the Sub-Advisory Agreement was negotiated with the Sub-Adviser at arm’s length. In considering the profitability to the Sub-Adviser in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives from the Fund. For these reasons, the Board concluded that the profitability of the Sub-Adviser from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the Sub-Advisory Agreement.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time. The Board noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives under the Advisory Agreement. Therefore, the Board concluded that the potential for economies of scale in the Sub-Adviser’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreement.
Conclusions
In reaching its decision to approve the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser and Sub-Adviser possess the capability and resources to perform the duties required of them under the Agreements.
Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement and Sub-Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable
State Street Real Estate Securities V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
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.
[This page intentionally left blank]
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Semi-Annual Report
June 30, 2023
| State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Semi-Annual Report
June 30, 2023 (Unaudited)
| | Page |
| 1 |
| 4 |
| Financial Statements | |
| 95 |
| 97 |
| 98 |
| 99 |
| 100 |
| 108 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
[This page intentionally left blank]
State Street Total Return V.I.S. Fund
Fund Information — June 30, 2023 (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 www.ssga.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Total Return V.I.S. Fund and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser") for investment advisory and administrative services.
| State Street Total Return V.I.S. Fund | 1 |
State Street Total Return V.I.S. Fund
Fund Information, continued — June 30, 2023 (Unaudited)
| Sector Allocation |
| Portfolio composition as a % of Fair Value of $1,368,723 (in thousands) as of June 30, 2023 (a)(b) |
| Top Ten Largest Holdings |
| as of June 30, 2023 (as a % of Fair Value) (a)(b) |
| SPDR Bloomberg High Yield Bond ETF | 4.01% |
| SPDR Bloomberg International Treasury Bond ETF | 4.00% |
| Apple, Inc. | 2.52% |
| Microsoft Corp. | 2.21% |
| SPDR Portfolio Long Term Treasury ETF | 2.01% |
| SPDR Gold Shares | 1.47% |
| Amazon.com, Inc. | 1.02% |
| NVIDIA Corp. | 0.87% |
| Tesla, Inc. | 0.63% |
| Alphabet, Inc., Class A | 0.62% |
|
| (a) | Fair Value basis is inclusive of a short-term investment in the State Street Institutional U.S. Government Money Market Fund - Class G Shares. |
| (b) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
| 2 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Understanding Your Fund’s Expenses — June 30, 2023 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2023.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
| Class 1 | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
January 1, 2023 | | $1,000.00 | | $1,000.00 |
Ending Account Value
June 30, 2023 | | $1,090.40 | | $1,021.70 |
| Expenses Paid During Period* | | $ 3.27 | | $ 3.16 |
| Class 3 | | Actual
Fund Return | | Hypothetical
5% Return
(2.5% for
the period) |
Begining Account Value
January 1, 2023 | | $1,000.00 | | $1,000.00 |
Ending Account Value
June 30, 2023 | | $1,088.90 | | $1,020.40 |
| Expenses Paid During Period* | | $ 4.56 | | $ 4.41 |
| * | Expenses are equal to the Fund's annualized expense ratio of 0.63% for Class 1 and 0.88% for Class 3 (for the period January 1, 2023 - June 30, 2023), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| State Street Total Return V.I.S. Fund | 3 |
State Street Total Return V.I.S. Fund
Schedule of Investments — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Domestic Equity - 42.8% † |
| Common Stock - 42.8% |
| Advertising - 0.1% |
| Advantage Solutions, Inc. (a) | 2,685 | $ 6,283 |
| Boston Omaha Corp., Class A (a) | 703 | 13,231 |
| Cardlytics, Inc. (a) | 1,112 | 7,028 |
| Clear Channel Outdoor Holdings, Inc. (a) | 11,776 | 16,133 |
| Emerald Holding, Inc. (a) | 546 | 2,239 |
| Integral Ad Science Holding Corp. (a) | 1,237 | 22,241 |
| Interpublic Group of Cos., Inc. | 4,842 | 186,804 |
| Magnite, Inc. (a) | 4,646 | 63,418 |
| Omnicom Group, Inc. | 2,527 | 240,444 |
| PubMatic, Inc., Class A (a) | 1,513 | 27,658 |
| Quotient Technology, Inc. (a) | 3,154 | 12,111 |
| Stagwell, Inc. (a) | 3,773 | 27,203 |
| TechTarget, Inc. (a) | 889 | 27,675 |
| Thryv Holdings, Inc. (a) | 1,080 | 26,568 |
| Trade Desk, Inc., Class A (a) | 5,111 | 394,671 |
| | | 1,073,707 |
| Aerospace & Defense - 0.6% |
| AAR Corp. (a) | 1,203 | 69,485 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 2,792 | 153,197 |
| AeroVironment, Inc. (a) | 874 | 89,393 |
| AerSale Corp. (a) | 790 | 11,613 |
| Archer Aviation, Inc., Class A (a) | 6,305 | 25,977 |
| Astronics Corp. (a) | 813 | 16,146 |
| Axon Enterprise, Inc. (a) | 800 | 156,096 |
| Boeing Co. (a) | 6,646 | 1,403,369 |
| BWX Technologies, Inc. | 1,000 | 71,570 |
| Cadre Holdings, Inc. | 608 | 13,254 |
| Curtiss-Wright Corp. | 500 | 91,830 |
| Ducommun, Inc. (a) | 358 | 15,598 |
| Eve Holding, Inc. (a) | 631 | 6,613 |
| General Dynamics Corp. | 2,815 | 605,647 |
| HEICO Corp. | 500 | 88,470 |
| HEICO Corp., Class A | 800 | 112,480 |
| Hexcel Corp. | 1,000 | 76,020 |
| Howmet Aerospace, Inc. | 4,697 | 232,783 |
| Huntington Ingalls Industries, Inc. | 500 | 113,800 |
| Kaman Corp. | 910 | 22,140 |
| Kratos Defense & Security Solutions, Inc. (a) | 4,317 | 61,906 |
| L3Harris Technologies, Inc. | 2,180 | 426,779 |
| Leonardo DRS, Inc. (a) | 1,760 | 30,518 |
| Lockheed Martin Corp. | 2,702 | 1,243,947 |
| Mercury Systems, Inc. (a) | 600 | 20,754 |
| Moog, Inc., Class A | 982 | 106,478 |
| National Presto Industries, Inc. | 162 | 11,858 |
| | Number
of Shares | Fair
Value |
| Northrop Grumman Corp. | 1,698 | $ 773,948 |
| Park Aerospace Corp. | 964 | 13,303 |
| Parsons Corp. (a) | 1,439 | 69,274 |
| Raytheon Technologies Corp. | 17,486 | 1,712,929 |
| Redwire Corp. (a) | 1,127 | 2,874 |
| Rocket Lab USA, Inc. (a) | 9,719 | 58,314 |
| Spirit AeroSystems Holdings, Inc., Class A | 1,100 | 32,109 |
| Terran Orbital Corp. (a) | 2,969 | 4,454 |
| Textron, Inc. | 2,571 | 173,877 |
| TransDigm Group, Inc. | 594 | 531,137 |
| Triumph Group, Inc. (a) | 2,090 | 25,853 |
| V2X, Inc. (a) | 387 | 19,180 |
| Virgin Galactic Holdings, Inc. (a) | 8,554 | 33,190 |
| Woodward, Inc. | 800 | 95,128 |
| | | 8,823,291 |
| Agricultural & Farm Machinery - 0.1% |
| AGCO Corp. | 723 | 95,017 |
| Deere & Co. | 3,209 | 1,300,255 |
| Lindsay Corp. | 389 | 46,423 |
| Titan International, Inc. (a) | 1,834 | 21,054 |
| Toro Co. | 1,268 | 128,892 |
| | | 1,591,641 |
| Agricultural Products & Services - 0.1% |
| Alico, Inc. | 357 | 9,089 |
| Archer-Daniels-Midland Co. | 6,372 | 481,468 |
| Benson Hill, Inc. (a) | 7,944 | 10,327 |
| Bunge Ltd. | 1,737 | 163,886 |
| Darling Ingredients, Inc. (a) | 2,000 | 127,580 |
| Fresh Del Monte Produce, Inc. | 1,187 | 30,518 |
| Ingredion, Inc. | 744 | 78,827 |
| Limoneira Co. | 610 | 9,492 |
| | | 911,187 |
| Air Freight & Logistics - 0.2% |
| Air Transport Services Group, Inc. (a) | 1,911 | 36,060 |
| CH Robinson Worldwide, Inc. | 1,369 | 129,165 |
| Expeditors International of Washington, Inc. | 2,001 | 242,381 |
| FedEx Corp. | 2,772 | 687,179 |
| Forward Air Corp. | 924 | 98,046 |
| GXO Logistics, Inc. (a) | 1,173 | 73,688 |
| Hub Group, Inc., Class A (a) | 1,160 | 93,171 |
| Radiant Logistics, Inc. (a) | 1,858 | 12,486 |
| United Parcel Service, Inc., Class B | 8,592 | 1,540,116 |
| | | 2,912,292 |
| Alternative Carriers - 0.0%* |
| Anterix, Inc. (a) | 597 | 18,919 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 4 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| AST SpaceMobile, Inc. (a) | 2,112 | $ 9,926 |
| Bandwidth, Inc., Class A (a) | 1,078 | 14,747 |
| Charge Enterprises, Inc. (a) | 6,770 | 6,635 |
| Cogent Communications Holdings, Inc. | 1,515 | 101,944 |
| EchoStar Corp., Class A (a) | 1,090 | 18,901 |
| Globalstar, Inc. (a) | 22,349 | 24,137 |
| Iridium Communications, Inc. | 1,100 | 68,332 |
| Lumen Technologies, Inc. | 35,140 | 79,416 |
| | | 342,957 |
| Aluminum - 0.0%* |
| Alcoa Corp. | 2,058 | 69,828 |
| Arconic Corp. (a) | 3,481 | 102,968 |
| Century Aluminum Co. (a) | 1,669 | 14,554 |
| Constellium SE (a) | 4,406 | 75,783 |
| Kaiser Aluminum Corp. | 566 | 40,548 |
| Tredegar Corp. | 1,338 | 8,925 |
| | | 312,606 |
| Apparel Retail - 0.2% |
| Abercrombie & Fitch Co., Class A (a) | 1,715 | 64,621 |
| American Eagle Outfitters, Inc. | 6,372 | 75,190 |
| Boot Barn Holdings, Inc. (a) | 1,028 | 87,061 |
| Buckle, Inc. | 1,069 | 36,987 |
| Burlington Stores, Inc. (a) | 835 | 131,421 |
| Caleres, Inc. | 1,214 | 29,051 |
| Cato Corp., Class A | 921 | 7,396 |
| Chico's FAS, Inc. (a) | 3,982 | 21,304 |
| Children's Place, Inc. (a) | 517 | 12,000 |
| Designer Brands, Inc., Class A | 1,599 | 16,150 |
| Destination XL Group, Inc. (a) | 2,678 | 13,122 |
| Duluth Holdings, Inc., Class B (a) | 355 | 2,229 |
| Foot Locker, Inc. | 2,863 | 77,616 |
| Genesco, Inc. (a) | 387 | 9,690 |
| Guess?, Inc. | 1,005 | 19,547 |
| J Jill, Inc. (a) | 159 | 3,407 |
| Lands' End, Inc. (a) | 462 | 3,585 |
| Revolve Group, Inc. (a) | 1,343 | 22,025 |
| Ross Stores, Inc. | 3,885 | 435,625 |
| Shoe Carnival, Inc. | 543 | 12,750 |
| Stitch Fix, Inc., Class A (a) | 2,636 | 10,149 |
| ThredUp, Inc., Class A (a) | 3,057 | 7,459 |
| Tilly's, Inc., Class A (a) | 1,159 | 8,125 |
| TJX Cos., Inc. | 13,953 | 1,183,075 |
| Torrid Holdings, Inc. (a) | 662 | 1,860 |
| Urban Outfitters, Inc. (a) | 2,228 | 73,814 |
| Victoria's Secret & Co. (a) | 739 | 12,881 |
| Zumiez, Inc. (a) | 728 | 12,128 |
| | | 2,390,268 |
| | Number
of Shares | Fair
Value |
| Apparel, Accessories & Luxury Goods - 0.1% |
| Capri Holdings Ltd. (a) | 1,405 | $ 50,425 |
| Carter's, Inc. | 400 | 29,040 |
| Columbia Sportswear Co. | 400 | 30,896 |
| Fossil Group, Inc. (a) | 1,488 | 3,824 |
| G-III Apparel Group Ltd. (a) | 1,400 | 26,978 |
| Hanesbrands, Inc. | 12,272 | 55,715 |
| Kontoor Brands, Inc. | 1,905 | 80,201 |
| Lululemon Athletica, Inc. (a) | 1,327 | 502,270 |
| Movado Group, Inc. | 480 | 12,878 |
| Oxford Industries, Inc. | 523 | 51,474 |
| PVH Corp. | 800 | 67,976 |
| Ralph Lauren Corp. | 500 | 61,650 |
| Tapestry, Inc. | 3,074 | 131,567 |
| Under Armour, Inc., Class A (a) | 2,700 | 19,494 |
| Vera Bradley, Inc. (a) | 914 | 5,840 |
| VF Corp. | 4,600 | 87,814 |
| | | 1,218,042 |
| Application Software - 1.3% |
| 8x8, Inc. (a) | 3,593 | 15,198 |
| ACI Worldwide, Inc. (a) | 3,852 | 89,251 |
| Adobe, Inc. (a) | 5,427 | 2,653,749 |
| Agilysys, Inc. (a) | 694 | 47,636 |
| Alarm.com Holdings, Inc. (a) | 1,674 | 86,512 |
| Alkami Technology, Inc. (a) | 1,377 | 22,569 |
| Altair Engineering, Inc., Class A (a) | 1,873 | 142,048 |
| Alteryx, Inc., Class A (a) | 600 | 27,240 |
| American Software, Inc., Class A | 998 | 10,489 |
| Amplitude, Inc., Class A (a) | 2,360 | 25,960 |
| ANSYS, Inc. (a) | 1,071 | 353,719 |
| Appfolio, Inc., Class A (a) | 674 | 116,022 |
| Applied Digital Corp. (a) | 2,378 | 22,234 |
| AppLovin Corp., Class A (a) | 2,300 | 59,179 |
| Asana, Inc., Class A (a) | 2,770 | 61,051 |
| Aspen Technology, Inc. (a) | 320 | 53,635 |
| Atlassian Corp., Class A (a) | 1,796 | 301,387 |
| Autodesk, Inc. (a) | 2,674 | 547,127 |
| AvePoint, Inc. (a) | 5,345 | 30,787 |
| Bentley Systems, Inc., Class B | 2,000 | 108,460 |
| Bills Holdings, Inc. (a) | 1,192 | 139,285 |
| Black Knight, Inc. (a) | 2,024 | 120,894 |
| Blackbaud, Inc. (a) | 1,519 | 108,122 |
| Blackline, Inc. (a) | 1,965 | 105,756 |
| Box, Inc., Class A (a) | 4,934 | 144,961 |
| Braze, Inc., Class A (a) | 1,203 | 52,679 |
| C3.ai, Inc., Class A (a) | 2,091 | 76,175 |
| Cadence Design Systems, Inc. (a) | 3,251 | 762,425 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 900 | 10,089 |
| Cerence, Inc. (a) | 1,428 | 41,740 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 5 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Cipher Mining, Inc. (a) | 887 | $ 2,537 |
| Cleanspark, Inc. (a) | 2,667 | 11,441 |
| Clear Secure, Inc., Class A | 2,906 | 67,332 |
| Confluent, Inc., Class A (a) | 1,800 | 63,558 |
| Consensus Cloud Solutions, Inc. (a) | 694 | 21,514 |
| CoreCard Corp. (a) | 252 | 6,391 |
| Couchbase, Inc. (a) | 1,185 | 18,747 |
| CS Disco, Inc. (a) | 746 | 6,132 |
| Datadog, Inc., Class A (a) | 3,296 | 324,261 |
| Digimarc Corp. (a) | 495 | 14,573 |
| Digital Turbine, Inc. (a) | 3,307 | 30,689 |
| DocuSign, Inc. (a) | 2,489 | 127,163 |
| Domo, Inc., Class B (a) | 987 | 14,469 |
| DoubleVerify Holdings, Inc. (a) | 1,300 | 50,596 |
| Dropbox, Inc., Class A (a) | 3,200 | 85,344 |
| Dynatrace, Inc. (a) | 2,700 | 138,969 |
| E2open Parent Holdings, Inc. (a) | 6,980 | 39,088 |
| Ebix, Inc. | 956 | 24,091 |
| eGain Corp. (a) | 737 | 5,520 |
| Elastic NV (a) | 900 | 57,708 |
| Enfusion, Inc., Class A (a) | 1,305 | 14,642 |
| EngageSmart, Inc. (a) | 1,694 | 32,339 |
| Envestnet, Inc. (a) | 1,747 | 103,685 |
| Everbridge, Inc. (a) | 1,418 | 38,144 |
| EverCommerce, Inc. (a) | 1,177 | 13,936 |
| Expensify, Inc., Class A (a) | 1,925 | 15,362 |
| Fair Isaac Corp. (a) | 266 | 215,250 |
| Five9, Inc. (a) | 800 | 65,960 |
| ForgeRock, Inc., Class A (a) | 1,647 | 33,829 |
| Freshworks, Inc., Class A Revenue (a) | 5,649 | 99,309 |
| Guidewire Software, Inc. (a) | 1,200 | 91,296 |
| HashiCorp, Inc., Class A (a) | 500 | 13,090 |
| HubSpot, Inc. (a) | 508 | 270,302 |
| Instructure Holdings, Inc. (a) | 680 | 17,109 |
| Intapp, Inc. (a) | 545 | 22,841 |
| InterDigital, Inc. | 945 | 91,240 |
| Intuit, Inc. | 3,304 | 1,513,860 |
| Jamf Holding Corp. (a) | 2,436 | 47,551 |
| Kaltura, Inc. (a) | 2,893 | 6,133 |
| LivePerson, Inc. (a) | 3,169 | 14,324 |
| LiveRamp Holdings, Inc. (a) | 2,227 | 63,603 |
| LiveVox Holdings, Inc. (a) | 397 | 1,092 |
| Manhattan Associates, Inc. (a) | 731 | 146,112 |
| Marathon Digital Holdings, Inc. (a) | 5,869 | 81,344 |
| Matterport, Inc. (a) | 8,744 | 27,544 |
| MeridianLink, Inc. (a) | 915 | 19,032 |
| MicroStrategy, Inc., Class A (a) | 385 | 131,832 |
| Mitek Systems, Inc. (a) | 1,339 | 14,515 |
| Model N, Inc. (a) | 1,328 | 46,958 |
| nCino, Inc. (a) | 300 | 9,036 |
| | Number
of Shares | Fair
Value |
| NCR Corp. (a) | 1,300 | $ 32,760 |
| New Relic, Inc. (a) | 800 | 52,352 |
| NextNav, Inc. (a) | 1,886 | 5,545 |
| Nutanix, Inc., Class A (a) | 3,100 | 86,955 |
| Olo, Inc., Class A (a) | 3,605 | 23,288 |
| ON24, Inc. | 1,139 | 9,249 |
| PagerDuty, Inc. (a) | 2,965 | 66,653 |
| Palantir Technologies, Inc., Class A (a) | 21,229 | 325,441 |
| Pegasystems, Inc. | 200 | 9,860 |
| PowerSchool Holdings, Inc., Class A (a) | 1,954 | 37,400 |
| Procore Technologies, Inc. (a) | 1,100 | 71,577 |
| PROS Holdings, Inc. (a) | 1,558 | 47,986 |
| PTC, Inc. (a) | 1,348 | 191,820 |
| Q2 Holdings, Inc. (a) | 1,961 | 60,595 |
| Rimini Street, Inc. (a) | 2,472 | 11,841 |
| RingCentral, Inc., Class A (a) | 900 | 29,457 |
| Riot Platforms, Inc. (a) | 5,537 | 65,447 |
| Roper Technologies, Inc. | 1,275 | 613,020 |
| Salesforce, Inc. (a) | 11,421 | 2,412,801 |
| SEMrush Holdings, Inc., Class A (a) | 1,092 | 10,450 |
| Smartsheet, Inc., Class A (a) | 1,400 | 53,564 |
| SoundHound AI, Inc., Class A (a) | 4,879 | 22,200 |
| SoundThinking, Inc. (a) | 429 | 9,378 |
| Splunk, Inc. (a) | 2,010 | 213,241 |
| Sprinklr, Inc., Class A (a) | 3,033 | 41,946 |
| Sprout Social, Inc., Class A (a) | 1,631 | 75,287 |
| SPS Commerce, Inc. (a) | 1,285 | 246,797 |
| Synopsys, Inc. (a) | 1,772 | 771,547 |
| Terawulf, Inc. (a) | 1,755 | 3,071 |
| Tyler Technologies, Inc. (a) | 450 | 187,412 |
| Unity Software, Inc. (a) | 3,198 | 138,857 |
| Verint Systems, Inc. (a) | 2,256 | 79,095 |
| Veritone, Inc. (a) | 1,607 | 6,299 |
| Viant Technology, Inc., Class A (a) | 600 | 2,766 |
| Weave Communications, Inc. (a) | 1,144 | 12,710 |
| Workday, Inc., Class A (a) | 2,310 | 521,806 |
| Workiva, Inc. (a) | 1,705 | 173,330 |
| Yext, Inc. (a) | 3,984 | 45,059 |
| Zeta Global Holdings Corp., Class A (a) | 4,679 | 39,959 |
| Zoom Video Communications, Inc., Class A (a) | 3,074 | 208,663 |
| | | 17,725,256 |
| Asset Management & Custody Banks - 0.4% |
| Affiliated Managers Group, Inc. | 400 | 59,956 |
| AlTi Global, Inc. (a) | 733 | 5,615 |
| Ameriprise Financial, Inc. | 1,267 | 420,847 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 6 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Ares Management Corp., Class A | 1,922 | $ 185,185 |
| Artisan Partners Asset Management, Inc., Class A | 2,151 | 84,556 |
| AssetMark Financial Holdings, Inc. (a) | 701 | 20,792 |
| Avantax, Inc. (a) | 1,372 | 30,705 |
| Bank of New York Mellon Corp. | 9,106 | 405,399 |
| BlackRock, Inc. | 1,746 | 1,206,730 |
| Blackstone, Inc. | 8,312 | 772,767 |
| Blue Owl Capital, Inc. | 5,700 | 66,405 |
| Brightsphere Investment Group, Inc. | 1,057 | 22,144 |
| Carlyle Group, Inc. | 2,651 | 84,699 |
| Cohen & Steers, Inc. | 894 | 51,843 |
| Diamond Hill Investment Group, Inc. | 92 | 15,760 |
| Focus Financial Partners, Inc., Class A (a) | 2,049 | 107,593 |
| Franklin Resources, Inc. | 3,300 | 88,143 |
| GCM Grosvenor, Inc., Class A | 1,919 | 14,469 |
| Hamilton Lane, Inc., Class A | 1,274 | 101,894 |
| Invesco Ltd. | 4,300 | 72,283 |
| Janus Henderson Group PLC | 1,800 | 49,050 |
| KKR & Co., Inc. | 7,305 | 409,080 |
| Northern Trust Corp. | 2,532 | 187,722 |
| P10, Inc., Class A | 1,499 | 16,939 |
| Sculptor Capital Management, Inc. | 1,236 | 10,914 |
| SEI Investments Co. | 1,400 | 83,468 |
| Silvercrest Asset Management Group, Inc., Class A | 496 | 10,044 |
| State Street Corp. (b) | 4,261 | 311,820 |
| StepStone Group, Inc., Class A | 1,952 | 48,429 |
| T Rowe Price Group, Inc. | 2,757 | 308,839 |
| Victory Capital Holdings, Inc., Class A | 966 | 30,468 |
| Virtus Investment Partners, Inc. | 245 | 48,380 |
| WisdomTree, Inc. | 4,866 | 33,381 |
| | | 5,366,319 |
| Automobile Manufacturers - 0.8% |
| Fisker, Inc. (a) | 6,838 | 38,567 |
| Ford Motor Co. | 46,091 | 697,357 |
| General Motors Co. | 16,227 | 625,713 |
| Lucid Group, Inc. (a) | 7,700 | 53,053 |
| Rivian Automotive, Inc., Class A (a) | 6,000 | 99,960 |
| Stellantis NV | 34,129 | 599,905 |
| Tesla, Inc. (a) | 32,777 | 8,580,035 |
| Thor Industries, Inc. | 634 | 65,619 |
| Winnebago Industries, Inc. | 1,040 | 69,358 |
| | Number
of Shares | Fair
Value |
| Workhorse Group, Inc. (a) | 7,669 | $ 6,684 |
| | | 10,836,251 |
| Automotive Parts & Equipment - 0.1% |
| Adient PLC (a) | 3,344 | 128,142 |
| American Axle & Manufacturing Holdings, Inc. (a) | 3,995 | 33,039 |
| Aptiv PLC (a) | 3,391 | 346,187 |
| BorgWarner, Inc. | 2,886 | 141,154 |
| Cooper-Standard Holdings, Inc. (a) | 589 | 8,399 |
| Dana, Inc. | 4,504 | 76,568 |
| Dorman Products, Inc. (a) | 917 | 72,287 |
| Fox Factory Holding Corp. (a) | 1,493 | 162,006 |
| Gentex Corp. | 2,758 | 80,699 |
| Gentherm, Inc. (a) | 1,155 | 65,269 |
| Holley, Inc. (a) | 1,728 | 7,068 |
| LCI Industries | 876 | 110,691 |
| Lear Corp. | 700 | 100,485 |
| Luminar Technologies, Inc. (a) | 9,494 | 65,319 |
| Modine Manufacturing Co. (a) | 1,755 | 57,950 |
| Patrick Industries, Inc. | 761 | 60,880 |
| QuantumScape Corp. (a) | 2,200 | 17,578 |
| Solid Power, Inc. (a) | 5,401 | 13,719 |
| Standard Motor Products, Inc. | 738 | 27,690 |
| Stoneridge, Inc. (a) | 846 | 15,947 |
| Visteon Corp. (a) | 981 | 140,881 |
| XPEL, Inc. (a) | 788 | 66,365 |
| | | 1,798,323 |
| Automotive Retail - 0.2% |
| Advance Auto Parts, Inc. | 698 | 49,069 |
| America's Car-Mart, Inc. (a) | 189 | 18,858 |
| Arko Corp. | 2,724 | 21,656 |
| Asbury Automotive Group, Inc. (a) | 756 | 181,758 |
| AutoNation, Inc. (a) | 382 | 62,881 |
| AutoZone, Inc. (a) | 210 | 523,606 |
| Camping World Holdings, Inc., Class A | 1,463 | 44,036 |
| CarMax, Inc. (a) | 2,100 | 175,770 |
| CarParts.com, Inc. (a) | 2,475 | 10,519 |
| Carvana Co. (a) | 3,345 | 86,702 |
| EVgo, Inc. (a) | 2,168 | 8,672 |
| Group 1 Automotive, Inc. | 497 | 128,276 |
| Lazydays Holdings, Inc. (a) | 441 | 5,098 |
| Lithia Motors, Inc. | 300 | 91,233 |
| Monro, Inc. | 1,091 | 44,327 |
| Murphy USA, Inc. | 200 | 62,222 |
| OneWater Marine, Inc., Class A (a) | 358 | 12,974 |
| O'Reilly Automotive, Inc. (a) | 700 | 668,710 |
| Penske Automotive Group, Inc. | 270 | 44,990 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 7 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Sonic Automotive, Inc., Class A | 591 | $ 28,173 |
| Valvoline, Inc. | 2,000 | 75,020 |
| | | 2,344,550 |
| Biotechnology - 1.3% |
| 2seventy bio, Inc. (a) | 1,729 | 17,497 |
| 4D Molecular Therapeutics, Inc. (a) | 1,100 | 19,877 |
| 89bio, Inc. (a) | 2,154 | 40,818 |
| Aadi Bioscience, Inc. (a) | 431 | 2,948 |
| AbbVie, Inc. | 21,072 | 2,839,031 |
| ACADIA Pharmaceuticals, Inc. (a) | 4,238 | 101,500 |
| Acrivon Therapeutics, Inc. (a) | 376 | 4,873 |
| Actinium Pharmaceuticals, Inc. (a) | 906 | 6,723 |
| Adicet Bio, Inc. (a) | 1,535 | 3,730 |
| ADMA Biologics, Inc. (a) | 7,368 | 27,188 |
| Aduro Biotech, Inc. (a) | 4,580 | 595 |
| Aerovate Therapeutics, Inc. (a) | 461 | 7,906 |
| Agenus, Inc. (a) | 11,953 | 19,125 |
| Agios Pharmaceuticals, Inc. (a) | 1,911 | 54,119 |
| Akero Therapeutics, Inc. (a) | 1,565 | 73,070 |
| Aldeyra Therapeutics, Inc. (a) | 1,623 | 13,617 |
| Alector, Inc. (a) | 1,974 | 11,864 |
| Alkermes PLC (a) | 5,804 | 181,665 |
| Allakos, Inc. (a) | 2,316 | 10,098 |
| Allogene Therapeutics, Inc. (a) | 2,519 | 12,519 |
| Allovir, Inc. (a) | 1,641 | 5,579 |
| Alnylam Pharmaceuticals, Inc. (a) | 1,381 | 262,307 |
| Alpine Immune Sciences, Inc. (a) | 1,193 | 12,264 |
| Altimmune, Inc. (a) | 1,722 | 6,079 |
| ALX Oncology Holdings, Inc. (a) | 654 | 4,912 |
| Amgen, Inc. | 6,329 | 1,405,165 |
| Amicus Therapeutics, Inc. (a) | 9,771 | 122,724 |
| AnaptysBio, Inc. (a) | 647 | 13,160 |
| Anavex Life Sciences Corp. (a) | 2,231 | 18,138 |
| Anika Therapeutics, Inc. (a) | 463 | 12,029 |
| Annexon, Inc. (a) | 1,590 | 5,597 |
| Apellis Pharmaceuticals, Inc. (a) | 1,000 | 91,100 |
| Arbutus Biopharma Corp. (a) | 4,941 | 11,364 |
| Arcellx, Inc. (a) | 1,323 | 41,833 |
| Arcturus Therapeutics Holdings, Inc. (a) | 750 | 21,510 |
| Arcus Biosciences, Inc. (a) | 1,829 | 37,147 |
| Arcutis Biotherapeutics, Inc. (a) | 1,792 | 17,078 |
| Ardelyx, Inc. (a) | 7,422 | 25,161 |
| | Number
of Shares | Fair
Value |
| Arrowhead Pharmaceuticals, Inc. (a) | 3,566 | $ 127,164 |
| ARS Pharmaceuticals, Inc. (a) | 845 | 5,661 |
| Astria Therapeutics, Inc. (a) | 890 | 7,414 |
| Atara Biotherapeutics, Inc. (a) | 4,598 | 7,403 |
| Aura Biosciences, Inc. (a) | 1,166 | 14,400 |
| Avid Bioservices, Inc. (a) | 2,020 | 28,219 |
| Avidity Biosciences, Inc. (a) | 2,463 | 27,315 |
| Avita Medical, Inc. (a) | 876 | 14,901 |
| Beam Therapeutics, Inc. (a) | 2,381 | 76,025 |
| BioAtla, Inc. (a) | 1,541 | 4,623 |
| BioCryst Pharmaceuticals, Inc. (a) | 6,482 | 45,633 |
| Biogen, Inc. (a) | 1,692 | 481,966 |
| Biohaven Ltd. (a) | 2,031 | 48,582 |
| BioMarin Pharmaceutical, Inc. (a) | 2,289 | 198,410 |
| Biomea Fusion, Inc. (a) | 692 | 15,189 |
| Bioxcel Therapeutics, Inc. (a) | 871 | 5,801 |
| Bluebird Bio, Inc. (a) | 4,482 | 14,746 |
| Blueprint Medicines Corp. (a) | 2,104 | 132,973 |
| Bridgebio Pharma, Inc. (a) | 3,991 | 68,645 |
| Cabaletta Bio, Inc. (a) | 891 | 11,503 |
| CareDx, Inc. (a) | 1,627 | 13,829 |
| Caribou Biosciences, Inc. (a) | 2,759 | 11,726 |
| Carisma Therapeutics, Inc. | 929 | 8,147 |
| Catalyst Pharmaceuticals, Inc. (a) | 3,387 | 45,521 |
| Celcuity, Inc. (a) | 600 | 6,588 |
| Celldex Therapeutics, Inc. (a) | 1,602 | 54,356 |
| Century Therapeutics, Inc. (a) | 612 | 1,934 |
| Cerevel Therapeutics Holdings, Inc. (a) | 2,156 | 68,539 |
| Chinook Therapeutics, Inc. (a) | 2,021 | 77,647 |
| Cogent Biosciences, Inc. (a) | 2,403 | 28,452 |
| Coherus Biosciences, Inc. (a) | 2,383 | 10,175 |
| Compass Therapeutics, Inc. (a) | 3,180 | 10,112 |
| Crinetics Pharmaceuticals, Inc. (a) | 1,848 | 33,301 |
| CSL Ltd. | 7,307 | 1,352,086 |
| Cue Biopharma, Inc. (a) | 1,204 | 4,395 |
| Cullinan Oncology, Inc. (a) | 1,139 | 12,256 |
| Cytokinetics, Inc. (a) | 3,245 | 105,852 |
| Day One Biopharmaceuticals, Inc. (a) | 1,716 | 20,489 |
| Deciphera Pharmaceuticals, Inc. (a) | 1,832 | 25,795 |
| Denali Therapeutics, Inc. (a) | 4,117 | 121,493 |
| Design Therapeutics, Inc. (a) | 1,688 | 10,634 |
| Disc Medicine, Inc. (a) | 270 | 11,988 |
| Dynavax Technologies Corp. (a) | 4,516 | 58,347 |
| Dyne Therapeutics, Inc. (a) | 1,455 | 16,369 |
| Eagle Pharmaceuticals, Inc. (a) | 320 | 6,221 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 8 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Editas Medicine, Inc. (a) | 2,491 | $ 20,501 |
| Emergent BioSolutions, Inc. (a) | 1,635 | 12,017 |
| Enanta Pharmaceuticals, Inc. (a) | 651 | 13,931 |
| Entrada Therapeutics, Inc. (a) | 746 | 11,294 |
| EQRx, Inc. (a) | 11,119 | 20,681 |
| Erasca, Inc. (a) | 3,602 | 9,942 |
| Exact Sciences Corp. (a) | 2,000 | 187,800 |
| Exelixis, Inc. (a) | 4,500 | 85,995 |
| Fate Therapeutics, Inc. (a) | 2,665 | 12,685 |
| FibroGen, Inc. (a) | 3,057 | 8,254 |
| Foghorn Therapeutics, Inc. (a) | 650 | 4,576 |
| Genelux Corp. (a) | 96 | 3,141 |
| Generation Bio Co. (a) | 1,578 | 8,679 |
| Geron Corp. (a) | 17,353 | 55,703 |
| Gilead Sciences, Inc. | 14,955 | 1,152,582 |
| Graphite Bio, Inc. (a) | 976 | 2,538 |
| Gritstone bio, Inc. (a) | 3,058 | 5,963 |
| Halozyme Therapeutics, Inc. (a) | 4,684 | 168,952 |
| Heron Therapeutics, Inc. (a) | 5,147 | 5,971 |
| HilleVax, Inc. (a) | 759 | 13,047 |
| Horizon Therapeutics PLC (a) | 2,709 | 278,621 |
| Humacyte, Inc. (a) | 2,556 | 7,310 |
| Icosavax, Inc. (a) | 1,163 | 11,549 |
| Ideaya Biosciences, Inc. (a) | 1,892 | 44,462 |
| IGM Biosciences, Inc. (a) | 539 | 4,975 |
| Immuneering Corp., Class A (a) | 707 | 7,169 |
| ImmunityBio, Inc. (a) | 4,306 | 11,971 |
| ImmunoGen, Inc. (a) | 8,422 | 158,923 |
| Immunovant, Inc. (a) | 1,880 | 35,664 |
| Incyte Corp. (a) | 2,246 | 139,813 |
| Inhibrx, Inc. (a) | 1,170 | 30,373 |
| Inozyme Pharma, Inc. (a) | 1,179 | 6,567 |
| Insmed, Inc. (a) | 4,646 | 98,031 |
| Intellia Therapeutics, Inc. (a) | 3,074 | 125,358 |
| Intercept Pharmaceuticals, Inc. (a) | 777 | 8,594 |
| Ionis Pharmaceuticals, Inc. (a) | 2,000 | 82,060 |
| Iovance Biotherapeutics, Inc. (a) | 7,249 | 51,033 |
| Ironwood Pharmaceuticals, Inc. (a) | 4,796 | 51,029 |
| iTeos Therapeutics, Inc. (a) | 734 | 9,718 |
| IVERIC bio, Inc. (a) | 4,798 | 188,753 |
| Janux Therapeutics, Inc. (a) | 862 | 10,232 |
| KalVista Pharmaceuticals, Inc. (a) | 772 | 6,948 |
| Karuna Therapeutics, Inc. (a) | 300 | 65,055 |
| Karyopharm Therapeutics, Inc. (a) | 3,946 | 7,063 |
| Keros Therapeutics, Inc. (a) | 784 | 31,501 |
| Kezar Life Sciences, Inc. (a) | 2,657 | 6,510 |
| | Number
of Shares | Fair
Value |
| Kiniksa Pharmaceuticals Ltd., Class A (a) | 1,093 | $ 15,389 |
| Kodiak Sciences, Inc. (a) | 1,076 | 7,424 |
| Krystal Biotech, Inc. (a) | 744 | 87,346 |
| Kura Oncology, Inc. (a) | 2,125 | 22,482 |
| Kymera Therapeutics, Inc. (a) | 1,250 | 28,737 |
| Larimar Therapeutics, Inc. (a) | 894 | 2,798 |
| Legend Biotech Corp. ADR (a) | 800 | 55,224 |
| Lexicon Pharmaceuticals, Inc. (a) | 4,215 | 9,652 |
| Lineage Cell Therapeutics, Inc. (a) | 4,497 | 6,341 |
| Lyell Immunopharma, Inc. (a) | 5,533 | 17,595 |
| MacroGenics, Inc. (a) | 1,911 | 10,224 |
| Madrigal Pharmaceuticals, Inc. (a) | 475 | 109,725 |
| MannKind Corp. (a) | 8,980 | 36,549 |
| MeiraGTx Holdings PLC (a) | 1,671 | 11,229 |
| Merrimack Pharmaceuticals, Inc. (a) | 365 | 4,489 |
| Mersana Therapeutics, Inc. (a) | 3,293 | 10,834 |
| MiMedx Group, Inc. (a) | 3,969 | 26,235 |
| Mineralys Therapeutics, Inc. (a) | 526 | 8,968 |
| Mirati Therapeutics, Inc. (a) | 500 | 18,065 |
| Mirum Pharmaceuticals, Inc. (a) | 932 | 24,111 |
| Moderna, Inc. (a) | 4,108 | 499,122 |
| Monte Rosa Therapeutics, Inc. (a) | 1,484 | 10,165 |
| Morphic Holding, Inc. (a) | 1,060 | 60,770 |
| Myriad Genetics, Inc. (a) | 2,793 | 64,742 |
| Natera, Inc. (a) | 1,100 | 53,526 |
| Neurocrine Biosciences, Inc. (a) | 1,200 | 113,160 |
| Nkarta, Inc. (a) | 1,076 | 2,356 |
| Novavax, Inc. (a) | 3,034 | 22,543 |
| Nurix Therapeutics, Inc. (a) | 1,479 | 14,775 |
| Nuvalent, Inc., Class A (a) | 836 | 35,254 |
| Nuvectis Pharma, Inc. (a) | 239 | 3,817 |
| Ocean Biomedical, Inc. (a) | 304 | 1,827 |
| Olema Pharmaceuticals, Inc. (a) | 935 | 8,443 |
| Omega Therapeutics, Inc. (a) | 849 | 4,754 |
| Organogenesis Holdings, Inc. (a) | 2,288 | 7,596 |
| ORIC Pharmaceuticals, Inc. (a) | 1,360 | 10,554 |
| Outlook Therapeutics, Inc. (a) | 5,405 | 9,405 |
| Ovid therapeutics, Inc. (a) | 2,078 | 6,816 |
| PDS Biotechnology Corp. (a) | 974 | 4,899 |
| PepGen, Inc. (a) | 719 | 6,428 |
| PMV Pharmaceuticals, Inc. (a) | 1,238 | 7,750 |
| Point Biopharma Global, Inc. (a) | 3,084 | 27,941 |
| Poseida Therapeutics, Inc. (a) | 2,368 | 4,168 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 9 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Precigen, Inc. (a) | 6,491 | $ 7,465 |
| Prime Medicine, Inc. (a) | 1,378 | 20,188 |
| ProKidney Corp. (a) | 2,150 | 24,058 |
| Protagonist Therapeutics, Inc. (a) | 1,889 | 52,174 |
| Protalix BioTherapeutics, Inc. (a) | 1,957 | 3,914 |
| PTC Therapeutics, Inc. (a) | 2,430 | 98,828 |
| Rallybio Corp. (a) | 1,065 | 6,028 |
| RAPT Therapeutics, Inc. (a) | 958 | 17,915 |
| Recursion Pharmaceuticals, Inc., Class A (a) | 4,830 | 36,080 |
| Regeneron Pharmaceuticals, Inc. (a) | 1,241 | 891,708 |
| REGENXBIO, Inc. (a) | 1,421 | 28,406 |
| Relay Therapeutics, Inc. (a) | 3,146 | 39,514 |
| Reneo Pharmaceuticals, Inc. (a) | 337 | 2,211 |
| Replimune Group, Inc. (a) | 1,419 | 32,949 |
| REVOLUTION Medicines, Inc. (a) | 3,534 | 94,534 |
| Rhythm Pharmaceuticals, Inc. (a) | 1,790 | 29,517 |
| Rigel Pharmaceuticals, Inc. (a) | 5,963 | 7,692 |
| Rocket Pharmaceuticals, Inc. (a) | 1,969 | 39,124 |
| Roivant Sciences Ltd. (a) | 2,100 | 21,168 |
| Sage Therapeutics, Inc. (a) | 1,842 | 86,611 |
| Sana Biotechnology, Inc. (a) | 3,187 | 18,995 |
| Sangamo Therapeutics, Inc. (a) | 6,601 | 8,581 |
| Sarepta Therapeutics, Inc. (a) | 1,000 | 114,520 |
| Savara, Inc. (a) | 2,657 | 8,489 |
| Scholar Rock Holding Corp. (a) | 988 | 7,450 |
| Seagen, Inc. (a) | 1,700 | 327,182 |
| Selecta Biosciences, Inc. (a) | 4,047 | 4,533 |
| Seres Therapeutics, Inc. (a) | 3,390 | 16,238 |
| SpringWorks Therapeutics, Inc. (a) | 2,030 | 53,227 |
| Stoke Therapeutics, Inc. (a) | 1,137 | 12,086 |
| Summit Therapeutics, Inc. (a) | 4,038 | 10,135 |
| Sutro Biopharma, Inc. (a) | 2,642 | 12,285 |
| Syndax Pharmaceuticals, Inc. (a) | 2,296 | 48,055 |
| Tango Therapeutics, Inc. (a) | 2,348 | 7,795 |
| Tenaya Therapeutics, Inc. (a) | 1,595 | 9,363 |
| TG Therapeutics, Inc. (a) | 4,781 | 118,760 |
| Travere Therapeutics, Inc. (a) | 2,538 | 38,984 |
| Twist Bioscience Corp. (a) | 2,027 | 41,472 |
| Tyra Biosciences, Inc. (a) | 664 | 11,308 |
| Ultragenyx Pharmaceutical, Inc. (a) | 700 | 32,291 |
| United Therapeutics Corp. (a) | 611 | 134,878 |
| UroGen Pharma Ltd. (a) | 682 | 7,059 |
| Vanda Pharmaceuticals, Inc. (a) | 1,758 | 11,585 |
| | Number
of Shares | Fair
Value |
| Vaxcyte, Inc. (a) | 3,204 | $ 160,008 |
| Vaxxinity, Inc., Class A (a) | 1,485 | 3,742 |
| Vera Therapeutics, Inc. (a) | 1,114 | 17,880 |
| Veracyte, Inc. (a) | 2,503 | 63,751 |
| Vericel Corp. (a) | 1,649 | 61,953 |
| Vertex Pharmaceuticals, Inc. (a) | 3,081 | 1,084,235 |
| Verve Therapeutics, Inc. (a) | 1,768 | 33,150 |
| Vigil Neuroscience, Inc. (a) | 560 | 5,264 |
| Viking Therapeutics, Inc. (a) | 3,350 | 54,303 |
| Vir Biotechnology, Inc. (a) | 2,918 | 71,579 |
| Viridian Therapeutics, Inc. (a) | 1,470 | 34,971 |
| Vor BioPharma, Inc. (a) | 1,313 | 4,057 |
| Voyager Therapeutics, Inc. (a) | 1,107 | 12,675 |
| X4 Pharmaceuticals, Inc. (a) | 4,290 | 8,323 |
| Xencor, Inc. (a) | 2,006 | 50,090 |
| XOMA Corp. (a) | 255 | 4,817 |
| Y-mAbs Therapeutics, Inc. (a) | 1,239 | 8,413 |
| Zentalis Pharmaceuticals, Inc. (a) | 1,654 | 46,659 |
| Zymeworks, Inc. (a) | 1,860 | 16,070 |
| | | 18,129,792 |
| Brewers - 0.0%* |
| Boston Beer Co., Inc., Class A (a) | 114 | 35,162 |
| Molson Coors Beverage Co., Class B | 2,200 | 144,848 |
| | | 180,010 |
| Broadcasting - 0.0%* |
| AMC Networks, Inc., Class A (a) | 977 | 11,675 |
| Entravision Communications Corp., Class A | 1,876 | 8,236 |
| EW Scripps Co., Class A (a) | 1,887 | 17,266 |
| Fox Corp., Class A | 3,800 | 129,200 |
| Fox Corp., Class B | 1,200 | 38,268 |
| Gray Television, Inc. | 2,672 | 21,055 |
| iHeartMedia, Inc., Class A (a) | 3,860 | 14,050 |
| Nexstar Media Group, Inc. | 424 | 70,617 |
| Paramount Global, Class B | 6,904 | 109,843 |
| Sinclair, Inc. | 1,311 | 18,118 |
| TEGNA, Inc. | 7,844 | 127,387 |
| Townsquare Media, Inc., Class A | 407 | 4,847 |
| Urban One, Inc. (a) | 814 | 4,883 |
| | | 575,445 |
| Broadline Retail - 1.1% |
| Amazon.com, Inc. (a) | 107,020 | 13,951,127 |
| Big Lots, Inc. | 1,310 | 11,567 |
| ContextLogic, Inc., Class A (a) | 956 | 6,291 |
| Dillard's, Inc., Class A | 126 | 41,111 |
| eBay, Inc. | 6,848 | 306,037 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 10 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Etsy, Inc. (a) | 1,591 | $ 134,615 |
| Kohl's Corp. | 1,200 | 27,660 |
| Macy's, Inc. | 3,000 | 48,150 |
| Nordstrom, Inc. | 500 | 10,235 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 800 | 46,344 |
| | | 14,583,137 |
| Building Products - 0.3% |
| A O Smith Corp. | 1,406 | 102,329 |
| AAON, Inc. | 1,575 | 149,326 |
| Advanced Drainage Systems, Inc. | 700 | 79,646 |
| Allegion PLC | 1,156 | 138,743 |
| American Woodmark Corp. (a) | 588 | 44,906 |
| Apogee Enterprises, Inc. | 731 | 34,701 |
| Armstrong World Industries, Inc. | 500 | 36,730 |
| AZEK Co., Inc. (a) | 1,400 | 42,406 |
| AZZ, Inc. | 868 | 37,723 |
| Builders FirstSource, Inc. (a) | 1,700 | 231,200 |
| Carlisle Cos., Inc. | 580 | 148,787 |
| Carrier Global Corp. | 9,692 | 481,789 |
| CSW Industrials, Inc. | 537 | 89,244 |
| Fortune Brands Innovations, Inc. | 1,435 | 103,248 |
| Gibraltar Industries, Inc. (a) | 1,086 | 68,331 |
| Griffon Corp. | 1,534 | 61,820 |
| Insteel Industries, Inc. | 603 | 18,765 |
| Janus International Group, Inc. (a) | 2,961 | 31,564 |
| JELD-WEN Holding, Inc. (a) | 2,943 | 51,620 |
| Johnson Controls International PLC | 7,895 | 537,965 |
| Lennox International, Inc. | 400 | 130,428 |
| Masco Corp. | 2,800 | 160,664 |
| Masonite International Corp. (a) | 775 | 79,391 |
| Masterbrand, Inc. (a) | 4,523 | 52,603 |
| Owens Corning | 1,199 | 156,470 |
| PGT Innovations, Inc. (a) | 2,020 | 58,883 |
| Quanex Building Products Corp. | 1,185 | 31,817 |
| Resideo Technologies, Inc. (a) | 5,107 | 90,190 |
| Simpson Manufacturing Co., Inc. | 1,499 | 207,612 |
| Trane Technologies PLC | 2,813 | 538,014 |
| Trex Co., Inc. (a) | 1,396 | 91,522 |
| UFP Industries, Inc. | 2,095 | 203,320 |
| Zurn Elkay Water Solutions Corp., Class C | 5,160 | 138,752 |
| | | 4,430,509 |
| Cable & Satellite - 0.2% |
| Cable One, Inc. | 64 | 42,053 |
| | Number
of Shares | Fair
Value |
| Charter Communications, Inc., Class A (a) | 1,223 | $ 449,293 |
| Comcast Corp., Class A | 49,189 | 2,043,803 |
| Liberty Broadband Corp., Class C (a) | 1,500 | 120,165 |
| Liberty Media Corp.-Liberty SiriusXM, Class A (a) | 1,200 | 39,372 |
| Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 1,497 | 48,997 |
| Sirius XM Holdings, Inc. | 7,300 | 33,069 |
| WideOpenWest, Inc. (a) | 1,734 | 14,635 |
| | | 2,791,387 |
| Cargo Ground Transportation - 0.1% |
| ArcBest Corp. | 843 | 83,288 |
| Covenant Logistics Group, Inc. | 292 | 12,798 |
| Daseke, Inc. (a) | 1,887 | 13,454 |
| Heartland Express, Inc. | 1,526 | 25,042 |
| JB Hunt Transport Services, Inc. | 1,054 | 190,806 |
| Knight-Swift Transportation Holdings, Inc. | 2,022 | 112,342 |
| Landstar System, Inc. | 444 | 85,488 |
| Marten Transport Ltd. | 2,056 | 44,204 |
| Old Dominion Freight Line, Inc. | 1,184 | 437,784 |
| PAM Transportation Services, Inc. (a) | 233 | 6,237 |
| RXO, Inc. (a) | 4,052 | 91,859 |
| Ryder System, Inc. | 594 | 50,365 |
| Saia, Inc. (a) | 237 | 81,151 |
| TuSimple Holdings, Inc., Class A (a) | 7,095 | 11,778 |
| U.S. Xpress Enterprises, Inc., Class A (a) | 1,078 | 6,619 |
| U-Haul Holding Co. | 747 | 37,851 |
| Universal Logistics Holdings, Inc. | 360 | 10,372 |
| Werner Enterprises, Inc. | 2,172 | 95,959 |
| XPO, Inc. (a) | 1,200 | 70,800 |
| | | 1,468,197 |
| Casinos & Gaming - 0.1% |
| Accel Entertainment, Inc. (a) | 1,798 | 18,987 |
| Bally's Corp. (a) | 1,166 | 18,143 |
| Boyd Gaming Corp. | 900 | 62,433 |
| Caesars Entertainment, Inc. (a) | 2,359 | 120,238 |
| Century Casinos, Inc. (a) | 1,371 | 9,734 |
| Churchill Downs, Inc. | 800 | 111,336 |
| DraftKings, Inc., Class A (a) | 4,500 | 119,565 |
| Everi Holdings, Inc. (a) | 3,061 | 44,262 |
| Full House Resorts, Inc. (a) | 1,622 | 10,867 |
| Golden Entertainment, Inc. (a) | 660 | 27,588 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 11 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Inspired Entertainment, Inc. (a) | 756 | $ 11,121 |
| International Game Technology PLC | 3,786 | 120,735 |
| Las Vegas Sands Corp. (a) | 4,159 | 241,222 |
| Light & Wonder, Inc. (a) | 3,185 | 219,001 |
| MGM Resorts International | 3,900 | 171,288 |
| Monarch Casino & Resort, Inc. | 471 | 33,182 |
| Penn Entertainment, Inc. (a) | 1,700 | 40,851 |
| PlayAGS, Inc. (a) | 1,287 | 7,272 |
| Red Rock Resorts, Inc., Class A | 1,740 | 81,397 |
| Rush Street Interactive, Inc. (a) | 3,062 | 9,553 |
| Wynn Resorts Ltd. | 1,370 | 144,686 |
| | | 1,623,461 |
| Coal & Consumable Fuels - 0.0%* |
| Arch Resources, Inc. | 638 | 71,941 |
| Centrus Energy Corp., Class A (a) | 490 | 15,954 |
| CONSOL Energy, Inc. | 1,195 | 81,033 |
| Energy Fuels, Inc. (a) | 5,571 | 34,763 |
| Enviva, Inc. | 1,091 | 11,837 |
| Hallador Energy Co. (a) | 796 | 6,822 |
| NACCO Industries, Inc., Class A | 210 | 7,279 |
| Peabody Energy Corp. | 4,345 | 94,113 |
| Uranium Energy Corp. (a) | 12,731 | 43,285 |
| | | 367,027 |
| Commercial & Residential Mortgage Finance - 0.1% |
| Enact Holdings, Inc. | 981 | 24,652 |
| Essent Group Ltd. | 3,705 | 173,394 |
| Federal Agricultural Mortgage Corp., Class C | 321 | 46,141 |
| Finance of America Cos., Inc., Class A (a) | 887 | 1,694 |
| Merchants Bancorp | 501 | 12,816 |
| MGIC Investment Corp. | 3,500 | 55,265 |
| Mr Cooper Group, Inc. (a) | 2,324 | 117,687 |
| NMI Holdings, Inc., Class A (a) | 2,862 | 73,897 |
| Ocwen Financial Corp. (a) | 224 | 6,713 |
| PennyMac Financial Services, Inc. | 936 | 65,810 |
| Radian Group, Inc. | 5,442 | 137,574 |
| Security National Financial Corp., Class A (a) | 415 | 3,681 |
| Velocity Financial, Inc. (a) | 218 | 2,514 |
| Walker & Dunlop, Inc. | 1,109 | 87,711 |
| Waterstone Financial, Inc. | 919 | 13,316 |
| | | 822,865 |
| Commercial Printing - 0.0%* |
| Deluxe Corp. | 1,410 | 24,647 |
| | Number
of Shares | Fair
Value |
| Ennis, Inc. | 820 | $ 16,711 |
| Quad/Graphics, Inc. (a) | 943 | 3,546 |
| | | 44,904 |
| Commodity Chemicals - 0.1% |
| AdvanSix, Inc. | 881 | 30,817 |
| Cabot Corp. | 1,918 | 128,295 |
| Core Molding Technologies, Inc. (a) | 270 | 6,143 |
| Dow, Inc. | 7,986 | 425,334 |
| Hawkins, Inc. | 692 | 33,002 |
| Koppers Holdings, Inc. | 662 | 22,574 |
| Kronos Worldwide, Inc. | 1,114 | 9,725 |
| LyondellBasell Industries NV, Class A | 3,134 | 287,795 |
| Mativ Holdings, Inc. | 1,798 | 27,186 |
| Olin Corp. | 1,390 | 71,432 |
| Origin Materials, Inc. (a) | 3,346 | 14,254 |
| PureCycle Technologies, Inc. (a) | 4,049 | 43,284 |
| Trinseo PLC | 1,143 | 14,482 |
| Tronox Holdings PLC | 4,117 | 52,327 |
| Westlake Corp. | 500 | 59,735 |
| | | 1,226,385 |
| Communications Equipment - 0.3% |
| ADTRAN Holdings, Inc. | 2,730 | 28,747 |
| Arista Networks, Inc. (a) | 3,053 | 494,769 |
| Aviat Networks, Inc. (a) | 355 | 11,846 |
| Calix, Inc. (a) | 2,056 | 102,615 |
| Cambium Networks Corp. (a) | 575 | 8,751 |
| Ciena Corp. (a) | 1,879 | 79,839 |
| Cisco Systems, Inc. | 48,956 | 2,532,983 |
| Clearfield, Inc. (a) | 476 | 22,539 |
| CommScope Holding Co., Inc. (a) | 7,252 | 40,829 |
| Comtech Telecommunications Corp. | 1,246 | 11,388 |
| Digi International, Inc. (a) | 1,230 | 48,450 |
| DZS, Inc. (a) | 1,034 | 4,105 |
| Extreme Networks, Inc. (a) | 4,395 | 114,490 |
| F5, Inc. (a) | 700 | 102,382 |
| Harmonic, Inc. (a) | 3,839 | 62,077 |
| Infinera Corp. (a) | 6,953 | 33,583 |
| Juniper Networks, Inc. | 4,155 | 130,176 |
| KVH Industries, Inc. (a) | 654 | 5,977 |
| Lumentum Holdings, Inc. (a) | 800 | 45,384 |
| Motorola Solutions, Inc. | 2,029 | 595,065 |
| NETGEAR, Inc. (a) | 912 | 12,914 |
| NetScout Systems, Inc. (a) | 2,364 | 73,166 |
| Ribbon Communications, Inc. (a) | 3,535 | 9,863 |
| Viasat, Inc. (a) | 700 | 28,882 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 12 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Viavi Solutions, Inc. (a) | 7,823 | $ 88,635 |
| | | 4,689,455 |
| Computer & Electronics Retail - 0.0%* |
| Best Buy Co., Inc. | 2,538 | 207,989 |
| GameStop Corp., Class A (a) | 3,700 | 89,725 |
| Upbound Group, Inc. | 1,922 | 59,832 |
| | | 357,546 |
| Construction & Engineering - 0.2% |
| AECOM | 1,600 | 135,504 |
| Ameresco, Inc., Class A (a) | 1,119 | 54,417 |
| API Group Corp. (a) | 7,358 | 200,579 |
| Arcosa, Inc. | 1,706 | 129,264 |
| Argan, Inc. | 412 | 16,237 |
| Bowman Consulting Group Ltd. (a) | 350 | 11,158 |
| Comfort Systems USA, Inc. | 1,241 | 203,772 |
| Concrete Pumping Holdings, Inc. (a) | 1,296 | 10,407 |
| Construction Partners, Inc., Class A (a) | 1,408 | 44,197 |
| Dycom Industries, Inc. (a) | 1,018 | 115,696 |
| EMCOR Group, Inc. | 400 | 73,912 |
| Fluor Corp. (a) | 4,992 | 147,763 |
| Granite Construction, Inc. | 1,546 | 61,500 |
| Great Lakes Dredge & Dock Corp. (a) | 2,065 | 16,850 |
| IES Holdings, Inc. (a) | 269 | 15,301 |
| INNOVATE Corp. (a) | 1,600 | 2,800 |
| Limbach Holdings, Inc. (a) | 321 | 7,938 |
| MasTec, Inc. (a) | 800 | 94,376 |
| MDU Resources Group, Inc. | 2,200 | 46,068 |
| MYR Group, Inc. (a) | 571 | 78,992 |
| Northwest Pipe Co. (a) | 453 | 13,699 |
| Primoris Services Corp. | 1,866 | 56,857 |
| Quanta Services, Inc. | 1,738 | 341,430 |
| Sterling Infrastructure, Inc. (a) | 1,030 | 57,474 |
| Tutor Perini Corp. (a) | 2,057 | 14,708 |
| Valmont Industries, Inc. | 239 | 69,561 |
| WillScot Mobile Mini Holdings Corp. (a) | 2,500 | 119,475 |
| | | 2,139,935 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Alamo Group, Inc. | 351 | 64,552 |
| Allison Transmission Holdings, Inc. | 1,100 | 62,106 |
| Astec Industries, Inc. | 817 | 37,124 |
| Blue Bird Corp. (a) | 548 | 12,319 |
| Caterpillar, Inc. | 6,115 | 1,504,596 |
| Commercial Vehicle Group, Inc. (a) | 1,119 | 12,421 |
| Cummins, Inc. | 1,758 | 430,991 |
| | Number
of Shares | Fair
Value |
| Douglas Dynamics, Inc. | 732 | $ 21,872 |
| Federal Signal Corp. | 2,103 | 134,655 |
| Greenbrier Cos., Inc. | 1,125 | 48,487 |
| Hyliion Holdings Corp. (a) | 5,974 | 9,977 |
| Manitowoc Co., Inc. (a) | 1,119 | 21,071 |
| Microvast Holdings, Inc. (a) | 3,663 | 5,861 |
| Miller Industries, Inc. | 352 | 12,485 |
| Nikola Corp. (a) | 20,690 | 28,552 |
| Oshkosh Corp. | 900 | 77,931 |
| PACCAR, Inc. | 6,305 | 527,413 |
| Proterra, Inc. (a) | 10,104 | 12,125 |
| REV Group, Inc. | 1,041 | 13,804 |
| Shyft Group, Inc. | 1,129 | 24,906 |
| Terex Corp. | 2,347 | 140,421 |
| Trinity Industries, Inc. | 2,867 | 73,711 |
| Wabash National Corp. | 1,690 | 43,332 |
| Westinghouse Air Brake Technologies Corp. | 2,241 | 245,770 |
| | | 3,566,482 |
| Construction Materials - 0.1% |
| Eagle Materials, Inc. | 400 | 74,568 |
| Holcim AG (a) | 8,412 | 567,283 |
| James Hardie Industries PLC (a) | 6,608 | 176,142 |
| Knife River Corp. (a) | 1,776 | 77,256 |
| Martin Marietta Materials, Inc. | 767 | 354,116 |
| Summit Materials, Inc., Class A (a) | 4,181 | 158,251 |
| U.S. Lime & Minerals, Inc. | 63 | 13,160 |
| Vulcan Materials Co. | 1,631 | 367,693 |
| | | 1,788,469 |
| Consumer Electronics - 0.0%* |
| Garmin Ltd. | 1,848 | 192,728 |
| GoPro, Inc., Class A (a) | 4,189 | 17,343 |
| Snap One Holdings Corp. (a) | 920 | 10,718 |
| Sonos, Inc. (a) | 4,386 | 71,623 |
| Vizio Holding Corp., Class A (a) | 2,643 | 17,840 |
| VOXX International Corp. (a) | 484 | 6,040 |
| | | 316,292 |
| Consumer Finance - 0.2% |
| Ally Financial, Inc. | 3,427 | 92,563 |
| American Express Co. | 7,057 | 1,229,329 |
| Atlanticus Holdings Corp. (a) | 130 | 5,461 |
| Bread Financial Holdings, Inc. | 1,760 | 55,246 |
| Capital One Financial Corp. | 4,310 | 471,385 |
| Consumer Portfolio Services, Inc. (a) | 417 | 4,866 |
| Credit Acceptance Corp. (a) | 81 | 41,142 |
| Discover Financial Services | 3,075 | 359,314 |
| Encore Capital Group, Inc. (a) | 825 | 40,111 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 13 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Enova International, Inc. (a) | 1,083 | $ 57,529 |
| FirstCash Holdings, Inc. | 1,302 | 121,516 |
| Green Dot Corp., Class A (a) | 1,539 | 28,841 |
| LendingClub Corp. (a) | 3,770 | 36,758 |
| LendingTree, Inc. (a) | 490 | 10,834 |
| Navient Corp. | 3,227 | 59,958 |
| Nelnet, Inc., Class A | 512 | 49,398 |
| NerdWallet, Inc., Class A (a) | 1,193 | 11,226 |
| OneMain Holdings, Inc. | 1,500 | 65,535 |
| PRA Group, Inc. (a) | 1,279 | 29,225 |
| PROG Holdings, Inc. (a) | 1,615 | 51,874 |
| Regional Management Corp. | 380 | 11,590 |
| SLM Corp. | 3,000 | 48,960 |
| SoFi Technologies, Inc. (a) | 11,400 | 95,076 |
| Synchrony Financial | 5,442 | 184,593 |
| Upstart Holdings, Inc. (a) | 2,513 | 89,991 |
| World Acceptance Corp. (a) | 130 | 17,421 |
| | | 3,269,742 |
| Consumer Staples Merchandise Retail - 0.5% |
| BJ's Wholesale Club Holdings, Inc. (a) | 1,700 | 107,117 |
| Costco Wholesale Corp. | 5,275 | 2,839,954 |
| Dollar General Corp. | 2,637 | 447,710 |
| Dollar Tree, Inc. (a) | 2,326 | 333,781 |
| PriceSmart, Inc. | 896 | 66,358 |
| Target Corp. | 5,374 | 708,831 |
| Walmart, Inc. | 16,908 | 2,657,599 |
| | | 7,161,350 |
| Copper - 0.0%* |
| Freeport-McMoRan, Inc. | 16,498 | 659,920 |
| Data Center REITs - 0.1% |
| Digital Realty Trust, Inc. | 3,321 | 378,162 |
| Equinix, Inc. | 1,118 | 876,445 |
| | | 1,254,607 |
| Data Processing & Outsourced Services - 0.1% |
| Broadridge Financial Solutions, Inc. | 1,447 | 239,667 |
| Concentrix Corp. | 452 | 36,499 |
| Conduent, Inc. (a) | 5,498 | 18,693 |
| CSG Systems International, Inc. | 1,090 | 57,487 |
| ExlService Holdings, Inc. (a) | 1,135 | 171,453 |
| Genpact Ltd. | 2,200 | 82,654 |
| IBEX Holdings Ltd. (a) | 428 | 9,086 |
| Maximus, Inc. | 2,122 | 179,330 |
