STATE STREET INSTITUTIONAL FUNDS

N-CSR 1 d463811dncsr.htm STATE STREET INSTITUTIONAL FUNDS STATE STREET INSTITUTIONAL FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08257

STATE STREET INSTITUTIONAL FUNDS

(Exact name of registrant as specified in charter)

1600 Summer Street, Stamford, Connecticut 06905

(Address of principal executive offices) (Zip code)


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

Joshua A. Weinberg, Esq. Managing Director and Managing Counsel SSGA Funds Management, Inc. One Lincoln Street Boston, Massachusetts 02111		David Hearth, Esq. Paul Hastings LLP 101 California Street, 48th Floor San Francisco, California 94111

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2017

Item 1. Shareholder Report.

Annual Report

September 30, 2017

State Street Institutional Funds

LOGO

State Street Institutional Funds

Annual Report

September 30, 2017

Table of Contents


	Page
Notes to Performance		1
Manager Reviews and Schedules of Investments
State Street Institutional U.S. Equity Fund		3
State Street Institutional S&P 500 Index Fund		12
State Street Institutional Premier Growth Equity Fund		26
State Street Institutional Small-Cap Equity Fund		33
State Street Institutional International Equity Fund		45
State Street Institutional Strategic Investment Fund		53
State Street Institutional Income Fund		78
Financial Statements
Financial Highlights		99
Statements of Assets and Liabilities		108
Statements of Operations		110
Statements of Changes in Net Assets		112
Notes to Financial Statements		116
Report of Independent Registered Public Accounting Firm		127
Tax Information		128
Additional Information		129
Investment Team		133

This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

State Street Institutional Funds

Notes to Performance — September 30, 2017 (Unaudited)

Total return performance shown in this report for the State Street Institutional Funds (the “Trust”) and each of its series portfolios (each, a “Fund” and collectively, the “Funds”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

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

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

The S&P 500^® Index of stocks (“S&P 500 Index”) is an unmanaged market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes companies in the Russell 1000^® Index with higher price-to-book ratios and higher forecasted growth values. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

The Russell 2000^® Index is a market capitalization-weighted index consisting of 2,000 of the smallest U.S.-domiciled publicly traded common stocks that are included in the Russell 3000^® Index. The Russell 3000^® Index is comprised of the 3,000 largest U.S.-domiciled companies.

The Morgan Stanley Capital International Europe, Australasia, and Far East Index (“MSCI^® EAFE^® Index”) is a market capitalization-weighted index of equity securities of companies domiciled in various countries. The MSCI^® EAFE^® Index is designed to represent the performance of developed stock markets outside the U.S. and Canada and excludes certain market segments unavailable to U.S. based investors.

The Morgan Stanley Capital International All Country World Index Ex-U.S. (“MSCI^® ACWI Ex-U.S. Index”) is a market capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI^® ACWI Ex-U.S. Index includes both developed and emerging markets.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. The Bloomberg Barclays U.S. Aggregate Bond Index is designed to represent performance of the U.S. investment-grade fixed rate bond market.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, index returns do not reflect the actual cost of investing in the instruments that comprise an index.

The peer universe of the underlying open end funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. A Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2017 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance does not guarantee future results.

The State Street Institutional S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Global Ratings (“S&P”), and S&P makes no representation or warranty, express or implied, to the investors of the Fund or any member of the public regarding the advisability of investing in the securities generally or in this Fund particularly or the ability of the State Street Institutional S&P 500 Index Fund to track general stock market performance.


Notes to Performance			1

State Street Institutional Funds

Notes to Performance, continued — September 30, 2017 (Unaudited)

Russell Investment Group owns the Russell Index data, including all applicable trademarks and copyrights, used by SSGA Funds Management, Inc. (“SSGA FM”) in these materials. Any unauthorized use or redistribution of such Russell Index data is strictly prohibited. Russell Investment Group is not responsible for the configuration of this material or for any inaccuracy in SSGA FM’s presentation thereof.

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


2		Notes to Performance

State Street Institutional U.S. Equity Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional U.S. Equity Fund perform compared to its benchmark and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional U.S. Equity Fund returned 18.29% for the Investment Class shares and 18.07% for the Service Class shares. The Fund’s benchmark, the S&P 500 Index returned 18.61% and the Fund’s Morningstar peer group of 1,396 U.S. Large Blend funds returned an average of 17.65% over the same period.

Q.	What market conditions impacted the Fund’s performance?

It was a year of cross-currents, but U.S. equities enjoyed solid gains. Uncertainty characterized the commencement of the reporting period. At times, both safe haven investments and riskier growth assets came under pressure preceding the largely unanticipated presidential victory of Donald Trump over Hillary Clinton. Post-election expectations of higher interest rates and less regulation propelled a rally in financials and other cyclical sectors on the outlook for increased fiscal stimulus programs. U.S. Treasury yields rose initially and the broad U.S. dollar reached a thirteen-year high in late November — a trend that would continue through the end of 2016.

At the start of 2017, there were a few pauses in the reflationary theme as political and policy concerns weighed on the market at times. However, any hesitation was eventually met with improving company fundamentals and further reassurance from positive economic signals. Undeterred by a generally lower inflation outlook, the Federal Reserve raised interest rates two times during the year to a limited market reaction.

In the last several months of the period, U.S. equity markets displayed impressive resilience against rising geopolitical threats and an administration that is punctuated with strong growth oriented rhetoric but no realized results. Nonetheless global markets scaled a wall of worry, bolstered by widespread positive sentiment.

The large cap style of growth outperformed value reversing last year’s underperformance with information technology and industrials leading the outperformance. In particular, technology stocks continued to show exceptional earnings growth. There were several sectors that underperformed the S&P 500 Index broad market return, including energy, utilities, consumer discretionary/staples, and healthcare.

Q.	What were the drivers behind Fund performance?

The Fund outperformed the average Morningstar U.S. Large Blend manager, but modestly underperformed the S&P 500 Index net of fees. For the year, stock selection was mixed, with positive contributions in six sectors, and neutral-to negative relative performance in five. Industrials offered the best relative performance, as equipment rental company United Rentals enjoyed relief from rising oil prices early in the year, as well as a boost from the outlook for rebuilding activity following a devastating hurricane season at year-end. Allegion, Ingersoll Rand and General Dynamics also outperformed against a generally constructive macro backdrop. The Fund’s Technology and Financials holdings outperformed, with notable contributions from Applied Materials, Western Digital, Visa, Bank of America and Charles Schwab.

The health care sector was the greatest performance detractor, experiencing ups and downs, offering several cross-currents during the year (e.g., health care stocks initially rallied from an oversold position on the Trump win, then health care became a source of funds as investors embraced more cyclical themes). While names like Biogen Idec, Vertex and Merck rallied strongly, their contributions were more than offset by lagging performance in Medtronic, Allergan and Gilead all of which were down during the year. Mixed stock selection in Consumer Discretionary stocks also trimmed the Fund’s relative performance, with pullbacks in Newell, Autozone and Liberty Global offsetting strength in Charter Communications, Time Warner and Amazon.

The Fund does not invest in derivatives securities as part of its strategy, but may hold futures contracts or ETFs to equitize cash flows in advance of investment. The effect of derivatives on performance was de minimis for the year.

Q.	Were there any significant changes in the Fund during the period?

The Fund continued its diversified, active research-driven approach to U.S. Equity investing. It has been a multi-manager Fund since inception in 1997, and under took a periodic restructuring in January, 2017, going from three managers (core, value and growth managers) to two core managers benchmarked against the S&P 500 Index — one diversified research-driven and one employing a concentrated, high-conviction approach.


State Street Institutional U.S. Equity Fund			3

State Street Institutional U.S. Equity Fund

Portfolio Management Discussion and Analysis, continued — September 30, 2017 (Unaudited)

At the end of the period, the Fund was positioned for late-cycle economic growth, consistent with our economic outlook. Among sectors, Investment Technology was the largest absolute weighting as the sector where we find many high-quality companies with the sustainable earnings growth at reasonable valuations that we favor. Health Care, Consumer Discretionary, Financials and Information Technology represented key sector overweights vs. the S&P 500 Index. The cyclical sectors were generally underweighted, including Consumer Staples, Telecommunications, Industrials and Materials.


4		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		1,396			1,083			799
Peer group average annual total return		17.65	%		12.91	%		6.58	%
Morningstar Category in peer group: Large Blend

Top Ten Largest Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Apple Inc.	3.60	%
JPMorgan Chase & Co.	3.23	%
Microsoft Corp.	3.12	%
Pfizer Inc.	2.83	%
Visa Inc., Class A	2.70	%
Facebook Inc., Class A	2.45	%
PepsiCo Inc.	2.30	%
Alphabet Inc., Class A	2.23	%
Allergan PLC	1.97	%
The Goldman Sachs Group Inc.	1.92	%

Sector Allocation as of September 30, 2017

Portfolio composition as a % of Fair Value of $461,559 (in thousands) as of September 30, 2017 ^(a)(b)

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Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 11/25/97)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional U.S. Equity Fund		18.29	%		13.53	%		7.04	%	$	19,749
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488

Service Class Shares (Inception date: 1/3/01)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional U.S. Equity Fund		18.07	%		13.38	%		6.92	%	$	19,528
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488


State Street Institutional U.S. Equity Fund			5

State Street Institutional U.S. Equity Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

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(a)	Fair Value basis is inclusive of short-term investment in 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.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.


6		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and service fees (for Service Class shares) and trustees’ fees. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class 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 September 30, 2017.

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 for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

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

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


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,070.90	$	1,023.20
Expenses paid during the period*	$	1.92	$	1.88


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,069.90	$	1,022.00
Expenses paid during the period*	$	3.22	$	3.14

*	Expenses are equal to the Fund’s annualized expense ratio of 0.37% for Investment Class shares and 0.62% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


State Street Institutional U.S. Equity Fund			7

State Street Institutional U.S. Equity Fund

Schedule of Investments — September 30, 2017


	Number of Shares		Fair Value $

Common Stock - 97.2%†
Aerospace & Defense - 1.6%
General Dynamics Corp.		13,810		2,839,060
Hexcel Corp.		16,580		952,024
Raytheon Co.		15,386		2,870,720
Rockwell Collins Inc.		5,585		730,015

				7,391,819


Airlines - 0.4%
Alaska Air Group Inc.		14,005		1,068,161
Delta Air Lines Inc.		21,009		1,013,054

				2,081,215


Application Software - 1.9%
Adobe Systems Inc. (a)		7,433		1,108,855
Intuit Inc.		10,921		1,552,311
salesforce.com Inc. (a)		67,945		6,347,422

				9,008,588


Asset Management & Custody Banks - 0.7%
Ameriprise Financial Inc.		11,452		1,700,737
BlackRock Inc.		3,738		1,671,222

				3,371,959


Auto Parts & Equipment - 0.4%
BorgWarner Inc.		19,048		975,829
Delphi Automotive PLC		10,434		1,026,706

				2,002,535


Automotive Retail - 1.4%
AutoZone Inc. (a)		11,090		6,599,770


Biotechnology - 5.6%
Alexion Pharmaceuticals Inc. (a)		56,708		7,955,565
Amgen Inc.		39,466		7,358,436
Biogen Inc. (a)		27,201		8,517,177
Vertex Pharmaceuticals Inc. (a)		12,946		1,968,310

				25,799,488


Building Products - 0.6%
Allegion PLC		29,504		2,551,211


Cable & Satellite - 2.4%
Charter Communications Inc., Class A (a)		12,230		4,444,627
Comcast Corp., Class A		96,734		3,722,324
Liberty Global PLC, Class C (a)		90,700		2,965,890

				11,132,841


Communications Equipment - 0.6%
Cisco Systems Inc.		77,819		2,617,053


	Number of Shares		Fair Value $
Consumer Finance - 0.6%
American Express Co.		20,485		1,853,073
Discover Financial Services		16,539		1,066,435

				2,919,508


Data Processing & Outsourced Services - 3.0%
PayPal Holdings Inc. (a)		24,305		1,556,249
Visa Inc., Class A		118,371		12,457,364

				14,013,613


Diversified Banks - 5.3%
Bank of America Corp.		199,785		5,062,552
JPMorgan Chase & Co.		156,421		14,939,770
U.S. Bancorp		29,060		1,557,325
Wells Fargo & Co.		50,040		2,759,706

				24,319,353


Diversified Chemicals - 0.6%
DowDuPont Inc.		36,958		2,558,602


Drug Retail - 0.8%
CVS Health Corp.		15,587		1,267,535
Walgreens Boots Alliance Inc.		31,262		2,414,051

				3,681,586


Electric Utilities - 1.7%
American Electric Power Company Inc.		14,975		1,051,844
Duke Energy Corp.		9,077		761,742
Edison International		12,251		945,410
Exelon Corp.		38,243		1,440,614
NextEra Energy Inc.		16,111		2,361,067
PG&E Corp.		22,273		1,516,568

				8,077,245


Electrical Components & Equipment - 0.5%
Acuity Brands Inc.		6,449		1,104,585
Rockwell Automation Inc.		5,988		1,067,121

				2,171,706


Environmental & Facilities Services - 0.4%
Republic Services Inc.		28,396		1,875,840


Fertilizers & Agricultural Chemicals - 0.2%
Monsanto Co.		5,961		714,247


Financial Exchanges & Data - 1.8%
CME Group Inc.		49,354		6,696,351
S&P Global Inc.		9,293		1,452,589

				8,148,940

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


8		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Footwear - 0.5%
NIKE Inc., Class B		48,453		2,512,288


Gold - 0.1%
B2Gold Corp. (a)		169,122		473,542


Healthcare Equipment - 4.0%
Abbott Laboratories		85,615		4,568,416
Becton Dickinson and Co.		3,434		672,892
Boston Scientific Corp. (a)		128,313		3,742,890
Medtronic PLC		106,015		8,244,787
Stryker Corp.		7,540		1,070,831

				18,299,816


Home Entertainment Software - 0.4%
Activision Blizzard Inc.		16,479		1,063,060
Electronic Arts Inc. (a)		7,793		920,042

				1,983,102


Home Improvement Retail - 0.9%
Lowe’s Companies Inc.		6,867		548,948
The Home Depot Inc.		21,498		3,516,213

				4,065,161


Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		11,764		1,297,099


Housewares & Specialties - 1.6%
Newell Brands Inc.		168,156		7,175,216


Hypermarkets & Super Centers - 0.4%
Wal-Mart Stores Inc.		20,958		1,637,658


Independent Power Producers & Energy Traders - 0.0%*
Calpine Corp. (a)		14,825		218,669


Industrial Conglomerates - 1.1%
Honeywell International Inc.		20,274		2,873,637
Roper Technologies Inc.		9,157		2,228,814

				5,102,451


Industrial Machinery - 2.2%
Ingersoll-Rand PLC		58,635		5,228,483
Xylem Inc.		80,862		5,064,387

				10,292,870


Insurance Brokers - 0.4%
Marsh & McLennan Companies Inc.		20,422		1,711,568


	Number of Shares		Fair Value $
Integrated Oil & Gas - 2.3%
Chevron Corp.		31,332		3,681,510
Exxon Mobil Corp.		86,895		7,123,652

				10,805,162


Integrated Telecommunication Services - 0.5%
Verizon Communications Inc.		44,216		2,188,250


Internet & Direct Marketing Retail - 2.8%
Amazon.com Inc. (a)		9,233		8,876,145
Netflix Inc. (a)		3,661		663,922
The Priceline Group Inc. (a)		1,743		3,191,119

				12,731,186


Internet Software & Services - 6.0%
Alphabet Inc., Class A (a)		10,573		10,295,142
Alphabet Inc., Class C (a)		6,224		5,969,501
Facebook Inc., Class A (a)		66,165		11,305,613

				27,570,256


Investment Banking & Brokerage - 3.4%
The Charles Schwab Corp.		152,745		6,681,066
The Goldman Sachs Group Inc.		37,453		8,883,477

				15,564,543


IT Consulting & Other Services - 0.5%
Accenture PLC, Class A		9,330		1,260,203
International Business Machines Corp.		7,628		1,106,670

				2,366,873


Life & Health Insurance - 0.5%
MetLife Inc.		18,834		978,426
Prudential Financial Inc.		13,681		1,454,564

				2,432,990


Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific Inc.		6,132		1,160,174


Managed Healthcare - 0.6%
UnitedHealth Group Inc.		14,145		2,770,298


Metal & Glass Containers - 0.3%
Ball Corp.		31,192		1,288,230


Movies & Entertainment - 1.3%
The Walt Disney Co.		37,248		3,671,536
Time Warner Inc.		23,945		2,453,165

				6,124,701

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


State Street Institutional U.S. Equity Fund			9

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Multi-Line Insurance - 0.2%
The Hartford Financial Services Group Inc.		20,166		1,117,801


Multi-Sector Holdings - 1.1%
Berkshire Hathaway Inc., Class B (a)		26,525		4,862,563


Multi-Utilities - 0.9%
Dominion Energy Inc.		6,045		465,042
Sempra Energy		31,210		3,561,997

				4,027,039


Oil & Gas Equipment & Services - 1.3%
Schlumberger Ltd.		83,397		5,817,775


Oil & Gas Exploration & Production - 2.4%
Antero Resources Corp. (a)		80,976		1,611,422
Cimarex Energy Co.		13,011		1,478,960
Noble Energy Inc.		80,007		2,268,999
Pioneer Natural Resources Co.		30,790		4,542,757
Range Resources Corp.		59,619		1,166,744

				11,068,882


Packaged Foods & Meats - 1.4%
Mondelez International Inc., Class A		100,164		4,072,668
The Kraft Heinz Co.		32,061		2,486,331

				6,558,999


Paper Packaging - 0.2%
Packaging Corporation of America		8,044		922,486


Pharmaceuticals - 4.8%
Allergan PLC (l)		44,357		9,090,967
Pfizer Inc.		366,020		13,066,914

				22,157,881


Property & Casualty Insurance - 0.3%
The Allstate Corp.		15,695		1,442,527


Railroads - 0.5%
Union Pacific Corp.		19,619		2,275,215


Regional Banks - 1.8%
First Republic Bank		66,842		6,982,315
The PNC Financial Services Group Inc.		10,897		1,468,589

				8,450,904


	Number of Shares		Fair Value $
Restaurants - 1.0%
Chipotle Mexican Grill Inc. (a)		1,460		449,432
McDonald’s Corp.		14,654		2,295,989
Starbucks Corp.		33,598		1,804,548

				4,549,969


Semiconductor Equipment - 2.0%
Applied Materials Inc.		157,474		8,202,821
Lam Research Corp.		6,050		1,119,492

				9,322,313


Semiconductors - 2.2%
Broadcom Ltd.		32,746		7,942,215
Intel Corp.		31,339		1,193,389
QUALCOMM Inc.		22,652		1,174,280

				10,309,884


Soft Drinks - 2.3%
PepsiCo Inc.		95,410		10,631,536


Specialized REITs - 2.7%
American Tower Corp.		49,959		6,828,396
Equinix Inc.		10,297		4,595,551
Extra Space Storage Inc.		14,297		1,142,616

				12,566,563


Specialty Chemicals - 0.8%
Albemarle Corp.		14,003		1,908,749
GCP Applied Technologies Inc. (a)		10,171		312,250
The Sherwin-Williams Co.		3,560		1,274,622

				3,495,621


Specialty Stores - 0.2%
Signet Jewelers Ltd.		5,862		390,116
Ulta Salon Cosmetics & Fragrance Inc. (a)		1,894		428,158

				818,274


Steel - 0.1%
ArcelorMittal (a)		23,227		598,327


Systems Software - 3.9%
Microsoft Corp.		193,362		14,403,536
Oracle Corp.		71,035		3,434,542

				17,838,078


Technology Hardware, Storage & Peripherals - 3.8%
Apple Inc.		107,935		16,634,942
Hewlett Packard Enterprise Co.		70,729		1,040,424

				17,675,366

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


10		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Tobacco - 1.0%
Philip Morris International Inc.		43,538		4,833,153


Trading Companies & Distributors - 1.3%
United Rentals Inc. (a)		42,939		5,957,357


Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		15,073		929,401


Total Common Stock (Cost $372,216,210)				449,037,136


	Number of Shares		Fair Value $
Short-Term Investments - 2.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $12,521,534) (d)(m)		12,521,534		12,521,534


Total Investments (Cost $384,737,744)				461,558,670

Other Assets and Liabilities, net - 0.1%				364,559


NET ASSETS - 100.0%				461,923,229

Other Information:

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation

S&P 500 Emini Index Futures		December 2017		2	$	250,157	$	251,610	$	1,453

During the period ended September 30, 2017, average notional values related to long and short futures contracts were $5,644,099 or 1.2% of net assets and 430,321 or 0.1% of net assets, respectively.

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Fund	Investments	Level 1		Level 2		Level 3		Total
State Street Institutional U.S. Equity Fund	Investments in Securities
	Common Stock	$	449,037,136	$	—	$	—	$	449,037,136
	Short-Term Investments		12,521,534		—		—		12,521,534

	Total Investments in Securities	$	461,558,670	$	—	$	—	$	461,558,670


	Other Financial Instruments
	Long Futures Contracts — Unrealized Appreciation	$	1,453	$	—	$	—	$	1,453

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		8,358,418	$	8,358,418	$	106,405,213	$	102,242,097	$	—	$	—		12,521,534	$	12,521,534	$	106,674

TOTAL			$	8,358,418	$	106,405,213	$	102,242,097	$	—	$	—			$	12,521,534	$	106,674

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


State Street Institutional U.S. Equity Fund			11

State Street Institutional S&P 500 Index Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional S&P 500 Index Fund perform compared to its benchmark and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional S&P 500 Index Fund returned 18.08% for the Investment Class shares and 17.84% for the Service Class shares. The Fund’s benchmark, the S&P 500 Index returned 18.61% and the Fund’s Morningstar peer group of 1,396 U.S. Large Blend funds returned an average of 17.65% over the same period.

Q.	What market conditions impacted the Fund’s performance?

In the last quarter of 2016 the S&P 500 Index rallied over 3.8% after the surprise outcome of the U.S. presidential election and the Federal Reserve’s strong outlook on the economy. In 2017 the S&P 500 Index continued the trend and posted positive gains every month reaching new all-time highs and witnessing better than two decade lows in both realized and implied volatility during that period. The U.S. markets rally was supported by strong macro data, a positive start to the earnings season, and strong M&A activity despite continued geopolitical and political risks in North Korea. Strongest performing sectors in the S&P 500 Index were Cyclical Financials, Information Technology and Industrials, while defensive sectors like Telecommunication Services, Energy and Real Estate were the weakest performers.

Q.	What were the drivers behind Fund performance?

A.	Apple, Microsoft and JPMorgan Chase were the strongest contributors to the Fund’s performance. General Electric, Qualcomm, and Exxon Mobile were the weakest contributors to the Fund’s performance.


12		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek growth of capital and accumulation of income that corresponds to the investment return of the S&P 500^® Index. The Fund seeks to achieve its investment objective under normal circumstances by investing at least 80% of its net assets in the securities contained within the S&P 500^® Index, while holding transaction costs low and minimizing portfolio turnover.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		1,396			1,083			799
Peer group average annual total return		17.65	%		12.91	%		6.58	%
Morningstar Category in peer group: Large Blend

Top Ten Largest Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Apple Inc.	3.60	%
Microsoft Corp.	2.60	%
Facebook Inc., Class A	1.83	%
Amazon.com Inc.	1.73	%
Berkshire Hathaway Inc., Class B	1.60	%
Johnson & Johnson	1.58	%
Exxon Mobil Corp.	1.57	%
JPMorgan Chase & Co.	1.52	%
Alphabet Inc., Class A	1.31	%
Alphabet Inc., Class C	1.30	%

Sector Allocation as of September 30, 2017

Portfolio composition as a % of Fair Value of $10,600 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 11/25/97)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional S&P 500 Index Fund		18.08	%		13.98	%		7.31	%	$	20,246
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488

Service Class Shares (Inception date: 9/30/05)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional S&P 500 Index Fund		17.84	%		13.71	%		7.03	%	$	19,726
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488


State Street Institutional S&P 500 Index Fund			13

State Street Institutional S&P 500 Index Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


14		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,073.00	$	1,024.30
Expenses paid during the period*	$	0.83	$	0.81


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,071.40	$	1,023.00
Expenses paid during the period*	$	2.13	$	2.08

*	Expenses are equal to the Fund’s annualized expense ratio of 0.16% for Investment Class shares and 0.41% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


State Street Institutional S&P 500 Index Fund			15

State Street Institutional S&P 500 Index Fund

Schedule of Investments — September 30, 2017


	Number of Shares		Fair Value $

Common Stock - 97.7%†
Advertising - 0.1%
Omnicom Group Inc.		118		8,740
The Interpublic Group of Companies Inc.		200		4,158

				12,898


Aerospace & Defense - 2.4%
Arconic Inc.		166		4,130
General Dynamics Corp.		131		26,931
L3 Technologies Inc.		39		7,349
Lockheed Martin Corp.		119		36,925
Northrop Grumman Corp.		82		23,593
Raytheon Co.		137		25,561
Rockwell Collins Inc.		82		10,718
Textron Inc.		135		7,274
The Boeing Co.		265		67,366
TransDigm Group Inc.		25		6,391
United Technologies Corp.		352		40,860

				257,098


Agricultural & Farm Machinery - 0.2%
Deere & Co.		149		18,713


Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		258		10,968


Air Freight & Logistics - 0.7%
CH Robinson Worldwide Inc.		71		5,403
Expeditors International of Washington Inc.		91		5,447
FedEx Corp.		116		26,167
United Parcel Service Inc., Class B		327		39,270

				76,287


Airlines - 0.5%
Alaska Air Group Inc.		62		4,729
American Airlines Group Inc.		207		9,830
Delta Air Lines Inc.		325		15,671
Southwest Airlines Co.		268		15,003
United Continental Holdings Inc. (a)		116		7,062

				52,295


Alternative Carriers - 0.1%
Level 3 Communications Inc. (a)		148		7,887


Aluminum - 0.0%*
Alcoa Corp.		1		47


	Number of Shares		Fair Value $
Apparel Retail - 0.4%
Foot Locker Inc.		66		2,325
L Brands Inc.		122		5,076
Ross Stores Inc.		179		11,558
The Gap Inc.		111		3,278
The TJX Companies Inc.		299		22,045

				44,282


Apparel, Accessories & Luxury Goods - 0.3%
Coach Inc.		142		5,720
Hanesbrands Inc.		184		4,534
Michael Kors Holdings Ltd. (a)		79		3,780
PVH Corp.		39		4,916
Ralph Lauren Corp.		28		2,472
Under Armour Inc., Class A (a)		93		1,533
Under Armour Inc., Class C (a)		93		1,397
VF Corp.		162		10,298

				34,650


Application Software - 1.1%
Adobe Systems Inc. (a)		234		34,908
ANSYS Inc. (a)		43		5,277
Autodesk Inc. (a)		98		11,002
Cadence Design Systems Inc. (a)		127		5,013
Citrix Systems Inc. (a)		76		5,838
Intuit Inc.		113		16,062
salesforce.com Inc. (a)		323		30,175
Synopsys Inc. (a)		76		6,120

				114,395


Asset Management & Custody Banks - 1.1%
Affiliated Managers Group Inc.		29		5,505
Ameriprise Financial Inc.		68		10,099
BlackRock Inc.		61		27,273
Franklin Resources Inc.		173		7,700
Invesco Ltd.		206		7,218
Northern Trust Corp.		109		10,020
State Street Corp. (e)		179		17,102
T Rowe Price Group Inc.		122		11,059
The Bank of New York Mellon Corp.		486		25,768

				121,744


Auto Parts & Equipment - 0.2%
BorgWarner Inc.		101		5,174
Delphi Automotive PLC		123		12,103

				17,277


Automobile Manufacturers - 0.4%
Ford Motor Co.		1,835		21,965

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


16		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

General Motors Co.		617		24,914

				46,879


Automotive Retail - 0.3%
Advance Auto Parts Inc.		37		3,670
AutoZone Inc. (a)		14		8,332
CarMax Inc. (a)		94		7,126
O’Reilly Automotive Inc. (a)		40		8,615

				27,743


Biotechnology - 3.1%
AbbVie Inc.		760		67,534
Alexion Pharmaceuticals Inc. (a)		104		14,590
Amgen Inc.		348		64,885
Biogen Inc. (a)		100		31,312
Celgene Corp. (a)		372		54,245
Gilead Sciences Inc.		621		50,313
Incyte Corp. (a)		86		10,040
Regeneron Pharmaceuticals Inc. (a)		38		16,990
Vertex Pharmaceuticals Inc. (a)		118		17,941

				327,850


Brewers - 0.1%
Molson Coors Brewing Co., Class B		93		7,593


Broadcasting - 0.2%
CBS Corp., Class B		166		9,628
Discovery Communications Inc., Class A (a)		78		1,660
Discovery Communications Inc., Class C (a)		107		2,168
Scripps Networks Interactive Inc., Class A		48		4,123

				17,579


Building Products - 0.4%
Allegion PLC		48		4,150
AO Smith Corp.		74		4,398
Fortune Brands Home & Security Inc.		78		5,244
Johnson Controls International PLC		435		17,526
Masco Corp.		162		6,320

				37,638


Cable & Satellite - 1.2%
Charter Communications Inc., Class A (a)		95		34,525
Comcast Corp., Class A		2,246		86,426


	Number of Shares		Fair Value $
DISH Network Corp., Class A (a)		115		6,236

				127,187


Casinos & Gaming - 0.1%
MGM Resorts International		244		7,952
Wynn Resorts Ltd.		40		5,957

				13,909


Commodity Chemicals - 0.1%
LyondellBasell Industries N.V., Class A		150		14,858


Communications Equipment - 1.0%
Cisco Systems Inc.		2,386		80,241
F5 Networks Inc. (a)		33		3,979
Harris Corp.		62		8,164
Juniper Networks Inc.		193		5,371
Motorola Solutions Inc.		83		7,044

				104,799


Computer & Electronics Retail - 0.1%
Best Buy Company Inc.		134		7,633


Construction & Engineering - 0.1%
Fluor Corp.		71		2,989
Jacobs Engineering Group Inc.		61		3,554
Quanta Services Inc. (a)		75		2,803

				9,346


Construction Machinery & Heavy Trucks - 0.6%
Caterpillar Inc.		280		34,919
Cummins Inc.		78		13,106
PACCAR Inc.		177		12,804

				60,829


Construction Materials - 0.1%
Martin Marietta Materials Inc.		32		6,600
Vulcan Materials Co.		67		8,013

				14,613


Consumer Electronics - 0.0%*
Garmin Ltd.		58		3,130


Consumer Finance - 0.7%
American Express Co.		347		31,390
Capital One Financial Corp.		226		19,133
Discover Financial Services		170		10,961
Navient Corp.		144		2,163
Synchrony Financial		341		10,588

				74,235

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


State Street Institutional S&P 500 Index Fund			17

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Copper - 0.1%
Freeport-McMoRan Inc. (a)		672		9,435


Data Processing & Outsourced Services - 2.6%
Alliance Data Systems Corp.		22		4,874
Automatic Data Processing Inc.		209		22,848
Fidelity National Information Services Inc.		154		14,382
Fiserv Inc. (a)		97		12,509
Global Payments Inc.		77		7,317
Mastercard Inc., Class A		445		62,834
Paychex Inc.		162		9,713
PayPal Holdings Inc. (a)		535		34,256
The Western Union Co.		238		4,570
Total System Services Inc.		84		5,502
Visa Inc., Class A		874		91,980

				270,785


Department Stores - 0.1%
Kohl’s Corp.		86		3,926
Macy’s Inc.		154		3,360
Nordstrom Inc.		56		2,641

				9,927


Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		89		4,833
Constellation Brands Inc., Class A		80		15,956

				20,789


Distributors - 0.1%
Genuine Parts Co.		74		7,078
LKQ Corp. (a)		156		5,615

				12,693


Diversified Banks - 5.0%
Bank of America Corp.		4,693		118,921
Citigroup Inc.		1,302		94,708
JPMorgan Chase & Co.		1,685		160,934
U.S. Bancorp		754		40,407
Wells Fargo & Co. (l)		2,136		117,800

				532,770


Diversified Chemicals - 0.8%
DowDuPont Inc.		1,114		77,122
Eastman Chemical Co.		74		6,697

				83,819


Diversified Support Services - 0.1%
Cintas Corp.		44		6,348


	Number of Shares		Fair Value $
Drug Retail - 0.7%
CVS Health Corp.		482		39,196
Walgreens Boots Alliance Inc.		436		33,668

				72,864


Electric Utilities - 1.9%
Alliant Energy Corp.		115		4,781
American Electric Power Company Inc.		229		16,085
Duke Energy Corp.		330		27,694
Edison International		150		11,575
Entergy Corp.		91		6,949
Eversource Energy		160		9,670
Exelon Corp.		468		17,630
FirstEnergy Corp.		224		6,906
NextEra Energy Inc.		221		32,388
PG&E Corp.		239		16,273
Pinnacle West Capital Corp.		56		4,735
PPL Corp.		315		11,954
The Southern Co.		470		23,096
Xcel Energy Inc.		257		12,161

				201,897


Electrical Components & Equipment - 0.5%
Acuity Brands Inc.		22		3,768
AMETEK Inc.		116		7,661
Eaton Corporation PLC		207		15,895
Emerson Electric Co.		299		18,789
Rockwell Automation Inc.		65		11,584

				57,697


Electronic Components - 0.2%
Amphenol Corp., Class A		154		13,034
Corning Inc.		416		12,447

				25,481


Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		69		2,685


Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd.		163		13,539


Environmental & Facilities Services - 0.2%
Republic Services Inc.		116		7,663
Stericycle Inc. (a)		43		3,079
Waste Management Inc.		188		14,715

				25,457


Fertilizers & Agricultural Chemicals - 0.4%
CF Industries Holdings Inc.		118		4,149
FMC Corp.		68		6,073

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


18		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Monsanto Co.		207		24,803
The Mosaic Co.		177		3,821

				38,846


Financial Exchanges & Data - 0.8%
CBOE Holdings Inc.		46		4,951
CME Group Inc.		159		21,573
Intercontinental Exchange Inc.		275		18,893
Moody’s Corp.		84		11,694
Nasdaq Inc.		58		4,499
S&P Global Inc.		120		18,757

				80,367


Food Distributors - 0.1%
Sysco Corp.		224		12,085


Food Retail - 0.1%
The Kroger Co.		461		9,248


Footwear - 0.3%
NIKE Inc., Class B		622		32,251


General Merchandise Stores - 0.3%
Dollar General Corp.		127		10,293
Dollar Tree Inc. (a)		120		10,418
Target Corp.		254		14,989

				35,700


Gold - 0.1%
Newmont Mining Corp.		269		10,090


Health Care REITs - 0.3%
HCP Inc.		237		6,596
Ventas Inc.		179		11,658
Welltower Inc.		185		13,002

				31,256


Healthcare Distributors - 0.4%
AmerisourceBergen Corp.		84		6,951
Cardinal Health Inc.		160		10,707
Henry Schein Inc. (a)		80		6,559
McKesson Corp.		98		15,054
Patterson Companies Inc.		41		1,585

				40,856


Healthcare Equipment - 2.6%
Abbott Laboratories		825		44,022
Baxter International Inc.		246		15,436
Becton Dickinson and Co.		107		20,967
Boston Scientific Corp. (a)		642		18,727
CR Bard Inc.		33		10,576
Danaher Corp.		288		24,705


	Number of Shares		Fair Value $
Edwards Lifesciences Corp. (a)		106		11,587
Hologic Inc. (a)		141		5,173
IDEXX Laboratories Inc. (a)		45		6,997
Intuitive Surgical Inc. (a)		17		17,780
Medtronic PLC		645		50,162
ResMed Inc.		72		5,541
Stryker Corp.		157		22,297
Varian Medical Systems Inc. (a)		46		4,603
Zimmer Biomet Holdings Inc.		102		11,943

				270,516


Healthcare Facilities - 0.2%
HCA Healthcare Inc. (a)		145		11,541
Universal Health Services Inc., Class B		45		4,992

				16,533


Healthcare Services - 0.4%
DaVita Inc. (a)		79		4,692
Envision Healthcare Corp. (a)		59		2,652
Express Scripts Holding Co. (a)		269		17,033
Laboratory Corporation of America Holdings (a)		52		7,851
Quest Diagnostics Inc.		69		6,461

				38,689


Healthcare Supplies - 0.2%
Align Technology Inc. (a)		38		7,078
DENTSPLY SIRONA Inc.		116		6,938
The Cooper Companies Inc.		25		5,928

				19,944


Healthcare Technology - 0.1%
Cerner Corp. (a)		149		10,627


Home Building - 0.2%
DR Horton Inc.		173		6,908
Lennar Corp., Class A		103		5,439
PulteGroup Inc.		143		3,908

				16,255


Home Entertainment Software - 0.4%
Activision Blizzard Inc.		355		22,901
Electronic Arts Inc. (a)		144		17,001

				39,902


Home Furnishings - 0.1%
Leggett & Platt Inc.		67		3,198
Mohawk Industries Inc. (a)		32		7,920

				11,118

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


State Street Institutional S&P 500 Index Fund			19

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Home Improvement Retail - 1.2%
Lowe’s Companies Inc.		399		31,896
The Home Depot Inc.		563		92,084

				123,980


Hotel & Resort REITs - 0.1%
Host Hotels & Resorts Inc.		374		6,915


Hotels, Resorts & Cruise Lines - 0.5%
Carnival Corp.		188		12,139
Hilton Worldwide Holdings Inc.		104		7,223
Marriott International Inc., Class A		145		15,987
Royal Caribbean Cruises Ltd.		85		10,076
Wyndham Worldwide Corp.		53		5,587

				51,012


Household Appliances - 0.1%
Whirlpool Corp.		37		6,824


Household Products - 1.7%
Church & Dwight Company Inc.		126		6,105
Colgate-Palmolive Co.		416		30,306
Kimberly-Clark Corp.		165		19,417
The Clorox Co.		65		8,574
The Procter & Gamble Co.		1,220		110,995

				175,397


Housewares & Specialties - 0.1%
Newell Brands Inc.		244		10,411


Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		64		3,222


Hypermarkets & Super Centers - 0.8%
Costco Wholesale Corp.		208		34,172
Wal-Mart Stores Inc.		697		54,464

				88,636


Independent Power Producers & Energy Traders - 0.1%
AES Corp.		334		3,681
NRG Energy Inc.		160		4,094

				7,775


Industrial Conglomerates - 2.1%
3M Co.		284		59,611
General Electric Co.		4,139		100,081
Honeywell International Inc.		363		51,452
Roper Technologies Inc.		47		11,440

				222,584


	Number of Shares		Fair Value $
Industrial Gases - 0.3%
Air Products & Chemicals Inc.		101		15,273
Praxair Inc.		134		18,725

				33,998


Industrial Machinery - 0.9%
Dover Corp.		79		7,220
Flowserve Corp.		66		2,811
Fortive Corp.		152		10,760
Illinois Tool Works Inc.		145		21,454
Ingersoll-Rand PLC		116		10,344
Parker-Hannifin Corp.		67		11,726
Pentair PLC		85		5,777
Snap-on Inc.		29		4,321
Stanley Black & Decker Inc.		77		11,625
Xylem Inc.		91		5,699

				91,737


Industrial REITs - 0.2%
Duke Realty Corp.		180		5,188
Prologis Inc. REIT		248		15,738

				20,926


Insurance Brokers - 0.5%
Aon PLC		119		17,386
Arthur J Gallagher & Co.		91		5,601
Marsh & McLennan Companies Inc.		240		20,114
Willis Towers Watson PLC		64		9,871

				52,972


Integrated Oil & Gas - 2.8%
Chevron Corp.		906		106,455
Exxon Mobil Corp.		2,029		166,338
Occidental Petroleum Corp.		359		23,051

				295,844


Integrated Telecommunication Services - 2.0%
AT&T Inc. (l)		2,936		115,003
CenturyLink Inc.		277		5,235
Verizon Communications Inc.		1,949		96,456

				216,694


Internet & Direct Marketing Retail - 2.6%
Amazon.com Inc. (a)(l)		191		183,618
Expedia Inc.		61		8,780
Netflix Inc. (a)		205		37,177
The Priceline Group Inc. (a)		23		42,109
TripAdvisor Inc. (a)		56		2,270

				273,954

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


20		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Internet Software & Services - 4.7%
Akamai Technologies Inc. (a)		87		4,239
Alphabet Inc., Class A (a)		143		139,242
Alphabet Inc., Class C (a)(l)		144		138,112
Cars.com Inc. (a)		1		27
eBay Inc. (a)		465		17,884
Facebook Inc., Class A (a)		1,136		194,108
VeriSign Inc. (a)		45		4,787

				498,399


Investment Banking & Brokerage - 1.0%
E*TRADE Financial Corp. (a)		139		6,062
Morgan Stanley		668		32,178
Raymond James Financial Inc.		65		5,481
The Charles Schwab Corp.		560		24,494
The Goldman Sachs Group Inc.		171		40,560

