STATE STREET INSTITUTIONAL FUNDS

N-CSRS 1 d530558dncsrs.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 c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210		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: March 31, 2018

Item 1. ShareholderReport.

Semi-Annual Report

March 31, 2018

State Street Institutional Funds

LOGO

State Street Institutional Funds

Semi-Annual Report

March 31, 2018

Table of Contents


	Page
Notes to Performance		1
Fund Information and Schedules of Investments
State Street Institutional U.S. Equity Fund		2
State Street Institutional Premier Growth Equity Fund		8
State Street Institutional Small-Cap Equity Fund		12
State Street Institutional International Equity Fund		23
State Street Institutional Income Fund		28
Financial Statements
Financial Highlights		48
Statements of Assets and Liabilities		54
Statements of Operations		56
Statements of Changes in Net Assets		58
Notes to Financial Statements		60
Other Information		69

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 — March 31, 2018 (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.

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.


Notes to Performance			1

State Street Institutional U.S. Equity Fund

Understanding Your Fund’s Expenses — March 31, 2018 (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 March 31, 2018.

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 October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,046.70	$	1,023.10
Expenses paid during the period*	$	1.89	$	1.87


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,045.60	$	1,021.80
Expenses paid during the period*	$	3.16	$	3.13

*	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 October 1, 2017-March 31, 2018), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


2		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Fund Information — March 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of March 31, 2018 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	3.71	%
Apple Inc.	3.48	%
Visa Inc., Class A	3.31	%
JPMorgan Chase & Co.	3.22	%
Amazon.com Inc.	2.58	%
PepsiCo Inc.	2.37	%
Alphabet Inc., Class A	2.22	%
Applied Materials Inc.	1.97	%
Broadcom Ltd.	1.91	%
Facebook Inc., Class A	1.90	%

Sector Allocation as of March 31, 2018

Portfolio composition as a % of Fair Value of $450,647 (in thousands) as of March 31, 2018 ^(a)(b)

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)

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


State Street Institutional U.S. Equity Fund			3

State Street Institutional U.S. Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Common Stock - 96.4%†
Aerospace & Defense - 1.9%
General Dynamics Corp.		12,006		2,652,125
Hexcel Corp.		18,346		1,184,968
Raytheon Co.		13,685		2,953,497
The Boeing Co.		5,287		1,733,502

				8,524,092


Air Freight & Logistics - 0.5%
FedEx Corp.		4,053		973,166
United Parcel Service Inc., Class B		12,910		1,351,160

				2,324,326


Airlines - 0.3%
Alaska Air Group Inc.		9,006		558,012
Southwest Airlines Co.		16,870		966,313

				1,524,325


Aluminum - 0.1%
Alcoa Corp. (a)		7,238		325,420


Apparel, Accessories & Luxury Goods - 0.1%
PVH Corp.		3,257		493,208


Application Software - 1.9%
Adobe Systems Inc. (a)		6,773		1,463,510
Intuit Inc.		9,952		1,725,179
salesforce.com Inc. (a)		46,366		5,392,366

				8,581,055


Asset Management & Custody Banks - 0.6%
Ameriprise Financial Inc.		6,617		978,919
BlackRock Inc.		3,405		1,844,557

				2,823,476


Automobile Manufacturers - 0.3%
General Motors Co.		42,259		1,535,692


Automotive Retail - 0.4%
AutoZone Inc. (a)		3,050		1,978,504


Biotechnology - 3.3%
Alexion Pharmaceuticals Inc. (a)		15,716		1,751,705
Biogen Inc. (a)		22,419		6,138,771
Gilead Sciences Inc.		52,682		3,971,696
Vertex Pharmaceuticals Inc. (a)		17,327		2,823,954

				14,686,126


Building Products - 0.4%
Allegion PLC		21,520		1,835,441


	Number of Shares		Fair Value $
Cable & Satellite - 2.5%
Charter Communications Inc., Class A (a)		15,186		4,726,187
Comcast Corp., Class A		191,464		6,542,325

				11,268,512


Communications Equipment - 0.6%
Cisco Systems Inc.		60,274		2,585,152


Consumer Finance - 0.5%
American Express Co.		16,575		1,546,116
Discover Financial Services		12,063		867,692

				2,413,808


Data Processing & Outsourced Services - 3.6%
Mastercard Inc., Class A		6,514		1,140,992
Visa Inc., Class A		124,882		14,938,385

				16,079,377


Diversified Banks - 4.7%
Bank of America Corp.		182,043		5,459,470
JPMorgan Chase & Co.		131,967		14,512,411
U.S. Bancorp		26,479		1,337,189

				21,309,070


Diversified Chemicals - 0.5%
DowDuPont Inc.		33,676		2,145,498


Electric Utilities - 1.4%
American Electric Power Company Inc.		14,950		1,025,420
Duke Energy Corp.		5,866		454,439
Edison International		8,407		535,190
Exelon Corp.		37,247		1,453,005
NextEra Energy Inc.		14,681		2,397,848
PG&E Corp.		12,449		546,885

				6,412,787


Electrical Components & Equipment - 0.3%
Rockwell Automation Inc.		7,793		1,357,541


Environmental & Facilities Services - 0.3%
Republic Services Inc.		20,529		1,359,636


Fertilizers & Agricultural Chemicals - 0.1%
Monsanto Co.		4,811		561,396


Financial Exchanges & Data - 1.9%
CME Group Inc.		35,018		5,663,811
S&P Global Inc.		14,981		2,862,270

				8,526,081

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


4		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Footwear - 0.6%
NIKE Inc., Class B		40,256		2,674,609


Gold - 0.1%
B2Gold Corp. (a)		162,039		442,366


Healthcare Distributors - 0.4%
Henry Schein Inc. (a)		24,752		1,663,582


Healthcare Equipment - 2.2%
Boston Scientific Corp. (a)		246,320		6,729,463
Hologic Inc. (a)		23,398		874,149
Medtronic PLC		27,879		2,236,453

				9,840,065


Healthcare Supplies - 0.6%
The Cooper Companies Inc.		10,907		2,495,631


Home Entertainment Software - 0.4%
Activision Blizzard Inc.		15,015		1,012,912
Electronic Arts Inc. (a)		7,101		860,925

				1,873,837


Home Improvement Retail - 1.0%
The Home Depot Inc.		23,972		4,272,769


Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		10,719		1,457,570


Hypermarkets & Super Centers - 0.3%
Walmart Inc.		14,159		1,259,726


Independent Power Producers & Energy Traders - 0.1%
NRG Energy Inc.		8,597		262,466


Industrial Conglomerates - 1.1%
Honeywell International Inc.		18,882		2,728,638
Roper Technologies Inc.		8,104		2,274,712

				5,003,350


Industrial Machinery - 2.3%
Ingersoll-Rand PLC		59,452		5,083,741
Xylem Inc.		71,395		5,491,703

				10,575,444


Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		16,480		1,361,083


Integrated Oil & Gas - 2.6%
Chevron Corp.		65,113		7,425,486


	Number of Shares		Fair Value $
Exxon Mobil Corp.		57,219		4,269,110

				11,694,596


Integrated Telecommunication Services - 0.4%
Verizon Communications Inc.		40,290		1,926,668


Internet & Direct Marketing Retail - 3.9%
Amazon.com Inc. (a)(l)		8,031		11,623,587
Booking Holdings Inc. (a)		1,703		3,542,904
Netflix Inc. (a)		8,559		2,527,901

				17,694,392


Internet Software & Services - 5.4%
Alphabet Inc., Class A (a)		9,634		9,991,807
Alphabet Inc., Class C (a)		5,672		5,852,313
Facebook Inc., Class A (a)		53,502		8,549,084

				24,393,204


Investment Banking & Brokerage - 2.9%
The Charles Schwab Corp.		117,560		6,138,983
The Goldman Sachs Group Inc.		27,889		7,024,124

				13,163,107


IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		8,515		1,307,053
International Business Machines Corp.		11,680		1,792,062

				3,099,115


Life & Health Insurance - 0.5%
Lincoln National Corp.		9,309		680,116
Prudential Financial Inc.		13,690		1,417,599

				2,097,715


Life Sciences Tools & Services - 0.9%
Illumina Inc. (a)		3,510		829,834
IQVIA Holdings Inc. (a)		19,804		1,942,970
Thermo Fisher Scientific Inc.		5,108		1,054,598

				3,827,402


Managed Healthcare - 1.5%
Humana Inc.		8,189		2,201,449
UnitedHealth Group Inc.		21,589		4,620,046

				6,821,495


Metal & Glass Containers - 0.2%
Ball Corp.		22,481		892,720


Movies & Entertainment - 2.0%
The Walt Disney Co.		69,240		6,954,466

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


State Street Institutional U.S. Equity Fund			5

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Time Warner Inc.		21,818		2,063,546

				9,018,012


Multi-Line Insurance - 0.2%
American International Group Inc.		13,556		737,718


Multi-Sector Holdings - 1.2%
Berkshire Hathaway Inc., Class B (a)		26,749		5,335,891


Multi-Utilities - 1.0%
Dominion Energy Inc.		10,344		697,496
Sempra Energy		36,062		4,010,816

				4,708,312


Oil & Gas Equipment & Services - 1.1%
Schlumberger Ltd.		79,235		5,132,843


Oil & Gas Exploration & Production - 1.5%
Concho Resources Inc. (a)		6,034		907,091
ConocoPhillips		23,854		1,414,304
Diamondback Energy Inc. (a)		20,058		2,537,738
EOG Resources Inc.		12,092		1,272,925
Pioneer Natural Resources Co.		4,001		687,292

				6,819,350


Oil & Gas Refining & Marketing - 0.3%
Valero Energy Corp.		14,175		1,315,015


Packaged Foods & Meats - 1.5%
Mondelez International Inc., Class A		105,064		4,384,321
The Kraft Heinz Co.		38,639		2,406,823