| SS&C Technologies Holdings, Inc. | 2,800 | 169,680 |
| TTEC Holdings, Inc. | 680 | 23,011 |
| Verra Mobility Corp. (a) | 4,875 | 96,135 |
| | | 1,083,695 |
| | Number
of Shares | Fair
Value |
| Distillers & Vintners - 0.1% |
| Brown-Forman Corp., Class B | 2,335 | $ 155,931 |
| Brown-Forman Corp., Class A | 600 | 40,842 |
| Constellation Brands, Inc., Class A | 1,708 | 420,390 |
| Duckhorn Portfolio, Inc. (a) | 1,536 | 19,922 |
| MGP Ingredients, Inc. | 553 | 58,773 |
| | | 695,858 |
| Distributors - 0.0%* |
| Genuine Parts Co. | 1,700 | 287,691 |
| LKQ Corp. | 3,146 | 183,317 |
| Pool Corp. | 423 | 158,473 |
| Weyco Group, Inc. | 307 | 8,194 |
| | | 637,675 |
| Diversified Banks - 0.9% |
| Bank of America Corp. | 82,551 | 2,368,388 |
| Citigroup, Inc. | 22,752 | 1,047,502 |
| JPMorgan Chase & Co. | 34,741 | 5,052,731 |
| KeyCorp | 11,751 | 108,579 |
| PNC Financial Services Group, Inc. | 4,615 | 581,260 |
| U.S. Bancorp | 17,500 | 578,200 |
| Wells Fargo & Co. | 45,159 | 1,927,386 |
| | | 11,664,046 |
| Diversified Capital Markets - 0.0%* |
| Forge Global Holdings, Inc. (a) | 3,829 | 9,304 |
| Diversified Chemicals - 0.0%* |
| Chemours Co. | 2,100 | 77,469 |
| Huntsman Corp. | 1,911 | 51,635 |
| LSB Industries, Inc. (a) | 1,916 | 18,873 |
| | | 147,977 |
| Diversified Financial Services - 0.1% |
| Alerus Financial Corp. | 744 | 13,377 |
| Apollo Global Management, Inc. | 5,854 | 449,646 |
| Equitable Holdings, Inc. | 4,700 | 127,652 |
| Jackson Financial, Inc., Class A | 2,838 | 86,871 |
| NewtekOne, Inc. | 812 | 12,911 |
| Voya Financial, Inc. | 1,100 | 78,881 |
| | | 769,338 |
| Diversified Metals & Mining - 0.0%* |
| 5E Advanced Materials, Inc. (a) | 1,943 | 6,373 |
| Compass Minerals International, Inc. | 1,220 | 41,480 |
| Contango ORE, Inc. (a) | 130 | 3,312 |
| Ferroglobe PLC (a)(c)** | 1,316 | — |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 14 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Ivanhoe Electric, Inc. (a) | 1,945 | $ 25,363 |
| Materion Corp. | 711 | 81,196 |
| MP Materials Corp. (a) | 800 | 18,304 |
| Piedmont Lithium, Inc. (a) | 619 | 35,723 |
| | | 211,751 |
| Diversified Real Estate Activities - 0.0%* |
| RMR Group, Inc., Class A | 485 | 11,238 |
| St. Joe Co. | 1,209 | 58,443 |
| Tejon Ranch Co. (a) | 658 | 11,324 |
| | | 81,005 |
| Diversified REITs - 0.0%* |
| Alexander & Baldwin, Inc. | 2,551 | 47,398 |
| Alpine Income Property Trust, Inc. | 454 | 7,378 |
| American Assets Trust, Inc. | 1,621 | 31,123 |
| Armada Hoffler Properties, Inc. | 2,197 | 25,661 |
| Broadstone Net Lease, Inc. | 6,556 | 101,225 |
| CTO Realty Growth, Inc. | 959 | 16,437 |
| Empire State Realty Trust, Inc., Class A | 4,359 | 32,649 |
| Essential Properties Realty Trust, Inc. | 5,189 | 122,149 |
| Gladstone Commercial Corp. | 1,258 | 15,562 |
| Global Net Lease, Inc. | 3,723 | 38,272 |
| NexPoint Diversified Real Estate Trust | 1,070 | 13,396 |
| One Liberty Properties, Inc. | 516 | 10,485 |
| Star Holdings (a) | 599 | 8,787 |
| WP Carey, Inc. | 2,531 | 170,994 |
| | | 641,516 |
| Diversified Support Services - 0.1% |
| ACV Auctions, Inc., Class A (a) | 4,430 | 76,506 |
| Aurora Innovation, Inc. (a) | 10,599 | 31,161 |
| Cintas Corp. | 1,043 | 518,454 |
| Copart, Inc. (a) | 5,248 | 478,670 |
| Healthcare Services Group, Inc. | 2,650 | 39,565 |
| Liquidity Services, Inc. (a) | 1,062 | 17,523 |
| Matthews International Corp., Class A | 1,057 | 45,049 |
| OPENLANE, Inc. (a) | 3,775 | 57,455 |
| Performant Financial Corp. (a) | 2,345 | 6,332 |
| UniFirst Corp. | 513 | 79,520 |
| Viad Corp. (a) | 644 | 17,311 |
| VSE Corp. | 340 | 18,595 |
| | | 1,386,141 |
| Drug Retail - 0.0%* |
| Walgreens Boots Alliance, Inc. | 8,976 | 255,726 |
| | Number
of Shares | Fair
Value |
| Education Services - 0.1% |
| 2U, Inc. (a) | 2,439 | $ 9,829 |
| Adtalem Global Education, Inc. (a) | 1,565 | 53,742 |
| Bright Horizons Family Solutions, Inc. (a) | 491 | 45,393 |
| Chegg, Inc. (a) | 4,147 | 36,825 |
| Coursera, Inc. (a) | 4,539 | 59,098 |
| Duolingo, Inc. (a) | 1,000 | 142,940 |
| Graham Holdings Co., Class B | 128 | 73,149 |
| Grand Canyon Education, Inc. (a) | 300 | 30,963 |
| Laureate Education, Inc. | 4,698 | 56,799 |
| Lincoln Educational Services Corp. (a) | 825 | 5,561 |
| Nerdy, Inc. (a) | 2,782 | 11,601 |
| Perdoceo Education Corp. (a) | 2,210 | 27,117 |
| Strategic Education, Inc. | 792 | 53,729 |
| Stride, Inc. (a) | 1,467 | 54,616 |
| Udemy, Inc. (a) | 2,990 | 32,083 |
| Universal Technical Institute, Inc. (a) | 1,648 | 11,388 |
| | | 704,833 |
| Electric Utilities - 0.6% |
| ALLETE, Inc. | 2,023 | 117,273 |
| Alliant Energy Corp. | 3,156 | 165,627 |
| American Electric Power Company, Inc. | 5,888 | 495,770 |
| Avangrid, Inc. | 898 | 33,837 |
| Constellation Energy Corp. | 3,807 | 348,531 |
| Duke Energy Corp. | 8,988 | 806,583 |
| Edison International | 4,711 | 327,179 |
| Entergy Corp. | 2,584 | 251,604 |
| Evergy, Inc. | 2,787 | 162,817 |
| Eversource Energy | 4,314 | 305,949 |
| Exelon Corp. | 11,388 | 463,947 |
| FirstEnergy Corp. | 6,828 | 265,473 |
| Genie Energy Ltd., Class B | 689 | 9,742 |
| Hawaiian Electric Industries, Inc. | 1,100 | 39,820 |
| IDACORP, Inc. | 700 | 71,820 |
| MGE Energy, Inc. | 1,289 | 101,973 |
| NextEra Energy, Inc. | 23,757 | 1,762,769 |
| NRG Energy, Inc. | 2,461 | 92,017 |
| OGE Energy Corp. | 2,650 | 95,161 |
| Otter Tail Corp. | 1,445 | 114,097 |
| PG&E Corp. (a) | 20,500 | 354,240 |
| Pinnacle West Capital Corp. | 1,484 | 120,887 |
| PNM Resources, Inc. | 3,001 | 135,345 |
| Portland General Electric Co. | 3,387 | 158,613 |
| PPL Corp. | 9,200 | 243,432 |
| Southern Co. | 12,785 | 898,146 |
| Xcel Energy, Inc. | 6,773 | 421,077 |
| | | 8,363,729 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 15 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Electrical Components & Equipment - 0.4% |
| Acuity Brands, Inc. | 400 | $ 65,232 |
| Allied Motion Technologies, Inc. | 485 | 19,371 |
| AMETEK, Inc. | 2,827 | 457,635 |
| Array Technologies, Inc. (a) | 5,220 | 117,972 |
| Atkore, Inc. (a) | 1,380 | 215,197 |
| Blink Charging Co. (a) | 1,834 | 10,986 |
| ChargePoint Holdings, Inc. (a) | 2,400 | 21,096 |
| Eaton Corp. PLC | 4,618 | 928,680 |
| Emerson Electric Co. | 6,529 | 590,156 |
| Encore Wire Corp. | 584 | 108,583 |
| EnerSys | 1,439 | 156,160 |
| Enovix Corp. (a) | 4,773 | 86,105 |
| Eos Energy Enterprises, Inc. (a) | 3,750 | 16,275 |
| ESS Tech, Inc. (a) | 2,528 | 3,716 |
| Fluence Energy, Inc. (a) | 1,314 | 35,005 |
| FTC Solar, Inc. (a) | 2,225 | 7,165 |
| FuelCell Energy, Inc. (a) | 14,617 | 31,573 |
| Generac Holdings, Inc. (a) | 798 | 119,006 |
| GrafTech International Ltd. | 6,383 | 32,170 |
| Hubbell, Inc. | 600 | 198,936 |
| LSI Industries, Inc. | 912 | 11,455 |
| NEXTracker, Inc., Class A (a) | 1,088 | 43,313 |
| nVent Electric PLC | 2,100 | 108,507 |
| Plug Power, Inc. (a) | 7,200 | 74,808 |
| Powell Industries, Inc. | 289 | 17,511 |
| Preformed Line Products Co. | 78 | 12,176 |
| Regal Rexnord Corp. | 867 | 133,431 |
| Rockwell Automation, Inc. | 1,422 | 468,478 |
| Schneider Electric SE | 8,218 | 1,492,745 |
| Sensata Technologies Holding PLC | 1,800 | 80,982 |
| SES AI Corp. (a) | 4,351 | 10,616 |
| Shoals Technologies Group, Inc., Class A (a) | 5,979 | 152,823 |
| SKYX Platforms Corp. (a) | 1,981 | 5,269 |
| Stem, Inc. (a) | 4,705 | 26,913 |
| SunPower Corp. (a) | 3,044 | 29,831 |
| Sunrun, Inc. (a) | 2,300 | 41,078 |
| Thermon Group Holdings, Inc. (a) | 1,170 | 31,122 |
| Vertiv Holdings Co. | 3,500 | 86,695 |
| Vicor Corp. (a) | 777 | 41,958 |
| | | 6,090,730 |
| Electronic Components - 0.1% |
| Akoustis Technologies, Inc. (a) | 3,351 | 10,656 |
| Amphenol Corp., Class A | 6,699 | 569,080 |
| Bel Fuse, Inc., Class B | 365 | 20,955 |
| Belden, Inc. | 1,469 | 140,510 |
| Coherent Corp. (a) | 1,373 | 69,995 |
| Corning, Inc. | 9,217 | 322,964 |
| | Number
of Shares | Fair
Value |
| Knowles Corp. (a) | 3,143 | $ 56,763 |
| Lightwave Logic, Inc. (a) | 4,024 | 28,047 |
| Littelfuse, Inc. | 300 | 87,393 |
| Rogers Corp. (a) | 604 | 97,806 |
| Vishay Intertechnology, Inc. | 4,560 | 134,064 |
| | | 1,538,233 |
| Electronic Equipment & Instruments - 0.2% |
| 908 Devices, Inc. (a) | 724 | 4,967 |
| Advanced Energy Industries, Inc. | 1,300 | 144,885 |
| Aeva Technologies, Inc. (a) | 3,153 | 3,941 |
| Arlo Technologies, Inc. (a) | 3,094 | 33,755 |
| Badger Meter, Inc. | 1,030 | 151,987 |
| Cognex Corp. | 2,200 | 123,244 |
| Daktronics, Inc. (a) | 1,361 | 8,710 |
| Evolv Technologies Holdings, Inc. (a) | 4,131 | 24,786 |
| FARO Technologies, Inc. (a) | 603 | 9,769 |
| Iteris, Inc. (a) | 1,489 | 5,896 |
| Itron, Inc. (a) | 1,590 | 114,639 |
| Keysight Technologies, Inc. (a) | 1,973 | 330,379 |
| Luna Innovations, Inc. (a) | 1,119 | 10,205 |
| MicroVision, Inc. (a) | 5,922 | 27,123 |
| Mirion Technologies, Inc. (a) | 6,985 | 59,023 |
| Napco Security Technologies, Inc. | 1,111 | 38,496 |
| National Instruments Corp. | 1,700 | 97,580 |
| nLight, Inc. (a) | 1,414 | 21,804 |
| Novanta, Inc. (a) | 1,253 | 230,677 |
| OSI Systems, Inc. (a) | 558 | 65,749 |
| PAR Technology Corp. (a) | 949 | 31,251 |
| SmartRent, Inc. (a) | 6,423 | 24,600 |
| Teledyne Technologies, Inc. (a) | 505 | 207,611 |
| Tingo Group, Inc. (a) | 4,255 | 5,149 |
| Trimble, Inc. (a) | 3,132 | 165,808 |
| Vishay Precision Group, Inc. (a) | 400 | 14,860 |
| Vontier Corp. | 1,699 | 54,725 |
| Vuzix Corp. (a) | 2,057 | 10,491 |
| Zebra Technologies Corp., Class A (a) | 659 | 194,952 |
| | | 2,217,062 |
| Electronic Manufacturing Services - 0.0%* |
| Benchmark Electronics, Inc. | 1,238 | 31,978 |
| CTS Corp. | 1,116 | 47,575 |
| IPG Photonics Corp. (a) | 500 | 67,910 |
| Jabil, Inc. | 1,614 | 174,199 |
| Kimball Electronics, Inc. (a) | 774 | 21,386 |
| Methode Electronics, Inc. | 1,243 | 41,665 |
| Plexus Corp. (a) | 955 | 93,819 |
| Sanmina Corp. (a) | 2,018 | 121,625 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 16 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| TTM Technologies, Inc. (a) | 3,569 | $ 49,609 |
| | | 649,766 |
| Environmental & Facilities Services - 0.2% |
| ABM Industries, Inc. | 2,279 | 97,199 |
| Aris Water Solutions, Inc., Class A | 1,117 | 11,527 |
| BrightView Holdings, Inc. (a) | 2,021 | 14,511 |
| Casella Waste Systems, Inc., Class A (a) | 1,932 | 174,749 |
| CECO Environmental Corp. (a) | 1,035 | 13,828 |
| Clean Harbors, Inc. (a) | 600 | 98,658 |
| Enviri Corp. (a) | 2,761 | 27,251 |
| Heritage-Crystal Clean, Inc. (a) | 507 | 19,160 |
| LanzaTech Global, Inc. (a) | 719 | 4,911 |
| Montrose Environmental Group, Inc. (a) | 977 | 41,151 |
| Republic Services, Inc. | 2,490 | 381,393 |
| Rollins, Inc. | 2,978 | 127,548 |
| SP Plus Corp. (a) | 655 | 25,617 |
| Stericycle, Inc. (a) | 1,400 | 65,016 |
| Tetra Tech, Inc. | 700 | 114,618 |
| Waste Management, Inc. | 4,809 | 833,977 |
| | | 2,051,114 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| American Vanguard Corp. | 909 | 16,244 |
| CF Industries Holdings, Inc. | 2,382 | 165,358 |
| Corteva, Inc. | 8,202 | 469,975 |
| FMC Corp. | 1,464 | 152,754 |
| Intrepid Potash, Inc. (a) | 518 | 11,753 |
| Mosaic Co. | 3,947 | 138,145 |
| Scotts Miracle-Gro Co. | 462 | 28,963 |
| | | 983,192 |
| Financial Exchanges & Data - 0.4% |
| Bakkt Holdings, Inc. (a) | 1,663 | 2,045 |
| Cboe Global Markets, Inc. | 1,252 | 172,789 |
| CME Group, Inc. | 4,222 | 782,294 |
| Coinbase Global, Inc., Class A (a) | 2,000 | 143,100 |
| Donnelley Financial Solutions, Inc. (a) | 902 | 41,068 |
| FactSet Research Systems, Inc. | 415 | 166,270 |
| Intercontinental Exchange, Inc. | 6,420 | 725,974 |
| MarketAxess Holdings, Inc. | 422 | 110,319 |
| MarketWise, Inc. | 991 | 1,982 |
| Moody's Corp. | 1,938 | 673,881 |
| Morningstar, Inc. | 300 | 58,821 |
| MSCI, Inc. | 957 | 449,111 |
| Nasdaq, Inc. | 4,238 | 211,264 |
| | Number
of Shares | Fair
Value |
| Open Lending Corp., Class A (a) | 3,733 | $ 39,234 |
| S&P Global, Inc. | 3,836 | 1,537,814 |
| Tradeweb Markets, Inc., Class A | 1,273 | 87,175 |
| Value Line, Inc. | 20 | 918 |
| | | 5,204,059 |
| Food Distributors - 0.1% |
| Andersons, Inc. | 1,129 | 52,103 |
| Chefs' Warehouse, Inc. (a) | 1,218 | 43,556 |
| HF Foods Group, Inc. (a) | 1,972 | 9,249 |
| Performance Food Group Co. (a) | 1,900 | 114,456 |
| SpartanNash Co. | 1,144 | 25,751 |
| Sysco Corp. | 6,218 | 461,376 |
| U.S. Foods Holding Corp. (a) | 2,700 | 118,800 |
| United Natural Foods, Inc. (a) | 2,085 | 40,762 |
| | | 866,053 |
| Food Retail - 0.1% |
| Albertsons Cos., Inc., Class A | 3,800 | 82,916 |
| Casey's General Stores, Inc. | 478 | 116,575 |
| Grocery Outlet Holding Corp. (a) | 900 | 27,549 |
| Ingles Markets, Inc., Class A | 506 | 41,821 |
| Kroger Co. | 7,939 | 373,133 |
| Natural Grocers by Vitamin Cottage, Inc., Class C | 425 | 5,211 |
| Sprouts Farmers Market, Inc. (a) | 3,663 | 134,542 |
| Village Super Market, Inc., Class A | 426 | 9,721 |
| Weis Markets, Inc. | 577 | 37,049 |
| | | 828,517 |
| Footwear - 0.2% |
| Allbirds, Inc., Class A (a) | 3,139 | 3,955 |
| Crocs, Inc. (a) | 500 | 56,220 |
| Deckers Outdoor Corp. (a) | 300 | 158,298 |
| NIKE, Inc., Class B | 14,371 | 1,586,127 |
| Rocky Brands, Inc. | 354 | 7,434 |
| Skechers USA, Inc., Class A (a) | 1,800 | 94,788 |
| Steven Madden Ltd. | 2,639 | 86,269 |
| Wolverine World Wide, Inc. | 2,764 | 40,603 |
| | | 2,033,694 |
| Forest Products - 0.0%* |
| Louisiana-Pacific Corp. | 1,100 | 82,478 |
| Gas Utilities - 0.1% |
| Atmos Energy Corp. | 1,734 | 201,734 |
| Chesapeake Utilities Corp. | 606 | 72,114 |
| National Fuel Gas Co. | 900 | 46,224 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 17 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| New Jersey Resources Corp. | 3,374 | $ 159,253 |
| Northwest Natural Holding Co. | 1,211 | 52,133 |
| ONE Gas, Inc. | 1,925 | 147,859 |
| RGC Resources, Inc. | 279 | 5,588 |
| Southwest Gas Holdings, Inc. | 2,154 | 137,102 |
| Spire, Inc. | 1,804 | 114,446 |
| UGI Corp. | 2,800 | 75,516 |
| | | 1,011,969 |
| Gold - 0.0%* |
| Coeur Mining, Inc. (a) | 11,141 | 31,641 |
| Dakota Gold Corp. (a) | 2,650 | 7,738 |
| Newmont Corp. | 9,117 | 388,931 |
| Perpetua Resources Corp. (a) | 1,316 | 4,830 |
| Royal Gold, Inc. | 763 | 87,577 |
| | | 520,717 |
| Health Care REITs - 0.1% |
| CareTrust REIT, Inc. | 3,452 | 68,557 |
| Community Healthcare Trust, Inc. | 890 | 29,388 |
| Diversified Healthcare Trust | 8,330 | 18,742 |
| Global Medical REIT, Inc. | 1,975 | 18,032 |
| Healthcare Realty Trust, Inc. | 4,800 | 90,528 |
| Healthpeak Properties, Inc. | 7,136 | 143,434 |
| LTC Properties, Inc. | 1,418 | 46,822 |
| Medical Properties Trust, Inc. | 7,100 | 65,746 |
| National Health Investors, Inc. | 1,455 | 76,271 |
| Omega Healthcare Investors, Inc. | 3,100 | 95,139 |
| Physicians Realty Trust | 8,300 | 116,117 |
| Sabra Health Care REIT, Inc. | 8,102 | 95,361 |
| Universal Health Realty Income Trust | 416 | 19,793 |
| Ventas, Inc. | 4,738 | 223,965 |
| Welltower, Inc. | 5,614 | 454,116 |
| | | 1,562,011 |
| Healthcare Distributors - 0.1% |
| AdaptHealth Corp. (a) | 2,576 | 31,350 |
| AmerisourceBergen Corp. | 1,908 | 367,156 |
| Cardinal Health, Inc. | 3,245 | 306,880 |
| Henry Schein, Inc. (a) | 1,672 | 135,599 |
| McKesson Corp. | 1,621 | 692,670 |
| Owens & Minor, Inc. (a) | 2,586 | 49,237 |
| Patterson Cos., Inc. | 3,071 | 102,142 |
| PetIQ, Inc. (a) | 1,179 | 17,885 |
| | | 1,702,919 |
| Healthcare Equipment - 1.1% |
| Abbott Laboratories | 20,532 | 2,238,399 |
| Accuray, Inc. (a) | 3,250 | 12,578 |
| Alphatec Holdings, Inc. (a) | 2,582 | 46,424 |
| AngioDynamics, Inc. (a) | 1,618 | 16,876 |
| | Number
of Shares | Fair
Value |
| Artivion, Inc. (a) | 1,427 | $ 24,530 |
| AtriCure, Inc. (a) | 1,629 | 80,407 |
| Axogen, Inc. (a) | 1,763 | 16,096 |
| Axonics, Inc. (a) | 1,684 | 84,991 |
| Baxter International, Inc. | 6,317 | 287,803 |
| Becton Dickinson & Co. | 3,345 | 883,113 |
| Beyond Air, Inc. (a) | 893 | 3,804 |
| Boston Scientific Corp. (a) | 16,867 | 912,336 |
| Butterfly Network, Inc. (a) | 4,184 | 9,623 |
| ClearPoint Neuro, Inc. (a) | 799 | 5,785 |
| CONMED Corp. | 1,069 | 145,266 |
| Cutera, Inc. (a) | 758 | 11,469 |
| CVRx, Inc. (a) | 388 | 5,991 |
| Dexcom, Inc. (a) | 4,500 | 578,295 |
| Edwards Lifesciences Corp. (a) | 7,271 | 685,873 |
| Enovis Corp. (a) | 633 | 40,588 |
| Envista Holdings Corp. (a) | 1,900 | 64,296 |
| GE HealthCare Technologies, Inc. | 4,549 | 369,561 |
| Glaukos Corp. (a) | 1,634 | 116,357 |
| Globus Medical, Inc., Class A (a) | 800 | 47,632 |
| Hologic, Inc. (a) | 3,000 | 242,910 |
| IDEXX Laboratories, Inc. (a) | 1,004 | 504,239 |
| Inari Medical, Inc. (a) | 1,806 | 105,001 |
| Inmode Ltd. (a) | 2,700 | 100,845 |
| Inogen, Inc. (a) | 716 | 8,270 |
| Inspire Medical Systems, Inc. (a) | 265 | 86,030 |
| Insulet Corp. (a) | 868 | 250,279 |
| Integer Holdings Corp. (a) | 1,162 | 102,965 |
| Integra LifeSciences Holdings Corp. (a) | 900 | 37,017 |
| Intuitive Surgical, Inc. (a) | 4,156 | 1,421,103 |
| iRadimed Corp. | 221 | 10,551 |
| iRhythm Technologies, Inc. (a) | 1,069 | 111,518 |
| KORU Medical Systems, Inc. (a) | 1,218 | 4,202 |
| LeMaitre Vascular, Inc. | 683 | 45,952 |
| LivaNova PLC (a) | 1,898 | 97,614 |
| Masimo Corp. (a) | 576 | 94,781 |
| Medtronic PLC | 15,932 | 1,403,609 |
| Nevro Corp. (a) | 1,242 | 31,572 |
| Novocure Ltd. (a) | 1,400 | 58,100 |
| NuVasive, Inc. (a) | 1,822 | 75,777 |
| Omnicell, Inc. (a) | 1,567 | 115,441 |
| Orthofix Medical, Inc. (a) | 1,230 | 22,214 |
| Outset Medical, Inc. (a) | 1,726 | 37,748 |
| Paragon 28, Inc. (a) | 1,600 | 28,384 |
| Penumbra, Inc. (a) | 400 | 137,624 |
| PROCEPT BioRobotics Corp. (a) | 1,258 | 44,470 |
| Pulmonx Corp. (a) | 1,278 | 16,755 |
| Pulse Biosciences, Inc. (a) | 563 | 4,048 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 18 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| QuidelOrtho Corp. (a) | 600 | $ 49,716 |
| ResMed, Inc. | 1,759 | 384,341 |
| Semler Scientific, Inc. (a) | 174 | 4,566 |
| Shockwave Medical, Inc. (a) | 300 | 85,623 |
| SI-BONE, Inc. (a) | 1,215 | 32,781 |
| Sight Sciences, Inc. (a) | 1,094 | 9,058 |
| Silk Road Medical, Inc. (a) | 1,311 | 42,594 |
| STERIS PLC | 1,260 | 283,475 |
| Stryker Corp. | 4,203 | 1,282,293 |
| Surmodics, Inc. (a) | 426 | 13,338 |
| Tactile Systems Technology, Inc. (a) | 811 | 20,218 |
| Tandem Diabetes Care, Inc. (a) | 700 | 17,178 |
| Teleflex, Inc. | 610 | 147,638 |
| TransMedics Group, Inc. (a) | 1,106 | 92,882 |
| Treace Medical Concepts, Inc. (a) | 1,576 | 40,314 |
| Varex Imaging Corp. (a) | 1,387 | 32,692 |
| Vicarious Surgical, Inc. (a) | 1,656 | 3,030 |
| ViewRay, Inc. (a) | 4,735 | 1,668 |
| Zimmer Biomet Holdings, Inc. | 2,370 | 345,072 |
| Zimvie, Inc. (a) | 900 | 10,107 |
| Zynex, Inc. (a) | 1,065 | 10,213 |
| | | 14,795,909 |
| Healthcare Facilities - 0.1% |
| Acadia Healthcare Co., Inc. (a) | 1,200 | 95,568 |
| Brookdale Senior Living, Inc. (a) | 6,085 | 25,679 |
| Cano Health, Inc. (a) | 8,217 | 11,422 |
| Community Health Systems, Inc. (a) | 4,070 | 17,908 |
| Encompass Health Corp. | 1,100 | 74,481 |
| Ensign Group, Inc. | 1,919 | 183,188 |
| HCA Healthcare, Inc. | 2,563 | 777,819 |
| Joint Corp. (a) | 694 | 9,369 |
| National HealthCare Corp. | 411 | 25,408 |
| Pennant Group, Inc. (a) | 1,009 | 12,391 |
| Select Medical Holdings Corp. | 3,666 | 116,799 |
| Surgery Partners, Inc. (a) | 2,353 | 105,861 |
| Tenet Healthcare Corp. (a) | 1,400 | 113,932 |
| U.S. Physical Therapy, Inc. | 450 | 54,625 |
| Universal Health Services, Inc., Class B | 720 | 113,594 |
| | | 1,738,044 |
| Healthcare Services - 0.3% |
| 23andMe Holding Co., Class A (a) | 8,357 | 14,625 |
| Accolade, Inc. (a) | 2,188 | 29,472 |
| Addus HomeCare Corp. (a) | 548 | 50,800 |
| Agiliti, Inc. (a) | 1,037 | 17,111 |
| agilon health, Inc. (a) | 2,000 | 34,680 |
| | Number
of Shares | Fair
Value |
| AirSculpt Technologies, Inc. | 383 | $ 3,301 |
| Amedisys, Inc. (a) | 300 | 27,432 |
| AMN Healthcare Services, Inc. (a) | 1,415 | 154,405 |
| Apollo Medical Holdings, Inc. (a) | 1,493 | 47,179 |
| Aveanna Healthcare Holdings, Inc. (a) | 2,000 | 3,380 |
| CareMax, Inc. (a) | 2,959 | 9,202 |
| Castle Biosciences, Inc. (a) | 792 | 10,866 |
| Chemed Corp. | 159 | 86,126 |
| Cigna Group | 3,530 | 990,518 |
| CorVel Corp. (a) | 305 | 59,017 |
| Cross Country Healthcare, Inc. (a) | 1,276 | 35,830 |
| CVS Health Corp. | 15,318 | 1,058,933 |
| DaVita, Inc. (a) | 587 | 58,976 |
| DocGo, Inc. (a) | 2,687 | 25,177 |
| Enhabit, Inc. (a) | 1,755 | 20,182 |
| Figs, Inc., Class A (a) | 4,517 | 37,356 |
| Fulgent Genetics, Inc. (a) | 680 | 25,180 |
| Guardant Health, Inc. (a) | 3,875 | 138,725 |
| Hims & Hers Health, Inc. (a) | 4,247 | 39,922 |
| InfuSystem Holdings, Inc. (a) | 633 | 6,096 |
| Innovage Holding Corp. (a) | 1,017 | 7,628 |
| Invitae Corp. (a) | 11,293 | 12,761 |
| Laboratory Corp. of America Holdings | 1,087 | 262,326 |
| LifeStance Health Group, Inc. (a) | 3,698 | 33,763 |
| ModivCare, Inc. (a) | 417 | 18,853 |
| National Research Corp. | 504 | 21,929 |
| NeoGenomics, Inc. (a) | 4,387 | 70,499 |
| OPKO Health, Inc. (a) | 13,086 | 28,397 |
| Option Care Health, Inc. (a) | 5,953 | 193,413 |
| P3 Health Partners, Inc. (a) | 1,389 | 4,153 |
| Pediatrix Medical Group, Inc. (a) | 2,911 | 41,365 |
| Premier, Inc., Class A | 1,400 | 38,724 |
| Privia Health Group, Inc. (a) | 2,358 | 61,567 |
| Quest Diagnostics, Inc. | 1,329 | 186,804 |
| Quipt Home Medical Corp. (a) | 1,406 | 7,508 |
| R1 RCM, Inc. (a) | 600 | 11,070 |
| RadNet, Inc. (a) | 1,747 | 56,987 |
| Viemed Healthcare, Inc. (a) | 1,190 | 11,638 |
| | | 4,053,876 |
| Healthcare Supplies - 0.1% |
| Align Technology, Inc. (a) | 959 | 339,141 |
| Atrion Corp. | 45 | 25,456 |
| Avanos Medical, Inc. (a) | 1,652 | 42,225 |
| Cerus Corp. (a) | 5,542 | 13,633 |
| Cooper Cos., Inc. | 530 | 203,218 |
| Dentsply Sirona, Inc. | 2,467 | 98,729 |
| Embecta Corp. | 2,012 | 43,459 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 19 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Haemonetics Corp. (a) | 1,763 | $ 150,102 |
| ICU Medical, Inc. (a) | 200 | 35,638 |
| Lantheus Holdings, Inc. (a) | 2,381 | 199,814 |
| Merit Medical Systems, Inc. (a) | 2,001 | 167,364 |
| Neogen Corp. (a) | 7,624 | 165,822 |
| OraSure Technologies, Inc. (a) | 2,307 | 11,558 |
| OrthoPediatrics Corp. (a) | 553 | 24,249 |
| RxSight, Inc. (a) | 1,033 | 29,750 |
| Sanara Medtech, Inc. (a) | 132 | 5,293 |
| STAAR Surgical Co. (a) | 1,718 | 90,315 |
| Tela Bio, Inc. (a) | 553 | 5,602 |
| UFP Technologies, Inc. (a) | 242 | 46,912 |
| Utah Medical Products, Inc. | 108 | 10,066 |
| | | 1,708,346 |
| Healthcare Technology - 0.1% |
| American Well Corp., Class A (a) | 8,546 | 17,947 |
| Certara, Inc. (a) | 1,400 | 25,494 |
| Computer Programs & Systems, Inc. (a) | 447 | 11,036 |
| Definitive Healthcare Corp. (a) | 1,573 | 17,303 |
| Doximity, Inc., Class A (a) | 1,500 | 51,030 |
| Evolent Health, Inc., Class A (a) | 3,839 | 116,322 |
| Health Catalyst, Inc. (a) | 1,788 | 22,350 |
| HealthStream, Inc. | 786 | 19,304 |
| Multiplan Corp. (a) | 13,247 | 27,951 |
| NextGen Healthcare, Inc. (a) | 1,808 | 29,326 |
| OptimizeRx Corp. (a) | 825 | 11,789 |
| Phreesia, Inc. (a) | 1,741 | 53,988 |
| Schrodinger, Inc. (a) | 1,887 | 94,199 |
| Sharecare, Inc. (a) | 10,786 | 18,876 |
| Simulations Plus, Inc. | 555 | 24,048 |
| Teladoc Health, Inc. (a) | 2,351 | 59,527 |
| Veeva Systems, Inc., Class A (a) | 1,579 | 312,216 |
| Veradigm, Inc. (a) | 3,796 | 47,830 |
| | | 960,536 |
| Heavy Electrical Equipment - 0.0%* |
| 374Water, Inc. (a) | 2,064 | 4,933 |
| Babcock & Wilcox Enterprises, Inc. (a) | 1,917 | 11,310 |
| Bloom Energy Corp., Class A (a) | 6,717 | 109,823 |
| Energy Vault Holdings, Inc. (a) | 4,171 | 11,387 |
| NuScale Power Corp. (a) | 1,868 | 12,703 |
| TPI Composites, Inc. (a) | 1,460 | 15,140 |
| | | 165,296 |
| Home Building - 0.2% |
| Beazer Homes USA, Inc. (a) | 1,062 | 30,044 |
| | Number
of Shares | Fair
Value |
| Cavco Industries, Inc. (a) | 306 | $ 90,270 |
| Century Communities, Inc. | 984 | 75,394 |
| DR Horton, Inc. | 3,640 | 442,952 |
| Dream Finders Homes, Inc., Class A (a) | 844 | 20,754 |
| Green Brick Partners, Inc. (a) | 951 | 54,017 |
| Hovnanian Enterprises, Inc., Class A (a) | 151 | 14,981 |
| Installed Building Products, Inc. | 818 | 114,651 |
| KB Home | 2,584 | 133,619 |
| Landsea Homes Corp. (a) | 566 | 5,286 |
| Legacy Housing Corp. (a) | 442 | 10,250 |
| Lennar Corp., Class A | 3,005 | 376,557 |
| LGI Homes, Inc. (a) | 726 | 97,930 |
| M/I Homes, Inc. (a) | 929 | 80,999 |
| MDC Holdings, Inc. | 2,055 | 96,112 |
| Meritage Homes Corp. | 1,277 | 181,679 |
| NVR, Inc. (a) | 32 | 203,220 |
| PulteGroup, Inc. | 2,818 | 218,902 |
| Skyline Champion Corp. (a) | 1,876 | 122,784 |
| Taylor Morrison Home Corp. (a) | 3,678 | 179,376 |
| Toll Brothers, Inc. | 1,415 | 111,884 |
| TopBuild Corp. (a) | 400 | 106,408 |
| Tri Pointe Homes, Inc. (a) | 3,465 | 113,860 |
| United Homes Group, Inc. (a) | 215 | 2,399 |
| | | 2,884,328 |
| Home Furnishing Retail - 0.0%* |
| Aaron's Co., Inc. | 1,408 | 19,909 |
| Haverty Furniture Cos., Inc. | 467 | 14,113 |
| Overstock.com, Inc. (a) | 1,527 | 49,734 |
| RH (a) | 270 | 88,989 |
| Sleep Number Corp. (a) | 690 | 18,823 |
| Wayfair, Inc., Class A (a) | 1,000 | 65,010 |
| Williams-Sonoma, Inc. | 755 | 94,481 |
| | | 351,059 |
| Home Furnishings - 0.0%* |
| Ethan Allen Interiors, Inc. | 734 | 20,757 |
| Hooker Furnishings Corp. | 383 | 7,147 |
| La-Z-Boy, Inc. | 1,528 | 43,762 |
| Leggett & Platt, Inc. | 1,600 | 47,392 |
| Lovesac Co. (a) | 442 | 11,912 |
| Mohawk Industries, Inc. (a) | 600 | 61,896 |
| Purple Innovation, Inc. | 3,199 | 8,893 |
| Tempur Sealy International, Inc. | 1,800 | 72,126 |
| | | 273,885 |
| Home Improvement Retail - 0.4% |
| Floor & Decor Holdings, Inc., Class A (a) | 1,300 | 135,148 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 20 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| GrowGeneration Corp. (a) | 2,890 | $ 9,826 |
| Lowe's Cos., Inc. | 7,223 | 1,630,231 |
| The Home Depot, Inc. | 12,044 | 3,741,348 |
| Tile Shop Holdings, Inc. (a) | 1,007 | 5,579 |
| | | 5,522,132 |
| Hotel & Resort REITs - 0.1% |
| Apple Hospitality REIT, Inc. | 7,446 | 112,509 |
| Braemar Hotels & Resorts, Inc. | 3,160 | 12,703 |
| Chatham Lodging Trust | 1,542 | 14,433 |
| DiamondRock Hospitality Co. | 7,320 | 58,633 |
| Hersha Hospitality Trust, Class A | 1,586 | 9,659 |
| Host Hotels & Resorts, Inc. | 8,754 | 147,330 |
| Park Hotels & Resorts, Inc. | 2,200 | 28,204 |
| Pebblebrook Hotel Trust | 4,529 | 63,134 |
| RLJ Lodging Trust | 5,600 | 57,512 |
| Ryman Hospitality Properties, Inc. | 2,022 | 187,884 |
| Service Properties Trust | 5,795 | 50,359 |
| Summit Hotel Properties, Inc. | 3,417 | 22,245 |
| Sunstone Hotel Investors, Inc. | 7,385 | 74,736 |
| Xenia Hotels & Resorts, Inc. | 4,003 | 49,277 |
| | | 888,618 |
| Hotels, Resorts & Cruise Lines - 0.3% |
| Airbnb, Inc., Class A (a) | 4,600 | 589,536 |
| Bluegreen Vacations Holding Corp. | 470 | 16,755 |
| Booking Holdings, Inc. (a) | 451 | 1,217,849 |
| Carnival Corp. (a) | 12,300 | 231,609 |
| Choice Hotels International, Inc. | 500 | 58,760 |
| Expedia Group, Inc. (a) | 1,878 | 205,434 |
| Global Business Travel Group I (a) | 1,124 | 8,126 |
| Hilton Grand Vacations, Inc. (a) | 2,838 | 128,959 |
| Hilton Worldwide Holdings, Inc. | 3,136 | 456,445 |
| Hyatt Hotels Corp., Class A | 500 | 57,290 |
| Lindblad Expeditions Holdings, Inc. (a) | 1,044 | 11,359 |
| Marriott International, Inc., Class A | 3,103 | 569,990 |
| Marriott Vacations Worldwide Corp. | 555 | 68,110 |
| Mondee Holdings, Inc. (a) | 1,582 | 14,096 |
| Norwegian Cruise Line Holdings Ltd. (a) | 5,800 | 126,266 |
| Royal Caribbean Cruises Ltd. (a) | 2,800 | 290,472 |
| Sabre Corp. (a) | 11,469 | 36,586 |
| Target Hospitality Corp. (a) | 1,094 | 14,681 |
| Travel & Leisure Co. | 900 | 36,306 |
| | Number
of Shares | Fair
Value |
| Wyndham Hotels & Resorts, Inc. | 1,200 | $ 82,284 |
| | | 4,220,913 |
| Household Appliances - 0.0%* |
| Cricut, Inc., Class A | 1,667 | 20,337 |
| Helen of Troy Ltd. (a) | 843 | 91,061 |
| iRobot Corp. (a) | 959 | 43,395 |
| Traeger, Inc. (a) | 1,754 | 7,454 |
| Whirlpool Corp. | 758 | 112,783 |
| | | 275,030 |
| Household Products - 0.5% |
| Central Garden & Pet Co., Class A (a) | 1,408 | 51,336 |
| Central Garden & Pet Co. (a) | 313 | 12,135 |
| Church & Dwight Co., Inc. | 3,028 | 303,496 |
| Clorox Co. | 1,547 | 246,035 |
| Colgate-Palmolive Co. | 9,495 | 731,495 |
| Energizer Holdings, Inc. | 2,535 | 85,125 |
| Kimberly-Clark Corp. | 3,898 | 538,158 |
| Oil-Dri Corp. of America | 171 | 10,087 |
| Spectrum Brands Holdings, Inc. | 400 | 31,220 |
| The Procter & Gamble Co. | 28,112 | 4,265,715 |
| WD-40 Co. | 470 | 88,666 |
| | | 6,363,468 |
| Housewares & Specialties - 0.0%* |
| Newell Brands, Inc. | 5,300 | 46,110 |
| Human Resource & Employment Services - 0.2% |
| Alight, Inc., Class A (a) | 13,882 | 128,270 |
| ASGN, Inc. (a) | 1,694 | 128,117 |
| Asure Software, Inc. (a) | 659 | 8,013 |
| Automatic Data Processing, Inc. | 4,929 | 1,083,345 |
| Barrett Business Services, Inc. | 222 | 19,358 |
| Ceridian HCM Holding, Inc. (a) | 1,705 | 114,184 |
| First Advantage Corp. (a) | 1,919 | 29,572 |
| Heidrick & Struggles International, Inc. | 632 | 16,729 |
| HireQuest, Inc. | 187 | 4,868 |
| HireRight Holdings Corp. (a) | 523 | 5,915 |
| Insperity, Inc. | 1,261 | 150,009 |
| Kelly Services, Inc., Class A | 1,091 | 19,213 |
| Kforce, Inc. | 703 | 44,050 |
| Korn Ferry | 1,822 | 90,262 |
| ManpowerGroup, Inc. | 679 | 53,913 |
| Paychex, Inc. | 3,728 | 417,051 |
| Paycom Software, Inc. | 635 | 203,987 |
| Paylocity Holding Corp. (a) | 500 | 92,265 |
| Robert Half International, Inc. | 1,275 | 95,905 |
| Skillsoft Corp. (a) | 2,868 | 3,556 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 21 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Sterling Check Corp. (a) | 826 | $ 10,127 |
| TriNet Group, Inc. (a) | 1,328 | 126,120 |
| TrueBlue, Inc. (a) | 1,042 | 18,454 |
| Upwork, Inc. (a) | 4,339 | 40,526 |
| | | 2,903,809 |
| Independent Power Producers & Energy Traders - 0.0%* |
| AES Corp. | 8,400 | 174,132 |
| Vistra Corp. | 5,000 | 131,250 |
| | | 305,382 |
| Industrial Conglomerates - 0.3% |
| 3M Co. | 6,392 | 639,775 |
| General Electric Co. | 12,848 | 1,411,353 |
| Honeywell International, Inc. | 7,954 | 1,650,455 |
| | | 3,701,583 |
| Industrial Gases - 0.2% |
| Air Products & Chemicals, Inc. | 2,581 | 773,087 |
| Linde PLC | 5,833 | 2,222,840 |
| | | 2,995,927 |
| Industrial Machinery & Supplies & Components - 0.5% |
| 3D Systems Corp. (a) | 4,503 | 44,715 |
| Albany International Corp., Class A | 1,095 | 102,142 |
| Barnes Group, Inc. | 1,706 | 71,976 |
| Berkshire Grey, Inc. (a) | 1,296 | 1,827 |
| Chart Industries, Inc. (a) | 1,495 | 238,886 |
| CIRCOR International, Inc. (a) | 662 | 37,370 |
| Columbus McKinnon Corp. | 997 | 40,528 |
| Crane Co. | 600 | 53,472 |
| Crane NXT Co. | 600 | 33,864 |
| Desktop Metal, Inc., Class A (a) | 9,812 | 17,367 |
| Donaldson Co., Inc. | 1,400 | 87,514 |
| Dover Corp. | 1,774 | 261,931 |
| Energy Recovery, Inc. (a) | 1,937 | 54,139 |
| Enerpac Tool Group Corp. | 2,011 | 54,297 |
| EnPro Industries, Inc. | 725 | 96,809 |
| Esab Corp. | 733 | 48,774 |
| ESCO Technologies, Inc. | 896 | 92,853 |
| Flowserve Corp. | 1,900 | 70,585 |
| Fortive Corp. | 4,350 | 325,250 |
| Franklin Electric Co., Inc. | 1,621 | 166,801 |
| Gencor Industries, Inc. (a) | 367 | 5,718 |
| Gorman-Rupp Co. | 735 | 21,190 |
| Graco, Inc. | 2,039 | 176,068 |
| Helios Technologies, Inc. | 1,134 | 74,946 |
| Hillenbrand, Inc. | 2,439 | 125,072 |
| Hillman Solutions Corp. (a) | 6,017 | 54,213 |
| Hyster-Yale Materials Handling, Inc. | 349 | 19,488 |
| IDEX Corp. | 957 | 206,004 |
| | Number
of Shares | Fair
Value |
| Illinois Tool Works, Inc. | 3,602 | $ 901,076 |
| Ingersoll Rand, Inc. | 5,021 | 328,173 |
| ITT, Inc. | 1,100 | 102,531 |
| John Bean Technologies Corp. | 1,115 | 135,250 |
| Kadant, Inc. | 404 | 89,729 |
| Kennametal, Inc. | 2,833 | 80,429 |
| Lincoln Electric Holdings, Inc. | 700 | 139,041 |
| Mayville Engineering Co., Inc. (a) | 385 | 4,797 |
| Middleby Corp. (a) | 710 | 104,959 |
| Mueller Industries, Inc. | 1,962 | 171,243 |
| Mueller Water Products, Inc., Class A | 5,426 | 88,064 |
| Nordson Corp. | 735 | 182,412 |
| Omega Flex, Inc. | 103 | 10,689 |
| Otis Worldwide Corp. | 5,104 | 454,307 |
| Parker-Hannifin Corp. | 1,505 | 587,010 |
| Park-Ohio Holdings Corp. | 293 | 5,567 |
| Pentair PLC | 2,200 | 142,120 |
| Proto Labs, Inc. (a) | 890 | 31,114 |
| RBC Bearings, Inc. (a) | 200 | 43,494 |
| Snap-on, Inc. | 625 | 180,119 |
| SPX Technologies, Inc. (a) | 1,537 | 130,599 |
| Standex International Corp. | 413 | 58,427 |
| Stanley Black & Decker, Inc. | 1,887 | 176,831 |
| Tennant Co. | 648 | 52,559 |
| Timken Co. | 900 | 82,377 |
| Velo3D, Inc. (a) | 3,102 | 6,700 |
| Watts Water Technologies, Inc., Class A | 962 | 176,748 |
| Xylem, Inc. | 2,643 | 297,655 |
| | | 7,347,819 |
| Industrial REITs - 0.2% |
| Americold Realty Trust, Inc. | 3,500 | 113,050 |
| EastGroup Properties, Inc. | 500 | 86,800 |
| First Industrial Realty Trust, Inc. | 1,500 | 78,960 |
| Innovative Industrial Properties, Inc. | 968 | 70,674 |
| LXP Industrial Trust | 10,104 | 98,514 |
| Plymouth Industrial REIT, Inc. | 1,497 | 34,461 |
| Prologis, Inc. | 10,853 | 1,330,903 |
| Rexford Industrial Realty, Inc. | 2,548 | 133,056 |
| STAG Industrial, Inc. | 1,500 | 53,820 |
| Terreno Realty Corp. | 2,878 | 172,968 |
| | | 2,173,206 |
| Insurance Brokers - 0.2% |
| Aon PLC, Class A | 2,343 | 808,804 |
| Arthur J Gallagher & Co. | 2,407 | 528,505 |
| Brown & Brown, Inc. | 2,900 | 199,636 |
| BRP Group, Inc., Class A (a) | 2,157 | 53,451 |
| Crawford & Co., Class A | 448 | 4,968 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 22 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| eHealth, Inc. (a) | 1,238 | $ 9,954 |
| GoHealth, Inc., Class A (a) | 137 | 2,700 |
| Goosehead Insurance, Inc., Class A (a) | 751 | 47,230 |
| Hippo Holdings, Inc. (a) | 365 | 6,033 |
| Marsh & McLennan Cos., Inc. | 5,832 | 1,096,883 |
| Ryan Specialty Holdings, Inc. (a) | 800 | 35,912 |
| Selectquote, Inc. (a) | 6,659 | 12,985 |
| Willis Towers Watson PLC | 1,324 | 311,802 |
| | | 3,118,863 |
| Integrated Oil & Gas - 0.7% |
| Chevron Corp. | 20,584 | 3,238,892 |
| Exxon Mobil Corp. | 48,518 | 5,203,556 |
| Occidental Petroleum Corp. | 8,439 | 496,213 |
| | | 8,938,661 |
| Integrated Telecommunication Services - 0.2% |
| AT&T, Inc. | 85,640 | 1,365,958 |
| ATN International, Inc. | 350 | 12,810 |
| Consolidated Communications Holdings, Inc. (a) | 2,587 | 9,908 |
| Frontier Communications Parent, Inc. (a) | 3,200 | 59,648 |
| IDT Corp., Class B (a) | 500 | 12,925 |
| Ooma, Inc. (a) | 831 | 12,440 |
| Radius Global Infrastructure, Inc., Class A (a) | 2,960 | 44,104 |
| Verizon Communications, Inc. | 49,484 | 1,840,310 |
| | | 3,358,103 |
| Interactive Home Entertainment - 0.1% |
| Activision Blizzard, Inc. (a) | 9,142 | 770,670 |
| Electronic Arts, Inc. | 3,361 | 435,922 |
| Playstudios, Inc. (a) | 2,993 | 14,696 |
| Roblox Corp., Class A (a) | 5,600 | 225,680 |
| Take-Two Interactive Software, Inc. (a) | 2,083 | 306,534 |
| | | 1,753,502 |
| Interactive Media & Services - 1.8% |
| Alphabet, Inc., Class C (a) | 61,520 | 7,442,074 |
| Alphabet, Inc., Class A (a) | 70,920 | 8,489,124 |
| Bumble, Inc., Class A (a) | 3,495 | 58,646 |
| Cargurus, Inc. (a) | 3,564 | 80,653 |
| Cars.com, Inc. (a) | 2,352 | 46,617 |
| DHI Group, Inc. (a) | 2,195 | 8,407 |
| Eventbrite, Inc., Class A (a) | 2,537 | 24,228 |
| EverQuote, Inc., Class A (a) | 977 | 6,351 |
| fuboTV, Inc. (a) | 7,093 | 14,753 |
| IAC, Inc. (a) | 900 | 56,520 |
| Match Group, Inc. (a) | 3,563 | 149,112 |
| MediaAlpha, Inc., Class A (a) | 773 | 7,970 |
| | Number
of Shares | Fair
Value |
| Meta Platforms, Inc., Class A (a) | 26,384 | $ 7,571,680 |
| Nextdoor Holdings, Inc. (a) | 5,072 | 16,535 |
| Outbrain, Inc. (a) | 1,221 | 6,007 |
| Pinterest, Inc., Class A (a) | 7,397 | 202,234 |
| QuinStreet, Inc. (a) | 1,655 | 14,614 |
| Shutterstock, Inc. | 860 | 41,856 |
| System1, Inc. (a) | 863 | 3,884 |
| TrueCar, Inc. (a) | 4,387 | 9,915 |
| Vimeo, Inc. (a) | 5,306 | 21,861 |
| Yelp, Inc. (a) | 2,359 | 85,891 |
| Ziff Davis, Inc. (a) | 1,641 | 114,968 |
| ZipRecruiter, Inc., Class A (a) | 2,594 | 46,069 |
| ZoomInfo Technologies, Inc. (a) | 3,000 | 76,170 |
| | | 24,596,139 |
| Internet Services & Infrastructure - 0.2% |
| Akamai Technologies, Inc. (a) | 1,914 | 172,011 |
| BigCommerce Holdings, Inc. Series 1 (a) | 2,351 | 23,392 |
| Brightcove, Inc. (a) | 2,099 | 8,417 |
| Cloudflare, Inc., Class A (a) | 3,585 | 234,351 |
| DigitalOcean Holdings, Inc. (a) | 2,211 | 88,750 |
| Fastly, Inc., Class A (a) | 4,149 | 65,430 |
| GoDaddy, Inc., Class A (a) | 2,100 | 157,773 |
| MongoDB, Inc. (a) | 737 | 302,900 |
| Okta, Inc. (a) | 1,961 | 135,995 |
| Rackspace Technology, Inc. (a) | 1,832 | 4,983 |
| Snowflake, Inc., Class A (a) | 3,710 | 652,886 |
| Squarespace, Inc., Class A (a) | 1,558 | 49,139 |
| Tucows, Inc., Class A (a) | 490 | 13,593 |
| Twilio, Inc., Class A (a) | 2,147 | 136,592 |
| VeriSign, Inc. (a) | 1,007 | 227,552 |
| | | 2,273,764 |
| Investment Banking & Brokerage - 0.4% |
| B Riley Financial, Inc. | 652 | 29,979 |
| BGC Partners, Inc., Class A | 11,085 | 49,107 |
| Evercore, Inc., Class A | 566 | 69,952 |
| Goldman Sachs Group, Inc. | 3,908 | 1,260,486 |
| Houlihan Lokey, Inc. | 300 | 29,493 |
| Interactive Brokers Group, Inc., Class A | 1,100 | 91,377 |
| Jefferies Financial Group, Inc. | 2,609 | 86,541 |
| Lazard Ltd., Class A | 1,000 | 32,000 |
| LPL Financial Holdings, Inc. | 1,003 | 218,082 |
| Moelis & Co., Class A | 2,330 | 105,642 |
| Morgan Stanley | 14,597 | 1,246,584 |
| Perella Weinberg Partners | 1,486 | 12,378 |
| Piper Sandler Cos., | 605 | 78,202 |
| PJT Partners, Inc., Class A | 828 | 57,662 |
| Raymond James Financial, Inc. | 2,392 | 248,218 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 23 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Robinhood Markets, Inc., Class A (a) | 8,100 | $ 80,838 |
| Stifel Financial Corp. | 1,300 | 77,571 |
| StoneX Group, Inc. (a) | 619 | 51,427 |
| The Charles Schwab Corp. | 17,981 | 1,019,163 |
| | | 4,844,702 |
| IT Consulting & Other Services - 0.4% |
| Accenture PLC, Class A | 7,557 | 2,331,939 |
| Amdocs Ltd. | 1,367 | 135,128 |
| BigBear.ai Holdings, Inc. (a) | 939 | 2,207 |
| Cognizant Technology Solutions Corp., Class A | 6,202 | 404,867 |
| DXC Technology Co. (a) | 2,800 | 74,816 |
| EPAM Systems, Inc. (a) | 665 | 149,459 |
| Gartner, Inc. (a) | 938 | 328,591 |
| Globant SA (a) | 500 | 89,860 |
| Grid Dynamics Holdings, Inc. (a) | 1,743 | 16,123 |
| Hackett Group, Inc. | 995 | 22,238 |
| Information Services Group, Inc. | 1,794 | 9,616 |
| International Business Machines Corp. | 10,653 | 1,425,478 |
| Kyndryl Holdings, Inc. (a) | 2,959 | 39,295 |
| Perficient, Inc. (a) | 1,188 | 98,996 |
| Thoughtworks Holding, Inc. (a) | 3,226 | 24,356 |
| Unisys Corp. (a) | 3,276 | 13,038 |
| | | 5,166,007 |
| Leisure Facilities - 0.0%* |
| Bowlero Corp. (a) | 944 | 10,988 |
| Life Time Group Holdings, Inc. (a) | 1,557 | 30,626 |
| Planet Fitness, Inc., Class A (a) | 1,200 | 80,928 |
| RCI Hospitality Holdings, Inc. | 280 | 21,277 |
| SeaWorld Entertainment, Inc. (a) | 1,383 | 77,462 |
| Six Flags Entertainment Corp. (a) | 2,519 | 65,444 |
| Vail Resorts, Inc. | 500 | 125,880 |
| Xponential Fitness, Inc., Class A (a) | 861 | 14,852 |
| | | 427,457 |
| Leisure Products - 0.1% |
| Acushnet Holdings Corp. | 1,162 | 63,538 |
| AMMO, Inc. (a) | 3,087 | 6,575 |
| BRP, Inc. | 500 | 42,316 |
| Brunswick Corp. | 800 | 69,312 |
| Clarus Corp. | 895 | 8,180 |
| Escalade, Inc. | 347 | 4,632 |
| Funko, Inc., Class A (a) | 1,212 | 13,114 |
| Hasbro, Inc. | 1,800 | 116,586 |
| | Number
of Shares | Fair
Value |
| JAKKS Pacific, Inc. (a) | 252 | $ 5,032 |
| Johnson Outdoors, Inc., Class A | 249 | 15,301 |
| Latham Group, Inc. (a) | 1,359 | 5,042 |
| Malibu Boats, Inc., Class A (a) | 724 | 42,470 |
| Marine Products Corp. | 208 | 3,507 |
| MasterCraft Boat Holdings, Inc. (a) | 567 | 17,379 |
| Mattel, Inc. (a) | 4,459 | 87,129 |
| Peloton Interactive, Inc., Class A (a) | 3,572 | 27,469 |
| Polaris, Inc. | 700 | 84,651 |
| Smith & Wesson Brands, Inc. | 1,468 | 19,143 |
| Solo Brands, Inc., Class A (a) | 1,145 | 6,481 |
| Sturm Ruger & Co., Inc. | 612 | 32,412 |
| Topgolf Callaway Brands Corp. (a) | 5,018 | 99,607 |
| Vista Outdoor, Inc. (a) | 1,953 | 54,039 |
| YETI Holdings, Inc. (a) | 900 | 34,956 |
| | | 858,871 |
| Life & Health Insurance - 0.2% |
| Aflac, Inc. | 7,155 | 499,419 |
| American Equity Investment Life Holding Co. | 2,711 | 141,270 |
| Brighthouse Financial, Inc. (a) | 670 | 31,725 |
| CNO Financial Group, Inc. | 4,022 | 95,201 |
| F&G Annuities & Life, Inc. | 653 | 16,181 |
| Genworth Financial, Inc., Class A (a) | 17,002 | 85,010 |
| Globe Life, Inc. | 1,200 | 131,544 |
| Lincoln National Corp. | 1,886 | 48,583 |
| MetLife, Inc. | 7,642 | 432,002 |
| National Western Life Group, Inc., Class A | 81 | 33,660 |
| Oscar Health, Inc., Class A (a) | 5,390 | 43,444 |
| Primerica, Inc. | 400 | 79,104 |
| Principal Financial Group, Inc. | 3,000 | 227,520 |
| Prudential Financial, Inc. | 4,602 | 405,989 |
| Unum Group | 2,700 | 128,790 |
| | | 2,399,442 |
| Life Sciences Tools & Services - 0.6% |
| 10X Genomics, Inc., Class A (a) | 1,300 | 72,592 |
| Adaptive Biotechnologies Corp. (a) | 3,973 | 26,659 |
| Agilent Technologies, Inc. | 3,406 | 409,572 |
| Akoya Biosciences, Inc. (a) | 453 | 3,348 |
| Avantor, Inc. (a) | 7,600 | 156,104 |
| Azenta, Inc. (a) | 700 | 32,676 |
| BioLife Solutions, Inc. (a) | 1,213 | 26,807 |
| Bio-Rad Laboratories, Inc., Class A (a) | 261 | 98,950 |
| Bio-Techne Corp. | 1,940 | 158,362 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 24 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Bruker Corp. | 1,361 | $ 100,605 |
| Charles River Laboratories International, Inc. (a) | 628 | 132,037 |
| Codexis, Inc. (a) | 3,022 | 8,462 |
| CryoPort, Inc. (a) | 1,452 | 25,047 |
| Cytek Biosciences, Inc. (a) | 4,001 | 34,169 |
| Danaher Corp. | 7,711 | 1,850,640 |
| Harvard Bioscience, Inc. (a) | 1,363 | 7,483 |
| ICON PLC ADR (a) | 900 | 225,180 |
| Illumina, Inc. (a) | 1,772 | 332,232 |
| IQVIA Holdings, Inc. (a) | 2,119 | 476,288 |
| Maravai LifeSciences Holdings, Inc., Class A (a) | 1,300 | 16,159 |
| MaxCyte, Inc. (a) | 2,822 | 12,953 |
| Medpace Holdings, Inc. (a) | 200 | 48,034 |
| Mesa Laboratories, Inc. | 168 | 21,588 |
| Mettler-Toledo International, Inc. (a) | 248 | 325,287 |
| NanoString Technologies, Inc. (a) | 1,489 | 6,030 |
| Nautilus Biotechnology, Inc. (a) | 1,320 | 5,108 |
| OmniAb, Inc. (a) | 3,249 | 16,342 |
| OmniAb, Inc. (a)(c)** | 394 | — |
| Pacific Biosciences of California, Inc. (a) | 8,697 | 115,670 |
| QIAGEN NV (a) | 6,398 | 287,802 |
| Quanterix Corp. (a) | 1,220 | 27,511 |
| Quantum-Si, Inc. (a) | 2,881 | 5,157 |
| Repligen Corp. (a) | 706 | 99,871 |
| Revvity, Inc. | 1,560 | 185,312 |
| Seer, Inc. (a) | 2,601 | 11,106 |
| SomaLogic, Inc. (a) | 4,948 | 11,430 |
| Sotera Health Co. (a) | 1,300 | 24,492 |
| Syneos Health, Inc. (a) | 1,200 | 50,568 |
| Thermo Fisher Scientific, Inc. | 4,637 | 2,419,355 |
| Waters Corp. (a) | 752 | 200,438 |
| West Pharmaceutical Services, Inc. | 912 | 348,813 |
| | | 8,416,239 |
| Managed Healthcare - 0.6% |
| Alignment Healthcare, Inc. (a) | 3,204 | 18,423 |
| Centene Corp. (a) | 6,226 | 419,944 |
| Elevance Health, Inc. | 2,849 | 1,265,782 |
| HealthEquity, Inc. (a) | 2,957 | 186,705 |
| Humana, Inc. | 1,487 | 664,882 |
| Molina Healthcare, Inc. (a) | 739 | 222,616 |
| Progyny, Inc. (a) | 2,738 | 107,713 |
| UnitedHealth Group, Inc. | 11,100 | 5,335,104 |
| | | 8,221,169 |
| Marine Transportation - 0.0%* |
| Eagle Bulk Shipping, Inc. | 436 | 20,946 |
| Eneti, Inc. | 1,101 | 13,333 |
| | Number
of Shares | Fair
Value |
| Genco Shipping & Trading Ltd. | 1,467 | $ 20,582 |
| Kirby Corp. (a) | 900 | 69,255 |
| Matson, Inc. | 1,282 | 99,650 |
| Pangaea Logistics Solutions Ltd. | 1,269 | 8,591 |
| | | 232,357 |
| Metal, Glass & Plastic Containers - 0.1% |
| AptarGroup, Inc. | 764 | 88,517 |
| Ball Corp. | 3,892 | 226,553 |
| Berry Global Group, Inc. | 1,518 | 97,668 |
| Crown Holdings, Inc. | 1,247 | 108,327 |
| Greif, Inc., Class A | 869 | 59,865 |
| Greif, Inc., Class B | 169 | 13,055 |
| Myers Industries, Inc. | 1,186 | 23,044 |
| O-I Glass, Inc. (a) | 5,438 | 115,993 |
| Silgan Holdings, Inc. | 923 | 43,280 |
| TriMas Corp. | 1,490 | 40,960 |
| | | 817,262 |
| Mortgage REITs - 0.1% |
| AFC Gamma, Inc. | 818 | 10,184 |
| AGNC Investment Corp. | 6,689 | 67,760 |
| Angel Oak Mortgage REIT, Inc. | 346 | 2,851 |
| Annaly Capital Management, Inc. | 5,875 | 117,559 |
| Apollo Commercial Real Estate Finance, Inc. | 4,950 | 56,034 |
| Arbor Realty Trust, Inc. | 6,260 | 92,773 |
| Ares Commercial Real Estate Corp. | 1,642 | 16,666 |
| ARMOUR Residential REIT, Inc. | 6,840 | 36,457 |
| Blackstone Mortgage Trust, Inc., Class A | 6,068 | 126,275 |
| BrightSpire Capital, Inc. | 4,492 | 30,231 |
| Chicago Atlantic Real Estate Finance, Inc. | 571 | 8,651 |
| Chimera Investment Corp. | 8,268 | 47,706 |
| Claros Mortgage Trust, Inc. | 3,035 | 34,417 |
| Dynex Capital, Inc. | 1,890 | 23,795 |
| Ellington Financial, Inc. | 2,277 | 31,423 |
| Franklin BSP Realty Trust, Inc. | 2,937 | 41,588 |
| Granite Point Mortgage Trust, Inc. | 2,546 | 13,494 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,608 | 90,200 |
| Invesco Mortgage Capital, Inc. | 1,463 | 16,781 |
| KKR Real Estate Finance Trust, Inc. | 2,061 | 25,082 |
| Ladder Capital Corp. | 4,041 | 43,845 |
| MFA Financial, Inc. | 3,653 | 41,060 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 25 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| New York Mortgage Trust, Inc. | 3,043 | $ 30,186 |
| Nexpoint Real Estate Finance, Inc. | 224 | 3,492 |
| Orchid Island Capital, Inc. | 1,626 | 16,829 |
| PennyMac Mortgage Investment Trust | 3,167 | 42,691 |
| Ready Capital Corp. | 5,585 | 62,999 |
| Redwood Trust, Inc. | 3,702 | 23,582 |
| Rithm Capital Corp. | 4,700 | 43,945 |
| Starwood Property Trust, Inc. | 4,300 | 83,420 |
| TPG RE Finance Trust, Inc. | 2,216 | 16,420 |
| Two Harbors Investment Corp. | 3,441 | 47,761 |
| | | 1,346,157 |
| Motorcycle Manufacturers - 0.0%* |
| Harley-Davidson, Inc. | 1,500 | 52,815 |
| Movies & Entertainment - 0.4% |
| AMC Entertainment Holdings, Inc., Class A (a) | 8,200 | 36,080 |
| Cinemark Holdings, Inc. (a) | 3,803 | 62,749 |
| IMAX Corp. (a) | 1,549 | 26,317 |
| Liberty Media Corp.-Liberty Braves, Class A (a) | 316 | 12,931 |