				108,775


IT Consulting & Other Services - 1.3%
Accenture PLC, Class A		293		39,575
Cognizant Technology Solutions Corp., Class A		277		20,094
CSRA Inc.		73		2,356
DXC Technology Co.		143		12,281
Gartner Inc. (a)		46		5,723
International Business Machines Corp.		413		59,918

				139,947


Leisure Products - 0.1%
Hasbro Inc.		57		5,567
Mattel Inc.		173		2,678

				8,245


Life & Health Insurance - 0.9%
Aflac Inc.		184		14,976
Brighthouse Financial Inc. (a)		50		3,040
Lincoln National Corp.		113		8,303
MetLife Inc.		500		25,975
Principal Financial Group Inc.		135		8,686
Prudential Financial Inc.		200		21,264
Torchmark Corp.		55		4,405
Unum Group		115		5,880

				92,529


Life Sciences Tools & Services - 0.8%
Agilent Technologies Inc.		163		10,465
Illumina Inc. (a)		68		13,545
Mettler-Toledo International Inc. (a)		13		8,140
PerkinElmer Inc.		56		3,862


	Number of Shares		Fair Value $
Quintiles IMS Holdings Inc. (a)		69		6,560
Thermo Fisher Scientific Inc.		190		35,948
Waters Corp. (a)		40		7,181

				85,701


Managed Healthcare - 1.7%
Aetna Inc.		156		24,806
Anthem Inc.		123		23,355
Centene Corp. (a)		87		8,419
Cigna Corp.		118		22,059
Humana Inc.		67		16,323
UnitedHealth Group Inc.		462		90,483

				185,445


Metal & Glass Containers - 0.1%
Ball Corp.		177		7,310


Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		88		4,242


Movies & Entertainment - 1.3%
The Walt Disney Co.		736		72,547
Time Warner Inc.		369		37,804
Twenty-First Century Fox Inc., Class A		486		12,821
Twenty-First Century Fox Inc., Class B		191		4,926
Viacom Inc., Class B		178		4,956

				133,054


Multi-Line Insurance - 0.4%
American International Group Inc.		444		27,257
Assurant Inc.		28		2,675
Loews Corp.		139		6,652
The Hartford Financial Services Group Inc.		186		10,310

				46,894


Multi-Sector Holdings - 1.6%
Berkshire Hathaway Inc., Class B (a)		922		169,021
Leucadia National Corp.		164		4,141

				173,162


Multi-Utilities - 1.0%
Ameren Corp.		123		7,114
CenterPoint Energy Inc.		218		6,368
CMS Energy Corp.		142		6,577
Consolidated Edison Inc.		154		12,425
Dominion Energy Inc.		302		23,233
DTE Energy Co.		91		9,770
NiSource Inc.		163		4,171

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


State Street Institutional S&P 500 Index Fund			21

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Public Service Enterprise Group Inc.		256		11,840
SCANA Corp.		72		3,491
Sempra Energy		116		13,239
WEC Energy Group Inc.		159		9,982

				108,210


Office REITs - 0.3%
Alexandria Real Estate Equities Inc.		46		5,473
Boston Properties Inc.		78		9,585
SL Green Realty Corp.		51		5,167
Vornado Realty Trust		87		6,688

				26,913


Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		55		2,866


Oil & Gas Equipment & Services - 0.8%
Baker Hughes a GE Co.		215		7,873
Halliburton Co.		405		18,642
National Oilwell Varco Inc.		192		6,860
Schlumberger Ltd.		660		46,042
TechnipFMC PLC (a)		192		5,361

				84,778


Oil & Gas Exploration & Production - 1.4%
Anadarko Petroleum Corp.		283		13,825
Apache Corp.		192		8,794
Cabot Oil & Gas Corp.		235		6,286
Chesapeake Energy Corp. (a)		385		1,655
Cimarex Energy Co.		48		5,456
Concho Resources Inc. (a)		75		9,879
ConocoPhillips		573		28,679
Devon Energy Corp.		266		9,765
EOG Resources Inc.		272		26,313
EQT Corp.		88		5,741
Hess Corp.		137		6,424
Marathon Oil Corp.		429		5,817
Newfield Exploration Co. (a)		101		2,997
Noble Energy Inc.		230		6,523
Pioneer Natural Resources Co.		86		12,688
Range Resources Corp.		95		1,859

				152,701


Oil & Gas Refining & Marketing - 0.5%
Andeavor		64		6,601
Marathon Petroleum Corp.		233		13,067
Phillips 66		200		18,322
Valero Energy Corp.		205		15,771

				53,761


	Number of Shares		Fair Value $
Oil & Gas Storage & Transportation - 0.4%
Kinder Morgan Inc.		896		17,185
ONEOK Inc.		192		10,639
The Williams Companies Inc.		417		12,514

				40,338


Packaged Foods & Meats - 1.1%
Campbell Soup Co.		97		4,541
Conagra Brands Inc.		204		6,883
General Mills Inc.		268		13,872
Hormel Foods Corp.		136		4,371
Kellogg Co.		127		7,921
McCormick & Company Inc.		57		5,850
Mondelez International Inc., Class A		712		28,950
The Hershey Co.		71		7,751
The JM Smucker Co.		59		6,191
The Kraft Heinz Co.		280		21,714
Tyson Foods Inc., Class A		146		10,286

				118,330


Paper Packaging - 0.3%
Avery Dennison Corp.		45		4,425
International Paper Co.		209		11,875
Packaging Corporation of America		48		5,505
Sealed Air Corp.		99		4,229
WestRock Co.		127		7,205

				33,239


Personal Products - 0.1%
Coty Inc., Class A		238		3,934
The Estee Lauder Companies Inc., Class A		113		12,186

				16,120


Pharmaceuticals - 4.7%
Allergan PLC		158		32,382
Bristol-Myers Squibb Co.		780		49,717
Eli Lilly & Co.		459		39,263
Johnson & Johnson		1,286		167,193
Merck & Company Inc.		1,306		83,623
Mylan N.V. (a)		233		7,309
Perrigo Company PLC		58		4,910
Pfizer Inc.		2,853		101,852
Zoetis Inc.		228		14,538

				500,787


Property & Casualty Insurance - 0.8%
Chubb Ltd.		220		31,361
Cincinnati Financial Corp.		76		5,819
The Allstate Corp.		168		15,441

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


22		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

The Progressive Corp.		293		14,187
The Travelers Companies Inc.		128		15,683
XL Group Ltd.		132		5,207

				87,698


Publishing - 0.0%*
News Corp., Class A		193		2,559
News Corp., Class B		40		546

				3,105


Railroads - 0.9%
CSX Corp.		429		23,277
Kansas City Southern		54		5,869
Norfolk Southern Corp.		134		17,720
Union Pacific Corp.		380		44,069

				90,935


Real Estate Services - 0.1%
CBRE Group Inc., Class A (a)		152		5,758


Regional Banks - 1.3%
BB&T Corp.		377		17,697
Citizens Financial Group Inc.		256		9,695
Comerica Inc.		89		6,787
Fifth Third Bancorp		334		9,345
Huntington Bancshares Inc.		549		7,664
KeyCorp		554		10,426
M&T Bank Corp.		70		11,273
People’s United Financial Inc.		174		3,156
Regions Financial Corp.		607		9,245
SunTrust Banks Inc.		221		13,209
The PNC Financial Services Group Inc.		226		30,458
Zions Bancorporation		102		4,812

				133,767


Reinsurance - 0.0%*
Everest Re Group Ltd.		21		4,796


Research & Consulting Services - 0.3%
Equifax Inc.		61		6,465
IHS Markit Ltd. (a)		160		7,053
Nielsen Holdings PLC		170		7,047
Verisk Analytics Inc. (a)		78		6,489

				27,054


Residential REITs - 0.4%
Apartment Investment & Management Co., Class A		79		3,465
AvalonBay Communities Inc.		64		11,419
Equity Residential		185		12,197
Essex Property Trust Inc.		33		8,383


	Number of Shares		Fair Value $
Mid-America Apartment Communities Inc.		57		6,092
UDR Inc.		135		5,134

				46,690


Restaurants - 1.1%
Chipotle Mexican Grill Inc. (a)		14		4,310
Darden Restaurants Inc.		63		4,963
McDonald’s Corp.		386		60,478
Starbucks Corp.		684		36,738
Yum! Brands Inc.		167		12,293

				118,782


Retail REITs - 0.5%
Federal Realty Investment Trust		36		4,472
GGP Inc.		294		6,106
Kimco Realty Corp.		215		4,203
Realty Income Corp.		138		7,892
Regency Centers Corp.		74		4,591
Simon Property Group Inc.		146		23,508
The Macerich Co.		60		3,298

				54,070


Semiconductor Equipment - 0.5%
Applied Materials Inc.		501		26,097
KLA-Tencor Corp.		79		8,374
Lam Research Corp.		81		14,988

				49,459


Semiconductors - 3.2%
Advanced Micro Devices Inc. (a)		391		4,985
Analog Devices Inc.		170		14,649
Broadcom Ltd.		193		46,810
Intel Corp.		2,244		85,452
Microchip Technology Inc.		116		10,414
Micron Technology Inc. (a)		525		20,648
NVIDIA Corp.		285		50,949
Qorvo Inc. (a)		64		4,524
QUALCOMM Inc.		700		36,288
Skyworks Solutions Inc.		93		9,477
Texas Instruments Inc.		469		42,041
Xilinx Inc.		125		8,854

				335,091


Soft Drinks - 1.7%
Dr Pepper Snapple Group Inc.		93		8,228
Monster Beverage Corp. (a)		204		11,271
PepsiCo Inc.		682		75,995
The Coca-Cola Co.		1,833		82,503

				177,997

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


State Street Institutional S&P 500 Index Fund			23

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Specialized Consumer Services - 0.0%*
H&R Block Inc.		105		2,780


Specialized REITs - 1.1%
American Tower Corp.		203		27,746
Crown Castle International Corp.		190		18,996
Digital Realty Trust Inc.		99		11,715
Equinix Inc.		36		16,067
Extra Space Storage Inc.		64		5,115
Iron Mountain Inc.		124		4,824
Public Storage		69		14,765
SBA Communications Corp. (a)		61		8,787
Weyerhaeuser Co.		380		12,931

				120,946


Specialty Chemicals - 0.5%
Albemarle Corp.		56		7,633
Ecolab Inc.		121		15,562
International Flavors & Fragrances Inc.		40		5,716
PPG Industries Inc.		129		14,017
The Sherwin-Williams Co.		41		14,680

				57,608


Specialty Stores - 0.2%
Signet Jewelers Ltd.		35		2,329
Tiffany & Co.		54		4,956
Tractor Supply Co.		65		4,114
Ulta Salon Cosmetics & Fragrance Inc. (a)		29		6,556

				17,955


Steel - 0.1%
Nucor Corp.		161		9,022


Systems Software - 3.5%
CA Inc.		158		5,274
Microsoft Corp.		3,694		275,166
Oracle Corp.		1,441		69,672
Red Hat Inc. (a)		90		9,978
Symantec Corp.		307		10,073

				370,163


Technology Hardware, Storage & Peripherals - 4.1%
Apple Inc. (l)		2,478		381,909


	Number of Shares		Fair Value $
Hewlett Packard Enterprise Co.		751		11,047
HP Inc.		776		15,489
NetApp Inc.		137		5,995
Seagate Technology PLC		150		4,976
Western Digital Corp.		147		12,701
Xerox Corp.		108		3,595

				435,712

Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		127		4,223


Tobacco - 1.3%
Altria Group Inc.		914		57,966
Philip Morris International Inc.		742		82,369

				140,335


Trading Companies & Distributors - 0.2%
Fastenal Co.		146		6,655
United Rentals Inc. (a)		43		5,966
WW Grainger Inc.		27		4,853

				17,474


Trucking - 0.0%*
JB Hunt Transport Services Inc.		43		4,776


Water Utilities - 0.1%
American Water Works Company Inc.		90		7,282


Total Common Stock (Cost $7,199,642)				10,352,936


Short-Term Investments - 2.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $246,950) (b)(m)		246,950		246,950

Total Investments (Cost $7,446,592)				10,599,886

Liabilities in Excess of Other Assets, net - (0.0)%*				(1,763	)


NET ASSETS - 100.0%				10,598,123

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


24		State Street Institutional S&P 500 Index Fund

State Street Institutional S&P 500 Index Fund

Schedule of Investments, continued — September 30, 2017

Other Information:

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation

S&P 500 Emini Index Futures		December 2017		2	$	248,791	$	251,610	$	2,819

During the period ended September 30, 2017, average notional value related to futures contracts was $668,691 or 6% of net assets.

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Investments	Level 1		Level 2		Level 3		Total

Investments in Securities
Common Stock	$	10,352,936	$	—	$	—	$	10,352,936
Short-Term Investments		246,950		—		—		246,950

Total Investments in Securities	$	10,599,886	$	—	$	—	$	10,599,886


Other Financial Instruments
Long Futures Contracts — Unrealized Appreciation	$	2,819	$	—	$	—	$	2,819

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Corp.		302	$	21,028		2,087		13,578	$	2,982	$	4,583		179	$	17,102	$	416
State Street Institutional U.S. Government Money Market Fund - Class G Shares		701,455		701,455		4,487,047		4,941,552		—		—		246,950		246,950		4,139

TOTAL			$	722,483	$	4,489,134	$	4,955,130	$	2,982	$	4,583			$	264,052	$	4,555

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


State Street Institutional S&P 500 Index Fund			25

State Street Institutional Premier Growth Equity Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional Premier Growth Equity Fund perform compared to its benchmarks and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional Premier Growth Equity Fund returned 21.18% for the Investment Class shares and 20.84% for the Service Class shares. The Fund’s benchmarks, the S&P 500 Index and the Russell 1000 Growth Index returned 18.61% and 21.94%, respectively, and the Fund’s Morningstar peer group of 1,398 U.S. Large Growth funds returned an average of 19.75% over the same period.

Q.	What market conditions impacted the Fund’s performance?

It was a year of cross-currents, but U.S. Equities enjoyed solid gains. Uncertainty characterized the commencement of the reporting period. At times, both safe haven investments and riskier growth assets came under pressure preceding the largely unanticipated presidential victory of Donald Trump over Hillary Clinton. Post-election expectations of higher interest rates and less regulation propelled a rally in financials and other cyclical sectors on the outlook for increased fiscal stimulus programs. U.S. Treasury yields rose initially, and the broad U.S. dollar reached a thirteen-year high in late November — a trend that would continue through the end of 2016.

In the last several months of the period, U.S. equity markets displayed impressive resilience against rising geopolitical threats and an administration that is punctuated with strong growth oriented rhetoric but no realized results. Nonetheless, global markets scaled a wall of worry, bolstered by widespread positive sentiment.

Q.	What were the drivers behind Fund performance

The Fund outperformed the S&P 500 Index but incrementally underperformed the Russell 1000 Growth Index. Most of the relative underperformance occurred in the fourth calendar quarter of 2016 which was a challenging time as the market quickly rotated away from secular growth stories to more cyclical plays upon the Trump election. While the portfolio was well positioned within financials to benefit from rising interest rates, headwinds in the health care sector weighed most on relative performance as investors used health care stocks as a source of funds for investments in sectors more leveraged to infrastructure spending (industrials, materials), rising rates (financials) and oil price recovery (energy).

Momentum soon reversed, and the Fund started 2017 on strong footing, recapturing the performance lost in the initial Trump trade within the first three months of the year. Some of the capital that fled the healthcare sector seemed to make its way back and the Fund’s biotechnology and medical devices holdings outperformed. The Fund’s media holdings also outperformed in early 2017.

For the full twelve months, The Fund’s sole Industrials holding was a key performance contributor. Equipment rental company, United Rentals benefited from a recovery in U.S. oil production and massive rebuilding efforts following 2017’s devastating hurricane season. American Tower, a growth oriented operator of cell towers, outperformed traditional REIT peers. Selected technology stocks performed well, including Alibaba, Applied Materials and Visa. Some other top-performers in this high-conviction Fund included Charles Schwab and CME in Financials, Charter Communications and Sirius XM in Media, and Vertex, Cooper and Biogen in Health Care. However, the Health Care sector detracted from relative performance due to pullbacks in Allergan, Medtronic and Gilead which was eliminated during the year. Qualcomm and Baidu also weighed on results within Technology, and were sold from the Fund. Other relative underperformers included Liberty Global, Disney and Lowe’s in Consumer Discretionary and Schlumberger in Energy.


26		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Portfolio Management Discussion and Analysis, continued — September 30, 2017 (Unaudited)

Q.	Were there any significant changes in the Fund during the period?

William Sandow, a senior research analyst covering biotechnology and pharmaceutical stocks on our U.S. Growth portfolio management team, joined Dave Carlson as a Co-Portfolio Manager on the U.S. Premier Growth Equity strategy effective September 1, 2017. Dave remains lead portfolio manager for the Fund, involved in all aspects of portfolio research, construction and implementation. William and Dave have worked closely since 2012 and William is deeply familiar with the U.S. Premier Growth Strategy investment philosophy and process.

Turnover among holdings remained relatively low in keeping with our long-term investment horizon, but did result in some changes in positioning. Among sectors, Information Technology was the largest absolute weighting as the sector where we find many of the innovative, growth companies at reasonable valuations that we favor. However, we trimmed exposure to Information Technology in the past year, and reduced exposure to Energy and to Consumer Discretionary, after the sale of a home improvement retailer. Industrials exposure has also decreased during the period, ending more underweight. We have increased Financials exposure as well as the overweight in the Health Care sector. Telecommunications Services and Materials both remained underweight. Consumer Staples has been a consistent sector underweight, but that underweight was reduced during the period due to relative outperformance of PepsiCo, our sole holding in the sector.


State Street Institutional Premier Growth Equity Fund			27

State Street Institutional Premier Growth Equity Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek long-term growth of capital and future income. The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks. The Fund invests primarily in a limited number of large and medium-sized companies (meaning companies with market capitalizations of $2 billion or more) that the portfolio manager believes have above-average growth histories and/or growth potential.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		1,398			1,125			800
Peer group average annual total return		19.75	%		13.70	%		7.55	%
Morningstar Category in peer group: Large Growth

Top Ten Largest Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Apple Inc.	5.82	%
Alphabet Inc., Class C	5.03	%
Visa Inc., Class A	4.97	%
Facebook Inc., Class A	4.48	%
The Charles Schwab Corp.	4.26	%
CME Group Inc.	4.04	%
S&P Global Inc.	3.67	%
Amazon.com Inc.	3.58	%
United Rentals Inc.	3.58	%
Allergan PLC	3.52	%

Sector Allocation as of September 30, 2017

Portfolio composition as a % of Fair Value of $376,391 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 10/29/99)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Premier Growth Equity Fund		21.18	%		15.01	%		9.24	%	$	24,205
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488
Russell 1000 Growth Index		21.94	%		15.26	%		9.08	%	$	23,855

Service Class Shares (Inception date: 1/3/01)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Premier Growth Equity Fund		20.84	%		14.71	%		8.91	%	$	23,471
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488
Russell 1000 Growth Index		21.94	%		15.26	%		9.08	%	$	23,855


28		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


State Street Institutional Premier Growth Equity Fund			29

State Street Institutional Premier Growth Equity Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

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 for your class under the heading “Expenses paid during period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,106.50	$	1,023.20
Expenses paid during the period*	$	2.01	$	1.93


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,105.70	$	1,021.90
Expenses paid during the period*	$	3.33	$	3.19

*	Expenses are equal to the Fund’s annualized expense ratio of 0.38% for Investment Class shares and 0.63% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


30		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Schedule of Investments — September 30, 2017


	Number of Shares		Fair Value $

Common Stock - 97.7%†
Application Software - 4.3%
Intuit Inc.		34,512		4,905,536
salesforce.com Inc. (a)		121,865		11,384,628

				16,290,164


Biotechnology - 10.1%
Alexion Pharmaceuticals Inc. (a)		90,591		12,709,011
Amgen Inc.		60,394		11,260,461
Biogen Inc. (a)		20,104		6,294,965
Vertex Pharmaceuticals Inc. (a)		51,552		7,837,966

				38,102,403


Cable & Satellite - 8.2%
Charter Communications Inc., Class A (a)		23,729		8,623,593
Comcast Corp., Class A		185,495		7,137,848
Liberty Global PLC, Class C (a)		351,578		11,496,601
Sirius XM Holdings Inc.		668,649		3,690,942

				30,948,984


Data Processing & Outsourced Services - 6.1%
PayPal Holdings Inc. (a)		64,707		4,143,189
Visa Inc., Class A		177,730		18,704,305

				22,847,494


Financial Exchanges & Data - 7.7%
CME Group Inc.		112,160		15,217,869
S&P Global Inc.		88,435		13,823,275

				29,041,144


Healthcare Equipment - 5.0%
Boston Scientific Corp. (a)		235,102		6,857,925
Medtronic PLC		151,663		11,794,832

				18,652,757


Healthcare Supplies - 1.4%
The Cooper Companies Inc.		22,862		5,420,809


Internet & Direct Marketing Retail - 3.6%
Amazon.com Inc. (a)		14,021		13,479,088


Internet Software & Services - 12.0%
Alibaba Group Holding Ltd. ADR (a)		31,596		5,456,945
Alphabet Inc., Class A (a)		4,098		3,990,305
Alphabet Inc., Class C (a)		19,748		18,940,504
Facebook Inc., Class A (a)		98,739		16,871,533

				45,259,287


	Number of Shares		Fair Value $
Investment Banking & Brokerage - 4.3%
The Charles Schwab Corp.		366,677		16,038,452


Movies & Entertainment - 2.1%
The Walt Disney Co.		80,571		7,941,883


Oil & Gas Equipment & Services - 1.7%
Schlumberger Ltd.		92,747		6,470,031


Pharmaceuticals - 3.5%
Allergan PLC		64,708		13,261,904


Regional Banks - 1.7%
First Republic Bank		62,552		6,534,182


Restaurants - 0.9%
Starbucks Corp.		59,315		3,185,809


Semiconductor Equipment - 2.4%
Applied Materials Inc. (l)		172,554		8,988,338


Semiconductors - 2.1%
Broadcom Ltd.		32,354		7,847,139


Soft Drinks - 3.5%
PepsiCo Inc.		118,487		13,203,006


Specialized REITs - 3.3%
American Tower Corp.		90,591		12,381,978


Specialty Chemicals - 1.1%
Albemarle Corp.		30,197		4,116,153


Systems Software - 3.3%
Microsoft Corp.		166,083		12,371,523


Technology Hardware, Storage & Peripherals - 5.8%
Apple Inc.		142,184		21,913,398


Trading Companies & Distributors - 3.6%
United Rentals Inc. (a)		97,062		13,466,382


Total Common Stock (Cost $255,250,177)				367,762,308

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


State Street Institutional Premier Growth Equity Fund			31

State Street Institutional Premier Growth Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Short-Term Investments - 2.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $8,628,607) (d)(m)		8,628,607		8,628,607


Total Investments (Cost $263,878,784)				376,390,915

Other Assets and Liabilities, net - 0.0%*				161,140


NET ASSETS - 100.0%				376,552,055

Other Information:

The Fund had the following short futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount			Current Notional Value			Unrealized Depreciation

S&P 500 Emini Index Futures		December 2017		28	$	(3,463,014	)	$	(3,522,540	)	$	(59,526	)

During the period ended September 30, 2017, average notional values related to long and short futures contracts were $2,586,055 or 0.7% of net assets and $1,094,547 or 0.3% of net assets, respectively.

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Investments	Level 1			Level 2		Level 3		Total

Investments in Securities
Common Stock	$	367,762,308		$	—	$	—	$	367,762,308
Short-Term Investments		8,628,607			—		—		8,628,607

Total Investments in Securities	$	376,390,915		$	—	$	—	$	376,390,915


Other Financial Instruments
Short Futures Contracts — Unrealized Depreciation	$	(59,526	)	$	—	$	—	$	(59,526	)

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		12,844,727	$	12,844,727	$	50,716,538	$	54,932,658	$	—	$	—		8,628,607	$	8,628,607	$	79,095

TOTAL			$	12,844,727	$	50,716,538	$	54,932,658	$	—	$	—			$	8,628,607	$	79,095

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


32		State Street Institutional Premier Growth Equity Fund

State Street Institutional Small-Cap Equity Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional Small-Cap Equity Fund perform compared to its benchmark and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional Small-Cap Equity Fund returned 19.65% for the Investment Class shares and 19.38% for the Service Class shares. The Fund’s benchmark, the Russell 2000 Index returned 20.74% and the Fund’s Morningstar peer group of 794 U.S. Small Blend funds returned an average of 18.91% over the same period.

Q.	What market conditions impacted the Fund’s performance?

The rally in growth stocks dominated performance as higher beta securities and traditional growth segments of the market rallied significantly more than the value segments. This propelled the growth-oriented managers such as GlobeFlex Capital, L.P. and Champlain Investment Partners, LLC to generate significant returns

Q.	What were the drivers behind Fund performance?

The asset allocation trumped individual security selection where the majority of high beta names rallied, so the higher beta and the more growth-oriented the security is, the better it did. Individual security fundamentals were not rewarded in this market. The strategy does use derivatives but only to equitize the residual cash in the account to prevent any performance disruption from large flows so there was no impact to the Fund.

Q.	Were there any significant changes in the Fund during the period?

There were no changes to the underlying sub-advisors. During the most recent quarter, Mike Cervi left the portfolio management team to pursue an external opportunity. He was replaced by Dennis Santos, who had been working closely with Mike for the last 6-years and had been the primary trader on the strategy during that time. Dennis brings over 15 years of institutional investment experience to the team and has been performing due diligence on the underlying managers and assisting in the day-to-day management of the fund over the last 6 years.

David Wiederecht remains portfolio manager along with Dennis, and has been in the role for 8 years. Dennis and Dave are further supported by the 10 person manager research team, and the 80-person Investment Solutions Group, which provides research and due diligence on investment managers as well as market and economic research to help with positioning the Fund.


State Street Institutional Small-Cap Equity Fund			33

State Street Institutional Small-Cap Equity Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek long-term growth of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities of small-cap companies, such as common and preferred stocks. The Fund uses a multi sub-adviser investment strategy that combines growth, value and core investment management styles, which allows the Fund the potential to benefit from both value and growth cycles in the marketplace.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		794			554			393
Peer group average annual total return		18.91	%		12.83	%		7.19	%
Morningstar Category in peer group: Small Blend

Top Ten Largest Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Blackbaud Inc.	1.31	%
John Wiley & Sons Inc., Class A	1.18	%
Actuant Corp., Class A	1.04	%
Wolverine World Wide Inc.	0.98	%
Darling Ingredients Inc.	0.93	%
Ritchie Bros Auctioneers Inc.	0.93	%
Qualys Inc.	0.93	%
Integra LifeSciences Holdings Corp.	0.92	%
Snyder’s-Lance Inc.	0.92	%
Woodward Inc.	0.89	%

Sector Allocation as of September 30, 2017

Portfolio composition as a % of Fair Value of $1,465,327 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 8/3/98)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Small-Cap Equity Fund		19.65	%		14.09	%		8.40	%	$	22,411
Russell 2000 Index		20.74	%		13.79	%		7.85	%	$	21,287

Service Class Shares (Inception date: 9/30/05)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Small-Cap Equity Fund		19.38	%		13.82	%		8.14	%	$	21,867
Russell 2000 Index		20.74	%		13.79	%		7.85	%	$	21,287


34		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


State Street Institutional Small-Cap Equity Fund			35

State Street Institutional Small-Cap Equity Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,071.10	$	1,020.70
Expenses paid during the period*	$	4.57	$	4.46


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,070.00	$	1,019.40
Expenses paid during the period*	$	5.86	$	5.72

*	Expenses are equal to the Fund’s annualized expense ratio of 0.88% for Investment Class shares and 1.13% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


36		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments — September 30, 2017


	Number of Shares		Fair Value $

Common Stock - 94.6%†
Aerospace & Defense - 0.6%
Teledyne Technologies Inc. (a)		53,300		8,484,294


Agricultural & Farm Machinery - 0.6%
AGCO Corp. (l)		115,510		8,521,173


Agricultural Products - 0.9%
Darling Ingredients Inc. (a)		781,222		13,687,009


Air Freight & Logistics - 0.1%
Hub Group Inc., Class A (a)		19,782		849,637


Airlines - 0.0%*
Hawaiian Holdings Inc. (a)		16,000		600,800


Alternative Carriers - 0.1%
Vonage Holdings Corp. (a)		95,311		775,831


Apparel Retail - 0.6%
American Eagle Outfitters Inc.		31,092		444,616
Burlington Stores Inc. (a)		35,355		3,374,988
Francesca’s Holdings Corp. (a)		48,900		359,904
Genesco Inc. (a)		45,828		1,219,025
The Buckle Inc.		146,097		2,461,734
The Children’s Place Inc.		9,100		1,075,165

				8,935,432


Apparel, Accessories & Luxury Goods - 0.3%
G-III Apparel Group Ltd. (a)		172,565		5,007,836


Application Software - 4.5%
ACI Worldwide Inc. (a)		359,966		8,200,026
Blackbaud Inc.		218,708		19,202,562
Guidewire Software Inc. (a)		133,500		10,394,310
Paylocity Holding Corp. (a)		46,307		2,260,708
PTC Inc. (a)		104,482		5,880,247
RealPage Inc. (a)		275,676		10,999,472
SS&C Technologies Holdings Inc.		190,994		7,668,409
Zix Corp. (a)		202,600		990,714

				65,596,448


Asset Management & Custody Banks - 0.7%
Cohen & Steers Inc.		30,345		1,198,324
Financial Engines Inc.		250,000		8,687,500
OM Asset Management PLC		59,639		889,814

				10,775,638


Auto Parts & Equipment - 1.4%
American Axle & Manufacturing Holdings Inc. (a)		46,020		809,032


	Number of Shares		Fair Value $

Cooper-Standard Holdings Inc. (a)		14,806		1,717,052
Gentherm Inc. (a)		27,545		1,023,297
LCI Industries		23,812		2,758,620
Standard Motor Products Inc.		34,998		1,688,653
Stoneridge Inc. (a)		77,431		1,533,908
Tenneco Inc.		165,371		10,033,058
Tower International Inc.		30,955		841,976

				20,405,596


Automobile Manufacturers - 0.8%
Thor Industries Inc.		74,002		9,317,592
Winnebago Industries Inc.		39,582		1,771,294

				11,088,886


Automotive Retail - 1.2%
America’s Car-Mart Inc. (a)		35,248		1,449,574
Asbury Automotive Group Inc. (a)		13,451		821,856
Group 1 Automotive Inc.		65,975		4,780,549
Murphy USA Inc. (a)		150,907		10,412,583

				17,464,562


Biotechnology - 0.6%
MiMedx Group Inc. (a)		53,700		637,956
Repligen Corp. (a)		200,245		7,673,388

				8,311,344


Brewers - 0.5%
Craft Brew Alliance Inc. (a)		42,374		743,664
The Boston Beer Company Inc., Class A (a)		39,500		6,169,900

				6,913,564


Building Products - 0.8%
American Woodmark Corp. (a)		16,828		1,619,695
Apogee Enterprises Inc.		24,881		1,200,757
Builders FirstSource Inc. (a)		125,867		2,264,347
Continental Building Products Inc. (a)		23,764		617,864
Insteel Industries Inc.		10,044		262,249
Masonite International Corp. (a)		7,430		514,156
NCI Building Systems Inc. (a)		52,543		819,671
Patrick Industries Inc. (a)		6,900		580,290
Ply Gem Holdings Inc. (a)		49,577		845,288
Trex Company Inc. (a)		14,062		1,266,564
Universal Forest Products Inc.		21,137		2,074,808

				12,065,689


Casinos & Gaming - 0.0%*
Pinnacle Entertainment Inc. (a)		29,522		629,114

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


State Street Institutional Small-Cap Equity Fund			37

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Commercial Printing - 0.3%
Brady Corp., Class A		80,500		3,054,975
Deluxe Corp.		13,030		950,669
LSC Communications Inc.		20,074		331,421

				4,337,065


Commodity Chemicals - 0.3%
AdvanSix Inc. (a)		36,724		1,459,779
Koppers Holdings Inc. (a)		20,089		927,108
Trinseo S.A.		21,522		1,444,126

				3,831,013


Communications Equipment - 0.2%
ADTRAN Inc.		52,851		1,268,424
Lumentum Holdings Inc. (a)		18,003		978,463

				2,246,887


Construction & Engineering - 0.5%
Aegion Corp. (a)		100,262		2,334,100
Argan Inc.		15,453		1,039,214
Dycom Industries Inc. (a)		26,223		2,252,031
EMCOR Group Inc.		13,100		908,878
MasTec Inc. (a)		24,002		1,113,693

				7,647,916


Construction Machinery & Heavy Trucks - 1.9%
Alamo Group Inc.		20,560		2,207,527
Astec Industries Inc.		37,285		2,088,333
Federal Signal Corp.		523,491		11,139,889
The Greenbrier Companies Inc.		16,282		783,978
Trinity Industries Inc.		331,556		10,576,636
Wabash National Corp.		73,802		1,684,162

				28,480,525


Construction Materials - 0.1%
Summit Materials Inc., Class A (a)		40,736		1,304,774


Consumer Finance - 0.1%
Enova International Inc. (a)		89,791		1,207,689


Data Processing & Outsourced Services - 1.9%
Broadridge Financial Solutions Inc.		105,212		8,503,234
Cardtronics PLC, Class A (a)		15,700		361,257
Cass Information Systems Inc.		8,958		568,296
CoreLogic Inc. (a)		153,124		7,077,391
EVERTEC Inc.		50,766		804,641
MAXIMUS Inc.		14,360		926,220
Travelport Worldwide Ltd.		65,007		1,020,610
WEX Inc. (a)		77,800		8,730,716

				27,992,365


	Number of Shares		Fair Value $

Distributors - 0.6%
LKQ Corp. (a)		256,618		9,235,682


Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		58,361		3,787,629


Diversified Real Estate Activities - 0.0%*
The RMR Group Inc., Class A		12,200		626,470


Diversified REITs - 0.1%
American Assets Trust Inc.		20,365		809,916
Gramercy Property Trust		47,383		1,433,336

				2,243,252


Diversified Support Services - 1.7%
Healthcare Services Group Inc.		175,541		9,473,948
Ritchie Bros Auctioneers Inc.		428,830		13,559,604
UniFirst Corp.		7,688		1,164,732
Viad Corp.		19,880		1,210,692

				25,408,976


Education Services - 0.6%
Capella Education Co.		12,200		855,830
Grand Canyon Education Inc. (a)		10,700		971,774
K12 Inc. (a)		373,618		6,665,345

				8,492,949


Electric Utilities - 1.0%
ALLETE Inc.		15,161		1,171,794
IDACORP Inc.		133,772		11,762,572
PNM Resources Inc.		28,407		1,144,802
Spark Energy Inc., Class A		47,400		711,000

				14,790,168


Electrical Components & Equipment - 0.2%
Atkore International Group Inc. (a)		33,576		655,068
EnerSys		14,205		982,560
Regal Beloit Corp.		17,604		1,390,716

				3,028,344


Electronic Components - 0.8%
Belden Inc.		20,773		1,672,850
Littelfuse Inc.		48,437		9,487,839

				11,160,689


Electronic Equipment & Instruments - 1.0%
Coherent Inc. (a)		8,100		1,904,877
Control4 Corp. (a)		82,193		2,421,406
National Instruments Corp.		52,601		2,218,184

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


38		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

VeriFone Systems Inc. (a)		249,713		5,064,180
Zebra Technologies Corp., Class A (a)		30,919		3,357,185

				14,965,832


Electronic Manufacturing Services - 0.3%
Benchmark Electronics Inc. (a)		14,723		502,791
KEMET Corp. (a)		46,947		991,990
Methode Electronics Inc.		18,358		777,461
Plexus Corp. (a)		27,056		1,517,301
TTM Technologies Inc. (a)		62,571		961,716

				4,751,259


Environmental & Facilities Services - 0.8%
Clean Harbors Inc. (a)		212,234		12,033,668


Food Distributors - 0.7%
Performance Food Group Co. (a)		138,748		3,919,631
SpartanNash Co.		234,878		6,193,733

				10,113,364


Food Retail - 0.1%
Casey’s General Stores Inc.		8,753		958,016


Footwear - 1.5%
Deckers Outdoor Corp. (a)		81,017		5,542,373
Skechers U.S.A. Inc., Class A (a)		56,520		1,418,087
Wolverine World Wide Inc.		499,016		14,396,611

				21,357,071


Forest Products - 0.1%
Boise Cascade Co. (a)		33,423		1,166,462
Louisiana-Pacific Corp. (a)		37,034		1,002,881

				2,169,343


Gas Utilities - 0.1%
South Jersey Industries Inc.		27,551		951,336


General Merchandise Stores - 0.1%
Big Lots Inc.		18,308		980,760


Health Care REITs - 0.3%
CareTrust REIT Inc.		35,136		668,990
Omega Healthcare Investors Inc.		119,096		3,800,353

				4,469,343


Healthcare Distributors - 0.1%
Aceto Corp.		112,500		1,263,375
Owens & Minor Inc.		8,147		237,892

				1,501,267


	Number of Shares		Fair Value $

Healthcare Equipment - 4.9%
Cantel Medical Corp.		52,500		4,943,925
Cardiovascular Systems Inc. (a)		203,900		5,739,785
CONMED Corp.		182,000		9,549,540
Heska Corp. (a)		10,900		960,181
Hill-Rom Holdings Inc.		152,575		11,290,550
Insulet Corp. (a)		120,000		6,609,600
Integra LifeSciences Holdings Corp. (a)		268,100		13,533,688
LeMaitre Vascular Inc.		52,100		1,949,582
LivaNova PLC (a)		11,116		778,787
Masimo Corp. (a)		24,300		2,103,408
Natus Medical Inc. (a)		12,099		453,712
NuVasive Inc. (a)		166,000		9,206,360
Orthofix International N.V. (a)		9,300		439,425
Penumbra Inc. (a)		48,000		4,334,400

				71,892,943


Healthcare Facilities - 0.4%
Acadia Healthcare Company Inc. (a)(l)		73,448		3,507,877
HealthSouth Corp.		15,832		733,813
Select Medical Holdings Corp. (a)		61,701		1,184,659

				5,426,349


Healthcare Services - 1.7%
Addus HomeCare Corp. (a)		14,000		494,200
Almost Family Inc. (a)(l)		12,500		671,250
AMN Healthcare Services Inc. (a)		41,926		1,916,018
BioTelemetry Inc. (a)		65,600		2,164,800
Diplomat Pharmacy Inc. (a)		52,196		1,080,979
Envision Healthcare Corp. (a)		203,598		9,151,730
LHC Group Inc. (a)		13,800		978,696
MEDNAX Inc. (a)		171,955		7,414,700
RadNet Inc. (a)		90,800		1,048,740

				24,921,113


Healthcare Supplies - 0.8%
Endologix Inc. (a)		383,103		1,708,639
ICU Medical Inc. (a)		41,500		7,712,775
Lantheus Holdings Inc. (a)		62,900		1,119,620
Merit Medical Systems Inc. (a)		28,763		1,218,113

				11,759,147


Healthcare Technology - 1.7%
HMS Holdings Corp. (a)		389,830		7,742,024
Medidata Solutions Inc. (a)		111,000		8,664,660
Omnicell Inc. (a)		163,500		8,346,675

				24,753,359

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


State Street Institutional Small-Cap Equity Fund			39

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Home Building - 0.4%
Installed Building Products Inc. (a)		12,647		819,526
LGI Homes Inc. (a)		19,897		966,397
Taylor Morrison Home Corp., Class A (a)		40,194		886,278
TopBuild Corp. (a)		43,377		2,826,879

				5,499,080


Home Furnishing Retail - 0.4%
Aaron’s Inc. (l)		128,245		5,595,329
Select Comfort Corp. (a)		30,600		950,130

				6,545,459


Home Furnishings - 0.1%
Tempur Sealy International Inc. (a)		18,185		1,173,296


Hotel & Resort REITs - 0.4%
Ashford Hospitality Trust Inc.		69,249		461,891
Chatham Lodging Trust		35,134		749,057
LaSalle Hotel Properties		23,647		686,236
RLJ Lodging Trust		208,919		4,596,218

				6,493,402


Hotels, Resorts & Cruise Lines - 0.3%
ILG Inc.		169,269		4,524,560


Household Appliances - 0.6%
Helen of Troy Ltd. (a)		90,474		8,766,931


Household Products - 0.0%*
Energizer Holdings Inc.		7,811		359,697


Housewares & Specialties - 0.0%*
Tupperware Brands Corp.		9,771		604,043


Human Resource & Employment Services - 0.2%
Insperity Inc.		14,255		1,254,440
Kforce Inc.		34,900		704,980
TriNet Group Inc. (a)		28,120		945,394
TrueBlue Inc. (a)		31,444		705,918