				6,791,144


Paper Packaging - 0.2%
Packaging Corporation of America		9,514		1,072,228


Pharmaceuticals - 4.9%
Allergan PLC		39,957		6,724,363
Johnson & Johnson		55,781		7,148,335
Mylan N.V. (a)		66,201		2,725,495
Pfizer Inc.		155,197		5,507,942

				22,106,135


Property & Casualty Insurance - 1.2%
Chubb Ltd.		37,154		5,081,553
The Allstate Corp.		2,863		271,412

				5,352,965


	Number of Shares		Fair Value $
Railroads - 0.5%
Union Pacific Corp.		16,266		2,186,638


Regional Banks - 1.5%
First Republic Bank		74,131		6,865,272


Research & Consulting Services - 0.1%
Verisk Analytics Inc. (a)		3,859		401,336


Restaurants - 1.5%
McDonald’s Corp.		13,353		2,088,142
Starbucks Corp.		79,962		4,629,000

				6,717,142


Semiconductor Equipment - 2.2%
Applied Materials Inc.		159,997		8,897,433
Lam Research Corp.		5,513		1,120,021

				10,017,454


Semiconductors - 3.0%
Broadcom Ltd.		36,551		8,613,243
Intel Corp.		39,148		2,038,828
NVIDIA Corp.		8,536		1,976,852
QUALCOMM Inc.		18,163		1,006,412

				13,635,335


Soft Drinks - 2.4%
PepsiCo Inc.		97,658		10,659,371


Specialized REITs - 2.9%
American Tower Corp.		49,701		7,223,543
Equinix Inc.		10,735		4,488,733
Extra Space Storage Inc.		13,027		1,138,039

				12,850,315


Specialty Chemicals - 1.2%
Albemarle Corp.		39,930		3,703,108
GCP Applied Technologies Inc. (a)		18,535		538,442
The Sherwin-Williams Co.		3,244		1,272,037

				5,513,587


Specialty Stores - 0.2%
Signet Jewelers Ltd.		7,165		275,996
Ulta Salon Cosmetics & Fragrance Inc. (a)		2,931		598,715

				874,711


Steel - 0.1%
Steel Dynamics Inc.		6,034		266,823

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


6		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Systems Software - 4.9%
Microsoft Corp.		183,080		16,709,712
Oracle Corp.		56,055		2,564,516
Proofpoint Inc. (a)		23,035		2,617,928

				21,892,156


Technology Hardware, Storage & Peripherals - 3.6%
Apple Inc.		93,510		15,689,108
Hewlett Packard Enterprise Co.		22,107		387,757

				16,076,865


Tobacco - 1.0%
Philip Morris International Inc.		46,101		4,582,439


Trading Companies & Distributors - 1.1%
United Rentals Inc. (a)		29,659		5,122,999


	Number of Shares		Fair Value $
Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		13,735		838,384


Total Common Stock (Cost $355,868,756)				434,333,875


Short-Term Investments - 3.6%
State Street Institutional U.S. Government Money Market Fund - Class G Shares (Cost $16,313,395) (d)(e)		16,313,395		16,313,395


Total Investments (Cost $372,182,151)				450,647,270

Other Assets and Liabilities, net - 0.0%				36,143


NET ASSETS - 100.0%				450,683,413

Other Information:

The Fund had the following long futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation

S&P 500 Emini Index Futures		June 2018		70		9,258,359	$	9,250,500	$	(7,859	)

During the period ended March 31, 2018, average notional value related to futures contracts was $3,025,862 or 0.7% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional U.S. Equity Fund	Investments in Securities
	Common Stock	$	434,333,875		$	—	$	—	$	434,333,875
	Short-Term Investments		16,313,395			—		—		16,313,395

	Total Investments in Securities	$	450,647,270		$	—	$	—	$	450,647,270


	Other Financial Instruments
	Long Futures Contracts - Unrealized Depreciation	$	(7,859	)	$	—	$	—	$	(7,859	)

Affiliate Table


	Number of Shares Held at 9/30/17		Value At 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		12,521,534	$	12,521,534	$	60,541,856	$	56,749,995	$	—	$	—		16,313,395	$	16,313,395	$	68,817

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


State Street Institutional U.S. Equity Fund			7

State Street Institutional Premier Growth Equity Fund

Understanding Your Fund’s Expenses — March 31, 2018 (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 October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,056.80	$	1,023.00
Expenses paid during the period*	$	1.95	$	1.92


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,055.90	$	1,021.80
Expenses paid during the period*	$	3.23	$	3.18

*	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 October 1, 2017-March 31, 2018), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


8		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Fund Information — March 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of March 31, 2018 (as a % of Fair Value) ^(a)(b)


Apple Inc.	5.93	%
Alphabet Inc., Class C	5.07	%
Microsoft Corp.	4.99	%
Visa Inc., Class A	4.97	%
Amazon.com Inc.	4.66	%
The Charles Schwab Corp.	4.48	%
United Rentals Inc.	4.17	%
CME Group Inc.	4.08	%
Facebook Inc., Class A	3.69	%
American Tower Corp.	3.51	%

Sector Allocation as of March 31, 2018

Portfolio composition as a % of Fair Value of $373,942 (in thousands) as of March 31, 2018 ^(a)(b)

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)


State Street Institutional Premier Growth Equity Fund			9

State Street Institutional Premier Growth Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Common Stock - 97.3%†
Application Software - 4.5%
Intuit Inc.		28,084		4,868,361
salesforce.com Inc. (a)		101,302		11,781,423

				16,649,784


Biotechnology - 6.4%
Alexion Pharmaceuticals Inc. (a)		92,275		10,284,972
Biogen Inc. (a)		19,900		5,449,018
Vertex Pharmaceuticals Inc. (a)		50,350		8,206,043

				23,940,033


Cable & Satellite - 6.8%
Charter Communications Inc., Class A (a)		30,491		9,489,409
Comcast Corp., Class A (l)		168,503		5,757,748
Liberty Global PLC, Class C (a)		326,975		9,949,849

				25,197,006


Data Processing & Outsourced Services - 5.0%
Visa Inc., Class A		155,464		18,596,604


Financial Exchanges & Data - 6.8%
CME Group Inc.		94,281		15,249,009
S&P Global Inc.		53,158		10,156,367

				25,405,376


Healthcare Distributors - 1.9%
Henry Schein Inc. (a)		104,514		7,024,386


Healthcare Equipment - 4.4%
Boston Scientific Corp. (a)		395,179		10,796,290
Medtronic PLC		72,215		5,793,088

				16,589,378


Healthcare Supplies - 2.2%
The Cooper Companies Inc.		35,105		8,032,375


Internet & Direct Marketing Retail - 4.7%
Amazon.com Inc. (a)		12,036		17,420,184


Internet Software & Services - 11.6%
Alibaba Group Holding Ltd. ADR (a)		34,102		6,259,081
Alphabet Inc., Class A (a)		4,212		4,368,434
Alphabet Inc., Class C (a)		18,366		18,949,855
Facebook Inc., Class A (a)		86,257		13,783,006

				43,360,376


Investment Banking & Brokerage - 4.5%
The Charles Schwab Corp.		320,957		16,760,375


	Number of Shares		Fair Value $
Movies & Entertainment - 2.0%
The Walt Disney Co.		74,932		7,526,170


Oil & Gas Equipment & Services - 1.7%
Schlumberger Ltd.		99,898		6,471,392


Pharmaceuticals - 2.9%
Allergan PLC		63,790		10,735,219


Regional Banks - 1.8%
First Republic Bank		71,212		6,594,943


Restaurants - 1.1%
Starbucks Corp.		71,815		4,157,370


Semiconductor Equipment - 3.4%
Applied Materials Inc.		230,688		12,828,560


Semiconductors - 2.6%
Broadcom Ltd.		41,725		9,832,496


Soft Drinks - 3.2%
PepsiCo Inc.		110,195		12,027,784


Specialized REITs - 3.5%
American Tower Corp.		90,269		13,119,697


Specialty Chemicals - 1.2%
Albemarle Corp.		47,342		4,390,497


Systems Software - 5.0%
Microsoft Corp.		204,612		18,674,937


Technology Hardware, Storage & Peripherals - 5.9%
Apple Inc.		132,234		22,186,221


Trading Companies & Distributors - 4.2%
United Rentals Inc. (a)		90,269		15,592,164


Total Common Stock (Cost $251,061,982)				363,113,327


Short-Term Investments - 2.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.62% (Cost $10,828,948) (d)(m)		10,828,948		10,828,948


Total Investments (Cost $261,890,930)				373,942,275

Liabilities in Excess of Other Assets, net - (0.2)%				(851,184	)


NET ASSETS - 100.0%				373,091,091

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


10		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)

Other Information:

The Fund had the following short futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation

S&P 500 Emini Index Futures		June 2018		10		(1,346,648	)	$	(1,321,500	)	$	25,148

During the period ended March 31, 2018, average notional value related to futures contracts was $1,726,882 or 0.5% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street Institutional Premier Growth Equity Fund	Investments in Securities
	Common Stock	$	363,113,327	$	—	$	—	$	363,113,327
	Short-Term Investments		10,828,948		—		—		10,828,948

	Total Investments in Securities	$	373,942,275	$	—	$	—	$	373,942,275


	Other Financial Instruments
	Short Futures Contracts - Unrealized Appreciation	$	25,148	$	—	$	—	$	25,148

Affiliate Table


	Number of Shares Held at 9/30/17		Value At 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		8,628,607	$	8,628,607	$	64,771,381	$	62,571,040	$	—	$	—		10,828,948	$	10,828,948	$	74,646

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


State Street Institutional Premier Growth Equity Fund			11

State Street Institutional Small-Cap Equity Fund

Understanding Your Fund’s Expenses — March 31, 2018 (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 October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,020.50	$	1,020.50
Expenses paid during the period*	$	4.43	$	4.43