| Liberty Media Corp.-Liberty Braves, Class C (a) | 1,318 | 52,219 |
| Liberty Media Corp.-Liberty Formula One, Class C (a) | 2,321 | 174,725 |
| Lions Gate Entertainment Corp., Class A (a) | 1,896 | 16,742 |
| Lions Gate Entertainment Corp., Class B (a) | 4,083 | 34,093 |
| Live Nation Entertainment, Inc. (a) | 1,928 | 175,660 |
| Loop Media, Inc. (a) | 1,270 | 3,035 |
| Madison Square Garden Entertainment Corp. (a) | 1,507 | 50,665 |
| Madison Square Garden Sports Corp. | 200 | 37,610 |
| Marcus Corp. | 759 | 11,256 |
| Netflix, Inc. (a) | 5,225 | 2,301,560 |
| Reservoir Media, Inc. (a) | 578 | 3,480 |
| Roku, Inc. (a) | 1,584 | 101,313 |
| Sphere Entertainment Co. (a) | 866 | 23,720 |
| Spotify Technology SA (a) | 1,595 | 256,077 |
| The Walt Disney Co. (a) | 21,656 | 1,933,448 |
| Vivid Seats, Inc., Class A (a) | 1,298 | 10,280 |
| Warner Bros Discovery, Inc. (a) | 27,746 | 347,935 |
| World Wrestling Entertainment, Inc., Class A | 500 | 54,235 |
| | | 5,726,130 |
| Multi-Family Residential REITs - 0.1% |
| Apartment Income REIT Corp. | 1,951 | 70,412 |
| | Number
of Shares | Fair
Value |
| Apartment Investment & Management Co., Class A | 5,265 | $ 44,858 |
| AvalonBay Communities, Inc. | 1,705 | 322,705 |
| BRT Apartments Corp. | 596 | 11,801 |
| Camden Property Trust | 1,338 | 145,668 |
| Centerspace | 529 | 32,459 |
| Clipper Realty, Inc. | 311 | 1,763 |
| Elme Communities | 3,067 | 50,421 |
| Equity Residential | 4,612 | 304,254 |
| Essex Property Trust, Inc. | 804 | 188,377 |
| Independence Realty Trust, Inc. | 7,898 | 143,902 |
| Mid-America Apartment Communities, Inc. | 1,424 | 216,249 |
| NexPoint Residential Trust, Inc. | 810 | 36,839 |
| UDR, Inc. | 4,047 | 173,859 |
| Veris Residential, Inc. (a) | 2,759 | 44,282 |
| | | 1,787,849 |
| Multi-Line Insurance - 0.1% |
| American International Group, Inc. | 8,475 | 487,651 |
| Assurant, Inc. | 736 | 92,530 |
| Hartford Financial Services Group, Inc. | 3,894 | 280,446 |
| Horace Mann Educators Corp. | 1,448 | 42,948 |
| | | 903,575 |
| Multi-Sector Holdings - 0.5% |
| Berkshire Hathaway, Inc., Class B (a) | 21,724 | 7,407,884 |
| Cannae Holdings, Inc. (a) | 2,444 | 49,393 |
| Compass Diversified Holdings | 2,184 | 47,371 |
| | | 7,504,648 |
| Multi-Utilities - 0.3% |
| Ameren Corp. | 3,251 | 265,509 |
| Avista Corp. | 2,631 | 103,319 |
| Black Hills Corp. | 2,324 | 140,044 |
| CenterPoint Energy, Inc. | 7,837 | 228,449 |
| CMS Energy Corp. | 3,600 | 211,500 |
| Consolidated Edison, Inc. | 4,339 | 392,246 |
| Dominion Energy, Inc. | 9,542 | 494,180 |
| DTE Energy Co. | 2,384 | 262,288 |
| NiSource, Inc. | 5,313 | 145,311 |
| NorthWestern Corp. | 2,099 | 119,139 |
| Public Service Enterprise Group, Inc. | 6,169 | 386,241 |
| Sempra Energy | 3,589 | 522,522 |
| Unitil Corp. | 523 | 26,521 |
| WEC Energy Group, Inc. | 3,874 | 341,842 |
| | | 3,639,111 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 26 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Office REITs - 0.1% |
| Alexandria Real Estate Equities, Inc. | 2,192 | $ 248,770 |
| Boston Properties, Inc. | 2,000 | 115,180 |
| Brandywine Realty Trust | 5,537 | 25,747 |
| City Office REIT, Inc. | 1,911 | 10,644 |
| Corporate Office Properties Trust | 3,863 | 91,746 |
| Cousins Properties, Inc. | 1,600 | 36,480 |
| Douglas Emmett, Inc. | 5,929 | 74,528 |
| Easterly Government Properties, Inc. | 3,221 | 46,704 |
| Equity Commonwealth | 3,649 | 73,929 |
| Highwoods Properties, Inc. | 1,300 | 31,083 |
| Hudson Pacific Properties, Inc. | 4,816 | 20,324 |
| JBG SMITH Properties | 3,899 | 58,641 |
| Kilroy Realty Corp. | 1,322 | 39,779 |
| Office Properties Income Trust | 1,523 | 11,727 |
| Orion Office REIT, Inc. | 1,805 | 11,931 |
| Paramount Group, Inc. | 6,142 | 27,209 |
| Peakstone Realty Trust | 970 | 27,082 |
| Piedmont Office Realty Trust, Inc., Class A | 4,322 | 31,421 |
| Postal Realty Trust, Inc., Class A | 879 | 12,930 |
| SL Green Realty Corp. | 2,297 | 69,025 |
| Vornado Realty Trust | 2,100 | 38,094 |
| | | 1,102,974 |
| Office Services & Supplies - 0.0%* |
| ACCO Brands Corp. | 2,952 | 15,380 |
| CompX International, Inc. | 19 | 414 |
| HNI Corp. | 1,591 | 44,834 |
| Interface, Inc. | 1,835 | 16,130 |
| MillerKnoll, Inc. | 2,520 | 37,246 |
| MSA Safety, Inc. | 400 | 69,584 |
| NL Industries, Inc. | 196 | 1,084 |
| Pitney Bowes, Inc. | 5,628 | 19,923 |
| Steelcase, Inc., Class A | 2,836 | 21,865 |
| | | 226,460 |
| Oil & Gas Drilling - 0.0%* |
| Diamond Offshore Drilling, Inc. (a) | 3,569 | 50,822 |
| Helmerich & Payne, Inc. | 3,551 | 125,883 |
| Nabors Industries Ltd. (a) | 321 | 29,863 |
| Noble Corp. PLC (a) | 3,754 | 155,078 |
| Patterson-UTI Energy, Inc. | 7,466 | 89,368 |
| Valaris Ltd. (a) | 2,149 | 135,236 |
| | | 586,250 |
| Oil & Gas Equipment & Services - 0.2% |
| Archrock, Inc. | 4,802 | 49,220 |
| | Number
of Shares | Fair
Value |
| Atlas Energy Solutions, Inc., Class A | 567 | $ 9,843 |
| Baker Hughes Co. | 11,733 | 370,880 |
| Bristow Group, Inc. (a) | 857 | 24,622 |
| Cactus, Inc., Class A | 2,254 | 95,389 |
| ChampionX Corp. | 7,014 | 217,715 |
| Core Laboratories, Inc. | 1,635 | 38,014 |
| DMC Global, Inc. (a) | 594 | 10,549 |
| Dril-Quip, Inc. (a) | 1,103 | 25,667 |
| Expro Group Holdings NV (a) | 3,035 | 53,780 |
| Forum Energy Technologies, Inc. (a) | 342 | 8,752 |
| Halliburton Co. | 11,182 | 368,894 |
| Helix Energy Solutions Group, Inc. (a) | 5,036 | 37,166 |
| KLX Energy Services Holdings, Inc. (a) | 441 | 4,291 |
| Liberty Energy, Inc. | 5,961 | 79,699 |
| Mammoth Energy Services, Inc. (a) | 812 | 3,922 |
| Newpark Resources, Inc. (a) | 2,720 | 14,226 |
| NexTier Oilfield Solutions, Inc. (a) | 6,783 | 60,640 |
| NOV, Inc. | 5,300 | 85,012 |
| Oceaneering International, Inc. (a) | 3,492 | 65,300 |
| Oil States International, Inc. (a) | 2,028 | 15,149 |
| ProFrac Holding Corp., Class A (a) | 1,072 | 11,963 |
| ProPetro Holding Corp. (a) | 3,438 | 28,329 |
| Ranger Energy Services, Inc. (a) | 541 | 5,540 |
| RPC, Inc. | 2,965 | 21,200 |
| Schlumberger NV | 16,550 | 812,936 |
| SEACOR Marine Holdings, Inc. (a) | 839 | 9,590 |
| Select Water Solutions, Inc. | 2,969 | 24,049 |
| Solaris Oilfield Infrastructure, Inc., Class A | 1,548 | 12,895 |
| Tenaris SA | 7,527 | 112,576 |
| TETRA Technologies, Inc. (a) | 3,945 | 13,334 |
| Tidewater, Inc. (a) | 1,623 | 89,979 |
| U.S. Silica Holdings, Inc. (a) | 2,638 | 31,999 |
| Weatherford International PLC (a) | 2,486 | 165,120 |
| | | 2,978,240 |
| Oil & Gas Exploration & Production - 0.5% |
| Amplify Energy Corp. (a) | 1,763 | 11,936 |
| Antero Resources Corp. (a) | 3,500 | 80,605 |
| APA Corp. | 4,000 | 136,680 |
| Berry Corp. | 2,475 | 17,028 |
| California Resources Corp. | 2,543 | 115,172 |
| Callon Petroleum Co. (a) | 2,136 | 74,910 |
| Chesapeake Energy Corp. | 1,200 | 100,416 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 27 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Chord Energy Corp. | 1,465 | $ 225,317 |
| Civitas Resources, Inc. | 2,415 | 167,529 |
| CNX Resources Corp. (a) | 5,766 | 102,174 |
| Comstock Resources, Inc. | 3,217 | 37,317 |
| ConocoPhillips | 14,472 | 1,499,444 |
| Coterra Energy, Inc. | 9,827 | 248,623 |
| Crescent Energy Co., Class A | 1,260 | 13,129 |
| Denbury, Inc. (a) | 1,763 | 152,076 |
| Devon Energy Corp. | 7,929 | 383,288 |
| Diamondback Energy, Inc. | 2,231 | 293,064 |
| Earthstone Energy, Inc., Class A (a) | 1,991 | 28,451 |
| Empire Petroleum Corp. (a) | 548 | 4,987 |
| EOG Resources, Inc. | 6,853 | 784,257 |
| EQT Corp. | 4,302 | 176,941 |
| Evolution Petroleum Corp. | 1,099 | 8,869 |
| Granite Ridge Resources, Inc. | 905 | 6,000 |
| Gulfport Energy Corp. (a) | 387 | 40,662 |
| Hess Corp. | 3,213 | 436,807 |
| HighPeak Energy, Inc. | 362 | 3,939 |
| Magnolia Oil & Gas Corp., Class A | 6,394 | 133,635 |
| Marathon Oil Corp. | 7,887 | 181,559 |
| Matador Resources Co. | 3,942 | 206,245 |
| Murphy Oil Corp. | 5,162 | 197,705 |
| Northern Oil & Gas, Inc. | 2,620 | 89,918 |
| Ovintiv, Inc. | 2,800 | 106,596 |
| PDC Energy, Inc. | 1,100 | 78,254 |
| Permian Resources Corp. | 8,864 | 97,149 |
| Pioneer Natural Resources Co. | 2,819 | 584,040 |
| PrimeEnergy Resources Corp. (a) | 26 | 2,393 |
| Range Resources Corp. | 2,600 | 76,440 |
| Riley Exploration Permian, Inc. | 345 | 12,323 |
| Ring Energy, Inc. (a) | 4,794 | 8,198 |
| SandRidge Energy, Inc. | 1,022 | 15,585 |
| SilverBow Resources, Inc. (a) | 616 | 17,938 |
| Sitio Royalties Corp., Class A | 2,814 | 73,924 |
| SM Energy Co. | 4,185 | 132,372 |
| Southwestern Energy Co. (a) | 12,300 | 73,923 |
| Talos Energy, Inc. (a) | 3,899 | 54,079 |
| Tellurian, Inc. (a) | 18,654 | 26,302 |
| Texas Pacific Land Corp. | 65 | 85,572 |
| VAALCO Energy, Inc. | 3,402 | 12,792 |
| Vital Energy, Inc. (a) | 611 | 27,587 |
| Vitesse Energy, Inc. | 874 | 19,578 |
| W&T Offshore, Inc. (a) | 3,037 | 11,753 |
| | | 7,475,481 |
| Oil & Gas Refining & Marketing - 0.2% |
| Clean Energy Fuels Corp. (a) | 5,543 | 27,493 |
| CVR Energy, Inc. | 972 | 29,121 |
| Delek U.S. Holdings, Inc. | 2,434 | 58,294 |
| | Number
of Shares | Fair
Value |
| Gevo, Inc. (a) | 8,561 | $ 13,013 |
| Green Plains, Inc. (a) | 2,028 | 65,383 |
| HF Sinclair Corp. | 1,600 | 71,376 |
| Marathon Petroleum Corp. | 5,268 | 614,249 |
| Par Pacific Holdings, Inc. (a) | 1,927 | 51,277 |
| PBF Energy, Inc., Class A | 4,149 | 169,860 |
| Phillips 66 Co. | 5,441 | 518,963 |
| REX American Resources Corp. (a) | 497 | 17,300 |
| Valero Energy Corp. | 4,286 | 502,748 |
| Vertex Energy, Inc. (a) | 2,353 | 14,706 |
| World Kinect Corp. | 2,157 | 44,607 |
| | | 2,198,390 |
| Oil & Gas Storage & Transportation - 0.2% |
| Antero Midstream Corp. | 4,100 | 47,560 |
| Cheniere Energy, Inc. | 2,979 | 453,880 |
| DHT Holdings, Inc. | 4,885 | 41,669 |
| Dorian LPG Ltd. | 1,117 | 28,651 |
| DT Midstream, Inc. | 1,150 | 57,006 |
| Equitrans Midstream Corp. | 15,232 | 145,618 |
| Excelerate Energy, Inc., Class A | 592 | 12,035 |
| International Seaways, Inc. | 1,416 | 54,148 |
| Kinder Morgan, Inc. | 22,017 | 379,133 |
| Kinetik Holdings, Inc. | 601 | 21,119 |
| NextDecade Corp. (a) | 1,068 | 8,768 |
| Nordic American Tankers Ltd. | 6,699 | 24,585 |
| ONEOK, Inc. | 5,555 | 342,855 |
| Overseas Shipholding Group, Inc., Class A (a) | 2,011 | 8,386 |
| Targa Resources Corp. | 2,747 | 209,047 |
| Williams Cos., Inc. | 14,637 | 477,605 |
| | | 2,312,065 |
| Other Specialized REITs - 0.1% |
| EPR Properties | 700 | 32,760 |
| Farmland Partners, Inc. | 1,612 | 19,682 |
| Four Corners Property Trust, Inc. | 3,022 | 76,759 |
| Gaming & Leisure Properties, Inc. | 2,911 | 141,067 |
| Gladstone Land Corp. | 1,173 | 19,085 |
| Iron Mountain, Inc. | 3,600 | 204,552 |
| Lamar Advertising Co., Class A | 1,100 | 109,175 |
| Outfront Media, Inc. | 5,165 | 81,194 |
| Safehold, Inc. | 1,038 | 24,632 |
| Uniti Group, Inc. | 8,469 | 39,127 |
| VICI Properties, Inc. | 12,459 | 391,586 |
| | | 1,139,619 |
| Other Specialty Retail - 0.1% |
| 1-800-Flowers.com, Inc., Class A (a) | 809 | 6,310 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 28 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Academy Sports & Outdoors, Inc. | 2,674 | $ 144,530 |
| BARK, Inc. (a) | 5,659 | 7,526 |
| Bath & Body Works, Inc. | 2,998 | 112,425 |
| Big 5 Sporting Goods Corp. | 683 | 6,256 |
| Build-A-Bear Workshop, Inc. | 419 | 8,975 |
| Dick's Sporting Goods, Inc. | 687 | 90,815 |
| Envela Corp. (a) | 265 | 1,950 |
| Five Below, Inc. (a) | 700 | 137,578 |
| Franchise Group, Inc. | 851 | 24,373 |
| Hibbett, Inc. | 415 | 15,060 |
| Leslie's, Inc. (a) | 6,193 | 58,152 |
| MarineMax, Inc. (a) | 695 | 23,741 |
| National Vision Holdings, Inc. (a) | 2,738 | 66,506 |
| ODP Corp. (a) | 1,195 | 55,950 |
| PetMed Express, Inc. | 940 | 12,963 |
| Rent the Runway, Inc., Class A (a) | 1,423 | 2,818 |
| Sally Beauty Holdings, Inc. (a) | 3,804 | 46,979 |
| Signet Jewelers Ltd. | 1,548 | 101,023 |
| Sportsman's Warehouse Holdings, Inc. (a) | 1,167 | 6,652 |
| Tractor Supply Co. | 1,203 | 265,983 |
| Ulta Beauty, Inc. (a) | 582 | 273,886 |
| Warby Parker, Inc., Class A (a) | 2,966 | 34,673 |
| Winmark Corp. | 100 | 33,247 |
| | | 1,538,371 |
| Packaged Foods & Meats - 0.7% |
| B&G Foods, Inc. | 2,488 | 34,633 |
| Beyond Meat, Inc. (a) | 2,017 | 26,181 |
| BRC, Inc., Class A (a) | 1,418 | 7,317 |
| Calavo Growers, Inc. | 555 | 16,106 |
| Cal-Maine Foods, Inc. | 1,322 | 59,490 |
| Campbell Soup Co. | 2,400 | 109,704 |
| Conagra Brands, Inc. | 5,900 | 198,948 |
| Dole PLC | 2,494 | 33,719 |
| Flowers Foods, Inc. | 2,100 | 52,248 |
| Fresh Market, Inc. (a)(c)** | 1,243 | — |
| Freshpet, Inc. (a) | 600 | 39,486 |
| General Mills, Inc. | 6,930 | 531,531 |
| Hain Celestial Group, Inc. (a) | 3,131 | 39,169 |
| Hershey Co. | 1,794 | 447,962 |
| Hormel Foods Corp. | 3,578 | 143,907 |
| Hostess Brands, Inc. (a) | 4,621 | 117,004 |
| J & J Snack Foods Corp. | 522 | 82,664 |
| J M Smucker Co. | 1,321 | 195,072 |
| JBS SA | 12,000 | 43,433 |
| John B Sanfilippo & Son, Inc. | 318 | 37,292 |
| Kellogg Co. | 3,050 | 205,570 |
| Kraft Heinz Co. | 8,929 | 316,979 |
| Lamb Weston Holdings, Inc. | 1,786 | 205,301 |
| Lancaster Colony Corp. | 684 | 137,545 |
| | Number
of Shares | Fair
Value |
| McCormick & Co., Inc. | 3,177 | $ 277,130 |
| Mission Produce, Inc. (a) | 1,689 | 20,471 |
| Mondelez International, Inc., Class A | 16,302 | 1,189,068 |
| Nestle SA | 41,709 | 5,019,482 |
| Post Holdings, Inc. (a) | 600 | 51,990 |
| Seneca Foods Corp., Class A (a) | 250 | 8,170 |
| Simply Good Foods Co. (a) | 3,166 | 115,844 |
| Sovos Brands, Inc. (a) | 1,384 | 27,071 |
| TreeHouse Foods, Inc. (a) | 1,796 | 90,482 |
| Tyson Foods, Inc., Class A | 3,332 | 170,065 |
| Utz Brands, Inc. | 2,511 | 41,080 |
| Vital Farms, Inc. (a) | 951 | 11,402 |
| Westrock Coffee Co. (a) | 990 | 10,761 |
| | | 10,114,277 |
| Paper & Plastic Packaging Products & Materials - 0.1% |
| Amcor PLC | 16,500 | 164,670 |
| Avery Dennison Corp. | 1,042 | 179,015 |
| Graphic Packaging Holding Co. | 3,800 | 91,314 |
| International Paper Co. | 3,523 | 112,067 |
| Packaging Corp. of America | 983 | 129,913 |
| Pactiv Evergreen, Inc. | 1,396 | 10,568 |
| Ranpak Holdings Corp. (a) | 2,152 | 9,727 |
| Sealed Air Corp. | 1,505 | 60,200 |
| Sonoco Products Co. | 1,100 | 64,922 |
| Westrock Co. | 3,400 | 98,838 |
| | | 921,234 |
| Paper Products - 0.0%* |
| Clearwater Paper Corp. (a) | 540 | 16,913 |
| Glatfelter Corp. | 1,418 | 4,282 |
| Sylvamo Corp. | 1,269 | 51,331 |
| | | 72,526 |
| Passenger Airlines - 0.1% |
| Alaska Air Group, Inc. (a) | 1,521 | 80,887 |
| Allegiant Travel Co. (a) | 550 | 69,454 |
| American Airlines Group, Inc. (a) | 7,500 | 134,550 |
| Blade Air Mobility, Inc. (a) | 2,879 | 11,343 |
| Delta Air Lines, Inc. (a) | 7,357 | 349,752 |
| Frontier Group Holdings, Inc. (a) | 1,177 | 11,382 |
| Hawaiian Holdings, Inc. (a) | 1,619 | 17,437 |
| JetBlue Airways Corp. (a) | 11,531 | 102,165 |
| Joby Aviation, Inc. (a) | 9,717 | 99,696 |
| SkyWest, Inc. (a) | 1,748 | 71,178 |
| Southwest Airlines Co. | 7,262 | 262,957 |
| Spirit Airlines, Inc. | 3,806 | 65,311 |
| Sun Country Airlines Holdings, Inc. (a) | 1,314 | 29,539 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 29 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| United Airlines Holdings, Inc. (a) | 4,166 | $ 228,588 |
| | | 1,534,239 |
| Passenger Ground Transportation - 0.1% |
| Avis Budget Group, Inc. (a) | 300 | 68,601 |
| Hertz Global Holdings, Inc. (a) | 1,800 | 33,102 |
| Lyft, Inc., Class A (a) | 3,215 | 30,832 |
| Uber Technologies, Inc. (a) | 22,959 | 991,140 |
| | | 1,123,675 |
| Personal Care Products - 0.1% |
| Beauty Health Co. (a) | 2,892 | 24,206 |
| BellRing Brands, Inc. (a) | 4,701 | 172,057 |
| Coty, Inc., Class A (a) | 4,300 | 52,847 |
| Edgewell Personal Care Co. | 1,794 | 74,110 |
| elf Beauty, Inc. (a) | 1,751 | 200,017 |
| Estee Lauder Cos., Inc., Class A | 2,666 | 523,549 |
| Haleon PLC | 76,814 | 315,616 |
| Herbalife Ltd. (a) | 3,483 | 46,115 |
| Inter Parfums, Inc. | 640 | 86,547 |
| Medifast, Inc. | 359 | 33,085 |
| Nature's Sunshine Products, Inc. (a) | 546 | 7,453 |
| Nu Skin Enterprises, Inc., Class A | 1,714 | 56,905 |
| Thorne HealthTech, Inc. (a) | 801 | 3,765 |
| USANA Health Sciences, Inc. (a) | 367 | 23,136 |
| Waldencast PLC, Class A (a) | 698 | 5,395 |
| | | 1,624,803 |
| Pharmaceuticals - 2.0% |
| Aclaris Therapeutics, Inc. (a) | 2,420 | 25,095 |
| Amneal Pharmaceuticals, Inc. (a) | 4,248 | 13,169 |
| Amphastar Pharmaceuticals, Inc. (a) | 1,342 | 77,125 |
| Amylyx Pharmaceuticals, Inc. (a) | 1,763 | 38,028 |
| ANI Pharmaceuticals, Inc. (a) | 451 | 24,277 |
| Arvinas, Inc. (a) | 1,731 | 42,963 |
| Assertio Holdings, Inc. (a) | 1,924 | 10,428 |
| Atea Pharmaceuticals, Inc. (a) | 2,671 | 9,990 |
| Axsome Therapeutics, Inc. (a) | 1,146 | 82,352 |
| Biote Corp., Class A (a) | 488 | 3,299 |
| Bright Green Corp. (a) | 2,110 | 2,131 |
| Bristol-Myers Squibb Co. | 25,029 | 1,600,605 |
| Cara Therapeutics, Inc. (a) | 2,213 | 6,263 |
| Cassava Sciences, Inc. (a) | 1,386 | 33,985 |
| Catalent, Inc. (a) | 2,329 | 100,985 |
| Citius Pharmaceuticals, Inc. (a) | 4,282 | 5,138 |
| | Number
of Shares | Fair
Value |
| Collegium Pharmaceutical, Inc. (a) | 1,208 | $ 25,960 |
| Corcept Therapeutics, Inc. (a) | 2,797 | 62,233 |
| CorMedix, Inc. (a) | 1,555 | 6,166 |
| Cymabay Therapeutics, Inc. (a) | 3,418 | 37,427 |
| DICE Therapeutics, Inc. (a) | 1,350 | 62,721 |
| Edgewise Therapeutics, Inc. (a) | 1,855 | 14,376 |
| Elanco Animal Health, Inc. (a) | 4,882 | 49,113 |
| Eli Lilly & Co. | 10,068 | 4,721,691 |
| Enliven Therapeutics, Inc. (a) | 813 | 16,593 |
| Evolus, Inc. (a) | 1,540 | 11,196 |
| Eyenovia, Inc. (a) | 973 | 2,306 |
| EyePoint Pharmaceuticals, Inc. (a) | 800 | 6,960 |
| GSK PLC | 61,989 | 1,099,772 |
| Harmony Biosciences Holdings, Inc. (a) | 1,150 | 40,468 |
| Harrow Health, Inc. (a) | 906 | 17,250 |
| Ikena Oncology, Inc. (a) | 741 | 4,861 |
| Innoviva, Inc. (a) | 2,067 | 26,313 |
| Intra-Cellular Therapies, Inc. (a) | 3,265 | 206,740 |
| Jazz Pharmaceuticals PLC (a) | 800 | 99,176 |
| Johnson & Johnson | 30,837 | 5,104,140 |
| Ligand Pharmaceuticals, Inc. (a) | 581 | 41,890 |
| Liquidia Corp. (a) | 1,494 | 11,728 |
| Longboard Pharmaceuticals, Inc. (a) | 543 | 3,986 |
| Marinus Pharmaceuticals, Inc. (a) | 1,736 | 18,853 |
| Merck & Company, Inc. | 30,392 | 3,506,933 |
| NGM Biopharmaceuticals, Inc. (a) | 1,322 | 3,424 |
| Nuvation Bio, Inc. (a) | 5,854 | 10,537 |
| Ocular Therapeutix, Inc. (a) | 2,446 | 12,621 |
| Omeros Corp. (a) | 2,121 | 11,538 |
| Optinose, Inc. (a) | 2,541 | 3,125 |
| Organon & Co. | 2,790 | 58,060 |
| Pacira BioSciences, Inc. (a) | 1,566 | 62,750 |
| Perrigo Co. PLC | 1,600 | 54,320 |
| Pfizer, Inc. | 67,095 | 2,461,045 |
| Phathom Pharmaceuticals, Inc. (a) | 858 | 12,287 |
| Phibro Animal Health Corp., Class A | 956 | 13,097 |
| Pliant Therapeutics, Inc. (a) | 1,969 | 35,678 |
| Prestige Consumer Healthcare, Inc. (a) | 1,710 | 101,625 |
| Reata Pharmaceuticals, Inc., Class A (a) | 996 | 101,552 |
| Revance Therapeutics, Inc. (a) | 2,907 | 73,576 |
| Roche Holding AG | 11,144 | 3,416,932 |
| Royalty Pharma PLC, Class A | 4,300 | 132,182 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 30 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Sanofi | 17,194 | $ 1,850,694 |
| scPharmaceuticals, Inc. (a) | 1,006 | 10,251 |
| SIGA Technologies, Inc. | 2,314 | 11,686 |
| Supernus Pharmaceuticals, Inc. (a) | 1,730 | 52,004 |
| Taro Pharmaceutical Industries Ltd. (a) | 285 | 10,810 |
| Tarsus Pharmaceuticals, Inc. (a) | 912 | 16,480 |
| Terns Pharmaceuticals, Inc. (a) | 1,493 | 13,064 |
| Theravance Biopharma, Inc. (a) | 2,167 | 22,428 |
| Theseus Pharmaceuticals, Inc. (a) | 898 | 8,378 |
| Third Harmonic Bio, Inc. (a) | 363 | 1,746 |
| Trevi Therapeutics, Inc. (a) | 1,451 | 3,468 |
| Ventyx Biosciences, Inc. (a) | 1,631 | 53,497 |
| Verrica Pharmaceuticals, Inc. (a) | 727 | 4,195 |
| Viatris, Inc. | 13,600 | 135,728 |
| WaVe Life Sciences Ltd. (a) | 2,060 | 7,498 |
| Xeris Biopharma Holdings, Inc. (a) | 4,077 | 10,682 |
| Zevra Therapeutics, Inc. (a) | 1,209 | 6,166 |
| Zoetis, Inc. | 5,522 | 950,944 |
| | | 27,008,753 |
| Property & Casualty Insurance - 0.4% |
| Allstate Corp. | 3,291 | 358,851 |
| Ambac Financial Group, Inc. (a) | 1,442 | 20,534 |
| American Financial Group, Inc. | 881 | 104,619 |
| AMERISAFE, Inc. | 629 | 33,538 |
| Arch Capital Group Ltd. (a) | 4,400 | 329,340 |
| Argo Group International Holdings Ltd. | 1,119 | 33,133 |
| Assured Guaranty Ltd. | 700 | 39,060 |
| Axis Capital Holdings Ltd. | 900 | 48,447 |
| Chubb Ltd. | 4,869 | 937,575 |
| Cincinnati Financial Corp. | 1,965 | 191,234 |
| Donegal Group, Inc., Class A | 770 | 11,111 |
| Employers Holdings, Inc. | 898 | 33,594 |
| Fidelity National Financial, Inc. | 3,400 | 122,400 |
| First American Financial Corp. | 1,100 | 62,722 |
| Hanover Insurance Group, Inc. | 400 | 45,212 |
| HCI Group, Inc. | 292 | 18,040 |
| Investors Title Co. | 65 | 9,490 |
| James River Group Holdings Ltd. | 1,201 | 21,930 |
| Kemper Corp. | 1,000 | 48,260 |
| Kinsale Capital Group, Inc. | 192 | 71,846 |
| Lemonade, Inc. (a) | 1,679 | 28,291 |
| Loews Corp. | 2,600 | 154,388 |
| | Number
of Shares | Fair
Value |
| Markel Group, Inc. (a) | 170 | $ 235,141 |
| MBIA, Inc. (a) | 1,546 | 13,357 |
| Mercury General Corp. | 878 | 26,577 |
| NI Holdings, Inc. (a) | 227 | 3,371 |
| Old Republic International Corp. | 3,110 | 78,279 |
| Palomar Holdings, Inc. (a) | 856 | 49,682 |
| ProAssurance Corp. | 1,776 | 26,800 |
| Progressive Corp. | 6,867 | 908,985 |
| RLI Corp. | 300 | 40,941 |
| Safety Insurance Group, Inc. | 503 | 36,075 |
| Selective Insurance Group, Inc. | 2,108 | 202,263 |
| Skyward Specialty Insurance Group, Inc. (a) | 451 | 11,455 |
| Stewart Information Services Corp. | 948 | 39,001 |
| Tiptree, Inc. | 781 | 11,723 |
| Travelers Cos., Inc. | 2,791 | 484,685 |
| Trupanion, Inc. (a) | 1,297 | 25,525 |
| United Fire Group, Inc. | 692 | 15,681 |
| United Insurance Holdings Corp. (a) | 683 | 3,046 |
| Universal Insurance Holdings, Inc. | 828 | 12,776 |
| W R Berkley Corp. | 2,531 | 150,746 |
| White Mountains Insurance Group Ltd. | 24 | 33,334 |
| | | 5,133,058 |
| Publishing - 0.0%* |
| Daily Journal Corp. (a) | 47 | 13,596 |
| Gannett Co., Inc. (a) | 6,998 | 15,746 |
| John Wiley & Sons, Inc., Class A | 1,506 | 51,249 |
| New York Times Co., Class A | 1,901 | 74,861 |
| News Corp., Class A | 5,394 | 105,183 |
| News Corp., Class B | 874 | 17,235 |
| Scholastic Corp. | 1,037 | 40,329 |
| | | 318,199 |
| Rail Transportation - 0.2% |
| CSX Corp. | 24,484 | 834,904 |
| FTAI Infrastructure, Inc. | 3,449 | 12,727 |
| Norfolk Southern Corp. | 2,638 | 598,193 |
| Union Pacific Corp. | 7,319 | 1,497,614 |
| | | 2,943,438 |
| Real Estate Development - 0.0%* |
| Forestar Group, Inc. (a) | 639 | 14,410 |
| Howard Hughes Corp. (a) | 400 | 31,568 |
| Maui Land & Pineapple Co., Inc. (a) | 263 | 3,745 |
| Stratus Properties, Inc. | 173 | 4,541 |
| | | 54,264 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 31 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Real Estate Operating Companies - 0.0%* |
| DigitalBridge Group, Inc. | 5,725 | $ 84,215 |
| FRP Holdings, Inc. (a) | 291 | 16,753 |
| Kennedy-Wilson Holdings, Inc. | 4,123 | 67,329 |
| Transcontinental Realty Investors, Inc. (a) | 80 | 2,930 |
| | | 171,227 |
| Real Estate Services - 0.1% |
| Anywhere Real Estate, Inc. (a) | 3,483 | 23,267 |
| CBRE Group, Inc., Class A (a) | 3,882 | 313,316 |
| Compass, Inc., Class A (a) | 10,451 | 36,579 |
| Cushman & Wakefield PLC (a) | 5,636 | 46,103 |
| Douglas Elliman, Inc. | 3,725 | 8,270 |
| eXp World Holdings, Inc. | 2,469 | 50,071 |
| Jones Lang LaSalle, Inc. (a) | 500 | 77,900 |
| Marcus & Millichap, Inc. | 824 | 25,964 |
| Newmark Group, Inc., Class A | 4,438 | 27,604 |
| Opendoor Technologies, Inc. (a) | 19,027 | 76,489 |
| RE/MAX Holdings, Inc., Class A | 773 | 14,888 |
| Redfin Corp. (a) | 3,741 | 46,463 |
| Zillow Group, Inc., Class A (a) | 400 | 19,680 |
| Zillow Group, Inc., Class C (a) | 1,500 | 75,390 |
| | | 841,984 |
| Regional Banks - 0.7% |
| 1st Source Corp. | 583 | 24,445 |
| ACNB Corp. | 404 | 13,401 |
| Amalgamated Financial Corp. | 818 | 13,162 |
| Amerant Bancorp, Inc. | 896 | 15,402 |
| American National Bankshares, Inc. | 324 | 9,389 |
| Ameris Bancorp | 2,307 | 78,922 |
| Ames National Corp. | 300 | 5,409 |
| Arrow Financial Corp. | 654 | 13,172 |
| Associated Banc-Corp. | 5,279 | 85,678 |
| Atlantic Union Bankshares Corp. | 2,612 | 67,781 |
| Axos Financial, Inc. (a) | 1,966 | 77,539 |
| Banc of California, Inc. | 1,903 | 22,037 |
| BancFirst Corp. | 768 | 70,656 |
| Bancorp, Inc. (a) | 1,907 | 62,264 |
| Bank First Corp. | 325 | 27,040 |
| Bank of Hawaii Corp. | 1,368 | 56,403 |
| Bank of Marin Bancorp | 721 | 12,740 |
| Bank OZK | 1,200 | 48,192 |
| Bank7 Corp. | 130 | 3,189 |
| BankUnited, Inc. | 2,659 | 57,301 |
| Bankwell Financial Group, Inc. | 294 | 7,168 |
| Banner Corp. | 1,201 | 52,448 |
| Bar Harbor Bankshares | 468 | 11,531 |
| BayCom Corp. | 604 | 10,075 |
| | Number
of Shares | Fair
Value |
| BCB Bancorp, Inc. | 722 | $ 8,476 |
| Berkshire Hills Bancorp, Inc. | 1,537 | 31,862 |
| Blue Foundry Bancorp (a) | 1,248 | 12,617 |
| Blue Ridge Bankshares, Inc. | 866 | 7,664 |
| BOK Financial Corp. | 300 | 24,234 |
| Bridgewater Bancshares, Inc. (a) | 1,007 | 9,919 |
| Brookline Bancorp, Inc. | 3,056 | 26,709 |
| Burke & Herbert Financial Services Corp. | 224 | 14,381 |
| Business First Bancshares, Inc. | 747 | 11,257 |
| Byline Bancorp, Inc. | 790 | 14,291 |
| C&F Financial Corp. | 114 | 6,122 |
| Cadence Bank | 6,379 | 125,284 |
| Cambridge Bancorp | 265 | 14,392 |
| Camden National Corp. | 463 | 14,339 |
| Capital Bancorp, Inc. | 466 | 8,435 |
| Capital City Bank Group, Inc. | 430 | 13,175 |
| Capitol Federal Financial, Inc. | 4,184 | 25,815 |
| Capstar Financial Holdings, Inc. | 952 | 11,681 |
| Carter Bankshares, Inc. (a) | 746 | 11,033 |
| Cathay General Bancorp | 2,431 | 78,254 |
| Central Pacific Financial Corp. | 855 | 13,432 |
| Central Valley Community Bancorp | 348 | 5,377 |
| Chemung Financial Corp. | 122 | 4,686 |
| ChoiceOne Financial Services, Inc. | 243 | 5,589 |
| Citizens & Northern Corp. | 471 | 9,090 |
| Citizens Financial Group, Inc. | 6,152 | 160,444 |
| Citizens Financial Services, Inc. | 151 | 11,245 |
| City Holding Co. | 518 | 46,615 |
| Civista Bancshares, Inc. | 750 | 13,050 |
| CNB Financial Corp. | 638 | 11,261 |
| Coastal Financial Corp. (a) | 479 | 18,034 |
| Codorus Valley Bancorp, Inc. | 334 | 6,550 |
| Colony Bankcorp, Inc. | 836 | 7,875 |
| Columbia Banking System, Inc. | 2,293 | 46,502 |
| Columbia Financial, Inc. (a) | 1,090 | 18,846 |
| Comerica, Inc. | 1,864 | 78,959 |
| Commerce Bancshares, Inc. | 1,623 | 79,040 |
| Community Bank System, Inc. | 1,831 | 85,837 |
| Community Financial Corp. | 179 | 4,849 |
| Community Trust Bancorp, Inc. | 508 | 18,070 |
| ConnectOne Bancorp, Inc. | 1,205 | 19,991 |
| CrossFirst Bankshares, Inc. (a) | 1,428 | 14,280 |
| Cullen/Frost Bankers, Inc. | 800 | 86,024 |
| Customers Bancorp, Inc. (a) | 1,093 | 33,074 |
| CVB Financial Corp. | 4,683 | 62,190 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 32 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Dime Community Bancshares, Inc. | 1,219 | $ 21,491 |
| Eagle Bancorp, Inc. | 1,019 | 21,562 |
| East West Bancorp, Inc. | 1,893 | 99,931 |
| Eastern Bankshares, Inc. | 5,380 | 66,013 |
| Enterprise Bancorp, Inc. | 453 | 13,110 |
| Enterprise Financial Services Corp. | 1,241 | 48,523 |
| Equity Bancshares, Inc., Class A | 475 | 10,820 |
| Esquire Financial Holdings, Inc. | 239 | 10,932 |
| ESSA Bancorp, Inc. | 303 | 4,530 |
| Evans Bancorp, Inc. | 183 | 4,562 |
| Farmers & Merchants Bancorp, Inc. | 611 | 13,754 |
| Farmers National Banc Corp. | 1,290 | 15,957 |
| FB Financial Corp. | 1,275 | 35,764 |
| Fidelity D&D Bancorp, Inc. | 162 | 7,872 |
| Fifth Third Bancorp | 8,533 | 223,650 |
| Financial Institutions, Inc. | 732 | 11,522 |
| First Bancorp | 1,362 | 40,519 |
| First Bancorp, Inc. | 476 | 11,586 |
| First Bancshares, Inc. | 1,058 | 27,339 |
| First Bank | 789 | 8,190 |
| First Busey Corp. | 1,839 | 36,964 |
| First Business Financial Services, Inc. | 390 | 11,501 |
| First Citizens BancShares, Inc., Class A | 119 | 152,731 |
| First Commonwealth Financial Corp. | 3,583 | 45,325 |
| First Community Bankshares, Inc. | 615 | 18,284 |
| First Community Corp. | 257 | 4,462 |
| First Financial Bancorp | 3,253 | 66,491 |
| First Financial Bankshares, Inc. | 4,563 | 130,000 |
| First Financial Corp. | 352 | 11,429 |
| First Foundation, Inc. | 2,307 | 9,159 |
| First Hawaiian, Inc. | 1,200 | 21,612 |
| First Horizon Corp. | 5,900 | 66,493 |
| First Interstate BancSystem, Inc., Class A | 2,881 | 68,683 |
| First Merchants Corp. | 2,012 | 56,799 |
| First Mid Bancshares, Inc. | 599 | 14,460 |
| First of Long Island Corp. | 1,047 | 12,585 |
| First Western Financial, Inc. (a) | 408 | 7,589 |
| Five Star Bancorp | 589 | 13,176 |
| Flushing Financial Corp. | 887 | 10,901 |
| FNB Corp. | 4,000 | 45,760 |
| FS Bancorp, Inc. | 231 | 6,946 |
| Fulton Financial Corp. | 5,688 | 67,801 |
| FVCBankcorp, Inc. (a) | 757 | 8,153 |
| | Number
of Shares | Fair
Value |
| German American Bancorp, Inc. | 909 | $ 24,707 |
| Glacier Bancorp, Inc. | 3,904 | 121,688 |
| Great Southern Bancorp, Inc. | 299 | 15,168 |
| Greene County Bancorp, Inc. | 348 | 10,370 |
| Guaranty Bancshares, Inc. | 403 | 10,913 |
| Hancock Whitney Corp. | 3,061 | 117,481 |
| Hanmi Financial Corp. | 977 | 14,587 |
| HarborOne Bancorp, Inc. | 1,412 | 12,256 |
| HBT Financial, Inc. | 595 | 10,972 |
| Heartland Financial USA, Inc. | 1,459 | 40,662 |
| Heritage Commerce Corp. | 1,885 | 15,608 |
| Heritage Financial Corp. | 1,128 | 18,240 |
| Hilltop Holdings, Inc. | 1,743 | 54,835 |
| Hingham Institution For Savings The | 68 | 14,496 |
| Home Bancorp, Inc. | 358 | 11,889 |
| Home BancShares, Inc. | 6,653 | 151,688 |
| HomeStreet, Inc. | 563 | 3,333 |
| HomeTrust Bancshares, Inc. | 658 | 13,746 |
| Hope Bancorp, Inc. | 3,826 | 32,215 |
| Horizon Bancorp, Inc. | 1,509 | 15,709 |
| Huntington Bancshares, Inc. | 18,046 | 194,536 |
| Independent Bank Corp. | 2,522 | 86,715 |
| Independent Bank Group, Inc. | 1,269 | 43,819 |
| International Bancshares Corp. | 1,866 | 82,477 |
| John Marshall Bancorp, Inc. | 567 | 11,391 |
| Kearny Financial Corp. | 1,909 | 13,458 |
| Lakeland Bancorp, Inc. | 2,046 | 27,396 |
| Lakeland Financial Corp. | 871 | 42,261 |
| LCNB Corp. | 368 | 5,432 |
| Live Oak Bancshares, Inc. | 1,173 | 30,862 |
| Luther Burbank Corp. | 775 | 6,913 |
| M&T Bank Corp. | 2,052 | 253,955 |
| Macatawa Bank Corp. | 1,283 | 11,906 |
| MainStreet Bancshares, Inc. | 243 | 5,506 |
| Mercantile Bank Corp. | 492 | 13,589 |
| Metrocity Bankshares, Inc. | 575 | 10,287 |
| Metropolitan Bank Holding Corp. (a) | 469 | 16,288 |
| Mid Penn Bancorp, Inc. | 452 | 9,980 |
| Middlefield Banc Corp. | 274 | 7,343 |
| Midland States Bancorp, Inc. | 676 | 13,459 |
| MidWestOne Financial Group, Inc. | 654 | 13,976 |
| MVB Financial Corp. | 507 | 10,688 |
| National Bank Holdings Corp., Class A | 1,284 | 37,287 |
| National Bankshares, Inc. | 201 | 5,867 |
| NBT Bancorp, Inc. | 1,471 | 46,851 |
| New York Community Bancorp, Inc. | 8,500 | 95,540 |
| Nicolet Bankshares, Inc. | 441 | 29,948 |
| Northeast Bank | 322 | 13,418 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 33 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Northeast Community Bancorp, Inc. | 466 | $ 6,934 |
| Northfield Bancorp, Inc. | 1,371 | 15,054 |
| Northrim BanCorp, Inc. | 192 | 7,551 |
| Northwest Bancshares, Inc. | 4,290 | 45,474 |
| Norwood Financial Corp. | 257 | 7,589 |
| Oak Valley Bancorp | 235 | 5,920 |
| OceanFirst Financial Corp. | 1,912 | 29,865 |
| Old National Bancorp | 10,122 | 141,101 |
| Old Second Bancorp, Inc. | 1,370 | 17,892 |
| Orange County Bancorp, Inc. | 178 | 6,586 |
| Origin Bancorp, Inc. | 1,018 | 29,827 |
| Orrstown Financial Services, Inc. | 512 | 9,805 |
| Pacific Premier Bancorp, Inc. | 3,273 | 67,686 |
| PacWest Bancorp | 4,181 | 34,075 |
| Park National Corp. | 505 | 51,672 |
| Parke Bancorp, Inc. | 513 | 8,716 |
| Pathward Financial, Inc. | 960 | 44,506 |
| PCB Bancorp | 582 | 8,561 |
| Peapack-Gladstone Financial Corp. | 549 | 14,867 |
| Penns Woods Bancorp, Inc. | 239 | 5,982 |
| Peoples Bancorp, Inc. | 1,109 | 29,444 |
| Peoples Financial Services Corp. | 218 | 9,546 |
| Pinnacle Financial Partners, Inc. | 886 | 50,192 |
| Pioneer Bancorp, Inc. (a) | 624 | 5,585 |
| Plumas Bancorp | 191 | 6,817 |
| Ponce Financial Group, Inc. (a) | 713 | 6,196 |
| Preferred Bank | 433 | 23,811 |
| Premier Financial Corp. | 1,155 | 18,503 |
| Primis Financial Corp. | 1,102 | 9,279 |
| Princeton Bancorp, Inc. | 177 | 4,836 |
| Prosperity Bancshares, Inc. | 1,200 | 67,776 |
| Provident Financial Services, Inc. | 2,596 | 42,419 |
| QCR Holdings, Inc. | 575 | 23,592 |
| RBB Bancorp | 722 | 8,621 |
| Red River Bancshares, Inc. | 218 | 10,712 |
| Regions Financial Corp. | 11,677 | 208,084 |
| Renasant Corp. | 1,925 | 50,300 |
| Republic Bancorp, Inc., Class A | 274 | 11,645 |
| S&T Bancorp, Inc. | 1,390 | 37,794 |
| Sandy Spring Bancorp, Inc. | 1,557 | 35,313 |
| Seacoast Banking Corp. of Florida | 2,937 | 64,908 |
| ServisFirst Bancshares, Inc. | 1,783 | 72,960 |
| Shore Bancshares, Inc. | 872 | 10,080 |
| Sierra Bancorp | 676 | 11,472 |
| Simmons First National Corp., Class A | 4,403 | 75,952 |
| SmartFinancial, Inc. | 489 | 10,518 |
| | Number
of Shares | Fair
Value |
| South Plains Financial, Inc. | 486 | $ 10,940 |
| Southern First Bancshares, Inc. (a) | 372 | 9,207 |
| Southern Missouri Bancorp, Inc. | 367 | 14,111 |
| Southern States Bancshares, Inc. | 261 | 5,507 |
| Southside Bancshares, Inc. | 989 | 25,872 |
| SouthState Corp. | 2,665 | 175,357 |
| Stellar Bancorp, Inc. | 1,704 | 39,005 |
| Sterling Bancorp, Inc. (a) | 434 | 2,374 |
| Stock Yards Bancorp, Inc. | 1,016 | 46,096 |
| Summit Financial Group, Inc. | 548 | 11,322 |
| Synovus Financial Corp. | 1,618 | 48,944 |
| Texas Capital Bancshares, Inc. (a) | 1,683 | 86,674 |
| Third Coast Bancshares, Inc. (a) | 638 | 10,125 |
| Timberland Bancorp, Inc. | 263 | 6,728 |
| Tompkins Financial Corp. | 456 | 25,399 |
| Towne Bank | 2,415 | 56,125 |
| TriCo Bancshares | 1,110 | 36,852 |
| Triumph Financial, Inc. (a) | 815 | 49,487 |
| Truist Financial Corp. | 15,198 | 461,259 |
| TrustCo Bank Corp. NY | 607 | 17,366 |
| Trustmark Corp. | 2,157 | 45,556 |
| UMB Financial Corp. | 1,550 | 94,395 |
| United Bankshares, Inc. | 4,594 | 136,304 |
| United Community Banks, Inc. | 4,031 | 100,735 |
| Unity Bancorp, Inc. | 364 | 8,587 |
| Univest Financial Corp. | 937 | 16,941 |
| USCB Financial Holdings, Inc. (a) | 296 | 3,019 |
| Valley National Bancorp | 14,888 | 115,382 |
| Veritex Holdings, Inc. | 1,872 | 33,565 |
| Virginia National Bankshares Corp. | 165 | 5,305 |
| Washington Federal, Inc. | 2,263 | 60,015 |
| Washington Trust Bancorp, Inc. | 553 | 14,826 |
| Webster Financial Corp. | 2,172 | 81,993 |
| WesBanco, Inc. | 2,021 | 51,758 |
| West BanCorp, Inc. | 785 | 14,452 |
| Westamerica BanCorp | 928 | 35,542 |
| Western Alliance Bancorp | 1,100 | 40,117 |
| Wintrust Financial Corp. | 900 | 65,358 |
| WSFS Financial Corp. | 2,136 | 80,570 |
| Zions Bancorp NA | 1,575 | 42,304 |
| | | 9,264,328 |
| Reinsurance - 0.1% |
| Enstar Group Ltd. (a) | 416 | 101,604 |
| Everest Re Group Ltd. | 435 | 148,709 |
| Greenlight Capital Re Ltd., Class A (a) | 1,282 | 13,506 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 34 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Maiden Holdings Ltd. (a) | 3,163 | $ 6,642 |
| Reinsurance Group of America, Inc. | 800 | 110,952 |
| Swiss Re AG | 4,572 | 460,894 |
| | | 842,307 |
| Renewable Electricity - 0.0%* |
| Altus Power, Inc. (a) | 2,938 | 15,865 |
| Brookfield Renewable Corp., Class A | 3,200 | 100,981 |
| Clearway Energy, Inc., Class C | 300 | 8,568 |
| Montauk Renewables, Inc. (a) | 2,061 | 15,334 |
| Ormat Technologies, Inc. | 1,872 | 150,621 |
| Sunnova Energy International, Inc. (a) | 3,471 | 63,554 |
| | | 354,923 |
| Research & Consulting Services - 0.3% |
| Blacksky Technology, Inc. (a) | 4,119 | 9,144 |
| Booz Allen Hamilton Holding Corp. | 1,624 | 181,239 |
| CACI International, Inc., Class A (a) | 269 | 91,686 |
| CBIZ, Inc. (a) | 1,671 | 89,031 |
| Clarivate PLC (a) | 5,512 | 52,529 |
| CoStar Group, Inc. (a) | 5,028 | 447,492 |
| CRA International, Inc. | 227 | 23,154 |
| Dun & Bradstreet Holdings, Inc. | 3,900 | 45,123 |
| Equifax, Inc. | 1,491 | 350,832 |
| Experian PLC | 13,966 | 536,599 |
| Exponent, Inc. | 1,782 | 166,296 |
| FiscalNote Holdings, Inc. (a) | 2,170 | 7,899 |
| Forrester Research, Inc. (a) | 358 | 10,414 |
| Franklin Covey Co. (a) | 390 | 17,035 |
| FTI Consulting, Inc. (a) | 400 | 76,080 |
| Huron Consulting Group, Inc. (a) | 689 | 58,503 |
| ICF International, Inc. | 643 | 79,983 |
| Innodata, Inc. (a) | 879 | 9,959 |
| Jacobs Solutions, Inc. | 1,600 | 190,224 |
| KBR, Inc. | 1,700 | 110,602 |
| Legalzoom.com, Inc. (a) | 3,630 | 43,851 |
| Leidos Holdings, Inc. | 1,591 | 140,772 |
| Mistras Group, Inc. (a) | 726 | 5,605 |
| NV5 Global, Inc. (a) | 478 | 52,948 |
| Planet Labs PBC (a) | 6,369 | 20,508 |
| Red Violet, Inc. (a) | 493 | 10,141 |
| Resources Connection, Inc. | 1,033 | 16,229 |
| Science Applications International Corp. | 600 | 67,488 |
| TransUnion | 2,489 | 194,963 |
| Verisk Analytics, Inc. | 1,746 | 394,648 |
| | Number
of Shares | Fair
Value |
| Willdan Group, Inc. (a) | 588 | $ 11,266 |
| | | 3,512,243 |
| Restaurants - 0.5% |
| Aramark | 2,900 | 124,845 |
| Biglari Holdings, Inc., Class B (a) | 39 | 7,688 |
| BJ's Restaurants, Inc. (a) | 737 | 23,437 |
| Bloomin' Brands, Inc. | 3,044 | 81,853 |
| Brinker International, Inc. (a) | 1,518 | 55,559 |
| Carrols Restaurant Group, Inc. (a) | 1,281 | 6,456 |
| Cheesecake Factory, Inc. | 1,693 | 58,544 |
| Chipotle Mexican Grill, Inc. (a) | 315 | 673,785 |
| Chuy's Holdings, Inc. (a) | 582 | 23,757 |
| Cracker Barrel Old Country Store, Inc. | 770 | 71,749 |
| Darden Restaurants, Inc. | 1,500 | 250,620 |
| Dave & Buster's Entertainment, Inc. (a) | 1,502 | 66,929 |
| Denny's Corp. (a) | 1,808 | 22,275 |
| Dine Brands Global, Inc. | 545 | 31,626 |
| Domino's Pizza, Inc. | 380 | 128,056 |
| DoorDash, Inc., Class A (a) | 3,300 | 252,186 |
| El Pollo Loco Holdings, Inc. | 971 | 8,516 |
| Fiesta Restaurant Group, Inc. (a) | 617 | 4,899 |
| First Watch Restaurant Group, Inc. (a) | 745 | 12,590 |
| Jack in the Box, Inc. | 723 | 70,514 |
| Krispy Kreme, Inc. | 3,052 | 44,956 |
| Kura Sushi USA, Inc., Class A (a) | 203 | 18,869 |
| McDonald's Corp. | 8,560 | 2,554,390 |
| Nathan's Famous, Inc. | 98 | 7,697 |
| Noodles & Co. (a) | 2,040 | 6,895 |
| ONE Group Hospitality, Inc. (a) | 1,141 | 8,352 |
| Papa John's International, Inc. | 1,217 | 89,851 |
| Portillo's, Inc., Class A (a) | 1,481 | 33,367 |
| Potbelly Corp. (a) | 910 | 7,990 |
| Red Robin Gourmet Burgers, Inc. (a) | 553 | 7,648 |
| Shake Shack, Inc., Class A (a) | 1,304 | 101,347 |
| Starbucks Corp. | 13,580 | 1,345,235 |
| Sweetgreen, Inc., Class A (a) | 3,381 | 43,344 |
| Texas Roadhouse, Inc. | 600 | 67,368 |
| Wendy's Co. | 1,700 | 36,975 |
| Wingstop, Inc. | 200 | 40,032 |
| Yum! Brands, Inc. | 3,181 | 440,728 |
| | | 6,830,928 |
| Retail REITs - 0.2% |
| Acadia Realty Trust | 3,307 | 47,588 |
| Agree Realty Corp. | 700 | 45,773 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 35 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Alexander's, Inc. | 68 | $ 12,502 |
| Brixmor Property Group, Inc. | 3,500 | 77,000 |
| CBL & Associates Properties, Inc. | 868 | 19,131 |
| Federal Realty Investment Trust | 900 | 87,093 |
| Getty Realty Corp. | 1,563 | 52,861 |
| InvenTrust Properties Corp. | 2,369 | 54,819 |
| Kimco Realty Corp. | 7,534 | 148,570 |
| Kite Realty Group Trust | 7,661 | 171,147 |
| Macerich Co. | 7,501 | 84,536 |
| Necessity Retail REIT, Inc. | 4,793 | 32,401 |
| NETSTREIT Corp. | 2,136 | 38,170 |
| NNN REIT, Inc. | 1,800 | 77,022 |
| Phillips Edison & Co., Inc. | 4,130 | 140,750 |
| Realty Income Corp. | 7,797 | 466,183 |
| Regency Centers Corp. | 2,100 | 129,717 |
| Retail Opportunity Investments Corp. | 4,216 | 56,958 |
| RPT Realty | 3,008 | 31,434 |
| Saul Centers, Inc. | 378 | 13,922 |
| Simon Property Group, Inc. | 3,763 | 434,551 |
| SITE Centers Corp. | 6,589 | 87,107 |
| Spirit Realty Capital, Inc. | 1,600 | 63,008 |
| Tanger Factory Outlet Centers, Inc. | 3,535 | 78,017 |
| Urban Edge Properties | 3,996 | 61,658 |
| Urstadt Biddle Properties, Inc., Class A | 918 | 19,517 |
| Whitestone REIT | 1,490 | 14,453 |
| | | 2,545,888 |
| Security & Alarm Services - 0.0%* |
| Brink's Co. | 1,609 | 109,138 |
| CoreCivic, Inc. (a) | 3,767 | 35,447 |
| GEO Group, Inc. (a) | 3,897 | 27,903 |
| | | 172,488 |
| Self Storage REITs - 0.1% |
| CubeSmart | 2,800 | 125,048 |
| Extra Space Storage, Inc. | 1,617 | 240,691 |
| Life Storage, Inc. | 1,048 | 139,342 |
| National Storage Affiliates Trust | 1,300 | 45,279 |
| Public Storage | 1,908 | 556,907 |
| | | 1,107,267 |
| Semiconductor Materials & Equipment - 0.4% |
| ACM Research, Inc., Class A (a) | 1,543 | 20,182 |
| Aehr Test Systems (a) | 902 | 37,208 |
| Amkor Technology, Inc. | 3,533 | 105,107 |
| Applied Materials, Inc. | 10,034 | 1,450,314 |
| Atomera, Inc. (a) | 634 | 5,560 |
| Axcelis Technologies, Inc. (a) | 1,144 | 209,730 |
| | Number
of Shares | Fair
Value |
| Cohu, Inc. (a) | 1,644 | $ 68,325 |
| Enphase Energy, Inc. (a) | 1,646 | 275,672 |
| Entegris, Inc. | 1,882 | 208,563 |
| FormFactor, Inc. (a) | 2,685 | 91,881 |
| Ichor Holdings Ltd. (a) | 1,004 | 37,650 |
| inTEST Corp. (a) | 374 | 9,821 |
| KLA Corp. | 1,623 | 787,187 |
| Lam Research Corp. | 1,579 | 1,015,076 |
| MKS Instruments, Inc. | 800 | 86,480 |
| Onto Innovation, Inc. (a) | 1,742 | 202,891 |
| PDF Solutions, Inc. (a) | 1,062 | 47,896 |
| Photronics, Inc. (a) | 2,117 | 54,597 |
| Teradyne, Inc. | 1,929 | 214,756 |
| Ultra Clean Holdings, Inc. (a) | 1,589 | 61,113 |
| Veeco Instruments, Inc. (a) | 1,791 | 45,993 |
| | | 5,036,002 |
| Semiconductors - 2.2% |
| Advanced Micro Devices, Inc. (a) | 19,200 | 2,187,072 |
| Alpha & Omega Semiconductor Ltd. (a) | 808 | 26,502 |
| Ambarella, Inc. (a) | 1,289 | 107,851 |
| Analog Devices, Inc. | 6,069 | 1,182,302 |
| Broadcom, Inc. | 4,830 | 4,189,687 |
| CEVA, Inc. (a) | 743 | 18,984 |
| Cirrus Logic, Inc. (a) | 600 | 48,606 |
| Credo Technology Group Holding Ltd. (a) | 3,448 | 59,788 |
| Diodes, Inc. (a) | 1,575 | 145,672 |
| First Solar, Inc. (a) | 1,311 | 249,208 |
| GLOBALFOUNDRIES, Inc. (a) | 700 | 45,206 |
| Impinj, Inc. (a) | 801 | 71,810 |
| Intel Corp. | 49,603 | 1,658,724 |
| Lattice Semiconductor Corp. (a) | 1,700 | 163,319 |
| MACOM Technology Solutions Holdings, Inc. (a) | 1,876 | 122,934 |
| Marvell Technology, Inc. | 9,821 | 587,099 |
| Maxeon Solar Technologies Ltd. (a) | 879 | 24,753 |
| MaxLinear, Inc. (a) | 2,610 | 82,372 |
| Microchip Technology, Inc. | 6,138 | 549,903 |
| Micron Technology, Inc. | 12,790 | 807,177 |
| Monolithic Power Systems, Inc. | 507 | 273,897 |
| Navitas Semiconductor Corp. (a) | 3,557 | 37,491 |
| NVE Corp. | 166 | 16,175 |
| NVIDIA Corp. | 28,292 | 11,968,082 |
| ON Semiconductor Corp. (a) | 5,017 | 474,508 |
| Parade Technologies Ltd. | 1,000 | 34,665 |
| Power Integrations, Inc. | 1,987 | 188,109 |
| Qorvo, Inc. (a) | 1,297 | 132,333 |
| QUALCOMM, Inc. | 13,434 | 1,599,183 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 36 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Rambus, Inc. (a) | 3,802 | $ 243,974 |
| Semtech Corp. (a) | 2,228 | 56,725 |
| Silicon Laboratories, Inc. (a) | 1,109 | 174,934 |
| SiTime Corp. (a) | 599 | 70,664 |
| SkyWater Technology, Inc. (a) | 616 | 5,803 |
| Skyworks Solutions, Inc. | 1,973 | 218,391 |
| SMART Global Holdings, Inc. (a) | 1,720 | 49,897 |
| Synaptics, Inc. (a) | 1,370 | 116,970 |
| Texas Instruments, Inc. | 10,792 | 1,942,776 |
| Transphorm, Inc. (a) | 571 | 1,941 |
| Universal Display Corp. | 487 | 70,191 |
| Wolfspeed, Inc. (a) | 1,679 | 93,336 |
| | | 30,099,014 |
| Silver - 0.0%* |
| Hecla Mining Co. | 20,944 | 107,862 |
| Single-Family Residential REITs - 0.1% |
| American Homes 4 Rent, Class A | 4,100 | 145,345 |
| Equity LifeStyle Properties, Inc. | 2,302 | 153,981 |
| Invitation Homes, Inc. | 7,670 | 263,848 |
| Sun Communities, Inc. | 1,520 | 198,299 |
| UMH Properties, Inc. | 1,918 | 30,650 |
| | | 792,123 |
| Soft Drinks & Non-alcoholic Beverages - 0.5% |
| Celsius Holdings, Inc. (a) | 500 | 74,595 |
| Coca-Cola Co. | 46,038 | 2,772,408 |
| Coca-Cola Consolidated, Inc. | 166 | 105,579 |
| Keurig Dr Pepper, Inc. | 10,691 | 334,308 |
| Monster Beverage Corp. (a) | 8,604 | 494,214 |
| National Beverage Corp. (a) | 843 | 40,759 |
| PepsiCo, Inc. | 16,363 | 3,030,755 |
| Primo Water Corp. | 5,405 | 67,779 |
| Vita Coco Co., Inc. (a) | 996 | 26,763 |
| Zevia PBC, Class A (a) | 869 | 3,745 |
| | | 6,950,905 |
| Specialized Consumer Services - 0.0%* |
| Carriage Services, Inc. | 421 | 13,670 |
| European Wax Center, Inc., Class A (a) | 1,190 | 22,170 |
| Frontdoor, Inc. (a) | 2,878 | 91,808 |
| H&R Block, Inc. | 2,000 | 63,740 |
| Rover Group, Inc. (a) | 2,978 | 14,622 |
| Service Corp. International | 1,878 | 121,300 |
| WW International, Inc. (a) | 1,710 | 11,491 |
| | | 338,801 |
| Specialized Finance - 0.0%* |
| Acacia Research Corp. (a) | 1,325 | 5,512 |
| | Number
of Shares | Fair
Value |
| A-Mark Precious Metals, Inc. | 666 | $ 24,932 |
| SWK Holdings Corp. (a) | 217 | 3,632 |
| | | 34,076 |
| Specialty Chemicals - 0.3% |
| Albemarle Corp. | 1,437 | 320,580 |
| Amyris, Inc. (a) | 9,925 | 10,223 |
| Ashland, Inc. | 700 | 60,837 |
| Aspen Aerogels, Inc. (a) | 2,186 | 17,248 |
| Avient Corp. | 3,146 | 128,671 |
| Axalta Coating Systems Ltd. (a) | 2,500 | 82,025 |
| Balchem Corp. | 1,120 | 150,987 |
| Celanese Corp. | 1,300 | 150,540 |
| Chase Corp. | 270 | 32,729 |
| Danimer Scientific, Inc. (a) | 3,007 | 7,157 |
| Diversey Holdings Ltd. (a) | 2,540 | 21,311 |
| DuPont de Nemours, Inc. | 5,676 | 405,494 |
| Eastman Chemical Co. | 1,377 | 115,282 |
| Ecolab, Inc. | 2,840 | 530,200 |
| Ecovyst, Inc. (a) | 3,320 | 38,047 |
| Element Solutions, Inc. | 2,400 | 46,080 |
| FutureFuel Corp. | 1,304 | 11,540 |
| Ginkgo Bioworks Holdings, Inc. (a) | 14,700 | 27,342 |
| HB Fuller Co. | 1,894 | 135,440 |
| Ingevity Corp. (a) | 1,287 | 74,852 |
| Innospec, Inc. | 873 | 87,684 |
| International Flavors & Fragrances, Inc. | 3,213 | 255,723 |
| Livent Corp. (a) | 6,295 | 172,672 |
| Minerals Technologies, Inc. | 1,130 | 65,190 |
| NewMarket Corp. | 75 | 30,159 |
| Perimeter Solutions SA (a) | 5,462 | 33,591 |