				3,610,732


Industrial Machinery - 7.8%
Actuant Corp., Class A (l)		594,063		15,208,013
Altra Industrial Motion Corp.		22,839		1,098,556
Barnes Group Inc.		123,989		8,733,785
Crane Co.		56,341		4,506,717
Franklin Electric Company Inc.		26,181		1,174,218
John Bean Technologies Corp.		51,200		5,176,320
Kennametal Inc.		25,924		1,045,774


	Number of Shares		Fair Value $

LB Foster Co., Class A (a)		36,783		836,813
Luxfer Holdings PLC ADR		129,694		1,614,690
Lydall Inc. (a)		152,300		8,726,790
Mueller Industries Inc.		168,785		5,899,036
Nordson Corp.		34,244		4,057,914
Standex International Corp.		86,500		9,186,300
The Gorman-Rupp Co.		57,900		1,885,803
The Timken Co.		210,844		10,236,476
TriMas Corp. (a)		251,000		6,777,000
Watts Water Technologies Inc., Class A		62,854		4,349,497
Welbilt Inc. (a)		443,100		10,213,455
Woodward Inc.		168,345		13,065,255

				113,792,412


Industrial REITs - 0.2%
Rexford Industrial Realty Inc.		52,259		1,495,653
STAG Industrial Inc.		52,965		1,454,948

				2,950,601


Internet & Direct Marketing Retail - 0.1%
Nutrisystem Inc.		17,500		978,250


Internet Software & Services - 3.0%
Autobytel Inc. (a)		63,200		435,448
Cornerstone OnDemand Inc. (a)		213,468		8,668,935
LogMeIn Inc.		95,800		10,542,790
New Relic Inc. (a)		208,000		10,358,400
NIC Inc.		385,393		6,609,490
Okta Inc. (a)		64,500		1,819,545
Q2 Holdings Inc. (a)		64,000		2,665,600
Stamps.com Inc. (a)		4,900		992,985
The Meet Group Inc. (a)		87,300		317,772
Web.com Group Inc. (a)		46,900		1,172,500

				43,583,465


Investment Banking & Brokerage - 1.4%
Evercore Inc., Class A		10,344		830,106
Greenhill & Company Inc.		77,219		1,281,836
Houlihan Lokey Inc.		36,736		1,437,480
Moelis & Co., Class A		24,387		1,049,860
Piper Jaffray Cos.		24,456		1,451,464
Raymond James Financial Inc.		148,586		12,530,257
Stifel Financial Corp.		34,618		1,850,678

				20,431,681


IT Consulting & Other Services - 0.2%
Perficient Inc. (a)		41,911		824,389
Science Applications International Corp.		11,241		751,461
The Hackett Group Inc.		48,900		742,791

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


40		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Virtusa Corp. (a)		17,766		671,200

				2,989,841


Leisure Products - 1.0%
Brunswick Corp.		11,874		664,588
Malibu Boats Inc., Class A (a)		25,900		819,476
MCBC Holdings Inc. (a)		47,800		974,164
Nautilus Inc. (a)		42,560		719,264
Polaris Industries Inc.		103,886		10,869,592

				14,047,084


Life Sciences Tools & Services - 2.0%
Bruker Corp.		175,570		5,223,207
Cambrex Corp. (a)		28,776		1,582,680
Charles River Laboratories International Inc. (a)		11,914		1,286,950
ICON PLC (a)		79,311		9,031,937
INC Research Holdings Inc., Class A (a)		206,176		10,783,005
PAREXEL International Corp. (a)		4,820		424,546
PRA Health Sciences Inc. (a)		16,300		1,241,571

				29,573,896


Managed Healthcare - 1.0%
Centene Corp. (a)		100,605		9,735,546
Magellan Health Inc. (a)		20,854		1,799,700
Molina Healthcare Inc. (a)		41,835		2,876,575

				14,411,821


Marine - 0.0%*
Kirby Corp. (a)		10,746		708,699


Multi-Line Insurance - 0.3%
Horace Mann Educators Corp. (l)		79,050		3,110,617
National General Holdings Corp.		39,000		745,290

				3,855,907


Multi-Utilities - 0.1%
Black Hills Corp.		19,850		1,367,069


Office REITs - 0.7%
Brandywine Realty Trust		83,243		1,455,920
Corporate Office Properties Trust		23,110		758,701
Cousins Properties Inc.		873,314		8,156,753

				10,371,374


Office Services & Supplies - 0.6%
Herman Miller Inc.		28,000		1,005,200
HNI Corp.		20,000		829,400
Knoll Inc.		33,503		670,060
MSA Safety Inc.		47,500		3,776,725


	Number of Shares		Fair Value $

Steelcase Inc., Class A		51,889		799,091
West Corp.		97,579		2,290,179

				9,370,655


Oil & Gas Drilling - 0.1%
Nabors Industries Ltd.		112,375		906,866


Oil & Gas Equipment & Services - 0.8%
C&J Energy Services Inc. (a)		21,775		652,597
Dril-Quip Inc. (a)		42,475		1,875,271
Forum Energy Technologies Inc. (a)		191,148		3,039,253
Natural Gas Services Group Inc. (a)		32,126		912,378
Oil States International Inc. (a)		229,897		5,827,889

				12,307,388


Oil & Gas Exploration & Production - 1.5%
Callon Petroleum Co. (a)		152,701		1,716,359
Carrizo Oil & Gas Inc. (a)		161,264		2,762,452
Newfield Exploration Co. (a)		346,322		10,275,374
Rice Energy Inc. (a)		27,573		797,963
Ring Energy Inc. (a)		94,935		1,375,608
SM Energy Co.		265,794		4,715,186

				21,642,942


Packaged Foods & Meats - 3.3%
Amplify Snack Brands Inc. (a)		251,500		1,783,135
B&G Foods Inc.		225,000		7,166,250
Cal-Maine Foods Inc. (a)		25,196		1,035,555
J&J Snack Foods Corp.		17,500		2,297,750
Sanderson Farms Inc.		68,896		11,128,082
Snyder’s-Lance Inc.		352,500		13,444,350
TreeHouse Foods Inc. (a)		163,500		11,073,855

				47,928,977


Paper Packaging - 0.4%
Packaging Corporation of America		48,959		5,614,618


Paper Products - 0.1%
Neenah Paper Inc.		18,654		1,595,850


Personal Products - 0.5%
elf Beauty Inc. (a)		270,500		6,099,775
USANA Health Sciences Inc. (a)		12,486		720,442

				6,820,217


Pharmaceuticals - 1.8%
ANI Pharmaceuticals Inc. (a)		23,700		1,244,013
Catalent Inc. (a)		167,350		6,680,612
Corcept Therapeutics Inc. (a)		143,337		2,766,404

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


State Street Institutional Small-Cap Equity Fund			41

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $



Depomed Inc. (a)		34,800		201,492
Horizon Pharma PLC (a)		30,900		391,812
Innoviva Inc. (a)		59,400		838,728
Phibro Animal Health Corp., Class A		36,292		1,344,619
Prestige Brands Holdings Inc. (a)		137,966		6,910,717
Sucampo Pharmaceuticals Inc., Class A (a)		64,100		756,380
Supernus Pharmaceuticals Inc. (a)		138,000		5,520,000

				26,654,777


Property & Casualty Insurance - 1.8%
AMERISAFE Inc.		87,155		5,072,421
Argo Group International Holdings Ltd.		157,373		9,678,440
Atlas Financial Holdings Inc. (a)		20,000		378,000
RLI Corp.		63,167		3,623,259
The Navigators Group Inc.		136,500		7,964,775
Universal Insurance Holdings Inc.		14,446		332,258

				27,049,153


Publishing - 1.2%
John Wiley & Sons Inc., Class A		324,161		17,342,613


Railroads - 0.6%
Genesee & Wyoming Inc., Class A (a)		112,570		8,331,306


Regional Banks - 9.0%
1st Source Corp.		19,444		987,755
BankUnited Inc.		11,074		393,902
Banner Corp.		12,680		777,030
Bryn Mawr Bank Corp.		100,500		4,401,900
Camden National Corp.		22,443		979,413
Chemical Financial Corp.		29,407		1,536,810
Columbia Banking System Inc.		23,986		1,010,051
Community Bank System Inc.		83,400		4,607,850
Cullen/Frost Bankers Inc.		56,376		5,351,210
CVB Financial Corp.		267,000		6,453,390
Enterprise Financial Services Corp.		26,224		1,110,586
Equity Bancshares Inc., Class A (a)		10,487		373,128
FCB Financial Holdings Inc., Class A (a)		15,040		726,432
First Financial Bancorp.		14,045		367,277
First Financial Bankshares Inc.		85,500		3,864,600


	Number of Shares		Fair Value $

First Interstate BancSystem Inc., Class A		13,809		528,194
Fulton Financial Corp.		389,315		7,299,656
German American Bancorp Inc.		100,000		3,803,000
Great Southern Bancorp Inc.		18,563		1,033,031
Home BancShares Inc.		63,406		1,599,099
Hope Bancorp Inc.		39,702		703,122
IBERIABANK Corp.		90,609		7,443,529
Independent Bank Corp.		73,000		5,449,450
Lakeland Financial Corp.		12,800		623,616
LegacyTexas Financial Group Inc.		48,883		1,951,409
Pinnacle Financial Partners Inc.		22,793		1,525,991
Prosperity Bancshares Inc.		161,884		10,640,635
Renasant Corp.		255,940		10,979,826
South State Corp.		7,490		674,475
Southwest Bancorp Inc.		33,021		909,729
Stock Yards Bancorp Inc.		86,700		3,294,600
SVB Financial Group (a)		46,156		8,635,326
Texas Capital Bancshares Inc. (a)		19,182		1,645,816
UMB Financial Corp.		93,700		6,979,713
Umpqua Holdings Corp.		79,158		1,544,373
Union Bankshares Corp.		22,700		801,310
United Community Banks Inc.		27,246		777,601
Washington Trust Bancorp Inc.		93,000		5,324,250
Westamerica Bancorporation		87,422		5,205,106
Western Alliance Bancorp (a)		150,046		7,964,442
Wintrust Financial Corp.		25,598		2,004,579

				132,283,212


Reinsurance - 0.0%*
Maiden Holdings Ltd.		65,076		517,354


Research & Consulting Services - 0.3%
Huron Consulting Group Inc. (a)		7,600		260,680
Resources Connection Inc.		292,754		4,069,281

				4,329,961


Residential REITs - 0.6%
Education Realty Trust Inc.		208,352		7,486,088
Starwood Waypoint Homes		20,879		759,369

				8,245,457


Restaurants - 1.4%
BJ’s Restaurants Inc. (a)		21,000		639,450
Brinker International Inc.		23,217		739,694
Buffalo Wild Wings Inc. (a)		42,185		4,458,955
Cracker Barrel Old Country Store Inc.		20,783		3,151,118

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


42		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $


Dave & Buster’s Entertainment Inc. (a)		13,700		718,976
El Pollo Loco Holdings Inc. (a)		158,500		1,925,775
Red Robin Gourmet Burgers Inc. (a)		4,944		331,248
Ruth’s Hospitality Group Inc.		67,912		1,422,756
Texas Roadhouse Inc.		95,335		4,684,762
The Cheesecake Factory Inc.		45,299		1,907,994

				19,980,728


Retail REITs - 0.0%*
Retail Opportunity Investments Corp.		37,384		710,670


Security & Alarm Services - 0.8%
The Brink’s Co.		142,669		12,019,863


Semiconductor Equipment - 0.6%
Advanced Energy Industries Inc. (a)		19,100		1,542,516
Amkor Technology Inc. (a)		87,300		921,015
Brooks Automation Inc.		40,147		1,218,863
Ichor Holdings Ltd. (a)		23,400		627,120
Rudolph Technologies Inc. (a)		120,001		3,156,026
Ultra Clean Holdings Inc. (a)		42,200		1,292,164
Versum Materials Inc.		18,895		733,504

				9,491,208


Semiconductors - 1.0%
Cirrus Logic Inc. (a)		14,500		773,140
Microsemi Corp. (a)		119,868		6,170,805
Semtech Corp. (a)		187,491		7,040,287

				13,984,232


Specialized REITs - 0.4%
CoreSite Realty Corp.		36,423		4,075,734
Potlatch Corp.		31,987		1,631,337

				5,707,071


Specialty Chemicals - 2.9%
Ferro Corp. (a)		51,466		1,147,692
HB Fuller Co.		224,617		13,041,263
Innospec Inc.		88,000		5,425,200
KMG Chemicals Inc.		30,082		1,650,900
PolyOne Corp.		203,528		8,147,226
Quaker Chemical Corp.		57,201		8,462,888
Sensient Technologies Corp.		65,116		5,008,722

				42,883,891


Specialty Stores - 0.1%
Hibbett Sports Inc. (a)		88,000		1,254,000


Steel - 0.4%
Carpenter Technology Corp.		1,558		74,831


	Number of Shares		Fair Value $

Commercial Metals Co.		224,541		4,273,015
Ryerson Holding Corp. (a)		93,390		1,013,281
Worthington Industries Inc.		21,271		978,466

				6,339,593


Systems Software - 2.2%
Barracuda Networks Inc. (a)		30,711		744,127
CommVault Systems Inc. (a)		153,500		9,332,800
Gigamon Inc. (a)		111,000		4,678,650
Progress Software Corp.		26,600		1,015,322
Qualys Inc. (a)		261,500		13,545,700
Talend S.A. ADR (a)		63,000		2,579,220

				31,895,819


Technology Distributors - 0.3%
ePlus Inc. (a)		11,200		1,035,440
Insight Enterprises Inc. (a)		10,555		484,686
ScanSource Inc. (a)		14,514		633,536
SYNNEX Corp.		9,504		1,202,351
Tech Data Corp. (a)		15,300		1,359,405

				4,715,418


Technology Hardware, Storage & Peripherals - 1.0%
Diebold Nixdorf Inc.		502,328		11,478,195
Pure Storage Inc., Class A (a)		160,000		2,558,400

				14,036,595


Thrifts & Mortgage Finance - 0.2%
Dime Community Bancshares Inc.		17,799		382,679
Essent Group Ltd. (a)		27,950		1,131,975
HomeStreet Inc. (a)		38,185		1,030,995
Washington Federal Inc.		23,996		807,465

				3,353,114


Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		32,420		1,212,508


Trading Companies & Distributors - 0.8%
Applied Industrial Technologies Inc.		148,650		9,781,170
BMC Stock Holdings Inc. (a)		42,900		915,915
GMS Inc. (a)		26,064		922,666

				11,619,751


Trucking - 0.7%
Marten Transport Ltd.		18,718		384,655
Old Dominion Freight Line Inc.		75,254		8,286,218
Saia Inc. (a)		31,703		1,986,193

				10,657,066


Water Utilities - 0.0%*
SJW Group		10,972		621,015


Total Common Stock (Cost $1,016,838,747)				1,387,002,604

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


State Street Institutional Small-Cap Equity Fund			43

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $


Short-Term Investments - 5.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $78,324,730) (d)(m)		78,324,730		78,324,730


Total Investments (Cost $1,095,163,477)				1,465,327,334

Other Assets and Liabilities, net - 0.1%				1,063,506


NET ASSETS - 100.0%				1,466,390,840

Other Information:

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation

E-mini Russell 2000 Index Futures		December 2017		202	$	14,170,302	$	15,078,290	$	907,988

During the period ended September 30, 2017, average notional value related to futures contracts was $23,348,161 or 2% of net assets.

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	1,387,002,604	$	—	$	—	$	1,387,002,604
Short-Term Investments		78,324,730		—		—		78,324,730

Total Investments in Securities	$	1,465,327,334	$	—	$	—	$	1,465,327,334


Other Financial Instruments
Long Futures Contracts — Unrealized Appreciation	$	907,988	$	—	$	—	$	907,988

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		68,288,206	$	68,288,206	$	393,964,299	$	383,927,775	$	—	$	—		78,324,730	$	78,324,730	$	496,220

TOTAL			$	68,288,206	$	393,964,299	$	383,927,775	$	—	$	—			$	78,324,730	$	496,220

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


44		State Street Institutional Small-Cap Equity Fund

State Street Institutional International Equity Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional International Equity Fund perform compared to its benchmark and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional International Equity Fund returned 15.58% for the Investment Class shares and 15.33% for the Service Class shares. The Fund’s benchmark, the MSCI EAFE Index returned 19.10% and the Fund’s Morningstar peer group of 736 Foreign Large Blend funds returned an average of 18.01% over the same period.

Q.	What market conditions impacted the Fund’s performance?

International market performance was strong during the 12-month period through September 30, 2017. The MSCI EAFE Index was up more than 19% in U.S. dollar terms. Despite being relatively volatile, currency had almost no impact, as dollar strength in the fourth quarter of 2016 gave way to dollar weakness in the first 9 months of 2017. Stock leadership was similarly divided. The end of 2016 saw leadership from value and cyclical stocks such as financials and energy post the U.S. presidential election. The market remained strong in 2017, but the leadership shifted back to growth, as Investment Technology led throughout the year. For the full year, six of eleven sectors delivered returns above 20%, led by financials and Investment Technology. Lagging were the defensive sectors — telecom, consumer staples, healthcare — which, nevertheless, delivered positive returns.

Many investors were surprised by this year’s market strength as a combination of elevated valuations and a list of potential macro risks weighed on sentiment. As the year progressed, however, a reasonably healthy global economic backdrop supported solid earnings growth leaving valuations about where they started despite the healthy returns. Meanwhile, elections in Europe including in France, the Netherlands, and Germany all returned relatively centrist candidates to power diffusing fears of populist backlashes. China, which has been a cause of periodic market panic in recent years, delivered solid steady growth this year as it prepared for its 19^th party congress. And more significant tail risks such as a global trade war or North Korean aggression remained abstract enough to not curb the enthusiasm.

Q.	What were the drivers behind Fund performance?

The Fund underperformed the MSCI EAFE Index during the one-year period through September 30, 2017. The largest contributor to the underperformance was the energy sector and two Canadian oil and gas holdings in particular: Seven Generations Energy and Cenovus Energy. These companies were impacted by a combination of macro and stock-specific forces. On the macro side there was a combination of softening oil prices and the fears that Trump-led protectionism could restrict Canadian imports. Specific to Cenovus, the stock was punished after an acquisition of additional assets increased its debt level. Cenovus has pledged to sell other assets to reduce the debt, and the stock has shown signs of recovery as it has begun to execute on this commitment. In the case of Seven Generations, while a high volume producer, they have experienced some short-term production issues.

In the healthcare sector, a holding that negatively impacted returns was Shire Pharmaceutical. Shire specializes in drugs for rare or orphan diseases, which are attractive based on their potential for extended patent protection. It has been impacted by competition concerns in its hemophilia franchise.

On the positive side, the Fund has done well in technology. This is a result of a significant overweight in one of the top performing sectors this year, and strong performance from some Fund holdings. These include ASML, a Dutch supplier of systems for the semiconductor industry; Keyence, a Japanese technology company involved in automation and high-precision measuring; and Samsung.

Derivatives did not have any material impact on Fund performance.

Q.	Were there any significant changes in the Fund during the period?

Effective May 1, 2017, we transitioned Portfolio Manager responsibilities for the Fund. Ralph Layman, who had served in his capacity as a Portfolio Manager for 25 years, moved on within the firm. This move has allowed Ralph, who is an SSGA Vice Chairman, to focus his efforts in a more strategic capacity. Ralph has been a great leader for the team and has continued to be involved as a mentor and thought leader.


State Street Institutional International Equity Fund			45

State Street Institutional International Equity Fund

Portfolio Management Discussion and Analysis, continued — September 30, 2017 (Unaudited)

Michael Solecki, who had managed the strategy with Ralph for over 20 years, continued as Portfolio Manager. With Ralph’s transition, Makoto Sumino took on Portfolio Manager responsibilities for International Equity in partnership with Mike. Makoto is an experienced Portfolio Manager, who has been with the team for more than 20 years. During his tenure, Makoto has also been a Portfolio Manager for Japan and EAFE equity strategies, the Director of Research, and a technology sector research analyst. He has an MBA from the University of Chicago and is a holder of the Chartered Financial Analyst designation.

With this succession, we have great capabilities in place for the State Street Institutional International Equity Fund. Our commitment to the Fund and delivering investment excellence does not change.

Despite the change in leadership, our approach to investing remains the same. We continue to look for quality companies that are undervalued relative to their growth potential. Turnover has remained relatively low in keeping with our long-term investment horizon, but did result in some changes in positioning. Regionally, the Fund’s weight in Continental Europe increased, while the weight in emerging markets and Canada decreased. The Fund remained underweight in the United Kingdom and Asia, excluding Japan (includes Australia, New Zealand, Hong Kong, and Singapore), relative to the benchmark and Japan remained a modest overweight.

Information technology was the largest sector overweight. Consumer staples remained the largest underweight. Financials grew as percent of holdings but remain underweight.


46		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek long-term growth of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks. The Fund invests primarily (meaning at least 65%) in companies located in both developed and emerging market countries outside the United States.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		736			533			344
Peer group average annual total return		18.01	%		7.74	%		1.22	%
Morningstar Category in peer group: Foreign Large Blend

Top Ten Largest Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Nestle S.A.	3.20	%
Roche Holding AG	2.59	%
ASML Holding N.V.	2.34	%
Bayer AG	2.32	%
BNP Paribas S.A.	2.31	%
Anheuser-Busch InBev S.A.	2.15	%
Mitsubishi UFJ Financial Group Inc.	2.13	%
Nidec Corp.	2.09	%
AIA Group Ltd.	1.94	%
Valeo S.A.	1.90	%

Regional Allocation as of September 30, 2017

Portfolio composition as a % of Fair Value of $1,299,804 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 11/25/97)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional International Equity Fund		15.58	%		6.77	%		0.05	%	$	10,054
MSCI EAFE Index		19.10	%		8.38	%		1.34	%	$	11,424

Service Class Shares (Inception date: 1/3/01)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional International Equity Fund		15.33	%		6.50	%		-0.20	%	$	9,802
MSCI EAFE Index		19.10	%		8.38	%		1.34	%	$	11,424


State Street Institutional International Equity Fund			47

State Street Institutional International Equity Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


48		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,111.80	$	1,022.20
Expenses paid during the period*	$	3.02	$	2.89


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,110.70	$	1,021.00
Expenses paid during the period*	$	4.34	$	4.15

*	Expenses are equal to the Fund’s annualized expense ratio of 0.57% for Investment Class shares and 0.82% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


State Street Institutional International Equity Fund			49

State Street Institutional International Equity Fund

Schedule of Investments — September 30, 2017


	Number of Shares		Fair Value $

Common Stock - 94.9%†
Australia - 0.7%
Suncorp Group Ltd.		810,078		8,294,939


Belgium - 2.1%
Anheuser-Busch InBev S.A.		221,253		26,496,551


Canada - 2.3%
Brookfield Asset Management Inc., Class A (l)		150,409		6,196,035
Cenovus Energy Inc.		802,898		8,031,227
Seven Generations Energy Ltd., Class A (a)		891,893		14,077,454

				28,304,716


China - 1.2%
NetEase Inc. ADR		53,872		14,211,972


France - 12.0%
Airbus SE		177,126		16,837,713
AXA S.A.		629,649		19,048,445
BNP Paribas S.A.		352,996		28,481,520
Sanofi		171,850		17,067,553
Schneider Electric SE (a)		257,074		22,377,094
Valeo S.A.		315,753		23,434,707
Vivendi S.A.		836,002		21,169,837

				148,416,869


Germany - 11.5%
Bayer AG		209,027		28,491,967
Fresenius SE & Company KGaA		148,491		11,981,012
HeidelbergCement AG		173,833		17,872,793
Infineon Technologies AG (l)		726,665		18,272,268
KION Group AG		190,438		18,229,237
SAP SE		186,557		20,442,554
Wacker Chemie AG (l)		94,511		13,552,952
Zalando SE (a)		263,817		13,223,894

				142,066,677


Hong Kong - 1.9%
AIA Group Ltd.		3,237,402		23,874,218


India - 2.4%
ICICI Bank Ltd.		3,396,915		14,384,365
Power Grid Corporation of India Ltd.		4,635,223		14,972,934

				29,357,299


Ireland - 1.4%
Kerry Group PLC, Class A		179,208		17,222,066


	Number of Shares		Fair Value $
Italy - 1.8%
Intesa Sanpaolo S.p.A.		6,346,350		22,447,932


Japan - 24.5%
Daikin Industries Ltd.		219,300		22,199,827
FANUC Corp.		114,049		23,090,452
Kao Corp.		325,700		19,154,568
Keyence Corp.		34,400		18,259,672
Komatsu Ltd.		817,000		23,232,950
Mitsubishi Estate Company Ltd.		737,924		12,825,908
Mitsubishi UFJ Financial Group Inc.		4,045,700		26,262,097
Mitsui Fudosan Company Ltd.		768,925		16,667,499
Murata Manufacturing Company Ltd.		122,479		17,996,736
Nidec Corp.		209,974		25,779,245
Secom Company Ltd.		224,800		16,379,955
Sekisui House Ltd.		1,090,800		18,377,846
Shimano Inc.		105,800		14,089,122
SoftBank Group Corp.		283,301		22,862,402
Subaru Corp.		413,700		14,921,352
Tokio Marine Holdings Inc.		239,646		9,371,667

				301,471,298


Netherlands - 5.4%
ASML Holding N.V.		169,044		28,787,487
ING Groep N.V.		1,065,376		19,647,995
NXP Semiconductors N.V. (a)		154,815		17,508,028

				65,943,510


Norway - 1.7%
Statoil ASA		1,073,061		21,473,891


Portugal - 1.1%
Galp Energia SGPS S.A. (l)		750,256		13,299,848


South Africa - 1.3%
Naspers Ltd., Class N		75,327		16,289,934
Novus Holdings Ltd.		27,184		13,147

				16,303,081


South Korea - 0.6%
Samsung Electronics Company Ltd.		3,425		7,667,263


Spain - 1.2%
Banco Bilbao Vizcaya Argentaria S.A.		1,634,558		14,610,676


Sweden - 3.2%
Assa Abloy AB, Class B		1,001,397		22,819,389

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


50		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Schedule of Investments, continued — September 30, 2017


	Number of Shares		Fair Value $

Hexagon AB, Class B		328,479		16,246,176

				39,065,565


Switzerland - 7.1%
Givaudan S.A.		7,671		16,704,007
Nestle S.A.		469,272		39,332,327
Roche Holding AG		124,599		31,832,237

				87,868,571


Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Company Ltd.		2,517,548		17,974,184


United Kingdom - 10.0%
Barclays PLC		5,828,690		15,120,087
BHP Billiton PLC		1,233,571		21,755,241
Prudential PLC		836,442		20,048,321


	Number of Shares		Fair Value $
Shire PLC		376,525		19,135,638
Smith & Nephew PLC		929,701		16,814,051
Vodafone Group PLC		7,556,918		21,169,684
WPP PLC		491,349		9,130,173

				123,173,195


Total Common Stock (Cost $956,168,751)				1,169,544,321


Short-Term Investments - 5.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $61,540,289) (d)(m)		61,540,289		61,540,289

Total Investments (Cost $1,017,709,040)				1,231,084,610

Other Assets and Liabilities, net - 0.1%				1,359,165


NET ASSETS - 100.0%				1,232,443,775

Other Information:

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation

MSCI EAFE Mini Index Futures		December 2017		213	$	21,046,563	$	21,069,960	$	23,397

During the period ended September 30, 2017, average notional values related to long and short futures contracts were $10,457,193 or 0.9% of net assets and $3,667,745 or 0.3% of net assets, respectively.

The Fund was invested in the following sectors at September 30, 2017 (unaudited):


Sector	Percentage (based on Fair Value)
Diversified Banks		11.45%
Pharmaceuticals		6.29%
Packaged Foods & Meats		4.59%
Semiconductors		4.37%
Electrical Components & Equipment		3.91%
Building Products		3.66%
Wireless Telecommunication Services		3.58%
Life & Health Insurance		3.57%
Integrated Oil & Gas		3.48%
Construction Machinery & Heavy Trucks		3.37%
Electronic Equipment & Instruments		2.80%


Sector	Percentage (based on Fair Value)
Specialty Chemicals		2.46%
Diversified Real Estate Activities		2.40%
Semiconductor Equipment		2.34%
Brewers		2.15%
Auto Parts & Equipment		1.90%
Industrial Machinery		1.88%
Diversified Metals & Mining Movies & Entertainment		1.77% 1.72%
Application Software		1.66%
Personal Products		1.56%
Biotechnology		1.55%

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


State Street Institutional International Equity Fund			51

State Street Institutional International Equity Fund

Schedule of Investments, continued — September 30, 2017


Sector	Percentage (based on Fair Value)
Multi-Line Insurance		1.55%
Home Building		1.49%
Electronic Components		1.46%
Construction Materials		1.45%
Property & Casualty Insurance		1.44%
Aerospace & Defense		1.37%
Healthcare Equipment		1.37%
Security & Alarm Services		1.33%
Cable & Satellite		1.32%
Electric Utilities		1.22%
Automobile Manufacturers		1.21%
Internet Software & Services		1.15%
Leisure Products		1.14%
Oil & Gas Exploration & Production		1.14%


Sector	Percentage (based on Fair Value)
Internet & Direct Marketing Retail		1.07%
Healthcare Services		0.97%
Advertising		0.74%
Technology Hardware, Storage & Peripherals		0.62%
Asset Management & Custody Banks		0.50%
Commercial Printing		0.00%	***

		95.00%


Short-Term Investments
Short-Term Investments		5.00%

		5.00%

		100.00%

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Investments	Level 1		Level 2		Level 3		Total

Investments in Securities
Common Stock	$	1,169,544,321	$	—	$	—	$	1,169,544,321
Short-Term Investments		61,540,289		—		—		61,540,289

Total Investments in Securities	$	1,231,084,610	$	—	$	—	$	1,231,084,610


Other Financial Instruments
Long Futures Contracts — Unrealized Appreciation	$	23,397	$	—	$	—	$	23,397

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		39,027,683	$	39,027,683	$	361,921,204	$	339,408,598	$	—	$	—		61,540,289	$	61,540,289	$	196,646

TOTAL			$	39,027,683	$	361,921,204	$	339,408,598	$	—	$	—			$	61,540,289	$	196,646

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


52		State Street Institutional International Equity Fund

State Street Institutional Strategic Investment Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional Strategic Investment Fund perform compared to its benchmarks and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional Strategic Investment Fund returned 10.59% for the Investment Class shares and 10.41% for the Service Class shares. The Fund’s broad based benchmarks, the S&P 500 Index, the MSCI All Country World ex-US Index and the Bloomberg Barclays Capital U.S. Aggregate Bond Index returned 18.61%, 19.61% and 0.07%, respectively and the Fund’s Morningstar peer group of 821 U.S. Moderate Allocation funds returned an average 10.52% over the same period.

Q.	What market conditions impacted the Fund’s performance?

In the aggregate, returns have been strong across asset classes, driving strong absolute returns. Global growth has been well supported and has been nicely synchronized, providing a backdrop of good earnings and solid risk appetite. Meanwhile, growth has not been so strong as to push inflation higher, keeping central banks at bay with little, well-telegraphed action, from the Federal Reserve.

Q.	What were the drivers behind Fund performance?

In the aggregate, returns have been strong across asset classes, driving strong absolute returns. An overweight allocation to equities and an underweight allocation to bonds have been positive contributors to returns. Overweight cash has acted as a drag on performance. Within the sub strategies, outperformance of fixed income has been a positive while underpeformance of international equities has been a drag. Finally, an allocation to high yield bonds has been a positive contributor.

Q.	Were there any significant changes in the Fund during the period?

A.	The Fund moved the U.S. equity allocation from actively managed to indexed earlier this year. Meanwhile, it was announced that the Fund will be liquidating and terminating in the fourth quarter of 2017.


State Street Institutional Strategic Investment Fund			53

State Street Institutional Strategic Investment Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek to maximize total return. The Fund seeks to achieve its investment objective by investing primarily in a combination of U.S. and foreign (non-U.S.) equity and debt securities and cash. The portfolio managers will allocate the Fund’s assets across various asset classes in order to diversify the Fund’s holdings and to adjust the asset class weightings based on market and economic conditions.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		821			664			458
Peer group average annual total return		10.52	%		7.51	%		5.07	%
Morningstar Category in peer group: Moderate Allocation

Top Ten Largest Equity Holdings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Nestle S.A.	0.62	%
Roche Holding AG	0.50	%
ASML Holding N.V.	0.45	%
Bayer AG	0.45	%
BNP Paribas S.A.	0.45	%
Anheuser-Busch InBev S.A.	0.42	%
Mitsubishi UFJ Financial Group Inc.	0.41	%
Nidec Corp.	0.41	%
AIA Group Ltd.	0.40	%
Valeo S.A.	0.37	%

Sector Allocation as of September 30, 2017

Portfolio Composition as a % of Fair Value of $686,235 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 10/29/99)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Strategic Investment Fund		10.59	%		7.53	%		3.96	%	$	14,739
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488
Bloomberg Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		4.27	%	$	15,196
MSCI All Country World Index ex U.S.		19.61	%		6.97	%		1.28	%	$	11,351

Service Class Shares (Inception date: 9/30/05)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Strategic Investment Fund		10.41	%		7.26	%		3.64	%	$	14,298
S&P 500 Index		18.61	%		14.22	%		7.44	%	$	20,488
Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		4.27	%	$	15,196
MSCI All Country World Index ex U.S.		19.61	%		6.97	%		1.28	%	$	11,351


54		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

(c)	Includes investment in State Street Equity 500 Index II Portfolio.

(d)	Includes investment in Vanguard FTSE Emerging Markets ETF.

(e)	Includes investment in SPDR Bloomberg Barclays High Yield Bond ETF.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


State Street Institutional Strategic Investment Fund			55

State Street Institutional Strategic Investment Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,064.90	$	1,023.50
Expenses paid during the period*	$	1.60	$	1.57


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,063.70	$	1,022.30
Expenses paid during the period*	$	2.90	$	2.84

*	Expenses are equal to the Fund’s annualized expense ratio of 0.31% for Investment Class shares and 0.56% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


56		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Domestic Equity - 0.0%†
Preferred Stock - 0.0%*
Diversified Banks - 0.0%*
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $143,500) (h)		5,740		156,587


Foreign Equity - 20.3%
Common Stock - 20.2%
Advertising - 0.1%
WPP PLC		53,116		986,993


Aerospace & Defense - 0.3%
Airbus SE (l)		19,148		1,820,221


Application Software - 0.3%
SAP SE		20,167		2,209,861


Asset Management & Custody Banks - 0.1%
Brookfield Asset Management Inc., Class A (l)		16,260		669,824


Auto Parts & Equipment - 0.4%
Superalloy Industrial Company Ltd.		10,967		32,864
Valeo S.A.		34,131		2,533,151

				2,566,015


Automobile Manufacturers - 0.3%
Mahindra & Mahindra Ltd.		14,019		269,187
Subaru Corp. (l)		44,800		1,615,849

				1,885,036


Biotechnology - 0.3%
Shire PLC		40,703		2,068,595


Brewers - 0.4%
Anheuser-Busch InBev S.A. (l)		23,911		2,863,505


Building Products - 0.7%
Assa Abloy AB, Class B (l)		108,225		2,466,183
Daikin Industries Ltd.		23,700		2,399,161

				4,865,344


Cable & Satellite - 0.3%
Cyfrowy Polsat S.A.		10,313		73,443
Naspers Ltd., Class N		9,416		2,036,269

				2,109,712


Commercial Printing - 0.0%*
Novus Holdings Ltd.		3,257		1,575


	Principal Amount ($) or Shares		Fair Value $
Construction & Engineering - 0.0%*
Hyundai Engineering & Construction Company Ltd.		1,114		37,300


Construction Machinery & Heavy Trucks - 0.7%
Iochpe-Maxion S.A.		4,620		31,388
KION Group AG		20,587		1,970,643
Komatsu Ltd.		88,300		2,510,978

				4,513,009


Construction Materials - 0.3%
Cemex SAB de C.V. ADR (a)		17,293		157,020
HeidelbergCement AG		18,792		1,932,116

				2,089,136


Diversified Banks - 2.6%
Banco Bilbao Vizcaya Argentaria S.A. (l)		176,698		1,579,434
Bank Negara Indonesia Persero Tbk PT		258,800		142,187
Barclays PLC (l)		630,226		1,634,857
BNP Paribas S.A. (l)		38,158		3,078,782
China Construction Bank Corp., Class H (l)		440,000		365,038
CTBC Financial Holding Company Ltd.		242,296		151,815
Grupo Financiero Banorte SAB de C.V., Class O		12,060		83,401
ICICI Bank Ltd. (l)		427,553		1,810,489
Industrial & Commercial Bank of China Ltd., Class H		416,203		309,060
ING Groep N.V.		115,170		2,124,001
Intesa Sanpaolo S.p.A.		685,942		2,426,273
Kasikornbank PCL		11,700		75,077
Malayan Banking Bhd		69,849		157,646
Metropolitan Bank & Trust Co.		54,164		92,229
Mitsubishi UFJ Financial Group Inc.		437,400		2,839,321
OTP Bank PLC		2,582		97,225
Sberbank of Russia PJSC ADR		24,698		351,576
Shinhan Financial Group Company Ltd.		4,920		216,070

				17,534,481


Diversified Chemicals - 0.0%*
Sasol Ltd.		3,856		105,949


Diversified Metals & Mining - 0.4%
BHP Billiton PLC (l)		133,352		2,351,794
Korea Zinc Company Ltd.		382		165,260

				2,517,054

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


State Street Institutional Strategic Investment Fund			57

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Diversified Real Estate Activities - 0.5%
Mitsubishi Estate Company Ltd.		79,788		1,386,801
Mitsui Fudosan Company Ltd.		83,099		1,801,284

				3,188,085


Diversified Support Services - 0.0%*
KEPCO Plant Service & Engineering Company Ltd.		2,012		72,814


Education Services - 0.0%*
New Oriental Education & Technology Group Inc. ADR		1,147		101,234


Electric Utilities - 0.3%
Power Grid Corporation of India Ltd.		553,582		1,788,209


Electrical Components & Equipment - 0.8%
Chicony Power Technology Company Ltd.		25,080		46,895
Nidec Corp.		22,700		2,786,958
Schneider Electric SE (a)		27,791		2,419,077

				5,252,930


Electronic Components - 0.3%
Largan Precision Company Ltd.		760		133,584
Murata Manufacturing Company Ltd.		13,299		1,954,119

				2,087,703


Electronic Equipment & Instruments - 0.6%
Hexagon AB, Class B		35,509		1,756,232
Keyence Corp.		3,700		1,963,977

				3,720,209


Food Retail - 0.0%*
Magnit PJSC GDR		2,824		115,643


Footwear - 0.0%*
ANTA Sports Products Ltd.		15,000		63,087


Healthcare Equipment - 0.3%
Smith & Nephew PLC		100,503		1,817,641


Healthcare Services - 0.2%
Fresenius SE & Company KGaA		16,053		1,295,238


Home Building - 0.3%
Sekisui House Ltd.		117,900		1,986,384


	Principal Amount ($) or Shares		Fair Value $
Hypermarkets & Super Centers - 0.0%*
Puregold Price Club Inc.		35,400		36,341


Industrial Machinery - 0.4%
FANUC Corp.		12,300		2,490,268


Integrated Oil & Gas - 0.7%
Cenovus Energy Inc.		86,795		868,193
China Petroleum & Chemical Corp., Class H (l)		133,725		100,156
Galp Energia SGPS S.A. (l)		81,102		1,437,702
Statoil ASA		115,948		2,320,329

				4,726,380


Internet & Direct Marketing Retail - 0.2%
Ctrip.com International Ltd. ADR (a)		2,785		146,881
Zalando SE (a)(b)		28,519		1,429,522

				1,576,403


Internet Software & Services - 0.5%
Alibaba Group Holding Ltd. ADR (a)		3,444		594,813
Baidu Inc. ADR (a)		599		148,366
MercadoLibre Inc.		428		110,822
NAVER Corp.		169		109,927
NetEase Inc. ADR		6,660		1,756,975
Tencent Holdings Ltd.		15,955		686,760
Yandex N.V., Class A (a)		4,836		159,346

				3,567,009


IT Consulting & Other Services - 0.0%*
HCL Technologies Ltd.		13,317		178,348


Leisure Products - 0.2%
Shimano Inc.		11,400		1,518,110


Life & Health Insurance - 0.8%
AIA Group Ltd. (l)		374,320		2,760,422
China Life Insurance Company Ltd., Class H (l)		11,000		32,744
Ping An Insurance Group Company of China Ltd., Class H		21,000		161,183
Prudential PLC		90,419		2,167,214