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,018.60	$	1,019.30
Expenses paid during the period*	$	5.69	$	5.69

*	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 October 1, 2017-March 31, 2018), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


12		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Fund Information — March 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of March 31, 2018 (as a % of Fair Value) ^(a)(b)


John Wiley & Sons Inc., Class A	1.39	%
Blackbaud Inc.	1.15	%
Ritchie Bros Auctioneers Inc.	1.10	%
Integra LifeSciences Holdings Corp.	1.06	%
Actuant Corp., Class A	1.02	%
Woodward Inc.	0.97	%
Darling Ingredients Inc.	0.88	%
Prosperity Bancshares Inc.	0.88	%
New Relic Inc.	0.82	%
Sensient Technologies Corp.	0.82	%

Sector Allocation as of March 31, 2018

Portfolio composition as a % of Fair Value of $1,401,602 (in thousands) as of March 31, 2018 ^(a)(b)

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)


State Street Institutional Small-Cap Equity Fund			13

State Street Institutional Small-Cap Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Common Stock - 94.7%†
Aerospace & Defense - 0.7%
Esterline Technologies Corp. (a)		10,683		781,462
Teledyne Technologies Inc. (a)		47,202		8,834,798

				9,616,260


Agricultural & Farm Machinery - 0.5%
AGCO Corp. (l)		108,066		7,008,080


Agricultural Products - 0.9%
Darling Ingredients Inc. (a)		715,884		12,384,793


Air Freight & Logistics - 0.2%
Air Transport Services Group Inc. (a)		23,500		548,020
Forward Air Corp.		16,800		888,048
Hub Group Inc., Class A (a)		24,865		1,040,600

				2,476,668


Airlines - 0.0%*
Hawaiian Holdings Inc.		15,300		592,110


Aluminum - 0.0%*
Kaiser Aluminum Corp.		3,563		359,507


Apparel Retail - 0.7%
American Eagle Outfitters Inc.		30,087		599,634
Burlington Stores Inc. (a)		28,153		3,748,572
Chico’s FAS Inc.		52,118		471,147
Francesca’s Holdings Corp. (a)		46,800		224,640
The Buckle Inc.		172,640		3,823,976
The Children’s Place Inc.		8,000		1,082,000

				9,949,969


Apparel, Accessories & Luxury Goods - 0.5%
G-III Apparel Group Ltd. (a)		175,690		6,619,999


Application Software - 4.1%
ACI Worldwide Inc. (a)		350,025		8,302,593
Blackbaud Inc.		157,736		16,059,102
Blackline Inc. (a)		36,340		1,424,892
Fair Isaac Corp.		5,278		893,935
Guidewire Software Inc. (a)		74,000		5,981,420
Paylocity Holding Corp. (a)		71,892		3,683,027
PTC Inc. (a)		29,539		2,304,337
RealPage Inc. (a)		191,752		9,875,228
SS&C Technologies Holdings Inc.		159,613		8,561,641
Zix Corp. (a)		194,000		828,380

				57,914,555


	Number of Shares		Fair Value $
Asset Management & Custody Banks - 0.9%
BrightSphere Investment Group PLC		52,248		823,428
Cohen & Steers Inc.		29,342		1,193,046
Financial Engines Inc.		294,500		10,307,500

				12,323,974


Auto Parts & Equipment - 1.4%
American Axle & Manufacturing Holdings Inc. (a)		44,073		670,791
Cooper-Standard Holdings Inc. (a)		13,575		1,667,145
Gentherm Inc. (a)		26,665		905,277
LCI Industries		22,986		2,393,992
Standard Motor Products Inc.		61,033		2,903,340
Stoneridge Inc. (a)		69,944		1,930,454
Tenneco Inc.		155,701		8,543,314
Tower International Inc.		29,645		822,649

				19,836,962


Automobile Manufacturers - 0.6%
Thor Industries Inc.		60,258		6,939,914
Winnebago Industries Inc.		51,729		1,945,010

				8,884,924


Automotive Retail - 1.1%
America’s Car-Mart Inc. (a)		26,841		1,354,129
Asbury Automotive Group Inc. (a)		12,882		869,535
Group 1 Automotive Inc.		56,124		3,667,142
Murphy USA Inc. (a)		121,780		8,865,584

				14,756,390


Biotechnology - 0.7%
Eagle Pharmaceuticals Inc. (a)		20,500		1,080,145
Repligen Corp. (a)		222,032		8,033,118

				9,113,263


Brewers - 0.4%
Craft Brew Alliance Inc. (a)		38,761		720,955
The Boston Beer Company Inc., Class A (a)		28,500		5,387,925

				6,108,880


Building Products - 0.7%
American Woodmark Corp. (a)(l)		12,059		1,187,208
Apogee Enterprises Inc.		15,182		658,140
Builders FirstSource Inc. (a)		116,951		2,320,308
Continental Building Products Inc. (a)		22,758		649,741

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


14		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Masonite International Corp. (a)		7,116		436,566
NCI Building Systems Inc. (a)		50,320		890,664
Trex Company Inc. (a)		12,319		1,339,938
Universal Forest Products Inc.		61,293		1,988,958

				9,471,523


Commercial Printing - 0.2%
Brady Corp., Class A		59,000		2,191,850
Deluxe Corp.		12,604		932,822
LSC Communications Inc.		19,109		333,452

				3,458,124


Commodity Chemicals - 0.2%
AdvanSix Inc. (a)(l)		32,172		1,118,942
Koppers Holdings Inc. (a)		19,239		790,723
Trinseo S.A.		18,854		1,396,139

				3,305,804


Communications Equipment - 0.3%
ADTRAN Inc. (l)		51,094		794,512
Ciena Corp. (a)		35,956		931,260
Extreme Networks Inc. (a)		88,100		975,267
Lumentum Holdings Inc. (a)		16,275		1,038,345
Plantronics Inc.		7,377		445,350

				4,184,734


Construction & Engineering - 1.0%
Aegion Corp. (a)(l)		338,438		7,753,615
Argan Inc.		14,799		635,617
Dycom Industries Inc. (a)		45,156		4,860,140
EMCOR Group Inc.		11,477		894,403

				14,143,775


Construction Machinery & Heavy Trucks - 1.8%
Alamo Group Inc.		16,729		1,838,517
Astec Industries Inc.		31,566		1,741,812
Federal Signal Corp.		464,420		10,226,528
The Greenbrier Companies Inc.		15,755		791,689
Trinity Industries Inc.		283,633		9,254,945
Wabash National Corp.		78,241		1,628,195

				25,481,686


Construction Materials - 0.1%
Summit Materials Inc., Class A (a)		39,991		1,210,927


Consumer Finance - 0.1%
Enova International Inc. (a)		78,662		1,734,497


Data Processing & Outsourced Services - 1.3%
Broadridge Financial Solutions Inc.		77,213		8,469,494


	Number of Shares		Fair Value $
Cass Information Systems Inc.		9,541		567,785
CoreLogic Inc. (a)		128,776		5,824,539
Everi Holdings Inc. (a)		122,328		803,695
EVERTEC Inc.		48,618		794,904
MAXIMUS Inc.		13,752		917,808
Travelport Worldwide Ltd.		62,256		1,017,263

				18,395,488


Distributors - 0.5%
LKQ Corp. (a)		197,666		7,501,425


Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		61,479		3,707,184
Materion Corp.		12,549		640,626

				4,347,810


Diversified Real Estate Activities - 0.1%
The RMR Group Inc., Class A		11,700		818,415


Diversified REITs - 0.1%
American Assets Trust Inc.		19,652		656,573
Gramercy Property Trust		45,842		996,147

				1,652,720


Diversified Support Services - 2.0%
Healthcare Services Group Inc.		229,304		9,970,138
Ritchie Bros Auctioneers Inc.		492,328		15,493,562
UniFirst Corp.		7,420		1,199,443
Viad Corp.		17,416		913,469

				27,576,612


Education Services - 0.4%
Grand Canyon Education Inc. (a)		10,200		1,070,184
K12 Inc. (a)		349,262		4,952,535

				6,022,719


Electric Utilities - 0.8%
ALLETE Inc.		14,637		1,057,523
IDACORP Inc.		112,172		9,901,423
Spark Energy Inc., Class A		45,400		537,990

				11,496,936


Electrical Components & Equipment - 0.2%
Atkore International Group Inc. (a)		32,155		638,277
EnerSys		13,756		954,254
Regal Beloit Corp.		21,441		1,572,697

				3,165,228

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


State Street Institutional Small-Cap Equity Fund			15

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Electronic Components - 0.8%
Belden Inc.		20,092		1,385,142
Littelfuse Inc.		40,176		8,363,840
Vishay Intertechnology Inc.		59,032		1,097,995

				10,846,977


Electronic Equipment & Instruments - 0.9%
Control4 Corp. (a)		60,392		1,297,220
National Instruments Corp.		49,227		2,489,410
VeriFone Systems Inc. (a)		289,166		4,447,373
Zebra Technologies Corp., Class A (a)		32,763		4,560,282

				12,794,285


Electronic Manufacturing Services - 0.3%
Benchmark Electronics Inc.		14,230		424,765
KEMET Corp. (a)		44,961		815,143
Methode Electronics Inc.		17,754		694,181
Plexus Corp. (a)		26,157		1,562,358
TTM Technologies Inc. (a)		69,417		1,061,386

				4,557,833


Environmental & Facilities Services - 0.8%
Casella Waste Systems Inc., Class A (a)		32,100		750,498
Clean Harbors Inc. (a)		211,737		10,334,883

				11,085,381


Food Distributors - 0.6%
Performance Food Group Co. (a)		170,949		5,102,828
SpartanNash Co.		219,628		3,779,798