| PPG Industries, Inc. | 2,691 | 399,075 |
| Quaker Chemical Corp. | 484 | 94,332 |
| Rayonier Advanced Materials, Inc. (a) | 1,947 | 8,333 |
| RPM International, Inc. | 1,636 | 146,798 |
| Sensient Technologies Corp. | 1,473 | 104,775 |
| Sherwin-Williams Co. | 2,808 | 745,580 |
| Stepan Co. | 745 | 71,192 |
| Valhi, Inc. | 60 | 771 |
| | | 4,582,460 |
| Steel - 0.1% |
| Alpha Metallurgical Resources, Inc. | 452 | 74,291 |
| ATI, Inc. (a) | 4,498 | 198,946 |
| Carpenter Technology Corp. | 1,686 | 94,635 |
| Cleveland-Cliffs, Inc. (a) | 6,337 | 106,208 |
| Commercial Metals Co. | 4,094 | 215,590 |
| Haynes International, Inc. | 402 | 20,430 |
| Nucor Corp. | 2,993 | 490,792 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 37 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Olympic Steel, Inc. | 309 | $ 15,141 |
| Ramaco Resources, Inc., Class B (a) | 226 | 2,396 |
| Ramaco Resources, Inc., Class A | 1,129 | 9,529 |
| Reliance Steel & Aluminum Co. | 698 | 189,570 |
| Ryerson Holding Corp. | 785 | 34,053 |
| Schnitzer Steel Industries, Inc., Class A | 841 | 25,222 |
| Steel Dynamics, Inc. | 2,102 | 228,971 |
| SunCoke Energy, Inc. | 2,720 | 21,406 |
| TimkenSteel Corp. (a) | 1,449 | 31,255 |
| U.S. Steel Corp. | 2,600 | 65,026 |
| Warrior Met Coal, Inc. | 1,795 | 69,915 |
| Worthington Industries, Inc. | 1,096 | 76,139 |
| | | 1,969,515 |
| Systems Software - 2.7% |
| A10 Networks, Inc. | 2,462 | 35,921 |
| Adeia, Inc. | 3,713 | 40,880 |
| Appian Corp., Class A (a) | 1,404 | 66,830 |
| CommVault Systems, Inc. (a) | 1,569 | 113,941 |
| Crowdstrike Holdings, Inc., Class A (a) | 2,510 | 368,644 |
| CyberArk Software Ltd. (a) | 600 | 93,798 |
| Dolby Laboratories, Inc., Class A | 657 | 54,978 |
| Fortinet, Inc. (a) | 7,555 | 571,082 |
| Gen Digital, Inc. | 6,913 | 128,236 |
| Gitlab, Inc., Class A (a) | 400 | 20,444 |
| Microsoft Corp. | 88,650 | 30,188,871 |
| Monday.com Ltd. (a) | 293 | 50,167 |
| N-able, Inc. (a) | 2,438 | 35,132 |
| OneSpan, Inc. (a) | 1,293 | 19,188 |
| Oracle Corp. | 18,145 | 2,160,888 |
| Palo Alto Networks, Inc. (a) | 3,541 | 904,761 |
| Progress Software Corp. | 1,494 | 86,801 |
| Qualys, Inc. (a) | 1,297 | 167,534 |
| Rapid7, Inc. (a) | 2,092 | 94,726 |
| SentinelOne, Inc., Class A (a) | 2,400 | 36,240 |
| ServiceNow, Inc. (a) | 2,428 | 1,364,463 |
| SolarWinds Corp. (a) | 1,782 | 18,283 |
| Tenable Holdings, Inc. (a) | 3,996 | 174,026 |
| Teradata Corp. (a) | 1,100 | 58,751 |
| UiPath, Inc., Class A (a) | 4,800 | 79,536 |
| Varonis Systems, Inc. (a) | 3,805 | 101,403 |
| VMware, Inc., Class A (a) | 2,639 | 379,198 |
| Xperi, Inc. (a) | 1,328 | 17,463 |
| Zscaler, Inc. (a) | 1,079 | 157,858 |
| Zuora, Inc., Class A (a) | 4,447 | 48,784 |
| | | 37,638,827 |
| Technology Distributors - 0.1% |
| Arrow Electronics, Inc. (a) | 667 | 95,534 |
| | Number
of Shares | Fair
Value |
| Avnet, Inc. | 1,000 | $ 50,450 |
| CDW Corp. | 1,671 | 306,628 |
| Climb Global Solutions, Inc. | 145 | 6,940 |
| ePlus, Inc. (a) | 936 | 52,697 |
| Insight Enterprises, Inc. (a) | 1,001 | 146,486 |
| PC Connection, Inc. | 362 | 16,326 |
| Richardson Electronics Ltd. | 417 | 6,881 |
| ScanSource, Inc. (a) | 825 | 24,387 |
| TD SYNNEX Corp. | 500 | 47,000 |
| | | 753,329 |
| Technology Hardware, Storage & Peripherals - 2.6% |
| Apple, Inc. | 177,666 | 34,461,681 |
| Avid Technology, Inc. (a) | 1,149 | 29,299 |
| CompoSecure, Inc. (a) | 573 | 3,931 |
| Corsair Gaming, Inc. (a) | 1,317 | 23,364 |
| CPI Card Group, Inc. (a) | 148 | 3,441 |
| Eastman Kodak Co. (a) | 2,847 | 13,153 |
| Hewlett Packard Enterprise Co. | 16,084 | 270,211 |
| HP, Inc. | 10,538 | 323,622 |
| Immersion Corp. | 1,091 | 7,724 |
| Intevac, Inc. (a) | 889 | 3,334 |
| IonQ, Inc. (a) | 5,604 | 75,822 |
| NetApp, Inc. | 2,567 | 196,119 |
| Pure Storage, Inc., Class A (a) | 3,700 | 136,234 |
| Super Micro Computer, Inc. (a) | 1,617 | 403,037 |
| Turtle Beach Corp. (a) | 547 | 6,372 |
| Western Digital Corp. (a) | 4,000 | 151,720 |
| Xerox Holdings Corp. | 3,993 | 59,456 |
| | | 36,168,520 |
| Telecom Tower REITs - 0.1% |
| American Tower Corp. | 5,434 | 1,053,870 |
| Crown Castle, Inc. | 5,005 | 570,270 |
| SBA Communications Corp. | 1,315 | 304,764 |
| | | 1,928,904 |
| Timber REITs - 0.0%* |
| PotlatchDeltic Corp. | 2,748 | 145,232 |
| Rayonier, Inc. | 1,600 | 50,240 |
| Weyerhaeuser Co. | 9,193 | 308,057 |
| | | 503,529 |
| Tires & Rubber - 0.0%* |
| Goodyear Tire & Rubber Co. (a) | 9,878 | 135,131 |
| Tobacco - 0.2% |
| Altria Group, Inc. | 21,007 | 951,617 |
| Philip Morris International, Inc. | 18,391 | 1,795,329 |
| Turning Point Brands, Inc. | 693 | 16,639 |
| Universal Corp. | 852 | 42,549 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 38 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Vector Group Ltd. | 5,016 | $ 64,255 |
| | | 2,870,389 |
| Trading Companies & Distributors - 0.3% |
| Air Lease Corp. | 1,200 | 50,220 |
| Alta Equipment Group, Inc. | 663 | 11,490 |
| Applied Industrial Technologies, Inc. | 1,341 | 194,217 |
| Beacon Roofing Supply, Inc. (a) | 1,705 | 141,481 |
| BlueLinx Holdings, Inc. (a) | 315 | 29,541 |
| Boise Cascade Co. | 1,390 | 125,586 |
| Core & Main, Inc., Class A (a) | 700 | 21,938 |
| Custom Truck One Source, Inc. (a) | 1,894 | 12,766 |
| Distribution Solutions Group, Inc. (a) | 158 | 8,225 |
| DXP Enterprises, Inc. (a) | 484 | 17,622 |
| EVI Industries, Inc. (a) | 165 | 3,630 |
| Fastenal Co. | 6,537 | 385,618 |
| Ferguson PLC | 2,300 | 361,813 |
| FTAI Aviation Ltd. | 3,471 | 109,892 |
| GATX Corp. | 1,238 | 159,380 |
| Global Industrial Co. | 409 | 11,358 |
| GMS, Inc. (a) | 1,435 | 99,302 |
| H&E Equipment Services, Inc. | 1,132 | 51,789 |
| Herc Holdings, Inc. | 986 | 134,934 |
| Hudson Technologies, Inc. (a) | 1,361 | 13,093 |
| Karat Packaging, Inc. | 334 | 6,096 |
| McGrath RentCorp | 843 | 77,961 |
| MRC Global, Inc. (a) | 2,936 | 29,566 |
| MSC Industrial Direct Co., Inc., Class A | 498 | 47,449 |
| NOW, Inc. (a) | 3,646 | 37,773 |
| Rush Enterprises, Inc., Class A | 1,450 | 88,073 |
| Rush Enterprises, Inc., Class B | 208 | 14,156 |
| SiteOne Landscape Supply, Inc. (a) | 500 | 83,680 |
| Titan Machinery, Inc. (a) | 656 | 19,352 |
| Transcat, Inc. (a) | 258 | 22,010 |
| United Rentals, Inc. | 844 | 375,892 |
| Univar Solutions, Inc. (a) | 2,000 | 71,680 |
| Veritiv Corp. | 460 | 57,781 |
| Watsco, Inc. | 420 | 160,217 |
| WESCO International, Inc. | 500 | 89,530 |
| Willis Lease Finance Corp. (a) | 99 | 3,874 |
| WW Grainger, Inc. | 526 | 414,798 |
| Xometry, Inc., Class A (a) | 1,230 | 26,051 |
| | | 3,569,834 |
| Transaction & Payment Processing Services - 0.9% |
| Affirm Holdings, Inc. (a) | 3,500 | 53,655 |
| | Number
of Shares | Fair
Value |
| AvidXchange Holdings, Inc. (a) | 5,161 | $ 53,571 |
| Block, Inc. (a) | 6,132 | 408,207 |
| Cantaloupe, Inc. (a) | 1,790 | 14,248 |
| Cass Information Systems, Inc. | 435 | 16,869 |
| Euronet Worldwide, Inc. (a) | 500 | 58,685 |
| Fidelity National Information Services, Inc. | 6,768 | 370,210 |
| Fiserv, Inc. (a) | 7,147 | 901,594 |
| FleetCor Technologies, Inc. (a) | 888 | 222,959 |
| Flywire Corp. (a) | 3,349 | 103,953 |
| Global Payments, Inc. | 2,913 | 286,989 |
| I3 Verticals, Inc., Class A (a) | 746 | 17,054 |
| International Money Express, Inc. (a) | 1,026 | 25,168 |
| Jack Henry & Associates, Inc. | 938 | 156,955 |
| Marqeta, Inc., Class A (a) | 17,088 | 83,218 |
| Mastercard, Inc., Class A | 10,050 | 3,952,665 |
| Payoneer Global, Inc. (a) | 9,239 | 44,440 |
| PayPal Holdings, Inc. (a) | 13,431 | 896,251 |
| Paysafe Ltd. (a) | 1,131 | 11,412 |
| Paysign, Inc. (a) | 1,138 | 2,788 |
| Priority Technology Holdings, Inc. (a) | 431 | 1,560 |
| Remitly Global, Inc. (a) | 2,940 | 55,331 |
| Repay Holdings Corp. (a) | 2,837 | 22,214 |
| Shift4 Payments, Inc., Class A (a) | 600 | 40,746 |
| Toast, Inc., Class A (a) | 3,800 | 85,766 |
| Visa, Inc., Class A | 19,366 | 4,599,038 |
| Western Union Co. | 4,000 | 46,920 |
| WEX, Inc. (a) | 492 | 89,578 |
| | | 12,622,044 |
| Water Utilities - 0.1% |
| American States Water Co. | 1,277 | 111,099 |
| American Water Works Co., Inc. | 2,232 | 318,618 |
| Artesian Resources Corp., Class A | 264 | 12,466 |
| Cadiz, Inc. (a) | 1,413 | 5,737 |
| California Water Service Group | 1,956 | 100,988 |
| Essential Utilities, Inc. | 2,900 | 115,739 |
| Global Water Resources, Inc. | 695 | 8,812 |
| Middlesex Water Co. | 612 | 49,364 |
| Pure Cycle Corp. (a) | 688 | 7,568 |
| SJW Group | 1,081 | 75,789 |
| York Water Co. | 462 | 19,067 |
| | | 825,247 |
| Wireless Telecommunication Services - 0.1% |
| Gogo, Inc. (a) | 2,311 | 39,310 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 39 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Shenandoah Telecommunications Co. | 1,744 | $ 33,886 |
| Spok Holdings, Inc. | 619 | 8,227 |
| Telephone & Data Systems, Inc. | 3,331 | 27,414 |
| T-Mobile US Inc. (a) | 6,615 | 918,823 |
| | | 1,027,660 |
Total Common Stock
(Cost $534,900,240) | | 587,150,885 |
Total Domestic Equity
(Cost $534,900,240) | | 587,150,885 |
| Foreign Equity - 25.1% |
| Common Stock - 24.9% |
| Advertising - 0.1% |
| CyberAgent, Inc. | 7,400 | 54,006 |
| Dentsu Group, Inc. | 3,200 | 105,064 |
| Focus Media Information Technology Co. Ltd., Class A | 10,900 | 10,207 |
| Gambling.com Group Ltd. (a) | 503 | 5,151 |
| Hakuhodo DY Holdings, Inc. | 3,600 | 37,938 |
| Informa PLC | 21,423 | 198,012 |
| Publicis Groupe SA | 3,449 | 276,753 |
| WPP PLC | 16,089 | 168,821 |
| | | 855,952 |
| Aerospace & Defense - 0.3% |
| AECC Aviation Power Co. Ltd., Class A | 2,100 | 12,222 |
| Airbus SE | 8,976 | 1,297,528 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 7,417 | 15,519 |
| AviChina Industry & Technology Co. Ltd., Class H | 35,000 | 17,026 |
| BAE Systems PLC | 46,881 | 553,373 |
| Bharat Electronics Ltd. | 52,882 | 81,213 |
| CAE, Inc. (a) | 5,100 | 114,275 |
| Dassault Aviation SA | 368 | 73,716 |
| Elbit Systems Ltd. | 392 | 81,952 |
| Hanwha Aerospace Co. Ltd. | 501 | 48,522 |
| Hindustan Aeronautics Ltd. | 1,227 | 56,829 |
| Kongsberg Gruppen ASA | 1,281 | 58,336 |
| Korea Aerospace Industries Ltd. | 1,232 | 50,035 |
| Kuang-Chi Technologies Co. Ltd., Class A | 3,100 | 6,517 |
| MTU Aero Engines AG | 804 | 208,495 |
| Rheinmetall AG | 655 | 179,406 |
| Rolls-Royce Holdings PLC (a) | 126,170 | 242,883 |
| Saab AB, Class B | 1,229 | 66,435 |
| Safran SA | 5,193 | 813,644 |
| Singapore Technologies Engineering Ltd. | 22,700 | 61,897 |
| | Number
of Shares | Fair
Value |
| Thales SA | 1,609 | $ 241,031 |
| | | 4,280,854 |
| Agricultural & Farm Machinery - 0.0%* |
| CNH Industrial NV | 25,309 | 364,757 |
| Husqvarna AB, Class B | 7,171 | 64,971 |
| Kubota Corp. | 15,300 | 223,603 |
| | | 653,331 |
| Agricultural Products & Services - 0.0%* |
| Beijing Dabeinong Technology Group Co. Ltd., Class A | 7,600 | 6,898 |
| Charoen Pokphand Indonesia Tbk PT (a) | 89,500 | 31,460 |
| IOI Corp. Bhd | 38,800 | 31,063 |
| Kuala Lumpur Kepong Bhd | 6,800 | 32,060 |
| New Hope Liuhe Co. Ltd., Class A (a) | 3,200 | 5,141 |
| Sime Darby Plantation Bhd | 21,300 | 18,971 |
| Wilmar International Ltd. | 28,406 | 79,969 |
| | | 205,562 |
| Air Freight & Logistics - 0.1% |
| Agility Public Warehousing Co. KSC (a) | 22,511 | 45,991 |
| Deutsche Post AG | 15,215 | 743,303 |
| DSV AS | 2,840 | 596,400 |
| Hyundai Glovis Co. Ltd. | 309 | 46,521 |
| JD Logistics, Inc. (a)(d) | 26,600 | 41,646 |
| NIPPON EXPRESS HOLDINGS, Inc. | 1,200 | 67,577 |
| SF Holding Co. Ltd., Class A | 3,700 | 22,963 |
| SG Holdings Co. Ltd. | 4,500 | 64,083 |
| Yamato Holdings Co. Ltd. | 4,200 | 76,002 |
| YTO Express Group Co. Ltd., Class A | 2,700 | 5,410 |
| Yunda Holding Co. Ltd., Class A | 3,600 | 4,739 |
| ZTO Express Cayman, Inc. ADR | 6,109 | 153,214 |
| | | 1,867,849 |
| Airport Services - 0.1% |
| Aena SME SA (d) | 1,127 | 182,368 |
| Aeroports de Paris | 436 | 62,638 |
| Airports of Thailand PCL NVDR (a) | 60,963 | 123,887 |
| Auckland International Airport Ltd. (a) | 18,601 | 97,590 |
| Beijing Capital International Airport Co. Ltd., Class H (a) | 36,000 | 23,362 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 5,100 | 91,360 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 40 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,740 | $ 76,240 |
| Malaysia Airports Holdings Bhd | 6,743 | 9,948 |
| Shanghai International Airport Co. Ltd., Class A (a) | 1,300 | 8,133 |
| | | 675,526 |
| Alternative Carriers - 0.0%* |
| Liberty Latin America Ltd., Class A (a) | 1,202 | 10,517 |
| Liberty Latin America Ltd., Class C (a) | 5,190 | 44,738 |
| | | 55,255 |
| Aluminum - 0.0%* |
| Aluminum Corp. of China Ltd., Class H | 40,000 | 17,312 |
| Aluminum Corp. of China Ltd., Class A | 21,600 | 16,356 |
| China Hongqiao Group Ltd. | 30,000 | 24,502 |
| Hindalco Industries Ltd. | 19,152 | 98,763 |
| Norsk Hydro ASA | 19,993 | 119,407 |
| Press Metal Aluminium Holdings Bhd | 52,800 | 53,291 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | 14,700 | 6,117 |
| United Co. RUSAL International PJSC (c)** | 55,670 | — |
| Yunnan Aluminium Co. Ltd., Class A | 4,900 | 8,614 |
| | | 344,362 |
| Apparel Retail - 0.1% |
| Fast Retailing Co. Ltd. | 2,600 | 665,727 |
| Foschini Group Ltd. | 3,538 | 17,634 |
| H & M Hennes & Mauritz AB, Class B | 10,085 | 173,179 |
| Industria de Diseno Textil SA | 16,554 | 641,976 |
| Lojas Renner SA | 14,632 | 60,663 |
| Mr Price Group Ltd. | 4,107 | 31,212 |
| Pepkor Holdings Ltd. (d) | 31,319 | 27,348 |
| Topsports International Holdings Ltd. (d) | 21,000 | 18,269 |
| Trent Ltd. | 2,629 | 56,632 |
| Zalando SE (a)(d) | 3,340 | 96,305 |
| ZOZO, Inc. | 1,800 | 37,278 |
| | | 1,826,223 |
| Apparel, Accessories & Luxury Goods - 0.7% |
| adidas AG | 2,456 | 476,691 |
| ANTA Sports Products Ltd. | 17,676 | 181,623 |
| Bosideng International Holdings Ltd. | 34,000 | 14,361 |
| Burberry Group PLC | 5,784 | 156,238 |
| | Number
of Shares | Fair
Value |
| Cie Financiere Richemont SA, Class A | 7,905 | $ 1,343,407 |
| F&F Co. Ltd. | 299 | 27,254 |
| FF Group (a)(c)** | 1,860 | — |
| Gildan Activewear, Inc. | 2,800 | 90,374 |
| Hermes International | 482 | 1,047,540 |
| Kering SA | 1,137 | 627,735 |
| Li Ning Co. Ltd. | 33,819 | 182,615 |
| LPP SA (a) | 17 | 58,645 |
| LVMH Moet Hennessy Louis Vuitton SE | 4,187 | 3,947,250 |
| Moncler SpA | 3,093 | 213,959 |
| Page Industries Ltd. | 96 | 44,143 |
| Pandora AS | 1,353 | 120,909 |
| Shenzhou International Group Holdings Ltd. | 12,000 | 115,245 |
| Swatch Group AG | 1,327 | 175,138 |
| Titan Co. Ltd. | 5,054 | 188,183 |
| | | 9,011,310 |
| Application Software - 0.3% |
| Beijing Kingsoft Office Software, Inc., Class A (a) | 441 | 28,692 |
| Bit Digital, Inc. (a) | 2,520 | 10,231 |
| Constellation Software, Inc. | 306 | 634,723 |
| Dassault Systemes SE | 10,095 | 447,237 |
| Descartes Systems Group, Inc. (a) | 1,300 | 104,255 |
| Hundsun Technologies, Inc., Class A | 1,456 | 8,881 |
| Iflytek Co. Ltd., Class A (a) | 1,500 | 14,031 |
| Kingdee International Software Group Co. Ltd. (a) | 38,000 | 51,024 |
| NavInfo Co. Ltd., Class A (a) | 4,600 | 7,340 |
| Nemetschek SE | 844 | 62,999 |
| Nice Ltd. (a) | 955 | 196,320 |
| Open Text Corp. | 4,000 | 166,560 |
| Sage Group PLC | 15,303 | 179,954 |
| SAP SE | 15,826 | 2,161,553 |
| Sapiens International Corp. NV | 1,152 | 30,643 |
| Shanghai Baosight Software Co. Ltd., Class B | 11,520 | 30,454 |
| Shanghai Baosight Software Co. Ltd., Class A | 1,872 | 13,102 |
| Temenos AG | 1,001 | 79,741 |
| Thunder Software Technology Co. Ltd., Class A | 500 | 6,642 |
| WiseTech Global Ltd. | 2,546 | 136,460 |
| Xero Ltd. (a) | 2,202 | 176,292 |
| Yonyou Network Technology Co. Ltd., Class A | 2,600 | 7,335 |
| | | 4,554,469 |
| Asset Management & Custody Banks - 0.2% |
| 3i Group PLC | 14,719 | 365,227 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 41 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| abrdn PLC | 32,051 | $ 89,100 |
| Amundi SA (d) | 956 | 56,469 |
| Brookfield Asset Management Ltd., Class A | 5,325 | 174,006 |
| Brookfield Corp. | 21,505 | 724,824 |
| China Cinda Asset Management Co. Ltd., Class H | 91,556 | 9,151 |
| EQT AB | 5,675 | 109,092 |
| Hargreaves Lansdown PLC | 5,531 | 57,397 |
| IGM Financial, Inc. | 1,177 | 35,872 |
| Julius Baer Group Ltd. | 3,221 | 203,360 |
| Onex Corp. | 1,000 | 55,296 |
| Partners Group Holding AG | 343 | 323,539 |
| Patria Investments Ltd., Class A A Shares | 1,896 | 27,113 |
| Reinet Investments SCA | 2,142 | 47,276 |
| Schroders PLC | 11,780 | 65,609 |
| St. James's Place PLC | 8,109 | 112,263 |
| | | 2,455,594 |
| Automobile Manufacturers - 0.7% |
| Bayerische Motoren Werke AG | 5,025 | 617,997 |
| BYD Co. Ltd., Class H | 14,000 | 448,871 |
| BYD Co. Ltd., Class A | 1,800 | 64,100 |
| Chongqing Changan Automobile Co. Ltd., Class A (a) | 5,014 | 8,952 |
| Dongfeng Motor Group Co. Ltd., Class H | 30,000 | 13,750 |
| Ferrari NV | 1,913 | 625,337 |
| Ford Otomotiv Sanayi AS | 1,067 | 31,147 |
| Geely Automobile Holdings Ltd. | 88,000 | 108,042 |
| Great Wall Motor Co. Ltd., Class H | 46,533 | 53,589 |
| Great Wall Motor Co. Ltd., Class A (a) | 800 | 2,775 |
| Guangzhou Automobile Group Co. Ltd., Class H | 38,000 | 22,716 |
| Guangzhou Automobile Group Co. Ltd., Class A | 10,400 | 14,923 |
| Honda Motor Co. Ltd. | 23,300 | 704,675 |
| Hyundai Motor Co. | 1,983 | 311,915 |
| Isuzu Motors Ltd. | 9,300 | 112,633 |
| Kia Corp. | 3,787 | 255,096 |
| Li Auto, Inc., Class A (a) | 16,200 | 280,465 |
| Mahindra & Mahindra Ltd. | 12,505 | 222,181 |
| Maruti Suzuki India Ltd. | 1,739 | 207,982 |
| Mazda Motor Corp. | 9,000 | 86,833 |
| Mercedes-Benz Group AG | 12,954 | 1,042,493 |
| NIO, Inc. ADR (a) | 19,823 | 192,085 |
| Nissan Motor Co. Ltd. | 34,700 | 142,177 |
| Renault SA | 2,857 | 120,525 |
| | Number
of Shares | Fair
Value |
| SAIC Motor Corp. Ltd., Class A | 5,000 | $ 9,755 |
| Subaru Corp. | 9,200 | 172,983 |
| Suzuki Motor Corp. | 5,500 | 199,114 |
| Tata Motors Ltd. (a) | 23,723 | 172,901 |
| Toyota Motor Corp. | 160,700 | 2,578,495 |
| Volkswagen AG | 466 | 77,877 |
| Volvo Car AB, Class B (a) | 9,055 | 35,974 |
| XPeng, Inc., Class A (a) | 12,300 | 81,701 |
| | | 9,020,059 |
| Automotive Parts & Equipment - 0.1% |
| Aisin Corp. | 2,100 | 64,742 |
| Bharat Forge Ltd. | 4,459 | 45,578 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 300 | 5,103 |
| Continental AG | 1,639 | 123,804 |
| Denso Corp. | 6,600 | 444,445 |
| Fuyao Glass Industry Group Co. Ltd., Class H (d) | 6,156 | 25,533 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 900 | 4,441 |
| Hanon Systems | 2,623 | 18,289 |
| Huayu Automotive Systems Co. Ltd., Class A | 1,768 | 4,494 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | 200 | 4,292 |
| Hyundai Mobis Co. Ltd. | 872 | 154,385 |
| Koito Manufacturing Co. Ltd. | 3,000 | 54,351 |
| Magna International, Inc. | 4,135 | 233,710 |
| Minth Group Ltd. | 14,000 | 38,491 |
| Ningbo Tuopu Group Co. Ltd., Class A (a) | 800 | 8,890 |
| Samvardhana Motherson International Ltd. | 21,442 | 22,471 |
| Sona Blw Precision Forgings Ltd. (d) | 5,634 | 35,524 |
| Sumitomo Electric Industries Ltd. | 10,666 | 130,465 |
| Tube Investments of India Ltd. | 1,521 | 58,997 |
| Valeo SA | 3,019 | 64,864 |
| | | 1,542,869 |
| Automotive Retail - 0.0%* |
| Abu Dhabi National Oil Co. for Distribution PJSC | 44,183 | 46,913 |
| China Meidong Auto Holdings Ltd. | 6,000 | 6,952 |
| Hotai Motor Co. Ltd. | 3,863 | 101,093 |
| PTT Oil & Retail Business PCL NVDR | 30,408 | 18,198 |
| USS Co. Ltd. | 3,500 | 57,849 |
| Vibra Energia SA | 17,000 | 63,609 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 42 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Zhongsheng Group Holdings Ltd. | 10,000 | $ 38,386 |
| | | 333,000 |
| Biotechnology - 0.1% |
| 3SBio, Inc. (d) | 15,000 | 15,093 |
| Akeso, Inc. (a)(d) | 7,000 | 31,749 |
| Argenx SE (a) | 837 | 326,366 |
| Aurinia Pharmaceuticals, Inc. (a) | 4,691 | 45,409 |
| BeiGene Ltd. (a) | 9,900 | 135,734 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 112 | 1,030 |
| BGI Genomics Co. Ltd., Class A | 800 | 6,604 |
| Bloomage Biotechnology Corp. Ltd., Class A | 1,087 | 13,344 |
| Celltrion, Inc. | 1,460 | 170,412 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | 3,150 | 19,185 |
| Fennec Pharmaceuticals, Inc. (a) | 632 | 5,581 |
| Genmab AS (a) | 998 | 378,125 |
| Grifols SA (a) | 4,601 | 59,015 |
| Hualan Biological Engineering, Inc., Class A | 2,038 | 6,292 |
| Imeik Technology Development Co. Ltd., Class A | 300 | 18,375 |
| Innovent Biologics, Inc. (a)(d) | 15,500 | 58,870 |
| PharmaEssentia Corp. (a) | 3,000 | 32,725 |
| Prothena Corp. PLC (a) | 1,445 | 98,665 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | 5,500 | 5,683 |
| Shenzhen Kangtai Biological Products Co. Ltd., Class A (a) | 800 | 2,798 |
| SK Bioscience Co. Ltd. (a) | 266 | 16,136 |
| Swedish Orphan Biovitrum AB (a) | 2,675 | 52,206 |
| Walvax Biotechnology Co. Ltd., Class A | 1,400 | 5,093 |
| Zai Lab Ltd. ADR (a) | 1,300 | 36,049 |
| Zura Bio Ltd. (a) | 264 | 2,165 |
| | | 1,542,704 |
| Brewers - 0.2% |
| Ambev SA | 66,500 | 212,430 |
| Anheuser-Busch InBev SA | 13,201 | 748,062 |
| Asahi Group Holdings Ltd. | 7,400 | 286,642 |
| Budweiser Brewing Co. APAC Ltd. (d) | 25,300 | 65,463 |
| Carlsberg AS, Class B | 1,468 | 235,026 |
| China Resources Beer Holdings Co. Ltd. | 24,000 | 158,585 |
| | Number
of Shares | Fair
Value |
| Chongqing Brewery Co. Ltd., Class A | 100 | $ 1,268 |
| Cia Cervecerias Unidas SA | 1,321 | 10,647 |
| Heineken Holding NV | 1,729 | 150,433 |
| Heineken NV | 3,928 | 403,868 |
| Kirin Holdings Co. Ltd. | 11,600 | 169,110 |
| Tsingtao Brewery Co. Ltd., Class H | 8,924 | 81,470 |
| Tsingtao Brewery Co. Ltd., Class A | 800 | 11,415 |
| | | 2,534,419 |
| Broadcasting - 0.0%* |
| Vivendi SE | 11,505 | 105,602 |
| Broadline Retail - 0.5% |
| Alibaba Group Holding Ltd. (a) | 231,300 | 2,407,609 |
| Allegro.eu SA (a)(d) | 5,667 | 44,687 |
| Canadian Tire Corp. Ltd., Class A | 800 | 109,500 |
| Central Retail Corp. PCL NVDR | 21,416 | 23,620 |
| Coupang, Inc. (a) | 11,600 | 201,840 |
| Dollarama, Inc. | 4,400 | 298,332 |
| Falabella SA | 8,186 | 19,645 |
| GoTo Gojek Tokopedia Tbk PT (a) | 4,768,400 | 35,190 |
| JD.com, Inc., Class A | 32,726 | 558,085 |
| Magazine Luiza SA (a) | 37,124 | 25,934 |
| MINISO Group Holding Ltd. ADR | 1,400 | 23,786 |
| momo.com, Inc. | 1,000 | 22,161 |
| Naspers Ltd., Class N | 2,700 | 485,978 |
| Next PLC | 1,821 | 159,846 |
| Ozon Holdings PLC ADR (a)(c)** | 1,300 | — |
| Pan Pacific International Holdings Corp. | 6,100 | 109,068 |
| PDD Holdings, Inc. ADR (a) | 7,257 | 501,749 |
| Pepco Group NV (a) | 2,698 | 24,466 |
| Prosus NV (a) | 12,184 | 892,121 |
| Rakuten Group, Inc. | 22,900 | 79,663 |
| Vipshop Holdings Ltd. ADR (a) | 4,734 | 78,111 |
| Wesfarmers Ltd. | 17,220 | 567,305 |
| Woolworths Holdings Ltd. | 14,667 | 55,395 |
| | | 6,724,091 |
| Building Products - 0.2% |
| AGC, Inc. | 3,100 | 111,340 |
| Assa Abloy AB, Class B | 15,169 | 364,078 |
| Beijing New Building Materials PLC, Class A | 1,600 | 5,393 |
| China Lesso Group Holdings Ltd. | 16,494 | 10,869 |
| Cie de Saint-Gobain | 7,423 | 451,877 |
| Daikin Industries Ltd. | 4,000 | 818,260 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 43 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Geberit AG | 512 | $ 268,451 |
| Guangdong Kinlong Hardware Products Co. Ltd., Class A | 200 | 1,781 |
| Kingspan Group PLC | 2,308 | 153,601 |
| Lixil Corp. | 4,200 | 53,369 |
| Nibe Industrier AB, Class B | 22,867 | 217,107 |
| ROCKWOOL AS, Class B | 128 | 33,095 |
| TOTO Ltd. | 2,100 | 63,391 |
| Xinyi Glass Holdings Ltd. | 23,000 | 35,954 |
| | | 2,588,566 |
| Cable & Satellite - 0.0%* |
| Cyfrowy Polsat SA | 3,840 | 15,611 |
| Grupo Televisa SAB | 39,600 | 40,661 |
| MultiChoice Group | 1,453 | 7,345 |
| Quebecor, Inc., Class B | 2,200 | 54,283 |
| | | 117,900 |
| Cargo Ground Transportation - 0.0%* |
| TFI International, Inc. | 1,200 | 136,872 |
| Casinos & Gaming - 0.1% |
| Aristocrat Leisure Ltd. | 8,948 | 231,336 |
| Entain PLC | 9,676 | 156,625 |
| Evolution AB (d) | 2,767 | 350,127 |
| Flutter Entertainment PLC (a) | 2,707 | 544,713 |
| Galaxy Entertainment Group Ltd. (a) | 33,000 | 210,217 |
| Genting Bhd | 24,200 | 21,090 |
| Genting Malaysia Bhd | 54,700 | 28,876 |
| Genting Singapore Ltd. | 89,000 | 62,014 |
| Kangwon Land, Inc. | 1,128 | 14,938 |
| La Francaise des Jeux SAEM (d) | 1,651 | 64,969 |
| Lottery Corp. Ltd. | 35,581 | 121,889 |
| OPAP SA | 2,920 | 50,911 |
| Sands China Ltd. (a) | 36,400 | 124,650 |
| Super Group SGHC Ltd. (a) | 4,755 | 13,790 |
| | | 1,996,145 |
| Coal & Consumable Fuels - 0.1% |
| Adaro Energy Indonesia Tbk PT | 172,900 | 25,732 |
| Banpu PCL NVDR | 136,500 | 34,139 |
| Cameco Corp. | 6,500 | 203,805 |
| China Coal Energy Co. Ltd., Class H | 22,000 | 16,380 |
| China Shenhua Energy Co. Ltd., Class H | 46,990 | 143,995 |
| China Shenhua Energy Co. Ltd., Class A | 7,600 | 32,152 |
| Coal India Ltd. | 21,682 | 61,167 |
| Encore Energy Corp. (a) | 4,935 | 11,893 |
| Exxaro Resources Ltd. | 3,907 | 33,974 |
| | Number
of Shares | Fair
Value |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 11,400 | $ 15,612 |
| Shaanxi Coal Industry Co. Ltd., Class A | 6,500 | 16,269 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 3,800 | 4,764 |
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 5,200 | 11,679 |
| United Tractors Tbk PT | 26,700 | 41,409 |
| Yankuang Energy Group Co. Ltd., Class H | 22,000 | 63,160 |
| Yankuang Energy Group Co. Ltd., Class A | 2,300 | 9,468 |
| | | 725,598 |
| Commercial Printing - 0.0%* |
| Cimpress PLC (a) | 632 | 37,591 |
| Dai Nippon Printing Co. Ltd. | 3,500 | 99,255 |
| Toppan, Inc. | 3,900 | 84,145 |
| | | 220,991 |
| Commodity Chemicals - 0.2% |
| Advanced Petrochemical Co. | 1,510 | 17,907 |
| Asahi Kasei Corp. | 18,700 | 126,409 |
| Barito Pacific Tbk PT | 342,922 | 17,089 |
| Berger Paints India Ltd. | 2,928 | 24,242 |
| Canmax Technologies Co. Ltd., Class A | 520 | 2,568 |
| Do-Fluoride New Materials Co. Ltd., Class A | 560 | 1,531 |
| Formosa Chemicals & Fibre Corp. | 50,000 | 107,842 |
| Formosa Plastics Corp. | 45,000 | 123,960 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1,860 | 10,569 |
| Hanwha Solutions Corp. (a) | 1,597 | 51,500 |
| Hengli Petrochemical Co. Ltd., Class A (a) | 4,300 | 8,489 |
| Hengyi Petrochemical Co. Ltd., Class A | 4,700 | 4,384 |
| Huafon Chemical Co. Ltd., Class A | 4,900 | 4,627 |
| Hubei Xingfa Chemicals Group Co. Ltd., Class A | 600 | 1,837 |
| Indorama Ventures PCL NVDR | 18,695 | 18,098 |
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 2,700 | 2,671 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A | 3,800 | 6,186 |
| Kumho Petrochemical Co. Ltd. | 189 | 19,111 |
| LB Group Co. Ltd., Class A | 2,100 | 4,770 |
| LG Chem Ltd. | 683 | 347,689 |
| Lotte Chemical Corp. | 324 | 38,132 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 44 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Mesaieed Petrochemical Holding Co. | 65,734 | $ 34,659 |
| Mitsui Chemicals, Inc. | 2,500 | 73,567 |
| Nan Ya Plastics Corp. | 68,000 | 158,619 |
| National Industrialization Co., Class C (a) | 3,399 | 13,605 |
| Orbia Advance Corp. SAB de CV | 16,700 | 35,911 |
| Orica Ltd. | 6,657 | 65,900 |
| Orion SA | 2,126 | 45,114 |
| Petronas Chemicals Group Bhd | 35,200 | 45,316 |
| PTT Global Chemical PCL NVDR | 35,138 | 37,006 |
| Rongsheng Petrochemical Co. Ltd., Class A | 13,350 | 21,406 |
| Sahara International Petrochemical Co. | 5,604 | 55,966 |
| Sasa Polyester Sanayi AS (a) | 14,830 | 32,396 |
| Satellite Chemical Co. Ltd., Class A | 3,525 | 7,260 |
| Saudi Basic Industries Corp. | 12,751 | 301,839 |
| Saudi Industrial Investment Group | 6,465 | 46,092 |
| Saudi Kayan Petrochemical Co. (a) | 11,878 | 43,948 |
| Shenzhen Senior Technology Material Co. Ltd., Class A | 599 | 1,419 |
| Sinoma Science & Technology Co. Ltd., Class A | 2,800 | 7,918 |
| SKC Co. Ltd. | 278 | 20,737 |
| Skshu Paint Co. Ltd., Class A (a) | 560 | 5,042 |
| Tongkun Group Co. Ltd., Class A | 3,400 | 6,197 |
| Toray Industries, Inc. | 20,700 | 115,219 |
| Tosoh Corp. | 4,482 | 52,926 |
| Yanbu National Petrochemical Co. | 4,126 | 52,465 |
| Yunnan Energy New Material Co. Ltd., Class A (a) | 500 | 6,648 |
| | | 2,226,786 |
| Communications Equipment - 0.1% |
| Accton Technology Corp. | 7,000 | 78,737 |
| BYD Electronic International Co. Ltd. | 12,020 | 36,562 |
| Nokia Oyj | 81,857 | 342,906 |
| Telefonaktiebolaget LM Ericsson, Class B | 44,008 | 238,755 |
| Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 500 | 2,078 |
| Yealink Network Technology Corp. Ltd., Class A | 1,540 | 7,432 |
| Zhongji Innolight Co. Ltd., Class A | 1,300 | 26,398 |
| ZTE Corp., Class H | 10,000 | 40,188 |
| | Number
of Shares | Fair
Value |
| ZTE Corp., Class A | 2,400 | $ 15,046 |
| | | 788,102 |
| Construction & Engineering - 0.2% |
| ACS Actividades de Construccion y Servicios SA | 3,088 | 108,566 |
| Bouygues SA | 3,045 | 102,273 |
| China Communications Services Corp. Ltd., Class H | 45,733 | 22,578 |
| China Conch Venture Holdings Ltd. | 26,500 | 34,621 |
| China Energy Engineering Corp. Ltd. Class A | 34,900 | 11,237 |
| China National Chemical Engineering Co. Ltd., Class A | 10,700 | 12,197 |
| China Railway Group Ltd., Class H | 59,000 | 39,036 |
| China Railway Group Ltd., Class A | 24,800 | 25,891 |
| China State Construction Engineering Corp. Ltd., Class A | 41,900 | 33,081 |
| China State Construction International Holdings Ltd. | 32,000 | 36,574 |
| Eiffage SA | 1,091 | 113,889 |
| Ferrovial SE | 7,813 | 246,940 |
| Gamuda Bhd | 34,800 | 32,842 |
| Hyundai Engineering & Construction Co. Ltd. | 1,136 | 33,022 |
| Kajima Corp. | 6,700 | 100,993 |
| Larsen & Toubro Ltd. | 9,735 | 294,362 |
| Metallurgical Corp. of China Ltd., Class A | 24,100 | 13,171 |
| Obayashi Corp. | 9,600 | 82,886 |
| Power Construction Corp. of China Ltd., Class A | 21,000 | 16,590 |
| Samsung Engineering Co. Ltd. (a) | 2,291 | 49,406 |
| Shimizu Corp. | 9,400 | 59,416 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | 9,800 | 13,222 |
| Skanska AB, Class B | 5,382 | 75,401 |
| Taisei Corp. | 2,700 | 94,177 |
| Vinci SA | 8,042 | 934,272 |
| WSP Global, Inc. | 1,900 | 251,304 |
| | | 2,837,947 |
| Construction Machinery & Heavy Transportation Equipment - 0.2% |
| Alstom SA | 4,771 | 142,392 |
| China CSSC Holdings Ltd., Class A | 2,700 | 12,241 |
| CRRC Corp. Ltd., Class H | 56,000 | 30,694 |
| CRRC Corp. Ltd., Class A | 30,500 | 27,294 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 45 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Daimler Truck Holding AG | 7,576 | $ 273,005 |
| Doosan Bobcat, Inc. | 635 | 28,385 |
| Epiroc AB, Class A | 9,914 | 187,512 |
| Epiroc AB, Class B | 5,790 | 93,575 |
| HD Hyundai Heavy Industries Co. Ltd. (a) | 176 | 17,688 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 670 | 59,560 |
| Hitachi Construction Machinery Co. Ltd. | 1,600 | 44,913 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | 389 | 24,916 |
| Knorr-Bremse AG | 1,143 | 87,359 |
| Komatsu Ltd. | 14,000 | 378,043 |
| Metso Oyj | 10,591 | 127,775 |
| Samsung Heavy Industries Co. Ltd. (a) | 9,948 | 50,616 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 22,000 | 28,891 |
| Sany Heavy Industry Co. Ltd., Class A | 5,300 | 12,133 |
| Seatrium Ltd. (a) | 592,889 | 54,952 |
| Toyota Industries Corp. | 2,200 | 157,355 |
| Volvo AB, Class B | 22,874 | 472,679 |
| Volvo AB, Class A | 3,129 | 66,592 |
| Weichai Power Co. Ltd., Class H | 31,401 | 46,196 |
| Weichai Power Co. Ltd., Class A | 7,800 | 13,388 |
| XCMG Construction Machinery Co. Ltd., Class A | 9,300 | 8,667 |
| Zhuzhou CRRC Times Electric Co. Ltd. | 6,600 | 24,651 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | 8,700 | 8,082 |
| | | 2,479,554 |
| Construction Materials - 0.1% |
| ACC Ltd. (a) | 1,209 | 26,789 |
| Ambuja Cements Ltd. (a) | 8,780 | 45,711 |
| Anhui Conch Cement Co. Ltd., Class H | 19,581 | 52,093 |
| Anhui Conch Cement Co. Ltd., Class A | 2,769 | 9,049 |
| Asia Cement Corp. | 35,000 | 49,968 |
| Cemex SAB de CV (a) | 217,200 | 153,239 |
| China Jushi Co. Ltd., Class A | 4,114 | 8,021 |
| China National Building Material Co. Ltd., Class H | 59,243 | 36,606 |
| China Resources Cement Holdings Ltd. | 26,000 | 10,754 |
| CRH PLC | 11,335 | 625,207 |
| Grasim Industries Ltd. | 3,793 | 80,351 |
| Heidelberg Materials AG | 2,173 | 178,672 |
| | Number
of Shares | Fair
Value |
| POSCO Future M Co. Ltd. | 391 | $ 105,489 |
| Semen Indonesia Persero Tbk PT | 43,992 | 17,916 |
| Shree Cement Ltd. | 157 | 45,784 |
| Siam Cement PCL NVDR | 11,165 | 101,514 |
| Taiwan Cement Corp. | 87,595 | 107,210 |
| UltraTech Cement Ltd. | 1,452 | 147,019 |
| | | 1,801,392 |
| Consumer Electronics - 0.2% |
| LG Electronics, Inc. | 1,526 | 147,699 |
| Panasonic Holdings Corp. | 33,400 | 408,868 |
| Sharp Corp. (a) | 4,300 | 24,072 |
| Sony Group Corp. | 19,100 | 1,721,297 |
| TCL Technology Group Corp., Class A (a) | 14,329 | 7,774 |
| | | 2,309,710 |
| Consumer Finance - 0.0%* |
| Bajaj Finance Ltd. | 3,922 | 343,512 |
| Cholamandalam Investment & Finance Co. Ltd. | 5,973 | 83,333 |
| Krungthai Card PCL NVDR | 9,465 | 13,242 |
| Lufax Holding Ltd. ADR | 5,600 | 8,008 |
| Muangthai Capital PCL NVDR | 7,500 | 8,337 |
| Muthoot Finance Ltd. | 1,370 | 20,738 |
| Qifu Technology, Inc. ADR | 1,100 | 19,008 |
| SBI Cards & Payment Services Ltd. | 3,557 | 36,809 |
| Shriram Finance Ltd. | 3,269 | 69,296 |
| Srisawad Corp. PCL NVDR | 7,200 | 9,634 |
| | | 611,917 |
| Consumer Staples Merchandise Retail - 0.1% |
| Aeon Co. Ltd. | 9,875 | 201,870 |
| Atacadao SA | 6,800 | 15,788 |
| Berli Jucker PCL NVDR | 12,600 | 12,376 |
| Carrefour SA | 8,916 | 168,933 |
| Cencosud SA | 16,738 | 32,424 |
| E-MART, Inc. | 218 | 12,764 |
| Sendas Distribuidora SA | 18,100 | 51,591 |
| Wal-Mart de Mexico SAB de CV | 74,286 | 293,324 |
| | | 789,070 |
| Copper - 0.1% |
| Antofagasta PLC | 6,302 | 117,319 |
| First Quantum Minerals Ltd. | 8,900 | 210,789 |
| Jiangxi Copper Co. Ltd., Class H | 14,782 | 22,848 |
| Jiangxi Copper Co. Ltd., Class A | 300 | 786 |
| KGHM Polska Miedz SA | 1,996 | 55,308 |
| Lundin Mining Corp. | 10,300 | 80,797 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 46 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Southern Copper Corp. | 2,390 | $ 171,459 |
| | | 659,306 |
| Data Processing & Outsourced Services - 0.0%* |
| Computershare Ltd. | 8,694 | 135,577 |
| Teleperformance | 886 | 148,603 |
| | | 284,180 |
| Distillers & Vintners - 0.2% |
| Anhui Gujing Distillery Co. Ltd., Class B (a) | 1,900 | 32,761 |
| Anhui Gujing Distillery Co. Ltd., Class A (a) | 400 | 13,613 |
| Davide Campari-Milano NV | 8,322 | 115,315 |
| Diageo PLC | 34,153 | 1,469,832 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | 1,400 | 10,178 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 1,700 | 30,732 |
| JiuGui Liquor Co. Ltd., Class A | 400 | 4,970 |
| Kweichow Moutai Co. Ltd., Class A | 1,100 | 256,035 |
| Luzhou Laojiao Co. Ltd., Class A | 1,500 | 43,273 |
| Pernod Ricard SA | 3,135 | 692,629 |
| Remy Cointreau SA | 365 | 58,579 |
| Shanghai Bairun Investment Holding Group Co. Ltd., Class A (a) | 980 | 4,907 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 740 | 18,849 |
| Sichuan Swellfun Co. Ltd., Class A | 600 | 4,875 |
| Treasury Wine Estates Ltd. | 10,716 | 80,301 |
| United Spirits Ltd. (a) | 4,501 | 50,162 |
| Wuliangye Yibin Co. Ltd., Class A | 3,500 | 78,897 |
| | | 2,965,908 |
| Distributors - 0.0%* |
| D'ieteren Group | 316 | 55,917 |
| Diversified Banks - 3.1% |
| ABN AMRO Bank NV GDR (d) | 6,434 | 99,987 |
| Absa Group Ltd. | 12,013 | 106,823 |
| Abu Dhabi Commercial Bank PJSC | 41,094 | 90,734 |
| Abu Dhabi Islamic Bank PJSC | 20,879 | 60,482 |
| Agricultural Bank of China Ltd., Class H | 408,717 | 160,952 |
| Agricultural Bank of China Ltd., Class A | 91,347 | 44,352 |
| AIB Group PLC | 20,509 | 86,298 |
| Akbank TAS | 46,147 | 35,789 |
| | Number
of Shares | Fair
Value |
| Al Rajhi Bank | 27,918 | $ 546,416 |
| Alinma Bank | 13,907 | 124,995 |
| Alpha Services & Holdings SA (a) | 26,430 | 43,283 |
| AMMB Holdings Bhd | 37,400 | 29,057 |
| ANZ Group Holdings Ltd. | 45,404 | 718,196 |
| Arab National Bank | 8,416 | 59,345 |
| Axis Bank Ltd. | 32,630 | 393,725 |
| Banco Bilbao Vizcaya Argentaria SA | 91,548 | 703,207 |
| Banco Bradesco SA | 15,267 | 46,333 |
| Banco de Chile | 667,199 | 69,610 |
| Banco de Credito e Inversiones SA | 1,102 | 33,656 |
| Banco del Bajio SA (d) | 11,200 | 33,971 |
| Banco do Brasil SA | 12,200 | 124,934 |
| Banco Santander Brasil SA | 5,900 | 37,462 |
| Banco Santander Chile | 774,790 | 36,646 |
| Banco Santander SA | 248,931 | 921,408 |
| Bancolombia SA | 3,348 | 24,855 |
| Bank AlBilad | 6,919 | 71,776 |
| Bank Al-Jazira | 6,739 | 32,995 |
| Bank Central Asia Tbk PT | 757,400 | 464,512 |
| Bank Hapoalim BM | 19,058 | 156,975 |
| Bank Leumi Le-Israel BM | 23,195 | 173,606 |
| Bank Mandiri Persero Tbk PT | 537,900 | 187,193 |
| Bank Negara Indonesia Persero Tbk PT | 110,900 | 68,043 |
| Bank of Baroda | 14,547 | 33,877 |
| Bank of Beijing Co. Ltd., Class A | 31,600 | 20,129 |
| Bank of China Ltd., Class H | 1,132,868 | 454,803 |
| Bank of China Ltd., Class A | 42,794 | 23,006 |
| Bank of Communications Co. Ltd., Class H | 115,127 | 76,380 |
| Bank of Communications Co. Ltd., Class A | 44,600 | 35,595 |
| Bank of Ireland Group PLC | 15,978 | 152,521 |
| Bank of Montreal | 10,704 | 967,789 |
| Bank of Nova Scotia | 18,000 | 901,598 |
| Bank of NT Butterfield & Son Ltd. | 1,753 | 47,962 |
| Bank of Shanghai Co. Ltd., Class A | 6,100 | 4,825 |
| Bank of the Philippine Islands | 27,402 | 54,108 |
| Bank Polska Kasa Opieki SA | 2,641 | 72,091 |
| Bank Rakyat Indonesia Persero Tbk PT | 928,409 | 338,954 |
| Banque Saudi Fransi | 8,332 | 93,077 |
| Barclays PLC | 234,617 | 458,833 |
| BDO Unibank, Inc. | 33,732 | 84,468 |
| BNP Paribas SA | 16,895 | 1,065,980 |
| BOC Hong Kong Holdings Ltd. | 55,500 | 170,002 |
| Boubyan Bank KSCP | 21,343 | 44,614 |
| CaixaBank SA | 61,943 | 256,540 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 47 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Canadian Imperial Bank of Commerce | 13,748 | $ 587,634 |
| Capitec Bank Holdings Ltd. | 1,233 | 102,330 |
| Chang Hwa Commercial Bank Ltd. | 80,317 | 48,146 |
| China CITIC Bank Corp. Ltd., Class H | 134,881 | 63,410 |
| China Common Rich Renewable Energy Investments Ltd. (a)(c)** | 64,000 | — |
| China Construction Bank Corp., Class H (a) | 1,325,000 | 857,770 |
| China Construction Bank Corp., Class A | 7,400 | 6,372 |
| China Everbright Bank Co. Ltd., Class H | 46,883 | 13,483 |
| China Everbright Bank Co. Ltd., Class A (a) | 30,820 | 13,013 |
| China Merchants Bank Co. Ltd., Class H | 54,500 | 248,560 |
| China Merchants Bank Co. Ltd., Class A | 19,600 | 88,478 |
| China Minsheng Banking Corp. Ltd., Class H | 65,200 | 24,137 |
| China Minsheng Banking Corp. Ltd., Class A | 46,100 | 23,783 |
| China Zheshang Bank Co. Ltd., Class A | 23,140 | 8,406 |
| CIMB Group Holdings Bhd | 99,294 | 107,780 |
| Commercial Bank PSQC | 46,106 | 74,011 |
| Commercial International Bank Egypt SAE | 24,801 | 41,133 |
| Commerzbank AG | 15,981 | 177,130 |
| Commonwealth Bank of Australia | 25,581 | 1,711,279 |
| Credicorp Ltd. | 1,000 | 147,640 |
| Credit Agricole SA | 18,335 | 217,667 |
| CTBC Financial Holding Co. Ltd. | 248,000 | 198,318 |
| Danske Bank AS (a) | 10,383 | 252,842 |
| DBS Group Holdings Ltd. | 27,510 | 641,984 |
| DNB Bank ASA | 14,030 | 262,862 |
| Dubai Islamic Bank PJSC | 41,465 | 61,982 |
| E.Sun Financial Holding Co. Ltd. | 191,398 | 160,359 |
| Emirates NBD Bank PJSC | 26,865 | 109,359 |
| Erste Group Bank AG | 5,167 | 181,214 |
| Eurobank Ergasias Services & Holdings SA, Class A (a) | 37,601 | 61,940 |
| FinecoBank Banca Fineco SpA | 9,070 | 122,065 |
| First Abu Dhabi Bank PJSC | 62,902 | 234,432 |
| First Financial Holding Co. Ltd. | 150,603 | 133,945 |
| Grupo Financiero Banorte SAB de CV, Class O | 37,200 | 306,289 |
| Grupo Financiero Inbursa SAB de CV, Class O (a) | 30,000 | 71,123 |
| | Number
of Shares | Fair
Value |
| Gulf Bank KSCP | 26,188 | $ 22,662 |
| Haci Omer Sabanci Holding AS | 10,484 | 18,515 |
| Hana Financial Group, Inc. | 4,225 | 126,127 |
| Hang Seng Bank Ltd. | 11,500 | 163,927 |
| Hong Leong Bank Bhd | 9,900 | 40,269 |
| HSBC Holdings PLC | 302,836 | 2,400,357 |
| Hua Nan Financial Holdings Co. Ltd., Class C | 123,089 | 87,881 |
| Huaxia Bank Co. Ltd., Class A | 22,200 | 16,527 |
| ICICI Bank Ltd. | 70,980 | 812,649 |
| Industrial & Commercial Bank of China Ltd., Class H | 800,505 | 427,766 |
| Industrial & Commercial Bank of China Ltd., Class A | 67,200 | 44,561 |
| Industrial Bank Co. Ltd., Class A | 21,300 | 45,924 |
| Industrial Bank of Korea | 2,926 | 23,017 |
| ING Groep NV Series N | 54,725 | 737,645 |
| Intesa Sanpaolo SpA | 245,077 | 642,413 |
| Israel Discount Bank Ltd., Class A | 18,323 | 91,429 |
| Japan Post Bank Co. Ltd. | 22,200 | 172,833 |
| KakaoBank Corp. | 2,060 | 37,450 |
| Kasikornbank PCL | 9,700 | 35,429 |
| KB Financial Group, Inc. | 5,551 | 201,472 |
| KBC Group NV | 3,775 | 263,450 |
| Komercni Banka AS | 1,230 | 37,517 |
| Kotak Mahindra Bank Ltd. | 14,794 | 333,656 |
| Krung Thai Bank PCL NVDR | 63,077 | 34,569 |
| Kuwait Finance House KSCP | 116,592 | 284,228 |
| Lloyds Banking Group PLC | 1,000,912 | 555,444 |
| Malayan Banking Bhd | 69,189 | 128,001 |
| Masraf Al Rayan QSC | 80,754 | 57,209 |
| mBank SA (a) | 151 | 15,106 |
| Mediobanca Banca di Credito Finanziario SpA | 8,150 | 97,558 |
| Mega Financial Holding Co. Ltd. | 158,057 | 193,981 |
| Metropolitan Bank & Trust Co. | 32,670 | 33,053 |
| Mitsubishi UFJ Financial Group, Inc. | 172,900 | 1,272,342 |
| Mizrahi Tefahot Bank Ltd. | 2,272 | 75,884 |
| Mizuho Financial Group, Inc. | 36,600 | 558,519 |
| Moneta Money Bank AS (d) | 3,392 | 12,430 |
| National Australia Bank Ltd. | 47,916 | 842,107 |
| National Bank of Canada | 5,100 | 380,404 |
| National Bank of Greece SA (a) | 7,939 | 51,597 |
| National Bank of Kuwait SAKP | 107,764 | 328,652 |
| NatWest Group PLC | 87,982 | 269,202 |
| Nedbank Group Ltd. | 6,536 | 79,084 |
| Nordea Bank Abp | 48,983 | 532,768 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 48 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| NU Holdings Ltd., Class A A Shares (a) | 25,600 | $ 201,984 |
| OTP Bank Nyrt | 3,211 | 113,986 |
| Oversea-Chinese Banking Corp. Ltd. | 51,330 | 466,621 |
| Ping An Bank Co. Ltd., Class A | 20,300 | 31,419 |
| Postal Savings Bank of China Co. Ltd., Class H (d) | 107,675 | 66,393 |
| Postal Savings Bank of China Co. Ltd., Class A | 34,100 | 22,953 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 12,600 | 112,224 |
| Public Bank Bhd | 209,800 | 173,220 |
| Qatar International Islamic Bank QSC | 14,029 | 38,822 |
| Qatar Islamic Bank SAQ | 23,573 | 115,352 |
| Qatar National Bank QPSC | 65,753 | 279,675 |
| RHB Bank Bhd | 27,214 | 31,692 |
| Riyad Bank | 19,154 | 172,953 |
| Royal Bank of Canada | 21,012 | 2,009,022 |
| Santander Bank Polska SA (a) | 547 | 52,418 |
| Saudi Awwal Bank | 13,082 | 133,198 |
| Saudi Investment Bank | 7,687 | 35,077 |
| Saudi National Bank | 39,758 | 392,122 |
| Sberbank of Russia PJSC (c)** | 192,160 | — |
| SCB X PCL NVDR | 13,396 | 40,334 |
| Shanghai Commercial & Savings Bank Ltd. | 54,565 | 79,613 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | 33,600 | 33,480 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | 18,800 | 14,097 |
| Shinhan Financial Group Co. Ltd. | 5,185 | 134,044 |
| SinoPac Financial Holdings Co. Ltd. | 152,864 | 85,302 |
| Skandinaviska Enskilda Banken AB, Class A | 24,398 | 269,450 |
| Societe Generale SA | 11,160 | 290,177 |
| Standard Bank Group Ltd. | 18,971 | 178,451 |
| Standard Chartered PLC | 37,163 | 323,665 |
| State Bank of India | 25,213 | 176,590 |
| Sumitomo Mitsui Financial Group, Inc. | 19,800 | 847,207 |
| Sumitomo Mitsui Trust Holdings, Inc. | 5,000 | 177,083 |
| Svenska Handelsbanken AB, Class A | 21,927 | 183,307 |
| Swedbank AB, Class A | 12,726 | 214,448 |
| Taishin Financial Holding Co. Ltd. | 149,244 | 90,848 |
| Taiwan Business Bank | 89,000 | 40,794 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 137,207 | 123,805 |
| | Number
of Shares | Fair
Value |
| TCS Group Holding PLC GDR (a)(c)** | 2,171 | $ — |
| Toronto-Dominion Bank | 27,588 | 1,711,884 |
| Turkiye Is Bankasi AS, Class C | 41,723 | 22,426 |
| UniCredit SpA | 28,288 | 657,676 |
| United Overseas Bank Ltd. | 19,400 | 402,292 |
| VTB Bank PJSC (a)(c)** | 70,264,000 | — |
| Westpac Banking Corp. | 53,192 | 756,812 |
| Woori Financial Group, Inc. | 7,768 | 69,779 |
| Yapi ve Kredi Bankasi AS | 44,416 | 22,147 |
| Yes Bank Ltd. (a) | 116,408 | 23,099 |
| | | 42,509,199 |
| Diversified Capital Markets - 0.2% |
| Banco BTG Pactual SA | 16,708 | 108,927 |
| Deutsche Bank AG | 29,165 | 306,549 |
| Macquarie Group Ltd. | 5,575 | 662,859 |
| Mirae Asset Securities Co. Ltd. | 3,109 | 17,148 |
| UBS Group AG | 49,906 | 1,011,980 |
| | | 2,107,463 |
| Diversified Chemicals - 0.1% |
| BASF SE | 13,512 | 656,336 |
| Mitsubishi Chemical Group Corp. | 20,500 | 123,095 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | 11,000 | 19,118 |
| Nissan Chemical Corp. | 1,900 | 81,791 |
| Pidilite Industries Ltd. | 2,240 | 71,048 |
| Sasol Ltd. | 8,156 | 100,672 |
| Solvay SA | 1,107 | 123,762 |
| SRF Ltd. | 2,188 | 61,210 |
| Sumitomo Chemical Co. Ltd. | 21,900 | 66,453 |
| | | 1,303,485 |
| Diversified Financial Services - 0.1% |
| Bajaj Finserv Ltd. | 5,443 | 101,665 |
| FirstRand Ltd. | 71,666 | 260,168 |
| Housing Development Finance Corp. Ltd. | 24,758 | 854,157 |
| M&G PLC | 35,302 | 86,005 |
| Meritz Financial Group, Inc. (a) | 1,512 | 47,939 |
| ORIX Corp. | 18,100 | 329,527 |
| Yuanta Financial Holding Co. Ltd. | 142,240 | 105,786 |
| | | 1,785,247 |
| Diversified Metals & Mining - 0.5% |
| African Rainbow Minerals Ltd. | 1,352 | 14,211 |
| Anglo American PLC | 19,286 | 549,724 |
| BHP Group Ltd. | 76,784 | 2,306,544 |
| Boliden AB | 4,072 | 117,825 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 49 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2,000 | $ 6,608 |
| China Rare Earth Resources & Technology Co. Ltd., Class A | 500 | 2,038 |
| CMOC Group Ltd., Class H | 57,000 | 30,008 |
| CMOC Group Ltd., Class A | 11,000 | 8,082 |
| GEM Co. Ltd., Class A (a) | 7,800 | 7,429 |
| Glencore PLC | 161,493 | 916,620 |
| Grupo Mexico SAB de CV Series B | 44,342 | 213,068 |
| Henan Shenhuo Coal & Power Co. Ltd., Class A | 4,000 | 7,160 |
| IGO Ltd. | 10,806 | 110,212 |