				5,121,563


Marine Ports & Services - 0.0%*
DP World Ltd.		2,261		50,782


Movies & Entertainment - 0.3%
Vivendi S.A.		90,386		2,288,819

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


58		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Multi-Line Insurance - 0.3%
AXA S.A. (l)		68,067		2,059,196


Oil & Gas Exploration & Production - 0.3%
Parex Resources Inc. (a)		17,943		215,922
Seven Generations Energy Ltd., Class A (a)		96,416		1,521,810

				1,737,732


Other Diversified Financial Services - 0.0%*
FirstRand Ltd.		17,650		68,012


Packaged Foods & Meats - 0.9%
Kerry Group PLC, Class A		19,373		1,861,764
Nestle S.A.		50,730		4,251,967

				6,113,731


Personal Products - 0.3%
Kao Corp.		35,200		2,070,128
LG Household & Health Care Ltd.		51		41,678

				2,111,806


Pharmaceuticals - 1.3%
Bayer AG (l)		22,591		3,079,325
CSPC Pharmaceutical Group Ltd. (l)		66,095		110,684
Roche Holding AG (l)		13,470		3,441,281
Sanofi		18,579		1,845,203
Sino Biopharmaceutical Ltd.		72,000		76,142

				8,552,635


Property & Casualty Insurance - 0.3%
PICC Property & Casualty Company Ltd., Class H		26,000		45,871
Suncorp Group Ltd.		87,572		896,709
Tokio Marine Holdings Inc.		25,900		1,012,853

				1,955,433


Real Estate Development - 0.0%*
Bumi Serpong Damai Tbk PT (l)		645,800		84,866


Restaurants - 0.0%*
Gourmet Master Company Ltd.		10,565		112,360


Security & Alarm Services - 0.3%
Secom Company Ltd.		24,300		1,770,609


Semiconductor Equipment - 0.5%
ASML Holding N.V. (l)		18,277		3,112,497


	Principal Amount ($) or Shares		Fair Value $
Semiconductors - 1.0%
Infineon Technologies AG		78,530		1,974,667
MediaTek Inc.		8,000		75,056
NXP Semiconductors N.V. (a)		16,776		1,897,198
Taiwan Semiconductor Manufacturing Company Ltd.		350,876		2,505,100

				6,452,021


Soft Drinks - 0.0%*
Coca-Cola Icecek AS (l)		7,503		78,572


Specialty Chemicals - 0.5%
Givaudan S.A. (l)		829		1,805,191
Wacker Chemie AG		10,217		1,465,126

				3,270,317


Technology Hardware, Storage & Peripherals - 0.2%
Samsung Electronics Company Ltd.		667		1,493,158


Thrifts & Mortgage Finance - 0.0%*
Housing Development Finance Corporation Ltd.		8,430		224,837


Wireless Telecommunication Services - 0.7%
America Movil SAB de C.V., Class L		46,395		41,287
China Mobile Ltd. (l)		15,290		154,942
SK Telecom Company Ltd.		129		28,721
SoftBank Group Corp.		30,600		2,469,421
Vodafone Group PLC		816,923		2,288,499

				4,982,870


Total Common Stock (Cost $109,750,810)				136,067,462


Preferred Stock - 0.1%
Diversified Banks - 0.1%
Itau Unibanco Holding S.A.		16,388		224,593


General Merchandise Stores - 0.0%*
Lojas Americanas S.A.		17,455		106,226


Hypermarkets & Super Centers - 0.0%*
Cia Brasileira de Distribuicao (a)		3,779		89,602


Integrated Oil & Gas - 0.0%*
Petroleo Brasileiro S.A. (a)		40,600		196,380


Total Preferred Stock (Cost $453,494)				616,801

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


State Street Institutional Strategic Investment Fund			59

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Warrant - 0.0%*
Construction Machinery & Heavy Trucks - 0.0%*
Iochpe Maxion S.A. (a)		143		491


Total Foreign Equity (Cost $110,204,304)				136,684,754


Bonds and Notes - 30.1%
U.S. Treasuries - 10.6%
U.S. Treasury Bonds
2.25%, 08/15/46		3,771,400		3,317,437
2.50%, 05/15/46		1,840,400		1,710,781
3.75%, 11/15/43		425,000		498,359
4.50%, 02/15/36		1,657,100		2,131,644
U.S. Treasury Notes
0.88%, 03/31/18 - 10/15/18 (l)		11,967,500		11,918,662
1.25%, 12/31/18 (l)		1,336,900		1,334,587
1.25%, 08/31/19		3,730,000		3,714,595
1.38%, 12/15/19 (l)		8,756,400		8,730,481
1.50%, 08/15/20		3,689,000		3,678,191
1.63%, 03/31/19 - 08/31/22		5,731,100		5,707,598
1.75%, 09/30/22		6,534,700		6,474,973
1.88%, 08/31/24		1,732,000		1,701,049
2.00%, 07/31/22 - 02/15/25		17,006,900		16,796,036
2.25%, 02/15/27 (l)		664,400		660,480
2.25%, 08/15/27		1,372,000		1,362,835
2.38%, 05/15/27		1,731,000		1,738,374

				71,476,082


Agency Mortgage Backed - 4.4%
Federal Home Loan Mortgage Corp.
4.50%, 06/01/33 - 02/01/35 (l)		3,616		3,896
5.00%, 07/01/35 - 06/01/41 (l)		482,333		525,567
5.50%, 05/01/20 - 04/01/39 (l)		95,540		105,819
6.00%, 05/01/20 - 11/01/37 (l)		127,223		142,255
6.50%, 06/01/29 (l)		839		930
7.00%, 08/01/23 - 08/01/36 (l)		112,974		118,723
7.50%, 09/01/33 (l)		421		441
8.00%, 04/01/30 - 11/01/30 (l)		524		589
9.00%, 06/01/21 (l)		18		19
Federal National Mortgage Assoc.
3.00%, 02/01/43 - 05/01/43 (l)		2,189,446		2,208,666
3.50%, 11/01/42 - 08/01/45 (l)		4,031,049		4,164,010
4.00%, 05/01/19 - 12/01/41 (l)		1,039,921		1,100,779
4.50%, 05/01/18 - 01/01/41 (l)		3,423,792		3,689,201
5.00%, 07/01/20 - 06/01/41 (l)		737,924		807,064
5.50%, 06/01/20 - 01/01/39 (l)		677,155		752,262
6.00%, 02/01/20 - 05/01/41 (l)		947,914		1,055,626
6.50%, 10/01/18 - 08/01/34 (l)		83,511		93,004
7.00%, 05/01/33 - 12/01/33 (l)		464		474
7.50%, 12/01/23 - 12/01/33 (l)		4,142		4,506
8.00%, 11/01/25 - 09/01/30 (l)		544		594


	Principal Amount ($) or Shares		Fair Value $
9.00%, 12/01/22 (l)		274		293
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (h)(l)		677		696
Federal National Mortgage Assoc. TBA
2.50%, TBA (c)		3,322,438		3,344,499
3.00%, TBA (c)		5,855,471		5,921,394
3.50%, TBA (c)		1,804,189		1,859,884
Government National Mortgage Assoc.
3.50%, 05/20/43 (l)		1,191,453		1,243,339
4.00%, 01/20/41 - 04/20/43 (l)		1,345,836		1,430,220
4.50%, 08/15/33 - 03/20/41 (l)		627,468		674,100
5.00%, 08/15/33 (l)		9,081		9,966
6.00%, 06/15/33 - 12/15/34 (l)		40,344		46,387
6.50%, 04/15/28 - 06/15/34 (l)		11,189		12,349
7.00%, 04/15/28 - 10/15/36 (l)		6,336		6,886
8.00%, 06/15/30 (l)		31		31
9.00%, 12/15/21 (l)		95		102
5.00%, TBA (c)		75,000		81,843

				29,406,414


Agency Collateralized Mortgage Obligations - 0.3%
Federal Home Loan Mortgage Corp. 0.08%, 09/25/43 (g)(h)		68,069		143
Federal Home Loan Mortgage Corp. REMIC 3.50%, 11/15/24 - 11/15/30 (g)		331,032		24,344
5.50%, 06/15/33 (g)		2,762		558
7.50%, 07/15/27 (g)		1,211		188
Federal Home Loan Mortgage Corp. REMIC 6.00% - 1 month USD LIBOR 4.77%, 08/15/43 (g)(h)		1,196,899		237,128
Federal Home Loan Mortgage Corp. REMIC 6.10% - 1 month USD LIBOR 4.87%, 06/15/41 - 08/15/46 (g)(h)		3,546,466		543,812
Federal Home Loan Mortgage Corp. REMIC 6.20% - 1 month USD LIBOR 4.97%, 10/15/42 (g)(h)		905,879		168,157
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 5.37%, 08/15/25 (g)(h)		140,683		11,580
Federal Home Loan Mortgage Corp. STRIPS 1.47%, 08/01/27 (d)(f)		106		98
8.00%, 02/01/23 - 07/01/24 (g)		388		63

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


60		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Federal Home Loan Mortgage Corp. STRIPS 5.95% - 1 month USD LIBOR 4.72%, 08/15/43 (g)(h)		1,358,111		272,906
Federal National Mortgage Assoc. REMIC 0.51%, 12/25/22 (d)(f)		77		76
1.20%, 12/25/42 (g)(h)		27,114		1,108
5.00%, 02/25/40 - 09/25/40 (g)		145,732		16,460
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.76%, 07/25/38 - 08/25/42 (g)(h)		2,223,025		426,697
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 5.36%, 10/25/43 (g)(h)		837,288		193,025
Federal National Mortgage Assoc. STRIPS 4.50%, 08/25/35 - 01/25/36 (g)		41,198		7,305
5.00%, 03/25/38 - 05/25/38 (g)		22,904		4,348
5.50%, 12/25/33 (g)		5,142		1,161
6.00%, 01/25/35 (g)		24,148		4,812
7.50%, 11/25/23 (g)		2,121		323
8.00%, 08/25/23 - 07/25/24 (g)		774		150
8.50%, 07/25/22 (g)		59		7
8.50%, 07/25/22 (g)**		2		—
9.00%, 05/25/22 (g)		70		8
Government National Mortgage Assoc. REMIC 4.50%, 02/20/38 - 08/16/39 (g)		121,261		7,578
5.00%, 01/20/38 - 09/20/38 (g)		35,753		1,139
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.57%, 01/16/40 (g)(h)		249,550		45,537

				1,968,711


Asset Backed - 0.7%
BA Credit Card Trust 2017-A2 1.84%, 01/17/23		1,156,000		1,150,474
Citibank Credit Card Issuance Trust 2014-A6 2.15%, 07/15/21		675,000		679,373
Citibank Credit Card Issuance Trust 2016-A1 1.75%, 11/19/21		1,520,000		1,516,974
Citibank Credit Card Issuance Trust 2017-A8 1.86%, 08/08/22		1,443,000		1,439,370

				4,786,191


	Principal Amount ($) or Shares		Fair Value $
Corporate Notes - 12.2%
21st Century Fox America Inc. 3.38%, 11/15/26		31,000		31,008
4.75%, 11/15/46		32,000		34,239
6.65%, 11/15/37		119,000		156,734
Abbott Laboratories 2.90%, 11/30/21		247,000		251,066
3.75%, 11/30/26		174,000		178,588
4.90%, 11/30/46		82,000		91,518
AbbVie Inc. 2.00%, 11/06/18		157,000		157,502
3.20%, 05/14/26		174,000		173,943
4.45%, 05/14/46		62,000		65,521
4.70%, 05/14/45		53,000		57,820
ACCO Brands Corp. 5.25%, 12/15/24 (b)		143,000		148,363
AES Corp. 4.88%, 05/15/23		184,000		189,520
Aetna Inc. 3.50%, 11/15/24		170,000		176,853
Aflac Inc. 4.00%, 10/15/46		72,000		71,795
Agrium Inc. 4.90%, 06/01/43		58,000		63,265
Alexandria Real Estate Equities Inc. 3.95%, 01/15/28		109,000		110,710
Alimentation Couche-Tard Inc. 2.70%, 07/26/22 (b)		126,000		126,452
3.55%, 07/26/27 (b)		126,000		127,079
4.50%, 07/26/47 (b)		51,000		52,713
Allergan Funding SCS 3.00%, 03/12/20		125,000		127,565
3.45%, 03/15/22		137,000		142,035
3.80%, 03/15/25		92,000		95,486
4.55%, 03/15/35		51,000		54,458
4.75%, 03/15/45		9,000		9,766
Altria Group Inc. 2.95%, 05/02/23		105,000		106,671
3.88%, 09/16/46		5,000		4,867
4.50%, 05/02/43		48,000		51,376
Amazon.com Inc. 2.80%, 08/22/24 (b)		93,000		93,388
3.15%, 08/22/27 (b)		97,000		97,669
3.88%, 08/22/37 (b)		105,000		106,874
4.05%, 08/22/47 (b)		68,000		69,260
4.25%, 08/22/57 (b)		115,000		117,976
AMC Networks Inc. 4.75%, 08/01/25		10,000		10,088
America Movil SAB de C.V. 3.13%, 07/16/22		200,000		204,972

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


State Street Institutional Strategic Investment Fund			61

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

American Axle & Manufacturing Inc. 6.25%, 04/01/25 (b)		140,000		142,800
6.50%, 04/01/27 (b)		70,000		70,613
6.63%, 10/15/22		53,000		54,723
American Campus Communities Operating Partnership LP 3.35%, 10/01/20		103,000		105,478
4.13%, 07/01/24		84,000		87,946
American Electric Power Company Inc. 2.95%, 12/15/22		270,000		274,714
American Express Co. 3.63%, 12/05/24		129,000		133,194
American International Group Inc. 3.75%, 07/10/25		164,000		169,346
4.50%, 07/16/44		88,000		91,851
4.80%, 07/10/45		91,000		99,292
American Tower Corp. (REIT) 3.38%, 10/15/26		62,000		61,230
3.40%, 02/15/19		355,000		361,443
American Water Capital Corp. 2.95%, 09/01/27		145,000		144,407
AmeriGas Partners LP/AmeriGas Finance Corp. 5.88%, 08/20/26		108,000		112,914
Amgen Inc. 2.20%, 05/22/19		211,000		211,886
2.60%, 08/19/26		67,000		64,173
2.65%, 05/11/22		174,000		175,423
4.56%, 06/15/48		94,000		101,862
Amkor Technology Inc. 6.63%, 06/01/21		184,000		187,450
Anadarko Petroleum Corp. 4.85%, 03/15/21		14,000		14,879
6.20%, 03/15/40		82,000		95,290
6.60%, 03/15/46		17,000		20,947
Andeavor 4.75%, 12/15/23 (b)		217,000		234,167
Anglo American Capital PLC 4.75%, 04/10/27 (b)		200,000		208,528
Anheuser-Busch InBev Finance Inc. 2.65%, 02/01/21		91,000		92,460
3.65%, 02/01/26		380,000		393,095
4.70%, 02/01/36		75,000		83,156
4.90%, 02/01/46		186,000		211,309
Anheuser-Busch InBev Worldwide Inc. 2.50%, 07/15/22		188,000		189,470
Anthem Inc. 3.30%, 01/15/23		149,000		153,348


	Principal Amount ($) or Shares		Fair Value $
Apache Corp. 5.10%, 09/01/40		80,000		83,939
Apple Inc. 2.50%, 02/09/22		84,000		85,113
2.85%, 05/11/24		174,000		176,078
3.35%, 02/09/27		63,000		64,799
3.45%, 02/09/45		53,000		50,285
3.85%, 08/04/46		257,000		259,424
4.25%, 02/09/47		29,000		31,181
4.65%, 02/23/46		30,000		33,983
Applied Materials Inc. 3.30%, 04/01/27		80,000		81,402
4.35%, 04/01/47		53,000		56,981
Aramark Services Inc. 5.13%, 01/15/24		179,000		190,026
Archer-Daniels-Midland Co. 2.50%, 08/11/26		112,000		107,322
Arconic Inc. 6.15%, 08/15/20		60,000		65,475
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25%, 09/15/22 (b)		200,000		205,260
Ascension Health 4.85%, 11/15/53		41,000		47,231
AstraZeneca PLC 2.38%, 11/16/20		54,000		54,245
3.13%, 06/12/27		63,000		62,259
3.38%, 11/16/25		86,000		87,549
AT&T Inc. 2.45%, 06/30/20		115,000		115,838
2.85%, 02/14/23		285,000		283,395
3.00%, 06/30/22		151,000		152,496
3.40%, 08/14/24		84,000		84,184
3.90%, 08/14/27		235,000		235,390
4.45%, 04/01/24		114,000		121,141
4.50%, 05/15/35		136,000		134,186
4.80%, 06/15/44		109,000		105,953
4.90%, 08/14/37		95,000		96,038
5.15%, 02/14/50		213,000		214,510
5.25%, 03/01/37		116,000		122,230
5.30%, 08/14/58		86,000		86,998
5.45%, 03/01/47		146,000		154,220
Bank of America Corp. 3.25%, 10/21/27		357,000		349,507
3.88%, 08/01/25		178,000		186,645
3.95%, 04/21/25		157,000		161,708
4.25%, 10/22/26		66,000		69,061
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37%, 07/21/21 (h)		144,000		144,009

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


62		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12%, 01/20/23 (h)		198,000		201,560
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24%, 04/24/38 (h)		204,000		215,091
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44%, 01/20/48 (h)		88,000		95,211
Bank of America Corp. (8.00% fixed rate until 01/30/18; 3.63% + 3 month USD LIBOR thereafter) 8.00%, 12/31/49 (h)		309,000		313,400
Barclays PLC 4.34%, 01/10/28		200,000		206,860
4.84%, 05/09/28		200,000		207,268
Barrick North America Finance LLC 5.70%, 05/30/41		30,000		35,760
BAT Capital Corp. 2.30%, 08/14/20 (b)		145,000		145,631
2.76%, 08/15/22 (b)		144,000		144,831
3.56%, 08/15/27 (b)		143,000		144,204
4.39%, 08/15/37 (b)		68,000		69,725
4.54%, 08/15/47 (b)		97,000		99,530
Baxalta Inc. 2.88%, 06/23/20		132,000		134,063
Becton Dickinson and Co. 2.89%, 06/06/22		126,000		126,479
3.70%, 06/06/27		214,000		216,442
3.73%, 12/15/24		9,000		9,236
4.67%, 06/06/47		37,000		38,742
4.69%, 12/15/44		5,000		5,260
Berkshire Hathaway Energy Co. 6.13%, 04/01/36		364,000		468,184
Berry Global Inc. 5.13%, 07/15/23		220,000		230,186
BHP Billiton Finance USA Ltd. 5.00%, 09/30/43		51,000		60,105
Biogen Inc. 2.90%, 09/15/20		50,000		51,195
Boardwalk Pipelines LP 4.45%, 07/15/27		29,000		29,578
BP Capital Markets PLC 1.38%, 05/10/18		200,000		199,875
3.22%, 11/28/23		135,000		138,171
3.28%, 09/19/27		201,000		200,950


	Principal Amount ($) or Shares		Fair Value $
Brighthouse Financial Inc. 3.70%, 06/22/27 (b)		23,000		22,580
4.70%, 06/22/47 (b)		13,000		12,740
Brixmor Operating Partnership LP 3.90%, 03/15/27		365,000		361,474
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.00%, 01/15/22 (b)		80,000		81,376
3.63%, 01/15/24 (b)		75,000		77,185
3.88%, 01/15/27 (b)		51,000		52,525
Buckeye Partners LP 3.95%, 12/01/26		82,000		81,246
5.60%, 10/15/44		38,000		39,355
Bunge Limited Finance Corp. 3.75%, 09/25/27		144,000		143,863
Burlington Northern Santa Fe LLC 3.65%, 09/01/25		88,000		92,881
CalAtlantic Group Inc. 5.25%, 06/01/26		215,000		222,525
Calpine Corp. 5.88%, 01/15/24 (b)		289,000		298,768
Canadian Natural Resources Ltd. 3.85%, 06/01/27		76,000		76,724
4.95%, 06/01/47		51,000		53,849
Capital One Financial Corp. 4.20%, 10/29/25		149,000		153,027
Cardinal Health Inc. 2.62%, 06/15/22		62,000		61,876
3.08%, 06/15/24		76,000		76,489
3.41%, 06/15/27		62,000		62,147
4.37%, 06/15/47		31,000		31,919
Carlson Travel Inc. 6.75%, 12/15/23 (b)		209,000		207,432
Caterpillar Inc. 4.30%, 05/15/44		82,000		89,592
Catholic Health Initiatives 2.60%, 08/01/18		105,000		105,751
4.35%, 11/01/42		82,000		76,914
CBL & Associates LP 5.95%, 12/15/26		21,000		21,260
CBS Corp. 2.90%, 01/15/27		77,000		72,941
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88%, 04/01/24 (b)		215,000		228,179
Celgene Corp. 5.00%, 08/15/45		76,000		86,813
Cenovus Energy Inc. 5.40%, 06/15/47 (b)		25,000		24,875
CenterPoint Energy Inc. 2.50%, 09/01/22		145,000		144,738
CenturyLink Inc. 5.80%, 03/15/22		269,000		268,327

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


State Street Institutional Strategic Investment Fund			63

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13%, 12/15/21 (b)		347,000		353,940
CF Industries Inc. 7.13%, 05/01/20		122,000		135,274
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58%, 07/23/20		173,000		177,638
4.91%, 07/23/25		250,000		267,493
5.38%, 05/01/47 (b)		57,000		59,159
6.38%, 10/23/35		25,000		29,142
6.48%, 10/23/45		50,000		58,630
Chevron Corp. 3.19%, 06/24/23		124,000		128,676
Church & Dwight Company Inc. 2.45%, 08/01/22		77,000		76,716
3.15%, 08/01/27		127,000		125,688
Cigna Corp. 3.25%, 04/15/25		126,000		127,549
3.88%, 10/15/47		86,000		85,997
Cimarex Energy Co. 3.90%, 05/15/27		86,000		87,550
Cisco Systems Inc. 2.50%, 09/20/26		133,000		129,013
Citigroup Inc. 1.75%, 05/01/18		317,000		317,094
2.05%, 12/07/18		240,000		240,427
2.90%, 12/08/21		144,000		145,742
4.45%, 09/29/27		9,000		9,498
4.65%, 07/30/45		44,000		48,651
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88%, 07/24/23 (h)		285,000		285,302
Citigroup Inc. (3.67% fixed rate until 07/24/27; 1.39% + 3 month USD LIBOR thereafter) 3.67%, 07/24/28 (h)		143,000		144,411
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28%, 04/24/48 (h)		202,000		211,936
CMS Energy Corp. 4.88%, 03/01/44		171,000		190,925
CNA Financial Corp. 3.45%, 08/15/27		87,000		85,961
5.88%, 08/15/20		167,000		182,244
CNH Industrial N.V. 4.50%, 08/15/23		215,000		227,685
CNOOC Nexen Finance 2014 ULC 4.25%, 04/30/24		349,000		370,980


	Principal Amount ($) or Shares		Fair Value $
Columbia Pipeline Group Inc. 3.30%, 06/01/20		87,000		88,964
Comcast Corp. 3.38%, 08/15/25		45,000		46,315
4.20%, 08/15/34		127,000		134,338
4.60%, 08/15/45		76,000		83,573
Concho Resources Inc. 3.75%, 10/01/27		44,000		44,286
4.88%, 10/01/47		57,000		59,597
ConocoPhillips Co. 3.35%, 11/15/24		235,000		241,763
5.95%, 03/15/46		26,000		33,703
Consolidated Edison Company of New York Inc. 2.90%, 12/01/26		155,000		152,548
Constellation Brands Inc. 2.70%, 05/09/22		126,000		126,218
3.50%, 05/09/27		79,000		79,781
4.50%, 05/09/47		37,000		39,007
Continental Resources Inc. 5.00%, 09/15/22		61,000		61,994
Corporation Andina de Fomento 2.20%, 07/18/20		143,000		143,182
Costco Wholesale Corp. 3.00%, 05/18/27		126,000		126,014
Credit Agricole S.A. 3.25%, 10/04/24 (b)(c)		250,000		249,955
Credit Suisse AG 1.70%, 04/27/18		314,000		314,247
Credit Suisse Group Funding Guernsey Ltd.
3.13%, 12/10/20		250,000		254,995
3.80%, 06/09/23		385,000		398,340
CSX Corp. 4.50%, 08/01/54		78,000		80,218
CVS Health Corp. 3.88%, 07/20/25		86,000		89,675
5.13%, 07/20/45		173,000		198,808
Daimler Finance North America LLC 2.38%, 08/01/18 (b)		374,000		376,044
Dana Financing Luxembourg Sarl 6.50%, 06/01/26 (b)		215,000		232,200
Danaher Corp. 4.38%, 09/15/45		28,000		30,463
Dell International LLC/EMC Corp. 3.48%, 06/01/19 (b)		181,000		184,530
4.42%, 06/15/21 (b)		135,000		141,626
6.02%, 06/15/26 (b)		66,000		73,218
8.35%, 07/15/46 (b)		56,000		71,770
Delphi Automotive PLC 4.40%, 10/01/46		72,000		72,575

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


64		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Deutsche Bank AG 2.70%, 07/13/20		285,000		286,345
Deutsche Telekom International Finance BV 2.49%, 09/19/23 (b)		213,000		208,641
Devon Energy Corp. 5.00%, 06/15/45		58,000		61,105
5.85%, 12/15/25		54,000		62,316
Diageo Investment Corp. 2.88%, 05/11/22		90,000		92,239
Discover Bank 3.10%, 06/04/20		250,000		255,333
Discovery Communications LLC 2.20%, 09/20/19		140,000		140,508
3.95%, 03/20/28		145,000		144,696
5.00%, 09/20/37		55,000		56,160
5.20%, 09/20/47		55,000		55,930
Dollar General Corp. 1.88%, 04/15/18		247,000		247,257
Dominion Energy Inc. 2.58%, 07/01/20		119,000		119,715
3.63%, 12/01/24		111,000		114,750
DTE Energy Co. 2.85%, 10/01/26		224,000		214,312
Duke Energy Corp. 3.75%, 09/01/46		85,000		81,818
Duke Energy Progress LLC 4.15%, 12/01/44		100,000		106,287
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (b)		145,000		144,237
Eastman Chemical Co. 3.60%, 08/15/22		56,000		58,224
Eaton Corp. 3.10%, 09/15/27		144,000		142,440
Ecopetrol S.A. 5.88%, 05/28/45		145,000		142,245
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 1.84%, 05/01/20 (h)		124,000		125,046
Electricite de France S.A. 2.15%, 01/22/19 (b)		368,000		369,433
Eli Lilly & Co. 3.10%, 05/15/27		60,000		60,625
3.70%, 03/01/45		24,000		24,101
3.95%, 05/15/47		37,000		38,783
Embraer Netherlands Finance BV 5.40%, 02/01/27		65,000		70,272
EMC Corp. 2.65%, 06/01/20		304,000		300,200
Emera US Finance LP 3.55%, 06/15/26		132,000		132,863
4.75%, 06/15/46		39,000		41,941


	Principal Amount ($) or Shares		Fair Value $
Enbridge Energy Partners LP 5.50%, 09/15/40		23,000		24,233
Enbridge Inc. (5.50% fixed rate until 07/15/27; 3.42% + 3 month USD LIBOR until 07/15/47; 4.17% + 3 month USD LIBOR thereafter) 5.50%, 07/15/77 (h)		127,000		128,694
Encana Corp. 3.90%, 11/15/21		135,000		138,544
Endo Dac/Endo Finance LLC/Endo Finco Inc. 5.88%, 10/15/24 (b)		210,000		220,248
Enel Finance International N.V. 3.63%, 05/25/27 (b)		238,000		238,484
4.75%, 05/25/47 (b)		200,000		211,681
Energy Transfer Equity LP 5.88%, 01/15/24		571,000		613,825
Energy Transfer LP 5.30%, 04/15/47		62,000		62,095
6.50%, 02/01/42		91,000		103,162
Energy Transfer LP/Regency Energy Finance Corp. 4.50%, 11/01/23		107,000		112,042
EnLink Midstream Partners LP (6.00% fixed rate until 12/15/22; 4.11% + 3 month USD LIBOR thereafter) 6.00%, 12/31/99 (h)		184,000		184,182
Entergy Louisiana LLC 3.05%, 06/01/31		109,000		105,168
Enterprise Products Operating LLC 3.95%, 02/15/27		166,000		174,237
EOG Resources Inc. 4.15%, 01/15/26 (l)		134,000		142,150
EQT Corp. 3.00%, 10/01/22 (c)		145,000		145,532
3.90%, 10/01/27 (c)		145,000		145,087
ERP Operating LP 4.50%, 07/01/44 (l)		56,000		59,905
Exelon Corp. 3.50%, 06/01/22 (l)		235,000		241,860
4.45%, 04/15/46 (l)		160,000		167,469
Express Scripts Holding Co. 3.40%, 03/01/27 (l)		135,000		133,518
4.80%, 07/15/46 (l)		41,000		43,377
Exxon Mobil Corp. 2.22%, 03/01/21 (l)		84,000		84,592
3.04%, 03/01/26 (l)		66,000		67,185
FedEx Corp. 4.10%, 02/01/45 (l)		2,000		1,976

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


State Street Institutional Strategic Investment Fund			65

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

FirstEnergy Corp. 3.90%, 07/15/27		102,000		103,897
4.85%, 07/15/47		35,000		36,733
Florida Power & Light Co. 4.13%, 02/01/42 (l)		58,000		62,300
Ford Motor Co. 4.35%, 12/08/26 (l)		204,000		212,085
Ford Motor Credit Company LLC 3.22%, 01/09/22 (l)		360,000		365,004
Freeport-McMoRan Inc. 3.10%, 03/15/20		182,000		182,364
Frontier Communications Corp. 7.13%, 03/15/19 (l)		295,000		292,050
11.00%, 09/15/25 (l)		175,000		148,750
General Dynamics Corp. 2.13%, 08/15/26 (l)		59,000		55,438
General Motors Co. 5.20%, 04/01/45 (l)		25,000		25,262
General Motors Financial Company Inc. 3.15%, 01/15/20 (l)		160,000		162,965
5.25%, 03/01/26 (l)		194,000		211,285
Georgia-Pacific LLC 3.60%, 03/01/25 (b)(l)		9,000		9,300
Gilead Sciences Inc. 1.95%, 03/01/22 (l)		81,000		79,759
2.95%, 03/01/27		76,000		75,251
3.65%, 03/01/26 (l)		98,000		102,293
4.15%, 03/01/47 (l)		82,000		84,169
4.80%, 04/01/44 (l)		48,000		53,849
Glencore Finance Canada Ltd. 5.55%, 10/25/42 (b)		40,000		44,244
Glencore Funding LLC 4.00%, 03/27/27 (b)(l)		144,000		144,872
Grupo Televisa SAB 5.00%, 05/13/45 (l)		200,000		200,378
H&E Equipment Services Inc. 5.63%, 09/01/25 (b)		15,000		15,788
Halliburton Co. 3.80%, 11/15/25 (l)		125,000		128,524
5.00%, 11/15/45 (l)		75,000		82,185
HCA Inc. 4.75%, 05/01/23 (l)		429,000		452,080
Hess Corp. 4.30%, 04/01/27 (l)		69,000		68,636
5.60%, 02/15/41 (l)		55,000		54,900
5.80%, 04/01/47 (l)		41,000		42,116
Hewlett Packard Enterprise Co. 6.35%, 10/15/45 (l)		41,000		43,444
Honeywell International Inc. 2.50%, 11/01/26 (l)		213,000		204,073
HSBC Holdings PLC 2.95%, 05/25/21		200,000		203,732


	Principal Amount ($) or Shares		Fair Value $
4.25%, 03/14/24 (l)		200,000		209,072
HSBC Holdings PLC (3.26% fixed rate until 03/13/22; 1.06% + 3 month USD LIBOR thereafter) 3.26%, 03/13/23 (h)(l)		355,000		362,476
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) 6.00%, 12/31/99 (h)		220,000		230,098
Hyundai Capital America 2.13%, 10/02/17 (b)(l)		118,000		118,000
3.10%, 04/05/22 (b)(l)		69,000		68,656
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00%, 08/01/20		182,000		187,824
ING Bank N.V. 2.70%, 08/17/20 (b)(l)		200,000		202,833
Ingersoll-Rand Luxembourg Finance S.A. 3.55%, 11/01/24 (l)		160,000		165,720
Intel Corp. 2.45%, 07/29/20 (l)		125,000		127,281
2.60%, 05/19/26 (l)		80,000		78,115
2.88%, 05/11/24 (l)		122,000		123,464
International Business Machines Corp. 3.30%, 01/27/27 (l)		101,000		102,608
3.63%, 02/12/24 (l)		177,000		185,616
International Flavors & Fragrances Inc. 4.38%, 06/01/47		37,000		38,020
International Paper Co. 4.40%, 08/15/47		125,000		126,328
Interstate Power & Light Co. 3.40%, 08/15/25		335,000		339,558
Intesa Sanpaolo S.p.A. 3.88%, 07/14/27 (b)		200,000		200,756
IPALCO Enterprises Inc. 3.70%, 09/01/24 (b)		15,000		15,130
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00%, 07/15/25 (b)		17,000		17,745
JB Poindexter & Company Inc. 9.00%, 04/01/22 (b)		83,000		86,735
JBS USA LUX S.A./JBS USA Finance Inc. 5.75%, 06/15/25 (b)		94,000		92,859
Jefferies Group LLC 5.13%, 01/20/23		273,000		298,143
6.50%, 01/20/43		90,000		103,162
Johnson & Johnson 3.63%, 03/03/37		94,000		98,021

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


66		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Johnson Controls International PLC 4.50%, 02/15/47		51,000		54,100
JPMorgan Chase & Co. 2.30%, 08/15/21		80,000		79,890
2.55%, 10/29/20		128,000		129,434
3.30%, 04/01/26		229,000		229,747
3.63%, 12/01/27		81,000		81,182
JPMorgan Chase & Co. (3.22% fixed rate until 03/01/24; 1.16% + 3 month USD LIBOR thereafter) 3.22%, 03/01/25 (h)		138,000		140,193
JPMorgan Chase & Co. (3.78% fixed rate until 02/01/27; 1.34% + 3 month USD LIBOR thereafter) 3.78%, 02/01/28 (h)		94,000		96,709
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/17; 1.36% + 3 month USD LIBOR thereafter) 3.88%, 07/24/38 (h)		183,000		183,988
JPMorgan Chase & Co. (3.54% fixed rate until 05/01/27; 1.38% + 3 month USD LIBOR thereafter) 3.54%, 05/01/28 (h)		219,000		221,475
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03%, 07/24/48 (h)		147,000		148,588
JPMorgan Chase & Co. (5.00% fixed rate until 07/01/19; 3.32% + 3 month USD LIBOR thereafter) 5.00%, 12/29/49 (h)		105,000		106,785
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10%, 10/29/49 (h)		312,000		344,367
JPMorgan Chase & Co. (7.90% fixed rate until 04/30/18; 3.47% + 3 month USD LIBOR thereafter) 7.90%, 12/29/49 (h)		144,000		148,111
KB Home 7.00%, 12/15/21		201,000		224,743
Kinder Morgan Energy Partners LP 3.50%, 09/01/23		56,000		56,670
6.38%, 03/01/41		54,000		62,237


	Principal Amount ($) or Shares		Fair Value $
Kinder Morgan Inc. 3.05%, 12/01/19		50,000		50,893
5.05%, 02/15/46		54,000		55,464
5.55%, 06/01/45		75,000		80,814
Kraft Heinz Foods Co. 3.00%, 06/01/26		102,000		97,940
4.38%, 06/01/46		103,000		101,269
L Brands Inc. 5.63%, 02/15/22		130,000		138,762
Lee Enterprises Inc. 9.50%, 03/15/22 (b)		300,000		311,062
Lennar Corp. 4.50%, 11/15/19		149,000		154,122
4.75%, 05/30/25		150,000		156,656
Levi Strauss & Co. 5.00%, 05/01/25		222,000		234,210
Lincoln National Corp. 3.63%, 12/12/26		169,000		171,111
Lithia Motors Inc. 5.25%, 08/01/25 (b)		37,000		38,388
Lloyds Banking Group PLC 3.75%, 01/11/27		400,000		407,264
Lockheed Martin Corp. 3.55%, 01/15/26		114,000		117,793
3.80%, 03/01/45		54,000		52,728
4.70%, 05/15/46		57,000		63,807
Lowe’s Companies Inc. 3.70%, 04/15/46		153,000		148,454
LYB International Finance BV 4.88%, 03/15/44		41,000		44,875
LYB International Finance II BV 3.50%, 03/02/27		138,000		137,536
Macy’s Retail Holdings Inc. 4.30%, 02/15/43		29,000		23,387
Marathon Oil Corp. 3.85%, 06/01/25		68,000		67,976
Marathon Petroleum Corp. 3.63%, 09/15/24		118,000		120,217
Marsh & McLennan Companies Inc. 3.50%, 03/10/25		136,000		140,265
Masco Corp. 4.38%, 04/01/26		27,000		28,637
McDonald’s Corp. 3.70%, 01/30/26		93,000		96,931
4.88%, 12/09/45		54,000		60,718
Medtronic Inc. 3.50%, 03/15/25		105,000		109,490
4.63%, 03/15/45		82,000		93,379
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		79,000		81,241

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


State Street Institutional Strategic Investment Fund			67

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Merck & Company Inc. 2.75%, 02/10/25		234,000		234,711
MetLife Inc. 4.72%, 12/15/44		89,000		99,114
Mexichem SAB de C.V. 4.00%, 10/04/27 (b)(c)		200,000		198,996
5.50%, 01/15/48 (b)(c)		200,000		197,256
MGM Resorts International 5.25%, 03/31/20		222,000		235,054
6.63%, 12/15/21		370,000		416,805
Microsoft Corp. 1.55%, 08/08/21		132,000		129,583
2.40%, 08/08/26		153,000		147,949
3.45%, 08/08/36		82,000		82,544
3.70%, 08/08/46		82,000		82,741
4.00%, 02/12/55		119,000		123,302
4.10%, 02/06/37		41,000		44,653
4.25%, 02/06/47		84,000		92,815
Mizuho Bank Ltd. 2.45%, 04/16/19 (b)		420,000		422,768
Mizuho Financial Group Inc. 2.63%, 04/12/21 (b)		362,000		361,702
Molina Healthcare Inc. 4.88%, 06/15/25 (b)		120,000		118,200
Molson Coors Brewing Co. 2.10%, 07/15/21		174,000		171,679
3.00%, 07/15/26		126,000		122,728
4.20%, 07/15/46		57,000		57,145
Monsanto Co. 4.70%, 07/15/64		32,000		32,105
Morgan Stanley 2.45%, 02/01/19 (l)		130,000		130,881
2.63%, 11/17/21 (l)		229,000		229,696
2.65%, 01/27/20 (l)		109,000		110,269
2.75%, 05/19/22		144,000		144,723
3.63%, 01/20/27 (l)		133,000		134,668
3.70%, 10/23/24 (l)		73,000		75,683
3.95%, 04/23/27 (l)		257,000		261,834
4.10%, 05/22/23 (l)		297,000		310,929
4.38%, 01/22/47 (l)		115,000		122,308
Morgan Stanley (3.59% fixed rate until 07/22/27; 1.34% + 3 month USD LIBOR thereafter) 3.59%, 07/22/28 (h)		229,000		230,021
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (h)		85,000		85,477
MPLX LP 5.20%, 03/01/47		41,000		42,983
Murphy Oil Corp. 5.75%, 08/15/25		211,000		217,056


	Principal Amount ($) or Shares		Fair Value $
Mylan N.V. 3.15%, 06/15/21		63,000		64,089
3.95%, 06/15/26		66,000		67,239
National Retail Properties Inc. 4.00%, 11/15/25		131,000		134,309
Navient Corp. 8.00%, 03/25/20		243,000		267,616
NCL Corporation Ltd. 4.63%, 11/15/20 (b)		186,000		192,975
Newell Brands Inc. 3.85%, 04/01/23		135,000		141,789
4.20%, 04/01/26		135,000		142,258
5.50%, 04/01/46		37,000		43,936
Newmont Mining Corp. 4.88%, 03/15/42		109,000		116,657
Nexen Energy ULC 6.40%, 05/15/37		39,000		50,058
NGPL PipeCo LLC 4.88%, 08/15/27 (b)		37,000		38,772
Noble Energy Inc. 3.90%, 11/15/24		150,000		153,744
Nordstrom Inc. 5.00%, 01/15/44		7,000		6,877
Northern States Power Co. 2.20%, 08/15/20		337,000		338,614
Northrop Grumman Corp. 3.85%, 04/15/45		29,000		28,220
Novartis Capital Corp. 3.00%, 11/20/25		18,000		18,332
4.00%, 11/20/45		29,000		30,893
NRG Energy Inc. 6.25%, 07/15/22		184,000		193,200
Nucor Corp. 4.13%, 09/15/22		61,000		65,083
NuStar Logistics LP 4.80%, 09/01/20		122,000		126,917
Occidental Petroleum Corp. 4.10%, 02/15/47		69,000		70,670
Omnicom Group Inc. 3.63%, 05/01/22		79,000		82,351
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (b)		24,000		24,177
Oracle Corp. 1.90%, 09/15/21		99,000		98,294
2.40%, 09/15/23		94,000		93,480
4.00%, 07/15/46		82,000		84,790
4.13%, 05/15/45		51,000		53,387
Owens-Brockway Glass Container Inc. 6.38%, 08/15/25 (b)		100,000		113,125
Pacific Gas & Electric Co. 3.40%, 08/15/24		506,000		522,824