				8,882,626


Food Retail - 0.1%
Casey’s General Stores Inc.		9,640		1,058,183
Sprouts Farmers Market Inc. (a)		43,000		1,009,210

				2,067,393


Footwear - 1.0%
Deckers Outdoor Corp. (a)		56,605		5,096,148
Wolverine World Wide Inc.		321,853		9,301,552

				14,397,700


Forest Products - 0.1%
Boise Cascade Co.		29,281		1,130,246
Louisiana-Pacific Corp.		32,444		933,414

				2,063,660


Gas Utilities - 0.1%
South Jersey Industries Inc.		54,981		1,548,265


	Number of Shares		Fair Value $
Spire Inc.		5,702		412,255

				1,960,520


General Merchandise Stores - 0.1%
Big Lots Inc.		16,039		698,178


Health Care REITs - 0.0%*
CareTrust REIT Inc.		33,950		454,930


Healthcare Distributors - 0.0%*
Owens & Minor Inc.		22,353		347,589


Healthcare Equipment - 5.2%
Cantel Medical Corp.		22,000		2,451,020
Cardiovascular Systems Inc. (a)		288,500		6,326,805
CONMED Corp.		143,000		9,056,190
Hill-Rom Holdings Inc.		129,584		11,273,808
Insulet Corp. (a)		111,000		9,621,480
Integra LifeSciences Holdings Corp. (a)		267,200		14,786,848
LivaNova PLC (a)		10,741		950,578
Masimo Corp. (a)		33,500		2,946,325
Natus Medical Inc. (a)		11,689		393,335
NuVasive Inc. (a)		180,000		9,397,800
Orthofix International N.V. (a)		15,951		937,600
Penumbra Inc. (a)		42,200		4,880,430

				73,022,219


Healthcare Facilities - 0.5%
Acadia Healthcare Company Inc. (a)(l)		120,456		4,719,466
Encompass Health Corp.		15,162		866,812
Select Medical Holdings Corp. (a)		54,053		932,414

				6,518,692


Healthcare Services - 1.4%
Addus HomeCare Corp. (a)		13,400		651,910
Amedisys Inc. (a)		18,800		1,134,392
AMN Healthcare Services Inc. (a)		22,588		1,281,869
BioTelemetry Inc. (a)		95,360		2,960,928
Chemed Corp.		3,520		960,467
Diplomat Pharmacy Inc. (a)		172,908		3,484,096
LHC Group Inc. (a)		13,200		812,592
MEDNAX Inc. (a)		114,477		6,368,356
RadNet Inc. (a)		87,000		1,252,800

				18,907,410


Healthcare Supplies - 1.0%
Endologix Inc. (a)		357,819		1,513,574
Halyard Health Inc. (a)		83,500		3,847,680

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


16		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

ICU Medical Inc. (a)		25,000		6,310,000
Lantheus Holdings Inc. (a)		55,100		876,090
Merit Medical Systems Inc. (a)		27,817		1,261,501

				13,808,845


Healthcare Technology - 1.9%
HMS Holdings Corp. (a)		364,403		6,136,546
Medidata Solutions Inc. (a)		129,500		8,133,895
Omnicell Inc. (a)		178,247		7,735,920
Quality Systems Inc. (a)		3,983		54,368
Teladoc Inc. (a)		98,000		3,949,400

				26,010,129


Home Building - 0.4%
KB Home		32,345		920,215
LGI Homes Inc. (a)		19,245		1,358,120
Taylor Morrison Home Corp., Class A (a)		35,212		819,735
TopBuild Corp. (a)		40,303		3,083,986

				6,182,056


Home Furnishing Retail - 0.6%
Aaron’s Inc. (l)		147,533		6,875,038
RH (a)		11,031		1,051,033

				7,926,071


Home Furnishings - 0.1%
Tempur Sealy International Inc. (a)		15,932		721,560


Hotel & Resort REITs - 0.4%
Ashford Hospitality Trust Inc.		66,985		432,723
Chatham Lodging Trust		33,984		650,794
LaSalle Hotel Properties		22,870		663,459
RLJ Lodging Trust		210,267		4,087,590

				5,834,566


Hotels, Resorts & Cruise Lines - 0.9%
Extended Stay America Inc.		416,987		8,243,833
ILG Inc.		118,478		3,685,851

				11,929,684


Household Appliances - 0.7%
Helen of Troy Ltd. (a)		109,954		9,565,998


Household Products - 0.0%*
Energizer Holdings Inc.		1,808		107,721


Housewares & Specialties - 0.0%*
Tupperware Brands Corp.		9,453		457,336


	Number of Shares		Fair Value $
Human Resource & Employment Services - 0.3%
Insperity Inc.		24,977		1,737,150
Kforce Inc.		33,400		903,470
TriNet Group Inc. (a)		24,635		1,141,093
TrueBlue Inc. (a)		30,114		779,953

				4,561,666


Industrial Machinery - 7.3%
Actuant Corp., Class A (l)		612,842		14,248,576
Altra Industrial Motion Corp. (l)		31,701		1,456,661
Barnes Group Inc.		116,022		6,948,558
Crane Co.		52,971		4,912,531
Franklin Electric Company Inc.		25,310		1,031,382
Harsco Corp. (a)		22,669		468,115
Hillenbrand Inc.		20,253		929,613
John Bean Technologies Corp.		35,500		4,025,700
Kennametal Inc.		25,073		1,006,932
LB Foster Co., Class A (a)		29,830		702,497
Lydall Inc. (a)		144,500		6,972,125
Mueller Industries Inc.		174,752		4,571,512
Nordson Corp.		21,771		2,968,258
Standex International Corp.		72,500		6,912,875
The Gorman-Rupp Co.		11,000		321,750
The Timken Co.		213,902		9,753,931
TriMas Corp. (a)		201,400		5,286,750
Watts Water Technologies Inc., Class A		64,149		4,984,377
Welbilt Inc. (a)		534,900		10,403,805
Woodward Inc.		190,240		13,632,598

				101,538,546


Industrial REITs - 0.2%
Rexford Industrial Realty Inc.		50,552		1,455,392
STAG Industrial Inc.		51,230		1,225,422

				2,680,814


Internet Software & Services - 3.6%
Care.com Inc. (a)		51,430		836,766
Cornerstone OnDemand Inc. (a)		210,329		8,225,967
LogMeIn Inc.		89,000		10,283,950
MINDBODY Inc., Class A (a)		45,100		1,754,390
New Relic Inc. (a)		154,500		11,451,540
NIC Inc.		276,330		3,675,189
Okta Inc. (a)		178,500		7,113,225
Q2 Holdings Inc. (a)		91,000		4,145,050
Stamps.com Inc. (a)		4,700		944,935
The Meet Group Inc. (a)		87,600		183,084
Web.com Group Inc. (a)		41,100		743,910
Yext Inc. (a)		53,500		676,775

				50,034,781

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


State Street Institutional Small-Cap Equity Fund			17

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Investment Banking & Brokerage - 1.1%
BGC Partners Inc., Class A		68,600		922,670
Evercore Inc., Class A		9,906		863,803
Greenhill & Company Inc.		36,723		679,375
Houlihan Lokey Inc.		32,183		1,435,362
Piper Jaffray Cos.		20,740		1,722,457
Raymond James Financial Inc.		86,563		7,739,598
Stifel Financial Corp.		23,794		1,409,319

				14,772,584


IT Consulting & Other Services - 0.2%
Perficient Inc. (a)		40,489		928,008
Science Applications International Corp.		10,765		848,282
The Hackett Group Inc.		46,800		751,608

				2,527,898


Leisure Products - 0.9%
Brunswick Corp.		21,903		1,300,819
Malibu Boats Inc., Class A (a)		24,800		823,608
MCBC Holdings Inc. (a)		41,900		1,055,880
Polaris Industries Inc.		85,868		9,833,604

				13,013,911


Life & Health Insurance - 0.1%
Trupanion Inc. (a)		37,400		1,117,886


Life Sciences Tools & Services - 1.8%
Bruker Corp.		162,349		4,857,482
Cambrex Corp. (a)		27,667		1,446,984
ICON PLC (a)		74,072		8,750,866
PRA Health Sciences Inc. (a)		14,300		1,186,328
Syneos Health Inc. (a)		246,782		8,760,761

				25,002,421


Managed Healthcare - 0.9%
Centene Corp. (a)		76,899		8,218,196
HealthEquity Inc. (a)		47,700		2,887,758
Magellan Health Inc. (a)		19,229		2,059,426

				13,165,380


Marine - 0.1%
Kirby Corp. (a)		14,350		1,104,233
Matson Inc.		25,919		742,320

				1,846,553


Multi-Line Insurance - 0.4%
Horace Mann Educators Corp. (l)		97,947		4,187,234
National General Holdings Corp.		37,300		906,763

				5,093,997


	Number of Shares		Fair Value $
Multi-Utilities - 0.1%
Black Hills Corp.		25,763		1,398,931


Office REITs - 0.7%
Brandywine Realty Trust		80,504		1,278,404
Corporate Office Properties Trust		22,362		577,610
Cousins Properties Inc.		866,104		7,517,783

				9,373,797


Office Services & Supplies - 0.6%
Herman Miller Inc.		24,500		782,775
HNI Corp.		19,347		698,233
Knoll Inc.		32,085		647,796
MSA Safety Inc.		68,900		5,735,236
Steelcase Inc., Class A		50,044		680,599

				8,544,639


Oil & Gas Drilling - 0.1%
Nabors Industries Ltd.		108,694		759,771


Oil & Gas Equipment & Services - 0.9%
C&J Energy Services Inc. (a)		47,132		1,216,948
Dril-Quip Inc. (a)		44,675		2,001,440
Forum Energy Technologies Inc. (a)		200,479		2,205,269
Natural Gas Services Group Inc. (a)		31,070		741,020
Oil States International Inc. (a)		234,794		6,151,603