| Ivanhoe Mines Ltd., Class A (a) | 9,600 | 87,784 |
| Korea Zinc Co. Ltd. | 131 | 48,658 |
| Merdeka Copper Gold Tbk PT (a) | 198,993 | 40,736 |
| Mineral Resources Ltd. | 2,548 | 121,939 |
| MMC Norilsk Nickel PJSC ADR (a)(c)** | 8,131 | — |
| MMC Norilsk Nickel PJSC (a)(c)** | 305 | — |
| Pilbara Minerals Ltd. | 40,519 | 133,072 |
| PolyMet Mining Corp. (a) | 2,979 | 2,353 |
| Rio Tinto Ltd. | 5,623 | 430,284 |
| Rio Tinto PLC | 17,042 | 1,084,165 |
| Saudi Arabian Mining Co. (a) | 18,423 | 208,129 |
| Shenghe Resources Holding Co. Ltd., Class A (a) | 3,500 | 6,207 |
| Sinomine Resource Group Co. Ltd., Class A | 1,120 | 7,873 |
| South32 Ltd. | 68,975 | 173,521 |
| Sumitomo Metal Mining Co. Ltd. | 3,700 | 119,246 |
| Teck Resources Ltd., Class B | 6,900 | 290,653 |
| Tibet Summit Resources Co. Ltd., Class A (a) | 500 | 1,259 |
| Vale Indonesia Tbk PT | 23,800 | 10,044 |
| Vedanta Ltd. | 11,044 | 37,616 |
| Western Mining Co. Ltd., Class A | 1,400 | 2,028 |
| Youngy Co. Ltd., Class A | 200 | 1,842 |
| Yunnan Tin Co. Ltd., Class A | 1,000 | 2,145 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 1,530 | 9,682 |
| | | 7,108,765 |
| Diversified Real Estate Activities - 0.1% |
| Aldar Properties PJSC | 55,124 | 77,094 |
| Ayala Land, Inc. | 105,500 | 46,671 |
| Barwa Real Estate Co. | 31,838 | 22,888 |
| City Developments Ltd. | 7,700 | 38,380 |
| Daito Trust Construction Co. Ltd. | 1,000 | 101,137 |
| | Number
of Shares | Fair
Value |
| Daiwa House Industry Co. Ltd. | 9,000 | $ 237,403 |
| DLF Ltd. | 8,691 | 52,101 |
| ESR Group Ltd. (d) | 34,000 | 58,552 |
| Lendlease Corp. Ltd. | 11,752 | 60,929 |
| Mitsubishi Estate Co. Ltd. | 16,900 | 200,444 |
| Mitsui Fudosan Co. Ltd. | 13,700 | 272,607 |
| New World Development Co. Ltd. | 22,000 | 54,370 |
| Nomura Real Estate Holdings, Inc. | 1,696 | 40,255 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 10,400 | 6,470 |
| Sumitomo Realty & Development Co. Ltd. | 4,200 | 103,907 |
| Sun Hung Kai Properties Ltd. | 22,000 | 277,940 |
| Swire Pacific Ltd., Class A | 7,500 | 57,616 |
| UOL Group Ltd. | 7,700 | 36,675 |
| | | 1,745,439 |
| Diversified REITs - 0.0%* |
| British Land Co. PLC | 12,774 | 49,313 |
| Daiwa House REIT Investment Corp. | 32 | 61,253 |
| Fibra Uno Administracion SA de CV | 42,900 | 62,535 |
| GPT Group | 28,310 | 78,277 |
| Growthpoint Properties Ltd. | 56,785 | 35,049 |
| Land Securities Group PLC | 11,164 | 81,716 |
| Mirvac Group | 58,479 | 88,243 |
| Nomura Real Estate Master Fund, Inc. | 62 | 71,391 |
| Stockland | 35,518 | 95,411 |
| Yuexiu Real Estate Investment Trust | 1,920 | 410 |
| | | 623,598 |
| Diversified Support Services - 0.0%* |
| Brambles Ltd. | 20,892 | 200,738 |
| Indian Railway Catering & Tourism Corp. Ltd. | 2,733 | 21,210 |
| RB Global, Inc. | 4,435 | 266,314 |
| | | 488,262 |
| Drug Retail - 0.0%* |
| Alibaba Health Information Technology Ltd. (a) | 68,000 | 41,147 |
| Clicks Group Ltd. | 3,565 | 49,308 |
| JD Health International, Inc. (a)(d) | 16,000 | 101,622 |
| MatsukiyoCocokara & Co. | 1,800 | 100,940 |
| Nahdi Medical Co. | 553 | 25,177 |
| Ping An Healthcare & Technology Co. Ltd. (a)(d) | 9,500 | 23,024 |
| Raia Drogasil SA | 16,224 | 99,550 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 50 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Welcia Holdings Co. Ltd. | 1,344 | $ 27,948 |
| | | 468,716 |
| Education Services - 0.0%* |
| East Buy Holding Ltd. (a)(d) | 4,000 | 13,070 |
| IDP Education Ltd. | 3,579 | 52,961 |
| New Oriental Education & Technology Group, Inc. (a) | 22,000 | 86,712 |
| Pearson PLC | 10,296 | 108,056 |
| TAL Education Group ADR (a) | 7,100 | 42,316 |
| | | 303,115 |
| Electric Utilities - 0.4% |
| Acciona SA | 362 | 61,453 |
| BKW AG | 359 | 63,500 |
| Centrais Eletricas Brasileiras SA | 16,027 | 132,063 |
| CEZ AS | 2,270 | 93,815 |
| Chubu Electric Power Co., Inc. | 9,600 | 116,921 |
| CK Infrastructure Holdings Ltd. | 10,500 | 55,689 |
| CLP Holdings Ltd. | 24,500 | 190,806 |
| CPFL Energia SA | 2,500 | 17,822 |
| EDP - Energias de Portugal SA | 44,154 | 215,770 |
| Elia Group SA | 485 | 61,610 |
| Emera, Inc. | 4,000 | 164,927 |
| Endesa SA | 4,724 | 101,489 |
| Enel Americas SA (a) | 212,573 | 28,353 |
| Enel Chile SA | 508,946 | 33,056 |
| Enel SpA | 123,606 | 833,251 |
| Energisa SA | 3,800 | 39,544 |
| Equatorial Energia SA | 14,643 | 97,590 |
| Equatorial Energia SA (a) | 143 | 948 |
| Fortis, Inc. | 7,329 | 316,201 |
| Fortum Oyj | 7,162 | 95,828 |
| Hydro One Ltd. (d) | 4,898 | 140,101 |
| Iberdrola SA | 88,127 | 1,150,622 |
| Inter RAO UES PJSC (c)** | 467,243 | — |
| Interconexion Electrica SA ESP | 4,165 | 16,846 |
| Kansai Electric Power Co., Inc. | 11,200 | 140,286 |
| Korea Electric Power Corp. (a) | 3,589 | 56,170 |
| Manila Electric Co. | 4,930 | 29,953 |
| Mercury NZ Ltd. | 9,907 | 39,530 |
| Origin Energy Ltd. | 25,794 | 144,868 |
| Orsted AS (d) | 2,855 | 270,607 |
| PGE Polska Grupa Energetyczna SA (a) | 10,086 | 18,022 |
| Power Assets Holdings Ltd. | 22,000 | 115,480 |
| Power Grid Corp. of India Ltd. | 44,368 | 138,315 |
| Public Power Corp. SA (a) | 3,866 | 44,083 |
| Redeia Corp. SA | 6,041 | 101,573 |
| | Number
of Shares | Fair
Value |
| Saudi Electricity Co. | 11,034 | $ 66,763 |
| SSE PLC | 16,365 | 384,169 |
| Tata Power Co. Ltd. | 20,323 | 55,104 |
| Tenaga Nasional Bhd | 35,400 | 68,679 |
| Terna - Rete Elettrica Nazionale | 21,146 | 180,325 |
| Tokyo Electric Power Co. Holdings, Inc. (a) | 24,200 | 88,614 |
| Verbund AG | 1,082 | 86,788 |
| | | 6,057,534 |
| Electrical Components & Equipment - 0.2% |
| ABB Ltd. | 23,889 | 940,233 |
| CG Power & Industrial Solutions Ltd. | 9,101 | 42,080 |
| Contemporary Amperex Technology Co. Ltd., Class A | 4,000 | 126,198 |
| Ecopro BM Co. Ltd. | 705 | 134,111 |
| Eve Energy Co. Ltd., Class A | 2,500 | 20,859 |
| Fuji Electric Co. Ltd. | 1,900 | 83,509 |
| Ginlong Technologies Co. Ltd., Class A (a) | 300 | 4,307 |
| Gotion High-tech Co. Ltd., Class A (a) | 1,800 | 6,853 |
| Havells India Ltd. | 3,826 | 59,944 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 4,400 | 9,636 |
| Legrand SA | 4,039 | 400,611 |
| LG Energy Solution Ltd. (a) | 504 | 212,482 |
| Nidec Corp. | 6,400 | 352,089 |
| Prysmian SpA | 3,797 | 158,776 |
| Sungrow Power Supply Co. Ltd., Class A | 1,900 | 30,560 |
| Sunwoda Electronic Co. Ltd., Class A | 800 | 1,801 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | 256 | 5,968 |
| TBEA Co. Ltd., Class A (a) | 4,200 | 12,896 |
| Voltronic Power Technology Corp. | 1,000 | 63,242 |
| Walsin Lihwa Corp. | 39,000 | 51,541 |
| WEG SA | 24,146 | 188,953 |
| Zhejiang Chint Electrics Co. Ltd., Class A | 1,800 | 6,854 |
| | | 2,913,503 |
| Electronic Components - 0.2% |
| AUO Corp. | 98,200 | 58,933 |
| Avary Holding Shenzhen Co. Ltd., Class A | 2,600 | 8,693 |
| BOE Technology Group Co. Ltd., Class A | 22,800 | 12,846 |
| Chaozhou Three-Circle Group Co. Ltd., Class A (a) | 2,200 | 8,890 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 51 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| China Zhenhua Group Science & Technology Co. Ltd., Class A | 200 | $ 2,640 |
| Delta Electronics Thailand PCL NVDR | 44,500 | 115,842 |
| Delta Electronics, Inc. | 28,000 | 310,305 |
| E Ink Holdings, Inc. | 13,000 | 94,566 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 800 | 7,361 |
| Hamamatsu Photonics KK | 2,100 | 102,925 |
| Hirose Electric Co. Ltd. | 474 | 63,001 |
| Ibiden Co. Ltd. | 1,700 | 96,565 |
| Innolux Corp. | 131,930 | 64,936 |
| Kingboard Holdings Ltd. | 8,000 | 21,880 |
| Kingboard Laminates Holdings Ltd. | 13,549 | 12,773 |
| Kyocera Corp. | 4,800 | 260,505 |
| L&F Co. Ltd. | 339 | 63,093 |
| Largan Precision Co. Ltd. | 1,000 | 68,598 |
| Lens Technology Co. Ltd., Class A | 4,960 | 8,035 |
| LG Display Co. Ltd. (a) | 3,737 | 44,914 |
| LG Innotek Co. Ltd. | 236 | 55,906 |
| Lingyi iTech Guangdong Co., Class A (a) | 8,000 | 7,609 |
| Lotte Energy Materials Corp. | 276 | 10,175 |
| Luxshare Precision Industry Co. Ltd., Class A | 4,700 | 21,064 |
| Maxscend Microelectronics Co. Ltd., Class A | 128 | 1,705 |
| Murata Manufacturing Co. Ltd. | 8,700 | 498,906 |
| Nan Ya Printed Circuit Board Corp. | 4,000 | 34,128 |
| Omron Corp. | 2,597 | 159,196 |
| Samsung Electro-Mechanics Co. Ltd. | 829 | 91,525 |
| Samsung SDI Co. Ltd. | 755 | 385,529 |
| Shengyi Technology Co. Ltd., Class A | 1,400 | 2,736 |
| Shennan Circuits Co. Ltd., Class A | 800 | 8,303 |
| Sunny Optical Technology Group Co. Ltd. | 10,400 | 104,269 |
| TDK Corp. | 5,900 | 229,746 |
| Unimicron Technology Corp. | 18,000 | 102,360 |
| Yageo Corp. | 4,979 | 78,879 |
| Zhen Ding Technology Holding Ltd. | 11,665 | 39,446 |
| | | 3,258,783 |
| Electronic Equipment & Instruments - 0.2% |
| Azbil Corp. | 1,900 | 60,035 |
| CETC Cyberspace Security Technology Co. Ltd., Class A | 400 | 1,536 |
| | Number
of Shares | Fair
Value |
| Halma PLC | 5,699 | $ 165,135 |
| Hexagon AB, Class B | 31,854 | 391,236 |
| Keyence Corp. | 2,900 | 1,375,665 |
| Shimadzu Corp. | 3,800 | 117,258 |
| Wuhan Guide Infrared Co. Ltd., Class A | 4,550 | 4,868 |
| Yokogawa Electric Corp. | 3,300 | 60,985 |
| Zhejiang Dahua Technology Co. Ltd., Class A | 2,800 | 7,622 |
| Zhejiang Supcon Technology Co. Ltd., Class A | 1,570 | 13,595 |
| | | 2,197,935 |
| Electronic Manufacturing Services - 0.1% |
| AAC Technologies Holdings, Inc. | 8,500 | 20,088 |
| Fabrinet (a) | 1,276 | 165,727 |
| Foxconn Industrial Internet Co. Ltd., Class A | 8,600 | 29,787 |
| GoerTek, Inc., Class A | 2,448 | 5,990 |
| Hon Hai Precision Industry Co. Ltd. | 173,000 | 628,983 |
| Venture Corp. Ltd. | 4,700 | 51,278 |
| Wingtech Technology Co. Ltd., Class A | 1,200 | 8,094 |
| | | 909,947 |
| Environmental & Facilities Services - 0.0%* |
| China Everbright Environment Group Ltd. | 48,000 | 18,971 |
| GFL Environmental, Inc. | 3,600 | 139,946 |
| Li-Cycle Holdings Corp. (a) | 4,470 | 24,809 |
| Rentokil Initial PLC | 38,084 | 298,084 |
| | | 481,810 |
| Fertilizers & Agricultural Chemicals - 0.1% |
| Hektas Ticaret TAS (a) | 16,643 | 19,208 |
| ICL Group Ltd. | 11,141 | 61,077 |
| Nutrien Ltd. | 7,500 | 443,284 |
| OCI NV (a) | 1,795 | 43,106 |
| PhosAgro PJSC (a)(c)** | 13 | — |
| PhosAgro PJSC GDR (a)(c)** | 1,956 | — |
| PI Industries Ltd. | 1,179 | 56,448 |
| Qinghai Salt Lake Industry Co. Ltd., Class A (a) | 3,300 | 8,711 |
| SABIC Agri-Nutrients Co. | 3,080 | 106,980 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 2,470 | 10,413 |
| UPL Ltd. | 7,182 | 60,315 |
| Yara International ASA | 2,642 | 93,522 |
| | | 903,064 |
| Financial Exchanges & Data - 0.2% |
| ASX Ltd. | 2,894 | 121,697 |
| B3 SA - Brasil Bolsa Balcao | 77,700 | 235,323 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 52 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Deutsche Boerse AG | 2,883 | $ 532,146 |
| East Money Information Co. Ltd., Class A | 16,188 | 31,710 |
| Euronext NV (d) | 1,365 | 92,823 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 500 | 12,077 |
| Hong Kong Exchanges & Clearing Ltd. | 18,300 | 693,316 |
| Japan Exchange Group, Inc. | 7,500 | 131,021 |
| London Stock Exchange Group PLC | 6,121 | 652,172 |
| Moscow Exchange MICEX-Rates PJSC (a)(c)** | 17,461 | — |
| Saudi Tadawul Group Holding Co. | 719 | 36,194 |
| Singapore Exchange Ltd. | 12,736 | 90,632 |
| TMX Group Ltd. | 4,000 | 90,111 |
| | | 2,719,222 |
| Food Distributors - 0.0%* |
| Bid Corp. Ltd. | 4,807 | 105,164 |
| Food Retail - 0.3% |
| Alimentation Couche-Tard, Inc. | 11,900 | 610,895 |
| Avenue Supermarts Ltd. (a)(d) | 2,316 | 110,060 |
| BGF retail Co. Ltd. | 77 | 10,228 |
| BIM Birlesik Magazalar AS | 6,946 | 45,417 |
| Coles Group Ltd. | 20,188 | 247,700 |
| CP ALL PCL NVDR | 84,115 | 148,485 |
| Dino Polska SA (a)(d) | 716 | 83,715 |
| Empire Co. Ltd., Class A | 2,300 | 65,406 |
| Endeavour Group Ltd. | 21,228 | 89,275 |
| George Weston Ltd. | 969 | 114,691 |
| HelloFresh SE (a) | 2,765 | 68,373 |
| J Sainsbury PLC | 26,076 | 89,235 |
| Jeronimo Martins SGPS SA | 4,211 | 115,986 |
| Kesko Oyj, Class B | 4,337 | 81,661 |
| Kobe Bussan Co. Ltd. | 2,200 | 57,007 |
| Koninklijke Ahold Delhaize NV | 14,970 | 510,279 |
| Loblaw Cos. Ltd. | 2,419 | 221,709 |
| Magnit PJSC (a)(c)** | 1,282 | — |
| Metro, Inc. | 3,576 | 202,196 |
| Ocado Group PLC (a) | 9,799 | 70,985 |
| President Chain Store Corp. | 8,000 | 72,648 |
| Seven & i Holdings Co. Ltd. | 11,400 | 491,687 |
| Shoprite Holdings Ltd. | 7,237 | 86,483 |
| Sumber Alfaria Trijaya Tbk PT | 242,800 | 41,837 |
| Tesco PLC | 112,100 | 354,001 |
| Woolworths Group Ltd. | 18,445 | 488,356 |
| X5 Retail Group NV GDR (a)(c)** | 2,502 | — |
| | | 4,478,315 |
| | Number
of Shares | Fair
Value |
| Footwear - 0.0%* |
| Feng TAY Enterprise Co. Ltd. | 5,000 | $ 31,631 |
| Pou Chen Corp. | 32,000 | 32,435 |
| Puma SE | 1,680 | 101,219 |
| Xtep International Holdings Ltd. | 17,000 | 17,399 |
| | | 182,684 |
| Forest Products - 0.0%* |
| Svenska Cellulosa AB SCA, Class B | 9,051 | 115,365 |
| West Fraser Timber Co. Ltd. | 800 | 68,807 |
| | | 184,172 |
| Gas Utilities - 0.1% |
| AltaGas Ltd. | 4,100 | 73,743 |
| APA Group | 17,608 | 113,837 |
| Beijing Enterprises Holdings Ltd. | 6,500 | 23,581 |
| Brookfield Infrastructure Corp., Class A | 3,444 | 156,978 |
| China Gas Holdings Ltd. | 43,000 | 49,312 |
| China Resources Gas Group Ltd. | 13,600 | 46,636 |
| Enagas SA | 3,662 | 71,958 |
| ENN Energy Holdings Ltd. | 11,400 | 142,581 |
| ENN Natural Gas Co. Ltd., Class A | 5,300 | 13,828 |
| GAIL India Ltd. | 27,546 | 35,332 |
| Hong Kong & China Gas Co. Ltd. | 166,650 | 144,306 |
| Indraprastha Gas Ltd. | 5,170 | 29,874 |
| Kunlun Energy Co. Ltd. | 56,000 | 44,111 |
| Naturgy Energy Group SA | 2,132 | 63,544 |
| Osaka Gas Co. Ltd. | 6,000 | 91,814 |
| Petronas Gas Bhd | 11,049 | 39,533 |
| Snam SpA | 30,265 | 158,146 |
| Tokyo Gas Co. Ltd. | 6,200 | 135,045 |
| | | 1,434,159 |
| Gold - 0.2% |
| Agnico Eagle Mines Ltd. | 7,515 | 375,679 |
| Aneka Tambang Tbk | 103,400 | 13,491 |
| AngloGold Ashanti Ltd. | 5,988 | 126,280 |
| Barrick Gold Corp. | 26,700 | 452,180 |
| Caledonia Mining Corp. PLC | 572 | 6,647 |
| Cia de Minas Buenaventura SAA ADR | 3,900 | 28,665 |
| Endeavour Mining PLC | 2,848 | 68,469 |
| Franco-Nevada Corp. | 2,951 | 421,068 |
| Gold Fields Ltd. | 12,777 | 176,973 |
| Harmony Gold Mining Co. Ltd. | 9,333 | 39,166 |
| i-80 Gold Corp. (a) | 6,732 | 15,147 |
| Kinross Gold Corp. | 18,600 | 88,836 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 53 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Koza Altin Isletmeleri AS | 17,857 | $ 17,095 |
| Newcrest Mining Ltd. | 13,492 | 240,495 |
| Northern Star Resources Ltd. | 17,393 | 141,592 |
| Novagold Resources, Inc. (a) | 8,497 | 33,903 |
| Polymetal International PLC (a)(c)** | 1,670 | — |
| Polyus PJSC GDR (a)(c)** | 977 | — |
| Polyus PJSC (a)(c)** | 122 | — |
| Shandong Gold Mining Co. Ltd., Class A | 3,000 | 9,727 |
| Shandong Gold Mining Co. Ltd., Class H (d) | 14,250 | 26,190 |
| SSR Mining, Inc. | 3,200 | 45,376 |
| Wheaton Precious Metals Corp. | 6,829 | 295,661 |
| Zhaojin Mining Industry Co. Ltd., Class H | 15,500 | 19,556 |
| Zijin Mining Group Co. Ltd., Class H | 79,119 | 117,157 |
| Zijin Mining Group Co. Ltd., Class A | 22,900 | 35,939 |
| | | 2,795,292 |
| Healthcare Distributors - 0.0%* |
| Amplifon SpA | 1,957 | 71,769 |
| Celltrion Healthcare Co. Ltd. | 1,308 | 65,486 |
| EBOS Group Ltd. | 2,550 | 57,518 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 900 | 3,946 |
| Huadong Medicine Co. Ltd., Class A | 1,700 | 10,147 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 9,000 | 17,865 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,700 | 5,242 |
| Sinopharm Group Co. Ltd., Class H | 20,000 | 62,605 |
| | | 294,578 |
| Healthcare Equipment - 0.2% |
| BioMerieux | 658 | 69,076 |
| Carl Zeiss Meditec AG | 638 | 68,983 |
| Cochlear Ltd. | 987 | 151,103 |
| Demant AS (a) | 1,562 | 66,102 |
| DiaSorin SpA | 386 | 40,202 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | 8,613 | 129,470 |
| Getinge AB, Class B | 3,380 | 59,210 |
| Jafron Biomedical Co. Ltd., Class A | 600 | 1,915 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 600 | 2,970 |
| Koninklijke Philips NV (a) | 14,031 | 303,963 |
| Lepu Medical Technology Beijing Co. Ltd., Class A | 2,300 | 7,152 |
| | Number
of Shares | Fair
Value |
| Microport Scientific Corp. (a) | 11,707 | $ 21,293 |
| Nano-X Imaging Ltd. (a) | 1,599 | 24,768 |
| Olympus Corp. | 18,500 | 292,283 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1,100 | 45,453 |
| Siemens Healthineers AG (d) | 4,257 | 241,223 |
| Smith & Nephew PLC | 13,107 | 211,684 |
| Sonova Holding AG | 784 | 209,294 |
| Straumann Holding AG | 1,685 | 274,113 |
| Sysmex Corp. | 2,500 | 170,958 |
| Terumo Corp. | 10,300 | 327,507 |
| | | 2,718,722 |
| Healthcare Facilities - 0.1% |
| Aier Eye Hospital Group Co. Ltd., Class A | 10,282 | 26,276 |
| Apollo Hospitals Enterprise Ltd. | 1,475 | 91,815 |
| Bangkok Dusit Medical Services PCL NVDR | 148,011 | 116,067 |
| Bumrungrad Hospital PCL NVDR | 8,541 | 54,505 |
| Dallah Healthcare Co. | 522 | 23,453 |
| Dr Sulaiman Al Habib Medical Services Group Co. | 1,228 | 93,954 |
| Hygeia Healthcare Holdings Co. Ltd., Class C (d) | 3,200 | 17,380 |
| IHH Healthcare Bhd | 27,300 | 34,479 |
| Max Healthcare Institute Ltd. (a) | 11,141 | 81,521 |
| Mouwasat Medical Services Co. | 722 | 46,810 |
| Ramsay Health Care Ltd. | 2,726 | 102,339 |
| Rede D'Or Sao Luiz SA (d) | 8,200 | 55,958 |
| | | 744,557 |
| Healthcare Services - 0.0%* |
| Fresenius Medical Care AG & Co. KGaA | 3,074 | 146,883 |
| Fresenius SE & Co. KGaA | 6,345 | 175,958 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 500 | 5,197 |
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (a) | 4,500 | 4,406 |
| Sonic Healthcare Ltd. | 6,852 | 162,830 |
| Topchoice Medical Corp., Class A (a) | 300 | 4,001 |
| | | 499,275 |
| Healthcare Supplies - 0.2% |
| Alcon, Inc. | 7,582 | 629,302 |
| Asahi Intecc Co. Ltd. | 3,400 | 66,828 |
| Coloplast AS, Class B | 1,793 | 224,325 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 54 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| EssilorLuxottica SA | 4,509 | $ 850,107 |
| HLB, Inc. (a) | 1,849 | 45,906 |
| Hoya Corp. | 5,400 | 645,124 |
| Ovctek China, Inc., Class A | 600 | 2,495 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 36,400 | 47,759 |
| Top Glove Corp. Bhd (a) | 54,800 | 9,533 |
| | | 2,521,379 |
| Healthcare Technology - 0.0%* |
| M3, Inc. | 6,600 | 143,671 |
| Heavy Electrical Equipment - 0.1% |
| ABB India Ltd. | 830 | 44,831 |
| Dongfang Electric Corp. Ltd., Class A | 1,000 | 2,568 |
| Doosan Enerbility Co. Ltd. (a) | 6,091 | 84,162 |
| Ming Yang Smart Energy Group Ltd., Class A | 600 | 1,395 |
| Mitsubishi Electric Corp. | 29,300 | 413,522 |
| NARI Technology Co. Ltd., Class A | 5,155 | 16,391 |
| Shanghai Electric Group Co. Ltd., Class A (a) | 15,400 | 9,686 |
| Siemens Energy AG (a) | 7,813 | 138,123 |
| Titan Wind Energy Suzhou Co. Ltd., Class A (a) | 900 | 1,887 |
| Vestas Wind Systems AS (a) | 15,301 | 406,732 |
| Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 2,800 | 4,095 |
| | | 1,123,392 |
| Highways & Railtracks - 0.1% |
| Bangkok Expressway & Metro PCL NVDR | 140,283 | 33,871 |
| CCR SA | 18,300 | 53,299 |
| Getlink SE | 5,485 | 93,326 |
| Jiangsu Expressway Co. Ltd., Class H | 26,000 | 23,975 |
| Promotora y Operadora de Infraestructura SAB de CV | 3,155 | 31,545 |
| Shenzhen International Holdings Ltd. | 17,503 | 15,440 |
| Taiwan High Speed Rail Corp. | 33,000 | 34,086 |
| Transurban Group | 46,611 | 443,467 |
| Zhejiang Expressway Co. Ltd., Class H | 16,000 | 12,174 |
| | | 741,183 |
| Home Building - 0.1% |
| Barratt Developments PLC | 15,884 | 83,571 |
| Berkeley Group Holdings PLC | 1,723 | 85,983 |
| Iida Group Holdings Co. Ltd. | 2,438 | 41,131 |
| | Number
of Shares | Fair
Value |
| Open House Group Co. Ltd. | 1,300 | $ 46,854 |
| Persimmon PLC | 4,714 | 61,487 |
| Sekisui Chemical Co. Ltd. | 5,800 | 83,655 |
| Sekisui House Ltd. | 9,258 | 186,697 |
| Taylor Wimpey PLC | 55,820 | 73,000 |
| | | 662,378 |
| Home Furnishing Retail - 0.0%* |
| Nitori Holdings Co. Ltd. | 1,200 | 134,529 |
| Home Furnishings - 0.0%* |
| Nien Made Enterprise Co. Ltd. | 2,000 | 22,045 |
| Oppein Home Group, Inc., Class A | 500 | 6,596 |
| | | 28,641 |
| Home Improvement Retail - 0.0%* |
| Home Product Center PCL NVDR | 95,609 | 37,838 |
| Kingfisher PLC | 31,035 | 91,565 |
| MR DIY Group M Bhd (d) | 42,900 | 14,637 |
| | | 144,040 |
| Hotels, Resorts & Cruise Lines - 0.1% |
| Accor SA | 2,825 | 105,103 |
| Amadeus IT Group SA (a) | 6,830 | 520,012 |
| Asset World Corp. PCL NVDR | 34,533 | 4,819 |
| H World Group Ltd. ADR (a) | 2,800 | 108,584 |
| Indian Hotels Co. Ltd. | 12,126 | 58,141 |
| InterContinental Hotels Group PLC | 2,634 | 182,273 |
| Minor International PCL NVDR | 47,349 | 45,850 |
| Shanghai Jinjiang International Hotels Co. Ltd., Class A | 900 | 5,247 |
| Tongcheng Travel Holdings Ltd. (a) | 18,400 | 38,645 |
| TravelSky Technology Ltd., Class H | 10,000 | 17,034 |
| Trip.com Group Ltd. (a) | 7,800 | 272,272 |
| Whitbread PLC | 3,228 | 139,102 |
| | | 1,497,082 |
| Household Appliances - 0.0%* |
| Coway Co. Ltd. | 967 | 32,314 |
| Ecovacs Robotics Co. Ltd., Class A | 400 | 4,286 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 4,100 | 20,607 |
| Haier Smart Home Co. Ltd., Class A | 3,900 | 12,603 |
| Haier Smart Home Co. Ltd., Class H | 34,800 | 109,735 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 55 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| SEB SA | 420 | $ 43,426 |
| | | 222,971 |
| Household Products - 0.1% |
| Essity AB, Class B | 9,197 | 244,570 |
| Henkel AG & Co. KGaA | 1,662 | 116,974 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 24,500 | 54,384 |
| Reckitt Benckiser Group PLC | 10,878 | 818,360 |
| Unicharm Corp. | 6,100 | 226,451 |
| Unilever Indonesia Tbk PT | 125,600 | 35,758 |
| Vinda International Holdings Ltd. | 4,000 | 9,970 |
| | | 1,506,467 |
| Human Resource & Employment Services - 0.1% |
| Adecco Group AG | 2,359 | 77,295 |
| Persol Holdings Co. Ltd. | 2,800 | 50,590 |
| Randstad NV | 1,624 | 85,633 |
| Recruit Holdings Co. Ltd. | 21,900 | 697,785 |
| | | 911,303 |
| Independent Power Producers & Energy Traders - 0.1% |
| ACEN Corp. (a) | 10,680 | 1,047 |
| ACWA Power Co. | 1,144 | 51,138 |
| Adani Power Ltd. (a) | 7,953 | 24,303 |
| B Grimm Power PCL NVDR | 8,800 | 8,645 |
| CGN Power Co. Ltd., Class H (d) | 185,000 | 44,673 |
| China National Nuclear Power Co. Ltd., Class A | 11,500 | 11,159 |
| China Power International Development Ltd. | 65,000 | 23,976 |
| China Resources Power Holdings Co. Ltd. | 28,000 | 63,414 |
| Electricity Generating PCL NVDR | 4,166 | 15,350 |
| Eneva SA (a) | 15,300 | 38,916 |
| GD Power Development Co. Ltd., Class A (a) | 10,800 | 5,690 |
| Global Power Synergy PCL NVDR | 13,498 | 20,707 |
| Gulf Energy Development PCL NVDR | 40,633 | 53,674 |
| Huadian Power International Corp. Ltd., Class A | 16,100 | 14,823 |
| Huaneng Power International, Inc., Class H (a) | 58,000 | 36,361 |
| Huaneng Power International, Inc., Class A (a) | 7,700 | 9,801 |
| NTPC Ltd. | 54,719 | 126,378 |
| Ratch Group PCL NVDR | 11,000 | 11,102 |
| RWE AG | 9,736 | 424,181 |
| Shenzhen Energy Group Co. Ltd., Class A | 5,900 | 5,350 |
| | | 990,688 |
| | Number
of Shares | Fair
Value |
| Industrial Conglomerates - 0.4% |
| Aboitiz Equity Ventures, Inc. | 28,670 | $ 28,281 |
| Alfa SAB de CV, Class A | 36,800 | 22,852 |
| Astra International Tbk PT | 295,000 | 133,806 |
| Ayala Corp. | 3,810 | 43,330 |
| Bidvest Group Ltd. | 4,198 | 58,139 |
| Brookfield Business Corp., Class A | 837 | 15,803 |
| China Baoan Group Co. Ltd., Class A | 1,200 | 1,994 |
| CITIC Ltd. | 84,000 | 100,569 |
| CJ Corp. | 187 | 9,703 |
| CK Hutchison Holdings Ltd. | 40,500 | 247,166 |
| DCC PLC | 1,566 | 87,698 |
| Far Eastern New Century Corp. | 52,000 | 55,915 |
| Fosun International Ltd. | 31,000 | 21,360 |
| Grupo Carso SAB de CV Series A1 | 5,400 | 39,150 |
| Hikari Tsushin, Inc. | 300 | 42,988 |
| Hitachi Ltd. | 14,200 | 881,440 |
| Industries Qatar QSC | 21,324 | 66,346 |
| Investment AB Latour, Class B | 2,506 | 49,678 |
| Jardine Cycle & Carriage Ltd. | 1,500 | 38,652 |
| Jardine Matheson Holdings Ltd. | 2,500 | 126,775 |
| JG Summit Holdings, Inc. | 46,990 | 37,962 |
| Keppel Corp. Ltd. | 23,200 | 115,379 |
| KOC Holding AS | 11,100 | 44,359 |
| LG Corp. | 1,357 | 91,001 |
| Lifco AB, Class B | 3,440 | 74,805 |
| Multiply Group PJSC (a) | 48,443 | 41,981 |
| Mytilineos SA | 1,549 | 54,678 |
| Samsung C&T Corp. | 1,218 | 98,029 |
| Siemens AG | 11,518 | 1,919,709 |
| Siemens Ltd. | 862 | 39,645 |
| Sime Darby Bhd | 56,158 | 24,685 |
| SK Square Co. Ltd. (a) | 1,543 | 52,118 |
| SK, Inc. | 536 | 60,801 |
| SM Investments Corp. | 3,420 | 57,487 |
| Smiths Group PLC | 5,660 | 118,543 |
| Toshiba Corp. | 6,300 | 197,361 |
| Turkiye Sise ve Cam Fabrikalari AS | 16,723 | 28,571 |
| | | 5,128,759 |
| Industrial Gases - 0.1% |
| Air Liquide SA | 7,930 | 1,421,867 |
| Nippon Sanso Holdings Corp. | 2,900 | 62,900 |
| | | 1,484,767 |
| Industrial Machinery & Supplies & Components - 0.4% |
| Airtac International Group | 2,364 | 78,127 |
| Alfa Laval AB | 4,346 | 158,298 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 56 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Atlas Copco AB, A Shares | 40,768 | $ 587,693 |
| Atlas Copco AB, B Shares | 23,589 | 293,685 |
| Daifuku Co. Ltd. | 4,800 | 98,696 |
| FANUC Corp. | 14,500 | 508,187 |
| GEA Group AG | 2,415 | 101,088 |
| Haitian International Holdings Ltd. | 12,655 | 29,678 |
| Hoshizaki Corp. | 1,600 | 57,349 |
| Hoyuan Green Energy Co. Ltd., Class A (a) | 280 | 2,876 |
| Indutrade AB | 4,059 | 91,478 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 900 | 7,969 |
| Kone Oyj, Class B | 5,136 | 268,279 |
| Kurita Water Industries Ltd. | 1,607 | 61,594 |
| Luxfer Holdings PLC | 866 | 12,323 |
| Makita Corp. | 3,500 | 98,768 |
| MINEBEA MITSUMI, Inc. | 5,800 | 109,824 |
| MISUMI Group, Inc. | 4,500 | 90,448 |
| Mitsubishi Heavy Industries Ltd. | 4,800 | 223,813 |
| NGK Insulators Ltd. | 3,400 | 40,554 |
| Ningbo Deye Technology Co. Ltd., Class A | 360 | 7,423 |
| North Industries Group Red Arrow Co. Ltd., Class A | 600 | 1,496 |
| Rational AG | 87 | 62,985 |
| Sandvik AB | 16,124 | 314,343 |
| Schindler Holding AG | 954 | 220,758 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 1,750 | 15,488 |
| SKF AB, Class B | 5,019 | 87,329 |
| SMC Corp. | 900 | 499,355 |
| Spirax-Sarco Engineering PLC | 1,101 | 145,271 |
| Techtronic Industries Co. Ltd. | 20,500 | 224,163 |
| VAT Group AG (d) | 404 | 167,417 |
| Wartsila OYJ Abp | 6,991 | 78,816 |
| Yaskawa Electric Corp. | 3,600 | 165,695 |
| | | 4,911,266 |
| Industrial REITs - 0.1% |
| CapitaLand Ascendas REIT | 53,600 | 108,109 |
| GLP J-Reit | 66 | 64,991 |
| Goodman Group | 25,604 | 343,932 |
| Mapletree Logistics Trust | 52,936 | 63,624 |
| Nippon Prologis REIT, Inc. | 31 | 62,200 |
| Segro PLC | 18,182 | 165,993 |
| Warehouses De Pauw CVA | 2,478 | 68,040 |
| | | 876,889 |
| Integrated Oil & Gas - 0.8% |
| BP PLC | 268,075 | 1,562,494 |
| Cenovus Energy, Inc. | 21,751 | 369,845 |
| | Number
of Shares | Fair
Value |
| China Petroleum & Chemical Corp., Class H | 346,000 | $ 203,412 |
| China Petroleum & Chemical Corp., Class A | 37,300 | 32,638 |
| Eni SpA | 35,617 | 512,662 |
| Equinor ASA | 14,433 | 421,059 |
| Galp Energia SGPS SA | 7,413 | 86,612 |
| Gazprom PJSC ADR (a)(c)** | 77,360 | — |
| Gazprom PJSC (c)** | 56,590 | — |
| Guanghui Energy Co. Ltd., Class A | 8,300 | 7,844 |
| Imperial Oil Ltd. | 3,100 | 158,789 |
| LUKOIL PJSC (c)** | 7,480 | — |
| MOL Hungarian Oil & Gas PLC | 6,008 | 52,526 |
| Novatek PJSC GDR (a)(c)** | 1,641 | — |
| Oil & Natural Gas Corp. Ltd. | 35,271 | 69,038 |
| OMV AG | 2,349 | 99,725 |
| PetroChina Co. Ltd., Class H | 296,000 | 205,514 |
| PetroChina Co. Ltd., Class A | 24,900 | 25,605 |
| Petroleo Brasileiro SA | 52,700 | 361,602 |
| PTT PCL NVDR | 140,541 | 133,027 |
| Repsol SA | 19,963 | 290,289 |
| Rosneft Oil Co. PJSC (c)** | 20,586 | — |
| Saudi Arabian Oil Co. (d) | 33,944 | 294,025 |
| Shell PLC | 103,822 | 3,100,479 |
| Suncor Energy, Inc. | 20,100 | 590,278 |
| Surgutneftegas PJSC ADR (a)(c)** | 9,978 | — |
| Surgutneftegas PJSC (a)(c)** | 31,000 | — |
| TotalEnergies SE | 35,856 | 2,057,923 |
| | | 10,635,386 |
| Integrated Telecommunication Services - 0.4% |
| BCE, Inc. | 1,247 | 56,920 |
| BT Group PLC | 104,616 | 162,970 |
| Cellnex Telecom SA (d) | 8,553 | 345,510 |
| China Tower Corp. Ltd., Class H (d) | 620,000 | 69,044 |
| Chunghwa Telecom Co. Ltd. | 54,071 | 202,518 |
| Deutsche Telekom AG | 49,057 | 1,070,154 |
| Elisa Oyj | 2,125 | 113,421 |
| Emirates Telecommunications Group Co. PJSC | 49,521 | 303,874 |
| Hellenic Telecommunications Organization SA | 3,059 | 52,431 |
| HKT Trust & HKT Ltd. | 59,815 | 69,642 |
| Infrastrutture Wireless Italiane SpA (d) | 4,931 | 65,079 |
| Koninklijke KPN NV | 49,628 | 177,138 |
| LG Uplus Corp. | 3,323 | 27,114 |
| Nippon Telegraph & Telephone Corp. | 452,725 | 534,823 |
| Ooredoo QPSC | 12,728 | 38,254 |
| Operadora De Sites Mexicanos SAB de CV | 26,500 | 25,170 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 57 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Orange SA | 28,569 | $ 333,809 |
| Sarana Menara Nusantara Tbk PT | 268,300 | 19,015 |
| Saudi Telecom Co. | 28,198 | 328,781 |
| Singapore Telecommunications Ltd. | 124,500 | 230,433 |
| Spark New Zealand Ltd. | 27,737 | 86,649 |
| Swisscom AG | 391 | 244,148 |
| Telecom Italia SpA (a) | 154,590 | 43,576 |
| Telefonica Brasil SA | 6,887 | 61,775 |
| Telefonica Deutschland Holding AG | 12,611 | 35,487 |
| Telefonica SA | 78,641 | 319,220 |
| Telekom Malaysia Bhd | 12,097 | 12,742 |
| Telenor ASA | 10,447 | 106,126 |
| Telia Co. AB | 39,531 | 86,597 |
| Telkom Indonesia Persero Tbk PT | 715,500 | 191,412 |
| Telstra Group Ltd. | 60,740 | 174,114 |
| TELUS Corp. | 7,124 | 138,792 |
| True Corp. PCL NVDR | 169,442 | 31,404 |
| | | 5,758,142 |
| Interactive Home Entertainment - 0.2% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 3,000 | 14,409 |
| Bilibili, Inc., Class Z (a) | 2,720 | 40,932 |
| Capcom Co. Ltd. | 2,600 | 102,894 |
| CD Projekt SA | 697 | 26,583 |
| Embracer Group AB (a) | 11,141 | 27,820 |
| Kakao Games Corp. (a) | 347 | 8,732 |
| Kingsoft Corp. Ltd. | 13,800 | 54,541 |
| Koei Tecmo Holdings Co. Ltd. | 1,680 | 29,052 |
| Konami Group Corp. | 1,600 | 83,766 |
| Krafton, Inc. (a) | 420 | 62,551 |
| NCSoft Corp. | 236 | 53,146 |
| NetEase, Inc. | 28,270 | 547,517 |
| Netmarble Corp. (a)(d) | 299 | 11,229 |
| Nexon Co. Ltd. | 6,000 | 114,869 |
| Nintendo Co. Ltd. | 15,900 | 723,651 |
| Pearl Abyss Corp. (a) | 358 | 14,405 |
| Perfect World Co. Ltd., Class A | 3,300 | 7,673 |
| Sea Ltd. ADR (a) | 5,500 | 319,220 |
| Square Enix Holdings Co. Ltd. | 1,300 | 60,386 |
| Zhejiang Century Huatong Group Co. Ltd., Class A (a) | 8,600 | 8,985 |
| | | 2,312,361 |
| Interactive Media & Services - 0.4% |
| Adevinta ASA (a) | 4,364 | 28,731 |
| Auto Trader Group PLC (d) | 13,603 | 105,733 |
| Autohome, Inc. ADR | 1,200 | 34,992 |
| | Number
of Shares | Fair
Value |
| Baidu, Inc., Class A (a) | 31,700 | $ 540,626 |
| Grindr, Inc. (a) | 1,429 | 7,902 |
| Info Edge India Ltd. | 1,004 | 55,056 |
| JOYY, Inc. ADR | 900 | 27,639 |
| Kakao Corp. | 4,470 | 167,893 |
| Kanzhun Ltd. ADR (a) | 2,600 | 39,130 |
| Kuaishou Technology (a)(d) | 32,300 | 221,986 |
| NAVER Corp. | 1,880 | 263,172 |
| REA Group Ltd. | 777 | 74,585 |
| Scout24 SE (d) | 1,182 | 74,885 |
| SEEK Ltd. | 5,341 | 77,966 |
| Tencent Holdings Ltd. | 86,875 | 3,683,320 |
| VK Co. Ltd. GDR (a)(c)** | 1,600 | — |
| Weibo Corp. ADR | 700 | 9,177 |
| Yandex NV, Class A (a)(c)** | 5,562 | — |
| Z Holdings Corp. | 42,696 | 102,730 |
| | | 5,515,523 |
| Internet Services & Infrastructure - 0.1% |
| GDS Holdings Ltd., Class A (a) | 8,800 | 12,066 |
| Shopify, Inc., Class A (a) | 18,123 | 1,172,636 |
| Wix.com Ltd. (a) | 900 | 70,416 |
| | | 1,255,118 |
| Investment Banking & Brokerage - 0.1% |
| China Galaxy Securities Co. Ltd., Class H | 58,500 | 31,312 |
| China Galaxy Securities Co. Ltd., Class A | 2,700 | 4,317 |
| China International Capital Corp. Ltd., Class H (a)(d) | 25,200 | 44,422 |
| China International Capital Corp. Ltd., Class A | 1,200 | 5,866 |
| China Merchants Securities Co. Ltd., Class A | 10,800 | 20,187 |
| CITIC Securities Co. Ltd., Class H | 30,425 | 55,318 |
| CITIC Securities Co. Ltd., Class A | 13,490 | 36,757 |
| CSC Financial Co. Ltd., Class A | 4,000 | 13,342 |
| Daiwa Securities Group, Inc. | 19,800 | 101,860 |
| Everbright Securities Co. Ltd., Class A | 3,600 | 7,882 |
| Futu Holdings Ltd. ADR (a) | 900 | 35,766 |
| GF Securities Co. Ltd., Class H (a) | 14,200 | 19,630 |
| GF Securities Co. Ltd., Class A | 3,200 | 6,489 |
| Guosen Securities Co. Ltd., Class A | 6,800 | 8,177 |
| Guotai Junan Securities Co. Ltd., Class A | 4,100 | 7,901 |
| Haitong Securities Co. Ltd., Class H | 51,200 | 31,440 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 58 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Haitong Securities Co. Ltd., Class A | 14,800 | $ 18,788 |
| Huatai Securities Co. Ltd., Class H (d) | 20,000 | 24,774 |
| Huatai Securities Co. Ltd., Class A | 4,600 | 8,728 |
| Industrial Securities Co. Ltd., Class A | 7,500 | 6,323 |
| Korea Investment Holdings Co. Ltd. | 530 | 20,903 |
| Nomura Holdings, Inc. | 43,500 | 165,569 |
| Orient Securities Co. Ltd., Class A | 8,192 | 10,953 |
| Samsung Securities Co. Ltd. | 735 | 20,174 |
| SBI Holdings, Inc. | 3,900 | 75,090 |
| SDIC Capital Co. Ltd., Class A | 14,100 | 13,818 |
| Shenwan Hongyuan Group Co. Ltd., Class A | 13,700 | 8,716 |
| SooChow Securities Co. Ltd., Class A | 2,100 | 2,007 |
| XP, Inc., Class A (a) | 3,300 | 77,418 |
| Zheshang Securities Co. Ltd., Class A | 4,800 | 6,530 |
| Zhongtai Securities Co. Ltd., Class A | 7,200 | 6,846 |
| | | 897,303 |
| IT Consulting & Other Services - 0.3% |
| Arabian Internet & Communications Services Co. | 348 | 30,012 |
| Bechtle AG | 1,404 | 55,746 |
| Capgemini SE | 2,482 | 469,862 |
| CGI, Inc. (a) | 3,200 | 337,835 |
| Chinasoft International Ltd. (a) | 50,000 | 31,530 |
| Elm Co. | 389 | 60,573 |
| Fujitsu Ltd. | 2,700 | 349,023 |
| HCL Technologies Ltd. | 13,635 | 198,219 |
| Infosys Ltd. | 46,236 | 753,087 |
| Itochu Techno-Solutions Corp. | 1,332 | 33,697 |
| LTIMindtree Ltd. (d) | 1,277 | 81,230 |
| Mphasis Ltd. | 1,412 | 32,749 |
| NEC Corp. | 3,640 | 176,292 |
| Nomura Research Institute Ltd. | 5,960 | 164,386 |
| NTT Data Corp. | 9,400 | 131,578 |
| Obic Co. Ltd. | 1,000 | 160,242 |
| Otsuka Corp. | 1,700 | 66,108 |
| Samsung SDS Co. Ltd. | 533 | 49,963 |
| SCSK Corp. | 2,200 | 34,564 |
| Tata Consultancy Services Ltd. | 12,987 | 524,770 |
| Tech Mahindra Ltd. | 8,509 | 117,809 |
| TIS, Inc. | 3,400 | 85,047 |
| | Number
of Shares | Fair
Value |
| Wipro Ltd. | 19,546 | $ 93,048 |
| | | 4,037,370 |
| Leisure Facilities - 0.0%* |
| Oriental Land Co. Ltd. | 16,700 | 649,985 |
| Shenzhen Overseas Chinese Town Co. Ltd., Class A (a) | 7,300 | 4,422 |
| Songcheng Performance Development Co. Ltd., Class A | 2,387 | 4,083 |
| | | 658,490 |
| Leisure Products - 0.0%* |
| Bandai Namco Holdings, Inc. | 9,000 | 208,070 |
| Giant Manufacturing Co. Ltd. | 6,108 | 45,325 |
| Shimano, Inc. | 1,200 | 200,555 |
| Yamaha Corp. | 2,200 | 84,605 |
| | | 538,555 |
| Life & Health Insurance - 0.6% |
| Aegon NV | 26,732 | 135,677 |
| AIA Group Ltd. | 176,400 | 1,791,469 |
| Bupa Arabia for Cooperative Insurance Co. | 1,057 | 52,305 |
| Cathay Financial Holding Co. Ltd. | 119,529 | 165,935 |
| China Development Financial Holding Corp. (a) | 213,120 | 84,947 |
| China Life Insurance Co. Ltd., Class H | 103,000 | 172,407 |
| China Life Insurance Co. Ltd., Class A | 3,900 | 18,776 |
| China Taiping Insurance Holdings Co. Ltd. | 27,200 | 28,334 |
| Dai-ichi Life Holdings, Inc. | 14,100 | 267,735 |
| Discovery Ltd. (a) | 7,000 | 54,044 |
| Fubon Financial Holding Co. Ltd. | 102,982 | 201,579 |
| Great-West Lifeco, Inc. | 4,181 | 121,552 |
| HDFC Life Insurance Co. Ltd. (d) | 13,870 | 110,185 |
| iA Financial Corp., Inc. | 1,598 | 108,989 |
| ICICI Prudential Life Insurance Co. Ltd. (a)(d) | 4,451 | 31,120 |
| Japan Post Holdings Co. Ltd. | 32,900 | 236,068 |
| Japan Post Insurance Co. Ltd. | 2,900 | 43,511 |
| Legal & General Group PLC | 90,135 | 261,245 |
| Manulife Financial Corp. | 27,900 | 527,955 |
| Medibank Pvt Ltd. | 40,880 | 95,954 |
| New China Life Insurance Co. Ltd., Class H | 13,500 | 35,672 |
| New China Life Insurance Co. Ltd., Class A | 1,600 | 8,103 |
| NN Group NV | 4,059 | 150,227 |
| Old Mutual Ltd. | 70,628 | 45,313 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 59 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| OUTsurance Group Ltd. | 11,894 | $ 21,400 |
| Phoenix Group Holdings PLC | 11,070 | 74,979 |
| Ping An Insurance Group Co. of China Ltd., Class H | 88,500 | 565,199 |
| Ping An Insurance Group Co. of China Ltd., Class A | 10,500 | 67,037 |
| Poste Italiane SpA (d) | 8,266 | 89,529 |
| Power Corp. of Canada | 8,880 | 239,305 |
| Prudential PLC | 41,737 | 590,095 |
| Samsung Life Insurance Co. Ltd. | 1,145 | 58,559 |
| Sanlam Ltd. | 24,701 | 76,295 |
| SBI Life Insurance Co. Ltd. (d) | 6,426 | 102,520 |
| Shin Kong Financial Holding Co. Ltd. (a) | 182,263 | 52,204 |
| Sun Life Financial, Inc. | 8,890 | 463,966 |
| Swiss Life Holding AG | 466 | 273,052 |
| T&D Holdings, Inc. | 7,400 | 108,347 |
| | | 7,531,589 |
| Life Sciences Tools & Services - 0.1% |
| Bachem Holding AG | 564 | 49,268 |
| Divi's Laboratories Ltd. | 1,870 | 81,829 |
| Eurofins Scientific SE | 2,018 | 128,216 |
| Genscript Biotech Corp. (a) | 18,000 | 40,715 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A (a) | 500 | 4,443 |
| Hangzhou Tigermed Consulting Co. Ltd., Class H (d) | 1,500 | 8,571 |
| Joinn Laboratories China Co. Ltd., Class A | 784 | 4,415 |
| Lonza Group AG | 1,131 | 676,315 |
| Pharmaron Beijing Co. Ltd., Class H (a)(d) | 1,950 | 6,046 |
| Pharmaron Beijing Co. Ltd., Class A (a) | 450 | 2,371 |
| Samsung Biologics Co. Ltd. (a)(d) | 250 | 141,544 |
| Sartorius Stedim Biotech | 412 | 102,880 |
| WuXi AppTec Co. Ltd., Class H (d) | 3,708 | 29,715 |
| WuXi AppTec Co. Ltd., Class A | 3,220 | 27,651 |
| Wuxi Biologics Cayman, Inc. (a)(d) | 51,500 | 247,493 |
| | | 1,551,472 |
| Managed Healthcare - 0.0%* |
| Hapvida Participacoes e Investimentos SA (a)(d) | 75,740 | 68,769 |
| Marine Ports & Services - 0.0%* |
| Adani Ports & Special Economic Zone Ltd. | 5,450 | 49,237 |
| | Number
of Shares | Fair
Value |
| China Merchants Port Holdings Co. Ltd. | 23,084 | $ 32,654 |
| COSCO SHIPPING Ports Ltd. | 19,404 | 11,583 |
| International Container Terminal Services, Inc. | 15,070 | 55,660 |
| Shanghai International Port Group Co. Ltd., Class A | 3,100 | 2,241 |
| | | 151,375 |
| Marine Transportation - 0.1% |
| AP Moller - Maersk AS, Class B | 75 | 131,842 |
| AP Moller - Maersk AS, Class A | 49 | 85,424 |
| Cia Sud Americana de Vapores SA | 285,714 | 19,394 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 49,682 | 44,907 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 8,910 | 11,541 |
| Costamare, Inc. | 1,701 | 16,449 |
| Evergreen Marine Corp. Taiwan Ltd. | 14,400 | 43,409 |
| Golden Ocean Group Ltd. | 4,055 | 30,615 |
| Himalaya Shipping Ltd. (a) | 954 | 5,304 |
| HMM Co. Ltd. | 3,879 | 55,777 |
| Kawasaki Kisen Kaisha Ltd. | 2,100 | 51,407 |
| Kuehne & Nagel International AG | 820 | 243,015 |
| MISC Bhd | 22,675 | 34,815 |
| Mitsui OSK Lines Ltd. | 5,500 | 132,105 |
| Nippon Yusen KK | 7,300 | 161,854 |
| Orient Overseas International Ltd. | 2,500 | 33,579 |
| Pan Ocean Co. Ltd. | 2,635 | 10,416 |
| Safe Bulkers, Inc. | 3,509 | 11,439 |
| SITC International Holdings Co. Ltd. | 21,000 | 38,452 |
| Wan Hai Lines Ltd. | 6,670 | 12,700 |
| Yang Ming Marine Transport Corp. (a) | 26,000 | 52,802 |
| | | 1,227,246 |
| Metal, Glass & Plastic Containers - 0.0%* |
| CCL Industries, Inc., Class B | 2,400 | 118,109 |
| Motorcycle Manufacturers - 0.0%* |
| Bajaj Auto Ltd. | 991 | 56,783 |
| Eicher Motors Ltd. | 1,995 | 87,224 |
| Hero MotoCorp Ltd. | 1,715 | 60,963 |
| Livewire Group, Inc. (a) | 384 | 4,535 |
| TVS Motor Co. Ltd. | 3,125 | 50,637 |
| Yadea Group Holdings Ltd. (d) | 14,000 | 31,934 |
| Yamaha Motor Co. Ltd. | 4,400 | 126,282 |
| | | 418,358 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 60 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Movies & Entertainment - 0.0%* |
| Beijing Enlight Media Co. Ltd., Class A | 5,600 | $ 6,237 |
| Bollore SE | 13,094 | 81,643 |
| China Ruyi Holdings Ltd. (a) | 104,000 | 24,509 |
| HYBE Co. Ltd. (a) | 282 | 60,818 |
| iQIYI, Inc. ADR (a) | 6,500 | 34,710 |
| Mango Excellent Media Co. Ltd., Class A | 1,600 | 7,548 |
| Tencent Music Entertainment Group ADR (a) | 10,200 | 75,276 |
| Toho Co. Ltd. | 1,600 | 60,842 |
| Universal Music Group NV | 12,571 | 279,211 |
| | | 630,794 |
| Multi-Family Residential REITs - 0.0%* |
| Canadian Apartment Properties REIT | 1,200 | 46,123 |
| Multi-Line Insurance - 0.4% |
| Ageas SA | 2,573 | 104,288 |
| Allianz SE | 6,109 | 1,422,671 |
| Assicurazioni Generali SpA | 15,550 | 316,166 |
| Aviva PLC | 42,225 | 212,671 |
| AXA SA | 27,750 | 819,899 |
| Baloise Holding AG | 732 | 107,720 |
| BB Seguridade Participacoes SA | 9,703 | 61,891 |
| China Pacific Insurance Group Co. Ltd., Class H | 35,689 | 92,647 |
| China Pacific Insurance Group Co. Ltd., Class A | 7,800 | 27,901 |
| Gjensidige Forsikring ASA | 3,415 | 54,810 |
| Helvetia Holding AG | 569 | 77,153 |
| Powszechny Zaklad Ubezpieczen SA | 8,763 | 85,061 |
| Sampo Oyj, A Shares | 6,922 | 310,827 |
| Talanx AG | 972 | 55,793 |
| ZhongAn Online P&C Insurance Co. Ltd., Class H (a)(d) | 10,400 | 28,396 |
| Zurich Insurance Group AG | 2,278 | 1,084,103 |
| | | 4,861,997 |
| Multi-Sector Holdings - 0.1% |
| Bajaj Holdings & Investment Ltd. | 380 | 32,488 |
| Eurazeo SE | 739 | 52,020 |
| EXOR NV | 1,621 | 144,688 |
| Groupe Bruxelles Lambert NV | 1,486 | 117,125 |
| Industrivarden AB, Class A | 1,881 | 52,091 |
| Industrivarden AB, Class C | 2,419 | 66,653 |
| Investor AB, Class B | 26,556 | 530,470 |
| Investor AB, Class A | 6,494 | 129,775 |
| Kinnevik AB, Class B (a) | 3,787 | 52,454 |
| | Number
of Shares | Fair
Value |
| L E Lundbergforetagen AB, Class B | 1,297 | $ 55,151 |
| Remgro Ltd. | 7,286 | 56,714 |
| Sofina SA | 263 | 54,515 |
| Washington H Soul Pattinson & Co. Ltd. | 3,600 | 76,367 |
| Wendel SE | 409 | 41,999 |
| | | 1,462,510 |
| Multi-Utilities - 0.2% |
| Algonquin Power & Utilities Corp. | 10,670 | 88,295 |
| Canadian Utilities Ltd., Class A | 2,000 | 51,857 |
| Centrica PLC | 87,241 | 137,703 |
| E.ON SE | 34,028 | 434,608 |
| Engie SA | 27,679 | 460,852 |
| National Grid PLC | 55,606 | 738,029 |
| Qatar Electricity & Water Co. QSC | 5,078 | 24,274 |
| Veolia Environnement SA | 10,415 | 329,631 |
| | | 2,265,249 |
| Office REITs - 0.0%* |
| Covivio SA | 786 | 37,124 |
| Dexus | 17,029 | 88,617 |
| Gecina SA | 725 | 77,328 |
| Japan Real Estate Investment Corp. | 18 | 68,387 |
| Nippon Building Fund, Inc. | 23 | 90,290 |
| | | 361,746 |
| Office Services & Supplies - 0.0%* |
| Shanghai M&G Stationery, Inc., Class A | 1,000 | 6,145 |
| Oil & Gas Drilling - 0.0%* |
| Borr Drilling Ltd. (a) | 7,977 | 60,067 |
| China Oilfield Services Ltd., Class H | 32,000 | 33,134 |
| Seadrill Ltd. (a) | 1,762 | 72,717 |
| | | 165,918 |
| Oil & Gas Equipment & Services - 0.0%* |
| Dialog Group Bhd | 38,500 | 17,030 |
| Offshore Oil Engineering Co. Ltd., Class A | 2,700 | 2,174 |
| TechnipFMC PLC (a) | 3,600 | 59,832 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 500 | 1,730 |
| | | 80,766 |
| Oil & Gas Exploration & Production - 0.2% |
| Aker BP ASA | 4,701 | 110,498 |
| ARC Resources Ltd. | 9,100 | 121,517 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 61 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Canadian Natural Resources Ltd. | 16,800 | $ 945,599 |
| Inpex Corp. | 14,500 | 159,039 |
| Kosmos Energy Ltd. (a) | 16,135 | 96,649 |
| PRIO SA (a) | 10,200 | 78,403 |
| PTT Exploration & Production PCL NVDR | 19,699 | 83,468 |
| Santos Ltd. | 50,654 | 253,256 |
| Tatneft PJSC ADR (a)(c)** | 3,383 | — |
| Tatneft PJSC (c)** | 4,926 | — |
| Tourmaline Oil Corp. | 4,800 | 226,424 |
| Woodside Energy Group Ltd. | 28,828 | 666,337 |
| | | 2,741,190 |
| Oil & Gas Refining & Marketing - 0.2% |
| Ampol Ltd. | 3,498 | 69,825 |
| Bharat Petroleum Corp. Ltd. | 12,398 | 55,170 |
| Cosan SA | 17,436 | 64,554 |
| Empresas COPEC SA | 4,726 | 35,055 |
| ENEOS Holdings, Inc. | 43,000 | 147,555 |
| Formosa Petrochemical Corp. | 14,000 | 37,951 |
| HD Hyundai Co. Ltd. | 828 | 37,791 |
| Hindustan Petroleum Corp. Ltd. | 11,010 | 36,807 |
| Idemitsu Kosan Co. Ltd. | 3,100 | 62,098 |
| Indian Oil Corp. Ltd. | 43,439 | 48,412 |
| Motor Oil Hellas Corinth Refineries SA | 614 | 15,541 |
| Neste Oyj | 6,393 | 246,106 |
| Parkland Corp. | 2,007 | 50,052 |
| Petronas Dagangan Bhd | 3,100 | 14,744 |
| Polski Koncern Naftowy ORLEN SA | 7,590 | 120,388 |
| Qatar Fuel QSC | 8,638 | 40,572 |
| Rabigh Refining & Petrochemical Co. (a) | 5,905 | 18,252 |
| Reliance Industries Ltd. | 42,148 | 1,313,799 |
| SK Innovation Co. Ltd. (a) | 797 | 96,624 |
| S-Oil Corp. | 757 | 38,464 |
| Thai Oil PCL NVDR | 23,366 | 29,236 |
| Turkiye Petrol Rafinerileri AS | 14,529 | 44,583 |
| | | 2,623,579 |
| Oil & Gas Storage & Transportation - 0.2% |
| Ardmore Shipping Corp. | 1,325 | 16,364 |
| China Merchants Energy Shipping Co. Ltd., Class A | 10,900 | 8,680 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H (a) | 18,000 | 18,113 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A (a) | 3,600 | 6,255 |
| Enbridge, Inc. | 30,700 | 1,142,390 |
| FLEX LNG Ltd. | 1,039 | 31,721 |
| Golar LNG Ltd. | 3,515 | 70,897 |
| | Number
of Shares | Fair
Value |
| Keyera Corp. | 3,300 | $ 76,187 |
| Pembina Pipeline Corp. | 8,300 | 261,247 |
| Petronet LNG Ltd. | 11,737 | 31,923 |
| Qatar Gas Transport Co. Ltd. | 42,816 | 47,910 |
| Scorpio Tankers, Inc. | 1,837 | 86,761 |
| SFL Corp. Ltd. | 4,105 | 38,300 |
| TC Energy Corp. | 15,339 | 620,631 |
| Teekay Corp. (a) | 2,195 | 13,258 |
| Teekay Tankers Ltd., Class A | 834 | 31,884 |
| Ultrapar Participacoes SA | 10,900 | 42,683 |
| | | 2,545,204 |
| Other Specialty Retail - 0.0%* |
| China Tourism Group Duty Free Corp. Ltd., Class A | 2,100 | 32,005 |
| China Tourism Group Duty Free Corp. Ltd., Class H (a)(d) | 700 | 9,497 |
| Chow Tai Fook Jewellery Group Ltd. | 29,200 | 52,650 |