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


68		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

PacifiCorp 6.25%, 10/15/37		3,000		4,017
Parker-Hannifin Corp. 3.25%, 03/01/27 (b)		252,000		253,552
PepsiCo Inc. 3.45%, 10/06/46		51,000		48,372
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		200,000		204,126
Petroleos Mexicanos 4.50%, 01/23/26 (l)		277,000		276,327
5.38%, 03/13/22 (b)(l)		180,000		192,285
5.63%, 01/23/46 (l)		67,000		62,473
6.38%, 01/23/45 (l)		91,000		92,874
6.50%, 03/13/27 (b)		130,000		143,988
6.75%, 09/21/47		144,000		153,518
PetSmart Inc. 5.88%, 06/01/25 (b)		210,000		183,225
Pfizer Inc. 3.00%, 12/15/26		175,000		177,212
4.13%, 12/15/46		67,000		71,809
4.40%, 05/15/44		40,000		44,391
Philip Morris International Inc. 4.13%, 03/04/43		104,000		106,384
Plains All American Pipeline LP/PAA Finance Corp. 4.70%, 06/15/44		55,000		49,731
5.75%, 01/15/20		101,000		107,483
Potash Corporation of Saskatchewan Inc. 4.00%, 12/15/26		60,000		62,545
PPL Capital Funding Inc. 3.10%, 05/15/26		202,000		198,879
Precision Castparts Corp. 4.38%, 06/15/45		81,000		88,834
Prudential Financial Inc. 4.50%, 09/15/47 (h)		72,000		73,226
Prudential Financial Inc. 3.03% + 3 month USD LIBOR 5.38%, 05/15/45 (h)		136,000		147,270
PulteGroup Inc. 5.50%, 03/01/26		160,000		174,464
QUALCOMM Inc. 2.10%, 05/20/20		126,000		126,524
2.90%, 05/20/24		126,000		126,593
3.25%, 05/20/27		45,000		45,347
4.30%, 05/20/47		51,000		52,232
Realty Income Corp. 3.00%, 01/15/27		200,000		190,846
Reynolds American Inc. 4.45%, 06/12/25		2,000		2,146
5.85%, 08/15/45		33,000		40,054
Rio Tinto Finance USA PLC 4.13%, 08/21/42		71,000		73,988


	Principal Amount ($) or Shares		Fair Value $
Rockwell Collins Inc. 3.20%, 03/15/24		124,000		126,300
3.50%, 03/15/27		66,000		67,298
4.35%, 04/15/47		63,000		65,516
Rogers Communications Inc. 5.00%, 03/15/44		45,000		50,862
Royal Bank of Scotland Group (3.50% fixed rate until 05/15/22; 1.48% + 3 month USD LIBOR thereafter) 3.50%, 05/15/23 (h)		200,000		201,558
RPM International Inc. 3.75%, 03/15/27		128,000		129,870
Ryder System Inc. 2.45%, 09/03/19		268,000		269,897
Sabine Pass Liquefaction LLC 4.20%, 03/15/28		302,000		303,936
5.00%, 03/15/27		63,000		66,995
Santander Holdings USA Inc. 2.65%, 04/17/20		251,000		252,160
3.70%, 03/28/22 (b)		217,000		221,177
4.40%, 07/13/27 (b)		100,000		101,999
Schlumberger Holdings Corp. 3.00%, 12/21/20 (b)		101,000		103,440
4.00%, 12/21/25 (b)		36,000		37,763
Select Income REIT 4.25%, 05/15/24		136,000		137,416
Shell International Finance BV 2.88%, 05/10/26		135,000		134,302
3.75%, 09/12/46		51,000		49,468
4.13%, 05/11/35		75,000		79,291
Shire Acquisitions Investments Ireland DAC 2.40%, 09/23/21		22,000		21,887
3.20%, 09/23/26		58,000		57,157
Siemens Financieringsmaatschappij N.V. 3.40%, 03/16/27 (b)		345,000		354,973
Simon Property Group LP 3.38%, 06/15/27		139,000		139,657
Sinclair Television Group Inc. 5.38%, 04/01/21		387,000		397,159
Smithfield Foods Inc. 2.70%, 01/31/20 (b)		56,000		56,172
4.25%, 02/01/27 (b)		73,000		75,467
Southern California Edison Co. 2.40%, 02/01/22		135,000		135,408
Southern Copper Corp. 5.88%, 04/23/45		73,000		83,771
Spectra Energy Partners LP 3.38%, 10/15/26		67,000		66,514
4.50%, 03/15/45		26,000		26,319

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


State Street Institutional Strategic Investment Fund			69

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Sprint Corp. 7.63%, 02/15/25		98,000		112,269
Standard Industries Inc. 5.38%, 11/15/24 (b)		242,000		257,125
Statoil ASA 3.95%, 05/15/43		84,000		84,435
Sumitomo Life Insurance Co. (4.00% fixed rate until 09/14/27; 2.99% + 3 month USD LIBOR thereafter) 4.00%, 09/14/77 (b)(h)		200,000		196,278
Sumitomo Mitsui Banking Corp. 2.25%, 07/11/19		253,000		253,972
Sunoco Logistics Partners Operations LP 5.40%, 10/01/47		141,000		143,851
Sunoco LP/Sunoco Finance Corp. 5.50%, 08/01/20		270,000		278,100
6.25%, 04/15/21		72,000		75,449
SunTrust Banks Inc. (5.05% fixed rate until 06/15/22; 3.10% + 3 month USD LIBOR thereafter) 5.05%, 12/31/99 (h)		349,000		356,852
SUPERVALU Inc. 6.75%, 06/01/21		104,000		99,320
Sysco Corp. 3.25%, 07/15/27		126,000		125,355
T-Mobile USA Inc. 6.63%, 04/01/23		232,000		243,020
Tampa Electric Co. 4.35%, 05/15/44		140,000		147,494
Target Corp. 2.50%, 04/15/26		134,000		128,262
Teachers Insurance & Annuity Association of America 4.90%, 09/15/44 (b)		123,000		138,914
Teck Resources Ltd. 4.75%, 01/15/22		123,000		129,842
TEGNA Inc. 5.50%, 09/15/24 (b)		94,000		98,935
Tenet Healthcare Corp. 4.75%, 06/01/20		182,000		187,387
6.00%, 10/01/20		347,000		369,798
Teva Pharmaceutical Finance Netherlands III BV 1.40%, 07/20/18		145,000		144,326
1.70%, 07/19/19		86,000		84,763
3.15%, 10/01/26		137,000		126,414
4.10%, 10/01/46		45,000		38,345
The Allstate Corp. 4.20%, 12/15/46		63,000		67,005


	Principal Amount ($) or Shares		Fair Value $
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75%, 08/15/53 (h)		150,000		164,310
The Bank of New York Mellon Corp. 2.66%, 05/16/23 (h)		129,000		129,428
The Bank of New York Mellon Corp. (3.44% fixed rate until 02/07/27; 1.07% + 3 month USD LIBOR thereafter) 3.44%, 02/07/28 (h)		136,000		139,453
The Bank of New York Mellon Corp. (4.63% fixed rate until 08/01/16; 3.13% + 3 month USD LIBOR thereafter) 4.63%, 12/29/49 (h)		292,000		297,898
The Bank of Tokyo-Mitsubishi UFJ Ltd. 2.30%, 03/10/19 (b)		400,000		401,885
The Dow Chemical Co. 4.25%, 10/01/34		128,000		131,909
The Estee Lauder Companies Inc. 3.15%, 03/15/27 (l)		59,000		59,814
The Goldman Sachs Group Inc. 2.30%, 12/13/19		138,000		138,614
2.35%, 11/15/21 (l)		226,000		224,126
2.38%, 01/22/18 (l)		234,000		234,551
2.63%, 04/25/21 (l)		182,000		182,850
2.90%, 07/19/18 (l)		173,000		174,573
3.85%, 01/26/27 (l)		198,000		201,998
4.25%, 10/21/25 (l)		46,000		47,977
4.80%, 07/08/44 (l)		133,000		148,743
5.15%, 05/22/45 (l)		129,000		147,679
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/22/24; 0.99% + 3 month USD LIBOR thereafter) 2.91%, 07/24/23 (h)		139,000		139,104
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91%, 06/05/23 (h)		276,000		276,265
The Goldman Sachs Group Inc. (3.27% fixed rate until 09/29/24; 1.20% + 3 month USD LIBOR thereafter) 3.27%, 09/29/25 (h)		162,000		162,363
The Goldman Sachs Group Inc. (3.69% fixed rate until 06/05/27; 1.51% + 3 month USD LIBOR thereafter) 3.69%, 06/05/28 (h)		138,000		139,317

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


70		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

The Home Depot Inc. 3.35%, 09/15/25 (l)		160,000		165,534
3.50%, 09/15/56		95,000		87,469
3.90%, 06/15/47		76,000		77,762
The Kroger Co. 2.95%, 11/01/21		160,000		161,421
4.65%, 01/15/48		90,000		87,396
The Mosaic Co. 5.63%, 11/15/43		26,000		26,563
The Nielsen Company Luxembourg Sarl 5.00%, 02/01/25 (b)		144,000		149,760
The Sherwin-Williams Co. 2.25%, 05/15/20		122,000		122,479
2.75%, 06/01/22		48,000		48,318
3.13%, 06/01/24		125,000		125,888
3.45%, 06/01/27		122,000		122,997
4.50%, 06/01/47		90,000		94,596
The Southern Co. 3.25%, 07/01/26		83,000		82,047
4.40%, 07/01/46		59,000		61,115
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter) 5.50%, 03/15/57 (h)		114,000		120,864
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) 3.63%, 09/15/31 (h)		112,000		111,233
The Walt Disney Co. 4.13%, 06/01/44		55,000		57,599
Time Warner Cable LLC 4.50%, 09/15/42		25,000		23,658
6.55%, 05/01/37		84,000		98,635
Time Warner Inc. 3.80%, 02/15/27		142,000		142,274
5.35%, 12/15/43		169,000		182,104
TransCanada PipeLines Ltd. 4.88%, 01/15/26		70,000		78,705
Tyco Electronics Group S.A. 2.35%, 08/01/19		240,000		241,280
3.13%, 08/15/27		145,000		143,750
Tyson Foods Inc. 2.65%, 08/15/19		54,000		54,638
4.55%, 06/02/47		50,000		53,484
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13%, 12/29/49 (h)		274,000		290,440
UBS Group Funding Switzerland AG 2.95%, 09/24/20 (b)		401,000		407,074


	Principal Amount ($) or Shares		Fair Value $
Union Pacific Corp. 3.60%, 09/15/37		34,000		34,497
4.10%, 09/15/67		57,000		57,654
United Technologies Corp. 2.65%, 11/01/26		204,000		196,950
3.75%, 11/01/46		47,000		45,346
UnitedHealth Group Inc. 4.75%, 07/15/45		54,000		62,333
Vale Overseas Ltd. 4.38%, 01/11/22		92,000		95,748
5.88%, 06/10/21		184,000		202,190
6.25%, 08/10/26		29,000		32,958
6.88%, 11/10/39		55,000		63,121
Valvoline Inc. 4.38%, 08/15/25 (b)		30,000		30,450
Ventas Realty LP 3.25%, 10/15/26		139,000		135,205
Verizon Communications Inc. 3.38%, 02/15/25 (b)		158,000		158,637
4.40%, 11/01/34		125,000		124,951
4.67%, 03/15/55		86,000		81,852
4.86%, 08/21/46		335,000		341,388
5.25%, 03/16/37		91,000		99,874
Viacom Inc. 3.45%, 10/04/26		77,000		74,022
5.25%, 04/01/44		91,000		87,218
Videotron Ltd. 5.13%, 04/15/27 (b)		15,000		15,596
Virgin Media Finance PLC 5.75%, 01/15/25 (b)		202,000		209,322
Virginia Electric & Power Co. 4.00%, 11/15/46		180,000		184,846
Visa Inc. 3.15%, 12/14/25		53,000		54,310
4.30%, 12/14/45		75,000		82,823
Volkswagen Group of America Finance LLC 0.44% + 3 month USD LIBOR 1.76%, 11/20/17 (b)(h)		200,000		200,083
Vulcan Materials Co. 3.90%, 04/01/27		66,000		67,494
W.R. Grace & Co. 5.63%, 10/01/24 (b)		367,000		403,241
Wabtec Corp. 3.45%, 11/15/26		146,000		143,585
Wal-Mart Stores Inc. 4.30%, 04/22/44		162,000		179,135
Walgreens Boots Alliance Inc. 4.65%, 06/01/46		41,000		43,048
WEC Energy Group Inc. 3.55%, 06/15/25		250,000		257,600
WellCare Health Plans Inc. 5.25%, 04/01/25		168,000		176,820

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


State Street Institutional Strategic Investment Fund			71

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Wells Fargo & Co. 2.63%, 07/22/22		285,000		285,439
3.90%, 05/01/45		74,000		74,243
4.75%, 12/07/46		139,000		152,393
Wells Fargo & Co. (3.58% fixed rate until 05/22/27; 1.31% + 3 month USD LIBOR thereafter) 3.58%, 05/22/28 (h)		138,000		139,965
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90%, 12/29/49 (h)		183,000		199,241
Wells Fargo & Co. (7.98% fixed rate until 03/15/18; 3.77% + 3 month USD LIBOR thereafter) 7.98%, 03/29/49 (h)		144,000		147,604
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88%, 12/29/49 (h)		190,000		211,470
Western Digital Corp. 7.38%, 04/01/23 (b)		35,000		38,369
Western Gas Partners LP 5.38%, 06/01/21		120,000		128,676
Westlake Chemical Corp. 3.60%, 08/15/26		95,000		95,109
5.00%, 08/15/46		42,000		45,781
WestRock Co. 3.00%, 09/15/24 (b)		111,000		111,134
Williams Partners LP
3.75%, 06/15/27		52,000		51,959
3.90%, 01/15/25		76,000		77,593
4.90%, 01/15/45		41,000		41,543
5.40%, 03/04/44		25,000		27,019
Willis North America Inc. 3.60%, 05/15/24		145,000		148,180
Windstream Services LLC 6.38%, 08/01/23		259,000		183,242
WPP Finance 2010 3.75%, 09/19/24		234,000		239,450
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/27 (b)		169,000		171,738
Xilinx Inc. 2.95%, 06/01/24		100,000		100,126
XPO Logistics Inc. 6.50%, 06/15/22 (b)		215,000		226,287

				82,691,203


Non-Agency Collateralized Mortgage Obligations - 1.3%
American Tower Trust I (REIT) 1.55%, 03/15/43 (b)		420,000		419,235


	Principal Amount ($) or Shares		Fair Value $
Banc of America Commercial Mortgage Trust 2008-1 6.51%, 02/10/51 (h)		133,112		133,711
Bear Stearns Commercial Mortgage Securities Trust 2007-PW18 6.09%, 06/11/50 (h)		261,836		261,932
BXP Trust 2017-GM 3.38%, 06/13/39 (b)		635,000		646,366
Citigroup Commercial Mortgage Trust 2015-GC33 3.78%, 09/10/58		400,000		421,163
Citigroup Commercial Mortgage Trust 2016-P5 2.94%, 10/10/49		330,977		326,461
Citigroup Commercial Mortgage Trust 2016-P6
3.72%, 12/10/49 (h)		934,657		981,035
4.03%, 12/10/49 (h)		287,661		300,825
COMM 2013-LC13 Mortgage Trust 4.56%, 08/10/46 (b)(h)		140,000		152,956
COMM 2014-CR14 Mortgage Trust 4.53%, 02/10/47 (h)		200,000		216,238
GS Mortgage Securities Trust 2015-GC28 1.29%, 02/10/48 (g)(h)		2,237,088		122,101
GS Mortgage Securities Trust 2016-GS3 2.85%, 10/10/49		673,000		661,899
GS Mortgage Securities Trust 2017-GS5 3.67%, 03/10/50		730,527		764,826
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 1.83%, 12/15/47 (g)(h)		876,927		54,892
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.16%, 07/15/45 (h)		90,000		94,943
JPMDB Commercial Mortgage Securities Trust 2017-C5 3.69%, 03/15/50		676,308		707,663
LB-UBS Commercial Mortgage Trust 2004-C8 0.38%, 12/15/39 (b)(g)(h)		7,827		13
LB-UBS Commercial Mortgage Trust 2007-C6
6.11%, 07/15/40 (b)		132,044		132,044
6.11%, 07/15/40 (h)		59,240		59,222
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.54%, 02/15/48 (g)(h)		2,501,342		177,713

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


72		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.10%, 03/15/48 (g)(h)		3,067,457		160,819
Morgan Stanley Capital I Trust 2006-IQ11 6.39%, 10/15/42 (h)		110,000		108,583
Morgan Stanley Capital I Trust 2006-T21 5.27%, 10/12/52 (h)		60,250		60,210
Morgan Stanley Capital I Trust 2007-IQ16 6.32%, 12/12/49 (h)		138,992		139,880
Morgan Stanley Capital I Trust 2008-T29 6.50%, 01/11/43 (h)		110,000		110,696
Morgan Stanley Capital I Trust 2016-UBS9 1.39%, 03/15/49 (g)(h)		2,141,457		155,353
Wells Fargo Commercial Mortgage Trust 2015-C26 1.43%, 02/15/48 (g)(h)		2,527,059		177,228
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64%, 03/15/50		427,111		444,605
Wells Fargo Mortgage Backed Securities Trust 2006-3 5.50%, 03/25/36		3,355		—	**
WFRBS Commercial Mortgage Trust 2013-C17 4.26%, 12/15/46		190,000		201,452
WFRBS Commercial Mortgage Trust 2014-C25 3.80%, 11/15/47 (b)(h)		80,000		60,134
WFRBS Commercial Mortgage Trust 2014-LC14 4.35%, 03/15/47 (h)		447,000		473,557
4.59%, 03/15/47 (b)(h)		464,977		391,285

				9,119,040


Sovereign Bonds - 0.4%
Government of Chile 3.86%, 06/21/47		200,000		203,618
Government of Colombia 5.00%, 06/15/45		200,000		205,942
Government of Mexico 3.60%, 01/30/25		310,000		317,434
4.75%, 03/08/44		204,000		210,122
Government of Panama
4.00%, 09/22/24		200,000		213,412
4.50%, 05/15/47		220,000		232,353
Government of Peru 5.63%, 11/18/50		109,000		137,769


	Principal Amount ($) or Shares		Fair Value $
Government of Philippines 4.20%, 01/21/24		200,000		219,482
Government of Saudi Arabia
2.88%, 03/04/23 (b)(c)		402,000		400,814
3.63%, 03/04/28 (b)(c)		402,000		400,826
4.63%, 10/04/47 (b)(c)		201,000		201,937
Government of Uruguay 5.10%, 06/18/50		109,011		115,072

				2,858,781


Municipal Bonds and Notes - 0.2%
Municipal Electric Authority of Georgia 6.64%, 04/01/57		169,000		213,572
New Jersey Transportation Trust Fund Authority 6.88%, 12/15/39		65,000		67,796
Port Authority of New York & New Jersey 4.46%, 10/01/62		350,000		391,727
South Carolina State Public Service Authority 6.45%, 01/01/50		120,000		154,377
State of California 5.70%, 11/01/21		175,000		196,959
State of Illinois 5.10%, 06/01/33		75,000		75,847
The University of Texas System 3.35%, 08/15/47		85,000		83,744

				1,184,022


FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (j)(k)		60,172		1,300


Total Bonds and Notes (Cost $201,201,032)				203,491,744


Exchange Traded & Mutual Funds - 41.7%
Exchange Traded & Mutual Funds - 41.7%
SPDR Bloomberg Barclays High Yield Bond ETF (m)		632,267		23,596,205
State Street Equity 500 Index II Portfolio (m)		17,730,650		229,080,003
Vanguard FTSE Emerging Markets ETF		668,255		29,115,870


Total Exchange Traded & Mutual Funds (Cost $249,661,274)				281,792,078


Total Investments in Securities (Cost $561,210,110)				622,125,163

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


State Street Institutional Strategic Investment Fund			73

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($) or Shares		Fair Value $

Short-Term Investments - 9.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $64,109,601) (d)(m)		64,109,601		64,109,601


Total Investments (Cost $625,319,711)				686,234,764

Liabilities in Excess of Other Assets, net - (1.6)%				(11,039,155	)


NET ASSETS - 100.0%				675,195,609

Other Information:

During the period ended September 30, 2017, average notional values related to purchased and written option contracts were $28,000 or less than 0.05% of net assets and $72,000 or less than 0.05% of net assets, respectively.

Centrally Cleared Credit Default Swaps - Buy Protection


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Depreciation

Markit CDX North America Investment Grade Index	CME Group Inc.	$	5,123		1.00%/ Quarterly		06/20/22	$	(107,733	)	$	(81,193	)	$	(26,540	)

During the period ended September 30, 2017, average notional value related to swap contracts was $12,478,068 or 1.8% of net assets of net assets.

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation (Depreciation)

MSCI EAFE Mini Index Futures		December 2017		16		1,561,593	$	1,582,720	$	21,127
S&P Mid 400 Emini Index Futures		December 2017		86		14,781,015		15,443,020		662,005
Ultra Long-Term U.S. Treasury Bond Futures		December 2017		22		3,694,768		3,632,750		(62,018	)
5 Yr. U.S. Treasury Notes Futures		December 2017		59		6,973,523		6,932,500		(41,023	)

									$	580,091

The Fund had the following short futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount			Current Notional Value			Unrealized Appreciation

U.S. Long Bond Futures		December 2017		6		(926,063	)	$	(916,875	)	$	9,188
2 Yr. U.S. Treasury Notes Futures		December 2017		4		(864,555	)		(862,812	)		1,743
10 Yr. U.S. Treasury Notes Futures		December 2017		68		(8,652,732	)		(8,521,250	)		131,482
10 Yr. U.S. Treasury Ultra Futures		December 2017		53		(7,197,993	)		(7,119,391	)		78,602

											$	221,015

											$	801,106

During the period ended September 30, 2017, average notional values related to long and short futures contracts were $40,008,268 or 5.9% of net assets and $22,072,102 or 3.2% of net assets, respectively.

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


74		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017

The Fund was invested in the following countries/territories at September 30, 2017 (unaudited):


Country/Territory	Percentage (based on Fair Value)

United States		77.17%
Japan		4.99%
United Kingdom		2.46%
France		2.43%
Germany		2.33%
Switzerland		1.43%
Netherlands		1.40%
Canada		0.72%
China		0.70%
India		0.62%
Sweden		0.62%
Taiwan		0.45%
Hong Kong		0.42%
Belgium		0.42%
Italy		0.38%
Mexico		0.37%
Norway		0.35%
Ireland		0.35%
South Korea		0.33%
South Africa		0.32%
Spain		0.23%
Portugal		0.21%
Luxembourg		0.20%
Saudi Arabia		0.15%
Australia		0.14%


Country/Territory	Percentage (based on Fair Value)

Brazil		0.12%
Guernsey		0.10%
Russian Federation		0.09%
Jersey		0.07%
Panama		0.06%
Colombia		0.05%
Philippines		0.05%
Cayman Islands		0.03%
Indonesia		0.03%
Chile		0.03%
Bermuda		0.03%
Malaysia		0.02%
Supranational		0.02%
Peru		0.02%
Uruguay		0.02%
Argentina		0.02%
Hungary		0.01%
Turkey		0.01%
Thailand		0.01%
Poland		0.01%
United Arab Emirates		0.01%
Barbados		0.00%	***

		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at September 30, 2017 (unaudited):


Industry	Domestic		Foreign		Total

Exchange Traded & Mutual Funds		41.07%		0.00%		41.07%
Diversified Banks		0.02%		2.59%		2.61%
Pharmaceuticals		0.00%		1.25%		1.25%
Semiconductors		0.00%		0.94%		0.94%
Packaged Foods & Meats		0.00%		0.89%		0.89%
Electrical Components & Equipment		0.00%		0.77%		0.77%
Life & Health Insurance		0.00%		0.75%		0.75%
Wireless Telecommunication Services		0.00%		0.73%		0.73%
Integrated Oil & Gas		0.00%		0.72%		0.72%
Building Products		0.00%		0.71%		0.71%
Construction Machinery & Heavy Trucks		0.00%		0.66%		0.66%
Electronic Equipment & Instruments		0.00%		0.54%		0.54%
Internet Software & Services		0.00%		0.52%		0.52%
Specialty Chemicals		0.00%		0.48%		0.48%
Diversified Real Estate Activities		0.00%		0.46%		0.46%
Semiconductor Equipment		0.00%		0.45%		0.45%
Brewers		0.00%		0.42%		0.42%
Auto Parts & Equipment		0.00%		0.37%		0.37%
Diversified Metals & Mining		0.00%		0.37%		0.37%
Industrial Machinery		0.00%		0.36%		0.36%
Movies & Entertainment		0.00%		0.33%		0.33%
Application Software		0.00%		0.32%		0.32%

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


State Street Institutional Strategic Investment Fund			75

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017


Industry	Domestic		Foreign		Total

Personal Products		0.00%		0.31%		0.31%
Cable & Satellite		0.00%		0.31%		0.31%
Construction Materials		0.00%		0.30%		0.30%
Electronic Components		0.00%		0.30%		0.30%
Biotechnology		0.00%		0.30%		0.30%
Multi-Line Insurance		0.00%		0.30%		0.30%
Home Building		0.00%		0.29%		0.29%
Property & Casualty Insurance		0.00%		0.28%		0.28%
Automobile Manufacturers		0.00%		0.27%		0.27%
Healthcare Equipment		0.00%		0.26%		0.26%
Aerospace & Defense		0.00%		0.26%		0.26%
Electric Utilities		0.00%		0.26%		0.26%
Security & Alarm Services		0.00%		0.26%		0.26%
Oil & Gas Exploration & Production		0.00%		0.25%		0.25%
Internet & Direct Marketing Retail		0.00%		0.23%		0.23%
Leisure Products		0.00%		0.22%		0.22%
Technology Hardware, Storage & Peripherals		0.00%		0.22%		0.22%
Healthcare Services		0.00%		0.19%		0.19%
Advertising		0.00%		0.14%		0.14%
Asset Management & Custody Banks		0.00%		0.10%		0.10%
Thrifts & Mortgage Finance		0.00%		0.03%		0.03%
IT Consulting & Other Services		0.00%		0.03%		0.03%
Hypermarkets & Super Centers		0.00%		0.02%		0.02%
Food Retail		0.00%		0.02%		0.02%
Restaurants		0.00%		0.02%		0.02%
General Merchandise Stores		0.00%		0.02%		0.02%
Diversified Chemicals		0.00%		0.02%		0.02%
Education Services		0.00%		0.01%		0.01%
Real Estate Development		0.00%		0.01%		0.01%
Soft Drinks		0.00%		0.01%		0.01%
Diversified Support Services		0.00%		0.01%		0.01%
Other Diversified Financial Services		0.00%		0.01%		0.01%
Footwear		0.00%		0.01%		0.01%
Marine Ports & Services		0.00%		0.01%		0.01%
Construction & Engineering		0.00%		0.01%		0.01%
Commercial Printing		0.00%		0.00%		0.00%	***

						61.01%


Sector	Percentage (based on Fair Value)


Corporate Notes		12.05%
U.S. Treasuries		10.41%
Agency Mortgage Backed		4.28%
Non-Agency Collateralized Mortgage Obligations		1.33%
Asset Backed		0.70%
Sovereign Bonds		0.42%
Agency Collateralized Mortgage Obligations		0.29%
Municipal Bonds and Notes		0.17%
FNMA (TBA)		0.00%	***

		29.65%


Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		9.34%

		9.34%

		100.00%

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


76		State Street Institutional Strategic Investment Fund

State Street Institutional Strategic Investment Fund

Schedule of Investments, continued — September 30, 2017

The following tables present the Fund’s investments measured at fair value on a recurring basis at September 30, 2017:


Investments	Level 1			Level 2			Level 3		Total

Investments in Securities
Domestic Equity	$	156,587		$	—		$	—	$	156,587
Foreign Equity		136,684,754			—			—		136,684,754
U.S. Treasuries		—			71,476,082			—		71,476,082
Agency Mortgage Backed		—			29,406,414			—		29,406,414
Agency Collateralized Mortgage Obligations		—			1,968,711			—		1,968,711
Asset Backed		—			4,786,191			—		4,786,191
Corporate Notes		—			82,691,203			—		82,691,203
Non-Agency Collateralized Mortgage Obligations		—			9,119,040			—		9,119,040
Sovereign Bonds		—			2,858,781			—		2,858,781
Municipal Bonds and Notes		—			1,184,022			—		1,184,022
FNMA (TBA)		—			—			1,300		1,300
Exchange Traded & Mutual Funds		281,792,078			—			—		281,792,078
Short-Term Investments		64,109,601			—			—		64,109,601

Total Investments in Securities	$	482,743,020		$	203,490,444		$	1,300	$	686,234,764


Other Financial Instruments
Credit Default Swap Contracts — Unrealized Depreciation	$	—		$	(26,540	)	$	—	$	(26,540	)
Long Futures Contracts — Unrealized Appreciation		683,132			—			—		683,132
Long Futures Contracts — Unrealized Depreciation		(103,041	)		—			—		(103,041	)
Short Futures Contracts — Unrealized Appreciation		221,015			—			—		221,015

Total Other Financial Instruments	$	801,106		$	(26,540	)	$	—	$	774,566

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		632,267	$	23,216,844	$	—	$	—	$	—	$	379,361		632,267	$	23,596,205	$	1,347,508
State Street Equity 500 Index II Portfolio		—		—		269,000,000		71,100,000		5,293,254		25,886,749		17,730,650		229,080,003		—
State Street Institutional U.S. Government Money Market Fund - Class G Shares		85,905,257		85,905,257		233,295,083		255,090,739		—		—		64,109,601		64,109,601		470,782

TOTAL			$	109,122,101	$	502,295,083	$	326,190,739	$	5,293,254	$	26,266,110			$	316,785,809	$	1,818,290

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


State Street Institutional Strategic Investment Fund			77

State Street Institutional Income Fund

Portfolio Management Discussion and Analysis — September 30, 2017 (Unaudited)

Q.	How did the State Street Institutional Income Fund perform compared to its benchmark and Morningstar peer group for the twelve-month period ended September 30, 2017?

For the twelve-month period ended September 30, 2017, the State Street Institutional Income Fund returned 0.98% for the Investment Class shares and 0.65% for the Service Class shares. The Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.07% and the Fund’s Morningstar peer group of 985 U.S. Intermediate-Term Bond funds returned an average of 0.83% over the same period.

Q.	What market conditions impacted the Fund’s performance?

The appetite for riskier assets strengthened after the November, 2016 election as the pro-growth agenda of President-elect Donald Trump, including healthcare, tax and regulatory reform, bolstered the economic outlook for many investors. While the Trump administration and Republican led Congress gained ground on the regulatory environment, the Senate failed twice to secure enough votes to reform healthcare and the debate over tax cuts only started in September. Economic data did improve over the period. The labor market added nearly 2 million jobs since over the last 12 months. Both Institute for Supply Management (“ISM”) manufacturing and non-manufacturing indices indicated stronger expansion. Inflation was moderate, however, remaining below the Federal Reserve’s 2% target as measured by the Personal Consumption Expenditures (“PCE”) Core Index. The Federal Reserve raised its Fed Funds target in three 25 bps moves during the period to a range of 1%-1.25%. In September, the Federal Open Market Committee announced it will begin gradually reducing its balance sheet monthly to a $50B taper of U.S. Treasuries and mortgage-backed securities per month. Volatility in both interest rates and credit spreads remained low over the last twelve months. U.S. Treasury yields rose early in the period. The 10 year note yield increased nearly +100bps to 2.6% by mid-December, then ratcheted lower to finish September 2017 at 2.3%. The yield curve steepened early but ended the period flatter. The spread between 2 year and 30 year Treasuries narrowed to +137 bps from +155 bps after peaking in December (+203 bps). Credit spreads tightened with growth expectations improving with a few short term backups around geopolitical headlines regarding North Korea. Investment grade and high yield spreads dropped -35 bps and -140 bps respectively.

Q.	What were the drivers behind Fund performance

The primary drivers of the outperformance of the Fund versus its benchmark were security selection and sector allocation. Selection in the investment grade credit sector, particularly the overweight in banks and an overweight in BBB-rated commercial mortgage-backed securities (“MBS”) were significant positive contributors. The out of index exposure to high yield and overweight in high grade credit added value as credit spreads tightened over the twelve month period. This was offset somewhat by short positions in both investment grade and high yield credit default index swaps known as CDX swaps. Duration positioning, primarily expressed through U.S. Treasury futures, added marginally to excess return over the period.

Q.	Were there any significant changes in the Fund during the period?

The exposure to investment grade credit was reduced early in the period as credit spreads tightened. We increased the exposure in September after spreads widened in August due to geopolitical headlines around North Korea. The exposure to the commercial MBS sector was reduced in the third quarter of 2017 and we significantly upgraded the commercial mortgage-backed securities’ (“CMBS”) holdings by selling BBB-rated issues to buy AAA-rated securities. With the Federal Reserve’s announcement in September to begin unwinding its balance sheet by reducing holdings in U.S. Treasuries and agency mortgage-backed securities, we initiated an underweight in the MBS sector. The exposure to high yield cash bonds was unchanged during the period however the short position in High Yield CDX was closed out.


78		State Street Institutional Income Fund

State Street Institutional Income Fund

Performance Summary — September 30, 2017 (Unaudited)

Investment Profile

A mutual fund designed for investors who seek maximum income consistent with prudent investment management and the preservation of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in debt securities. The Fund invests primarily in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments.

Morningstar Performance Comparison

Based on average annual returns for periods ended September 30, 2017


	One Year			Five Year			Ten Year
Number of funds in peer group		985			773			546
Peer group average annual total return		0.83	%		2.12	%		4.26	%
Morningstar Category in peer group: Intermediate-Term Bond

Quality Ratings

as of September 30, 2017 (as a % of Fair Value) ^(a)(b)


Moody’s / S&P / Rating*	Percentage of Fair Value
Aaa / AAA		6.07	%
Aa / AA		48.29	%
A / A		7.59	%
Baa / BBB		21.49	%
Ba / BB and lower		9.74	%
NR / Other		6.82	%

Sector Allocation

Portfolio composition as a % of Fair Value of $304,500 (in thousands) as of September 30, 2017 ^(a)(b)

LOGO

Average Annual Total Return for the periods ended September 30, 2017

Investment Class Shares (Inception date: 11/21/97)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Income Fund		0.98	%		2.51	%		4.14	%	$	15,008
Bloomberg Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		4.27	%	$	15,196

Service Class Shares (Inception date: 9/30/05)


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Institutional Income Fund		0.65	%		2.23	%		4.08	%	$	14,917
Bloomberg Barclays U.S. Aggregate Bond Index		0.07	%		2.06	%		4.27	%	$	15,196


State Street Institutional Income Fund			79

State Street Institutional Income Fund

Performance Summary, continued — September 30, 2017 (Unaudited)

LOGO

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

(b)

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.