				12,316,280


Oil & Gas Exploration & Production - 1.6%
Callon Petroleum Co. (a)		147,692		1,955,442
Carrizo Oil & Gas Inc. (a)		191,605		3,065,680
Newfield Exploration Co. (a)		408,149		9,966,999
PDC Energy Inc. (a)		20,688		1,014,333
Ring Energy Inc. (a)		91,820		1,317,617
SM Energy Co.		278,480		5,020,994

				22,341,065


Oil & Gas Refining & Marketing - 0.1%
Par Pacific Holdings Inc. (a)		55,800		958,086


Packaged Foods & Meats - 1.8%
B&G Foods Inc.		271,500		6,434,550
Cal-Maine Foods Inc. (a)		26,204		1,145,115
Hostess Brands Inc. (a)		37,200		550,188
J&J Snack Foods Corp.		18,500		2,526,360
Sanderson Farms Inc.		46,036		5,479,204
The Simply Good Foods Co. (a)		239,700		3,291,081
TreeHouse Foods Inc. (a)		154,500		5,912,715

				25,339,213

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


18		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Paper Packaging - 0.2%
Packaging Corporation of America		18,763		2,114,590


Paper Products - 0.1%
Neenah Inc.		18,025		1,413,160


Personal Products - 0.5%
elf Beauty Inc. (a)		286,000		5,539,820
USANA Health Sciences Inc. (a)		11,958		1,027,192

				6,567,012


Pharmaceuticals - 2.1%
Catalent Inc. (a)		195,518		8,027,969
Corcept Therapeutics Inc. (a)		83,137		1,367,604
Depomed Inc. (a)		33,300		219,447
Horizon Pharma PLC (a)		61,500		873,300
Innoviva Inc. (a)		56,900		948,523
Phibro Animal Health Corp., Class A		26,500		1,052,050
Prestige Brands Holdings Inc. (a)		293,992		9,913,410
Supernus Pharmaceuticals Inc. (a)		159,600		7,309,680

				29,711,983


Property & Casualty Insurance - 2.1%
AMERISAFE Inc.		81,373		4,495,858
Argo Group International Holdings Ltd.		181,684		10,428,662
Atlas Financial Holdings Inc. (a)		23,001		238,060
James River Group Holdings Ltd.		12,100		429,187
RLI Corp.		65,870		4,175,499
The Navigators Group Inc.		154,500		8,906,925
Universal Insurance Holdings Inc.		13,835		441,337

				29,115,528


Publishing - 1.4%
John Wiley & Sons Inc., Class A		305,100		19,434,870


Railroads - 0.6%
Genesee & Wyoming Inc., Class A (a)		124,003		8,778,172


Regional Banks - 9.4%
1st Source Corp.		18,805		951,909
BankUnited Inc.		10,707		428,066


	Number of Shares		Fair Value $
Banner Corp.		26,523		1,471,761
Bryn Mawr Bank Corp.		97,500		4,285,125
Camden National Corp.		21,651		963,470
Cathay General Bancorp		23,187		927,016
Chemical Financial Corp.		28,461		1,556,247
Columbia Banking System Inc.		23,209		973,618
Community Bank System Inc.		112,500		6,025,500
Cullen/Frost Bankers Inc.		64,431		6,834,196
CVB Financial Corp.		260,500		5,897,720
Enterprise Financial Services Corp.		25,378		1,190,228
Equity Bancshares Inc., Class A (a)		17,457		683,616
FCB Financial Holdings Inc., Class A (a)		14,535		742,739
First Financial Bankshares Inc.		79,000		3,657,700
First Interstate BancSystem Inc., Class A		37,719		1,491,786
Fulton Financial Corp.		363,481		6,451,788
German American Bancorp Inc.		104,500		3,485,075
Great Southern Bancorp Inc.		9,012		450,149
Home BancShares Inc.		65,229		1,487,874
IBERIABANK Corp.		99,163		7,734,714
Independent Bank Corp.		74,000		5,294,700
Lakeland Financial Corp.		12,367		571,726
LegacyTexas Financial Group Inc.		47,299		2,025,343
Pinnacle Financial Partners Inc.		22,057		1,416,059
Prosperity Bancshares Inc.		170,090		12,353,637
Renasant Corp.		238,952		10,169,797
Sandy Spring Bancorp Inc.		9,487		367,716
Simmons First National Corp., Class A		41,410		1,178,115
South State Corp.		7,217		615,610
Stock Yards Bancorp Inc.		91,000		3,194,100
Texas Capital Bancshares Inc. (a)		12,048		1,083,115
UMB Financial Corp.		119,900		8,679,561
Umpqua Holdings Corp.		76,641		1,640,884
Union Bankshares Corp.		32,857		1,206,180
United Community Banks Inc.		32,815		1,038,595
Washington Trust Bancorp Inc.		90,000		4,837,500
Westamerica Bancorporation		110,158		6,397,977
Western Alliance Bancorp (a)		163,959		9,527,658
Wintrust Financial Corp.		22,732		1,956,089

				131,244,659


Reinsurance - 0.0%*
Maiden Holdings Ltd.		62,953		409,194


Research & Consulting Services - 0.3%
Resources Connection Inc.		281,360		4,558,032

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


State Street Institutional Small-Cap Equity Fund			19

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Residential REITs - 0.5%
Education Realty Trust Inc.		226,413		7,415,026


Restaurants - 1.5%
BJ’s Restaurants Inc.		20,100		902,490
Brinker International Inc.		22,235		802,683
Cracker Barrel Old Country Store Inc.		19,402		3,088,798
Dave & Buster’s Entertainment Inc. (a)		13,100		546,794
El Pollo Loco Holdings Inc. (a)		151,500		1,439,250
Papa John’s International Inc.		79,000		4,526,700
Red Robin Gourmet Burgers Inc. (a)		16,787		973,646
Ruth’s Hospitality Group Inc.		63,915		1,562,722
Texas Roadhouse Inc.		89,090		5,147,620
The Cheesecake Factory Inc.		54,007		2,604,218

				21,594,921


Retail REITs - 0.0%*
Retail Opportunity Investments Corp.		36,152		638,806


Security & Alarm Services - 0.8%
The Brink’s Co.		147,090		10,494,871


Semiconductor Equipment - 0.8%
Advanced Energy Industries Inc. (a)(l)		16,700		1,067,130
Amkor Technology Inc. (a)		83,600		846,868
Brooks Automation Inc.		38,829		1,051,489
Entegris Inc.		26,700		929,160
FormFactor Inc. (a)		55,100		752,115
Ichor Holdings Ltd. (a)		22,400		542,304
MKS Instruments Inc.		13,000		1,503,450
Rudolph Technologies Inc. (a)		120,737		3,344,415
Ultra Clean Holdings Inc. (a)		40,400		777,700
Versum Materials Inc.		18,095		680,915

				11,495,546


Semiconductors - 0.6%
Cirrus Logic Inc. (a)		13,900		564,757
Semtech Corp. (a)		156,533		6,112,614
SMART Global Holdings Inc. (a)		28,200		1,405,488

				8,082,859


Specialized REITs - 0.4%
CoreSite Realty Corp.		34,061		3,414,956
PotlatchDeltic Corp.		30,934		1,610,115

				5,025,071


	Number of Shares		Fair Value $
Specialty Chemicals - 3.9%
Ferro Corp. (a)		49,773		1,155,729
HB Fuller Co.		229,802		11,428,054
Ingevity Corp. (a)		78,834		5,809,277
Innospec Inc.		89,000		6,105,400
KMG Chemicals Inc.		26,353		1,579,862
Minerals Technologies Inc.		13,924		932,212
PolyOne Corp.		196,869		8,370,870
PQ Group Holdings Inc. (a)		23,763		331,969
Quaker Chemical Corp.		53,554		7,932,954
Sensient Technologies Corp.		162,231		11,450,264

				55,096,591


Specialty Stores - 0.2%
Hibbett Sports Inc. (a)		84,000		2,011,800
Sally Beauty Holdings Inc. (a)		51,749		851,271

				2,863,071


Steel - 0.4%
Carpenter Technology Corp.		33,505		1,478,241
Commercial Metals Co.		173,956		3,559,140
Worthington Industries Inc.		18,635		799,814

				5,837,195


Systems Software - 1.9%
CommVault Systems Inc. (a)		158,000		9,037,600
Progress Software Corp.		23,300		895,885
Qualys Inc. (a)		146,500		10,657,875
Talend S.A. ADR (a)		101,400		4,879,368
VASCO Data Security International Inc. (a)		52,640		681,688

				26,152,416


Technology Distributors - 0.3%
ePlus Inc. (a)		10,700		831,390
SYNNEX Corp.		8,326		985,799
Tech Data Corp. (a)		22,032		1,875,584

				3,692,773


Technology Hardware, Storage & Peripherals - 1.0%
Diebold Nixdorf Inc.		483,711		7,449,149
Pure Storage Inc., Class A (a)		323,000		6,443,850

				13,892,999


Thrifts & Mortgage Finance - 0.4%
Dime Community Bancshares Inc.		33,857		622,969
Essent Group Ltd. (a)		24,485		1,042,081
HomeStreet Inc. (a)		25,421		728,312
Kearny Financial Corp.		28,060		364,780
NMI Holdings Inc., Class A (a)		44,500		736,475

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


20		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Walker & Dunlop Inc.		18,395		1,093,031
Washington Federal Inc.		23,209		803,031

				5,390,679


Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		31,341		918,291


Trading Companies & Distributors - 0.8%
Applied Industrial Technologies Inc.		128,557		9,371,805
BMC Stock Holdings Inc. (a)		41,100		803,505
CAI International Inc. (a)		26,077		554,397
GMS Inc. (a)		24,961		762,808