| Dufry AG (a) | 1,512 | 68,996 |
| Hotel Shilla Co. Ltd. | 370 | 20,706 |
| Jarir Marketing Co. | 9,820 | 43,404 |
| JD Sports Fashion PLC | 40,827 | 75,921 |
| JUMBO SA | 1,720 | 47,288 |
| Pop Mart International Group Ltd. (d) | 7,200 | 16,051 |
| | | 366,518 |
| Packaged Foods & Meats - 0.3% |
| Ajinomoto Co., Inc. | 6,900 | 274,418 |
| Almarai Co. JSC | 3,485 | 56,453 |
| Angel Yeast Co. Ltd., Class A | 500 | 2,492 |
| Associated British Foods PLC | 5,314 | 134,709 |
| Barry Callebaut AG | 57 | 110,178 |
| Britannia Industries Ltd. | 1,532 | 93,938 |
| Charoen Pokphand Foods PCL NVDR | 53,869 | 29,951 |
| China Feihe Ltd. (d) | 58,568 | 32,688 |
| China Huishan Dairy Holdings Co. Ltd. (a)(c)** | 55,000 | — |
| China Mengniu Dairy Co. Ltd. (a) | 46,000 | 173,834 |
| Chocoladefabriken Lindt & Spruengli AG | 17 | 437,028 |
| CJ CheilJedang Corp. | 103 | 21,107 |
| Dali Foods Group Co. Ltd. (d) | 17,117 | 7,657 |
| Danone SA | 9,748 | 597,282 |
| Forafric Global PLC (a) | 183 | 2,007 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3,484 | 22,477 |
| Gruma SAB de CV, Class B | 3,010 | 48,225 |
| Grupo Bimbo SAB de CV Series A | 18,581 | 99,294 |
| Guangdong Haid Group Co. Ltd., Class A | 1,000 | 6,445 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 62 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 3,185 | $ 10,735 |
| Indofood CBP Sukses Makmur Tbk PT | 27,600 | 20,848 |
| Indofood Sukses Makmur Tbk PT | 65,636 | 32,184 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 7,700 | 30,001 |
| JDE Peet's NV | 1,705 | 50,708 |
| Kerry Group PLC, Class A | 2,403 | 234,497 |
| Kikkoman Corp. | 2,000 | 114,028 |
| Marico Ltd. | 7,717 | 50,018 |
| MEIJI Holdings Co. Ltd. | 3,300 | 73,569 |
| Mowi ASA | 6,744 | 107,201 |
| Muyuan Foods Co. Ltd., Class A (a) | 3,920 | 22,727 |
| Nestle India Ltd. | 473 | 132,186 |
| Nestle Malaysia Bhd | 939 | 26,354 |
| Nisshin Seifun Group, Inc. | 3,300 | 40,723 |
| Nissin Foods Holdings Co. Ltd. | 1,000 | 82,548 |
| Orion Corp. | 377 | 34,382 |
| Orkla ASA | 11,076 | 79,790 |
| PPB Group Bhd | 10,487 | 35,365 |
| QL Resources Bhd | 12,588 | 14,456 |
| Salmar ASA | 999 | 40,333 |
| Saputo, Inc. | 3,700 | 82,990 |
| Savola Group | 4,442 | 49,406 |
| SunOpta, Inc. (a) | 3,200 | 21,408 |
| Tata Consumer Products Ltd. | 8,046 | 84,598 |
| Tingyi Cayman Islands Holding Corp. | 30,000 | 46,710 |
| Uni-President China Holdings Ltd. | 28,000 | 23,611 |
| Uni-President Enterprises Corp. | 68,000 | 166,724 |
| Universal Robina Corp. | 14,460 | 36,096 |
| Want Want China Holdings Ltd. | 77,000 | 51,209 |
| Wens Foodstuffs Group Co. Ltd., Class A | 8,800 | 22,226 |
| WH Group Ltd. (d) | 131,666 | 70,116 |
| Yakult Honsha Co. Ltd. | 1,900 | 119,968 |
| Yihai International Holding Ltd. (a) | 4,364 | 9,399 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | 1,000 | 5,509 |
| | | 4,172,806 |
| Paper & Plastic Packaging Products & Materials - 0.0%* |
| Klabin SA | 11,900 | 53,703 |
| SCG Packaging PCL NVDR | 14,842 | 15,621 |
| SIG Group AG (a) | 4,547 | 125,675 |
| Smurfit Kappa Group PLC | 3,991 | 133,175 |
| | | 328,174 |
| | Number
of Shares | Fair
Value |
| Paper Products - 0.1% |
| Empresas CMPC SA | 11,722 | $ 22,417 |
| Holmen AB, Class B | 1,356 | 48,664 |
| Indah Kiat Pulp & Paper Tbk PT | 24,700 | 14,040 |
| Mondi PLC | 7,238 | 110,543 |
| Nine Dragons Paper Holdings Ltd. (a) | 35,310 | 21,799 |
| Oji Holdings Corp. | 13,800 | 51,513 |
| Stora Enso Oyj, R Shares | 8,795 | 102,021 |
| Suzano SA | 10,800 | 99,000 |
| UPM-Kymmene Oyj | 8,057 | 240,029 |
| | | 710,026 |
| Passenger Airlines - 0.1% |
| Air Canada (a) | 2,700 | 50,990 |
| Air China Ltd., Class H (a) | 18,000 | 12,858 |
| Air China Ltd., Class A A Shares (a) | 12,700 | 14,404 |
| ANA Holdings, Inc. (a) | 2,300 | 54,696 |
| China Airlines Ltd. | 50,000 | 42,222 |
| China Eastern Airlines Corp. Ltd., Class A (a) | 12,400 | 8,122 |
| China Southern Airlines Co. Ltd., Class H (a) | 20,000 | 11,322 |
| China Southern Airlines Co. Ltd., Class A (a) | 11,600 | 9,621 |
| Deutsche Lufthansa AG (a) | 9,518 | 97,575 |
| Eva Airways Corp. | 42,000 | 53,883 |
| InterGlobe Aviation Ltd. (a)(d) | 1,049 | 33,639 |
| Japan Airlines Co. Ltd. | 2,014 | 43,598 |
| Korean Air Lines Co. Ltd. | 2,733 | 50,700 |
| Pegasus Hava Tasimaciligi AS (a) | 685 | 16,233 |
| Qantas Airways Ltd. (a) | 12,896 | 53,402 |
| Singapore Airlines Ltd. | 21,300 | 112,769 |
| Turk Hava Yollari AO (a) | 7,967 | 59,223 |
| | | 725,257 |
| Passenger Ground Transportation - 0.0%* |
| Grab Holdings Ltd., Class A (a) | 28,700 | 98,441 |
| Localiza Rent a Car SA | 8,535 | 121,196 |
| | | 219,637 |
| Personal Care Products - 0.4% |
| Amorepacific Corp. | 448 | 33,347 |
| Beiersdorf AG | 1,518 | 200,982 |
| By-health Co. Ltd., Class A | 1,000 | 3,300 |
| Colgate-Palmolive India Ltd. | 1,796 | 37,002 |
| Dabur India Ltd. | 8,930 | 62,467 |
| Godrej Consumer Products Ltd. (a) | 5,897 | 77,808 |
| Hengan International Group Co. Ltd. | 9,980 | 42,077 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 63 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Hindustan Unilever Ltd. | 11,713 | $ 382,956 |
| Kao Corp. | 7,000 | 253,607 |
| Kobayashi Pharmaceutical Co. Ltd. | 800 | 43,427 |
| Kose Corp. | 500 | 47,985 |
| LG H&H Co. Ltd. | 135 | 47,178 |
| L'Oreal SA | 3,649 | 1,701,860 |
| Natura & Co. Holding SA (a) | 15,000 | 52,052 |
| Shiseido Co. Ltd. | 6,000 | 271,527 |
| Unilever PLC | 38,280 | 1,995,521 |
| | | 5,253,096 |
| Pharmaceuticals - 1.2% |
| Aspen Pharmacare Holdings Ltd. | 5,616 | 54,587 |
| Astellas Pharma, Inc. | 27,800 | 413,323 |
| AstraZeneca PLC | 23,501 | 3,372,552 |
| Asymchem Laboratories Tianjin Co. Ltd., Class A | 232 | 3,767 |
| Aurobindo Pharma Ltd. | 3,446 | 30,604 |
| Bayer AG | 14,937 | 826,687 |
| Beijing Tongrentang Co. Ltd., Class A | 1,700 | 13,467 |
| Betta Pharmaceuticals Co. Ltd., Class A | 600 | 3,968 |
| Celltrion Pharm, Inc. (a) | 226 | 13,182 |
| Changchun High & New Technology Industry Group, Inc., Class A | 300 | 5,634 |
| China Medical System Holdings Ltd. | 24,000 | 39,157 |
| China Resources Pharmaceutical Group Ltd. (d) | 17,000 | 14,838 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 1,600 | 13,341 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 30,000 | 14,008 |
| Chugai Pharmaceutical Co. Ltd. | 10,100 | 287,160 |
| Cipla Ltd. | 6,975 | 86,422 |
| CSPC Pharmaceutical Group Ltd. | 130,000 | 113,127 |
| Daiichi Sankyo Co. Ltd. | 28,000 | 888,202 |
| Dong-E-E-Jiao Co. Ltd., Class A | 400 | 2,942 |
| Dr Reddy's Laboratories Ltd. | 1,647 | 103,728 |
| Eisai Co. Ltd. | 3,800 | 257,114 |
| Hanmi Pharm Co. Ltd. | 84 | 19,736 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | 12,000 | 19,346 |
| Hikma Pharmaceuticals PLC | 2,397 | 57,745 |
| Humanwell Healthcare Group Co. Ltd., Class A | 2,200 | 8,158 |
| Hypera SA | 6,200 | 59,134 |
| Ipsen SA | 592 | 71,250 |
| | Number
of Shares | Fair
Value |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 6,820 | $ 44,957 |
| Kalbe Farma Tbk PT | 246,000 | 33,666 |
| Kyowa Kirin Co. Ltd. | 4,000 | 74,018 |
| Lupin Ltd. | 3,814 | 42,024 |
| Merck KGaA | 1,956 | 323,717 |
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 520 | 967 |
| Nippon Shinyaku Co. Ltd. | 700 | 28,592 |
| Novartis AG | 31,078 | 3,134,666 |
| Novo Nordisk AS, Class B | 25,104 | 4,054,490 |
| Ono Pharmaceutical Co. Ltd. | 5,800 | 104,478 |
| Orion Oyj, Class B | 1,574 | 65,311 |
| Otsuka Holdings Co. Ltd. | 5,900 | 216,062 |
| Recordati Industria Chimica e Farmaceutica SpA | 1,537 | 73,413 |
| Richter Gedeon Nyrt | 2,021 | 49,821 |
| Scilex Holding Co. (a) | 1,832 | 10,204 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (a) | 4,500 | 12,055 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (a) | 1,500 | 6,389 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 3,300 | 11,678 |
| Shionogi & Co. Ltd. | 4,000 | 168,438 |
| Sino Biopharmaceutical Ltd. | 151,000 | 65,971 |
| SK Biopharmaceuticals Co. Ltd. (a) | 382 | 23,540 |
| Sun Pharmaceutical Industries Ltd. | 13,513 | 173,372 |
| Takeda Pharmaceutical Co. Ltd. | 23,900 | 749,752 |
| Teva Pharmaceutical Industries Ltd. ADR (a) | 16,500 | 124,245 |
| Torrent Pharmaceuticals Ltd. | 1,128 | 26,231 |
| UCB SA | 1,898 | 168,243 |
| Yuhan Corp. | 884 | 40,579 |
| Yunnan Baiyao Group Co. Ltd., Class A | 1,400 | 10,110 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 400 | 15,777 |
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 2,600 | 6,586 |
| Zhejiang NHU Co. Ltd., Class A | 2,592 | 5,493 |
| | | 16,658,024 |
| Precious Metals & Minerals - 0.0%* |
| Alrosa PJSC (a)(c)** | 46,308 | — |
| Anglo American Platinum Ltd. | 778 | 35,038 |
| Impala Platinum Holdings Ltd. | 12,142 | 80,591 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 64 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Industrias Penoles SAB de CV (a) | 2,400 | $ 33,645 |
| Northam Platinum Holdings Ltd. (a) | 4,788 | 31,803 |
| Sibanye Stillwater Ltd. | 40,362 | 62,021 |
| | | 243,098 |
| Property & Casualty Insurance - 0.2% |
| Admiral Group PLC | 3,257 | 86,349 |
| DB Insurance Co. Ltd. | 667 | 37,884 |
| Fairfax Financial Holdings Ltd. | 342 | 256,462 |
| ICICI Lombard General Insurance Co. Ltd. (d) | 3,520 | 57,741 |
| Insurance Australia Group Ltd. | 36,409 | 138,355 |
| Intact Financial Corp. | 2,617 | 404,520 |
| Kingsway Financial Services, Inc. (a) | 371 | 3,024 |
| MS&AD Insurance Group Holdings, Inc. | 6,500 | 229,798 |
| People's Insurance Co. Group of China Ltd., Class H | 134,000 | 48,668 |
| People's Insurance Co. Group of China Ltd., Class A | 10,900 | 8,760 |
| PICC Property & Casualty Co. Ltd., Class H | 100,000 | 111,337 |
| QBE Insurance Group Ltd. | 22,378 | 233,470 |
| Samsung Fire & Marine Insurance Co. Ltd. | 445 | 77,655 |
| Sompo Holdings, Inc. | 4,700 | 210,535 |
| Suncorp Group Ltd. | 18,921 | 169,882 |
| Tokio Marine Holdings, Inc. | 27,200 | 626,015 |
| Tryg AS | 5,374 | 116,356 |
| | | 2,816,811 |
| Publishing - 0.0%* |
| China Literature Ltd. (a)(d) | 4,400 | 18,556 |
| Saudi Research & Media Group (a) | 633 | 31,953 |
| | | 50,509 |
| Rail Transportation - 0.3% |
| Aurizon Holdings Ltd. | 26,833 | 70,148 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 27,500 | 19,909 |
| BTS Group Holdings PCL NVDR | 141,626 | 29,802 |
| Canadian National Railway Co. | 8,600 | 1,042,594 |
| Canadian Pacific Kansas City Ltd. | 14,100 | 1,140,147 |
| Central Japan Railway Co. | 2,200 | 275,183 |
| Container Corp. Of India Ltd. | 4,866 | 39,332 |
| Daqin Railway Co. Ltd., Class A | 9,300 | 9,507 |
| East Japan Railway Co. | 4,600 | 254,662 |
| | Number
of Shares | Fair
Value |
| Hankyu Hanshin Holdings, Inc. | 3,600 | $ 118,833 |
| Keio Corp. | 1,600 | 50,247 |
| Keisei Electric Railway Co. Ltd. | 1,900 | 78,623 |
| Kintetsu Group Holdings Co. Ltd. | 2,800 | 96,809 |
| MTR Corp. Ltd. | 23,000 | 105,874 |
| Odakyu Electric Railway Co. Ltd. | 4,600 | 61,536 |
| Rumo SA | 18,400 | 84,677 |
| Tobu Railway Co. Ltd. | 2,800 | 74,952 |
| Tokyu Corp. | 7,900 | 95,123 |
| West Japan Railway Co. | 3,300 | 137,026 |
| | | 3,784,984 |
| Real Estate Development - 0.1% |
| C&D International Investment Group Ltd. | 7,000 | 15,962 |
| China Evergrande Group (a)(c) | 87,000 | 1,832 |
| China Jinmao Holdings Group Ltd. | 64,972 | 9,578 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 11,200 | 20,078 |
| China Overseas Land & Investment Ltd. | 55,500 | 121,405 |
| China Resources Land Ltd. | 46,000 | 195,746 |
| China Vanke Co. Ltd., Class H | 26,700 | 35,965 |
| China Vanke Co. Ltd., Class A | 12,500 | 24,098 |
| CK Asset Holdings Ltd. | 29,586 | 164,390 |
| Country Garden Holdings Co. Ltd. (a) | 178,298 | 36,368 |
| Dar Al Arkan Real Estate Development Co. (a) | 8,773 | 36,237 |
| Emaar Economic City (a) | 5,150 | 12,904 |
| Emaar Properties PJSC | 94,535 | 166,164 |
| Gemdale Corp., Class A | 1,500 | 1,487 |
| Godrej Properties Ltd. (a) | 1,425 | 27,315 |
| Greentown China Holdings Ltd. | 8,000 | 8,046 |
| Henderson Land Development Co. Ltd. | 21,000 | 62,534 |
| Land & Houses PCL NVDR | 150,231 | 35,851 |
| Longfor Group Holdings Ltd. (d) | 26,968 | 65,849 |
| Poly Developments & Holdings Group Co. Ltd., Class A | 14,400 | 25,803 |
| Ruentex Development Co. Ltd. | 29,500 | 34,151 |
| Seazen Holdings Co. Ltd., Class A (a) | 1,400 | 2,777 |
| Shimao Group Holdings Ltd. (a)(c) | 16,102 | 2,270 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 65 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Sino Land Co. Ltd. | 51,480 | $ 63,373 |
| Yuexiu Property Co. Ltd. | 30,981 | 36,095 |
| | | 1,206,278 |
| Real Estate Operating Companies - 0.1% |
| Azrieli Group Ltd. | 711 | 40,120 |
| Capitaland Investment Ltd. | 38,700 | 95,017 |
| Central Pattana PCL NVDR | 28,578 | 52,912 |
| China Resources Mixc Lifestyle Services Ltd. (d) | 7,200 | 35,862 |
| Country Garden Services Holdings Co. Ltd. | 31,715 | 41,152 |
| Fastighets AB Balder, Class B (a) | 9,653 | 35,293 |
| Greentown Service Group Co. Ltd. | 20,000 | 9,583 |
| Hang Lung Properties Ltd. | 26,000 | 40,231 |
| Hongkong Land Holdings Ltd. | 17,600 | 68,820 |
| Hulic Co. Ltd. | 6,500 | 55,602 |
| LEG Immobilien SE (a) | 1,079 | 62,246 |
| Mabanee Co. KPSC | 7,478 | 20,603 |
| NEPI Rockcastle NV | 5,600 | 32,747 |
| Sagax AB, Class B | 2,995 | 59,139 |
| SM Prime Holdings, Inc. | 125,100 | 74,658 |
| Swire Properties Ltd. | 19,800 | 48,781 |
| Swiss Prime Site AG | 1,222 | 106,198 |
| Vonovia SE | 10,790 | 210,686 |
| Wharf Real Estate Investment Co. Ltd. | 25,000 | 125,424 |
| Zhejiang China Commodities City Group Co. Ltd., Class A | 9,800 | 11,506 |
| | | 1,226,580 |
| Real Estate Services - 0.0%* |
| China Overseas Property Holdings Ltd. | 15,000 | 15,158 |
| FirstService Corp. | 600 | 92,509 |
| KE Holdings, Inc. ADR (a) | 9,600 | 142,560 |
| | | 250,227 |
| Regional Banks - 0.0%* |
| AU Small Finance Bank Ltd. (d) | 3,332 | 30,701 |
| Bandhan Bank Ltd. (a)(d) | 7,685 | 22,739 |
| Bank of Chengdu Co. Ltd., Class A (a) | 400 | 672 |
| Bank of Hangzhou Co. Ltd., Class A | 5,547 | 8,973 |
| Bank of Jiangsu Co. Ltd., Class A (a) | 21,100 | 21,357 |
| Bank of Nanjing Co. Ltd., Class A | 5,600 | 6,166 |
| Bank of Ningbo Co. Ltd., Class A | 4,756 | 16,572 |
| Banque Cantonale Vaudoise | 510 | 53,893 |
| | Number
of Shares | Fair
Value |
| Chiba Bank Ltd. | 9,000 | $ 54,487 |
| Concordia Financial Group Ltd. | 15,400 | 60,112 |
| First BanCorp | 6,284 | 76,790 |
| OFG Bancorp | 1,655 | 43,162 |
| Popular, Inc. | 852 | 51,563 |
| Resona Holdings, Inc. | 32,400 | 154,873 |
| Shizuoka Financial Group, Inc. | 6,400 | 46,160 |
| | | 648,220 |
| Reinsurance - 0.1% |
| Hannover Rueck SE | 906 | 192,307 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,129 | 799,107 |
| RenaissanceRe Holdings Ltd. | 500 | 93,260 |
| SiriusPoint Ltd. (a) | 3,022 | 27,289 |
| | | 1,111,963 |
| Renewable Electricity - 0.0%* |
| Adani Green Energy Ltd. (a) | 5,018 | 57,859 |
| China Longyuan Power Group Corp. Ltd., Class H | 49,000 | 50,607 |
| China Three Gorges Renewables Group Co. Ltd., Class A | 19,800 | 14,633 |
| China Yangtze Power Co. Ltd., Class A | 22,100 | 67,029 |
| Corp. ACCIONA Energias Renovables SA | 1,103 | 36,894 |
| EDP Renovaveis SA | 4,064 | 81,198 |
| Energy Absolute PCL NVDR | 24,620 | 39,647 |
| Engie Brasil Energia SA | 3,733 | 35,357 |
| Meridian Energy Ltd. | 18,820 | 64,697 |
| Northland Power, Inc. | 3,882 | 81,058 |
| Sichuan Chuantou Energy Co. Ltd., Class A | 7,500 | 15,532 |
| Terna Energy SA | 583 | 12,842 |
| | | 557,353 |
| Research & Consulting Services - 0.2% |
| BayCurrent Consulting, Inc. | 2,100 | 78,833 |
| Bureau Veritas SA | 4,388 | 120,363 |
| Intertek Group PLC | 2,410 | 130,780 |
| RELX PLC | 28,795 | 961,643 |
| SGS SA | 2,247 | 212,663 |
| Thomson Reuters Corp. | 2,518 | 340,351 |
| Wolters Kluwer NV | 3,904 | 495,614 |
| | | 2,340,247 |
| Restaurants - 0.2% |
| Americana Restaurants International PLC | 26,020 | 29,965 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 66 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Compass Group PLC | 26,681 | $ 747,946 |
| Delivery Hero SE (a)(d) | 2,730 | 120,426 |
| Haidilao International Holding Ltd. (d) | 23,000 | 50,858 |
| Jiumaojiu International Holdings Ltd. (d) | 14,000 | 23,021 |
| Jollibee Foods Corp. | 5,060 | 21,953 |
| Jubilant Foodworks Ltd. | 4,745 | 29,068 |
| Just Eat Takeaway.com NV (a)(d) | 3,139 | 48,107 |
| McDonald's Holdings Co. Japan Ltd. | 1,200 | 46,577 |
| Meituan, Class B (a)(d) | 71,207 | 1,116,506 |
| Restaurant Brands International, Inc. | 4,500 | 349,288 |
| Sodexo SA | 1,324 | 145,769 |
| Yum China Holdings, Inc. | 6,000 | 339,000 |
| Zomato Ltd. (a) | 48,929 | 44,894 |
| | | 3,113,378 |
| Retail REITs - 0.1% |
| CapitaLand Integrated Commercial Trust | 84,959 | 120,314 |
| Japan Metropolitan Fund Invest | 103 | 68,801 |
| Klepierre SA | 3,170 | 78,742 |
| Link REIT | 38,168 | 212,470 |
| Mapletree Pan Asia Commercial Trust | 39,946 | 48,022 |
| RioCan Real Estate Investment Trust | 2,100 | 30,598 |
| Scentre Group | 77,327 | 136,651 |
| Unibail-Rodamco-Westfield (a) | 1,876 | 98,930 |
| Vicinity Ltd. | 61,113 | 75,205 |
| | | 869,733 |
| Security & Alarm Services - 0.0%* |
| Secom Co. Ltd. | 3,200 | 216,211 |
| Securitas AB, Class B | 7,135 | 58,519 |
| | | 274,730 |
| Semiconductor Materials & Equipment - 0.5% |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A (a) | 339 | 7,328 |
| Advantest Corp. | 2,900 | 389,935 |
| ASM International NV | 708 | 300,565 |
| ASML Holding NV | 6,114 | 4,433,847 |
| Daqo New Energy Corp. ADR (a) | 900 | 35,730 |
| Disco Corp. | 1,400 | 221,596 |
| Flat Glass Group Co. Ltd., Class H | 4,000 | 13,714 |
| Flat Glass Group Co. Ltd., Class A | 1,700 | 9,018 |
| | Number
of Shares | Fair
Value |
| GCL Technology Holdings Ltd. | 300,000 | $ 69,641 |
| Globalwafers Co. Ltd. | 3,000 | 48,146 |
| Hangzhou First Applied Material Co. Ltd., Class A | 1,372 | 7,025 |
| Kulicke & Soffa Industries, Inc. | 1,963 | 116,700 |
| Lasertec Corp. | 1,100 | 165,952 |
| NAURA Technology Group Co. Ltd., Class A | 300 | 13,152 |
| Shenzhen SC New Energy Technology Corp., Class A | 100 | 1,548 |
| SUMCO Corp. | 5,200 | 73,651 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 5,500 | 25,136 |
| Tokyo Electron Ltd. | 6,800 | 977,767 |
| Xinyi Solar Holdings Ltd. | 71,985 | 83,568 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1,900 | 18,584 |
| | | 7,012,603 |
| Semiconductors - 0.8% |
| Allegro MicroSystems, Inc. (a) | 700 | 31,598 |
| ASE Technology Holding Co. Ltd. | 41,000 | 145,802 |
| Cambricon Technologies Corp. Ltd., Class A A Shares (a) | 348 | 9,035 |
| China Resources Microelectronics Ltd., Class A | 1,955 | 14,116 |
| eMemory Technology, Inc. | 1,000 | 71,575 |
| GigaDevice Semiconductor, Inc., Class A | 560 | 8,210 |
| Global Unichip Corp. | 1,000 | 51,758 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | 1,100 | 4,587 |
| Hua Hong Semiconductor Ltd. (a)(d) | 10,000 | 32,902 |
| Inari Amertron Bhd | 56,500 | 33,325 |
| indie Semiconductor, Inc., Class A (a) | 4,803 | 45,148 |
| Infineon Technologies AG | 19,837 | 816,782 |
| Ingenic Semiconductor Co. Ltd., Class A | 600 | 7,305 |
| JA Solar Technology Co. Ltd., Class A | 4,268 | 24,483 |
| JCET Group Co. Ltd., Class A | 2,000 | 8,593 |
| LONGi Green Energy Technology Co. Ltd., Class A | 7,836 | 30,958 |
| MediaTek, Inc. | 21,000 | 464,853 |
| Montage Technology Co. Ltd., Class A | 361 | 2,859 |
| Nanya Technology Corp. | 15,000 | 34,196 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 67 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Novatek Microelectronics Corp. | 8,886 | $ 122,006 |
| Powerchip Semiconductor Manufacturing Corp. | 45,000 | 44,921 |
| Realtek Semiconductor Corp. | 7,040 | 87,779 |
| Renesas Electronics Corp. (a) | 19,500 | 367,399 |
| Rohm Co. Ltd. | 1,400 | 132,394 |
| SG Micro Corp., Class A | 195 | 2,207 |
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 3,000 | 7,401 |
| Silergy Corp. | 4,888 | 60,891 |
| SK Hynix, Inc. | 7,581 | 666,100 |
| StarPower Semiconductor Ltd., Class A | 100 | 2,967 |
| STMicroelectronics NV | 10,357 | 516,444 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 344,558 | 6,365,112 |
| Tianshui Huatian Technology Co. Ltd., Class A | 700 | 888 |
| Tongwei Co. Ltd., Class A | 3,300 | 15,598 |
| Tower Semiconductor Ltd. (a) | 1,606 | 59,253 |
| Trina Solar Co. Ltd., Class A | 1,600 | 9,389 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | 419 | 5,385 |
| United Microelectronics Corp. | 158,000 | 248,251 |
| Vanguard International Semiconductor Corp. | 8,330 | 23,656 |
| Will Semiconductor Co. Ltd. Shanghai, Class A | 540 | 7,307 |
| Win Semiconductors Corp. | 4,000 | 21,186 |
| Winbond Electronics Corp. (a) | 47,000 | 41,571 |
| | | 10,646,190 |
| Silver - 0.0%* |
| Pan American Silver Corp. | 5,400 | 78,761 |
| Soft Drinks & Non-alcoholic Beverages - 0.1% |
| Arca Continental SAB de CV | 6,000 | 61,552 |
| Carabao Group PCL NVDR | 1,735 | 3,212 |
| Coca-Cola Europacific Partners PLC | 3,100 | 199,733 |
| Coca-Cola Femsa SAB de CV | 7,420 | 61,902 |
| Coca-Cola HBC AG (a) | 3,198 | 95,497 |
| Fomento Economico Mexicano SAB de CV | 27,800 | 307,217 |
| Nongfu Spring Co. Ltd., Class H (d) | 25,600 | 141,673 |
| Osotspa PCL | 21,800 | 18,292 |
| Suntory Beverage & Food Ltd. | 2,000 | 72,383 |
| Varun Beverages Ltd. | 6,442 | 63,170 |
| | | 1,024,631 |
| | Number
of Shares | Fair
Value |
| Specialized Consumer Services - 0.0%* |
| OneSpaWorld Holdings Ltd. (a) | 2,544 | $ 30,782 |
| Specialized Finance - 0.0%* |
| Banco Latinoamericano de Comercio Exterior SA Class E | 884 | 19,501 |
| Chailease Holding Co. Ltd. (a) | 19,805 | 130,214 |
| Element Fleet Management Corp. | 6,200 | 94,552 |
| Far East Horizon Ltd. | 23,000 | 18,243 |
| Mitsubishi HC Capital, Inc. | 13,500 | 80,022 |
| | | 342,532 |
| Specialty Chemicals - 0.3% |
| Akzo Nobel NV | 2,553 | 208,678 |
| Arkema SA | 825 | 77,780 |
| Asian Paints Ltd. | 5,540 | 227,494 |
| Chengxin Lithium Group Co. Ltd., Class A | 500 | 2,196 |
| Chr Hansen Holding AS | 1,687 | 117,254 |
| Clariant AG (a) | 3,686 | 53,347 |
| Covestro AG (a)(d) | 2,885 | 150,087 |
| Croda International PLC | 2,098 | 150,134 |
| Dongyue Group Ltd. | 17,000 | 12,768 |
| DSM-Firmenich AG (a) | 2,644 | 284,480 |
| EMS-Chemie Holding AG | 111 | 84,155 |
| Evonik Industries AG | 3,074 | 58,564 |
| Ganfeng Lithium Group Co. Ltd., Class A | 940 | 7,914 |
| Ganfeng Lithium Group Co. Ltd., Class H (a)(d) | 5,840 | 38,301 |
| Givaudan SA | 140 | 464,579 |
| Hoshine Silicon Industry Co. Ltd., Class A | 200 | 1,929 |
| Johnson Matthey PLC | 2,688 | 59,736 |
| JSR Corp. | 2,561 | 73,471 |
| Nippon Paint Holdings Co. Ltd. | 14,500 | 119,803 |
| Nitto Denko Corp. | 2,300 | 170,436 |
| Novozymes AS, Class B | 3,051 | 142,329 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,798 | 9,470 |
| Shenzhen Capchem Technology Co. Ltd., Class A | 180 | 1,288 |
| Shin-Etsu Chemical Co. Ltd. | 27,600 | 920,803 |
| Sika AG | 2,217 | 635,234 |
| SK IE Technology Co. Ltd. (a)(d) | 261 | 19,336 |
| Symrise AG | 2,002 | 209,876 |
| Tianqi Lithium Corp., Class A | 700 | 6,754 |
| Umicore SA | 3,339 | 93,339 |
| Wacker Chemie AG | 280 | 38,458 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 68 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Wanhua Chemical Group Co. Ltd., Class A | 3,300 | $ 39,872 |
| | | 4,479,865 |
| Steel - 0.2% |
| ArcelorMittal SA | 7,230 | 197,228 |
| Baoshan Iron & Steel Co. Ltd., Class A | 26,900 | 20,798 |
| BlueScope Steel Ltd. | 7,374 | 101,411 |
| China Steel Corp. | 169,000 | 159,811 |
| Cia Siderurgica Nacional SA | 12,100 | 30,426 |
| Eregli Demir ve Celik Fabrikalari TAS (a) | 22,053 | 31,237 |
| Fortescue Metals Group Ltd. | 25,622 | 379,912 |
| Hyundai Steel Co. | 1,347 | 34,710 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (a) | 42,400 | 10,452 |
| JFE Holdings, Inc. | 7,300 | 104,191 |
| Jindal Steel & Power Ltd. | 6,356 | 45,172 |
| JSW Steel Ltd. | 7,020 | 67,363 |
| Kumba Iron Ore Ltd. | 1,082 | 25,346 |
| Nippon Steel Corp. | 12,200 | 254,913 |
| Novolipetsk Steel PJSC GDR (a)(c)** | 2,290 | — |
| Novolipetsk Steel PJSC (a)(c)** | 4,980 | — |
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (a) | 10,100 | 5,439 |
| POSCO Holdings, Inc. | 1,033 | 305,718 |
| Severstal PAO GDR (a)(c)** | 3,070 | — |
| Severstal PAO (a)(c)** | 695 | — |
| Shanxi Meijin Energy Co. Ltd., Class A (a) | 3,500 | 3,636 |
| Shanxi Taigang Stainless Steel Co. Ltd., Class A | 6,700 | 3,571 |
| Tata Steel Ltd. | 104,993 | 143,853 |
| Vale SA | 46,540 | 619,569 |
| voestalpine AG | 1,686 | 60,577 |
| YongXing Special Materials Technology Co. Ltd., Class A | 260 | 2,246 |
| | | 2,607,579 |
| Systems Software - 0.0%* |
| 360 Security Technology, Inc., Class A (a) | 4,700 | 8,118 |
| Check Point Software Technologies Ltd. (a) | 1,403 | 176,245 |
| Oracle Corp. Japan | 637 | 47,297 |
| Sangfor Technologies, Inc., Class A (a) | 300 | 4,683 |
| Tata Elxsi Ltd. | 550 | 51,072 |
| TOTVS SA | 7,738 | 48,090 |
| Trend Micro, Inc. | 2,100 | 101,485 |
| | | 436,990 |
| | Number
of Shares | Fair
Value |
| Technology Distributors - 0.0%* |
| Synnex Technology International Corp. | 21,178 | $ 39,500 |
| Unisplendour Corp. Ltd., Class A | 3,100 | 13,607 |
| WPG Holdings Ltd. | 25,938 | 45,637 |
| | | 98,744 |
| Technology Hardware, Storage & Peripherals - 0.5% |
| Acer, Inc. | 44,000 | 44,397 |
| Advantech Co. Ltd. | 6,000 | 78,994 |
| Asustek Computer, Inc. | 10,053 | 101,777 |
| Brother Industries Ltd. | 3,300 | 48,221 |
| Canon, Inc. | 15,100 | 396,269 |
| Catcher Technology Co. Ltd. | 10,000 | 56,421 |
| Compal Electronics, Inc. | 64,225 | 60,406 |
| CosmoAM&T Co. Ltd. (a) | 334 | 47,703 |
| FUJIFILM Holdings Corp. | 5,715 | 339,952 |
| Inspur Electronic Information Industry Co. Ltd., Class A | 2,700 | 18,001 |
| Inventec Corp. | 39,249 | 54,565 |
| Lenovo Group Ltd. | 106,000 | 111,066 |
| Lite-On Technology Corp. ADR | 28,693 | 95,546 |
| Logitech International SA | 2,598 | 155,131 |
| Micro-Star International Co. Ltd. | 10,000 | 56,862 |
| Ninestar Corp., Class A | 1,200 | 5,659 |
| Pegatron Corp. | 30,251 | 72,832 |
| Quanta Computer, Inc. | 39,507 | 192,947 |
| Ricoh Co. Ltd. | 8,600 | 73,166 |
| Samsung Electronics Co. Ltd. | 66,880 | 3,682,629 |
| Seiko Epson Corp. | 4,400 | 68,580 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 350 | 7,084 |
| Wistron Corp. | 39,000 | 113,793 |
| Wiwynn Corp. | 1,000 | 45,702 |
| Xiaomi Corp., Class B (a)(d) | 219,800 | 302,187 |
| | | 6,229,890 |
| Textiles - 0.0%* |
| Eclat Textile Co. Ltd. | 3,000 | 48,241 |
| Tires & Rubber - 0.1% |
| Balkrishna Industries Ltd. | 1,229 | 35,573 |
| Bridgestone Corp. | 8,596 | 352,552 |
| Cheng Shin Rubber Industry Co. Ltd. | 20,000 | 25,835 |
| Cie Generale des Etablissements Michelin SCA | 10,260 | 303,449 |
| Hankook Tire & Technology Co. Ltd. | 1,305 | 34,238 |
| MRF Ltd. | 20 | 24,718 |
| Sailun Group Co. Ltd., Class A | 2,300 | 3,606 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 69 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Shandong Linglong Tyre Co. Ltd., Class A | 1,500 | $ 4,586 |
| | | 784,557 |
| Tobacco - 0.2% |
| British American Tobacco PLC | 32,347 | 1,075,886 |
| Imperial Brands PLC | 13,539 | 299,997 |
| ITC Ltd. | 41,923 | 231,164 |
| Japan Tobacco, Inc. | 18,200 | 398,027 |
| KT&G Corp. | 1,295 | 81,348 |
| Smoore International Holdings Ltd. (d) | 32,000 | 32,657 |
| | | 2,119,079 |
| Trading Companies & Distributors - 0.4% |
| Adani Enterprises Ltd. | 2,217 | 64,767 |
| AerCap Holdings NV (a) | 2,500 | 158,800 |
| Ashtead Group PLC | 6,649 | 461,471 |
| Beijer Ref AB | 5,842 | 74,512 |
| BOC Aviation Ltd. (d) | 2,700 | 21,882 |
| Brenntag SE | 2,323 | 181,203 |
| Bunzl PLC | 5,081 | 193,833 |
| IMCD NV | 851 | 122,446 |
| ITOCHU Corp. | 18,005 | 713,999 |
| Marubeni Corp. | 23,400 | 398,167 |
| Mitsubishi Corp. | 18,800 | 907,412 |
| Mitsui & Co. Ltd. | 20,100 | 759,478 |
| MonotaRO Co. Ltd. | 3,900 | 49,722 |
| Reece Ltd. | 3,780 | 47,054 |
| Sichuan New Energy Power Co. Ltd. (a) | 800 | 1,587 |
| Sumitomo Corp. | 17,000 | 360,056 |
| Textainer Group Holdings Ltd. | 1,520 | 59,858 |
| Toromont Industries Ltd. | 1,300 | 106,918 |
| Toyota Tsusho Corp. | 3,200 | 159,658 |
| Triton International Ltd. | 1,904 | 158,527 |
| | | 5,001,350 |
| Transaction & Payment Processing Services - 0.1% |
| Adyen NV (a)(d) | 329 | 569,614 |
| Edenred | 3,764 | 252,083 |
| EVERTEC, Inc. | 2,279 | 83,936 |
| GMO Payment Gateway, Inc. | 700 | 54,817 |
| Kakaopay Corp. (a) | 382 | 13,736 |
| Nexi SpA (a)(d) | 8,670 | 68,010 |
| Nuvei Corp. (a)(d) | 1,100 | 32,520 |
| Pagseguro Digital Ltd., Class A (a) | 6,923 | 65,353 |
| StoneCo Ltd., Class A (a) | 10,149 | 129,298 |
| Wise PLC, Class A (a) | 9,433 | 78,930 |
| Worldline SA (a)(d) | 3,565 | 130,526 |
| | | 1,478,823 |
| | Number
of Shares | Fair
Value |
| Water Utilities - 0.0%* |
| Beijing Enterprises Water Group Ltd. | 50,000 | $ 11,893 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5,100 | 59,807 |
| Consolidated Water Co. Ltd. | 524 | 12,696 |
| Guangdong Investment Ltd. | 48,000 | 41,456 |
| Severn Trent PLC | 3,764 | 122,838 |
| United Utilities Group PLC | 10,203 | 124,890 |
| | | 373,580 |
| Wireless Telecommunication Services - 0.3% |
| Advanced Info Service PCL NVDR | 17,107 | 103,364 |
| America Movil SAB de CV Series B | 392,800 | 425,998 |
| Axiata Group Bhd | 32,600 | 18,541 |
| Bharti Airtel Ltd. | 31,792 | 341,023 |
| CelecomDigi | 44,300 | 39,042 |
| China United Network Communications Ltd., Class A | 33,400 | 22,058 |
| Etihad Etisalat Co. | 5,731 | 73,519 |
| Far EasTone Telecommunications Co. Ltd. | 24,000 | 60,612 |
| Intouch Holdings PCL NVDR | 12,300 | 25,703 |
| Intouch Holdings PCL Series F | 6,200 | 12,940 |
| KDDI Corp. | 22,608 | 697,046 |
| Maxis Bhd | 27,100 | 23,833 |
| Mobile Telecommunications Co. KSCP | 33,002 | 55,818 |
| Mobile Telecommunications Co. Saudi Arabia (a) | 8,107 | 30,606 |
| Mobile TeleSystems PJSC ADR (a)(c)** | 6,600 | — |
| Mobile TeleSystems PJSC (c)** | 3,970 | — |
| MTN Group Ltd. | 24,227 | 177,345 |
| PLDT, Inc. | 960 | 22,742 |
| Rogers Communications, Inc., Class B | 5,300 | 242,080 |
| SoftBank Corp. | 43,600 | 465,105 |
| SoftBank Group Corp. | 15,600 | 734,468 |
| Taiwan Mobile Co. Ltd. | 24,946 | 76,625 |
| Tele2 AB, Class B | 8,398 | 69,351 |
| TELUS Corp. | 360 | 7,014 |
| TIM SA | 10,600 | 32,125 |
| Turkcell Iletisim Hizmetleri AS | 18,021 | 25,092 |
| Vodacom Group Ltd. | 8,794 | 54,595 |
| Vodafone Group PLC | 352,017 | 332,245 |
| | | 4,168,890 |
Total Common Stock
(Cost $330,880,916) | | 340,893,425 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 70 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Number
of Shares | Fair
Value |
| Preferred Stock - 0.2% |
| Automobile Manufacturers - 0.1% |
| Bayerische Motoren Werke AG 8.22% | 944 | $ 107,554 |
| Dr Ing hc F Porsche AG 0.89% (a)(d) | 1,715 | 213,013 |
| Hyundai Motor Co. 5.56% | 595 | 49,695 |
| Hyundai Motor Co. 5.56% | 262 | 21,684 |
| Porsche Automobil Holding SE 4.64% (a) | 2,287 | 137,811 |
| Volkswagen AG 22.62% | 3,164 | 425,394 |
| | | 955,151 |
| Commodity Chemicals - 0.0%* |
| LG Chem Ltd. 2.86% | 89 | 23,909 |
| Diversified Banks - 0.1% |
| Banco Bradesco SA 6.13% | 79,721 | 271,851 |
| Bancolombia SA 11.89% | 4,359 | 29,218 |
| Itau Unibanco Holding SA 5.39% | 69,300 | 408,273 |
| Itausa SA 5.96% | 71,738 | 143,357 |
| | | 852,699 |
| Diversified Capital Markets - 0.0%* |
| Banco BTG Pactual SA 1.90% | 4 | 7 |
| Electric Utilities - 0.0%* |
| Centrais Eletricas Brasileiras SA 3.36% | 4,600 | 42,453 |
| Cia Energetica de Minas Gerais 8.78% | 21,029 | 56,060 |
| | | 98,513 |
| Fertilizers & Agricultural Chemicals - 0.0%* |
| Sociedad Quimica y Minera de Chile SA 11.90% | 2,065 | 150,338 |
| Household Products - 0.0%* |
| Henkel AG & Co. KGaA 2.52% | 2,536 | 202,783 |
| Integrated Oil & Gas - 0.0%* |
| Petroleo Brasileiro SA 16.50% | 63,700 | 389,938 |
| Surgutneftegas PJSC 11.33% (c)** | 115,200 | — |
| | | 389,938 |
| Life Sciences Tools & Services - 0.0%* |
| Sartorius AG 0.45% | 391 | 135,440 |
| Steel - 0.0%* |
| Gerdau SA 13.66% | 16,580 | 86,165 |
| | Number
of Shares | Fair
Value |
| Technology Hardware, Storage & Peripherals - 0.0%* |
| Samsung Electronics Co. Ltd. 1.82% | 11,269 | $ 511,379 |
Total Preferred Stock
(Cost $3,256,510) | | 3,406,322 |
| Warrants - 0.0% * |
| Rail Transportation - 0.0% |
| BTS Group Holdings PCL (expiring 07/11/24) (a) | 9,760 | 30 |
| BTS Group Holdings PCL (expiring 20/11/26) (a) | 19,520 | 83 |
Total Warrants
(Cost $0) | | 113 |
Total Foreign Equity
(Cost $334,137,426) | | 344,299,860 |
| | Principal
Amount | |
| Bonds and Notes - 14.8% |
| U.S. Treasuries - 8.9% |
| U.S. Treasury Bonds | | |
| 1.25% 05/15/50 (e) | $ 200,000 | 112,500 |
| 1.63% 11/15/50 (e) | 200,000 | 124,281 |
| 1.88% 02/15/51 - 11/15/51 (e) | 575,000 | 380,445 |
| 2.00% 02/15/50 - 08/15/51 (e) | 1,000,000 | 683,938 |
| 2.25% 08/15/46 - 02/15/52 (e) | 1,115,000 | 812,587 |
| 2.38% 11/15/49 - 05/15/51 (e) | 665,000 | 495,797 |
| 2.50% 02/15/45 - 05/15/46 (e) | 485,000 | 374,520 |
| 2.75% 11/15/42 - 11/15/47 (e) | 675,000 | 545,719 |
| 2.88% 08/15/45 - 05/15/52 (e) | 1,135,000 | 938,783 |
| 3.00% 11/15/44 - 08/15/52 (e) | 2,350,000 | 1,986,753 |
| 3.13% 02/15/43 - 05/15/48 (e) | 800,000 | 693,078 |
| 3.38% 08/15/42 - 11/15/48 (e) | 975,000 | 882,610 |
| 3.63% 02/15/44 - 05/15/53 (e) | 765,000 | 731,647 |
| 3.88% 02/15/43 - 05/15/43 (e) | 250,000 | 243,906 |
| 4.00% 11/15/42 - 11/15/52 (e) | 1,175,000 | 1,185,844 |
| 4.25% 05/15/39 - 11/15/40 (e) | 200,000 | 208,578 |
| 4.38% 02/15/38 - 05/15/40 (e) | 200,000 | 212,078 |
| 4.50% 02/15/36 (e) | 100,000 | 107,844 |
| 4.63% 02/15/40 (e) | 100,000 | 108,984 |
| 5.25% 02/15/29 (e) | 200,000 | 210,656 |
| 5.50% 08/15/28 (e) | 200,000 | 211,844 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 71 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 6.00% 02/15/26 (e) | $ 427,000 | $ 440,410 |
| 6.13% 08/15/29 (e) | 200,000 | 221,797 |
| 6.38% 08/15/27 (e) | 200,000 | 215,266 |
| 7.63% 02/15/25 (e) | 200,000 | 207,453 |
| U.S. Treasury Inflation-Indexed Bonds | | |
| 0.13% 02/15/51 - 02/15/52 | 1,785,987 | 1,189,608 |
| 0.25% 02/15/50 | 802,208 | 561,861 |
| 0.63% 02/15/43 | 798,117 | 655,624 |
| 0.75% 02/15/42 - 02/15/45 | 2,422,310 | 2,031,372 |
| 0.88% 02/15/47 | 854,427 | 717,926 |
| 1.00% 02/15/46 - 02/15/49 | 1,927,006 | 1,665,146 |
| 1.38% 02/15/44 | 1,119,238 | 1,055,368 |
| 1.50% 02/15/53 | 520,394 | 507,087 |
| 1.75% 01/15/28 | 760,100 | 751,671 |
| 2.00% 01/15/26 | 764,095 | 754,163 |
| 2.13% 02/15/40 - 02/15/41 | 1,211,840 | 1,302,082 |
| 2.38% 01/15/25 - 01/15/27 | 2,546,508 | 2,536,189 |
| 2.50% 01/15/29 | 1,059,548 | 1,092,107 |
| 3.38% 04/15/32 | 427,200 | 486,441 |
| 3.63% 04/15/28 | 993,914 | 1,067,411 |
| 3.88% 04/15/29 | 1,199,276 | 1,325,838 |
| U.S. Treasury Inflation-Indexed Notes | | |
| 0.13% 07/15/24 - 01/15/32 | 25,088,733 | 23,113,241 |
| 0.13% 04/15/25 (e) | 1,679,192 | 1,597,897 |
| 0.25% 01/15/25 - 07/15/29 | 3,663,785 | 3,434,204 |
| 0.38% 07/15/25 - 07/15/27 | 6,112,118 | 5,777,176 |
| 0.50% 01/15/28 | 1,930,551 | 1,806,500 |
| 0.63% 01/15/26 - 07/15/32 | 4,819,865 | 4,504,130 |
| 0.75% 07/15/28 | 1,794,370 | 1,701,569 |
| 0.88% 01/15/29 | 1,405,427 | 1,331,210 |
| 1.13% 01/15/33 | 2,586,355 | 2,480,915 |
| 1.25% 04/15/28 | 1,921,554 | 1,859,946 |
| 1.63% 10/15/27 | 2,329,395 | 2,295,934 |
| U.S. Treasury Notes | | |
| 0.25% 05/31/25 - 09/30/25 | 1,600,000 | 1,455,457 |
| 0.38% 04/30/25 - 09/30/27 | 1,600,000 | 1,407,851 |
| 0.50% 03/31/25 - 02/28/26 | 1,000,000 | 911,660 |
| 0.63% 11/30/27 - 08/15/30 | 1,175,000 | 981,465 |
| 0.75% 03/31/26 | 500,000 | 451,914 |
| 0.88% 11/15/30 | 300,000 | 242,812 |
| 1.13% 02/28/25 - 02/15/31 | 1,425,000 | 1,233,457 |
| 1.25% 04/30/28 - 05/31/28 | 750,000 | 654,703 |
| 1.38% 01/31/25 - 12/31/28 | 850,000 | 779,418 |
| 1.50% 09/30/24 - 02/15/30 | 1,700,000 | 1,555,767 |
| 1.50% 10/31/24 (e) | 200,000 | 190,305 |
| 1.63% 02/15/26 - 08/15/29 | 300,000 | 271,172 |
| 1.75% 01/31/29 - 11/15/29 | 650,000 | 572,914 |
| 1.88% 06/30/26 - 02/15/32 | 1,100,000 | 977,015 |
| 2.00% 02/15/25 - 11/15/26 | 1,494,000 | 1,413,158 |
| 2.13% 09/30/24 - 05/31/26 | 800,000 | 760,199 |
| 2.25% 10/31/24 - 11/15/27 | 3,290,000 | 3,109,727 |
| 2.38% 08/15/24 - 05/15/29 | 1,950,000 | 1,802,656 |
| | Principal
Amount | Fair
Value |
| 2.50% 01/31/25 | $ 750,000 | $ 719,736 |
| 2.63% 12/31/25 - 07/31/29 | 1,350,000 | 1,256,999 |
| 2.75% 02/28/25 - 05/31/29 | 1,550,000 | 1,463,430 |
| 2.88% 11/30/25 - 05/15/32 | 2,280,000 | 2,153,142 |
| 3.00% 09/30/25 | 300,000 | 288,680 |
| 3.13% 08/15/25 - 08/31/29 | 1,250,000 | 1,194,668 |
| 3.25% 08/31/24 - 06/30/29 | 1,150,000 | 1,111,926 |
| 3.38% 05/15/33 | 600,000 | 578,719 |
| 3.50% 01/31/28 - 02/15/33 | 2,475,000 | 2,407,636 |
| 3.63% 03/31/28 - 03/31/30 | 1,400,000 | 1,369,340 |
| 3.75% 05/31/30 - 06/30/30 | 700,000 | 690,539 |
| 3.88% 03/31/25 - 11/30/29 | 2,825,000 | 2,785,858 |
| 4.00% 12/15/25 - 02/28/30 | 2,250,000 | 2,230,461 |
| 4.13% 01/31/25 - 11/15/32 | 1,825,000 | 1,828,744 |
| 4.25% 09/30/24 - 10/15/25 | 950,000 | 937,789 |
| 4.38% 10/31/24 | 750,000 | 740,947 |
| 4.50% 11/30/24 | 1,000,000 | 989,414 |
| 4.63% 02/28/25 | 250,000 | 248,066 |
| | | 121,707,678 |
| Agency Mortgage Backed - 2.8% |
| Federal Farm Credit Banks Funding Corp. | | |
| 3.38% 08/26/24 (e) | 250,000 | 244,282 |
| Federal Home Loan Banks | | |
| 1.88% 09/11/26 (e) | 500,000 | 460,650 |
| 3.25% 11/16/28 (e) | 125,000 | 119,664 |
| Federal Home Loan Mortgage Corp. | | |
| 1.50% 04/01/37 - 11/01/51 | 904,912 | 721,410 |
| 2.00% 01/01/37 - 03/01/52 | 2,893,076 | 2,375,356 |
| 2.50% 07/01/28 - 05/01/52 | 2,816,982 | 2,397,260 |
| 3.00% 07/01/30 - 06/01/51 | 1,564,239 | 1,421,805 |
| 3.50% 03/01/26 - 09/01/52 | 1,245,689 | 1,154,009 |
| 4.00% 06/01/42 - 08/01/48 | 394,764 | 378,197 |
| 4.50% 05/01/42 - 11/01/48 | 73,579 | 72,131 |
| 5.00% 10/01/52 - 12/01/52 | 216,366 | 213,203 |
| 5.50% 01/01/38 - 04/01/39 | 134,111 | 137,889 |
| 6.00% 06/01/37 - 11/01/37 | 123,042 | 129,617 |
| 6.25% 07/15/32 (e) | 250,000 | 292,042 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 4.35% 01/25/33 (f) | 100,000 | 98,816 |
| Federal National Mortgage Association | | |
| 1.50% 04/01/36 - 03/01/51 | 992,696 | 825,726 |
| 1.75% 07/02/24 (e) | 225,000 | 216,965 |
| 2.00% 11/01/35 - 03/01/52 | 8,040,422 | 6,708,984 |
| 2.13% 04/24/26 (e) | 200,000 | 187,238 |
| 2.50% 09/01/28 - 03/01/52 | 4,163,397 | 3,584,887 |
| 3.00% 04/01/30 - 05/01/52 | 3,202,647 | 2,894,529 |
| 3.50% 01/01/27 - 02/01/50 | 1,440,524 | 1,335,956 |
| 4.00% 10/01/41 - 08/01/52 | 1,352,056 | 1,287,803 |
| 4.50% 10/01/40 - 09/01/49 | 391,650 | 384,454 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 72 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 5.00% 12/01/39 - 02/01/53 | $ 614,251 | $ 604,315 |
| 5.50% 12/01/35 - 04/01/38 | 457,289 | 466,026 |
| 6.00% 03/01/34 - 08/01/37 | 604,308 | 633,154 |
| Government National Mortgage Association | | |
| 2.00% 10/20/50 - 04/20/52 | 2,050,986 | 1,727,668 |
| 2.50% 07/20/50 - 01/20/52 | 1,814,071 | 1,573,922 |
| 3.00% 10/15/42 - 12/20/50 | 1,618,906 | 1,465,363 |
| 3.50% 11/20/43 - 08/20/49 | 1,230,357 | 1,154,847 |
| 4.00% 12/20/40 - 10/20/52 | 828,854 | 796,439 |
| 4.50% 05/20/40 - 01/20/53 | 432,257 | 421,663 |
| 5.00% 08/15/41 | 462,111 | 466,369 |
| Government National Mortgage Association, TBA | | |
| 5.50% 07/20/53 (g) | 125,000 | 124,403 |
| 6.00% 07/20/53 (g) | 100,000 | 100,606 |
| Tennessee Valley Authority | | |
| 3.50% 12/15/42 (e) | 100,000 | 83,745 |
| Uniform Mortgage-Backed Security, TBA | | |
| 4.50% 07/13/53 (g) | 600,000 | 576,721 |
| | | 37,838,114 |
| Agency Collateralized Mortgage Obligations - 0.1% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | | |
| 1.48% 04/25/30 | 69,643 | 57,361 |
| 1.56% 04/25/30 | 40,000 | 33,091 |
| 1.87% 01/25/30 | 58,333 | 49,548 |
| 3.78% 08/25/28 | 166,954 | 161,864 |
| 3.90% 04/25/28 | 100,000 | 97,019 |
| Federal National Mortgage Association-Aces | | |
| 1.27% 07/25/30 | 80,000 | 64,355 |
| 1.51% 03/25/31 (f) | 145,000 | 115,868 |
| 1.72% 10/25/31 (f) | 100,000 | 80,214 |
| 3.16% 06/25/27 (f) | 171,827 | 162,113 |
| | | 821,433 |
| Asset Backed - 0.0%* |
| American Express Credit Account Master Trust | | |
| 0.90% 11/15/26 | 184,000 | 172,738 |
| Capital One Multi-Asset Execution Trust | | |
| 3.49% 05/15/27 | 100,000 | 96,631 |
| Carvana Auto Receivables Trust | | |
| 1.64% 12/10/27 | 150,000 | 133,810 |
| Discover Card Execution Note Trust | | |
| 1.03% 09/15/28 | 81,000 | 71,314 |
| | | 474,493 |
| | Principal
Amount | Fair
Value |
| Corporate Notes - 2.7% |
| 3M Co. | | |
| 3.38% 03/01/29 (e) | $ 25,000 | $ 22,940 |
| AbbVie, Inc. | | |
| 2.95% 11/21/26 | 25,000 | 23,363 |
| 3.20% 05/14/26 | 50,000 | 47,391 |
| 3.80% 03/15/25 | 75,000 | 72,945 |
| 4.25% 11/14/28 - 11/21/49 | 60,000 | 53,330 |
| 4.30% 05/14/36 | 50,000 | 45,975 |
| 4.85% 06/15/44 | 50,000 | 46,577 |
| 4.88% 11/14/48 | 25,000 | 23,583 |
| Activision Blizzard, Inc. | | |
| 2.50% 09/15/50 (e) | 50,000 | 32,113 |
| Adobe, Inc. | | |
| 3.25% 02/01/25 (e) | 70,000 | 67,959 |
| Advocate Health & Hospitals Corp. | | |
| 3.39% 10/15/49 (e) | 25,000 | 18,785 |
| AEP Texas, Inc. | | |
| 3.45% 05/15/51 (e) | 35,000 | 24,992 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | | |
| 4.45% 04/03/26 | 250,000 | 239,010 |
| Aflac, Inc. | | |
| 2.88% 10/15/26 (e) | 100,000 | 92,632 |
| Agilent Technologies, Inc. | | |
| 2.75% 09/15/29 (e) | 25,000 | 21,815 |
| Agree LP | | |
| 4.80% 10/01/32 (e) | 15,000 | 13,945 |
| Air Lease Corp. | | |
| 3.25% 10/01/29 (e) | 100,000 | 86,705 |
| Air Products & Chemicals, Inc. | | |
| 2.05% 05/15/30 (e) | 10,000 | 8,498 |
| 2.70% 05/15/40 (e) | 25,000 | 18,654 |
| Alabama Power Co. | | |
| 3.45% 10/01/49 (e) | 50,000 | 36,707 |
| Albemarle Corp. | | |
| 5.05% 06/01/32 (e) | 25,000 | 24,216 |
| Alexandria Real Estate Equities, Inc. | | |
| 4.85% 04/15/49 (e) | 50,000 | 42,088 |
| Alibaba Group Holding Ltd. | | |
| 4.00% 12/06/37 (e) | 100,000 | 83,626 |
| Allegion PLC | | |
| 3.50% 10/01/29 (e) | 15,000 | 13,286 |
| Allina Health System | | |
| 2.90% 11/15/51 (e) | 10,000 | 6,545 |
| Ally Financial, Inc. | | |
| 8.00% 11/01/31 (e) | 50,000 | 51,873 |
| Alphabet, Inc. | | |
| 0.80% 08/15/27 (e) | 50,000 | 43,300 |
| 2.05% 08/15/50 (e) | 50,000 | 31,220 |
| 2.25% 08/15/60 (e) | 25,000 | 15,188 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 73 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Altria Group, Inc. | | |
| 5.80% 02/14/39 (e) | $ 65,000 | $ 63,529 |
| Amazon.com, Inc. | | |
| 1.65% 05/12/28 | 50,000 | 43,693 |
| 2.10% 05/12/31 | 50,000 | 42,031 |
| 2.50% 06/03/50 | 75,000 | 49,802 |
| 3.00% 04/13/25 | 75,000 | 72,389 |
| 3.15% 08/22/27 | 50,000 | 47,050 |
| 3.30% 04/13/27 | 25,000 | 23,839 |
| 3.60% 04/13/32 | 25,000 | 23,301 |
| 3.95% 04/13/52 | 25,000 | 21,739 |
| 4.10% 04/13/62 | 25,000 | 21,582 |
| 4.25% 08/22/57 | 50,000 | 45,097 |
| Amcor Flexibles North America, Inc. | | |
| 4.00% 05/17/25 (e) | 15,000 | 14,508 |
| Ameren Illinois Co. | | |
| 3.85% 09/01/32 (e) | 50,000 | 46,022 |
| America Movil SAB de CV | | |
| 6.13% 03/30/40 | 100,000 | 106,475 |
| American Airlines Pass-Through Trust | | |
| 3.15% 08/15/33 (e) | 41,864 | 36,341 |
| American Express Co. | | |
| 3.00% 10/30/24 | 100,000 | 96,730 |
| 3.63% 12/05/24 | 50,000 | 48,578 |
| American Express Co. (4.42% fixed rate until 08/03/32; 1.76% + SOFR thereafter) | | |
| 4.42% 08/03/33 (f) | 50,000 | 47,143 |
| American Homes 4 Rent LP | | |
| 3.63% 04/15/32 (e) | 20,000 | 17,326 |
| American Honda Finance Corp. | | |
| 0.75% 08/09/24 (e) | 50,000 | 47,462 |
| American International Group, Inc. | | |
| 2.50% 06/30/25 (e) | 17,000 | 16,025 |
| 4.20% 04/01/28 (e) | 75,000 | 72,156 |
| American Tower Corp. | | |
| 2.40% 03/15/25 (e) | 75,000 | 70,706 |
| 3.13% 01/15/27 (e) | 150,000 | 138,295 |
| 4.05% 03/15/32 (e) | 10,000 | 9,096 |
| American Water Capital Corp. | | |
| 3.45% 06/01/29 (e) | 50,000 | 46,407 |
| 4.00% 12/01/46 (e) | 100,000 | 80,648 |
| Ameriprise Financial, Inc. | | |
| 4.50% 05/13/32 (e) | 10,000 | 9,577 |
| AmerisourceBergen Corp. | | |
| 3.45% 12/15/27 (e) | 50,000 | 46,806 |
| Amgen, Inc. | | |
| 3.35% 02/22/32 (e) | 30,000 | 26,435 |
| 4.20% 03/01/33 (e) | 25,000 | 23,330 |
| 4.56% 06/15/48 (e) | 50,000 | 44,369 |
| 5.65% 06/15/42 (e) | 100,000 | 100,109 |
| | Principal
Amount | Fair
Value |
| Amphenol Corp. | | |
| 4.35% 06/01/29 (e) | $ 25,000 | $ 24,205 |
| Analog Devices, Inc. | | |
| 3.50% 12/05/26 (e) | 75,000 | 72,248 |
| Anheuser-Busch InBev Worldwide, Inc. | | |
| 4.00% 04/13/28 (e) | 55,000 | 53,216 |
| 8.00% 11/15/39 (e) | 150,000 | 190,062 |
| Aon Corp./Aon Global Holdings PLC | | |
| 2.05% 08/23/31 (e) | 50,000 | 39,887 |
| 2.60% 12/02/31 (e) | 35,000 | 28,905 |
| 5.00% 09/12/32 (e) | 50,000 | 49,332 |
| Appalachian Power Co. | | |
| 4.45% 06/01/45 (e) | 100,000 | 82,618 |
| 4.50% 08/01/32 (e) | 45,000 | 42,292 |
| Apple, Inc. | | |
| 0.55% 08/20/25 (e) | 50,000 | 45,660 |
| 1.13% 05/11/25 (e) | 50,000 | 46,587 |
| 1.70% 08/05/31 (e) | 50,000 | 41,186 |
| 2.80% 02/08/61 (e) | 50,000 | 33,777 |
| 3.45% 02/09/45 (e) | 50,000 | 42,074 |
| 4.10% 08/08/62 (e) | 25,000 | 21,895 |
| 4.38% 05/13/45 (e) | 65,000 | 61,669 |
| Applied Materials, Inc. | | |
| 1.75% 06/01/30 (e) | 75,000 | 62,650 |
| Aptiv PLC/Aptiv Corp. | | |
| 2.40% 02/18/25 (e) | 20,000 | 18,990 |
| 4.15% 05/01/52 (e) | 15,000 | 11,433 |
| Arch Capital Finance LLC | | |
| 5.03% 12/15/46 (e) | 50,000 | 44,683 |
| Archer-Daniels-Midland Co. | | |
| 4.02% 04/16/43 (e) | 50,000 | 42,994 |
| Arizona Public Service Co. | | |
| 4.25% 03/01/49 (e) | 25,000 | 19,805 |
| Arrow Electronics, Inc. | | |
| 4.00% 04/01/25 (e) | 40,000 | 38,632 |
| Ascension Health | | |
| 3.95% 11/15/46 (e) | 50,000 | 42,022 |
| Asian Development Bank | | |
| 1.00% 04/14/26 (e) | 50,000 | 45,312 |
| 1.88% 01/24/30 (e) | 75,000 | 65,270 |
| 3.13% 09/26/28 (e) | 25,000 | 23,674 |
| 6.22% 08/15/27 (e) | 200,000 | 212,330 |
| Asian Infrastructure Investment Bank | | |
| 3.75% 09/14/27 (e) | 100,000 | 97,231 |
| Assurant, Inc. | | |
| 4.90% 03/27/28 (e) | 50,000 | 47,871 |
| AstraZeneca PLC | | |
| 4.00% 01/17/29 (e) | 20,000 | 19,338 |
| 6.45% 09/15/37 (e) | 50,000 | 57,418 |
| AT&T, Inc. | | |
| 2.25% 02/01/32 (e) | 25,000 | 19,873 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 74 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 3.50% 06/01/41 (e) | $ 50,000 | $ 38,415 |
| 3.65% 09/15/59 (e) | 200,000 | 139,126 |