80		State Street Institutional Income Fund

State Street Institutional Income Fund

Understanding Your Fund’s Expenses — September 30, 2017 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,026.60	$	1,023.90
Expenses paid during the period*	$	1.22	$	1.22


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period April 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period September 30, 2017	$	1,023.90	$	1,022.60
Expenses paid during the period*	$	2.49	$	2.48

*	Expenses are equal to the Fund’s annualized expense ratio of 0.24% for Investment Class shares and 0.49% for Service Class shares (for the period April 1, 2017-September 30, 2017), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


State Street Institutional Income Fund			81

State Street Institutional Income Fund

Schedule of Investments — September 30, 2017


	Principal Amount ($)		Fair Value $

Bonds and Notes - 98.3%†
U.S. Treasuries - 32.0%
U.S. Treasury Bonds
2.25%, 08/15/46		2,431,000		2,138,380
2.50%, 05/15/46 (l)		2,016,400		1,874,385
3.75%, 11/15/43		425,000		498,359
4.50%, 02/15/36		1,420,400		1,827,160
U.S. Treasury Notes
0.88%, 03/31/18 - 10/15/18 (l)		12,000,100		11,952,648
1.25%, 12/31/18 (l)		1,889,800		1,886,531
1.25%, 08/31/19		3,668,000		3,652,851
1.38%, 12/15/19 (l)		10,376,200		10,345,487
1.50%, 08/15/20		3,578,000		3,567,517
1.63%, 08/31/22		2,262,000		2,231,124
1.75%, 09/30/22		8,370,200		8,293,696
1.88%, 08/31/24		1,655,000		1,625,425
2.00%, 07/31/22 - 02/15/25		13,456,000		13,285,451
2.25%, 02/15/27 (l)		1,984,400		1,972,692
2.25%, 08/15/27		1,275,000		1,266,483
2.38%, 05/15/27 (l)		4,130,000		4,147,594

				70,565,783


Agency Mortgage Backed - 15.4%
Federal Home Loan Mortgage Corp.
4.50%, 06/01/33 - 02/01/35 (l)		10,399		11,198
5.00%, 07/01/35 - 06/01/41 (l)		908,498		990,349
5.50%, 05/01/20 - 04/01/39 (l)		46,164		50,304
5.50%, 01/01/38		221,368		245,486
6.00%, 07/01/19 - 06/01/37		157,243		175,953
6.00%, 05/01/20 - 11/01/37 (l)		293,262		327,764
6.50%, 08/01/29 - 10/01/33 (l)		1,586		1,770
7.00%, 06/01/29 - 08/01/36 (l)		65,126		72,066
7.50%, 01/01/30 - 09/01/33 (l)		1,962		2,049
8.00%, 11/01/30 (l)		12,897		14,405
8.50%, 04/01/30 (l)		17,979		21,360
9.50%, 04/01/21 (l)		18		18
Federal National Mortgage Assoc.
3.50%, 11/01/42 - 08/01/45 (l)		2,635,190		2,729,464
4.00%, 05/01/19 - 12/01/41 (l)		2,180,308		2,307,723
4.50%, 05/01/18 - 01/01/41 (l)		3,990,534		4,299,428
5.00%, 07/01/20 - 06/01/41 (l)		1,474,282		1,612,589
5.50%, 06/01/20 - 04/01/38 (l)		1,235,137		1,367,299
6.00%, 05/01/19 - 08/01/35 (l)		838,101		932,631
6.50%, 10/01/18 - 08/01/36 (l)		74,905		83,215
7.00%, 10/01/32 - 02/01/34 (l)		9,074		9,639
7.50%, 12/01/23 - 12/01/33 (l)		48,527		53,264
8.00%, 07/01/25 - 10/01/31 (l)		11,163		12,216
9.00%, 12/01/22 (l)		1,244		1,329
Federal National Mortgage Assoc. 1.25% + USD COF11 5.50%, 10/01/24 (h)(l)		6,177		6,208


	Principal Amount ($)		Fair Value $
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (h)(l)		2,408		2,478
Federal National Mortgage Assoc. TBA
2.50%, TBA (c)		3,494,409		3,517,612
3.00%, TBA (c)		8,855,725		8,926,357
Government National Mortgage Assoc.
3.50%, 05/20/43 (l)		2,273,320		2,372,318
4.00%, 01/20/41 - 04/20/43 (l)		2,373,951		2,522,831
4.50%, 08/15/33 - 05/20/40 (l)		442,338		475,423
5.00%, 08/15/33 (l)		32,408		35,568
6.00%, 04/15/27 - 09/15/36 (l)		210,346		240,948
6.50%, 04/15/19 - 09/15/36 (l)		87,869		97,188
7.00%, 10/15/27 - 10/15/36 (l)		44,551		48,837
7.50%, 01/15/23 - 11/15/31 (l)		4,266		4,442
8.00%, 05/15/30 - 09/15/30 (l)		405		441
9.00%, 12/15/21 (l)		484		524
5.50%, TBA (c)		255,000		283,609

				33,856,303


Agency Collateralized Mortgage Obligations - 1.1%
Federal Home Loan Mortgage Corp. 0.08%, 09/25/43 (g)(h)		795,293		1,671
Federal Home Loan Mortgage Corp. REMIC
3.50%, 11/15/24 - 11/15/30 (g)		574,567		42,377
5.50%, 06/15/33 (g)		33,532		6,771
7.50%, 07/15/27 (g)		3,703		576
Federal Home Loan Mortgage Corp. REMIC 6.00% - 1 month USD LIBOR 4.77%, 08/15/43 (g)(h)		1,301,586		257,868
Federal Home Loan Mortgage Corp. REMIC 6.10% - 1 month USD LIBOR 4.87%, 06/15/41 - 08/15/46 (g)(h)		4,757,003		730,021
Federal Home Loan Mortgage Corp. REMIC 6.20% - 1 month USD LIBOR 4.97%, 10/15/42 (g)(h)		985,737		182,981
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 5.37%, 08/15/25 (g)(h)		221,217		18,208
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (d)(f)		833		770
8.00%, 02/01/23 - 07/01/24 (g)		2,914		469

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


82		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Federal Home Loan Mortgage Corp. STRIPS 5.95% - 1 month USD LIBOR 4.72%, 08/15/43 (g)(h)		1,445,141		290,394
Federal National Mortgage Assoc. REMIC
0.51%, 12/25/22 (d)(f)		110		108
1.20%, 12/25/42 (g)(h)		154,979		6,335
5.00%, 02/25/40 - 09/25/40 (g)		247,443		29,142
8.00%, 05/25/22 (g)		4		54
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.76%, 07/25/38 - 08/25/42 (g)(h)		2,567,560		491,250
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 5.36%, 10/25/43 (g)(h)		910,720		209,954
Federal National Mortgage Assoc. REMIC 7.50% - 1 month USD LIBOR 6.26%, 05/25/18 (g)(h)		1,854		17
Federal National Mortgage Assoc. STRIPS
1.87%, 12/25/34 (d)(f)		15,727		13,573
4.50%, 08/25/35 - 01/25/36 (g)		111,313		19,742
5.00%, 03/25/38 - 05/25/38 (g)		61,499		11,666
5.50%, 12/25/33 (g)		15,270		3,447
6.00%, 01/25/35 (g)		65,325		13,017
7.50%, 11/25/23 (g)		13,170		2,007
8.00%, 08/25/23 - 07/25/24 (g)		5,679		1,116
8.50%, 07/25/22 (g)		114		13
8.50%, 07/25/22 (g)**		3		—
9.00%, 05/25/22 (g)		100		11
Government National Mortgage Assoc. REMIC
4.50%, 02/20/38 - 08/16/39 (g)		246,763		14,861
5.00%, 01/20/38 - 09/20/38 (g)		89,194		2,936
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.57%, 01/16/40 (g)(h)		310,847		56,723

				2,408,078


Asset Backed - 2.5%
BA Credit Card Trust 2017-A2 1.84%, 01/17/23		1,260,000		1,253,976
Chase Funding Trust 2004-1 3.99%, 11/25/33 (i)		220,432		227,645
Citibank Credit Card Issuance Trust 2014-A6 2.15%, 07/15/21		763,000		767,944


	Principal Amount ($)		Fair Value $
Citibank Credit Card Issuance Trust 2016-A1 1.75%, 11/19/21		1,668,000		1,664,679
Citibank Credit Card Issuance Trust 2017-A8 1.86%, 08/08/22		1,578,000		1,574,031

				5,488,275


Corporate Notes - 40.5%
21st Century Fox America Inc.
3.38%, 11/15/26		43,000		43,012
4.75%, 11/15/46		45,000		48,149
6.65%, 11/15/37		157,000		206,783
Abbott Laboratories
2.90%, 11/30/21 (l)		356,000		361,860
3.75%, 11/30/26 (l)		243,000		249,408
4.90%, 11/30/46 (l)		110,000		122,768
AbbVie Inc.
2.00%, 11/06/18 (l)		210,000		210,672
3.20%, 05/14/26 (l)		173,000		172,943
4.45%, 05/14/46 (l)		86,000		90,884
4.70%, 05/14/45 (l)		62,000		67,638
ACCO Brands Corp. 5.25%, 12/15/24 (b)(l)		251,000		260,412
AES Corp. 4.88%, 05/15/23		228,000		234,840
Aetna Inc. 3.50%, 11/15/24 (l)		224,000		233,029
Aflac Inc. 4.00%, 10/15/46 (l)		94,000		93,732
Agrium Inc. 4.90%, 06/01/43 (l)		67,000		73,082
Alexandria Real Estate Equities Inc. 3.95%, 01/15/28 (l)		159,000		161,495
Alimentation Couche-Tard Inc.
2.70%, 07/26/22 (b)		97,000		97,348
3.55%, 07/26/27 (b)		97,000		97,830
4.50%, 07/26/47 (b)		57,000		58,915
Allergan Funding SCS
3.00%, 03/12/20 (l)		158,000		161,242
3.45%, 03/15/22 (l)		153,000		158,623
3.80%, 03/15/25 (l)		98,000		101,713
4.55%, 03/15/35		58,000		61,932
4.75%, 03/15/45 (l)		10,000		10,851
Altria Group Inc.
2.95%, 05/02/23 (l)		153,000		155,434
3.88%, 09/16/46 (l)		6,000		5,840
4.50%, 05/02/43 (l)		76,000		81,346
Amazon.com Inc.
2.80%, 08/22/24 (b)		108,000		108,450
3.15%, 08/22/27 (b)		55,000		55,380

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


State Street Institutional Income Fund			83

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

3.88%, 08/22/37 (b)		90,000		91,606
4.05%, 08/22/47 (b)		75,000		76,390
4.25%, 08/22/57 (b)		125,000		128,235
AMC Networks Inc. 4.75%, 08/01/25		10,000		10,088
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (b)		168,000		171,360
6.50%, 04/01/27 (b)		84,000		84,735
6.63%, 10/15/22 (l)		56,000		57,820
American Campus Communities Operating Partnership LP
3.35%, 10/01/20		136,000		139,272
4.13%, 07/01/24 (l)		98,000		102,604
American Electric Power Company Inc. 2.95%, 12/15/22 (l)		341,000		346,954
American Express Co. 3.63%, 12/05/24 (l)		138,000		142,486
American International Group Inc.
4.50%, 07/16/44 (l)		104,000		108,551
4.80%, 07/10/45 (l)		96,000		104,748
American Tower Corp. (REIT) 3.38%, 10/15/26 (l)		91,000		89,870
3.40%, 02/15/19 (l)		388,000		395,042
American Water Capital Corp. 2.95%, 09/01/27		160,000		159,346
AmeriGas Partners LP/AmeriGas Finance Corp. 5.88%, 08/20/26 (l)		192,000		200,736
Amgen Inc.
2.20%, 05/22/19 (l)		188,000		188,790
2.60%, 08/19/26		73,000		69,919
2.65%, 05/11/22 (l)		201,000		202,644
4.56%, 06/15/48 (l)		130,000		140,873
Amkor Technology Inc. 6.63%, 06/01/21 (l)		219,000		223,106
Anadarko Petroleum Corp.
4.85%, 03/15/21 (l)		19,000		20,193
6.20%, 03/15/40 (l)		111,000		128,990
6.60%, 03/15/46 (l)		20,000		24,644
Andeavor 4.75%, 12/15/23 (b)(l)		301,000		324,813
Anglo American Capital PLC 4.75%, 04/10/27 (b)		200,000		208,528
Anheuser-Busch InBev Finance Inc.
3.65%, 02/01/26 (l)		367,000		379,647
4.70%, 02/01/36 (l)		85,000		94,244
4.90%, 02/01/46 (l)		162,000		184,043


	Principal Amount ($)		Fair Value $
Anheuser-Busch InBev Worldwide Inc. 2.50%, 07/15/22 (l)		136,000		137,064
Anthem Inc. 3.30%, 01/15/23		182,000		187,311
Apache Corp. 5.10%, 09/01/40 (l)		95,000		99,678
Apple Inc.
2.50%, 02/09/22 (l)		120,000		121,590
2.85%, 05/11/24 (l)		201,000		203,400
3.35%, 02/09/27 (l)		105,000		107,999
3.45%, 02/09/45 (l)		85,000		80,646
3.85%, 08/04/46 (l)		243,000		245,292
4.25%, 02/09/47 (l)		46,000		49,459
Applied Materials Inc.
3.30%, 04/01/27 (l)		77,000		78,350
4.35%, 04/01/47 (l)		59,000		63,432
Aramark Services Inc. 5.13%, 01/15/24 (l)		322,000		341,835
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (l)		186,000		178,231
Arconic Inc. 6.15%, 08/15/20		75,000		81,844
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25%, 09/15/22 (b)(l)		250,000		256,575
Ascension Health 4.85%, 11/15/53 (l)		58,000		66,814
AstraZeneca PLC
2.38%, 11/16/20 (l)		51,000		51,232
3.13%, 06/12/27 (l)		73,000		72,142
3.38%, 11/16/25 (l)		106,000		107,909
AT&T Inc.
2.45%, 06/30/20 (l)		151,000		152,101
2.85%, 02/14/23		315,000		313,227
3.00%, 06/30/22 (l)		109,000		110,080
3.40%, 08/14/24		97,000		97,212
3.90%, 08/14/27		215,000		215,357
4.45%, 04/01/24 (l)		154,000		163,647
4.50%, 05/15/35 (l)		170,000		167,732
4.80%, 06/15/44 (l)		134,000		130,255
4.90%, 08/14/37		110,000		111,202
5.15%, 02/14/50		238,000		239,687
5.25%, 03/01/37 (l)		161,000		169,647
5.30%, 08/14/58		95,000		96,102
5.45%, 03/01/47 (l)		138,000		145,769
Bank of America Corp.
3.25%, 10/21/27 (l)		174,000		170,348
3.88%, 08/01/25 (l)		202,000		211,811
3.95%, 04/21/25 (l)		200,000		205,998
4.25%, 10/22/26 (l)		86,000		89,989

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


84		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37%, 07/21/21 (h)		159,000		159,010
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12%, 01/20/23 (h)(l)		270,000		274,855
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24%, 04/24/38 (h)(l)		234,000		246,723
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44%, 01/20/48 (h)(l)		94,000		101,702
Bank of America Corp. (8.00% fixed rate until 01/30/18; 3.63% + 3 month USD LIBOR thereafter) 8.00%, 12/31/49 (h)		334,000		338,756
Barclays PLC
4.34%, 01/10/28 (l)		200,000		206,860
4.84%, 05/09/28 (l)		200,000		207,268
Barrick North America Finance LLC 5.70%, 05/30/41 (l)		42,000		50,064
BAT Capital Corp.
2.30%, 08/14/20 (b)		160,000		160,696
2.76%, 08/15/22 (b)		162,000		162,935
3.56%, 08/15/27 (b)		113,000		113,951
4.39%, 08/15/37 (b)		75,000		76,903
4.54%, 08/15/47 (b)		107,000		109,791
Baxalta Inc. 2.88%, 06/23/20 (l)		153,000		155,391
Becton Dickinson and Co.
2.89%, 06/06/22 (l)		143,000		143,543
3.70%, 06/06/27 (l)		240,000		242,738
3.73%, 12/15/24 (l)		10,000		10,262
4.67%, 06/06/47 (l)		44,000		46,072
4.69%, 12/15/44 (l)		7,000		7,364
Berkshire Hathaway Energy Co. 6.13%, 04/01/36		156,000		200,650
Berry Global Inc. 5.13%, 07/15/23 (l)		260,000		272,038
Biogen Inc. 2.90%, 09/15/20 (l)		53,000		54,267
Boardwalk Pipelines LP 4.45%, 07/15/27 (l)		63,000		64,255


	Principal Amount ($)		Fair Value $
BP Capital Markets PLC 1.38%, 05/10/18 (l)		154,000		153,904
3.22%, 11/28/23 (l)		172,000		176,040
3.28%, 09/19/27		219,000		218,945
Brighthouse Financial Inc. 3.70%, 06/22/27 (b)(l)		33,000		32,397
4.70%, 06/22/47 (b)(l)		19,000		18,619
Brixmor Operating Partnership LP 3.90%, 03/15/27 (l)		505,000		500,122
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.00%, 01/15/22 (b)(l)		137,000		139,356
3.63%, 01/15/24 (b)(l)		140,000		144,078
3.88%, 01/15/27 (b)(l)		52,000		53,555
Buckeye Partners LP 3.95%, 12/01/26 (l)		110,000		108,988
5.60%, 10/15/44 (l)		53,000		54,891
Bunge Limited Finance Corp. 3.75%, 09/25/27		156,000		155,852
CalAtlantic Group Inc. 5.25%, 06/01/26 (l)		386,000		399,510
Calpine Corp. 5.88%, 01/15/24 (b)(l)		262,000		270,856
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (l)		85,000		85,809
4.95%, 06/01/47 (l)		58,000		61,240
Canadian Pacific Railway Co. 2.90%, 02/01/25 (l)		94,000		93,402
Capital One Financial Corp. 4.20%, 10/29/25 (l)		158,000		162,271
Cardinal Health Inc. 2.62%, 06/15/22 (l)		73,000		72,854
3.08%, 06/15/24 (l)		85,000		85,547
3.41%, 06/15/27 (l)		73,000		73,173
4.37%, 06/15/47 (l)		36,000		37,067
Carlson Travel Inc. 6.75%, 12/15/23 (b)(l)		252,000		250,110
Caterpillar Inc. 4.30%, 05/15/44 (l)		96,000		104,888
Catholic Health Initiatives 2.60%, 08/01/18		130,000		130,929
4.35%, 11/01/42		129,000		120,998
CBL & Associates LP 5.95%, 12/15/26 (l)		32,000		32,396
CBS Corp. 2.90%, 01/15/27 (l)		108,000		102,306
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88%, 04/01/24 (b)(l)		399,000		423,459
Celgene Corp. 5.00%, 08/15/45 (l)		101,000		115,369
Cenovus Energy Inc. 5.40%, 06/15/47 (b)(l)		29,000		28,855

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


State Street Institutional Income Fund			85

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

CenterPoint Energy Inc. 2.50%, 09/01/22		160,000		159,710
CenturyLink Inc. 5.80%, 03/15/22 (l)		50,000		49,875
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13%, 12/15/21 (b)(l)		485,000		494,700
CF Industries Inc. 7.13%, 05/01/20		151,000		167,429
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58%, 07/23/20 (l)		223,000		228,978
4.91%, 07/23/25 (l)		222,000		237,533
5.38%, 05/01/47 (b)		62,000		64,348
6.38%, 10/23/35 (l)		32,000		37,301
6.48%, 10/23/45 (l)		63,000		73,873
Chevron Corp. 3.19%, 06/24/23 (l)		158,000		163,958
Church & Dwight Company Inc. 2.45%, 08/01/22		85,000		84,686
3.15%, 08/01/27		140,000		138,554
Cigna Corp. 3.25%, 04/15/25 (l)		177,000		179,175
3.88%, 10/15/47		93,000		92,997
Cimarex Energy Co. 3.90%, 05/15/27 (l)		98,000		99,766
Cisco Systems Inc. 2.50%, 09/20/26 (l)		170,000		164,903
Citigroup Inc. 2.05%, 12/07/18 (l)		321,000		321,571
2.90%, 12/08/21		159,000		160,924
4.45%, 09/29/27 (l)		115,000		121,366
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88%, 07/24/23 (h)		315,000		315,334
Citigroup Inc. (3.67% fixed rate until 07/24/27; 1.39% + 3 month USD LIBOR thereafter) 3.67%, 07/24/28 (h)		157,000		158,550
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28%, 04/24/48 (h)(l)		232,000		243,412
CMS Energy Corp. 4.88%, 03/01/44 (l)		215,000		240,052
CNA Financial Corp. 3.45%, 08/15/27		96,000		94,854
5.88%, 08/15/20 (l)		303,000		330,658
CNH Industrial N.V. 4.50%, 08/15/23 (l)		380,000		402,420


	Principal Amount ($)		Fair Value $
CNOOC Nexen Finance 2014 ULC 4.25%, 04/30/24		233,000		247,674
Columbia Pipeline Group Inc. 3.30%, 06/01/20 (l)		96,000		98,168
Comcast Corp. 4.20%, 08/15/34 (l)		154,000		162,898
4.60%, 08/15/45 (l)		108,000		118,761
Concho Resources Inc. 3.75%, 10/01/27		47,000		47,305
4.88%, 10/01/47		62,000		64,825
ConocoPhillips Co. 3.35%, 11/15/24 (l)		108,000		111,108
5.95%, 03/15/46 (l)		38,000		49,257
Consolidated Edison Company of New York Inc. 2.90%, 12/01/26 (l)		150,000		147,627
Constellation Brands Inc. 2.70%, 05/09/22 (l)		144,000		144,249
3.50%, 05/09/27 (l)		90,000		90,890
4.50%, 05/09/47 (l)		44,000		46,387
Continental Resources Inc. 5.00%, 09/15/22		75,000		76,222
Corporation Andina de Fomento 2.20%, 07/18/20		157,000		157,199
Costco Wholesale Corp. 3.00%, 05/18/27 (l)		149,000		149,016
Credit Agricole S.A. 3.25%, 10/04/24 (b)(c)		250,000		249,955
Credit Suisse AG 1.70%, 04/27/18 (l)		391,000		391,308
Credit Suisse Group Funding Guernsey Ltd. 3.13%, 12/10/20		250,000		254,995
3.80%, 06/09/23 (l)		275,000		284,529
CSX Corp. 4.50%, 08/01/54 (l)		93,000		95,644
CVS Health Corp. 3.88%, 07/20/25 (l)		95,000		99,059
5.13%, 07/20/45 (l)		224,000		257,416
Daimler Finance North America LLC 2.38%, 08/01/18 (b)(l)		333,000		334,820
Dana Financing Luxembourg Sarl 6.50%, 06/01/26 (b)(l)		386,000		416,880
Danaher Corp. 4.38%, 09/15/45 (l)		42,000		45,694
Dell International LLC/EMC Corp. 3.48%, 06/01/19 (b)(l)		284,000		289,538
4.42%, 06/15/21 (b)(l)		173,000		181,491
6.02%, 06/15/26 (b)(l)		92,000		102,062
8.35%, 07/15/46 (b)(l)		56,000		71,770

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


86		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Delphi Automotive PLC 4.40%, 10/01/46 (l)		100,000		100,798
Deutsche Bank AG 2.70%, 07/13/20		313,000		314,477
Devon Energy Corp. 5.00%, 06/15/45 (l)		86,000		90,604
5.85%, 12/15/25 (l)		48,000		55,392
Diageo Investment Corp. 2.88%, 05/11/22 (l)		146,000		149,632
Discover Bank 3.10%, 06/04/20 (l)		298,000		304,356
Discovery Communications LLC 2.20%, 09/20/19		155,000		155,563
3.95%, 03/20/28		155,000		154,674
5.00%, 09/20/37		60,000		61,265
5.20%, 09/20/47		60,000		61,015
Dollar General Corp. 1.88%, 04/15/18 (l)		313,000		313,326
Dominion Energy Inc. 2.58%, 07/01/20 (l)		136,000		136,817
3.63%, 12/01/24 (l)		124,000		128,189
DTE Energy Co. 2.85%, 10/01/26 (l)		151,000		144,469
Duke Energy Corp. 3.75%, 09/01/46 (l)		100,000		96,257
Duke Energy Progress LLC 4.15%, 12/01/44 (l)		130,000		138,173
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (b)		160,000		159,158
Eastman Chemical Co. 3.60%, 08/15/22 (l)		63,000		65,502
Eaton Corp. 3.10%, 09/15/27		155,000		153,321
Ecopetrol S.A. 5.88%, 05/28/45		198,000		194,238
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 1.84%, 05/01/20 (h)(l)		141,000		142,189
Electricite de France S.A. 2.15%, 01/22/19 (b)		392,000		393,526
Eli Lilly & Co. 3.10%, 05/15/27 (l)		72,000		72,750
3.70%, 03/01/45 (l)		31,000		31,131
3.95%, 05/15/47 (l)		43,000		45,072
Embraer Netherlands Finance BV 5.40%, 02/01/27 (l)		51,000		55,137
EMC Corp. 2.65%, 06/01/20		377,000		372,287
Emera US Finance LP 3.55%, 06/15/26 (l)		53,000		53,347
4.75%, 06/15/46 (l)		25,000		26,885
Enbridge Energy Partners LP 5.50%, 09/15/40 (l)		33,000		34,769


	Principal Amount ($)		Fair Value $
Enbridge Inc. (5.50% fixed rate until 07/15/27; 3.42% + 3 month USD LIBOR until 07/15/47; 4.17% + 3 month USD LIBOR thereafter) 5.50%, 07/15/77 (h)		139,000		140,854
Encana Corp. 3.90%, 11/15/21 (l)		170,000		174,462
Endo Dac/Endo Finance LLC/Endo Finco Inc. 5.88%, 10/15/24 (b)(l)		251,000		263,249
Enel Finance International N.V. 3.63%, 05/25/27 (b)(l)		271,000		271,551
Energy Transfer Equity LP 5.88%, 01/15/24 (l)		610,000		655,750
Energy Transfer LP 5.30%, 04/15/47 (l)		86,000		86,132
6.50%, 02/01/42 (l)		157,000		177,983
Energy Transfer LP/Regency Energy Finance Corp. 4.50%, 11/01/23		129,000		135,078
EnLink Midstream Partners LP (6.00% fixed rate until 12/15/22; 4.11% + 3 month USD LIBOR thereafter) 6.00%, 12/31/99 (h)		199,000		199,197
Entergy Louisiana LLC 3.05%, 06/01/31 (l)		76,000		73,328
Enterprise Products Operating LLC 3.95%, 02/15/27 (l)		141,000		147,996
EOG Resources Inc. 4.15%, 01/15/26 (l)		166,000		176,096
EQT Corp. 3.00%, 10/01/22 (c)		157,000		157,576
3.90%, 10/01/27 (c)		157,000		157,094
ERP Operating LP 4.50%, 07/01/44 (l)		71,000		75,951
Exelon Corp. 3.50%, 06/01/22 (l)		270,000		277,881
4.45%, 04/15/46 (l)		95,000		99,435
Express Scripts Holding Co. 3.40%, 03/01/27 (l)		170,000		168,133
4.80%, 07/15/46 (l)		55,000		58,189
Exxon Mobil Corp. 2.22%, 03/01/21		133,000		133,938
3.04%, 03/01/26		85,000		86,527
FedEx Corp. 4.10%, 02/01/45		2,000		1,976
FirstEnergy Corp. 3.90%, 07/15/27		66,000		67,228
4.85%, 07/15/47		41,000		43,029
Florida Power & Light Co. 4.13%, 02/01/42		134,000		143,933

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


State Street Institutional Income Fund			87

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Ford Motor Co. 4.35%, 12/08/26		116,000		120,597
Ford Motor Credit Company LLC 3.22%, 01/09/22		255,000		258,545
Freeport-McMoRan Inc. 3.10%, 03/15/20		226,000		226,452
Frontier Communications Corp. 7.13%, 03/15/19		407,000		402,930
11.00%, 09/15/25		151,000		128,350
General Dynamics Corp. 2.13%, 08/15/26		110,000		103,358
General Motors Co. 5.20%, 04/01/45		32,000		32,335
General Motors Financial Company Inc. 3.15%, 01/15/20		207,000		210,836
5.25%, 03/01/26		174,000		189,503
Georgia-Pacific LLC 3.60%, 03/01/25 (b)		49,000		50,635
Gilead Sciences Inc. 1.95%, 03/01/22		110,000		108,315
2.95%, 03/01/27		91,000		90,103
3.65%, 03/01/26		115,000		120,038
4.15%, 03/01/47		102,000		104,698
4.80%, 04/01/44		72,000		80,773
Glencore Finance Canada Ltd. 5.55%, 10/25/42 (b)		57,000		63,047
Glencore Funding LLC 4.00%, 03/27/27 (b)		165,000		165,999
Grupo Televisa SAB 5.00%, 05/13/45		209,000		209,395
H&E Equipment Services Inc. 5.63%, 09/01/25 (b)		20,000		21,050
Halliburton Co. 3.80%, 11/15/25		142,000		146,003
5.00%, 11/15/45		95,000		104,101
Hess Corp. 4.30%, 04/01/27		92,000		91,515
5.60%, 02/15/41		76,000		75,862
5.80%, 04/01/47		56,000		57,525
Hewlett Packard Enterprise Co. 6.35%, 10/15/45		56,000		59,339
HSBC Holdings PLC 4.25%, 03/14/24 (l)		248,000		259,249
HSBC Holdings PLC (3.26% fixed rate until 03/13/22; 1.06% + 3 month USD LIBOR thereafter) 3.26%, 03/13/23 (h)(l)		200,000		204,212
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) 6.00%, 12/31/99 (h)		220,000		230,098


	Principal Amount ($)		Fair Value $
Hyundai Capital America 2.13%, 10/02/17 (b)		207,000		207,000
3.10%, 04/05/22 (b)		79,000		78,606
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00%, 08/01/20		226,000		233,232
Ingersoll-Rand Luxembourg Finance S.A. 3.55%, 11/01/24		206,000		213,364
Ingles Markets Inc. 5.75%, 06/15/23		49,000		48,020
Intel Corp. 2.60%, 05/19/26		130,000		126,937
2.88%, 05/11/24		145,000		146,740
International Business Machines Corp. 3.30%, 01/27/27		103,000		104,640
3.63%, 02/12/24		185,000		194,006
International Flavors & Fragrances Inc. 4.38%, 06/01/47		44,000		45,213
International Paper Co. 4.40%, 08/15/47		122,000		123,296
Interstate Power & Light Co. 3.40%, 08/15/25		100,000		101,360
Intesa Sanpaolo S.p.A. 3.88%, 07/14/27 (b)		219,000		219,828
IPALCO Enterprises Inc. 3.70%, 09/01/24 (b)		20,000		20,174
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00%, 07/15/25 (b)		21,000		21,920
JB Poindexter & Company Inc. 9.00%, 04/01/22 (b)		120,000		125,400
JBS USA LUX S.A./JBS USA Finance Inc. 5.75%, 06/15/25 (b)		86,000		84,956
Jefferies Group LLC
5.13%, 01/20/23		121,000		132,144
6.50%, 01/20/43		132,000		151,304
Johnson & Johnson 3.63%, 03/03/37		130,000		135,561
Johnson Controls International PLC 4.50%, 02/15/47		58,000		61,525
JPMorgan Chase & Co.
2.55%, 10/29/20 (l)		146,000		147,635
3.30%, 04/01/26 (l)		196,000		196,639
3.63%, 12/01/27 (l)		113,000		113,254
JPMorgan Chase & Co. (3.22% fixed rate until 03/01/24; 1.16% + 3 month USD LIBOR thereafter) 3.22%, 03/01/25 (h)		157,000		159,495

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


88		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

JPMorgan Chase & Co. (3.78% fixed rate until 02/01/27; 1.34% + 3 month USD LIBOR thereafter) 3.78%, 02/01/28 (h)		133,000		136,833
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/17; 1.36% + 3 month USD LIBOR thereafter) 3.88%, 07/24/38 (h)		197,000		198,064
JPMorgan Chase & Co. (3.54% fixed rate until 05/01/27; 1.38% + 3 month USD LIBOR thereafter) 3.54%, 05/01/28 (h)		173,000		174,955
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03%, 07/24/48 (h)		152,000		153,642
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10%, 10/29/49 (h)(l)		389,000		429,355
JPMorgan Chase & Co. (7.90% fixed rate until 04/30/18; 3.47% + 3 month USD LIBOR thereafter) 7.90%, 12/29/49 (h)		156,000		160,454
KB Home 7.00%, 12/15/21		239,000		267,232
Kinder Morgan Energy Partners LP
3.50%, 09/01/23		103,000		104,233
6.38%, 03/01/41		74,000		85,288
Kinder Morgan Inc.
3.05%, 12/01/19		70,000		71,250
5.05%, 02/15/46		74,000		76,007
5.55%, 06/01/45		95,000		102,364
Kraft Heinz Foods Co. 3.00%, 06/01/26		30,000		28,806
4.38%, 06/01/46		87,000		85,538
L Brands Inc. 5.63%, 02/15/22		4,000		4,270
Lee Enterprises Inc. 9.50%, 03/15/22 (b)		353,000		366,017
Lennar Corp.
4.50%, 11/15/19		118,000		122,056
4.75%, 05/30/25		176,000		183,810
Levi Strauss & Co. 5.00%, 05/01/25		262,000		276,410
Lincoln National Corp. 3.63%, 12/12/26		128,000		129,599


	Principal Amount ($)		Fair Value $
Lithia Motors Inc. 5.25%, 08/01/25 (b)		48,000		49,800
Lockheed Martin Corp.
3.55%, 01/15/26		80,000		82,662
3.80%, 03/01/45		65,000		63,469
4.70%, 05/15/46		72,000		80,598
Lowe’s Companies Inc. 3.70%, 04/15/46		89,000		86,356
LYB International Finance BV 4.88%, 03/15/44		57,000		62,387
LYB International Finance II BV 3.50%, 03/02/27		173,000		172,419
Macy’s Retail Holdings Inc. 4.30%, 02/15/43		46,000		37,097
Marathon Oil Corp. 3.85%, 06/01/25		94,000		93,967
Marathon Petroleum Corp. 3.63%, 09/15/24		130,000		132,443
Marsh & McLennan Companies Inc. 3.50%, 03/10/25		171,000		176,363
Masco Corp.
4.38%, 04/01/26		38,000		40,304
McDonald’s Corp.
3.70%, 01/30/26		70,000		72,959
4.88%, 12/09/45		72,000		80,957
Medtronic Inc.
3.50%, 03/15/25		24,000		25,026
4.63%, 03/15/45		97,000		110,461
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		122,000		125,461
Merck & Company Inc. 2.75%, 02/10/25		166,000		166,505
MetLife Inc. 4.72%, 12/15/44		106,000		118,046
Mexichem SAB de C.V.
4.00%, 10/04/27 (b)(c)		200,000		198,996
5.50%, 01/15/48 (b)(c)		200,000		197,256
MGM Resorts International
5.25%, 03/31/20 (l)		267,000		282,700
6.63%, 12/15/21 (l)		438,000		493,407
Microsoft Corp.
1.55%, 08/08/21 (l)		169,000		165,906
2.40%, 08/08/26 (l)		43,000		41,581
3.45%, 08/08/36 (l)		110,000		110,730
3.70%, 08/08/46 (l)		67,000		67,606
4.00%, 02/12/55 (l)		144,000		149,206
4.10%, 02/06/37 (l)		64,000		69,702
4.25%, 02/06/47 (l)		120,000		132,593
Mizuho Bank Ltd. 2.45%, 04/16/19 (b)		523,000		526,447
Mizuho Financial Group Inc. 2.63%, 04/12/21 (b)		231,000		230,810

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


State Street Institutional Income Fund			89

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Molina Healthcare Inc. 4.88%, 06/15/25 (b)		149,000		146,765
Molson Coors Brewing Co.
2.10%, 07/15/21		244,000		240,745
3.00%, 07/15/26		86,000		83,767
4.20%, 07/15/46		78,000		78,199
Monsanto Co. 4.70%, 07/15/64		35,000		35,114
Morgan Stanley
2.45%, 02/01/19 (l)		182,000		183,234
2.63%, 11/17/21 (l)		198,000		198,602
2.65%, 01/27/20 (l)		73,000		73,850
2.75%, 05/19/22		159,000		159,798
3.70%, 10/23/24 (l)		72,000		74,646
3.95%, 04/23/27 (l)		246,000		250,627
4.10%, 05/22/23 (l)		182,000		190,536
Morgan Stanley (3.59% fixed rate until 07/22/27; 1.34% + 3 month USD LIBOR thereafter) 3.59%, 07/22/28 (h)		251,000		252,119
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (h)		95,000		95,533
MPLX LP 5.20%, 03/01/47		56,000		58,709
Murphy Oil Corp. 5.75%, 08/15/25		260,000		267,462
National Retail Properties Inc. 4.00%, 11/15/25		172,000		176,345
Navient Corp. 8.00%, 03/25/20		302,000		332,593
NCL Corporation Ltd. 4.63%, 11/15/20 (b)		220,000		228,250
Newell Brands Inc.
3.85%, 04/01/23		175,000		183,801
4.20%, 04/01/26		116,000		122,236
5.50%, 04/01/46		46,000		54,624
Newmont Mining Corp. 4.88%, 03/15/42		136,000		145,554
Nexen Energy ULC 6.40%, 05/15/37		87,000		111,667
NGPL PipeCo LLC 4.88%, 08/15/27 (b)		41,000		42,964
Noble Energy Inc. 3.90%, 11/15/24		175,000		179,368
Nordstrom Inc. 5.00%, 01/15/44		8,000		7,860
Northern States Power Co. 2.20%, 08/15/20		427,000		429,045
Northrop Grumman Corp. 3.85%, 04/15/45		37,000		36,005
Novartis Capital Corp. 4.00%, 11/20/45		20,000		21,306


	Principal Amount ($)		Fair Value $
NRG Energy Inc. 6.25%, 07/15/22		227,000		238,350
Nucor Corp. 4.13%, 09/15/22		84,000		89,622
NuStar Logistics LP 4.80%, 09/01/20		151,000		157,085
Occidental Petroleum Corp. 4.10%, 02/15/47		57,000		58,379
Omnicom Group Inc. 3.63%, 05/01/22		138,000		143,854
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (b)		24,000		24,177
Oracle Corp.
1.90%, 09/15/21		110,000		109,216
2.40%, 09/15/23		127,000		126,298
4.00%, 07/15/46		110,000		113,743
4.13%, 05/15/45		63,000		65,949
Owens-Brockway Glass Container Inc. 6.38%, 08/15/25 (b)		300,000		339,375
Pacific Gas & Electric Co. 3.40%, 08/15/24		640,000		661,280
PacifiCorp 6.25%, 10/15/37		258,000		345,465
Parker-Hannifin Corp. 3.25%, 03/01/27 (b)		183,000		184,127
PepsiCo Inc. 3.45%, 10/06/46		69,000		65,445
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		250,000		255,157
Petroleos Mexicanos
4.50%, 01/23/26 (l)		253,000		252,385
5.38%, 03/13/22 (b)(l)		250,000		267,062
5.63%, 01/23/46 (l)		94,000		87,649
6.50%, 03/13/27 (b)(l)		150,000		166,140
6.75%, 09/21/47 (l)		200,000		213,220
PetSmart Inc. 5.88%, 06/01/25 (b)		260,000		226,850
Pfizer Inc.
3.00%, 12/15/26		152,000		153,921
4.13%, 12/15/46		93,000		99,676
4.40%, 05/15/44		46,000		51,049
Philip Morris International Inc. 4.13%, 03/04/43		136,000		139,117
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44		75,000		67,815
5.75%, 01/15/20		110,000		117,061
Potash Corporation of Saskatchewan Inc. 4.00%, 12/15/26		104,000		108,411
PPL Capital Funding Inc. 3.10%, 05/15/26		168,000		165,404

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


90		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Precision Castparts Corp. 4.38%, 06/15/45		102,000		111,864
Prudential Financial Inc. (4.50% fixed rate until 09/15/27; 2.38% + 3 month USD LIBOR thereafter) 4.50%, 09/15/47 (h)		78,000		79,328
Prudential Financial Inc. (5.38% fixed rate until 05/15/25; 3.03% + 3 month USD LIBOR thereafter) 5.38%, 05/15/45 (h)		178,000		192,751
PulteGroup Inc. 5.50%, 03/01/26		340,000		370,736
QUALCOMM Inc.
2.10%, 05/20/20		143,000		143,595
2.90%, 05/20/24		143,000		143,674
3.25%, 05/20/27		50,000		50,385
4.30%, 05/20/47		34,000		34,821
Realty Income Corp. 3.00%, 01/15/27		277,000		264,322
Reynolds American Inc. 5.85%, 08/15/45		47,000		57,047
Rio Tinto Finance USA PLC 4.13%, 08/21/42		96,000		100,041
Rockwell Collins Inc. 3.20%, 03/15/24 (l)		97,000		98,799
3.50%, 03/15/27 (l)		33,000		33,649
4.35%, 04/15/47 (l)		71,000		73,836
Rogers Communications Inc. 5.00%, 03/15/44 (l)		63,000		71,207
Royal Bank of Scotland Group PLC (3.50% fixed rate until 05/15/22; 1.48% + 3 month USD LIBOR thereafter) 3.50%, 05/15/23 (h)		200,000		201,558
RPM International Inc. 3.75%, 03/15/27 (l)		191,000		193,790
Ryder System Inc. 2.45%, 09/03/19 (l)		240,000		241,699
Sabine Pass Liquefaction LLC
4.20%, 03/15/28		421,000		423,699
5.00%, 03/15/27		72,000		76,566
Santander Holdings USA Inc.
2.65%, 04/17/20		287,000		288,326
3.70%, 03/28/22 (b)(l)		249,000		253,793
4.40%, 07/13/27 (b)		110,000		112,199
Santander UK Group Holdings PLC 4.75%, 09/15/25 (b)(l)		200,000		208,920
Schlumberger Holdings Corp. 3.00%, 12/21/20 (b)(l)		71,000		72,715
Select Income REIT 4.25%, 05/15/24 (l)		161,000		162,676


	Principal Amount ($)		Fair Value $
Shell International Finance BV 2.88%, 05/10/26 (l)		171,000		170,116
3.75%, 09/12/46 (l)		58,000		56,258
4.13%, 05/11/35 (l)		85,000		89,863
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/23 (l)		26,000		25,830
3.20%, 09/23/26 (l)		86,000		84,750
Simon Property Group LP 3.38%, 06/15/27		159,000		159,752
Sinclair Television Group Inc. 5.38%, 04/01/21 (l)		459,000		471,049
Smithfield Foods Inc.
2.70%, 01/31/20 (b)(l)		74,000		74,228
4.25%, 02/01/27 (b)(l)		116,000		119,920
Southern California Edison Co. 2.40%, 02/01/22 (l)		170,000		170,513
Southern Copper Corp. 5.88%, 04/23/45 (l)		100,000		114,755
Spectra Energy Partners LP
3.38%, 10/15/26 (l)		92,000		91,332
4.50%, 03/15/45 (l)		37,000		37,454
Standard Industries Inc. 5.38%, 11/15/24 (b)		325,000		345,312
Statoil ASA 3.95%, 05/15/43 (l)		107,000		107,554
Sumitomo Life Insurance Co. (4.00% fixed rate until 09/14/27; 2.99% + 3 month USD LIBOR thereafter) 4.00%, 09/14/77 (b)(h)		200,000		196,278
Sumitomo Mitsui Banking Corp. 2.25%, 07/11/19		254,000		254,975
Sunoco Logistics Partners Operations LP 5.40%, 10/01/47		153,000		156,094
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (l)		326,000		335,780
6.25%, 04/15/21 (l)		125,000		130,987
SunTrust Banks Inc. (5.05% fixed rate until 06/15/22; 3.10% + 3 month USD LIBOR thereafter) 5.05%, 12/31/99 (h)(l)		402,000		411,045
SUPERVALU Inc. 6.75%, 06/01/21 (l)		92,000		87,860
Sysco Corp. 3.25%, 07/15/27		143,000		142,268
T-Mobile USA Inc. 6.63%, 04/01/23 (l)		272,000		284,920
Tampa Electric Co. 4.35%, 05/15/44 (l)		177,000		186,475
Target Corp. 2.50%, 04/15/26 (l)		174,000		166,549

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


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Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Teachers Insurance & Annuity Association of America 4.90%, 09/15/44 (b)(l)		108,000		121,973
Teck Resources Ltd. 4.75%, 01/15/22		133,000		140,398
TEGNA Inc. 5.50%, 09/15/24 (b)(l)		113,000		118,932
Telefonica Emisiones SAU 4.10%, 03/08/27 (l)		189,000		195,615
Tenet Healthcare Corp.
4.75%, 06/01/20		226,000		232,690
6.00%, 10/01/20 (l)		424,000		451,857
Teva Pharmaceutical Finance Netherlands III BV
1.40%, 07/20/18		158,000		157,265
1.70%, 07/19/19		95,000		93,634
3.15%, 10/01/26 (l)		182,000		167,937
4.10%, 10/01/46 (l)		63,000		53,684
The Allstate Corp. 4.20%, 12/15/46 (l)		89,000		94,658
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75%, 08/15/53 (h)(l)		201,000		220,175
The Bank of New York Mellon (3.44% fixed rate until 02/07/27; 1.07% + 3 month USD LIBOR thereafter) 3.44%, 02/07/28 (h)(l)		191,000		195,849
The Bank of New York Mellon (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63%, 12/29/49 (h)(l)		405,000		413,181
The Bank of Tokyo-Mitsubishi UFJ Ltd. 2.30%, 03/10/19 (b)(l)		400,000		401,885
The Dow Chemical Co. 4.25%, 10/01/34 (l)		161,000		165,917
The Estee Lauder Companies Inc. 3.15%, 03/15/27 (l)		124,000		125,710
The Goldman Sachs Group Inc.
2.30%, 12/13/19		157,000		157,699
2.35%, 11/15/21 (l)		194,000		192,392
2.63%, 04/25/21		222,000		223,037
2.90%, 07/19/18 (l)		231,000		233,100
3.85%, 01/26/27 (l)		269,000		274,431
4.25%, 10/21/25		59,000		61,535
4.80%, 07/08/44		128,000		143,151
5.15%, 05/22/45		165,000		188,892
The Goldman Sachs Group Inc. (2.91% fixed rate until 07/22/24; 0.99% + 3 month USD LIBOR thereafter) 2.91%, 07/24/23 (h)		161,000		161,121