				11,492,515


Trucking - 0.9%
Marten Transport Ltd.		33,977		774,676
Old Dominion Freight Line Inc.		64,649		9,501,463
Saia Inc. (a)		25,175		1,891,901

				12,168,040


	Number of Shares		Fair Value $
Water Utilities - 0.0%*
SJW Group		10,232		539,329


Total Common Stock (Cost $1,007,261,237)				1,325,590,534


Short-Term Investments - 5.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.62% (Cost $76,011,292) (d)(m)		76,011,292		76,011,292


Total Investments (Cost $1,083,272,529)				1,401,601,826

Liabilities in Excess of Other Assets, net - (0.2)%				(2,245,130	)


NET ASSETS - 100.0%				1,399,356,696

Other Information:

The Fund had the following long futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation

CME E-mini Russell 2000 Index Futures		June 2018		304		23,762,690	$	23,274,240	$	(488,450	)

During the period ended March 31, 2018, average notional value related to futures contracts was $22,827,211 or 1.6% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional Small-Cap Equity Fund	Investments in Securities†
	Common Stock	$	1,325,590,534		$	—	$	—	$	1,325,590,534
	Short-Term Investments		76,011,292			—		—		76,011,292

	Total Investments in Securities	$	1,401,601,826		$	—	$	—	$	1,401,601,826


	Other Financial Instruments*
	Long Futures Contracts - Unrealized Depreciation	$	(488,450	)	$	—	$	—	$	(488,450	)

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


State Street Institutional Small-Cap Equity Fund			21

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)

Affiliate Table


	Number of Shares Held at 9/30/17		Value At 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income

State Street Institutional U.S. Government Money Market Fund - Class G Shares		78,324,730	$	78,324,730	$	463,014,238	$	465,327,676	$	—	$	—		76,011,292	$	76,011,292	$	493,007

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


22		State Street Institutional Small-Cap Equity Fund

State Street Institutional International Equity Fund

Performance Summary — March 31, 2018 (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 October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,032.00	$	1,022.10
Expenses paid during the period*	$	2.89	$	2.87


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	1,031.00	$	1,020.80
Expenses paid during the period*	$	4.15	$	4.13

*	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 October 1, 2017-March 31, 2018), 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			23

State Street Institutional International Equity Fund

Fund Information — March 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of March 31, 2018 (as a % of Fair Value) ^(a)(b)


Nestle S.A.	3.19	%
ASML Holding N.V.	2.67	%
BNP Paribas S.A.	2.34	%
Vodafone Group PLC	2.30	%
Roche Holding AG	2.28	%
Mitsubishi UFJ Financial Group Inc.	2.27	%
AIA Group Ltd.	2.20	%
Komatsu Ltd.	2.18	%
Bayer AG	2.17	%
BHP Billiton PLC	2.17	%

Regional Allocation as of March 31, 2018

Portfolio composition as a % of Fair Value of $1,205,203 (in thousands) as of March 31, 2018 ^(a)(b)

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)


24		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Common Stock - 96.3%†
Australia - 0.7%
Suncorp Group Ltd. (k)		778,724		8,020,882


Belgium - 2.1%
Anheuser-Busch InBev S.A. (k)		226,202		24,858,055


Canada - 1.2%
Brookfield Asset Management Inc., Class A (l)		144,589		5,632,158
Cenovus Energy Inc. (l)		479,163		4,077,113
Seven Generations Energy Ltd., Class A (a)		414,881		5,148,804

				14,858,075


China - 1.6%
NetEase Inc. ADR		18,911		5,302,455
New Oriental Education & Technology Group Inc. ADR		161,524		14,157,579

				19,460,034


France - 12.3%
Air Liquide S.A. (k)		137,102		16,816,622
Airbus SE (k)		170,271		19,700,580
AXA S.A. (l)(k)		681,149		18,098,167
BNP Paribas S.A. (k)		380,522		28,206,029
Schneider Electric SE (k)		291,205		25,631,417
Valeo S.A. (k)		303,534		20,069,022
Vivendi S.A. (k)		803,644		20,832,188

				149,354,025


Germany - 12.0%
Bayer AG (k)		232,273		26,172,240
Fresenius SE & Company KGaA (k)		142,755		10,910,416
HeidelbergCement AG (k)		167,103		16,408,528
Infineon Technologies AG (k)		698,539		18,776,815
KION Group AG (k)		184,155		17,184,450
SAP SE (k)		245,837		25,795,829
Wacker Chemie AG (k)		99,050		16,269,255
Zalando SE (a)(k)		253,608		13,832,307

				145,349,840


Hong Kong - 2.2%
AIA Group Ltd. (k)		3,112,602		26,608,117


India - 2.5%
ICICI Bank Ltd. (k)		3,772,333		16,371,298
Power Grid Corporation of India Ltd. (k)		4,455,806		13,278,034

				29,649,332


	Number of Shares		Fair Value $
Ireland - 1.2%
Kerry Group PLC, Class A (l)		147,693		14,967,161


Italy - 1.6%
Intesa Sanpaolo S.p.A. (k)		5,422,814		19,734,858


Japan - 26.8%
Daikin Industries Ltd. (k)		231,800		25,764,701
FANUC Corp. (k)		88,049		22,671,399
Hoya Corp. (k)		407,700		20,604,642
Kao Corp. (k)		313,300		23,532,675
Keyence Corp. (k)		29,600		18,499,433
Komatsu Ltd. (k)		785,600		26,330,382
Mitsubishi UFJ Financial Group Inc. (k)		4,119,700		27,392,103
Mitsui Fudosan Company Ltd. (k)		835,825		20,188,293
Murata Manufacturing Company Ltd. (k)		161,179		22,259,389
Nidec Corp. (k)		148,974		22,940,240
Secom Company Ltd. (k)		216,100		16,104,574
Sekisui House Ltd. (k)		1,047,800		19,182,345
Shimano Inc. (k)		101,800		14,697,972
SoftBank Group Corp. (k)		205,501		15,336,506
Subaru Corp. (k)		541,600		17,937,726
Tokio Marine Holdings Inc. (k)		230,406		10,452,667

				323,895,047


Netherlands - 4.7%
ASML Holding N.V. (k)		162,503		32,207,586
ING Groep N.V. (k)		1,450,009		24,457,272

				56,664,858


Norway - 2.1%
Statoil ASA (k)		1,085,992		25,663,434


Portugal - 1.4%
Galp Energia SGPS S.A. (k)		886,328		16,706,851


South Africa - 0.5%
Naspers Ltd., Class N (k)		23,126		5,654,453


Spain - 1.0%
Banco Bilbao Vizcaya Argentaria S.A. (l)(k)		1,571,286		12,437,838


Sweden - 3.4%
Assa Abloy AB, Class B (k)		1,020,644		22,056,863
Hexagon AB, Class B (k)		315,763		18,791,297

				40,848,160

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


State Street Institutional International Equity Fund			25

State Street Institutional International Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Number of Shares		Fair Value $

Switzerland - 6.8%
Givaudan S.A. (k)		7,373		16,792,234
Nestle S.A. (k)		487,874		38,497,856
Roche Holding AG (k)		119,775		27,430,119

				82,720,209


Taiwan - 1.4%
Taiwan Semiconductor Manufacturing Company Ltd. (k)		1,997,548		16,919,628


United Kingdom - 10.8%
BHP Billiton PLC (k)		1,323,490		26,152,674
Prudential PLC (k)		929,591		23,225,922
Shire PLC (k)		381,593		18,989,102
Smith & Nephew PLC (k)		893,712		16,716,271
Smiths Group PLC (k)		865,099		18,399,183


	Number of Shares		Fair Value $
Vodafone Group PLC (k)		10,124,343		27,696,553

				131,179,705


Total Common Stock (Cost $941,057,203)				1,165,550,562


Short-Term Investments - 3.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.62% (Cost $39,652,079) (d)(e)		39,652,079		39,652,079


Total Investments (Cost $980,709,282)				1,205,202,641

Other Assets and Liabilities, net - 0.4%				4,301,488


NET ASSETS - 100.0%				1,209,504,129

Other Information:

The Fund had the following long futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation

MSCI EAFE Mini Index Futures		June 2018		79		8,006,276	$	7,902,370	$	(103,906	)

During the period ended March 31, 2018, average notional value related to futures contracts was $9,653,864 or 0.8% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional International Equity Fund	Investments in Securities
	Common Stock	$	49,285,270		$	1,116,265,292	$	—	$	1,165,550,562
	Short-Term Investments		39,652,079			—		—		39,652,079

	Total Investments in Securities	$	88,937,349		$	1,116,265,292	$	—	$	1,205,202,641


	Other Financial Instruments
	Long Futures Contracts - Unrealized Depreciation	$	(103,906	)	$	—	$	—	$	(103,906	)

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


26		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)

The Fund was invested in the following sectors at March 31, 2018 (unaudited):


Sector	Percentage (based on Fair Value)

Diversified Banks		10.67%
Pharmaceuticals		4.45%
Packaged Foods & Meats		4.44%
Life & Health Insurance		4.13%
Electrical Components & Equipment		4.03%
Building Products		3.97%
Integrated Oil & Gas		3.85%
Construction Machinery & Heavy Trucks		3.61%
Wireless Telecommunication Services		3.57%
Electronic Equipment & Instruments		3.09%
Semiconductors		2.96%
Specialty Chemicals		2.74%
Semiconductor Equipment		2.67%
Diversified Metals & Mining		2.17%
Application Software		2.14%
Brewers		2.06%
Personal Products		1.95%
Industrial Machinery		1.88%
Electronic Components		1.85%
Movies & Entertainment		1.73%
Healthcare Supplies		1.71%
Diversified Real Estate Activities		1.67%
Auto Parts & Equipment		1.67%
Aerospace & Defense		1.63%
Home Building		1.59%