| 4.75% 05/15/46 (e) | 50,000 | 44,160 |
| Athene Holding Ltd. | | |
| 3.50% 01/15/31 (e) | 10,000 | 8,237 |
| Atmos Energy Corp. | | |
| 4.30% 10/01/48 (e) | 50,000 | 43,381 |
| 5.45% 10/15/32 (e) | 15,000 | 15,500 |
| Australia & New Zealand Banking Group Ltd. | | |
| 3.70% 11/16/25 (e) | 50,000 | 48,156 |
| Automatic Data Processing, Inc. | | |
| 1.70% 05/15/28 (e) | 20,000 | 17,567 |
| AutoNation, Inc. | | |
| 2.40% 08/01/31 (e) | 50,000 | 38,043 |
| AutoZone, Inc. | | |
| 3.75% 04/18/29 (e) | 50,000 | 46,217 |
| AvalonBay Communities, Inc. | | |
| 2.05% 01/15/32 (e) | 35,000 | 28,096 |
| 3.90% 10/15/46 (e) | 50,000 | 38,737 |
| Baltimore Gas & Electric Co. | | |
| 4.55% 06/01/52 (e) | 5,000 | 4,451 |
| Banco Santander SA (4.18% fixed rate until 03/24/27; 2.00% + 1 year CMT Rate thereafter) | | |
| 4.18% 03/24/28 (e)(f) | 100,000 | 93,714 |
| Bank of America Corp. | | |
| 4.18% 11/25/27 (e) | 50,000 | 47,515 |
| 5.00% 01/21/44 (e) | 50,000 | 48,149 |
| 6.11% 01/29/37 (e) | 100,000 | 105,422 |
| Bank of America Corp. (2.57% fixed rate until 10/20/31; 1.21% + SOFR thereafter) | | |
| 2.57% 10/20/32 (e)(f) | 25,000 | 20,348 |
| Bank of America Corp. (2.88% fixed rate until 10/22/29; 1.45% + 1-month Term SOFR) | | |
| 2.88% 10/22/30 (e)(f) | 100,000 | 86,124 |
| Bank of America Corp. (3.19% fixed rate until 07/23/29; 1.44% + 1 month Term SOFR) | | |
| 3.19% 07/23/30 (e)(f) | 50,000 | 44,131 |
| Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 month Term SOFR) | | |
| 3.42% 12/20/28 (e)(f) | 107,000 | 98,372 |
| Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 month Term SOFR) | | |
| 4.24% 04/24/38 (e)(f) | 50,000 | 43,923 |
| | Principal
Amount | Fair
Value |
| Bank of America Corp. (4.38% fixed rate until 04/27/27; 1.58% + SOFR thereafter) | | |
| 4.38% 04/27/28 (e)(f) | $ 50,000 | $ 48,073 |
| Bank of America Corp. (4.83% fixed rate until 07/22/25; 1.75% + SOFR thereafter) | ��� | |
| 4.83% 07/22/26 (e)(f) | 250,000 | 245,607 |
| Bank of Montreal | | |
| 4.70% 09/14/27 (e) | 25,000 | 24,426 |
| Bank of New York Mellon Corp. | | |
| 2.50% 01/26/32 (e) | 25,000 | 20,540 |
| 3.85% 04/26/29 (e) | 25,000 | 23,763 |
| Bank of New York Mellon Corp. (4.41% fixed rate until 07/24/25; 1.35% + SOFR thereafter) | | |
| 4.41% 07/24/26 (e)(f) | 25,000 | 24,468 |
| Bank of Nova Scotia | | |
| 1.95% 02/02/27 (e) | 25,000 | 22,300 |
| 2.95% 03/11/27 (e) | 50,000 | 46,366 |
| 4.50% 12/16/25 (e) | 75,000 | 72,349 |
| Banner Health | | |
| 2.34% 01/01/30 (e) | 75,000 | 64,127 |
| Barclays PLC (3.56% fixed rate until 09/23/30; 2.90% + 5 year CMT Rate thereafter) | | |
| 3.56% 09/23/35 (e)(f) | 100,000 | 79,028 |
| Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter) | | |
| 4.97% 05/16/29 (e)(f) | 100,000 | 94,615 |
| Barclays PLC (5.09% fixed rate until 06/20/29; 3.05% + 3 month USD LIBOR thereafter) | | |
| 5.09% 06/20/30 (e)(f) | 100,000 | 90,918 |
| BAT Capital Corp. | | |
| 3.98% 09/25/50 | 25,000 | 16,854 |
| 4.39% 08/15/37 | 50,000 | 39,955 |
| Baxalta, Inc. | | |
| 5.25% 06/23/45 | 75,000 | 73,681 |
| Becton Dickinson & Co. | | |
| 3.70% 06/06/27 | 66,000 | 62,736 |
| 4.30% 08/22/32 | 10,000 | 9,493 |
| Bell Telephone Co. of Canada or Bell Canada | | |
| 4.30% 07/29/49 | 30,000 | 25,269 |
| Berkshire Hathaway Finance Corp. | | |
| 2.88% 03/15/32 | 25,000 | 22,020 |
| BHP Billiton Finance USA Ltd. | | |
| 6.42% 03/01/26 | 150,000 | 154,000 |
| Biogen, Inc. | | |
| 4.05% 09/15/25 | 100,000 | 96,826 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 75 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Black Hills Corp. | | |
| 4.35% 05/01/33 | $ 30,000 | $ 26,753 |
| BlackRock, Inc. | | |
| 2.40% 04/30/30 | 20,000 | 17,330 |
| 3.25% 04/30/29 | 60,000 | 55,768 |
| Boardwalk Pipelines LP | | |
| 3.60% 09/01/32 | 25,000 | 21,268 |
| Boeing Co. | | |
| 3.20% 03/01/29 | 50,000 | 44,851 |
| 3.75% 02/01/50 | 25,000 | 18,773 |
| 5.71% 05/01/40 | 50,000 | 49,856 |
| Booking Holdings, Inc. | | |
| 3.60% 06/01/26 | 75,000 | 72,335 |
| Boston Properties LP | | |
| 2.55% 04/01/32 | 75,000 | 56,528 |
| 3.40% 06/21/29 | 50,000 | 42,105 |
| Boston Scientific Corp. | | |
| 4.55% 03/01/39 | 50,000 | 46,382 |
| BP Capital Markets America, Inc. | | |
| 2.72% 01/12/32 | 35,000 | 29,750 |
| 2.77% 11/10/50 | 25,000 | 16,598 |
| 3.94% 09/21/28 | 25,000 | 23,956 |
| 4.23% 11/06/28 | 50,000 | 48,616 |
| Brandywine Operating Partnership LP | | |
| 4.55% 10/01/29 | 25,000 | 18,333 |
| Brighthouse Financial, Inc. | | |
| 3.85% 12/22/51 | 50,000 | 31,881 |
| Bristol-Myers Squibb Co. | | |
| 3.40% 07/26/29 | 17,000 | 15,774 |
| 3.55% 03/15/42 | 15,000 | 12,423 |
| 4.13% 06/15/39 | 15,000 | 13,683 |
| British Telecommunications PLC | | |
| 9.63% 12/15/30 | 50,000 | 61,354 |
| Brixmor Operating Partnership LP | | |
| 3.90% 03/15/27 | 150,000 | 137,982 |
| Broadcom, Inc. | | |
| 3.50% 02/15/41 (d) | 50,000 | 37,429 |
| 4.30% 11/15/32 | 25,000 | 22,907 |
| Brookfield Corp. | | |
| 4.00% 01/15/25 | 75,000 | 72,805 |
| Brookfield Finance, Inc. | | |
| 3.90% 01/25/28 | 50,000 | 46,345 |
| Brown & Brown, Inc. | | |
| 4.20% 03/17/32 | 15,000 | 13,476 |
| Burlington Northern Santa Fe LLC | | |
| 5.40% 06/01/41 | 50,000 | 51,130 |
| 5.75% 05/01/40 | 75,000 | 79,362 |
| California Institute of Technology | | |
| 3.65% 09/01/19 | 20,000 | 13,631 |
| | Principal
Amount | Fair
Value |
| Camden Property Trust | | |
| 3.35% 11/01/49 | $ 10,000 | $ 7,278 |
| 4.10% 10/15/28 | 10,000 | 9,497 |
| Campbell Soup Co. | | |
| 2.38% 04/24/30 | 15,000 | 12,629 |
| Canadian Imperial Bank of Commerce | | |
| 3.60% 04/07/32 | 10,000 | 8,972 |
| 3.95% 08/04/25 | 25,000 | 24,181 |
| Canadian National Railway Co. | | |
| 2.95% 11/21/24 | 55,000 | 53,103 |
| 3.85% 08/05/32 | 25,000 | 23,278 |
| Canadian Pacific Railway Co. | | |
| 2.05% 03/05/30 | 20,000 | 16,786 |
| 2.90% 02/01/25 | 50,000 | 47,995 |
| 4.70% 05/01/48 | 50,000 | 45,402 |
| Capital One Financial Corp. | | |
| 4.20% 10/29/25 | 75,000 | 71,875 |
| Capital One Financial Corp. (2.62% fixed rate until 11/02/31; 1.27% + SOFR thereafter) | | |
| 2.62% 11/02/32 (f) | 25,000 | 19,234 |
| Capital One Financial Corp. (5.25% fixed rate until 07/26/29; 2.60% + SOFR thereafter) | | |
| 5.25% 07/26/30 (f) | 50,000 | 47,277 |
| Cardinal Health, Inc. | | |
| 3.50% 11/15/24 | 75,000 | 72,566 |
| Carlisle Cos., Inc. | | |
| 2.20% 03/01/32 | 50,000 | 39,470 |
| Carrier Global Corp. | | |
| 2.24% 02/15/25 | 65,000 | 61,526 |
| 2.49% 02/15/27 | 15,000 | 13,682 |
| 3.58% 04/05/50 | 25,000 | 18,470 |
| Caterpillar Financial Services Corp. | | |
| 3.60% 08/12/27 | 50,000 | 48,093 |
| Caterpillar, Inc. | | |
| 3.25% 04/09/50 | 25,000 | 19,688 |
| 4.30% 05/15/44 | 75,000 | 70,251 |
| CDW LLC/CDW Finance Corp. | | |
| 2.67% 12/01/26 | 70,000 | 62,978 |
| Celanese U.S. Holdings LLC | | |
| 6.17% 07/15/27 | 25,000 | 24,948 |
| Celulosa Arauco y Constitucion SA | | |
| 3.88% 11/02/27 | 100,000 | 91,899 |
| Cenovus Energy, Inc. | | |
| 6.80% 09/15/37 | 50,000 | 52,005 |
| CenterPoint Energy Houston Electric LLC | | |
| 4.45% 10/01/32 | 50,000 | 48,201 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 76 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.50% 04/01/44 | $ 75,000 | $ 67,110 |
| Charles Schwab Corp. | | |
| 3.85% 05/21/25 | 50,000 | 48,182 |
| 4.63% 03/22/30 | 50,000 | 49,016 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | | |
| 2.80% 04/01/31 | 65,000 | 52,389 |
| 3.70% 04/01/51 | 25,000 | 15,865 |
| 4.91% 07/23/25 | 50,000 | 49,033 |
| 5.25% 04/01/53 | 25,000 | 20,178 |
| 6.38% 10/23/35 | 100,000 | 97,605 |
| Cheniere Corpus Christi Holdings LLC | | |
| 2.74% 12/31/39 | 55,000 | 43,341 |
| Chubb INA Holdings, Inc. | | |
| 3.15% 03/15/25 (e) | 50,000 | 48,366 |
| 4.35% 11/03/45 (e) | 50,000 | 45,271 |
| Church & Dwight Co., Inc. | | |
| 5.00% 06/15/52 | 25,000 | 24,734 |
| CI Financial Corp. | | |
| 4.10% 06/15/51 | 50,000 | 30,368 |
| Cigna Group | | |
| 2.40% 03/15/30 | 15,000 | 12,744 |
| 4.13% 11/15/25 | 75,000 | 73,036 |
| 4.38% 10/15/28 | 40,000 | 38,696 |
| 4.50% 02/25/26 | 50,000 | 48,980 |
| 4.80% 08/15/38 | 30,000 | 28,317 |
| Cintas Corp. No. 2 | | |
| 3.45% 05/01/25 | 5,000 | 4,843 |
| Cisco Systems, Inc. | | |
| 2.50% 09/20/26 | 25,000 | 23,424 |
| 5.90% 02/15/39 | 50,000 | 55,332 |
| Citigroup, Inc. | | |
| 3.70% 01/12/26 | 150,000 | 143,857 |
| 3.88% 03/26/25 | 50,000 | 48,310 |
| 4.30% 11/20/26 | 100,000 | 95,792 |
| 4.75% 05/18/46 | 50,000 | 42,840 |
| Citigroup, Inc. (2.52% fixed rate until 11/03/31; 1.18% + SOFR thereafter) | | |
| 2.52% 11/03/32 (f) | 35,000 | 28,209 |
| Citigroup, Inc. (3.06% fixed rate until 01/25/32; 1.35% + SOFR thereafter) | | |
| 3.06% 01/25/33 (f) | 50,000 | 41,706 |
| Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | | |
| 3.79% 03/17/33 (f) | 50,000 | 44,158 |
| Citigroup, Inc. (4.08% fixed rate until 04/23/28; 1.45% + 1-month Term SOFR) | | |
| 4.08% 04/23/29 (f) | 75,000 | 70,647 |
| | Principal
Amount | Fair
Value |
| Citigroup, Inc. (4.91% fixed rate until 05/24/32; 2.09% + SOFR thereafter) | | |
| 4.91% 05/24/33 (f) | $ 50,000 | $ 48,351 |
| Citizens Financial Group, Inc. (5.64% fixed rate until 05/21/32; 2.75% + 5 year CMT Rate thereafter) | | |
| 5.64% 05/21/37 (f) | 50,000 | 43,111 |
| Clorox Co. | | |
| 1.80% 05/15/30 | 50,000 | 40,950 |
| CME Group, Inc. | | |
| 2.65% 03/15/32 | 20,000 | 17,002 |
| CNH Industrial Capital LLC | | |
| 3.95% 05/23/25 | 10,000 | 9,679 |
| CNOOC Petroleum North America ULC | | |
| 6.40% 05/15/37 (e) | 25,000 | 27,722 |
| Coca-Cola Co. | | |
| 2.50% 06/01/40 | 45,000 | 33,867 |
| Colgate-Palmolive Co. | | |
| 3.25% 08/15/32 | 15,000 | 13,761 |
| Comcast Corp. | | |
| 2.94% 11/01/56 | 25,000 | 16,285 |
| 3.38% 08/15/25 | 50,000 | 48,273 |
| 3.55% 05/01/28 | 50,000 | 47,375 |
| 4.25% 10/15/30 | 100,000 | 96,308 |
| 4.60% 10/15/38 | 30,000 | 27,972 |
| 6.50% 11/15/35 | 50,000 | 56,132 |
| Comerica, Inc. | | |
| 4.00% 02/01/29 | 50,000 | 41,940 |
| Commonwealth Edison Co. | | |
| 4.60% 08/15/43 | 100,000 | 91,115 |
| Conagra Brands, Inc. | | |
| 5.40% 11/01/48 | 75,000 | 71,483 |
| ConocoPhillips | | |
| 6.50% 02/01/39 | 50,000 | 57,641 |
| Constellation Brands, Inc. | | |
| 3.50% 05/09/27 | 25,000 | 23,702 |
| 3.75% 05/01/50 | 5,000 | 3,934 |
| 4.35% 05/09/27 | 50,000 | 48,846 |
| 5.25% 11/15/48 | 15,000 | 14,403 |
| Consumers Energy Co. | | |
| 4.05% 05/15/48 | 50,000 | 42,158 |
| Cooperatieve Rabobank UA | | |
| 5.75% 12/01/43 | 100,000 | 100,367 |
| Corning, Inc. | | |
| 3.90% 11/15/49 | 25,000 | 18,843 |
| Corp. Andina de Fomento | | |
| 2.25% 02/08/27 (e) | 50,000 | 44,927 |
| Credit Suisse AG | | |
| 3.63% 09/09/24 | 50,000 | 48,242 |
| 3.70% 02/21/25 | 75,000 | 71,770 |
| Crown Castle, Inc. | | |
| 1.35% 07/15/25 | 50,000 | 45,779 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 77 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 2.90% 03/15/27 | $ 25,000 | $ 22,886 |
| 3.80% 02/15/28 | 25,000 | 23,345 |
| 5.20% 02/15/49 | 50,000 | 46,229 |
| CSX Corp. | | |
| 4.25% 03/15/29 | 50,000 | 48,449 |
| 6.22% 04/30/40 | 75,000 | 81,181 |
| CubeSmart LP | | |
| 4.38% 02/15/29 | 15,000 | 14,087 |
| CVS Health Corp. | | |
| 3.88% 07/20/25 | 50,000 | 48,618 |
| Darden Restaurants, Inc. | | |
| 4.55% 02/15/48 | 15,000 | 12,597 |
| Dayton Power & Light Co. | | |
| 3.95% 06/15/49 | 15,000 | 11,685 |
| Deere & Co. | | |
| 2.75% 04/15/25 | 25,000 | 24,020 |
| 7.13% 03/03/31 | 75,000 | 86,730 |
| Dell International LLC/EMC Corp. | | |
| 8.35% 07/15/46 | 75,000 | 91,829 |
| Deutsche Bank AG (3.55% fixed rate until 09/18/30; 3.04% + SOFR thereafter) | | |
| 3.55% 09/18/31 (f) | 100,000 | 83,081 |
| Deutsche Telekom International Finance BV | | |
| 8.75% 06/15/30 | 50,000 | 59,894 |
| Devon Energy Corp. | | |
| 5.00% 06/15/45 | 25,000 | 21,690 |
| DH Europe Finance II Sarl | | |
| 2.60% 11/15/29 | 75,000 | 66,023 |
| 3.40% 11/15/49 | 25,000 | 19,580 |
| Diamondback Energy, Inc. | | |
| 4.40% 03/24/51 | 25,000 | 19,825 |
| Discover Financial Services | | |
| 3.75% 03/04/25 | 100,000 | 95,554 |
| Dollar General Corp. | | |
| 4.13% 05/01/28 | 25,000 | 23,792 |
| Dollar Tree, Inc. | | |
| 4.00% 05/15/25 | 50,000 | 48,443 |
| Dominion Energy, Inc. | | |
| 3.30% 03/15/25 | 50,000 | 47,957 |
| 4.25% 06/01/28 | 50,000 | 47,821 |
| 4.70% 12/01/44 | 50,000 | 43,441 |
| Duke Energy Corp. (3.25% fixed rate until 01/15/27; 2.32% + 5 year CMT Rate thereafter) | | |
| 3.25% 01/15/82 (f) | 25,000 | 18,611 |
| Duke Energy Florida LLC | | |
| 6.35% 09/15/37 | 250,000 | 270,455 |
| DuPont de Nemours, Inc. | | |
| 5.32% 11/15/38 | 15,000 | 14,849 |
| 5.42% 11/15/48 | 40,000 | 39,524 |
| | Principal
Amount | Fair
Value |
| Eagle Materials, Inc. | | |
| 2.50% 07/01/31 | $ 25,000 | $ 20,418 |
| eBay, Inc. | | |
| 1.40% 05/10/26 | 50,000 | 45,162 |
| Ecolab, Inc. | | |
| 2.13% 02/01/32 | 25,000 | 20,551 |
| Edison International | | |
| 5.75% 06/15/27 | 100,000 | 100,208 |
| Elevance Health, Inc. | | |
| 2.38% 01/15/25 (e) | 125,000 | 118,862 |
| 4.10% 05/15/32 | 25,000 | 23,314 |
| 4.38% 12/01/47 (e) | 65,000 | 56,687 |
| 4.65% 01/15/43 | 50,000 | 45,651 |
| Eli Lilly & Co. | | |
| 2.25% 05/15/50 | 50,000 | 32,647 |
| 2.75% 06/01/25 | 22,000 | 21,135 |
| 3.38% 03/15/29 | 13,000 | 12,233 |
| Emera U.S. Finance LP | | |
| 3.55% 06/15/26 | 60,000 | 56,812 |
| Emory University | | |
| 2.14% 09/01/30 | 40,000 | 33,565 |
| Enbridge Energy Partners LP | | |
| 5.88% 10/15/25 | 75,000 | 75,280 |
| Enbridge, Inc. | | |
| 4.00% 11/15/49 | 75,000 | 58,069 |
| Enel Chile SA | | |
| 4.88% 06/12/28 | 25,000 | 24,041 |
| Energy Transfer LP | | |
| 4.95% 05/15/28 | 60,000 | 58,146 |
| 6.00% 06/15/48 | 50,000 | 47,473 |
| 6.50% 02/01/42 | 50,000 | 50,552 |
| Enstar Group Ltd. | | |
| 3.10% 09/01/31 | 10,000 | 7,847 |
| Enterprise Products Operating LLC | | |
| 4.45% 02/15/43 | 42,000 | 37,021 |
| Enterprise Products Operating LLC (5.38% fixed rate until 02/15/28; 2.83% + 1-month Term SOFR) | | |
| 5.38% 02/15/78 (f) | 50,000 | 41,380 |
| Equifax, Inc. | | |
| 5.10% 12/15/27 | 25,000 | 24,743 |
| Equinix, Inc. | | |
| 2.15% 07/15/30 | 65,000 | 52,597 |
| 2.63% 11/18/24 | 65,000 | 62,158 |
| Equinor ASA | | |
| 2.88% 04/06/25 (e) | 75,000 | 71,915 |
| ERP Operating LP | | |
| 4.50% 07/01/44 | 75,000 | 65,645 |
| Essential Utilities, Inc. | | |
| 2.70% 04/15/30 | 25,000 | 21,181 |
| Estee Lauder Cos., Inc. | | |
| 2.38% 12/01/29 | 20,000 | 17,287 |
| 3.13% 12/01/49 | 30,000 | 21,923 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 78 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| European Bank for Reconstruction & Development | | |
| 1.63% 09/27/24 (e) | $ 25,000 | $ 23,893 |
| European Investment Bank | | |
| 0.38% 12/15/25 - 03/26/26 (e) | 150,000 | 134,300 |
| 1.88% 02/10/25 (e) | 100,000 | 95,026 |
| 2.75% 08/15/25 (e) | 20,000 | 19,159 |
| Expedia Group, Inc. | | |
| 3.80% 02/15/28 | 75,000 | 70,216 |
| Extra Space Storage LP | | |
| 3.90% 04/01/29 | 5,000 | 4,555 |
| Exxon Mobil Corp. | | |
| 2.28% 08/16/26 | 50,000 | 46,397 |
| 2.99% 03/19/25 | 50,000 | 48,189 |
| 3.04% 03/01/26 | 50,000 | 47,820 |
| Fairfax Financial Holdings Ltd. | | |
| 4.63% 04/29/30 | 25,000 | 23,394 |
| Federal Realty OP LP | | |
| 3.20% 06/15/29 | 50,000 | 43,297 |
| Fidelity National Financial, Inc. | | |
| 4.50% 08/15/28 | 25,000 | 23,789 |
| Fidelity National Information Services, Inc. | | |
| 4.70% 07/15/27 | 75,000 | 73,123 |
| 5.10% 07/15/32 | 50,000 | 48,446 |
| Fifth Third Bancorp (1.71% fixed rate until 11/01/26; 0.69% + SOFR thereafter) | | |
| 1.71% 11/01/27 (f) | 25,000 | 21,341 |
| Fifth Third Bancorp (4.77% fixed rate until 07/28/29; 2.13% + SOFR thereafter) | | |
| 4.77% 07/28/30 (f) | 25,000 | 23,392 |
| Fifth Third Bank NA | | |
| 3.85% 03/15/26 | 75,000 | 69,181 |
| Flex Ltd. | | |
| 4.88% 06/15/29 | 25,000 | 23,940 |
| Florida Power & Light Co. | | |
| 4.13% 02/01/42 | 50,000 | 43,877 |
| 5.95% 02/01/38 | 25,000 | 26,862 |
| Fortune Brands Innovations, Inc. | | |
| 4.00% 03/25/32 | 25,000 | 22,256 |
| Freeport-McMoRan, Inc. | | |
| 4.63% 08/01/30 | 25,000 | 23,612 |
| 5.40% 11/14/34 | 50,000 | 48,272 |
| FS KKR Capital Corp. | | |
| 4.13% 02/01/25 | 25,000 | 23,748 |
| GATX Corp. | | |
| 3.50% 03/15/28 | 25,000 | 22,803 |
| 4.90% 03/15/33 | 25,000 | 23,725 |
| General Dynamics Corp. | | |
| 4.25% 04/01/40 | 25,000 | 23,008 |
| | Principal
Amount | Fair
Value |
| General Mills, Inc. | | |
| 2.88% 04/15/30 | $ 75,000 | $ 66,634 |
| General Motors Co. | | |
| 5.60% 10/15/32 | 25,000 | 24,237 |
| General Motors Financial Co., Inc. | | |
| 5.00% 04/09/27 | 15,000 | 14,606 |
| Georgetown University | | |
| 2.94% 04/01/50 | 10,000 | 6,851 |
| Georgia Power Co. | | |
| 4.70% 05/15/32 | 25,000 | 24,183 |
| Gilead Sciences, Inc. | | |
| 3.65% 03/01/26 | 75,000 | 72,196 |
| 4.80% 04/01/44 | 50,000 | 47,765 |
| 5.65% 12/01/41 | 50,000 | 52,555 |
| GlaxoSmithKline Capital PLC | | |
| 3.38% 06/01/29 | 75,000 | 69,640 |
| GlaxoSmithKline Capital, Inc. | | |
| 3.63% 05/15/25 | 55,000 | 53,487 |
| Global Payments, Inc. | | |
| 5.40% 08/15/32 | 25,000 | 24,362 |
| Globe Life, Inc. | | |
| 4.80% 06/15/32 | 15,000 | 14,397 |
| GLP Capital LP/GLP Financing II, Inc. | | |
| 4.00% 01/15/31 | 50,000 | 43,232 |
| 5.25% 06/01/25 | 10,000 | 9,796 |
| 5.38% 04/15/26 | 20,000 | 19,589 |
| 5.75% 06/01/28 | 10,000 | 9,769 |
| Goldman Sachs Group, Inc. | | |
| 3.75% 02/25/26 | 100,000 | 95,991 |
| 4.80% 07/08/44 | 75,000 | 68,851 |
| 6.25% 02/01/41 | 50,000 | 53,705 |
| 6.75% 10/01/37 | 100,000 | 107,521 |
| Goldman Sachs Group, Inc. (2.65% fixed rate until 10/21/31; 1.26% + SOFR thereafter) | | |
| 2.65% 10/21/32 (f) | 30,000 | 24,437 |
| Goldman Sachs Group, Inc. (4.39% fixed rate until 06/15/26; 1.51% + SOFR thereafter) | | |
| 4.39% 06/15/27 (f) | 15,000 | 14,576 |
| Hartford Financial Services Group, Inc. | | |
| 4.30% 04/15/43 | 100,000 | 81,505 |
| Hasbro, Inc. | | |
| 3.90% 11/19/29 | 50,000 | 45,284 |
| HCA, Inc. | | |
| 5.38% 09/01/26 | 100,000 | 99,182 |
| 5.50% 06/15/47 | 85,000 | 79,818 |
| Hershey Co. | | |
| 2.45% 11/15/29 | 75,000 | 65,818 |
| Hess Corp. | | |
| 5.80% 04/01/47 | 75,000 | 72,927 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 79 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Highwoods Realty LP | | |
| 4.20% 04/15/29 | $ 25,000 | $ 21,222 |
| Home Depot, Inc. | | |
| 1.88% 09/15/31 | 20,000 | 16,269 |
| 2.75% 09/15/51 | 50,000 | 33,724 |
| 3.00% 04/01/26 | 50,000 | 47,842 |
| 3.25% 04/15/32 | 20,000 | 17,972 |
| 3.63% 04/15/52 | 75,000 | 59,733 |
| 4.20% 04/01/43 | 50,000 | 44,691 |
| 4.50% 09/15/32 | 15,000 | 14,814 |
| Honeywell International, Inc. | | |
| 5.38% 03/01/41 | 50,000 | 51,735 |
| Host Hotels & Resorts LP | | |
| 3.38% 12/15/29 | 50,000 | 42,801 |
| HP, Inc. | | |
| 4.20% 04/15/32 | 25,000 | 22,420 |
| 5.50% 01/15/33 | 15,000 | 14,733 |
| 6.00% 09/15/41 | 37,000 | 37,352 |
| HSBC Holdings PLC | | |
| 5.25% 03/14/44 | 75,000 | 67,526 |
| HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3 month Term SOFR) | | |
| 4.29% 09/12/26 (f) | 50,000 | 48,080 |
| HSBC Holdings PLC (7.39% fixed rate until 11/03/27; 3.35% + SOFR thereafter) | | |
| 7.39% 11/03/28 (f) | 250,000 | 263,952 |
| Hubbell, Inc. | | |
| 3.50% 02/15/28 | 50,000 | 46,840 |
| Huntington Bancshares, Inc. (5.02% fixed rate until 05/17/32; 2.05% + SOFR thereafter) | | |
| 5.02% 05/17/33 (f) | 35,000 | 32,017 |
| Huntsman International LLC | | |
| 4.50% 05/01/29 | 20,000 | 18,312 |
| Hyatt Hotels Corp. | | |
| 5.75% 04/23/30 | 25,000 | 25,083 |
| IDEX Corp. | | |
| 3.00% 05/01/30 | 10,000 | 8,788 |
| Illinois Tool Works, Inc. | | |
| 2.65% 11/15/26 | 50,000 | 46,836 |
| Indiana University Health, Inc. Obligated Group | | |
| 2.85% 11/01/51 | 15,000 | 10,048 |
| ING Groep NV | | |
| 4.05% 04/09/29 | 50,000 | 46,670 |
| Intel Corp. | | |
| 2.45% 11/15/29 | 25,000 | 21,670 |
| 3.75% 03/25/27 | 50,000 | 48,097 |
| 4.15% 08/05/32 | 25,000 | 23,831 |
| 4.60% 03/25/40 | 50,000 | 46,716 |
| 4.90% 08/05/52 | 25,000 | 23,052 |
| | Principal
Amount | Fair
Value |
| Inter-American Development Bank | | |
| 1.13% 01/13/31 (e) | $ 75,000 | $ 60,667 |
| 7.00% 06/15/25 (e) | 200,000 | 206,642 |
| Intercontinental Exchange, Inc. | | |
| 3.00% 06/15/50 | 15,000 | 10,406 |
| 3.65% 05/23/25 | 75,000 | 73,493 |
| 4.60% 03/15/33 | 15,000 | 14,537 |
| International Bank for Reconstruction & Development | | |
| 1.25% 02/10/31 (e) | 150,000 | 122,494 |
| 2.50% 07/29/25 (e) | 100,000 | 95,396 |
| 3.13% 06/15/27 (e) | 50,000 | 47,648 |
| 3.63% 09/21/29 (e) | 250,000 | 242,815 |
| International Business Machines Corp. | | |
| 4.00% 06/20/42 | 50,000 | 42,226 |
| 6.22% 08/01/27 | 100,000 | 104,699 |
| International Finance Corp. | | |
| 0.38% 07/16/25 (e) | 100,000 | 91,493 |
| International Flavors & Fragrances, Inc. | | |
| 5.00% 09/26/48 | 15,000 | 12,721 |
| Interpublic Group of Cos., Inc. | | |
| 4.65% 10/01/28 | 10,000 | 9,639 |
| Interstate Power & Light Co. | | |
| 6.25% 07/15/39 | 75,000 | 79,199 |
| Invitation Homes Operating Partnership LP | | |
| 2.70% 01/15/34 | 15,000 | 11,389 |
| Jabil, Inc. | | |
| 4.25% 05/15/27 | 15,000 | 14,301 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | | |
| 5.13% 02/01/28 (d) | 50,000 | 47,972 |
| 5.75% 04/01/33 (d) | 35,000 | 32,962 |
| 6.50% 12/01/52 (d) | 15,000 | 14,188 |
| Jefferies Financial Group, Inc. | | |
| 2.75% 10/15/32 | 35,000 | 26,926 |
| 4.85% 01/15/27 | 75,000 | 73,482 |
| John Deere Capital Corp. | | |
| 1.45% 01/15/31 | 70,000 | 55,884 |
| 2.35% 03/08/27 | 25,000 | 22,891 |
| 3.35% 04/18/29 | 50,000 | 46,507 |
| 3.45% 03/13/25 | 50,000 | 48,570 |
| Johnson & Johnson | | |
| 3.40% 01/15/38 | 25,000 | 21,791 |
| Johnson Controls International PLC | | |
| 6.00% 01/15/36 | 75,000 | 77,784 |
| JPMorgan Chase & Co. | | |
| 3.63% 12/01/27 | 100,000 | 93,852 |
| 6.40% 05/15/38 | 100,000 | 111,599 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 80 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| JPMorgan Chase & Co. (2.01% fixed rate until 03/13/25; 1.59% + 3-month Term SOFR) | | |
| 2.01% 03/13/26 (f) | $ 100,000 | $ 93,932 |
| JPMorgan Chase & Co. (2.95% fixed rate until 02/24/27; 1.17% + SOFR thereafter) | | |
| 2.95% 02/24/28 (f) | 30,000 | 27,543 |
| JPMorgan Chase & Co. (3.70% fixed rate until 05/06/29; 1.42% + 3-month Term SOFR) | | |
| 3.70% 05/06/30 (f) | 75,000 | 68,854 |
| JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 month Term SOFR) | | |
| 3.90% 01/23/49 (f) | 25,000 | 20,203 |
| JPMorgan Chase & Co. (4.08% fixed rate until 04/26/25; 1.32% + SOFR thereafter) | | |
| 4.08% 04/26/26 (f) | 250,000 | 243,027 |
| JPMorgan Chase & Co. (4.26% fixed rate until 02/22/47; 1.84% + 3-month Term SOFR) | | |
| 4.26% 02/22/48 (f) | 50,000 | 43,318 |
| JPMorgan Chase & Co. (4.45% fixed rate until 12/05/28; 1.59% + 3-month Term SOFR) | | |
| 4.45% 12/05/29 (f) | 50,000 | 47,970 |
| JPMorgan Chase & Co. (4.59% fixed rate until 04/26/32; 1.80% + SOFR thereafter) | | |
| 4.59% 04/26/33 (f) | 40,000 | 38,135 |
| JPMorgan Chase & Co. (5.72% fixed rate until 09/14/32; 2.58% + SOFR thereafter) | | |
| 5.72% 09/14/33 (f) | 75,000 | 76,099 |
| Kaiser Foundation Hospitals | | |
| 3.00% 06/01/51 | 70,000 | 49,083 |
| Kellogg Co. | | |
| 4.50% 04/01/46 | 50,000 | 44,323 |
| Kemper Corp. | | |
| 3.80% 02/23/32 | 25,000 | 20,723 |
| Kennametal, Inc. | | |
| 4.63% 06/15/28 | 25,000 | 23,797 |
| Kentucky Utilities Co. | | |
| 4.38% 10/01/45 | 40,000 | 33,584 |
| Keurig Dr Pepper, Inc. | | |
| 4.05% 04/15/32 | 35,000 | 32,527 |
| 4.42% 05/25/25 | 75,000 | 73,614 |
| | Principal
Amount | Fair
Value |
| KeyBank NA | | |
| 3.90% 04/13/29 | $ 100,000 | $ 78,917 |
| Keysight Technologies, Inc. | | |
| 3.00% 10/30/29 | 25,000 | 21,914 |
| Kilroy Realty LP | | |
| 3.45% 12/15/24 | 50,000 | 47,452 |
| Kimberly-Clark Corp. | | |
| 2.00% 11/02/31 | 50,000 | 41,288 |
| Kimco Realty OP LLC | | |
| 4.60% 02/01/33 | 25,000 | 23,144 |
| Kinder Morgan Energy Partners LP | | |
| 5.00% 08/15/42 | 50,000 | 42,383 |
| KLA Corp. | | |
| 4.65% 11/01/24 | 25,000 | 24,649 |
| 4.95% 07/15/52 | 25,000 | 24,609 |
| Kraft Heinz Foods Co. | | |
| 6.88% 01/26/39 | 150,000 | 168,715 |
| Kreditanstalt fuer Wiederaufbau | | |
| 0.38% 07/18/25 (e) | 50,000 | 45,652 |
| 0.75% 09/30/30 (e) | 75,000 | 59,617 |
| 2.00% 05/02/25 (e) | 75,000 | 71,038 |
| 3.88% 06/15/28 | 150,000 | 147,441 |
| Kroger Co. | | |
| 3.95% 01/15/50 | 50,000 | 40,027 |
| 4.50% 01/15/29 | 25,000 | 24,431 |
| Kyndryl Holdings, Inc. | | |
| 2.70% 10/15/28 | 75,000 | 61,037 |
| L3Harris Technologies, Inc. | | |
| 3.83% 04/27/25 | 50,000 | 48,461 |
| 4.85% 04/27/35 | 40,000 | 38,402 |
| Lam Research Corp. | | |
| 3.80% 03/15/25 | 65,000 | 63,517 |
| Lear Corp. | | |
| 4.25% 05/15/29 | 25,000 | 23,464 |
| Lennar Corp. | | |
| 5.25% 06/01/26 | 100,000 | 99,092 |
| Lloyds Banking Group PLC | | |
| 4.65% 03/24/26 | 50,000 | 47,736 |
| Lockheed Martin Corp. | | |
| 3.80% 03/01/45 | 25,000 | 21,066 |
| 4.15% 06/15/53 | 45,000 | 39,595 |
| 4.70% 05/15/46 | 50,000 | 48,235 |
| Lowe's Cos., Inc. | | |
| 1.70% 10/15/30 | 45,000 | 36,072 |
| 2.50% 04/15/26 | 80,000 | 74,875 |
| 2.63% 04/01/31 | 25,000 | 21,090 |
| 3.00% 10/15/50 | 30,000 | 19,654 |
| 3.38% 09/15/25 | 30,000 | 28,762 |
| 4.25% 04/01/52 | 50,000 | 40,798 |
| 4.65% 04/15/42 | 25,000 | 22,275 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 81 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| LYB International Finance III LLC | | |
| 3.80% 10/01/60 | $ 75,000 | $ 50,631 |
| M&T Bank Corp. (4.55% fixed rate until 08/16/27; 1.78% + SOFR thereafter) | | |
| 4.55% 08/16/28 (f) | 15,000 | 14,006 |
| Manulife Financial Corp. | | |
| 3.70% 03/16/32 | 50,000 | 45,488 |
| Marathon Petroleum Corp. | | |
| 3.63% 09/15/24 | 50,000 | 48,698 |
| 4.50% 04/01/48 | 25,000 | 19,778 |
| Markel Group, Inc. | | |
| 3.50% 11/01/27 | 50,000 | 46,494 |
| Marriott International, Inc. | | |
| 3.75% 10/01/25 | 50,000 | 48,046 |
| 5.00% 10/15/27 | 55,000 | 54,598 |
| 5.75% 05/01/25 | 40,000 | 40,106 |
| Martin Marietta Materials, Inc. | | |
| 3.50% 12/15/27 | 50,000 | 46,680 |
| Marvell Technology, Inc. | | |
| 1.65% 04/15/26 | 25,000 | 22,525 |
| Masco Corp. | | |
| 1.50% 02/15/28 | 75,000 | 63,877 |
| Mastercard, Inc. | | |
| 2.95% 11/21/26 | 50,000 | 47,266 |
| McDonald's Corp. | | |
| 3.50% 07/01/27 | 25,000 | 23,795 |
| 3.63% 09/01/49 | 55,000 | 43,398 |
| 3.70% 01/30/26 | 50,000 | 48,352 |
| 3.80% 04/01/28 | 50,000 | 47,923 |
| 4.60% 09/09/32 | 35,000 | 34,667 |
| Memorial Sloan-Kettering Cancer Center | | |
| 4.13% 07/01/52 | 95,000 | 80,574 |
| Merck & Co., Inc. | | |
| 2.75% 12/10/51 | 25,000 | 17,253 |
| 3.70% 02/10/45 | 50,000 | 42,470 |
| 4.00% 03/07/49 | 40,000 | 35,363 |
| 6.50% 12/01/33 | 100,000 | 114,941 |
| Meta Platforms, Inc. | | |
| 4.45% 08/15/52 | 75,000 | 65,312 |
| MetLife, Inc. | | |
| 4.13% 08/13/42 | 25,000 | 20,978 |
| 5.00% 07/15/52 | 30,000 | 28,289 |
| 6.50% 12/15/32 | 50,000 | 55,160 |
| Microchip Technology, Inc. | | |
| 4.25% 09/01/25 | 75,000 | 72,677 |
| Micron Technology, Inc. | | |
| 4.66% 02/15/30 | 75,000 | 70,736 |
| Microsoft Corp. | | |
| 2.68% 06/01/60 | 50,000 | 33,489 |
| 3.45% 08/08/36 | 48,000 | 43,763 |
| 4.25% 02/06/47 | 50,000 | 48,550 |
| | Principal
Amount | Fair
Value |
| Mitsubishi UFJ Financial Group, Inc. | | |
| 4.05% 09/11/28 | $ 100,000 | $ 94,789 |
| 4.15% 03/07/39 | 25,000 | 22,312 |
| Mizuho Financial Group, Inc. (2.84% fixed rate until 07/16/24; 1.24% + SOFR thereafter) | | |
| 2.84% 07/16/25 (f) | 100,000 | 96,291 |
| Moody's Corp. | | |
| 3.25% 05/20/50 | 50,000 | 35,442 |
| 3.75% 03/24/25 | 50,000 | 48,632 |
| Morgan Stanley | | |
| 4.00% 07/23/25 | 95,000 | 92,249 |
| 4.35% 09/08/26 | 50,000 | 48,292 |
| 4.38% 01/22/47 | 75,000 | 66,996 |
| Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | | |
| 2.48% 09/16/36 (f) | 50,000 | 37,845 |
| Morgan Stanley (2.51% fixed rate until 10/20/31; 1.00% + SOFR thereafter) | | |
| 2.51% 10/20/32 (f) | 75,000 | 60,513 |
| Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | | |
| 2.80% 01/25/52 (f) | 25,000 | 16,421 |
| Morgan Stanley (4.46% fixed rate until 04/22/38; 1.69% + 3-month Term SOFR) | | |
| 4.46% 04/22/39 (f) | 50,000 | 44,553 |
| Morgan Stanley (4.89% fixed rate until 07/20/32; 2.08% + SOFR thereafter) | | |
| 4.89% 07/20/33 (f) | 60,000 | 57,712 |
| Morgan Stanley (6.14% fixed rate until 10/16/25; 1.77% + SOFR thereafter) | | |
| 6.14% 10/16/26 (f) | 250,000 | 252,735 |
| Motorola Solutions, Inc. | | |
| 5.60% 06/01/32 | 50,000 | 49,664 |
| MPLX LP | | |
| 4.80% 02/15/29 | 70,000 | 67,613 |
| 4.95% 09/01/32 | 50,000 | 47,755 |
| 5.50% 02/15/49 | 50,000 | 45,563 |
| Nasdaq, Inc. | | |
| 3.25% 04/28/50 | 20,000 | 13,531 |
| National Australia Bank Ltd. | | |
| 3.50% 06/09/25 | 100,000 | 96,599 |
| National Fuel Gas Co. | | |
| 4.75% 09/01/28 | 50,000 | 47,363 |
| National Rural Utilities Cooperative Finance Corp. | | |
| 1.35% 03/15/31 | 50,000 | 38,102 |
| 3.45% 06/15/25 | 15,000 | 14,426 |
| 4.40% 11/01/48 | 10,000 | 8,528 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 82 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| NatWest Group PLC (3.75% fixed rate until 11/01/24; 2.10% + 5 year CMT Rate thereafter) | | |
| 3.75% 11/01/29 (f) | $ 100,000 | $ 93,822 |
| NatWest Group PLC (4.89% fixed rate until 05/18/28; 1.75% + 3 month USD LIBOR thereafter) | | |
| 4.89% 05/18/29 (f) | 100,000 | 95,108 |
| New York & Presbyterian Hospital | | |
| 2.26% 08/01/40 | 25,000 | 16,919 |
| 3.95% 08/01/19 | 35,000 | 25,299 |
| Newmont Corp. | | |
| 2.60% 07/15/32 | 50,000 | 40,823 |
| NextEra Energy Capital Holdings, Inc. | | |
| 3.50% 04/01/29 | 50,000 | 45,771 |
| 4.26% 09/01/24 | 15,000 | 14,750 |
| Nomura Holdings, Inc. | | |
| 5.10% 07/03/25 | 50,000 | 49,082 |
| Nordic Investment Bank | | |
| 0.38% 09/11/25 (e) | 75,000 | 68,182 |
| Norfolk Southern Corp. | | |
| 3.16% 05/15/55 | 50,000 | 34,242 |
| 3.70% 03/15/53 | 25,000 | 19,357 |
| 3.80% 08/01/28 | 30,000 | 28,410 |
| 3.94% 11/01/47 | 35,000 | 28,309 |
| Northern Trust Corp. | | |
| 1.95% 05/01/30 | 40,000 | 32,906 |
| Northrop Grumman Corp. | | |
| 2.93% 01/15/25 | 50,000 | 48,068 |
| 5.15% 05/01/40 | 75,000 | 73,914 |
| Northwell Healthcare, Inc. | | |
| 3.81% 11/01/49 | 50,000 | 37,601 |
| Northwestern University | | |
| 3.66% 12/01/57 | 10,000 | 8,263 |
| Novartis Capital Corp. | | |
| 4.40% 05/06/44 | 50,000 | 47,973 |
| Nucor Corp. | | |
| 3.13% 04/01/32 | 10,000 | 8,657 |
| Nutrien Ltd. | | |
| 5.88% 12/01/36 | 75,000 | 75,958 |
| NVIDIA Corp. | | |
| 1.55% 06/15/28 | 50,000 | 43,663 |
| NXP BV/NXP Funding LLC | | |
| 5.55% 12/01/28 | 100,000 | 100,781 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | | |
| 3.13% 02/15/42 | 75,000 | 52,514 |
| Oesterreichische Kontrollbank AG | | |
| 1.50% 02/12/25 (e) | 50,000 | 47,146 |
| 2.88% 05/23/25 (e) | 25,000 | 23,994 |
| | Principal
Amount | Fair
Value |
| Oglethorpe Power Corp. | | |
| 4.50% 04/01/47 | $ 15,000 | $ 12,385 |
| OhioHealth Corp. | | |
| 2.83% 11/15/41 | 25,000 | 18,085 |
| Oklahoma Gas & Electric Co. | | |
| 3.30% 03/15/30 | 50,000 | 44,899 |
| Omega Healthcare Investors, Inc. | | |
| 5.25% 01/15/26 | 150,000 | 144,264 |
| Omnicom Group, Inc. | | |
| 4.20% 06/01/30 | 75,000 | 70,253 |
| Oncor Electric Delivery Co. LLC | | |
| 4.15% 06/01/32 | 20,000 | 19,046 |
| 4.60% 06/01/52 | 50,000 | 45,795 |
| ONE Gas, Inc. | | |
| 4.50% 11/01/48 | 20,000 | 17,214 |
| ONEOK Partners LP | | |
| 6.13% 02/01/41 | 62,000 | 59,943 |
| ONEOK, Inc. | | |
| 4.35% 03/15/29 | 50,000 | 46,525 |
| 4.50% 03/15/50 | 50,000 | 38,168 |
| Oracle Corp. | | |
| 3.25% 05/15/30 | 50,000 | 44,580 |
| 3.60% 04/01/40 | 50,000 | 38,690 |
| 4.30% 07/08/34 | 75,000 | 68,119 |
| 4.50% 07/08/44 | 75,000 | 62,719 |
| Orange SA | | |
| 9.00% 03/01/31 | 50,000 | 61,432 |
| ORIX Corp. | | |
| 5.20% 09/13/32 | 100,000 | 101,344 |
| Otis Worldwide Corp. | | |
| 2.06% 04/05/25 | 50,000 | 47,143 |
| Owens Corning | | |
| 3.88% 06/01/30 | 25,000 | 22,875 |
| Pacific Gas & Electric Co. | | |
| 3.25% 06/01/31 | 60,000 | 48,831 |
| 3.50% 08/01/50 | 50,000 | 31,890 |
| 4.40% 03/01/32 | 25,000 | 21,702 |
| 6.10% 01/15/29 | 100,000 | 98,442 |
| PacifiCorp | | |
| 6.25% 10/15/37 | 203,000 | 202,945 |
| Paramount Global | | |
| 5.85% 09/01/43 | 25,000 | 21,322 |
| Parker-Hannifin Corp. | | |
| 4.00% 06/14/49 | 20,000 | 16,629 |
| PeaceHealth Obligated Group | | |
| 3.22% 11/15/50 | 25,000 | 16,848 |
| PepsiCo, Inc. | | |
| 2.75% 03/19/30 | 50,000 | 45,004 |
| 3.45% 10/06/46 | 25,000 | 20,645 |
| 3.50% 07/17/25 | 150,000 | 145,939 |
| Pfizer, Inc. | | |
| 4.13% 12/15/46 | 50,000 | 44,951 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 83 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| 4.30% 06/15/43 | $ 50,000 | $ 46,211 |
| Philip Morris International, Inc. | | |
| 1.75% 11/01/30 | 75,000 | 59,332 |
| 3.38% 08/15/29 | 50,000 | 45,162 |
| 3.88% 08/21/42 | 42,000 | 33,293 |
| Phillips 66 Co. | | |
| 3.15% 12/15/29 | 50,000 | 43,644 |
| Pioneer Natural Resources Co. | | |
| 1.13% 01/15/26 | 50,000 | 45,077 |
| PNC Bank NA | | |
| 3.10% 10/25/27 | 100,000 | 91,617 |
| PNC Financial Services Group, Inc. | | |
| 2.60% 07/23/26 | 50,000 | 46,176 |
| PNC Financial Services Group, Inc. (4.63% fixed rate until 06/06/32; 1.85% + SOFR thereafter) | | |
| 4.63% 06/06/33 (f) | 25,000 | 22,980 |
| President & Fellows of Harvard College | | |
| 3.15% 07/15/46 | 50,000 | 38,553 |
| Principal Financial Group, Inc. | | |
| 3.40% 05/15/25 | 50,000 | 47,860 |
| Procter & Gamble Co. | | |
| 2.45% 11/03/26 | 75,000 | 70,249 |
| 5.55% 03/05/37 | 75,000 | 83,661 |
| Progressive Corp. | | |
| 4.20% 03/15/48 | 50,000 | 42,734 |
| Prologis LP | | |
| 2.25% 01/15/32 | 50,000 | 40,410 |
| 4.38% 02/01/29 | 65,000 | 62,411 |
| Providence St Joseph Health Obligated Group | | |
| 3.93% 10/01/48 | 20,000 | 15,751 |
| Public Service Co. of Colorado | | |
| 3.70% 06/15/28 | 50,000 | 47,426 |
| 4.10% 06/15/48 | 30,000 | 24,498 |
| Public Service Electric & Gas Co. | | |
| 3.20% 08/01/49 | 40,000 | 29,596 |
| 3.80% 03/01/46 | 75,000 | 60,693 |
| Puget Energy, Inc. | | |
| 3.65% 05/15/25 | 50,000 | 47,839 |
| QUALCOMM, Inc. | | |
| 3.25% 05/20/50 | 65,000 | 48,855 |
| 4.25% 05/20/32 | 10,000 | 9,745 |
| 4.65% 05/20/35 | 50,000 | 49,970 |
| Raymond James Financial, Inc. | | |
| 3.75% 04/01/51 | 75,000 | 56,742 |
| Raytheon Technologies Corp. | | |
| 3.95% 08/16/25 | 15,000 | 14,696 |
| 4.63% 11/16/48 | 15,000 | 13,988 |
| | Principal
Amount | Fair
Value |
| Realty Income Corp. | | |
| 3.10% 12/15/29 | $ 25,000 | $ 21,910 |
| 3.25% 01/15/31 | 75,000 | 65,581 |
| Regency Centers LP | | |
| 4.13% 03/15/28 | 25,000 | 23,349 |
| Regeneron Pharmaceuticals, Inc. | | |
| 1.75% 09/15/30 | 45,000 | 35,867 |
| Reliance Steel & Aluminum Co. | | |
| 1.30% 08/15/25 | 55,000 | 50,262 |
| RELX Capital, Inc. | | |
| 4.00% 03/18/29 | 25,000 | 23,910 |
| RenaissanceRe Holdings Ltd. | | |
| 3.60% 04/15/29 | 25,000 | 22,224 |
| Revvity, Inc. | | |
| 2.25% 09/15/31 | 35,000 | 28,124 |
| 3.30% 09/15/29 | 15,000 | 13,416 |
| Rio Tinto Finance USA Ltd. | | |
| 5.20% 11/02/40 | 50,000 | 50,488 |
| Rockwell Automation, Inc. | | |
| 3.50% 03/01/29 | 45,000 | 42,359 |
| Rogers Communications, Inc. | | |
| 4.50% 03/15/42 (d) | 10,000 | 8,298 |
| 7.50% 08/15/38 | 150,000 | 165,472 |
| Roper Technologies, Inc. | | |
| 3.80% 12/15/26 | 75,000 | 71,765 |
| Ross Stores, Inc. | | |
| 4.60% 04/15/25 | 50,000 | 49,002 |
| Royal Bank of Canada | | |
| 3.88% 05/04/32 | 50,000 | 45,818 |
| 4.24% 08/03/27 | 50,000 | 48,292 |
| RPM International, Inc. | | |
| 4.25% 01/15/48 | 50,000 | 38,432 |
| Ryder System, Inc. | | |
| 1.75% 09/01/26 | 15,000 | 13,362 |
| 4.30% 06/15/27 | 10,000 | 9,621 |
| S&P Global, Inc. | | |
| 2.45% 03/01/27 | 75,000 | 69,233 |
| 3.70% 03/01/52 | 50,000 | 40,936 |
| Sabine Pass Liquefaction LLC | | |
| 5.63% 03/01/25 | 135,000 | 134,549 |
| Sabra Health Care LP | | |
| 3.90% 10/15/29 | 25,000 | 20,447 |
| Safehold GL Holdings LLC | | |
| 2.85% 01/15/32 | 25,000 | 19,177 |
| Salesforce, Inc. | | |
| 2.70% 07/15/41 | 50,000 | 36,633 |
| 3.05% 07/15/61 | 25,000 | 17,016 |
| Sempra Energy | | |
| 3.80% 02/01/38 | 25,000 | 20,712 |
| Shell International Finance BV | | |
| 4.38% 05/11/45 | 50,000 | 45,055 |
| 6.38% 12/15/38 | 50,000 | 56,039 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 84 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Sherwin-Williams Co. | | |
| 3.95% 01/15/26 | $ 100,000 | $ 96,904 |
| Snap-on, Inc. | | |
| 3.10% 05/01/50 | 15,000 | 11,121 |
| Sonoco Products Co. | | |
| 3.13% 05/01/30 | 75,000 | 65,416 |
| Southern California Edison Co. | | |
| 3.45% 02/01/52 | 25,000 | 17,896 |
| 3.60% 02/01/45 | 50,000 | 36,620 |
| 4.20% 03/01/29 | 25,000 | 23,769 |
| Southern California Gas Co. | | |
| 2.55% 02/01/30 | 50,000 | 43,044 |
| Southern Co. | | |
| 4.48% 08/01/24 (h) | 75,000 | 73,644 |
| Southwest Airlines Co. | | |
| 3.00% 11/15/26 | 50,000 | 45,946 |
| Southwest Gas Corp. | | |
| 4.05% 03/15/32 | 15,000 | 13,500 |
| Southwestern Electric Power Co. | | |
| 3.25% 11/01/51 | 25,000 | 16,790 |
| Spirit Realty LP | | |
| 2.70% 02/15/32 | 30,000 | 22,920 |
| Stanley Black & Decker, Inc. | | |
| 3.40% 03/01/26 | 75,000 | 71,113 |
| Starbucks Corp. | | |
| 3.00% 02/14/32 | 45,000 | 39,069 |
| 3.75% 12/01/47 | 35,000 | 27,700 |
| 3.80% 08/15/25 | 50,000 | 48,426 |
| Stryker Corp. | | |
| 4.63% 03/15/46 | 25,000 | 23,266 |
| Sumitomo Mitsui Financial Group, Inc. | | |
| 1.47% 07/08/25 | 50,000 | 45,952 |
| 2.14% 09/23/30 | 25,000 | 19,891 |
| 3.01% 10/19/26 | 100,000 | 92,538 |
| 3.35% 10/18/27 | 50,000 | 46,111 |
| 4.31% 10/16/28 | 25,000 | 23,662 |
| Suncor Energy, Inc. | | |
| 6.85% 06/01/39 | 50,000 | 53,726 |
| Suzano Austria GmbH | | |
| 3.75% 01/15/31 | 55,000 | 46,972 |
| Synchrony Financial | | |
| 3.95% 12/01/27 | 25,000 | 21,777 |
| Sysco Corp. | | |
| 3.25% 07/15/27 | 75,000 | 70,088 |
| 6.60% 04/01/40 | 50,000 | 54,041 |
| Tampa Electric Co. | | |
| 4.30% 06/15/48 | 25,000 | 20,892 |
| Tapestry, Inc. | | |
| 3.05% 03/15/32 | 25,000 | 19,974 |
| Target Corp. | | |
| 2.25% 04/15/25 | 50,000 | 47,684 |
| | Principal
Amount | Fair
Value |
| 4.50% 09/15/32 | $ 25,000 | $ 24,408 |
| Teck Resources Ltd. | | |
| 6.25% 07/15/41 | 25,000 | 25,190 |
| Telefonica Emisiones SA | | |
| 7.05% 06/20/36 | 50,000 | 54,640 |
| TELUS Corp. | | |
| 4.60% 11/16/48 | 50,000 | 42,890 |
| Tennessee Gas Pipeline Co. LLC | | |
| 7.00% 10/15/28 | 200,000 | 210,990 |
| Texas Instruments, Inc. | | |
| 3.65% 08/16/32 | 15,000 | 13,945 |
| 3.88% 03/15/39 | 50,000 | 44,841 |
| Textron, Inc. | | |
| 3.90% 09/17/29 | 50,000 | 45,910 |
| Thermo Fisher Scientific, Inc. | | |
| 1.75% 10/15/28 | 20,000 | 17,231 |
| Time Warner Cable LLC | | |
| 4.50% 09/15/42 | 75,000 | 55,977 |
| 7.30% 07/01/38 | 50,000 | 50,973 |
| Timken Co. | | |
| 4.50% 12/15/28 | 20,000 | 19,046 |
| T-Mobile USA, Inc. | | |
| 3.60% 11/15/60 | 45,000 | 31,590 |
| Toronto-Dominion Bank | | |
| 0.75% 09/11/25 | 50,000 | 45,257 |
| 1.95% 01/12/27 | 50,000 | 44,991 |
| Tosco Corp. | | |
| 8.13% 02/15/30 | 150,000 | 174,586 |
| TotalEnergies Capital International SA | | |
| 3.39% 06/29/60 | 50,000 | 36,685 |
| Toyota Motor Credit Corp. | | |
| 3.00% 04/01/25 | 50,000 | 48,176 |
| 4.55% 09/20/27 | 25,000 | 24,670 |
| Trane Technologies Luxembourg Finance SA | | |
| 4.50% 03/21/49 | 50,000 | 44,311 |
| TransCanada PipeLines Ltd. | | |
| 1.00% 10/12/24 | 30,000 | 28,218 |
| 5.85% 03/15/36 | 150,000 | 149,677 |
| Travelers Cos., Inc. | | |
| 4.00% 05/30/47 | 50,000 | 42,065 |
| Truist Bank | | |
| 3.30% 05/15/26 | 100,000 | 91,669 |
| Truist Financial Corp. | | |
| 1.95% 06/05/30 | 25,000 | 19,878 |
| 2.50% 08/01/24 | 50,000 | 48,221 |
| Truist Financial Corp. (4.92% fixed rate until 07/28/32; 2.24% + SOFR thereafter) | | |
| 4.92% 07/28/33 (f) | 25,000 | 22,832 |
| Tucson Electric Power Co. | | |
| 4.85% 12/01/48 | 50,000 | 44,191 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 85 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| TWDC Enterprises 18 Corp. | | |
| 3.00% 07/30/46 | $ 75,000 | $ 53,895 |
| Tyco Electronics Group SA | | |
| 2.50% 02/04/32 | 45,000 | 37,816 |
| Tyson Foods, Inc. | | |
| 4.00% 03/01/26 | 15,000 | 14,490 |
| 4.88% 08/15/34 | 45,000 | 43,353 |
| U.S. Bancorp | | |
| 3.95% 11/17/25 | 50,000 | 48,098 |
| U.S. Bancorp (4.55% fixed rate until 07/22/27; 1.66% + SOFR thereafter) | | |
| 4.55% 07/22/28 (f) | 25,000 | 23,936 |
| UBS Group AG | | |
| 4.88% 05/15/45 | 50,000 | 43,207 |
| Unilever Capital Corp. | | |
| 2.90% 05/05/27 | 50,000 | 46,764 |
| 3.50% 03/22/28 | 75,000 | 71,832 |
| Union Electric Co. | | |
| 3.50% 03/15/29 | 25,000 | 23,044 |
| 3.65% 04/15/45 | 35,000 | 27,106 |
| Union Pacific Corp. | | |
| 2.80% 02/14/32 | 15,000 | 12,942 |
| 3.38% 02/14/42 | 10,000 | 8,002 |
| 3.55% 08/15/39 | 15,000 | 12,561 |
| 3.95% 08/15/59 | 20,000 | 16,252 |
| 4.95% 09/09/52 | 50,000 | 49,675 |
| United Airlines Pass-Through Trust | | |
| 5.88% 04/15/29 | 122,176 | 121,292 |
| UnitedHealth Group, Inc. | | |
| 3.70% 12/15/25 | 110,000 | 106,103 |
| 3.75% 10/15/47 | 25,000 | 20,559 |
| 3.88% 12/15/28 | 15,000 | 14,391 |
| 4.45% 12/15/48 | 10,000 | 9,114 |
| 4.63% 07/15/35 | 45,000 | 44,025 |
| 5.95% 02/15/41 | 125,000 | 135,226 |
| 6.88% 02/15/38 | 50,000 | 59,637 |
| University of Notre Dame du Lac | | |
| 3.39% 02/15/48 | 25,000 | 20,369 |
| Vale Overseas Ltd. | | |
| 6.88% 11/10/39 | 75,000 | 78,683 |
| Valero Energy Corp. | | |
| 6.63% 06/15/37 | 50,000 | 53,683 |
| Ventas Realty LP | | |
| 3.50% 02/01/25 | 150,000 | 143,661 |
| VeriSign, Inc. | | |
| 2.70% 06/15/31 | 30,000 | 24,983 |
| Verisk Analytics, Inc. | | |
| 4.13% 03/15/29 | 60,000 | 57,276 |
| Verizon Communications, Inc. | | |
| 2.88% 11/20/50 | 50,000 | 32,556 |
| 3.88% 02/08/29 - 03/01/52 | 105,000 | 83,164 |
| 4.02% 12/03/29 | 50,000 | 46,642 |
| | Principal
Amount | Fair
Value |
| 4.33% 09/21/28 | $ 34,000 | $ 32,761 |
| VF Corp. | | |
| 2.95% 04/23/30 | 75,000 | 61,720 |
| VMware, Inc. | | |
| 4.50% 05/15/25 | 25,000 | 24,473 |
| Vodafone Group PLC | | |
| 4.25% 09/17/50 | 75,000 | 60,197 |
| Vulcan Materials Co. | | |
| 4.70% 03/01/48 | 50,000 | 44,640 |
| W R Berkley Corp. | | |
| 4.00% 05/12/50 | 20,000 | 15,682 |
| Wachovia Corp. | | |
| 5.50% 08/01/35 | 100,000 | 97,956 |
| Walmart, Inc. | | |
| 3.25% 07/08/29 | 40,000 | 37,515 |
| Walt Disney Co. | | |
| 3.38% 11/15/26 | 50,000 | 47,578 |
| 3.60% 01/13/51 | 25,000 | 19,894 |
| 4.70% 03/23/50 | 50,000 | 47,803 |
| Warnermedia Holdings, Inc. | | |
| 3.64% 03/15/25 | 50,000 | 48,236 |
| 3.76% 03/15/27 | 75,000 | 69,980 |
| 4.28% 03/15/32 | 40,000 | 35,443 |
| 5.05% 03/15/42 | 15,000 | 12,584 |
| 5.39% 03/15/62 | 15,000 | 12,191 |
| Waste Connections, Inc. | | |
| 3.50% 05/01/29 | 50,000 | 46,045 |
| Waste Management, Inc. | | |
| 2.00% 06/01/29 | 25,000 | 21,385 |
| Wells Fargo & Co. | | |
| 4.15% 01/24/29 | 100,000 | 94,763 |
| 4.40% 06/14/46 | 50,000 | 40,740 |
| Wells Fargo & Co. (4.90% fixed rate until 07/25/32; 2.10% + SOFR thereafter) | | |
| 4.90% 07/25/33 (f) | 60,000 | 57,515 |
| Welltower OP LLC | | |
| 4.13% 03/15/29 | 75,000 | 69,565 |
| Western Digital Corp. | | |
| 3.10% 02/01/32 | 30,000 | 22,208 |
| Westlake Corp. | | |
| 4.38% 11/15/47 | 50,000 | 39,495 |
| Westpac Banking Corp. | | |
| 1.95% 11/20/28 | 25,000 | 21,444 |
| 3.74% 08/26/25 | 50,000 | 48,257 |
| Whirlpool Corp. | | |
| 4.70% 05/14/32 | 15,000 | 14,400 |
| Williams Cos., Inc. | | |
| 5.75% 06/24/44 | 65,000 | 63,404 |
| Wisconsin Electric Power Co. | | |
| 4.30% 10/15/48 | 10,000 | 8,640 |
| Wisconsin Public Service Corp. | | |
| 3.30% 09/01/49 | 20,000 | 14,397 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 86 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| WP Carey, Inc. | | |
| 3.85% 07/15/29 | $ 50,000 | $ 45,290 |
| Zimmer Biomet Holdings, Inc. | | |
| 3.55% 04/01/25 | 50,000 | 48,224 |
| Zoetis, Inc. | | |
| 3.00% 05/15/50 | 70,000 | 49,058 |
| | | 36,777,318 |
| Non-Agency Collateralized Mortgage Obligations - 0.1% |
| Bank | | |
| 2.98% 11/15/62 | 50,000 | 43,242 |
| 3.01% 09/15/62 | 50,000 | 42,798 |
| BBCMS Mortgage Trust | | |
| 2.69% 11/15/54 | 150,000 | 123,768 |
| 4.31% 12/15/51 | 50,000 | 47,026 |
| Benchmark Mortgage Trust | | |
| 2.58% 04/15/54 | 150,000 | 119,215 |
| Citigroup Commercial Mortgage Trust | | |
| 2.87% 08/10/56 | 100,000 | 85,825 |
| 4.03% 05/10/47 | 100,000 | 96,918 |
| COMM Mortgage Trust | | |
| 3.18% 02/10/48 | 150,000 | 142,928 |
| CSAIL Commercial Mortgage Trust | | |
| 3.45% 09/15/50 | 150,000 | 135,955 |
| GS Mortgage Securities Trust | | |
| 2.78% 10/10/49 | 44,204 | 42,169 |
| 3.97% 02/10/52 | 50,000 | 45,870 |
| JPMBB Commercial Mortgage Securities Trust | | |
| 3.80% 09/15/47 | 75,000 | 72,482 |
| Morgan Stanley Bank of America Merrill Lynch Trust | | |
| 3.72% 12/15/49 | 89,000 | 82,601 |
| Morgan Stanley Capital I Trust | | |
| 3.60% 12/15/49 | 150,000 | 138,682 |
| UBS Commercial Mortgage Trust | | |
| 4.07% 12/15/51 | 40,223 | 37,378 |
| Wells Fargo Commercial Mortgage Trust | | |
| 2.73% 02/15/53 | 100,000 | 84,089 |
| 3.73% 05/15/52 | 175,000 | 158,153 |
| | | 1,499,099 |
| Sovereign Bonds - 0.1% |
| Chile Government International Bonds | | |
| 3.86% 06/21/47 (e) | 100,000 | 81,947 |
| Export Development Canada | | |
| 3.00% 05/25/27 (e) | 50,000 | 47,397 |
| Export-Import Bank of Korea | | |
| 1.13% 12/29/26 (e) | 200,000 | 173,114 |
| | Principal
Amount | Fair
Value |
| Indonesia Government International Bonds | | |
| 3.05% 03/12/51 (e) | $ 100,000 | $ 73,330 |
| 4.75% 02/11/29 (e) | 100,000 | 99,618 |
| Israel Government International Bonds | | |
| 3.88% 07/03/50 (e) | 100,000 | 82,308 |
| Japan Bank for International Cooperation | | |
| 1.25% 01/21/31 (e) | 150,000 | 118,740 |
| 2.88% 07/21/27 (e) | 100,000 | 93,255 |
| Korea Development Bank | | |
| 2.13% 10/01/24 (e) | 100,000 | 95,875 |
| Korea International Bonds | | |
| 1.75% 10/15/31 (e) | 100,000 | 83,293 |
| Mexico Government International Bonds | | |
| 3.75% 01/11/28 (e) | 100,000 | 95,150 |
| 4.75% 03/08/44 (e) | 52,000 | 44,634 |
| 4.88% 05/19/33 (e) | 100,000 | 95,569 |
| 6.05% 01/11/40 (e) | 55,000 | 55,857 |
| Panama Government International Bonds | | |
| 3.87% 07/23/60 (e) | 50,000 | 33,080 |
| 6.70% 01/26/36 (e) | 75,000 | 80,235 |
| Peruvian Government International Bonds | | |
| 3.00% 01/15/34 (e) | 29,000 | 24,066 |
| 3.23% 07/28/21 (e) | 25,000 | 15,077 |
| 6.55% 03/14/37 (e) | 47,000 | 52,685 |
| Philippines Government International Bonds | | |
| 2.95% 05/05/45 (e) | 100,000 | 71,859 |
| 10.63% 03/16/25 (e) | 250,000 | 273,812 |
| Uruguay Government International Bonds | | |
| 5.10% 06/18/50 (e) | 50,000 | 49,940 |
| | | 1,840,841 |
| Municipal Bonds and Notes - 0.1% |
| Board of Regents of the University of Texas System, TX | | |