	Principal Amount ($)		Fair Value $
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91%, 06/05/23 (h)		316,000		316,303
The Goldman Sachs Group Inc. (3.27% fixed rate until 09/29/24; 1.20% + 3 month USD LIBOR thereafter) 3.27%, 09/29/25 (h)		175,000		175,392
The Goldman Sachs Group Inc. (3.69% fixed rate until 06/05/27; 1.51% + 3 month USD LIBOR thereafter) 3.69%, 06/05/28 (h)		157,000		158,498
The Home Depot Inc.
3.35%, 09/15/25		162,000		167,604
3.50%, 09/15/56		131,000		120,616
3.90%, 06/15/47		88,000		90,040
The Kroger Co.
2.95%, 11/01/21		206,000		207,829
4.65%, 01/15/48		97,000		94,194
The Mosaic Co. 5.63%, 11/15/43		37,000		37,801
The Nielsen Company Luxembourg Sarl 5.00%, 02/01/25 (b)		250,000		260,000
The Sherwin-Williams Co.
2.25%, 05/15/20 (l)		141,000		141,554
2.75%, 06/01/22 (l)		59,000		59,391
3.13%, 06/01/24 (l)		142,000		143,008
3.45%, 06/01/27 (l)		96,000		96,784
4.50%, 06/01/47 (l)		60,000		63,064
The Southern Co.
3.25%, 07/01/26 (l)		28,000		27,679
4.40%, 07/01/46 (l)		42,000		43,506
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter) 5.50%, 03/15/57 (h)(l)		174,000		184,477
The Walt Disney Co. 4.13%, 06/01/44		39,000		40,843
Time Warner Cable LLC
4.50%, 09/15/42 (l)		32,000		30,282
6.55%, 05/01/37 (l)		106,000		124,468
Time Warner Inc.
3.80%, 02/15/27 (l)		163,000		163,315
5.35%, 12/15/43 (l)		142,000		153,011
TransCanada PipeLines Ltd. 4.88%, 01/15/26 (l)		42,000		47,223
Tyco Electronics Group S.A.
2.35%, 08/01/19 (l)		295,000		296,573
3.13%, 08/15/27		160,000		158,621

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


92		State Street Institutional Income Fund

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Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Tyson Foods Inc.
2.65%, 08/15/19 (l)		53,000		53,626
4.55%, 06/02/47		59,000		63,111
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13%, 12/29/49 (h)(l)		345,000		365,700
UBS Group Funding Switzerland AG 2.95%, 09/24/20 (b)(l)		401,000		407,074
Union Pacific Corp.
3.60%, 09/15/37		37,000		37,541
4.10%, 09/15/67		62,000		62,712
United Technologies Corp.
2.65%, 11/01/26 (l)		148,000		142,885
3.75%, 11/01/46 (l)		65,000		62,713
UnitedHealth Group Inc. 4.75%, 07/15/45 (l)		28,000		32,321
Vale Overseas Ltd.
4.38%, 01/11/22 (l)		127,000		132,174
5.88%, 06/10/21 (l)		255,000		280,209
6.25%, 08/10/26		57,000		64,779
6.88%, 11/10/39 (l)		75,000		86,074
Valvoline Inc. 4.38%, 08/15/25 (b)		40,000		40,600
Ventas Realty LP 3.25%, 10/15/26		201,000		195,513
Verizon Communications Inc.
3.38%, 02/15/25 (b)		174,000		174,701
4.40%, 11/01/34 (l)		84,000		83,967
4.67%, 03/15/55 (l)		110,000		104,695
4.86%, 08/21/46 (l)		387,000		394,380
5.25%, 03/16/37		101,000		110,850
Viacom Inc.
3.45%, 10/04/26		107,000		102,861
5.25%, 04/01/44		99,000		94,886
Videotron Ltd. 5.13%, 04/15/27 (b)		18,000		18,715
Virgin Media Finance PLC 5.75%, 01/15/25 (b)		439,000		454,914
Virginia Electric & Power Co. 4.00%, 11/15/46		100,000		102,692
Visa Inc.
3.15%, 12/14/25		52,000		53,285
4.30%, 12/14/45		83,000		91,658
Volkswagen Group of America Finance LLC 0.44% + 3 month USD LIBOR 1.76%, 11/20/17 (b)(h)		211,000		211,087
Vulcan Materials Co. 3.90%, 04/01/27		72,000		73,630
W.R. Grace & Co. 5.63%, 10/01/24 (b)		438,000		481,252


	Principal Amount ($)		Fair Value $
Wabtec Corp. 3.45%, 11/15/26		113,000		111,131
Walgreens Boots Alliance Inc. 4.65%, 06/01/46		57,000		59,848
WEC Energy Group Inc. 3.55%, 06/15/25		202,000		208,141
WellCare Health Plans Inc. 5.25%, 04/01/25		202,000		212,605
Wells Fargo & Co.
2.63%, 07/22/22		115,000		115,177
3.90%, 05/01/45 (l)		78,000		78,257
4.75%, 12/07/46 (l)		121,000		132,658
Wells Fargo & Co. 1.31% + 3 month USD LIBOR 3.58%, 05/22/28 (h)		157,000		159,236
Wells Fargo & Co. 3.11% + 3 month USD LIBOR 5.90%, 12/29/49 (h)		227,000		247,146
Wells Fargo & Co. 3.77% + 3 month USD LIBOR 7.98%, 03/29/49 (h)		156,000		159,905
Wells Fargo & Co. 3.99% + 3 month USD LIBOR 5.88%, 12/29/49 (h)(l)		240,000		267,120
Western Digital Corp. 7.38%, 04/01/23 (b)		65,000		71,256
Western Gas Partners LP 5.38%, 06/01/21		133,000		142,616
Westlake Chemical Corp. 3.60%, 08/15/26		89,000		89,102
5.00%, 08/15/46		37,000		40,331
WestRock Co. 3.00%, 09/15/24 (b)		122,000		122,148
Williams Partners LP 3.75%, 06/15/27		59,000		58,954
3.90%, 01/15/25		140,000		142,934
4.90%, 01/15/45		58,000		58,768
5.40%, 03/04/44		32,000		34,584
Willis North America Inc. 3.60%, 05/15/24		169,000		172,706
Windstream Services LLC 6.38%, 08/01/23		409,000		289,367
WPP Finance 2010 3.75%, 09/19/24		298,000		304,940
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/27 (b)		202,000		205,272
Xilinx Inc. 2.95%, 06/01/24		115,000		115,145
XPO Logistics Inc. 6.50%, 06/15/22 (b)		386,000		406,265

				89,082,339

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


State Street Institutional Income Fund			93

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Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Non-Agency Collateralized Mortgage Obligations - 4.8%
American Tower Trust I (REIT) 1.55%, 03/15/43 (b)		644,000		642,827
Banc of America Commercial Mortgage Trust 2008-1 6.51%, 02/10/51 (h)(l)		37,438		37,606
Bear Stearns Commercial Mortgage Securities Trust 2007-PW18 6.09%, 06/11/50 (h)(l)		171,547		171,611
BXP Trust 2017-GM 3.38%, 06/13/39 (b)		711,000		723,727
Citigroup Commercial Mortgage Trust 2016-P5 2.94%, 10/10/49 (l)		408,463		402,890
Citigroup Commercial Mortgage Trust 2016-P6 3.72%, 12/10/49 (h)		1,148,803		1,205,807
4.03%, 12/10/49 (h)		345,016		360,805
COMM 2013-LC13 Mortgage Trust 4.56%, 08/10/46 (b)(h)(l)		175,000		191,195
COMM 2014-CR14 Mortgage Trust 4.53%, 02/10/47 (h)		245,000		264,892
GS Mortgage Securities Trust 2015-GC28 1.29%, 02/10/48 (g)(h)(l)		2,804,351		153,062
GS Mortgage Securities Trust 2016-GS3 2.85%, 10/10/49		759,000		746,480
GS Mortgage Securities Trust 2017-GS5 3.67%, 03/10/50 (l)		830,046		869,017
GS Mortgage Securities Trust II 2012-GCJ9 2.30%, 11/10/45 (g)(h)		747,524		62,434
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 1.83%, 12/15/47 (g)(h)(l)		1,027,031		64,288
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.16%, 07/15/45 (h)(l)		125,000		131,865
JPMDB Commercial Mortgage Securities Trust 2017-C5 3.69%, 03/15/50 (l)		768,541		804,173
LB-UBS Commercial Mortgage Trust 2004-C8 0.38%, 12/15/39 (b)(g)(h)(l)		68,111		117
LB-UBS Commercial Mortgage Trust 2007-C6 6.11%, 07/15/40 (h)(l)		82,851		82,826
6.11%, 07/15/40 (b)(l)		162,752		162,752


	Principal Amount ($)		Fair Value $
MASTR Alternative Loan Trust 2003-5 5.00%, 08/25/18 (g)		3,693		15
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.54%, 02/15/48 (g)(h)(l)		3,173,220		225,448
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.10%, 03/15/48 (g)(h)		3,835,255		201,073
Morgan Stanley Capital I Trust 2006-IQ11 6.39%, 10/15/42 (h)		270,000		266,521
Morgan Stanley Capital I Trust 2006-T21 5.27%, 10/12/52 (h)		43,036		43,007
Morgan Stanley Capital I Trust 2007-IQ16 6.32%, 12/12/49 (h)		91,064		91,645
Morgan Stanley Capital I Trust 2008-T29 6.50%, 01/11/43 (h)		250,000		251,582
Morgan Stanley Capital I Trust 2016-UBS9 1.39%, 03/15/49 (g)(h)		4,704,849		341,315
Wells Fargo Commercial Mortgage Trust 2015-C26 1.43%, 02/15/48 (g)(h)		3,144,902		220,559
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64%, 03/15/50		483,093		502,880
Wells Fargo Mortgage Backed Securities Trust 2006-3 5.50%, 03/25/36		10,275		—	**
WFRBS Commercial Mortgage Trust 2013-C17 4.26%, 12/15/46		240,000		254,466
WFRBS Commercial Mortgage Trust 2014-C25 3.80%, 11/15/47 (b)(h)		95,000		71,409
WFRBS Commercial Mortgage Trust 2014-LC14 4.35%, 03/15/47 (h)		544,000		576,319
4.59%, 03/15/47 (b)(h)		582,134		489,874

				10,614,487


Sovereign Bonds - 1.2%
Government of Chile 3.86%, 06/21/47		200,000		203,618
Government of Colombia 5.00%, 06/15/45		200,000		205,942
Government of Mexico 4.75%, 03/08/44		304,000		313,123
Government of Oman 3.88%, 03/08/22 (b)		200,000		201,700

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


94		State Street Institutional Income Fund

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Schedule of Investments, continued — September 30, 2017


	Principal Amount ($)		Fair Value $

Government of Panama 4.50%, 05/15/47		220,000		232,353
Government of Peru 5.63%, 11/18/50		144,000		182,007
Government of Philippines 3.95%, 01/20/40		200,000		207,514
Government of Saudi 2.88%, 03/04/23 (b)(c)		402,000		400,814
3.63%, 03/04/28 (b)(c)		402,000		400,826
4.63%, 10/04/47 (b)(c)		201,000		201,937
Government of Uruguay 5.10%, 06/18/50		150,818		159,204

				2,709,038


Municipal Bonds and Notes - 0.8%
American Municipal Power Inc. 6.27%, 02/15/50		105,000		138,149
Municipal Electric Authority of Georgia 6.64%, 04/01/57		286,000		361,430
Port Authority of New York & New Jersey 4.46%, 10/01/62		475,000		531,629
South Carolina State Public Service Authority 6.45%, 01/01/50		185,000		237,999
State of California 5.70%, 11/01/21		290,000		326,389
State of Illinois 5.10%, 06/01/33		100,000		101,130


	Principal Amount ($) of Shares		Fair Value $
The University of Texas System 3.35%, 08/15/47		95,000		93,596

				1,790,322


FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (j)(k)		203,294		4,391


Total Bonds and Notes (Cost $213,646,420)				216,519,016

Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $214,450) (h)		8,578		234,008


Total Investments in Securities (Cost $213,860,871)				216,753,024


Short-Term Investments - 6.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.96% (Cost $14,675,624) (d)(m)		14,675,624		14,675,624


Total Investments (Cost $228,536,495)				231,428,648

Liabilities in Excess of Other Assets, net - (5.1)%				(11,181,929	)


NET ASSETS - 100.0%				220,246,719

Other Information:

During the period ended September 30, 2017, average notional values related to purchased and written option contracts were $30,000 or less than 0.05% of net assets and $79,000 or less than 0.05% of net assets, respectively.

Centrally Cleared Credit Default Swaps - Buy Protection


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate/Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Depreciation

Markit CDX North America Investment Grade Index	CME Group Inc.	$	5,583		1.00%/ Quarterly		06/20/22	$	(117,396	)	$	(88,737	)	$	(28,659	)

During the period ended September 30, 2017, average notional value related to swap contracts was $15,820,184 or 7.2% of net assets of net assets.

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


State Street Institutional Income Fund			95

State Street Institutional Income Fund

Schedule of Investments, continued — September 30, 2017

The Fund had the following long futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Depreciation

Ultra Long-Term U.S. Treasury Bond Futures		December 2017		29	$	4,873,042	$	4,788,625	$	(84,417	)
5 Yr. U.S. Treasury Notes Futures		December 2017		81		9,578,729		9,517,500		(61,229	)

									$	(145,646	)

The Fund had the following short futures contracts open at September 30, 2017:


Description	Expiration date		Number of Contracts		Notional Amount			Current Notional Value			Unrealized Appreciation

U.S. Long Bond Futures		December 2017		18		(2,785,095	)	$	(2,750,625	)	$	34,470
2 Yr. U.S. Treasury Notes Futures		December 2017		23		(4,974,848	)		(4,961,172	)		13,676
10 Yr. U.S. Treasury Notes Futures		December 2017		7		(891,038	)		(877,187	)		13,851
10 Yr. U.S. Treasury Ultra Futures		December 2017		88		(11,950,271	)		(11,820,875	)		129,396

											$	191,393

											$	45,747

During the period ended September 30, 2017, average notional values related to long and short futures contracts were $ 26,073,181 or 11.8% of net assets and $22,710,531 or 10.3% of net assets, respectively.


Fund	Investments	Level 1			Level 2			Level 3		Total

State Street Institutional Income Fund	Investments in Securities†
	U.S. Treasuries	$	—		$	70,565,783		$	—	$	70,565,783
	Agency Mortgage Backed		—			33,856,303			—		33,856,303
	Agency Collateralized Mortgage Obligations		—			2,408,078			—		2,408,078
	Asset Backed		—			5,488,275			—		5,488,275
	Corporate Notes		—			89,082,339			—		89,082,339
	Non-Agency Collateralized Mortgage Obligations		—			10,614,487			—		10,614,487
	Sovereign Bonds		—			2,709,038			—		2,709,038
	Municipal Bonds and Notes		—			1,790,322			—		1,790,322
	FNMA (TBA)		—			—			4,391		4,391

	Preferred Stock		234,008			—			—		234,008
	Short-Term Investments		14,675,624			—			—		14,675,624

	Total Investments in Securities	$	14,909,632		$	216,514,625		$	4,391	$	231,428,648


	Other Financial Instruments*
	Credit Default Swap Contracts — Unrealized Depreciation	$	—		$	(28,659	)	$	—	$	(28,659	)
	Long Futures Contracts — Unrealized Depreciation		(145,646	)		—			—		(145,646	)
	Short Futures Contracts — Unrealized Appreciation		191,393			—			—		191,393

	Total Other Financial Instruments	$	45,747		$	(28,659	)	$	—	$	17,088

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


96		State Street Institutional Income Fund

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Schedule of Investments, continued — September 30, 2017

Affiliate Table


	Number of Shares Held at 9/30/16		Value At 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		29,678,865	$	29,678,865	$	151,086,464	$	166,089,705	$	—	$	—		14,675,624	$	14,675,624	$	168,284

TOTAL			$	29,678,865	$	151,086,464	$	166,089,705	$	—	$	—			$	14,675,624	$	168,284

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


State Street Institutional Income Fund			97

State Street Institutional Funds

Notes to Schedules of Investments — September 30, 2017

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 Funds’ future investments and should not be construed as a recommendation to purchase or sell a particular security. See each Fund’s summary prospectus and the Funds’ statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	Non-income producing security.

(b)

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 September 30, 2017, these securities amounted to $18,754,229 or 2.78% and $19,919,454 or 9.04% of the net assets of the State Street Institutional Strategic Investment Fund and State Street Institutional Income Fund, respectively. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(c)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(d)	Coupon amount represents effective yield.

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

(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)	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.

(h)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017.

(i)	Step coupon bond.

(j)	Security is in default.

(k)	Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs.

(l)	At September 30, 2017, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBA’s.

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

†	Percentages are based on net assets as of September 30, 2017

*	Less than 0.05%.

**	Less than $0.50

***	Less than 0.005%.

Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

LIBOR - London Interbank Offerred Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SPDR - Standard and Poor’s Depositary Receipt

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced


98		Notes to Schedule of Investments

State Street Institutional U.S. Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													11/25/97
Net asset value, beginning of period	$	13.50		$	14.46		$	17.32		$	15.59		$	12.90


Income/(loss) from investment operations:
Net investment income		0.18	*		0.21	*		0.21	*		0.22	*		0.22	*
Net realized and unrealized gains/(losses) on investments		2.16	*		1.52	*		(0.65	)*		2.60	*		2.67	*

Total income/(loss) from investment operations		2.34			1.73			(0.44	)		2.82			2.89


Less distributions from:
Net investment income		0.21			0.24			0.25			0.22			0.20
Net realized gains		0.68			2.45			2.17			0.87			—

Total distributions		0.89			2.69			2.42			1.09			0.20

Net asset value, end of period	$	14.95		$	13.50		$	14.46		$	17.32		$	15.59

Total return^(a)		18.29	%		13.29	%		(3.57	)%		18.88	%		22.76	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	461,828		$	603,060		$	615,024		$	836,752		$	767,603

Ratios to average net assets:
Net expenses		0.37	%		0.37	%		0.37	%		0.36	%^(b)		0.36	%^(b)
Gross expenses		0.37	%		0.37	%		0.37	%		0.36	%		0.36	%
Net investment income		1.29	%		1.61	%		1.32	%		1.36	%		1.60	%
Portfolio turnover rate		80	%		43	%		41	%		38	%		37	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													1/3/01
Net asset value, beginning of period	$	14.18		$	15.06		$	17.95		$	15.96		$	13.12


Income/(loss) from investment operations:
Net investment income		0.15	*		0.19	*		0.18	*		0.19	*		0.18	*
Net realized and unrealized gains/(losses) on investments		2.29	*		1.58	*		(0.69	)*		2.67	*		2.83	*

Total income/(loss) from investment operations		2.44			1.77			(0.51	)		2.86			3.01


Less distributions from:
Net investment income		0.17			0.20			0.21			—			0.17
Net realized gains		0.68			2.45			2.17			0.87			—

Total distributions		0.85			2.65			2.38			0.87			0.17

Net asset value, end of period	$	15.77		$	14.18		$	15.06		$	17.95		$	15.96

Total return^(a)		18.07	%		12.96	%		(3.83	)%		18.55	%		23.23	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	95		$	95		$	104		$	117		$	84

Ratios to average net assets:
Net expenses		0.62	%		0.62	%		0.62	%		0.61	%^(b)		0.61	%^(b)
Gross expenses		0.62	%		0.62	%		0.62	%		0.61	%		0.61	%
Net investment income		1.04	%		1.35	%		1.07	%		1.11	%		1.33	%
Portfolio turnover rate		80	%		43	%		41	%		38	%		37	%

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights			99

State Street Institutional S&P 500 Index Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													11/25/97
Net asset value, beginning of period	$	20.69		$	18.34		$	18.84		$	16.01		$	13.71


Income/(loss) from investment operations:
Net investment income		0.43	*		0.39	*		0.37	*		0.32	*		0.30	*
Net realized and unrealized gains/(losses) on investments		3.26	*		2.37	*		(0.48	)*		2.76	*		2.27	*

Total income/(loss) from investment operations		3.69			2.76			(0.11	)		3.08			2.57


Less distributions from:
Net investment income		0.41			0.41			0.39			0.25			0.27

Total distributions		0.41			0.41			0.39			0.25			0.27

Net asset value, end of period	$	23.97		$	20.69		$	18.34		$	18.84		$	16.01

Total return^(a)		18.08	%		15.21	%		(0.68	)%		19.54	%		19.11	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,498		$	8,875		$	20,017		$	32,326		$	42,753

Ratios to average net assets:
Net expenses		0.16	%		0.16	%		0.16	%		0.19	%^(b)		0.15	%^(b)
Gross expenses		0.16	%		0.16	%		0.16	%		0.19	%		0.15	%
Net investment income		1.93	%		2.02	%		1.91	%		1.79	%		2.05	%
Portfolio turnover rate		11	%		12	%		7	%		16	%		2	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													9/30/05
Net asset value, beginning of period	$	21.09		$	18.69		$	19.20		$	16.31		$	13.97


Income/(loss) from investment operations:
Net investment income		0.38	*		0.36	*		0.33	*		0.28	*		0.27	*
Net realized and unrealized gains/(losses) on investments		3.34	*		2.40	*		(0.49	)*		2.83	*		2.31	*

Total income/(loss) from investment operations		3.72			2.76			(0.16	)		3.11			2.58


Less distributions from:
Net investment income		0.36			0.36			0.35			0.22			0.24

Total distributions		0.36			0.36			0.35			0.22			0.24

Net asset value, end of period	$	24.45		$	21.09		$	18.69		$	19.20		$	16.31

Total return^(a)		17.84	%		14.90	%		(0.95	)%		19.28	%		18.81	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	8,100		$	7,360		$	6,960		$	7,150		$	5,922

Ratios to average net assets:
Net expenses		0.41	%		0.41	%		0.41	%		0.44	%^(b)		0.40	%^(b)
Gross expenses		0.41	%		0.41	%		0.41	%		0.44	%		0.40	%
Net investment income		1.66	%		1.80	%		1.65	%		1.52	%		1.80	%
Portfolio turnover rate		11	%		12	%		7	%		16	%		2	%

See Notes to Financial Highlights and Notes to Financial Statements.


100		Financial Highlights

State Street Institutional Premier Growth Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													10/29/99
Net asset value, beginning of period	$	14.23		$	13.61		$	14.96		$	12.92		$	10.83


Income/(loss) from investment operations:
Net investment income		0.13	*		0.13	*		0.13	*		0.13	*		0.14	*
Net realized and unrealized gains/(losses) on investments		2.60	*		1.88	*		(0.11	)*		2.38	*		2.09	*

Total income from investment operations		2.73			2.01			0.02			2.51			2.23


Less distributions from:
Net investment income		0.12			0.14			0.13			0.11			0.14
Net realized gains		1.15			1.25			1.24			0.36			—

Total distributions		1.27			1.39			1.37			0.47			0.14

Net asset value, end of period	$	15.69		$	14.23		$	13.61		$	14.96		$	12.92

Total return^(a)		21.18	%		15.25	%		(0.47	)%		19.80	%		20.85	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	360,416		$	325,700		$	334,227		$	428,536		$	369,286

Ratios to average net assets:
Net expenses		0.38	%		0.38	%		0.38	%		0.37	%^(b)		0.38	%^(b)
Gross expenses		0.38	%		0.38	%		0.38	%		0.37	%		0.38	%
Net investment income		0.88	%		0.95	%		0.89	%		0.94	%		1.20	%
Portfolio turnover rate		24	%		21	%		21	%		21	%		25	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													1/3/01
Net asset value, beginning of period	$	14.06		$	13.46		$	14.82		$	12.80		$	10.74


Income/(loss) from investment operations:
Net investment income		0.09	*		0.09	*		0.09	*		0.10	*		0.11	*
Net realized and unrealized gains/(losses) on investments		2.57	*		1.87	*		(0.12	)*		2.36	*		2.07	*

Total income/(loss) from investment operations		2.66			1.96			(0.03	)		2.46			2.18


Less distributions from:
Net investment income		0.09			0.11			0.09			0.08			0.12
Net realized gains		1.15			1.25			1.24			0.36			–

Total distributions		1.24			1.36			1.33			0.44			0.12

Net asset value, end of period	$	15.48		$	14.06		$	13.46		$	14.82		$	12.80

Total return^(a)		20.84	%		14.99	%		(0.77	)%		19.56	%		20.49	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	16,136		$	11,547		$	5,820		$	3,836		$	3,216

Ratios to average net assets:
Net expenses		0.63	%		0.63	%		0.63	%		0.62	%^(b)		0.63	%^(b)
Gross expenses		0.63	%		0.63	%		0.63	%		0.62	%		0.63	%
Net investment income		0.62	%		0.67	%		0.61	%		0.69	%		0.93	%
Portfolio turnover rate		24	%		21	%		21	%		21	%		25	%

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights			101

State Street Institutional Small-Cap Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													8/3/98
Net asset value, beginning of period	$	17.96		$	17.18		$	19.32		$	20.19		$	16.80


Income/(loss) from investment operations:
Net investment income		0.05	*		0.04	*		0.03	*		0.01	*		0.07	*
Net realized and unrealized gains/(losses) on investments		3.42	*		2.79	*		(0.08	)*		1.12	*		4.69	*

Total income/(loss) from investment operations		3.47			2.83			(0.05	)		1.13			4.76


Less distributions from:
Net investment income		0.04			0.03			0.02			0.02			0.07
Net realized gains		0.60			2.02			2.07			1.98			1.30

Total distributions		0.64			2.05			2.09			2.00			1.37

Net asset value, end of period	$	20.79		$	17.96		$	17.18		$	19.32		$	20.19

Total return^(a)		19.65	%		18.24	%		(0.90	)%		5.61	%		30.57	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,464,018		$	1,298,789		$	1,171,984		$	1,264,304		$	1,249,146

Ratios to average net assets:
Net expenses		0.88	%		0.89	%		0.89	%		0.88	%^(b)		0.88	%^(b)
Gross expenses		0.88	%		0.89	%		0.89	%		0.88	%		0.89	%
Net investment income		0.27	%		0.25	%		0.17	%		0.07	%		0.37	%
Portfolio turnover rate		34	%		33	%		40	%		37	%		37	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													9/30/05
Net asset value, beginning of period	$	17.98		$	17.21		$	19.37		$	20.27		$	16.87


Income/(loss) from investment operations:
Net investment income (loss)		0.01	*		(0.00	)*^(c)		(0.01	)*		(0.04	)*		0.02	*
Net realized and unrealized gains/(losses) on investments		3.41	*		2.80	*		(0.08	)*		1.12	*		4.72	*

Total income/(loss) from investment operations		3.42			2.80			(0.09	)		1.08			4.74


Less distributions from:
Net investment income		0.01			0.01			—			—			0.04
Net realized gains		0.60			2.02			2.07			1.98			1.30

Total distributions		0.61			2.03			2.07			1.98			1.34

Net asset value, end of period	$	20.79		$	17.98		$	17.21		$	19.37		$	20.27

Total return^(a)		19.38	%		17.96	%		(1.12	)%		5.32	%		30.26	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,373		$	2,579		$	1,741		$	71		$	87

Ratios to average net assets:
Net expenses		1.13	%		1.14	%		1.14	%		1.13	%^(b)		1.13	%^(b)
Gross expenses		1.13	%		1.14	%		1.14	%		1.13	%		1.14	%
Net investment income (loss)		0.03	%		(0.00	)%^(d)		(0.07	)%		(0.19	)%		0.09	%
Portfolio turnover rate		34	%		33	%		40	%		37	%		37	%

See Notes to Financial Highlights and Notes to Financial Statements.


102		Financial Highlights

State Street Institutional International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													11/25/97
Net asset value, beginning of period	$	11.83		$	11.41		$	12.72		$	12.71		$	10.68


Income/(loss) from investment operations:
Net investment income		0.17	*		0.20	*		0.18	*		0.30	*		0.18	*
Net realized and unrealized gains/(losses) on investments		1.63	*		0.40	*		(1.15	)*		(0.08	)*		2.09	*

Total income/(loss) from investment operations		1.80			0.60			(0.97	)		0.22			2.27


Less distributions from:
Net investment income		0.21			0.18			0.34			0.21			0.24

Total distributions		0.21			0.18			0.34			0.21			0.24

Net asset value, end of period	$	13.42		$	11.83		$	11.41		$	12.72		$	12.71

Total return^(a)		15.58	%		5.32	%		(7.80	)%		1.69	%		21.57	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,213,757		$	1,238,011		$	1,284,412		$	1,724,647		$	1,836,243

Ratios to average net assets:
Net expenses		0.57	%		0.57	%		0.56	%		0.56	%^(b)		0.56	%^(b)
Gross expenses		0.57	%		0.57	%		0.56	%		0.56	%		0.56	%
Net investment income		1.40	%		1.73	%		1.38	%		2.29	%		1.57	%
Portfolio turnover rate		30	%		33	%		26	%		39	%		47	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													1/3/01
Net asset value, beginning of period	$	11.76		$	11.33		$	12.62		$	12.61		$	10.59


Income/(loss) from investment operations:
Net investment income		0.14	*		0.17	*		0.08	*		0.26	*		0.15	*
Net realized and unrealized gains/(losses) on investments		1.63	*		0.40	*		(1.06	)*		(0.08	)*		2.07	*

Total income/(loss) from investment operations		1.77			0.57			(0.98	)		0.18			2.22


Less distributions from:
Net investment income		0.19			0.14			0.31			0.17			0.20

Total distributions		0.19			0.14			0.31			0.17			0.20

Net asset value, end of period	$	13.34		$	11.76		$	11.33		$	12.62		$	12.61

Total return^(a)		15.33	%		5.01	%		(7.95	)%		1.42	%		21.19	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	18,687		$	17,796		$	19,562		$	92,749		$	101,204

Ratios to average net assets:
Net expenses		0.82	%		0.82	%		0.81	%		0.81	%^(b)		0.81	%^(b)
Gross expenses		0.82	%		0.82	%		0.81	%		0.81	%		0.81	%
Net investment income		1.14	%		1.45	%		0.63	%		2.03	%		1.31	%
Portfolio turnover rate		30	%		33	%		26	%		39	%		47	%

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights			103

State Street Institutional Strategic Investment Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													10/29/99
Net asset value, beginning of period	$	12.11		$	11.91		$	13.54		$	13.09		$	11.88


Income/(loss) from investment operations:
Net investment income		0.18	*		0.23	*		0.21	*		0.25	*		0.22	*
Net realized and unrealized gains/(losses) on investments		1.06	*		0.77	*		(0.49	)*		0.90	*		1.22	*

Total income/(loss) from investment operations		1.24			1.00			(0.28	)		1.15			1.44


Less distributions from:
Net investment income		0.24			0.20			0.25			0.22			0.23
Net realized gains		0.14			0.60			1.10			0.48			—

Total distributions		0.38			0.80			1.35			0.70			0.23

Net asset value, end of period	$	12.97		$	12.11		$	11.91		$	13.54		$	13.09

Total return^(a)		10.59	%		8.83	%		(2.46	)%		8.98	%		12.34	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	675,137		$	757,680		$	754,367		$	835,338		$	827,998

Ratios to average net assets:
Net expenses		0.33	%^(e)		0.36	%		0.36	%		0.35	%^(b)		0.34	%^(b)
Gross expenses		0.36	%		0.36	%		0.36	%		0.35	%		0.36	%
Net investment income		1.45	%		1.94	%		1.61	%		1.84	%		1.74	%
Portfolio turnover rate		174	%		109	%		144	%		185	%		153	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													9/30/05
Net asset value, beginning of period	$	12.00		$	11.81		$	13.44		$	12.99		$	11.80


Income/(loss) from investment operations:
Net investment income		0.15	*		0.20	*		0.17	*		0.21	*		0.18	*
Net realized and unrealized gains/(losses) on investments		1.06	*		0.76	*		(0.48	)*		0.90	*		1.21	*

Total income/(loss) from investment operations		1.21			0.96			(0.31	)		1.11			1.39


Less distributions from:
Net investment income		0.21			0.17			0.22			0.18			0.20
Net realized gains		0.14			0.60			1.10			0.48			—

Total distributions		0.35			0.77			1.32			0.66			0.20

Net asset value, end of period	$	12.86		$	12.00		$	11.81		$	13.44		$	12.99

Total return^(a)		10.41	%		8.53	%		(2.72	)%		8.79	%		11.98	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	58		$	55		$	60		$	62		$	57

Ratios to average net assets:
Net expenses		0.58	%^(e)		0.61	%		0.61	%		0.60	%^(b)		0.59	%^(b)
Gross expenses		0.61	%		0.61	%		0.61	%		0.60	%		0.61	%
Net investment income		1.20	%		1.70	%		1.36	%		1.60	%		1.48	%
Portfolio turnover rate		174	%		109	%		144	%		185	%		153	%

See Notes to Financial Highlights and Notes to Financial Statements.


104		Financial Highlights

State Street Institutional Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated


	Investment Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													11/21/97
Net asset value, beginning of period	$	9.67		$	9.45		$	9.51		$	9.34		$	10.01


Income/(loss) from investment operations:
Net investment income		0.24	*		0.26	*		0.25			0.26			0.21
Net realized and unrealized gains/(losses) on investments		(0.15	)*		0.31	*		(0.05	)		0.17			(0.32	)

Total income/(loss) from investment operations		0.09			0.57			0.20			0.43			(0.11	)


Less distributions from:
Net investment income		0.23			0.26			0.26			0.26			0.21
Net realized gains		0.01			0.09			—			—			0.35

Total distributions		0.24			0.35			0.26			0.26			0.56

Net asset value, end of period	$	9.52		$	9.67		$	9.45		$	9.51		$	9.34

Total return^(a)		0.98	%		6.18	%		2.05	%		4.61	%		(1.13	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	220,157		$	298,908		$	291,252		$	322,946		$	341,603

Ratios to average net assets:
Net expenses		0.24	%		0.24	%		0.23	%		0.23	%^(b)		0.21	%^(b)
Gross expenses		0.24	%		0.24	%		0.23	%		0.23	%		0.23	%
Net investment income		2.56	%		2.79	%		2.65	%		2.73	%		2.21	%
Portfolio turnover rate		326	%		219	%		297	%		308	%		348	%

	Service Class
	9/30/17			9/30/16			9/30/15**			9/30/14**			9/30/13**
Inception date													9/30/05
Net asset value, beginning of period	$	9.89		$	9.66		$	9.72		$	9.55		$	10.23


Income/(loss) from investment operations:
Net investment income		0.22	*		0.25	*		0.23			0.24			0.19
Net realized and unrealized gains/(losses) on investments		(0.16	)*		0.31	*		(0.05	)		0.17			(0.33	)

Total income/(loss) from investment operations		0.06			0.56			0.18			0.41			(0.14	)


Less distributions from:
Net investment income		0.21			0.24			0.24			0.24			0.19
Net realized gains		0.01			0.09			—			—			0.35

Total distributions		0.22			0.33			0.24			0.24			0.54

Net asset value, end of period	$	9.73		$	9.89		$	9.66		$	9.72		$	9.55

Total return^(a)		0.65	%		5.95	%		1.81	%		4.32	%		(1.40	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	90		$	181		$	248		$	327		$	316

Ratios to average net assets:
Net expenses		0.49	%		0.49	%		0.48	%		0.48	%^(b)		0.46	%^(b)
Gross expenses		0.49	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		2.28	%		2.58	%		2.40	%		2.47	%		2.00	%
Portfolio turnover rate		326	%		219	%		297	%		308	%		348	%

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights			105

State Street Institutional Funds

Notes to Financial Highlights

(a)

Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions.

(b)

Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(c)

Less than $0.005.

(d)

Less than 0.005%.

(e)

Includes contractual waiver by the adviser to reduce the Fund’s total annual operating expenses (excluding extraordinary expenses, interest, taxes, commissions and acquired fund fees and expenses, if any) by 0.06% of average daily net assets and a contractual reimbursement of any ordinary operating expenses (excluding extraordinary expenses, interest, taxes and commissions) indirectly borne by the Fund as a result of investing in the State Street Equity 500 Index II Portfolio.

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

Beginning with the year ended September 30, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

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


106		Financial Highlights

This page has been intentionally left blank.

State Street Institutional Funds

Statements of Assets and Liabilities — September 30, 2017


	State Street Institutional U.S. Equity Fund		State Street Institutional S&P 500 Index Fund			State Street Institutional Premier Growth Equity Fund

Assets
Investments in securities, at fair value (cost $372,216,210; $7,188,117; $255,250,177; $1,016,838,747; $956,168,751; $335,510,825; and $213,860,871, respectively)	$	449,037,136	$	10,335,834		$	367,762,308
Investments in affiliated securities, at fair value (cost $0; $11,525; $0; $0; $0; $225,699,285; and $0, respectively)		—		17,102			—
Short-term affiliated investments, at fair value		12,521,534		246,950			8,628,607
Cash		—		—			—
Restricted cash⁽¹⁾		—		9,000			—
Foreign currency (cost $0; $0; $0; $0; $957,331; $110,012; and $0, respectively)		—		—			—
Receivable for investments sold		926,399		—			—
Income receivables		284,292		10,867			182,486
Receivable for fund shares sold		10,465		—			299,115
Income receivable from affiliated investments		10,491		253			8,023
Receivable for variation margin on open futures contracts		840		874			—
Other assets		11,490		381			6,637

Total assets		462,802,647		10,621,261			376,887,176


Liabilities
Distribution payable to shareholders		—		—			—
Payable for investments purchased		741,125		—			—
Payable for fund shares redeemed		172		19,955			205,751
Payable for variation margin on open centrally cleared swap contracts		—		—			—
Payable for variation margin on open futures contracts		—		—			11,772
Payable to the Adviser (Note 5)		138,102		1,481			114,292
Distribution and service fees (Note 5)		19		1,702			3,306
Accrued foreign capital gains tax		—		—			—

Total liabilities		879,418		23,138			335,121


Net Assets	$	461,923,229	$	10,598,123		$	376,552,055


Net Assets Consist of:
Capital paid in	$	289,069,953	$	14,156,245		$	243,137,683
Undistributed (distributions in excess of) net investment income		4,988,201		231,915			2,005,335
Accumulated net realized gain (loss)		91,042,696		(6,946,150	)		18,956,432
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		76,820,926		3,147,717			112,512,131
Affiliated investments		—		5,577			—
Futures		1,453		2,819			(59,526	)
Swap contracts		—		—			—
Foreign currency related transactions		—		—			—

Net Assets	$	461,923,229	$	10,598,123		$	376,552,055


Investment Class:
Net Assets	$	461,827,967	$	2,497,938		$	360,416,163
Shares outstanding ($0.001 par value, unlimited shares authorized)		30,889,135		104,196			22,970,549
Net asset value, offering and redemption price per share	$	14.95	$	23.97		$	15.69

Service Class:
Net Assets	$	95,262	$	8,100,185		$	16,135,892
Shares outstanding ($0.001 par value, unlimited shares authorized)		6,041		331,279			1,042,384
Net asset value, offering and redemption price per share	$	15.77	$	24.45		$	15.48
(1) Deposits at broker for futures contracts.