Sector	Percentage (based on Fair Value)

Biotechnology		1.58%
Property & Casualty Insurance		1.53%
Industrial Conglomerates		1.53%
Multi-Line Insurance		1.50%
Automobile Manufacturers		1.49%
Industrial Gases		1.40%
Healthcare Equipment		1.39%
Construction Materials		1.36%
Security & Alarm Services		1.34%
Leisure Products		1.22%
Education Services		1.17%
Internet & Direct Marketing Retail		1.15%
Electric Utilities		1.10%
Healthcare Services		0.91%
Cable & Satellite		0.47%
Asset Management & Custody Banks		0.47%
Internet Software & Services		0.44%
Oil & Gas Exploration & Production		0.43%

		96.71%


Short-Term Investments
Short-Term Investments		3.29%

		3.29%

		100.00%

Affiliate Table


	Number of Shares Held at 9/30/17		Value At 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income

State Street Institutional U.S. Government Money Market Fund - Class G Shares		61,540,289	$	61,540,289	$	239,525,807	$	261,414,017	$	—	$	—		39,652,079	$	39,652,079	$	223,539

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


State Street Institutional International Equity Fund			27

State Street Institutional Income Fund

Understanding Your Fund’s Expenses — March 31, 2018 (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 October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	988.30	$	1,023.70
Expenses paid during the period*	$	1.24	$	1.26


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Account value at the beginning of the period October 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period March 31, 2018	$	988.70	$	1,022.40
Expenses paid during the period*	$	2.48	$	2.52

*	Expenses are equal to the Fund’s annualized expense ratio of 0.25% for Investment Class shares and 0.50% for Service Class shares (for the period October 1, 2017-March 31, 2018), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


28		State Street Institutional Income Fund

State Street Institutional Income Fund

Fund Information — March 31, 2018 (Unaudited)

Quality Ratings

as of March 31, 2018 as a % of Fair Value ^(a)(b)


Moody’s/S&P/Rating*	Percentage of Fair Value
Aaa/AAA		10.01	%
Aa/AA		51.36	%
A/A		8.41	%
Baa/BBB		19.82	%
Ba/BB and lower		9.38	%
NR/Other		1.02	%

Sector Allocation

Portfolio composition as a % of Fair Value of $224,548 (in thousands) as of March 31, 2018 ^(a)(b)

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.


State Street Institutional Income Fund			29

State Street Institutional Income Fund

Schedule of Investments — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Bonds and Notes - 98.2%†
U.S. Treasuries - 39.5%
U.S. Treasury Bonds 2.75%, 08/15/42 (l)		35,000		33,830
3.00%, 02/15/48		4,157,400		4,181,389
3.75%, 11/15/43 (l)		622,000		710,679
4.50%, 02/15/36 (l)		3,179,400		3,929,357
U.S. Treasury Notes 1.25%, 12/31/18 - 08/31/19 (l)		20,394,300		20,229,618
1.38%, 12/15/19 (l)		13,436,700		13,237,836
1.50%, 08/15/20 (l)		6,059,000		5,943,516
1.50%, 02/28/23		8,393,900		7,983,354
1.63%, 08/31/22 (l)		4,329,000		4,165,753
1.88%, 08/31/24 (l)		3,389,000		3,233,309
2.13%, 12/31/22 (l)		695,000		681,656
2.25%, 11/15/25 - 11/15/27		17,456,300		16,866,307
2.25%, 02/15/27 - 08/15/27 (l)		5,082,400		4,878,855

				86,075,459


Agency Mortgage Backed - 10.6%
Federal Home Loan Mortgage Corp. 4.50%, 06/01/33 - 02/01/35 (l)		10,091		10,617
5.00%, 07/01/35 - 06/01/41 (l)		829,861		892,885
5.50%, 05/01/20 - 04/01/39 (l)		237,515		259,467
6.00%, 07/01/19		663		665
6.00%, 05/01/20 - 11/01/37 (l)		405,212		445,347
6.50%, 08/01/29 - 10/01/33 (l)		1,278		1,440
7.00%, 06/01/29 - 08/01/36 (l)		58,609		64,150
7.50%, 01/01/30 - 09/01/33 (l)		1,929		1,999
8.00%, 11/01/30 (l)		12,430		13,737
8.50%, 04/01/30 (l)		17,557		20,800
9.50%, 04/01/21 (l)		14		14
Federal National Mortgage Assoc. 3.50%, 11/01/42 - 08/01/45 (l)		2,511,904		2,535,930
4.00%, 05/01/19 - 12/01/41 (l)		2,013,039		2,083,556
4.50%, 05/01/18 - 01/01/41 (l)		3,601,609		3,805,728
5.00%, 07/01/20 - 06/01/41 (l)		1,330,199		1,432,123
5.50%, 06/01/20 - 04/01/38 (l)		1,087,884		1,185,862
6.00%, 05/01/19 - 08/01/35 (l)		761,667		833,957
6.50%, 01/01/19 - 08/01/36 (l)		66,415		73,454
7.00%, 10/01/32 - 02/01/34 (l)		8,847		9,335
7.50%, 12/01/23 - 12/01/33 (l)		43,686		47,654
8.00%, 07/01/25 - 10/01/31 (l)		10,550		11,396
9.00%, 12/01/22 (l)		660		697
Federal National Mortgage Assoc. 1.25% + USD COF11 5.50%, 10/01/24 (h)(l)		5,831		5,833
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (h)(l)		2,365		2,430
Federal National Mortgage Assoc. TBA 3.00%, TBA (c)		1,755,725		1,753,179


	Principal Amount ($)		Fair Value $
3.50%, TBA (c)		3,395,389		3,460,852
4.00%, TBA (c)		350,000		359,124
4.50%, TBA (c)		350,000		366,408
Government National Mortgage Assoc. 4.00%, 01/20/41 - 04/20/43 (l)		2,150,663		2,230,745
4.50%, 08/15/33 - 05/20/40 (l)		396,991		418,197
5.00%, 08/15/33 (l)		30,331		32,146
6.00%, 04/15/27 - 09/15/36 (l)		190,746		214,351
6.50%, 04/15/19 - 09/15/36 (l)		82,319		91,948
7.00%, 10/15/27 - 10/15/36 (l)		41,812		45,354
7.50%, 01/15/23 - 11/15/31 (l)		3,964		4,091
8.00%, 05/15/30 - 09/15/30 (l)		388		418
9.00%, 12/15/21 (l)		371		394
5.50%, TBA (c)		255,000		277,163

				22,993,446


Agency Collateralized Mortgage Obligations - 0.2%
Federal Home Loan Mortgage Corp. 0.08%, 09/25/43 (g)(h)(l)		742,847		1,640
Federal Home Loan Mortgage Corp. REMIC 3.50%, 11/15/24 - 11/15/30 (g)(l)		486,316		36,772
5.50%, 06/15/33 (g)(l)		30,705		6,082
7.50%, 07/15/27 (g)(l)		3,460		511
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.82%, 08/15/25 (g)(h)(l)		183,541		12,287
Federal Home Loan Mortgage Corp. STRIPS 1.47%, 08/01/27 (d)(f)(l)		749		681
8.00%, 02/01/23 (g)		955		128
8.00%, 07/01/24 (g)(l)		1,562		252
Federal National Mortgage Assoc. REMIC 0.51%, 12/25/22 (d)(f)(l)		73		72
1.18%, 12/25/42 (g)(h)(l)		145,299		5,226
5.00%, 02/25/40 - 09/25/40 (g)(l)		206,032		23,369
8.00%, 05/25/22 (g)(l)		2		32
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.13%, 07/25/38 - 12/25/41 (g)(h)(l)		514,990		75,461
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 4.73%, 10/25/43 (g)(h)(l)		835,719		164,183

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


30		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Federal National Mortgage Assoc. STRIPS 1.87%, 12/25/34 (d)(f)(l)		14,092		11,969
4.50%, 08/25/35 - 01/25/36 (g)(l)		99,033		19,167
5.00%, 03/25/38 - 05/25/38 (g)(l)		54,537		10,885
5.50%, 12/25/33 (g)(l)		13,876		3,128
6.00%, 01/25/35 (g)(l)		57,726		11,263
7.50%, 11/25/23 (g)(l)		11,092		1,553
8.00%, 08/25/23 - 07/25/24 (g)(l)		4,949		889
8.50%, 07/25/22 (g)(l)		94		10
8.50%, 07/25/22 (g)(l)(**)		2		-
9.00%, 05/25/22 (l)(g)		81		8
Government National Mortgage Assoc. REMIC 4.50%, 02/20/38 - 08/16/39 (g)(l)		166,927		12,081
5.00%, 01/20/38 - 09/20/38 (g)(l)		50,954		1,563
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.01%, 01/16/40 (g)(h)(l)		276,312		45,724

				444,936


Asset Backed - 2.6%
American Express Credit Account Master Trust 2017-6 2.04%, 05/15/23 (l)		1,198,658		1,177,046
American Express Credit Account Master Trust 2018-1 2.67%, 10/17/22 (k)		495,000		494,188
BA Credit Card Trust 2017-A2 1.84%, 01/17/23 (l)		1,000,000		979,493
BA Credit Card Trust 2018-A1 2.70%, 07/17/23 (l)		432,000		430,788
Chase Funding Trust 2004-1 4.99%, 11/25/33 (I)(l)		201,633		208,698
Chase Issuance Trust 2015-A4 1.84%, 04/15/22		650,000		639,063
Citibank Credit Card Issuance Trust 2016-A1 1.75%, 11/19/21 (l)		1,668,000		1,643,682

				5,572,958


Corporate Notes - 39.1%
21st Century Fox America Inc. 3.38%, 11/15/26 (l)		37,000		36,528
4.50%, 02/15/21 (l)		61,000		63,578
4.75%, 11/15/46 (l)		25,000		27,161