| 4.79% 08/15/46 | 100,000 | 100,874 |
| Chicago O'Hare International Airport, IL | | |
| 4.47% 01/01/49 | 100,000 | 93,213 |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, IL | | |
| 6.90% 12/01/40 | 75,000 | 85,008 |
| Commonwealth of Massachusetts, MA | | |
| 4.50% 08/01/31 | 100,000 | 97,391 |
| Dallas Area Rapid Transit, TX | | |
| 5.02% 12/01/48 | 50,000 | 51,469 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 87 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| | Principal
Amount | Fair
Value |
| Dallas Fort Worth International Airport, TX | | |
| 4.09% 11/01/51 | $ 5,000 | $ 4,409 |
| Los Angeles Department of Water & Power, CA | | |
| 6.60% 07/01/50 | 90,000 | 111,383 |
| Los Angeles Unified School District, CA | | |
| 5.76% 07/01/29 | 110,000 | 113,111 |
| New York City Municipal Water Finance Authority, NY | | |
| 6.01% 06/15/42 | 50,000 | 57,062 |
| New York State Dormitory Authority, NY | | |
| 3.14% 07/01/43 | 50,000 | 40,498 |
| New York State Urban Development Corp., NY | | |
| 3.90% 03/15/33 | 25,000 | 23,368 |
| North Texas Tollway Authority, TX | | |
| 6.72% 01/01/49 | 100,000 | 124,146 |
| Port Authority of New York & New Jersey, NY | | |
| 5.31% 08/01/46 | 125,000 | 125,312 |
| Regents of the University of California Medical Center Pooled Revenue, CA | | |
| 6.58% 05/15/49 | 100,000 | 116,707 |
| Sales Tax Securitization Corp., IL | | |
| 4.64% 01/01/40 | 25,000 | 23,851 |
| San Joaquin Hills Transportation Corridor Agency, CA | | |
| 3.49% 01/15/50 | 100,000 | 78,256 |
| South Carolina Public Service Authority, SC | | |
| 6.45% 01/01/50 | 50,000 | 55,918 |
| State of California, CA | | |
| 2.50% 10/01/29 | 100,000 | 88,226 |
| | Principal
Amount | Fair
Value |
| 7.60% 11/01/40 | $ 50,000 | $ 63,834 |
| Texas Transportation Commission, TX | | |
| 2.56% 04/01/42 | 80,000 | 60,884 |
| | | 1,514,920 |
Total Bonds and Notes
(Cost $222,328,227) | | 202,473,896 |
| | Number
of Shares | |
| Exchange Traded & Mutual Funds - 12.0% |
| SPDR Bloomberg High Yield Bond ETF (i) | 596,168 | 54,865,341 |
| SPDR Bloomberg International Treasury Bond ETF (i) | 2,424,748 | 54,678,068 |
| SPDR Gold Shares (a)(i) | 112,993 | 20,143,262 |
| SPDR Portfolio Aggregate Bond ETF (i) | 268,144 | 6,802,813 |
| SPDR Portfolio Long Term Treasury ETF (i) | 922,192 | 27,573,541 |
Total Exchange Traded & Mutual Funds
(Cost $163,829,650) | | 164,063,025 |
Total Investments in Securities
(Cost $1,255,195,543) | | 1,297,987,666 |
| Short-Term Investments - 5.2% |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.07% (i)(j)
(Cost $70,735,502) | 70,735,502 | 70,735,502 |
Total Investments
(Cost $1,325,931,045) | | 1,368,723,168 |
| Other Assets and Liabilities, net - 0.1% | | 2,001,623 |
| NET ASSETS - 100.0% | | $ 1,370,724,791 |
Other Information:
| The Fund had the following long futures contracts open at June 30, 2023: |
| Description | Expiration
Date | Number of
Contracts | Notional
Amount | Value | Unrealized
Appreciation
(Depreciation) |
| MSCI EAFE Mini Index Futures | September 2023 | 40 | $ 4,267,631 | $ 4,311,000 | $ 43,369 |
| S&P/Toronto Stock Exchange 60 Index | September 2023 | 2 | 362,468 | 368,366 | 5,898 |
| MSCI Emerging Markets Index Futures | September 2023 | 20 | 1,004,834 | 997,900 | (6,934) |
| E-mini Russell 2000 Index Futures | September 2023 | 45 | 4,278,709 | 4,283,325 | 4,616 |
| E-mini Russell 1000 Index Futures | September 2023 | 16 | 1,910,533 | 1,966,720 | 56,187 |
| | | | | | $ 103,136 |
During the year ended June 30, 2023, the average notional value related to long futures contracts was $14,212,134.
See Notes to Schedule of Investments and Notes to Financial Statements.
| 88 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
| (a) | Non-income producing security. |
| (b) | State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund's investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (c) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund's Board of Directors. Security value is determined based on level 3 inputs. |
| (d) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to $8,709,747 or 0.64% of the net assets of the State Street Total Return V.I.S. Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Directors. |
| (e) | At June 30, 2023, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs. |
| (f) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
| (g) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
| (h) | Step coupon bond. |
| (i) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
| (j) | Coupon amount represents effective yield. |
| † | Percentages are based on net assets as of June 30, 2023. |
| * | Less than 0.05%. |
| ** | Amount is less than $0.50. |
| Abbreviations: |
| ADR - American Depositary Receipt |
| CMT - Constant Maturity Treasury |
| GDR - Global Depositary Receipt |
| LIBOR - London Interbank Offered Rate |
| NVDR - Non-Voting Depositary Receipt |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| TBA - To Be Announced |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2023:
| Investments | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Domestic Equity | $ 569,962,187 | | $ 17,188,698 | | $ —(a) | | $ 587,150,885 |
| Foreign Equity | 45,057,044 | | 299,238,714 | | 4,102 | | 344,299,860 |
| U.S. Treasuries | — | | 121,707,678 | | — | | 121,707,678 |
| Agency Mortgage Backed | — | | 37,838,114 | | — | | 37,838,114 |
| Agency Collateralized Mortgage Obligations | — | | 821,433 | | — | | 821,433 |
| Asset Backed | — | | 474,493 | | — | | 474,493 |
| Corporate Notes | — | | 36,777,318 | | — | | 36,777,318 |
| Non-Agency Collateralized Mortgage Obligations | — | | 1,499,099 | | — | | 1,499,099 |
| Sovereign Bonds | — | | 1,840,841 | | — | | 1,840,841 |
| Municipal Bonds and Notes | — | | 1,514,920 | | — | | 1,514,920 |
| Exchange Traded & Mutual Funds | 164,063,025 | | — | | — | | 164,063,025 |
| Short-Term Investments | 70,735,502 | | — | | — | | 70,735,502 |
| Total Investments in Securities | $ 849,817,758 | | $ 518,901,308 | | $ 4,102 | | $ 1,368,723,168 |
| Other Financial Instruments | | | | | | | |
| Long Futures Contracts - Unrealized Appreciation | $ 110,070 | | $ — | | $ — | | $ 110,070 |
| Long Futures Contracts - Unrealized Depreciation | (6,934) | | — | | — | | (6,934) |
| Total Other Financial Instruments | $ 103,136 | | $ — | | $ — | | $ 103,136 |
| (a) | The Fund held Level 3 securities that were valued at $0 at June 30, 2023. |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 89 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
The Fund was invested in the following countries/territories at June 30, 2023 (unaudited):
| Country/Territory | Percentage (based on
Fair Value) |
| United States | 74.12% |
| Japan | 3.95% |
| China | 2.15% |
| Canada | 2.12% |
| United Kingdom | 2.09% |
| France | 1.84% |
| Germany | 1.51% |
| Australia | 1.37% |
| Switzerland | 1.09% |
| Taiwan | 1.06% |
| India | 1.00% |
| Netherlands | 0.98% |
| Republic of Korea | 0.89% |
| Denmark | 0.53% |
| Sweden | 0.52% |
| Spain | 0.45% |
| Brazil | 0.45% |
| Hong Kong | 0.42% |
| Italy | 0.38% |
| Saudi Arabia | 0.29% |
| Singapore | 0.29% |
| South Africa | 0.25% |
| Mexico | 0.24% |
| Finland | 0.19% |
| Belgium | 0.15% |
| Thailand | 0.15% |
| Indonesia | 0.15% |
| Ireland | 0.14% |
| Supranational | 0.12% |
| Norway | 0.11% |
| Israel | 0.11% |
| Malaysia | 0.09% |
| United Arab Emirates | 0.09% |
| Philippines | 0.07% |
| Chile | 0.06% |
| Qatar | 0.06% |
| Country/Territory | Percentage (based on
Fair Value) |
| Kuwait | 0.06% |
| Poland | 0.06% |
| Austria | 0.04% |
| New Zealand | 0.04% |
| Turkey | 0.04% |
| Greece | 0.03% |
| Bermuda | 0.03% |
| Portugal | 0.03% |
| Luxembourg | 0.03% |
| Macau | 0.02% |
| Puerto Rico | 0.02% |
| Peru | 0.02% |
| Hungary | 0.02% |
| Zambia | 0.02% |
| Czech Republic | 0.01% |
| Panama | 0.01% |
| Monaco | 0.01% |
| Ghana | 0.01% |
| Colombia | 0.01% |
| Cameroon | 0.01% |
| Burkina Faso | 0.00%*** |
| Jordan | 0.00%*** |
| Uruguay | 0.00%*** |
| Cayman Islands | 0.00%*** |
| Egypt | 0.00%*** |
| Romania | 0.00%*** |
| Bahamas | 0.00%*** |
| UAE | 0.00%*** |
| Guernsey | 0.00%*** |
| Malta | 0.00%*** |
| Gibraltar | 0.00%*** |
| Russian Federation | 0.00%*** |
| | 100.00% |
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2023:
| Industry | Domestic | Foreign | Total |
| Exchange Traded Funds | 11.99% | 0.00% | 11.99% |
| Diversified Banks | 0.85% | 3.17% | 4.02% |
| Pharmaceuticals | 1.97% | 1.22% | 3.19% |
| Technology Hardware, Storage & Peripherals | 2.64% | 0.50% | 3.14% |
| Semiconductors | 2.20% | 0.78% | 2.98% |
| Systems Software | 2.75% | 0.03% | 2.78% |
| Interactive Media & Services | 1.80% | 0.40% | 2.20% |
| Application Software | 1.30% | 0.33% | 1.63% |
| Broadline Retail | 1.07% | 0.49% | 1.56% |
| Automobile Manufacturers | 0.79% | 0.73% | 1.52% |
| Integrated Oil & Gas | 0.65% | 0.81% | 1.46% |
| Biotechnology | 1.32% | 0.11% | 1.43% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 90 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Healthcare Equipment | 1.08% | 0.20% | 1.28% |
| Electric Utilities | 0.61% | 0.45% | 1.06% |
| Packaged Foods & Meats | 0.74% | 0.30% | 1.04% |
| Transaction & Payment Processing Services | 0.92% | 0.11% | 1.03% |
| Aerospace & Defense | 0.64% | 0.31% | 0.95% |
| Industrial Machinery & Supplies & Components | 0.54% | 0.36% | 0.90% |
| Semiconductor Materials & Equipment | 0.37% | 0.51% | 0.88% |
| Apparel, Accessories & Luxury Goods | 0.09% | 0.66% | 0.75% |
| Oil & Gas Exploration & Production | 0.55% | 0.20% | 0.75% |
| Life Sciences Tools & Services | 0.61% | 0.12% | 0.73% |
| Restaurants | 0.50% | 0.23% | 0.73% |
| Life & Health Insurance | 0.18% | 0.55% | 0.73% |
| Regional Banks | 0.68% | 0.05% | 0.73% |
| IT Consulting & Other Services | 0.38% | 0.29% | 0.67% |
| Integrated Telecommunication Services | 0.25% | 0.42% | 0.67% |
| Specialty Chemicals | 0.33% | 0.33% | 0.66% |
| Electrical Components & Equipment | 0.44% | 0.21% | 0.65% |
| Multi-Sector Holdings | 0.55% | 0.11% | 0.66% |
| Industrial Conglomerates | 0.27% | 0.37% | 0.64% |
| Trading Companies & Distributors | 0.26% | 0.37% | 0.63% |
| Managed Healthcare | 0.60% | 0.00% | 0.60% |
| Household Products | 0.46% | 0.12% | 0.58% |
| Soft Drinks & Non-alcoholic Beverages | 0.51% | 0.07% | 0.58% |
| Consumer Staples Merchandise Retail | 0.52% | 0.06% | 0.58% |
| Property & Casualty Insurance | 0.38% | 0.21% | 0.59% |
| Financial Exchanges & Data | 0.38% | 0.20% | 0.58% |
| Asset Management & Custody Banks | 0.39% | 0.18% | 0.57% |
| Diversified Metals & Mining | 0.02% | 0.52% | 0.54% |
| Building Products | 0.32% | 0.19% | 0.51% |
| Personal Care Products | 0.12% | 0.38% | 0.50% |
| Rail Transportation | 0.22% | 0.28% | 0.50% |
| Movies & Entertainment | 0.42% | 0.05% | 0.47% |
| Construction Machinery & Heavy Transportation Equipment | 0.26% | 0.18% | 0.44% |
| Multi-Utilities | 0.27% | 0.17% | 0.44% |
| Research & Consulting Services | 0.26% | 0.17% | 0.43% |
| Multi-Line Insurance | 0.07% | 0.36% | 0.43% |
| Investment Banking & Brokerage | 0.35% | 0.07% | 0.42% |
| Hotels, Resorts & Cruise Lines | 0.31% | 0.11% | 0.42% |
| Home Improvement Retail | 0.40% | 0.01% | 0.41% |
| Communications Equipment | 0.34% | 0.06% | 0.40% |
| Food Retail | 0.06% | 0.33% | 0.39% |
| Wireless Telecommunication Services | 0.08% | 0.30% | 0.38% |
| Tobacco | 0.21% | 0.15% | 0.36% |
| Construction & Engineering | 0.16% | 0.21% | 0.37% |
| Oil & Gas Storage & Transportation | 0.17% | 0.19% | 0.36% |
| Oil & Gas Refining & Marketing | 0.16% | 0.19% | 0.35% |
| Electronic Components | 0.11% | 0.24% | 0.35% |
| Air Freight & Logistics | 0.21% | 0.14% | 0.35% |
| Steel | 0.14% | 0.20% | 0.34% |
| Healthcare Services | 0.30% | 0.04% | 0.34% |
| Industrial Gases | 0.22% | 0.11% | 0.33% |
| Electronic Equipment & Instruments | 0.16% | 0.16% | 0.32% |
| Healthcare Supplies | 0.12% | 0.18% | 0.30% |
| Apparel Retail | 0.17% | 0.13% | 0.30% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 91 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Interactive Home Entertainment | 0.13% | 0.17% | 0.30% |
| Consumer Finance | 0.24% | 0.04% | 0.28% |
| Human Resource & Employment Services | 0.21% | 0.07% | 0.28% |
| Distillers & Vintners | 0.05% | 0.22% | 0.27% |
| Casinos & Gaming | 0.12% | 0.15% | 0.27% |
| Construction Materials | 0.13% | 0.13% | 0.26% |
| Home Building | 0.21% | 0.05% | 0.26% |
| Internet Services & Infrastructure | 0.17% | 0.09% | 0.26% |
| Commodity Chemicals | 0.09% | 0.16% | 0.25% |
| Retail REITs | 0.19% | 0.06% | 0.25% |
| Automotive Parts & Equipment | 0.13% | 0.11% | 0.24% |
| Gold | 0.04% | 0.20% | 0.24% |
| Insurance Brokers | 0.23% | 0.00% | 0.23% |
| Oil & Gas Equipment & Services | 0.22% | 0.01% | 0.23% |
| Industrial REITs | 0.16% | 0.06% | 0.22% |
| Cable & Satellite | 0.20% | 0.01% | 0.21% |
| Brewers | 0.01% | 0.19% | 0.20% |
| Automotive Retail | 0.17% | 0.02% | 0.19% |
| Consumer Electronics | 0.02% | 0.17% | 0.19% |
| Diversified Financial Services | 0.06% | 0.13% | 0.19% |
| Environmental & Facilities Services | 0.15% | 0.04% | 0.19% |
| Healthcare Facilities | 0.13% | 0.05% | 0.18% |
| Gas Utilities | 0.07% | 0.10% | 0.17% |
| Passenger Airlines | 0.11% | 0.05% | 0.16% |
| Agricultural & Farm Machinery | 0.12% | 0.05% | 0.17% |
| Footwear | 0.15% | 0.01% | 0.16% |
| Diversified Capital Markets | 0.00% | 0.15% | 0.15% |
| Fertilizers & Agricultural Chemicals | 0.07% | 0.08% | 0.15% |
| Healthcare Distributors | 0.12% | 0.02% | 0.14% |
| Reinsurance | 0.06% | 0.08% | 0.14% |
| Advertising | 0.08% | 0.06% | 0.14% |
| Telecom Tower REITs | 0.14% | 0.00% | 0.14% |
| Other Specialty Retail | 0.11% | 0.03% | 0.14% |
| Diversified Support Services | 0.10% | 0.04% | 0.14% |
| Multi-Family Residential REITs | 0.13% | 0.00% | 0.13% |
| Diversified Real Estate Activities | 0.01% | 0.13% | 0.14% |
| Cargo Ground Transportation | 0.11% | 0.01% | 0.12% |
| Health Care REITs | 0.11% | 0.00% | 0.11% |
| Electronic Manufacturing Services | 0.05% | 0.07% | 0.12% |
| Office REITs | 0.08% | 0.03% | 0.11% |
| Marine Transportation | 0.02% | 0.09% | 0.11% |
| Diversified Chemicals | 0.01% | 0.10% | 0.11% |
| Real Estate Operating Companies | 0.01% | 0.09% | 0.10% |
| Leisure Products | 0.06% | 0.04% | 0.10% |
| Data Processing & Outsourced Services | 0.08% | 0.02% | 0.10% |
| Mortgage REITs | 0.10% | 0.00% | 0.10% |
| Passenger Ground Transportation | 0.08% | 0.02% | 0.10% |
| Copper | 0.05% | 0.05% | 0.10% |
| Independent Power Producers & Energy Traders | 0.02% | 0.07% | 0.09% |
| Heavy Electrical Equipment | 0.01% | 0.08% | 0.09% |
| Diversified REITs | 0.05% | 0.05% | 0.10% |
| Real Estate Development | 0.00% | 0.09% | 0.09% |
| Data Center REITs | 0.09% | 0.00% | 0.09% |
| Paper & Plastic Packaging Products & Materials | 0.07% | 0.02% | 0.09% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 92 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Industry | Domestic | Foreign | Total |
| Water Utilities | 0.06% | 0.03% | 0.09% |
| Other Specialized REITs | 0.08% | 0.00% | 0.08% |
| Agricultural Products & Services | 0.07% | 0.01% | 0.08% |
| Self Storage REITs | 0.08% | 0.00% | 0.08% |
| Healthcare Technology | 0.07% | 0.01% | 0.08% |
| Coal & Consumable Fuels | 0.03% | 0.05% | 0.08% |
| Real Estate Services | 0.06% | 0.02% | 0.08% |
| Leisure Facilities | 0.03% | 0.05% | 0.08% |
| Education Services | 0.05% | 0.02% | 0.07% |
| Food Distributors | 0.06% | 0.01% | 0.07% |
| Metal, Glass & Plastic Containers | 0.06% | 0.01% | 0.07% |
| Tires & Rubber | 0.01% | 0.06% | 0.07% |
| Renewable Electricity | 0.03% | 0.04% | 0.07% |
| Hotel & Resort REITs | 0.06% | 0.00% | 0.06% |
| Technology Distributors | 0.06% | 0.01% | 0.07% |
| Commercial & Residential Mortgage Finance | 0.06% | 0.00% | 0.06% |
| Single-Family Residential REITs | 0.06% | 0.00% | 0.06% |
| Paper Products | 0.01% | 0.05% | 0.06% |
| Oil & Gas Drilling | 0.04% | 0.01% | 0.05% |
| Highways & Railtracks | 0.00% | 0.05% | 0.05% |
| Drug Retail | 0.02% | 0.03% | 0.05% |
| Distributors | 0.05% | 0.00% | 0.05% |
| Broadcasting | 0.04% | 0.01% | 0.05% |
| Airport Services | 0.00% | 0.05% | 0.05% |
| Aluminum | 0.02% | 0.02% | 0.04% |
| Timber REITs | 0.04% | 0.00% | 0.04% |
| Household Appliances | 0.02% | 0.02% | 0.04% |
| Home Furnishing Retail | 0.03% | 0.01% | 0.04% |
| Motorcycle Manufacturers | 0.00% | 0.03% | 0.03% |
| Security & Alarm Services | 0.01% | 0.02% | 0.03% |
| Alternative Carriers | 0.03% | 0.00% | 0.03% |
| Specialized Finance | 0.00% | 0.02% | 0.02% |
| Specialized Consumer Services | 0.02% | 0.00% | 0.02% |
| Publishing | 0.02% | 0.00% | 0.02% |
| Computer & Electronics Retail | 0.03% | 0.00% | 0.03% |
| Home Furnishings | 0.02% | 0.00% | 0.02% |
| Forest Products | 0.01% | 0.01% | 0.02% |
| Commercial Printing | 0.00% | 0.02% | 0.02% |
| Precious Metals & Minerals | 0.00% | 0.02% | 0.02% |
| Office Services & Supplies | 0.02% | 0.00% | 0.02% |
| Silver | 0.01% | 0.01% | 0.02% |
| Marine Ports & Services | 0.00% | 0.01% | 0.01% |
| Textiles | 0.00% | 0.00% | 0.00%*** |
| Housewares & Specialties | 0.00% | 0.00% | 0.00%*** |
| | | | 80.04% |
See Notes to Schedule of Investments and Notes to Financial Statements.
| State Street Total Return V.I.S. Fund | 93 |
State Street Total Return V.I.S. Fund
Schedule of Investments, continued — June 30, 2023 (Unaudited)
| Sector | Percentage (based
on Fair Value) |
| U.S. Treasuries | | | 8.89% |
| Agency Mortgage Backed | | | 2.76% |
| Corporate Notes | | | 2.69% |
| Sovereign Bonds | | | 0.13% |
| Municipal Bonds and Notes | | | 0.11% |
| Non-Agency Collateralized Mortgage Obligations | | | 0.11% |
| Agency Collateralized Mortgage Obligations | | | 0.06% |
| Sector | Percentage (based
on Fair Value) |
| Asset Backed | | | 0.04% |
| | | | 14.79% |
| Short-Term Investments | | | 5.17% |
| | | | 100.00% |
| | Number
of Shares
Held at
12/31/22 | Value at
12/31/22 | | Cost of
Purchases | | Proceeds
from
Shares
Sold | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | Number of
Shares
Held at
6/30/23 | Value at
6/30/23 | | Dividend
Income |
| SPDR Bloomberg High Yield Bond ETF | 150,705 | $ 13,563,450 | | $ 70,110,417 | | $ 28,019,633 | | $(1,112,559) | | $ 323,666 | 596,168 | $ 54,865,341 | | $1,112,667 |
| SPDR Bloomberg International Treasury Bond ETF | 2,402,330 | 53,884,262 | | 16,668,286 | | 15,968,530 | | (451,134) | | 545,184 | 2,424,748 | 54,678,068 | | 472,601 |
| SPDR Gold Shares | — | — | | 22,625,714 | | 2,390,500 | | 56,016 | | (147,968) | 112,993 | 20,143,262 | | — |
| SPDR Portfolio Aggregate Bond ETF | 2,657,053 | 66,771,742 | | 42,956,006 | | 103,748,855 | | 1,748,375 | | (924,455) | 268,144 | 6,802,813 | | 370,877 |
| SPDR Portfolio Long Term Treasury ETF | 1,523,635 | 44,231,124 | | 30,246,322 | | 48,061,144 | | (3,328,769) | | 4,486,008 | 922,192 | 27,573,541 | | 430,471 |
| State Street Corp. | 3,761 | 291,741 | | 82,436 | | 41,060 | | (2,712) | | (18,585) | 4,261 | 311,820 | | 5,117 |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 52,907,231 | 52,907,231 | | 240,756,015 | | 222,927,744 | | — | | — | 70,735,502 | 70,735,502 | | 1,186,990 |
| TOTAL | | $231,649,550 | | $423,445,196 | | $421,157,466 | | $(3,090,783) | | $4,263,850 | | $235,110,347 | | $3,578,723 |
See Notes to Schedule of Investments and Notes to Financial Statements.
| 94 | State Street Total Return V.I.S. Fund |
State Street Total Return V.I.S. Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| | | Class 1 |
| | | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | | 7/1/85 |
| Net asset value, beginning of period | | $ 13.06 | | $ 16.06 | | $ 16.63 | | $ 15.91 | | $ 14.06 | | $ 19.94 |
| Income/(loss) from investment operations: | | | | | | | | | | | | |
| Net investment income(b) | | 0.15 | | 0.29 | | 0.40 | | 0.27 | | 0.34 | | 0.40 |
| Net realized and unrealized gains/(losses) on investments | | 1.03 | | (2.94) | | 1.84 | | 0.75 | | 1.88 | | (1.69) |
| Total income/(loss) from investment operations | | 1.18 | | (2.65) | | 2.24 | | 1.02 | | 2.22 | | (1.29) |
| Contribution from Advisor | | — | | — | | 0.00 (c) | | — | | — | | — |
| Contribution from Affiliate | | — | | — | | 0.00 (c) | | — | | — | | — |
| Less distributions from: | | | | | | | | | | | | |
| Net investment income | | — | | (0.13) | | (0.39) | | (0.30) | | (0.37) | | (0.45) |
| Net realized gains | | — | | (0.22) | | (2.42) | | — | | — | | (4.14) |
| Total distributions | | — | | (0.35) | | (2.81) | | (0.30) | | (0.37) | | (4.59) |
| Net asset value, end of period | | $ 14.24 | | $ 13.06 | | $ 16.06 | | $ 16.63 | | $ 15.91 | | $ 14.06 |
| Total Return(d) | | 9.04% | | (16.51)% | | 13.45% (e) | | 6.44% | | 15.81% | | (6.34)% |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $609,047 | | $588,132 | | $768,504 | | $743,820 | | $764,667 | | $733,417 |
| Ratios to average net assets: | | | | | | | | | | | | |
| Net expenses | | 0.63% (f) | | 0.64% | | 0.62% | | 0.60% | | 0.61% | | 0.62% |
| Gross expenses | | 0.63% (f) | | 0.64% | | 0.62% | | 0.60% | | 0.61% | | 0.62% |
| Net investment income | | 2.17% (f) | | 2.02% | | 2.22% | | 1.77% | | 2.24% | | 2.01% |
| Portfolio turnover rate | | 37% (g) | | 109% (g) | | 118% (g) | | 92% (g) | | 81% | | 97% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.005. |
| (d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (e) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (f) | Annualized for periods less than one year. |
| (g) | The portfolio turnover calculated for the six months ended 6/30/2023 and years ended 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 39%, 127%, 144% and 103%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Total Return V.I.S. Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| | | Class 3 |
| | | 6/30/23 (a) | | 12/31/22 | | 12/31/21 | | 12/31/20 | | 12/31/19 | | 12/31/18 |
| Inception date | | | | 5/1/06 |
| Net asset value, beginning of period | | $ 13.05 | | $ 16.00 | | $ 16.57 | | $ 15.86 | | $ 14.01 | | $ 19.88 |
| Income/(loss) from investment operations: | | | | | | | | | | | | |
| Net investment income(b) | | 0.13 | | 0.25 | | 0.35 | | 0.23 | | 0.30 | | 0.35 |
| Net realized and unrealized gains/(losses) on investments | | 1.03 | | (2.92) | | 1.84 | | 0.74 | | 1.88 | | (1.69) |
| Total income/(loss) from investment operations | | 1.16 | | (2.67) | | 2.19 | | 0.97 | | 2.18 | | (1.34) |
| Contribution from Advisor | | — | | — | | 0.00 (c) | | — | | — | | — |
| Contribution from Affiliate | | — | | — | | 0.00 (c) | | — | | — | | — |
| Less distributions from: | | | | | | | | | | | | |
| Net investment income | | — | | (0.06) | | (0.34) | | (0.26) | | (0.33) | | (0.39) |
| Net realized gains | | — | | (0.22) | | (2.42) | | — | | — | | (4.14) |
| Total distributions | | — | | (0.28) | | (2.76) | | (0.26) | | (0.33) | | (4.53) |
| Net asset value, end of period | | $ 14.21 | | $ 13.05 | | $ 16.00 | | $ 16.57 | | $ 15.86 | | $ 14.01 |
| Total Return(d) | | 8.89% | | (16.72)% | | 13.20% (e) | | 6.14% | | 15.57% | | (6.61)% |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $761,678 | | $748,657 | | $1,035,137 | | $1,063,931 | | $1,156,437 | | $1,165,809 |
| Ratios to average net assets: | | | | | | | | | | | | |
| Net expenses | | 0.88% (f) | | 0.89% | | 0.87% | | 0.85% | | 0.86% | | 0.87% |
| Gross expenses | | 0.88% (f) | | 0.89% | | 0.87% | | 0.85% | | 0.86% | | 0.87% |
| Net investment income | | 1.92% (f) | | 1.77% | | 1.95% | | 1.52% | | 1.99% | | 1.76% |
| Portfolio turnover rate | | 37% (g) | | 109% (g) | | 118% (g) | | 92% (g) | | 81% | | 97% |
| Notes to Financial Highlights |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Rounds to less than $0.005. |
| (d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
| (e) | The contribution from an Affiliate and the Adviser had no impact on total return. |
| (f) | Annualized for periods less than one year. |
| (g) | The portfolio turnover calculated for the six months ended 6/30/2023 and years ended 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 39%, 127%, 144% and 103%, respectively. |
The accompanying Notes are an integral part of these financial statements.
State Street Total Return V.I.S. Fund
Statement of Assets and Liabilities — June 30, 2023 (Unaudited)
| Assets | |
| Investments in securities, at fair value (cost $1,091,092,380) | $ 1,133,612,821 |
| Investments in affiliated securities, at fair value (cost $164,103,163) | 164,374,845 |
| Short-term affiliated investments, at fair value (cost $70,735,502) | 70,735,502 |
| Cash | 50,230 |
| Net cash collateral on deposit with broker for future contracts | 627,012 |
| Foreign currency (cost $1,804,800) | 1,926,234 |
| Receivable for investments sold | 756,119 |
| Income receivables | 3,104,460 |
| Income receivable from affiliated investments | 248,680 |
| Receivable for accumulated variation margin on futures contracts | 103,475 |
| Total assets | 1,375,539,378 |
| Liabilities | |
| Payable for investments purchased | 1,618,530 |
| Payable for fund shares redeemed | 441,875 |
| Payable to the Adviser | 393,422 |
| Payable for custody, fund accounting and sub-administration fees | 393,030 |
| Accrued other expenses | 324,602 |
| Distribution and service fees | 1,511,948 |
| Accrued foreign capital gains tax | 131,180 |
| Total liabilities | 4,814,587 |
|
| Net Assets | $ 1,370,724,791 |
| Net Assets Consist of: | |
| Capital paid in | $ 1,417,040,015 |
| Total distributable earnings (loss) | (46,315,224) |
| Net Assets | $ 1,370,724,791 |
|
| Class 1: | |
| Net Assets | $ 609,047,230 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 42,755,410 |
| Net asset value, offering and redemption price per share | $ 14.24 |
|
| Class 3: | |
| Net Assets | $ 761,677,561 |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 53,584,372 |
| Net asset value per share | $ 14.21 |
The accompanying Notes are an integral part of these financial statements.
| Statement of Assets and Liabilities | 97 |
State Street Total Return V.I.S. Fund
Statement of Operations — For the period ended June 30, 2023 (Unaudited)
| Investment Income | |
| Income | |
| Dividend | $ 12,548,121 |
| Interest | 3,641,304 |
| Income from affiliated investments | 3,578,723 |
| Less: Foreign taxes withheld | (887,954) |
| Total income | 18,880,194 |
| Expenses | |
| Advisory and administration fees | 2,362,262 |
| Distribution and service fees | |
| Class 1 | 596,587 |
| Class 3 | 1,694,873 |
| Directors' fees | 16,003 |
| Custody, fund accounting and sub-administration fees | 375,382 |
| Professional fees | 32,390 |
| Registration fees | 520 |
| Other expenses | 113,226 |
| Total expenses | 5,191,243 |
| Net investment income | $ 13,688,951 |
| Net Realized and Unrealized Gain (Loss) on Investments | |
| Realized gain (loss) on: | |
| Unaffiliated investments | $ (18,838,032)(a) |
| Affiliated investments | (3,090,783) |
| Futures | 818,998 |
| Foreign currency transactions | (143,747) |
| Increase (decrease) in unrealized appreciation/depreciation on: | |
| Unaffiliated investments | 119,504,747 (b) |
| Affiliated investments | 4,263,850 |
| Futures | 353,112 |
| Foreign currency translations | 109,804 |
| Net realized and unrealized gain (loss) on investments | 102,977,949 |
| Net Increase in Net Assets Resulting from Operations | $ 116,666,900 |
| (a) | Includes $(7,218) of net realized gains from foreign capital tax gain. |
| (b) | Includes change in deferred foreign capital gains tax amounted to $(39,006). |
The accompanying Notes are an integral part of these financial statements.
| 98 | Statement of Operations |
State Street Total Return V.I.S. Fund
Statements of Changes in Net Assets
| | Six Months
Ended
June 30,
2023(a) | | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | | |
| Operations: | | | |
| Net investment income | $ 13,688,951 | | $ 28,023,620 |
| Net realized gain (loss) on investments, futures and foreign currency transactions | (21,253,564) | | (97,521,454) |
| Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency translations | 124,231,513 | | (221,082,442) |
| Net increase (decrease) from operations | 116,666,900 | | (290,580,276) |
| Distributions to shareholders: | | | |
| Total distributions | | | |
| Class 1 | — | | (15,319,576) |
| Class 3 | — | | (15,466,507) |
| Total distributions | — | | (30,786,083) |
| Increase (decrease) in assets from operations and distributions | 116,666,900 | | (321,366,359) |
| Share transactions: | | | |
| Proceeds from sale of shares | | | |
| Class 1 | 1,450,874 | | 1,961,800 |
| Class 3 | 5,918,415 | | 14,471,950 |
| Value of distributions reinvested | | | |
| Class 1 | — | | 15,319,576 |
| Class 3 | — | | 15,466,507 |
| Cost of shares redeemed | | | |
| Class 1 | (32,496,786) | | (58,470,940) |
| Class 3 | (57,603,108) | | (134,235,003) |
| Net increase (decrease) from share transactions | (82,730,605) | | (145,486,110) |
| Total increase (decrease) in net assets | 33,936,295 | | (466,852,469) |
| Net Assets | | | |
| Beginning of period | 1,336,788,496 | | 1,803,640,965 |
| End of period | $ 1,370,724,791 | | $ 1,336,788,496 |
| Changes in Fund Shares | | | |
| Class 1 | | | |
| Shares sold | 106,501 | | 137,320 |
| Issued for distributions reinvested | — | | 1,173,015 |
| Shares redeemed | (2,368,584) | | (4,136,020) |
| Net decrease in fund shares | (2,262,083) | | (2,825,685) |
| Class 3 | | | |
| Shares sold | 431,174 | | 998,611 |
| Issued for distributions reinvested | — | | 1,185,173 |
| Shares redeemed | (4,201,200) | | (9,515,299) |
| Net decrease in fund shares | (3,770,026) | | (7,331,515) |
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 99 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements — June 30, 2023 (Unaudited)
1. Organization of the Company
State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the "Fund"), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act, except for the State Street Premier Growth Equity V.I.S. Fund, which is a non-diversified investment company.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.
The Company currently offers two share classes of the Fund as investment options for variable life insurance and variable annuity contracts — Class 1 and Class 3. Class 3 shares were first offered on May 1, 2006, and Fund shares outstanding prior to May 1, 2006 were designated as Class 1 shares. Each class of shares has different fees and expenses, and as a result, each class of shares will have different share price and performance. Not all variable contracts offer each class of the Fund’s shares.
Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.
2.Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company's Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
| • | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| 100 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
| • | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
| • | Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
| • | Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of the Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s NAV calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
| • | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
| • | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
| Notes to Financial Statements | 101 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
The value of the Fund’s investments according to the fair value hierarchy as of June 30, 2023 is disclosed in the Fund’s Schedule of Investments.
Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
Non-cash dividends received in the form of stock are recorded as dividend income at fair value.
The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year-end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.
Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Distributions The Fund declares and pays any dividends from net investment income annually.
Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.Securities and Other Investments
Delayed Delivery Transactions and When-Issued Securities During the period ended June 30, 2023, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased
| 102 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
To-Be-Announced Transactions The Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.
The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.
Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.
4.Derivative Financial Instruments
Futures Contracts The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is shown as Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and/or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended June 30, 2023, the Fund entered into futures contracts for cash equitization.
| Notes to Financial Statements | 103 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Asset Derivatives |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 103,475 | $ — | $ 103,475 |
| Realized Gain (Loss) |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 818,998 | $ — | $ 818,998 |
| Net Change in Unrealized Appreciation/Depreciation |
| | Interest
Rate
Risk | Foreign
Exchange
Risk | Credit
Risk | Equity
Risk | Commodity
Risk | Total |
| State Street Total Return V.I.S. Fund | | | | | | |
| Futures Contracts | $ — | $ — | $ — | $ 353,112 | $ — | $ 353,112 |
5.Fees and Transactions with Affiliates
Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.35%.
Investor Service Plan — Class 1 and Class 3 Shares The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the Fund Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the Fund attributable to each such share class.
Distribution and Shareholder Service (12b-1) Fees The Company has adopted a Distribution and Service (12b-1) Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may have compensated State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the distributor of the shares of the Fund, for certain sales services provided by SSGA FD or other broker dealers and investor services provided by SSGA FD or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan for Class 3 shares may not exceed 0.25% of the average daily net assets of the Fund attributable to such
| 104 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board, including by those Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statement of Operations.
Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2023 are disclosed in the Schedule of Investments.
6.Directors' Fees
The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”), are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended June 30, 2023 were as follows:
| U.S. Government Securities |
| Purchases | Sales |
| $ 60,246,380 | $ 125,866,756 |
| Non-U.S. Government Securities |
| Purchases | Sales |
| $ 454,013,367 | $ 488,988,836 |
8.Income Taxes
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2022, SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
| Notes to Financial Statements | 105 |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
Tax
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net
Unrealized
Appreciation
(Depreciation) |
| $ 1,387,701,008 | $ 115,308,444 | $ 134,183,148 | $ (18,874,704) |
9.Line of Credit
The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
The Fund had no outstanding loans as of June 30, 2023.
10.Risks
Concentration Risk As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.
Interest Rate Risk 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. The U.S. Federal Reserve has been engaged in an aggressive campaign to raise interest rates in an effort to combat historically high levels of inflation. Interest rate increases may continue. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.
Foreign and Emerging Markets Risk Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the
| 106 | Notes to Financial Statements |
State Street Total Return V.I.S. Fund
Notes to Financial Statements, continued — June 30, 2023 (Unaudited)
spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
Russian Sanctions Risk Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
11.Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
12.Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| Notes to Financial Statements | 107 |
State Street Total Return V.I.S. Fund
Other Information — June 30, 2023 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the "Program"). SSGA FM has been designated by the Board to administer the Fund’s Program. The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Proxy Voting Policies and Procedures and Record
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Adviser to vote proxies relating to the Fund’s portfolios of securities are available (i) without charge, upon request by calling 1-800-242-0134 (toll free) and (ii) on the SEC's website at www.sec.gov. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit to its reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov and on the Fund's website at www.ssga.com. The Fund's Schedules of Investments are available upon request, without charge, by calling 1-800-242-0134 (toll free).
State Street Total Return V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
DIRECTOR CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT 1
Overview of the Contract Review Process
Under the Investment Company Act of 1940, as amended (the “1940 Act”), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of directors or its shareholders, and by a vote of a majority of those directors who are not “interested persons” of the fund (the “Independent Directors”) cast in person at a meeting called for the purpose of considering such approval.
Consistent with these requirements, the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “Company”) met in person on April 5, 2023 and May 10-11, 2023, including in executive sessions attended by the Independent Directors, to consider a proposal to approve, with respect to the State Street Total Return V.I.S. Fund (the “Fund”), the continuation of the investment advisory agreement (the “Advisory Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). Prior to voting on the proposal, the Independent Directors reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Directors were separately represented by counsel who are independent of the Adviser (“Independent Counsel”) in connection with their consideration of approval of the Advisory Agreement. Following the April 5, 2023 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 10-11, 2023 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, 2022, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
| ○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
_________________________________________
1 The Independent Directors have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Directors may not change substantially from year to year. However, the information requested by, and provided to, the Independent Directors with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Directors schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Directors take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Directors before the annual review process is completed and prior to the Independent Directors voting on proposals to approve continuation of the agreements and plans.
State Street Total Return V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
| ○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
| • | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and |
| • | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of SSGA FM that provide services to the Fund (“Affiliated Service Providers”). |
Information about Portfolio Management
| • | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
| • | Information concerning the allocation of brokerage; and |
| • | Information regarding the procedures and processes used to value the assets of the Fund. |
Information about the Adviser
| • | Reports detailing the financial results and condition of SSGA FM and its affiliates; |
| • | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
| • | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
| • | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
| • | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
| • | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
| • | A description of the business continuity and disaster recovery plans of the Adviser; and |
| • | Information regarding the Adviser’s risk management processes. |
Other Relevant Information
| • | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
| • | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Fund, and the role of the Adviser in managing the Fund’s relationship with these service providers; |
| • | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
| • | Responses to a request for information reviewed prior to the April 5, 2023 and May 10-11, 2023 meetings by Independent Counsel, requesting specific information from each of: |
State Street Total Return V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
| ○ | SSGA FM, in its capacity as the Fund’s Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2022; 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, 2022; |
| ○ | 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 10-11, 2023; and |
| • | Materials provided by Broadridge, circulated to the Independent Directors and to Independent Counsel. |
In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Fund throughout the year at meetings of the Board and its committees. At such meetings, the Directors received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Fund and the investment strategies used in pursuing the Fund’s investment objective.
The Independent Directors were assisted throughout the contract review process by their Independent Counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund.
Results of the Process
Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 10-11, 2023, the Board, including a majority of the Independent Directors, voted to approve the continuation of the Advisory Agreement effective June 1, 2023, for an additional year with respect to the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Directors also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management, as well as the Adviser’s succession planning process.
State Street Total Return V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.
On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Fund.
Fund Performance
The Board compared the Fund’s investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2022. For purposes of these comparisons the Independent Directors relied extensively on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. Among other information, the Board considered the following performance information in its evaluation of the Fund:
State Street Total Return V.I.S. Fund. The Board considered that the Fund’s performance was below the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund’s performance was above the Benchmark for the 1-year period and was below the Benchmark for the 3-, 5- and 10-year periods. The Board took into account management’s discussion of the Fund’s performance, including certain differences between the Fund and the Performance Group.
On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is being appropriately monitored and/or addressed by management.
Management Fees and Expenses
The Board reviewed the contractual investment advisory fee rates payable by the Fund and actual fees paid by the Fund. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts, as applicable. Among other information, the Board considered the following expense information in its evaluation of the Fund:
State Street Total Return V.I.S. Fund. The Board considered that the Fund’s actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund’s total expenses were below the medians of its Expense Group and Expense Universe.
On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.
Profitability
The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Fund and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board further considered the profitability of each of the Affiliated Service Providers with respect to their services to the Fund and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Fund, including reputational and entrepreneurial risks.
The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.
State Street Total Return V.I.S. Fund
Other Information, continued — June 30, 2023 (Unaudited)
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Fund and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Fund and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.
Conclusions
In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Directors, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.
Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Fund and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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Directors
Patrick J. Riley, Chairperson
John R. Costantino
Michael A. Jessee
Margaret McLaughlin
George M. Pereira
Donna M. Rapaccioli
Richard D. Shirk
Mark E. Swanson
Officers
Ann M. Carpenter, President and Principal Executive Officer; Deputy Treasurer
Bruce S. Rosenberg, Treasurer and Principal Financial Officer
Chad C. Hallett, Deputy Treasurer
Darlene Anderson-Vasquez, Deputy Treasurer
Arthur A. Jensen, Deputy Treasurer
David Lancaster, Assistant Treasurer
John Bettencourt, Assistant Treasurer
Brian Harris, Chief Compliance Officer, Anti-Money Laundering Officer, Code of Ethics Compliance Officer
Sean O'Malley, Chief Legal Officer
David Barr, Secretary
E. Gerard Maiorana, Jr., Assistant Secretary
David Urman, Assistant Secretary
Investment Adviser and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Custodian and Sub-Administrator
State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, Massachusetts 02210
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
| (a) | Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form N-CSR. |
| (b) | Not applicable to the Registrant. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of 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.
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/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
| |
| Date: | | August 25, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Ann M. Carpenter |
| | Ann M. Carpenter |
| | President (Principal Executive Officer) |
| |
| Date: | | August 25, 2023 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer (Principal Financial and Accounting Officer) |
| |
| Date: | | August 25, 2023 |