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


108		Statements of Assets and Liabilities


State Street Institutional Small-Cap Equity Fund		State Street Institutional International Equity Fund			State Street Institutional Strategic Investment Fund			State Street Institutional Income Fund


$	1,387,002,604	$	1,169,544,321		$	369,448,955		$	216,753,024
	—		—			252,676,208			—
	78,324,730		61,540,289			64,109,601			14,675,624
	17,850		18,686			1,935			—
	954,000		1,175,000			160,000			—
	—		964,027			110,545			—
	983,869		6,112,065			20,522,543			17,610,935
	903,244		2,500,771			1,592,834			1,451,678
	1,511,203		1,323,373			609,788			5
	66,699		19,904			59,547			15,139
	2,191		131,339			49,321			18,461
	28,381		23,635			14,259			5,094

	1,469,794,771		1,243,353,410			709,355,536			250,529,960



	—		—			—			281
	2,217,258		10,115,883			33,944,901			30,046,970
	163,097		968			2,948			190,473
	—		—			1,638			1,773
	—		—			—			—
	1,023,107		559,344			179,998			43,724
	469		3,814			12			20
	—		229,626			30,430			—

	3,403,931		10,909,635			34,159,927			30,283,241


$	1,466,390,840	$	1,232,443,775		$	675,195,609		$	220,246,719



$	991,508,719	$	1,245,022,347		$	560,014,431		$	218,676,329
	1,870,838		16,635,149			8,128,587			1,418,534
	101,939,438		(242,381,298	)		45,376,790			(2,757,385	)

	370,163,857		213,145,944			33,907,700			2,892,153
	—		—			26,976,923			—
	907,988		23,397			801,106			45,747
	—		—			(26,540	)		(28,659	)
	—		(1,764	)		16,612			—

$	1,466,390,840	$	1,232,443,775		$	675,195,609		$	220,246,719



$	1,464,017,742	$	1,213,757,133		$	675,137,286		$	220,156,644
	70,407,759		90,429,691			52,046,874			23,134,792
$	20.79	$	13.42		$	12.97		$	9.52


$	2,373,098	$	18,686,642		$	58,323		$	90,075
	114,121		1,400,381			4,536.7			9,254
$	20.79	$	13.34		$	12.86		$	9.73

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


Statements of Assets and Liabilities			109

State Street Institutional Funds

Statements of Operations — For the year ended September 30, 2017


	State Street Institutional U.S. Equity Fund			State Street Institutional S&P 500 Index Fund			State Street Institutional Premier Growth Equity Fund

Investment Income
Income
Dividend	$	9,473,458		$	353,240		$	4,360,151
Interest		—			—			—
Income from affiliated investments		106,674			4,555			79,095
Less: Foreign taxes withheld		(375	)		—			—
Dividend Income — Non-Cash Transactions		—			—			—

Total income		9,579,757			357,795			4,439,246


Expenses
Advisory and administration fees (Note 5)		2,089,039			25,768			1,311,211
Distribution and service fees (Note 5):
Service Class		253			20,352			33,101
Trustees’ fees		40,509			1,075			21,776
Other expenses		1,728			246			1,038

Total expenses before waivers/reimbursements		2,131,529			47,441			1,367,126

Less: Expenses waived/reimbursed by the adviser		—			—			—

Net expenses		2,131,529			47,441			1,367,126

Net investment income	$	7,448,228		$	310,354		$	3,072,120


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	99,839,920		$	1,734,726		$	19,737,978
Affiliated investments		—			2,982			—
Futures		542,783			108,707			259,866
Written options		—			—			—
Swap contracts		—			—			—
Foreign currency transactions		36			—			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(9,637,535	)		655,447			45,373,439
Affiliated investments		—			4,583			—
Futures		2,357			(1,622	)		(82,112	)
Swap contracts		—			—			—
Foreign currency translations		—			—			—


Net realized and unrealized gain (loss) on investments		90,747,561			2,504,823			65,289,171

Net Increase in Net Assets Resulting from Operations	$	98,195,789		$	2,815,177		$	68,361,291

Includes change in accrued foreign capital gains tax of $116,274, and $(5,608) for the State Street Institutional International Equity Fund and State Street Institutional Strategic Investment Fund, respectively.

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


110		Statements of Operations


State Street Institutional Small-Cap Equity Fund			State Street Institutional International Equity Fund			State Street Institutional Strategic Investment Fund			State Street Institutional Income Fund



$	15,716,887		$	26,461,857		$	5,655,854		$	37,864
	3,260			—			6,118,813			7,255,827
	496,220			196,646			1,818,290			168,284
	(41,833	)		(4,046,529	)		(491,711	)		—
	—			1,559,345			—			—

	16,174,534			24,171,319			13,101,246			7,461,975



	12,335,641			6,870,800			2,599,097			620,839

	5,968			44,438			140			257
	93,377			79,551			49,589			23,552
	8,723			10,561			13,454			1,365

	12,443,709			7,005,350			2,662,280			646,013

	—			—			(208,699	)		—

	12,443,709			7,005,350			2,453,581			646,013

$	3,730,825		$	17,165,969		$	10,647,665		$	6,815,962




$	110,519,557		$	630,856		$	47,571,116		$	(615,576	)
	—			—			5,293,254			—
	2,701,742			175,576			1,373,387			175,241
	—			—			7,719			8,471
	—			—			(1,063,706	)		(1,305,687	)
	—			(219,637	)		(24,606	)		—

	131,969,990			160,836,968	*		(16,992,754	)*		(3,939,823	)
	—			—			26,266,110			—
	779,661			5,723			708,273			38,263
	—			—			438,285			540,081
	—			60,486			22,950			—


	245,970,950			161,489,972			63,600,028			(5,099,030	)

$	249,701,775		$	178,655,941		$	74,247,693		$	1,716,932

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


Statements of Operations			111

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional U.S. Equity Fund						State Street Institutional S&P 500 Index Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	7,448,228		$	9,819,453		$	310,354		$	385,705
Net realized gain (loss) on investments, futures and foreign currency transactions		100,382,739			31,707,651			1,846,415			5,278,524
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency translations		(9,635,178	)		35,732,707			658,408			(2,515,588	)

Net increase (decrease) from operations		98,195,789			77,259,811			2,815,177			3,148,641


Distributions to shareholders from:
Net investment income
Investment Class		(9,204,143	)		(9,776,530	)		(178,132	)		(419,862	)
Service Class		(1,169	)		(1,625	)		(134,360	)		(134,350	)
Net realized gains
Investment Class		(29,586,080	)		(101,216,102	)		—			—
Service Class		(4,600	)		(20,100	)		—			—

Total distributions		(38,795,992	)		(111,014,357	)		(312,492	)		(554,212	)

Increase (decrease) in assets from operations and distributions		59,399,797			(33,754,546	)		2,502,685			2,594,429


Share transactions:
Proceeds from sale of shares
Investment Class		23,678,745			21,123,025			1,668,334			3,544,265
Service Class		5,590			20,465			1,826,004			896,383
Value of distributions reinvested
Investment Class		38,322,600			110,532,200			177,502			419,839
Service Class		5,769			21,641			134,360			133,812
Cost of shares redeemed
Investment Class		(262,621,887	)		(109,875,352	)		(9,521,372	)		(16,828,064	)
Service Class		(22,343	)		(40,174	)		(2,424,203	)		(1,503,268	)

Net increase (decrease) from share transactions		(200,631,526	)		21,781,805			(8,139,375	)		(13,337,033	)


Total increase (decrease) in net assets		(141,231,729	)		(11,972,741	)		(5,636,690	)		(10,742,604	)

Net Assets
Beginning of year		603,154,958			615,127,699			16,234,813			26,977,417


End of year	$	461,923,229		$	603,154,958		$	10,598,123		$	16,234,813


Undistributed (distributions in excess of) net investment income, end of year	$	4,988,201		$	6,822,971		$	231,915		$	232,106

Changes in Fund Shares
Investment Class
Shares sold		1,688,791			1,635,190			75,394			186,211
Issued for distributions reinvested		2,925,389			8,793,333			8,357			21,889
Shares redeemed		(18,404,658	)		(8,296,312	)		(408,563	)		(870,643	)

Net increase (decrease) in fund shares		(13,790,478	)		2,132,211			(324,812	)		(662,543	)


Service Class
Shares sold		370			1,339			81,460			45,325
Issued for distributions reinvested		417			1,635			6,192			6,827
Shares redeemed		(1,474	)		(3,157	)		(105,275	)		(75,576	)

Net increase (decrease) in fund shares		(687	)		(183	)		(17,623	)		(23,424	)

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


112		Statements of Changes in Net Assets

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional Premier Growth Equity Fund						State Street Institutional Small-Cap Equity Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	3,072,120		$	3,186,928		$	3,730,825		$	2,976,932
Net realized gain (loss) on investments and futures		19,997,844			31,295,981			113,221,299			50,236,237
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		45,291,327			13,860,759			132,749,651			150,737,476

Net increase (decrease) from operations		68,361,291			48,343,668			249,701,775			203,950,645


Distributions to shareholders from:
Net investment income
Investment Class		(2,724,978	)		(3,274,744	)		(2,814,987	)		(2,263,681	)
Service Class		(70,521	)		(49,836	)		(1,191	)		(981	)
Net realized gains
Investment Class		(25,871,980	)		(29,010,695	)		(43,363,389	)		(135,317,625	)
Service Class		(929,074	)		(575,259	)		(83,248	)		(207,202	)

Total distributions		(29,596,553	)		(32,910,534	)		(46,262,815	)		(137,789,489	)

Increase (decrease) in assets from operations and distributions		38,764,738			15,433,134			203,438,960			66,161,156


Share transactions:
Proceeds from sale of shares
Investment Class		39,338,252			55,895,930			70,119,922			59,925,029
Service Class		4,552,728			6,508,525			435,295			730,980
Value of distributions reinvested
Investment Class		28,436,763			32,115,120			46,178,377			137,581,306
Service Class		999,595			624,951			84,438			208,183
Cost of shares redeemed
Investment Class		(70,298,092	)		(111,333,277	)		(154,152,789	)		(136,736,850	)
Service Class		(2,489,023	)		(2,044,128	)		(1,081,378	)		(227,265	)

Net increase (decrease) from share transactions		540,223			(18,232,879	)		(38,416,135	)		61,481,383


Total increase (decrease) in net assets		39,304,961			(2,799,745	)		165,022,825			127,642,539

Net Assets
Beginning of year		337,247,094			340,046,839			1,301,368,015			1,173,725,476


End of year	$	376,552,055		$	337,247,094		$	1,466,390,840		$	1,301,368,015


Undistributed (distributions in excess of) net investment income, end of year	$	2,005,335		$	1,728,714		$	1,870,838		$	1,346,261

Changes in Fund Shares
Investment Class
Shares sold		2,742,967			4,156,779			3,635,977			3,564,517
Issued for distributions reinvested		2,218,156			2,368,372			2,430,441			8,779,917
Shares redeemed		(4,875,026	)		(8,206,857	)		(7,961,615	)		(8,267,615	)

Net increase (decrease) in fund shares		86,097			(1,681,706	)		(1,895,197	)		4,076,819


Service Class
Shares sold		316,632			494,832			22,804			43,619
Issued for distributions reinvested		78,895			46,569			4,435			13,243
Shares redeemed		(174,546	)		(152,431	)		(56,588	)		(14,595	)

Net increase (decrease) in fund shares		220,981			388,970			(29,349	)		42,267

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


Statements of Changes in Net Assets			113

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional International Equity Fund						State Street Institutional Strategic Investment Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	17,165,969		$	21,964,998		$	10,647,665		$	14,634,870
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions		586,795			(45,394,227	)		53,157,164			7,209,519
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		160,903,177			88,195,510			10,442,864			41,759,066

Net increase (decrease) from operations		178,655,941			64,766,281			74,247,693			63,603,455


Distributions to shareholders from:
Net investment income
Investment Class		(21,670,619	)		(20,487,258	)		(14,897,628	)		(12,422,840	)
Service Class		(280,973	)		(228,586	)		(993	)		(853	)
Net realized gains
Investment Class		—			—			(8,441,498	)		(37,733,122	)
Service Class		—			—			(641	)		(3,016	)

Total distributions		(21,951,592	)		(20,715,844	)		(23,340,760	)		(50,159,831	)

Increase (decrease) in assets from operations and distributions		156,704,349			44,050,437			50,906,933			13,443,624


Share transactions:
Proceeds from sale of shares
Investment Class		45,554,141			47,289,789			35,399,840			32,104,281
Service Class		220,946			110,591			1,412			1,911
Value of distributions reinvested
Investment Class		21,670,123			20,486,760			23,339,025			50,155,750
Service Class		280,973			228,334			1,634			3,427
Cost of shares redeemed
Investment Class		(245,913,305	)		(157,598,526	)		(192,184,923	)		(92,389,632	)
Service Class		(1,880,348	)		(2,735,116	)		(3,408	)		(11,933	)

Net increase (decrease) from share transactions		(180,067,470	)		(92,218,168	)		(133,446,420	)		(10,136,196	)


Total increase (decrease) in net assets		(23,363,121	)		(48,167,731	)		(82,539,487	)		3,307,428

Net Assets
Beginning of year		1,255,806,896			1,303,974,627			757,735,096			754,427,668


End of year	$	1,232,443,775		$	1,255,806,896		$	675,195,609		$	757,735,096


Undistributed (distributions in excess of) net investment income, end of year	$	16,635,149		$	21,640,409		$	8,128,587		$	11,785,501

Changes in Fund Shares
Investment Class
Shares sold		3,670,675			4,137,415			2,868,619			2,746,867
Issued for distributions reinvested		1,919,409			1,754,003			2,003,350			4,399,627
Shares redeemed		(19,831,129	)		(13,763,388	)		(15,415,370	)		(7,913,209	)

Net increase (decrease) in fund shares		(14,241,045	)		(7,871,970	)		(10,543,401	)		(766,715	)


Service Class
Shares sold		18,410			9,772			120			169
Issued for distributions reinvested		24,975			19,616			141			302
Shares redeemed		(155,864	)		(242,704	)		(286	)		(1,009	)

Net increase (decrease) in fund shares		(112,479	)		(213,316	)		(25	)		(538	)

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


114		Statements of Changes in Net Assets

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional Income Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	6,815,962		$	8,230,530
Net realized gain (loss) on investments, futures and swap contracts		(1,737,551	)		1,808,794
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		(3,361,479	)		7,696,899

Net increase (decrease) from operations		1,716,932			17,736,223


Distributions to shareholders from:
Net investment income
Investment Class		(6,369,455	)		(7,971,456	)
Service Class		(2,161	)		(5,539	)
Net realized gains
Investment Class		(396,332	)		(2,849,874	)
Service Class		(134	)		(2,372	)

Total distributions		(6,768,082	)		(10,829,241	)

Increase (decrease) in assets from operations and distributions		(5,051,150	)		6,906,982


Share transactions:
Proceeds from sale of shares
Investment Class		36,633,790			57,547,356
Service Class		3,243			34,392
Value of distributions reinvested
Investment Class		6,679,291			10,809,076
Service Class		2,294			7,912
Cost of shares redeemed
Investment Class		(117,017,251	)		(67,602,733	)
Service Class		(93,066	)		(112,921	)

Net increase (decrease) from share transactions		(73,791,699	)		683,082


Total increase (decrease) in net assets		(78,842,849	)		7,590,064

Net Assets
Beginning of year		299,089,568			291,499,504


End of year	$	220,246,719		$	299,089,568


Undistributed (distributions in excess of) net investment income, end of year	$	1,418,534		$	211,089

Changes in Fund Shares
Investment Class
Shares sold		3,872,839			6,075,536
Issued for distributions reinvested		707,546			1,147,253
Shares redeemed		(12,353,748	)		(7,141,399	)

Net increase (decrease) in fund shares		(7,773,363	)		81,390


Service Class
Shares sold		339			3,496
Issued for distributions reinvested		238			823
Shares redeemed		(9,626	)		(11,670	)

Net increase (decrease) in fund shares		(9,049	)		(7,351	)

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


Statements of Changes in Net Assets			115

State Street Institutional Funds

Notes to Financial Statements — September 30, 2017

Organization of the Funds

State Street Institutional Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was organized as a Delaware business trust on May 23, 1997, and is authorized to issue an unlimited number of shares. It is currently comprised of the following seven investment funds (each, a “Fund” and collectively, the “Funds”): State Street Institutional U.S. Equity Fund, State Street Institutional S&P 500 Index Fund, State Street Institutional Premier Growth Equity Fund, State Street Institutional Small-Cap Equity Fund, State Street Institutional International Equity Fund, State Street Institutional Strategic Investment Fund and State Street Institutional Income Fund. The Funds presently offer two classes of shares — the Investment Class and the Service Class. The Trust expects that most of the time, each Fund will have relatively few shareholders (as compared with most mutual funds), but that these shareholders will invest substantial amounts in a Fund (minimum initial investment requirements are described in the current summary prospectus for each Fund and in the Funds’ statutory prospectus). Each Fund is a diversified investment company within the meaning of the 1940 Act.

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

Summary of Significant Accounting Policies

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

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

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

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

•

Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

•

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

•

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.

•

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


116		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

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.

•

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with valuation policy and procedures approved by the Board.

•

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

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

•

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

•

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

•

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

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 2017 is disclosed in the Fund’s respective Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Funds had no material transfers between levels for the year ended September 30, 2017.

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.


Notes to Financial Statements			117

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

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.

Expenses Each Fund pays a “unitary fee” to SSGA FM equivalent to the Fund’s advisory and administration fee. This fee includes any normal operating expenses payable by a Fund, except for fees paid to the Trust’s independent Trustees, distribution and shareholder servicing fees, brokerage fees and commissions and expenses that are not normal operating expenses of the Funds (such as extraordinary expenses, interest and taxes).

Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Distributions Distributions from net investment income, if any, are declared and paid annually for all Funds except the State Street Institutional Income Fund. The State Street Institutional Income Fund declares them daily and pays them monthly.

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.

Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities During the period, certain Funds 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 each applicable Fund’s Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Funds identify 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 Certain Funds 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.

A 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” a 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. A 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.


118		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

Default by or bankruptcy of a counterparty to a TBA transaction would expose a 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, a Fund will enter into TBA transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Derivative Financial Instruments

Futures Contracts Certain Funds may enter into futures contracts to meet the Funds’ 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. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize 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 the movement of the assets underlying such contracts.

For the period ended September 30, 2017 the following Funds entered into futures contracts for strategies listed below:


Funds		Strategies
State Street Institutional U.S. Equity Fund		Equitization of cash
State Street Institutional S&P 500 Index Fund		Equitization of cash
State Street Institutional Premier Growth Equity Fund		Equitization of cash
State Street Institutional Small-Cap Equity Fund		Equitization of cash
State Street Institutional International Equity Fund		Equitization of cash
State Street Institutional Strategic Investment Fund		Equitization of Cash; Management of Interest Rate Risk
State Street Institutional Income Fund		Management of Interest Rate Risk

Options on Futures Contracts Certain Funds may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

For the period ended September 30, 2017 the State Street Institutional Strategic Investment Fund and the State Street Institutional Income Fund purchased and wrote options in order to hedge against changes in market conditions and interest rates.

Credit Default Swaps During the year ended September 30, 2017, the Strategic Investment Fund and Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a 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, a Fund


Notes to Financial Statements			119

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

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, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a 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, a 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 a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a 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 a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a 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. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A 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. A 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 a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

The following tables summarize the value of the Funds’ derivative instruments as of September 30, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts^(a)	$	—	$	—	$	—	$	1,453	$	1,453
State Street Institutional S&P 500 Index Fund
Futures Contracts^(a)		—		—		—		2,819		2,819
State Street Institutional Small-Cap Equity Fund
Futures Contracts^(a)		—		—		—		907,988		907,988
State Street Institutional International Equity Fund
Futures Contracts^(a)		—		—		—		23,397		23,397
State Street Institutional Strategic Investment Fund
Futures Contracts^(a)		221,015		—		—		683,132		904,147
State Street Institutional Income Fund
Futures Contracts^(a)		191,393		—		—		—		191,393

^(a)

Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.


120		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

Liability Derivatives


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Total

State Street Institutional Premier Growth Equity Fund
Futures Contracts^(a)	$	—		$	—	$	—		$	(59,526	)	$	(59,526	)
State Street Institutional Strategic Investment Fund
Futures Contracts^(a)		(103,041	)		—		—			—			(103,041	)
Swap Contracts^(b)		—			—		(26,540	)		—			(26,540	)
State Street Institutional Income Fund
Futures Contracts^(a)		(145,646	)		—		—			—			(145,646	)
Swap Contracts^(b)		—			—		(28,659	)		—			(28,659	)

^(a)

Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

^(b)

Unrealized appreciation on open swap contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—		$	542,783	$	542,783
State Street Institutional S&P 500 Index Fund
Futures Contracts		—			—		—			108,707		108,707
State Street Institutional Premier Growth Equity Fund
Futures Contracts		—			—		—			259,866		259,866
State Street Institutional Small-Cap Equity Fund
Futures Contracts		—			—		—			2,701,742		2,701,742
State Street Institutional International Equity Fund
Futures Contracts		—			—		—			175,576		175,576
State Street Institutional Strategic Investment Fund
Futures Contracts		297,360			—		—			1,076,027		1,373,387
Swap Contracts		—			—		(1,063,706	)		—		(1,063,706	)
Purchased Option Contracts^(a)		(7,570	)		—		—			—		(7,570	)
Written Option Contracts		7,719			—		—			—		7,719
State Street Institutional Income Fund
Futures Contracts		175,241			—		—			—		175,241
Swap Contracts		—			—		(1,305,687	)		—		(1,305,687	)
Purchased Option Contracts^(a)		(8,074	)		—		—			—		(8,074	)
Written Option Contracts		8,471			—		—			—		8,471

^(a)

Options purchased are included in net realized gain (loss) from investments.


Notes to Financial Statements			121

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—	$	—	$	—	$	2,357		$	2,357
State Street Institutional S&P 500 Index Fund
Futures Contracts		—		—		—		(1,622	)		(1,622	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts		—		—		—		(82,112	)		(82,112	)
State Street Institutional Small-Cap Equity Fund
Futures Contracts		—		—		—		779,661			779,661
State Street Institutional International Equity Fund
Futures Contracts		—		—		—		5,723			5,723
State Street Institutional Strategic Investment Fund
Futures Contracts		89,287		—		—		618,986			708,273
Swap Contracts		—		—		438,285		—			438,285
State Street Institutional Income Fund
Futures Contracts		38,263		—		—		—			38,263
Swap Contracts		—		—		540,081		—			540,081

Fees and Transactions with Affiliates

Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:


Fund	Average Daily Net Assets of Fund	Management Fee
State Street Institutional U.S. Equity Fund	First $25 million		0.55	%
State Street Institutional Premier Growth Equity Fund	Next $25 million		0.45	%
	Over $50 million		0.35	%

State Street Institutional S&P 500 Index Fund	All assets		0.15	%

State Street Institutional Small-Cap Equity Fund	First $250 million		0.95	%
	Next $250 million		0.90	%
	Over $500 million		0.85	%

State Street Institutional International Equity Fund	First $25 million		0.75	%
	Next $50 million		0.65	%
	Over $75 million		0.55	%

State Street Institutional Strategic Investment Fund	First $25 million		0.45	%
	Next $25 million		0.40	%
	Over $50 million		0.35	%

State Street Institutional Income Fund	First $25 million		0.35	%
	Next $25 million		0.30	%
	Next $50 million		0.25	%
	Over $100 million		0.20	%


122		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

SSGA FM has agreed to waive fees to reduce the Fund’s total annual operating expenses (excluding extraordinary expenses, interest, taxes, commissions and acquired fund fees and expenses, if any) by 0.06% of average daily net assets. SSGA FM also agrees to reimburse the Fund for any ordinary operating expenses (excluding extraordinary expenses, interest, taxes and commissions) indirectly borne by the Fund as a result of investing in the State Street Equity 500 Index II Portfolio (the “S&P 500 Portfolio”), a mutual fund advised by SSGA FM. This contractual fee waiver/expense reimbursement will remain in place through April 30, 2018 and before that date, SSGA FM may not terminate this arrangement without approval of the Board. SSGA FM has waived its right to receive reimbursement of the portion of its advisory fees waived pursuant to this agreement.

Distribution and Shareholder Servicing Fees The Funds have adopted a Shareholder Servicing and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the Service Class shares of each Fund. Each Fund pays State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), formerly known as State Street Global Markets, LLC, the Funds’ principal underwriter, a monthly fee for distribution and/or shareholder services provided, at an annual rate of 0.25% of the average daily net assets of such Fund attributable to the Service Class shares. Currently, Investment Class shares are not subject to a 12b-1 fee.

Other Transactions with affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended September 30, 2017 are disclosed in the Schedules of Investments.

In March, 2017, the State Street Institutional U.S. Equity Fund, the State Street Institutional S&P 500 Index Fund and the State Street Institutional Strategic Investment Fund received non-recurring litigation payments of $5,313, $210 and $8,624, respectively, from State Street Corp., an affiliate.

Due to Custodian In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Trustees’ Fees

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

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended, September 30, 2017 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
State Street Institutional U.S. Equity Fund	$	—	$	—	$	435,524,261	$	654,886,640
State Street Institutional S&P 500 Index Fund		—		—		1,832,774		9,291,982
State Street Institutional Premier Growth Equity Fund		—		—		82,273,550		102,927,551
State Street Institutional Small-Cap Equity Fund		—		—		448,849,528		512,667,364
State Street Institutional International Equity Fund		—		—		356,520,340		566,092,542
State Street Institutional Strategic Investment Fund		747,118,516		752,952,991		426,110,641		555,297,209
State Street Institutional Income Fund		764,939,396		788,815,991		88,011,203		130,842,046

Income Taxes

The Funds have qualified and intend to continue to qualify as regulated investment companies Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent they distribute their taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.


Notes to Financial Statements			123

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

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

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, nontaxable dividend adjustments to income, foreign currencies, REITs, passive foreign investment companies, investments in forwards and futures, investments in swap contracts, paydown gains and losses, corporate actions, straddle loss deferrals and wash sale loss deferrals.

The tax character of distributions paid during the year ended September 30, 2017 was as follows:


Fund	Ordinary Income		Long Term Capital Gains		Tax Return of Capital		Total
State Street Institutional U.S. Equity Fund	$	9,879,092	$	28,916,900	$	—	$	38,795,992
State Street Institutional S&P 500 Index Fund		312,492		—		—		312,492
State Street Institutional Premier Growth Equity Fund		2,795,499		26,801,054		—		29,596,553
State Street Institutional Small-Cap Equity Fund		3,374,607		42,888,208		—		46,262,815
State Street Institutional International Equity Fund		21,951,592		—		—		21,951,592
State Street Institutional Strategic Investment Fund		16,367,487		6,973,273		—		23,340,760
State Street Institutional Income Fund		6,768,082		—		—		6,768,082

The tax character of distributions paid during the year ended September 30, 2016 was as follows:


Fund	Ordinary Income		Long Term Capital Gains		Tax Return of Capital		Total
State Street Institutional U.S. Equity Fund	$	9,778,155	$	101,236,202	$	—	$	111,014,357
State Street Institutional S&P 500 Index Fund		554,212		—		—		554,212
State Street Institutional Premier Growth Equity Fund		3,953,664		28,956,870		—		32,910,534
State Street Institutional Small-Cap Equity Fund		2,264,662		135,524,827		—		137,789,489
State Street Institutional International Equity Fund		20,715,844		—		—		20,715,844
State Street Institutional Strategic Investment Fund		14,267,379		35,892,452		—		50,159,831
State Street Institutional Income Fund		10,829,241		—		—		10,829,241

At September 30, 2017 the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Capital Loss Carryforwards*			Undistributed Long Term Capital Gain		Net Unrealized Gains (Losses)		Qualified Late-Year Losses**		Total
State Street Institutional U.S. Equity Fund	$	21,278,499	$	—		$	77,345,689	$	74,229,088	$	—	$	172,853,276
State Street Institutional S&P 500 Index Fund		231,915		(7,514,323	)		613,954		3,110,330		—		(3,558,124	)
State Street Institutional Premier Growth Equity Fund		2,246,210		—			19,469,420		111,698,742		—		133,414,372
State Street Institutional Small-Cap Equity Fund		17,559,389		—			94,379,431		362,943,301		—		474,882,121
State Street Institutional International Equity Fund		16,635,196		(227,026,679	)		—		197,812,910		—		(12,578,573	)
State Street Institutional Strategic Investment Fund		22,427,672		—			34,773,460		57,980,047		—		115,181,179
State Street Institutional Income Fund		1,418,815		(2,617,218	)		—		2,769,074		—		1,570,671

A portion of the Funds Capital Loss Carryover may be subject to limitations.

The Funds have elected to defer certain qualified late-year losses in the next taxable year.


124		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

As of September 30, 2017, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Fund	Expiring 2018		Expiring 2019		2020		2021		Non-Expiring Short Term*		Non-Expiring Long Term*

State Street Institutional S&P 500 Index Fund**	$	6,311,576	$	1,202,747	$	—	$	—	$	—	$	—
State Street Institutional International Equity Fund		34,429,113		140,255,693		—		—		15,099,487		37,242,386
State Street Institutional Income Fund		—		—		—		—		1,264,099		1,353,119

Must be utilized prior to losses subject to expiration.

A portion of the Fund’s capital loss carryover may be subject to limitations.

As of September 30, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
State Street Institutional U.S. Equity Fund	$	387,331,035	$	81,285,707	$	7,056,619	$	74,229,088
State Street Institutional S&P 500 Index Fund		7,492,375		3,292,133		181,803		3,110,330
State Street Institutional Premier Growth Equity Fund		264,632,647		115,451,345		3,752,603		111,698,742
State Street Institutional Small-Cap Equity Fund		1,103,292,021		406,486,846		43,543,545		362,943,301
State Street Institutional International Equity Fund		1,033,063,707		234,310,601		36,266,301		198,044,300
State Street Institutional Strategic Investment Trust		628,999,307		62,815,217		4,805,194		58,010,023
State Street Institutional Income Fund		228,637,556		4,046,437		1,238,257		2,808,180

Line of Credit

The Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 12, 2017 unless extended or renewed. Prior to October 13, 2016, the Participants could borrow up to $360 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreements.

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 paid by the adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate. Prior to October 13, 2016, interest was calculated at a rate per annum equal to the sum of the New York Fed Bank Rate plus 1%.

Effective October 12, 2017, the Agreement was renewed, and as a result, the Funds and other affiliated Funds participate in a $500 million revolving credit facility.

The Funds had no outstanding loans as of September 30, 2017.

10.

Risks

Concentration Risk As a result of the Funds’ ability to invest a large percentage of their 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 Funds’ investments more than if the Funds were more broadly diversified

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 Funds’ invest. Foreign markets may be less liquid than


Notes to Financial Statements			125

State Street Institutional Funds

Notes to Financial Statements, continued — September 30, 2017

investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also 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.

11.

Subsequent Events

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

The Board has approved a separate Plan of Dissolution, Liquidation and Termination for the State Street Institutional S&P 500 Index Fund and the State Street Institutional Strategic Investment Fund, pursuant to which the Funds are expected to be liquidated and terminated on or about November 20, 2017 and November 30, 2017, respectively.


126		Notes to Financial Statements

State Street Institutional Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of State Street Institutional Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of State Street Institutional Funds (comprising, respectively, U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Small-Cap Equity Fund, International Equity Fund, Strategic Investment Fund and Income Fund) (collectively, the “Funds”) as of September 30, 2017, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for periods ended prior to October 1, 2016 were audited by another independent registered public accounting firm whose report, dated November 20, 2015, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers or others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the above mentioned funds comprising State Street Institutional Funds at September 30, 2017, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the two years in period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

November 22, 2017


Report of Independent Registered Public Accounting Firm			127

State Street Institutional Funds

Tax Information — September 30, 2017 (Unaudited)

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for its fiscal year ended September 30, 2017.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2017 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Qualified Interest Income

Each fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

Foreign Tax Credit

The following Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2017, the total amount of foreign taxes that will be passed through are:


	Amount

State Street Institutional International Equity Fund	$	2,711,948

The amount of foreign source income earned on the Fund during the year ended September 30, 2017 were as follows:


	Amount

State Street Institutional International Equity Fund	$	28,217,848

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2017:


	Amount

State Street Institutional U.S. Equity Fund	$	28,916,900
State Street Institutional Premier Growth Equity Fund		26,801,054
State Street Institutional Small-Cap Equity Fund		42,888,208
State Street Institutional Strategic Investment Fund		6,973,273


128		Tax Information

State Street Institutional Funds

Additional Information — September 30, 2017 (Unaudited)

Name,
Address
and Age

Position(s) Held
with Fund

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Directorships
Held by Trustee

INTERESTED TRUSTEE AND EXECUTIVE OFFICERS

Jeanne M. La Porta

SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 52

Trustee & President

Until successor is elected and qualified – 3 years

Senior Managing Director at State Street Global Advisors since July 2016; Director of State Street Global Advisors Funds Distributors, LLC since May 2017; President of GE Retirement Savings Plan Funds since July 2016; Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) from March 2014 to July 2016; President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds from March 2014 to November 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of State Street Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds from October 2003 to July 2016; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.

Director and President of State Street Variable Insurance Series Funds, Inc. since 2014; Trustee of Elfun Funds since 2014.


Additional Information			129

State Street Institutional Funds

Additional Information, continued — September 30, 2017 (Unaudited)

Name,
Address
and Age

Position(s) Held
with Fund

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Directorships
Held by Trustee

INTERESTED TRUSTEE AND EXECUTIVE OFFICERS (continued)

Arthur A. Jensen

SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 51

Treasurer

Until successor is elected and qualified – 6 years

Vice President at State Street Global Advisors since July 2016; Deputy Treasurer of Elfun Funds since July 2016; Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds since June 2011; Treasurer of Elfun Funds from June 2011 to July 2016; Mutual Funds Controller of GEAM from April 2011 to July 2016; Senior Vice President at Citigroup from 2008 to 2010; and Vice President at JPMorgan from 2005 to 2008.

N/A

Robert Herlihy

SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 50

Chief Compliance Officer

Until successor is elected and qualified – 12 years

Managing Director at State Street Global Advisors since July 2016; Deputy Chief Compliance Officer of Elfun Funds since July 2016; Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds since July 2005; Chief Compliance Officer of GEAM and Elfun Funds from July 2005 to July 2016; Chief Compliance Officer of GE Funds from July 2005 to February 2011; and Manager of Fund Administration at GEAM from 2002-2005.

N/A

Brian Harris

SSGA FM

State Street Financial Center

One Lincoln Street

Boston,

MA 02111-2900

Age 43

Deputy Chief Compliance Officer and Anti-Money Laundering Officer

Until successor is elected and qualified – 1 year

Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010).

N/A

Bruce S. Rosenberg SSGA FM

State Street Financial Center

One Lincoln Street

Boston,

MA 02111-2900

Age 55

Assistant Treasurer

Until successor is elected and qualified – 1 year

Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).

N/A


130		Additional Information

State Street Institutional Funds

Additional Information, continued — September 30, 2017 (Unaudited)

Name,
Address
and Age

Position(s) Held
with Fund

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Directorships
Held by Trustee

INTERESTED TRUSTEE AND EXECUTIVE OFFICERS (continued)

Ann M. Carpenter SSGA FM

State Street Financial Center

One Lincoln Street

Boston, MA 02111-2900

Age 50

Assistant Treasurer

Until successor is elected and qualified – 1 year

Chief Operating Officer, SSGA Funds Management, Inc. (April 2014 – present); Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2005 – present).*

N/A

Chad C. Hallett

SSGA FM

State Street Financial Center

One Lincoln Street

Boston, MA 02111-2900

Age 47

Assistant Treasurer

Until successor is elected and qualified – 1 year

Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).

N/A

Darlene Anderson-Vasquez

SSGA FM

State Street Financial Center

One Lincoln Street

Boston, MA 02111-2900

Age 48

Assistant Treasurer

Until successor is elected and qualified – less than 1 year

Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

N/A

Daniel G. Plourde

SSGA FM

State Street Financial Center

One Lincoln Street

Boston, MA 02111-2900

Age 37

Assistant Treasurer

Until successor is elected and qualified – less than 1 year

Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 –May 2015).

N/A

Jesse D. Hallee

State Street Bank and Trust Company

100 Summer Street, Floor 7

Mail Stop SUM0703

Boston, MA 02111

Age 41

Secretary

Until successor is elected and qualified – less than 1 year

Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).

N/A

* Served in various capacities and/or with various affiliated entities during noted time period.


Additional Information			131

State Street Institutional Funds

Additional Information, continued — September 30, 2017 (Unaudited)

Name,
Address
and Age

Position(s) Held
with Fund

Term of
Office and
Length of
Time Served

Principal Occupation(s)
During Past 5 years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other Directorships
Held by Trustee

INDEPENDENT TRUSTEES

John R. Costantino

c/o SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 71

Chairman of the Board

Until successor is elected and qualified – 20 years

General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.

Director of State Street Variable Insurance Series Funds, Inc. since 1997; Trustee of Neuroscience Research Institute since 1986; Trustee of Fordham University from 1989 to 1995 and 2001 to 2007 and Trustee Emeritus since 2007; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.

R. Sheldon Johnson

c/o SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 71

Trustee

Until successor is elected and qualified – 6 years

Retired, 2006 to present; Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006; and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.

Director of State Street Variable Insurance Series Funds, Inc. since April 2011 and Trustee of St. Lawrence University since 2003.

Donna M. Rapaccioli

c/o SSGA FM

1600 Summer St.

Stamford, CT 06905

Age 54

Trustee

Until successor is elected and qualified – 5 years

Dean of the Gabelli School of Business since 2007 and Accounting Professor since 1987 at Fordham University.

Director of State Street Variable Insurance Series Funds, Inc. since January 2012 and Trustee of Emmanuel College since 2010.


132		Additional Information

State Street Institutional Funds

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Trustees

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse D. Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank & Trust Company


Investment Team			133

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

http://www.ssga.com/geam

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Funds’ website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-months period ended June 30 is available without charge (i) through the Funds’ website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

State Street Institutional Funds

State Street Bank and Trust Company

P.O. Box 5049

Boston, MA 02206

IBG-25643

Item 2. Code of Ethics.

As of the end of the period covered by this report, State Street Institutional Funds (the “Trust” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Registrant’s Code is filed as Exhibit 13(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Trust’s Board of Trustees (the “Board”) has determined that the Trust has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. John R. Costantino and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

For the fiscal years ended September 30, 2017 and September 30, 2016, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Trust’s principal accountant, for the audit of the Trust’s annual financial statements or services normally provided by E&Y in connection with the Trust’s statutory and regulatory filings and engagements were $183,200 and $200,800, respectively.

(b)

Audit-Related Fees

For the fiscal years ended September 30, 2017 and September 30, 2016, there were no fees for assurance and related services by E&Y reasonably related to the performance of the audit of the Trust’s financial statements that were not reported under paragraph (a) of this Item.

(c)

Tax Fees

For the fiscal years ended September 30, 2017 and September 30, 2016, the aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns were $60,775 and $61,467, respectively.

(d)

All Other Fees

For the fiscal years ended September 30, 2017 and September 30, 2016, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended September 30, 2017 and September 30, 2016, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $7,777,372 and $7,777,372, respectively.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

The Audit Committee is responsible for, among other things, the appointment, compensation and oversight of the work of the Funds’ Auditor. As part of this responsibility and to ensure that the Auditor’s independence is not impaired, the Audit Committee (1) pre-approves the audit and non-audit services provided to the Funds by the Auditor, and (2) all non-audit services provided to the Funds’ investment adviser and Covered Affiliates (as defined in the Audit Committee Charter) that provide ongoing services to the Funds if the services directly impact the Funds’ operations or financial reporting, in accordance with the Audit Committee Charter. The following excerpt from the Audit Committee Charter sets forth the pre-approval policies and procedures:

Pre-Approval of Audit Related Services and Permissible Non-Audit Services. The Audit Committee shall pre-approve both audit (including audit, review, and attest) services and permissible non-audit services provided to the Fund and, if the nature of the engagement relates directly to the operations and financial reporting of the Fund, permissible non-audit services provided to any Covered Affiliate.

The Audit Committee may determine to delegate the authority to grant pre-approvals to one or more Audit Committee members, each acting on behalf of the Audit Committee. In this event, the member of the Audit Committee so delegated shall report each delegated pre-approval to the Audit Committee at its next regularly scheduled meeting. The Audit Committee may also adopt and follow, in lieu of explicit pre-approval described above, written policies and procedures detailed as to the particular service, designed to safeguard the continued independence of the Auditor, consistent with the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), and SEC regulations thereunder.

Notwithstanding the foregoing, the pre-approval requirement concerning permissible non-audit services provided to the Fund or any Covered Affiliate is waived if: (1) the aggregate amount of all such non-audit services provided constitutes no more than five percent (5%) of the total amount of revenues paid to the Auditor by the Fund and the Covered Affiliates during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee, (2) the non-audit services were not recognized as non-audit services at the time of the engagement, and (3) such non-audit services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or one or more designated members of the Audit Committee prior to the completion of the audit.

(e)(2)

Percentages of Services

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f)

Not applicable.

(g)

Total Fees Paid By Adviser and Certain Affiliates

For the fiscal years ended September 30, 2017 and September 30, 2016, the aggregate non-audit fees billed by E&Y for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were approximately $28,718,894 and $25,696,758, respectively.

(h)

E&Y notified the Trust’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Schedule of Investments.

(a)	Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under 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 Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Trust’s second fiscal quarter of the period covered by this Form N-CSR filing that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)	Not applicable.

(b)	Not applicable.

Item 13. Exhibits.

(a)(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto.

(a)(2)

Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)

Not applicable to the Registrant.

(b)	Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		STATE STREET INSTITUTIONAL FUNDS

By:		/s/ Jeanne M. La Porta
		Jeanne M. La Porta President

Date:		November 22, 2017

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/ Jeanne M. La Porta
		Jeanne M. La Porta President (Principal Executive Officer)

Date:		November 22, 2017

By:		/s/ Arthur A. Jensen
		Arthur A. Jensen Treasurer (Principal Financial and Accounting Officer)

Date:		November 22, 2017