	Principal Amount ($)		Fair Value $
6.65%, 11/15/37 (l)		135,000		176,908
Abbott Laboratories 2.90%, 11/30/21 (l)		296,000		292,806
3.75%, 11/30/26 (l)		207,000		205,756
4.90%, 11/30/46 (l)		123,000		135,339
AbbVie Inc. 2.00%, 11/06/18 (l)		198,000		197,311
3.20%, 05/14/26 (l)		148,000		140,741
4.45%, 05/14/46 (l)		74,000		73,649
4.70%, 05/14/45 (l)		53,000		54,621
Acadia Healthcare Company Inc. 6.50%, 03/01/24 (l)		167,000		174,097
Activision Blizzard Inc. 2.30%, 09/15/21		188,000		181,725
AES Corp. 4.88%, 05/15/23 (l)		306,000		310,590
Aetna Inc. 3.50%, 11/15/24 (l)		190,000		186,525
Aflac Inc. 4.00%, 10/15/46 (l)		54,000		52,646
Agrium Inc. 4.90%, 06/01/43 (l)		57,000		59,080
Alibaba Group Holding Ltd.
2.80%, 06/06/23 (l)		200,000		193,638
4.00%, 12/06/37 (l)		200,000		190,536
4.40%, 12/06/57 (l)		200,000		190,054
Alimentation Couche-Tard Inc. 2.70%, 07/26/22 (b)(l)		83,000		80,447
3.55%, 07/26/27 (b)(l)		133,000		127,866
4.50%, 07/26/47 (b)(l)		76,000		73,979
Allergan Funding SCS 3.00%, 03/12/20 (l)		204,000		202,970
3.45%, 03/15/22 (l)		91,000		90,265
4.55%, 03/15/35 (l)		49,000		48,116
4.75%, 03/15/45 (l)		28,000		27,410
Altria Group Inc. 2.95%, 05/02/23 (l)		132,000		128,755
3.88%, 09/16/46 (l)		4,000		3,731
4.50%, 05/02/43 (l)		64,000		64,881
Amazon.com Inc. 2.80%, 08/22/24 (b)(l)		93,000		90,154
3.15%, 08/22/27 (b)(l)		46,000		44,391
3.88%, 08/22/37 (b)(l)		47,000		46,774
4.05%, 08/22/47 (b)(l)		63,000		62,804
4.25%, 08/22/57 (b)(l)		78,000		78,123
AMC Networks Inc. 4.75%, 08/01/25 (l)		10,000		9,575
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (l)		168,000		167,370
6.50%, 04/01/27 (l)		84,000		83,790
6.63%, 10/15/22 (l)		56,000		57,960

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


State Street Institutional Income Fund			31

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

American Campus Communities Operating Partnership LP 3.35%, 10/01/20 (l)		136,000		136,227
4.13%, 07/01/24 (l)		98,000		98,494
American Express Credit Corp. 2.25%, 05/05/21 (l)		203,000		197,578
American International Group Inc. 4.50%, 07/16/44 (l)		163,000		160,951
6.40%, 12/15/20 (l)		61,000		65,811
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87%, + 3 month USD LIBOR thereafter) 5.75%, 04/01/48 (h)		155,000		157,525
American Tower Corp. (REIT) 3.38%, 10/15/26 (l)		78,000		73,090
3.40%, 02/15/19 (l)		259,000		260,119
American Water Capital Corp. 2.95%, 09/01/27 (l)		152,000		144,885
Amgen Inc. 2.20%, 05/22/19 (l)		177,000		175,736
2.65%, 05/11/22 (l)		171,000		166,793
3.20%, 11/02/27 (l)		164,000		155,734
4.56%, 06/15/48 (l)		93,000		94,855
Amkor Technology Inc. 6.63%, 06/01/21 (l)		219,000		220,232
Anadarko Petroleum Corp. 4.85%, 03/15/21 (l)		65,000		67,539
6.20%, 03/15/40 (l)		95,000		112,306
6.60%, 03/15/46 (l)		17,000		21,343
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.20%, 12/01/47 (l)		44,000		43,246
5.25%, 01/15/25 (l)		582,000		591,719
5.50%, 10/15/19 (l)		325,000		332,312
6.25%, 10/15/22		168,000		175,350
Anheuser-Busch InBev Finance Inc. 3.65%, 02/01/26 (l)		170,000		168,858
4.70%, 02/01/36 (l)		73,000		77,230
4.90%, 02/01/46 (l)		138,000		148,379
Anheuser-Busch InBev Worldwide Inc. 2.50%, 07/15/22 (l)		117,000		113,650
4.00%, 04/13/28 (c)		209,000		212,053
4.38%, 04/15/38 (c)		80,000		81,761
4.60%, 04/15/48 (c)		105,000		108,846
4.75%, 04/15/58 (c)		64,000		65,899
Anthem Inc. 3.30%, 01/15/23 (l)		155,000		153,275
ANZ New Zealand International Ltd. 3.45%, 01/21/28 (b)(l)		200,000		194,058


	Principal Amount ($)		Fair Value $
Apache Corp. 5.10%, 09/01/40 (l)		81,000		83,278
Apple Inc. 2.50%, 02/09/22 (l)		53,000		52,227
2.85%, 05/11/24 (l)		171,000		166,708
3.35%, 02/09/27 (l)		90,000		88,921
3.45%, 02/09/45 (l)		73,000		67,318
3.85%, 08/04/46 (l)		143,000		139,837
4.25%, 02/09/47 (l)		90,000		93,937
Applied Materials Inc. 3.30%, 04/01/27 (l)		115,000		113,004
4.35%, 04/01/47 (l)		75,000		79,564
Aptiv PLC 4.40%, 10/01/46 (l)		90,000		89,326
Aramark Services Inc. 5.00%, 02/01/28 (b)(l)		80,000		78,200
5.13%, 01/15/24 (l)		172,000		175,440
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (l)		82,000		75,583
Arconic Inc. 5.13%, 10/01/24 (l)		156,000		158,632
6.15%, 08/15/20 (l)		75,000		78,844
Ascension Health 4.85%, 11/15/53 (l)		52,000		60,089
AstraZeneca PLC 2.38%, 11/16/20 (l)		45,000		44,308
3.38%, 11/16/25 (l)		139,000		136,911
AT&T Inc. 2.45%, 06/30/20 (l)		143,000		141,327
3.00%, 06/30/22 (l)		103,000		101,121
3.40%, 08/14/24 (l)		83,000		83,583
4.25%, 03/01/27		159,000		160,646
4.45%, 04/01/24 (l)		133,000		137,356
4.50%, 05/15/35 (l)		145,000		142,065
4.75%, 05/15/46 (l)		136,000		132,029
4.80%, 06/15/44 (l)		115,000		112,227
4.90%, 08/14/37 (l)		94,000		94,938
5.15%, 02/14/50 (l)		144,000		145,296
5.25%, 03/01/37 (l)		138,000		145,963
5.30%, 08/14/58 (l)		81,000		81,931
5.45%, 03/01/47 (l)		118,000		125,472
Athene Holding Ltd. 4.13%, 01/12/28 (l)		144,000		138,144
Avangrid Inc. 3.15%, 12/01/24 (l)		251,000		244,080
Bank of America Corp. 3.25%, 10/21/27 (l)		8,000		7,558
3.95%, 04/21/25 (l)		171,000		169,413
4.25%, 10/22/26 (l)		74,000		74,506
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37%, 07/21/21 (l)(h)		144,000		141,428

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


32		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		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 (l)(h)		156,000		154,440
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) 3.37%, 01/23/26 (l)(h)		264,000		256,706
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42%, 12/20/28 (l)(h)(b)		144,000		137,883
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) 3.95%, 01/23/49 (l)(h)		206,000		197,292
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24%, 04/24/38 (l)(h)		200,000		203,676
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) 4.44%, 01/20/48 (l)(h)		52,000		54,225
Bank of America Corp. (5.40% fixed rate until 04/30/18; 3.63% + 3 month USD LIBOR thereafter) 5.40%, 12/31/49 (l)(h)		334,000		334,150
Barclays PLC 4.34%, 01/10/28 (l)		200,000		198,302
4.84%, 05/09/28 (l)		200,000		196,310
Barrick North America Finance LLC 5.70%, 05/30/41 (l)		36,000		41,196
BAT Capital Corp. 2.30%, 08/14/20 (l)(b)		137,000		134,309
2.76%, 08/15/22 (l)(b)		138,000		133,572
3.56%, 08/15/27 (l)(b)		147,000		140,958
4.39%, 08/15/37 (l)(b)		63,000		62,431
4.54%, 08/15/47 (l)(b)		100,000		98,409
Baxalta Inc. 2.88%, 06/23/20 (l)		132,000		130,981
Becton Dickinson and Co. 2.89%, 06/06/22 (l)		123,000		119,298
3.70%, 06/06/27 (l)		255,000		245,960


	Principal Amount ($)		Fair Value $
3.73%, 12/15/24 (l)		8,000		7,862
4.67%, 06/06/47 (l)		38,000		38,480
4.69%, 12/15/44 (l)		5,000		5,027
Berkshire Hathaway Energy Co. 2.40%, 02/01/20 (l)		253,000		250,875
3.25%, 04/15/28 (l)(b)		111,000		107,164
3.80%, 07/15/48 (l)(b)		111,000		105,955
6.13%, 04/01/36 (l)		134,000		171,205
Berry Global Inc. 5.13%, 07/15/23 (l)		225,000		227,542
Biogen Inc. 2.90%, 09/15/20 (l)		45,000		44,715
BNP Paribas S.A. 5.00%, 01/15/21 (l)		58,000		60,999
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter) 5.13%, 12/31/99 (l)(h)(b)		200,000		184,764
Boston Scientific Corp. 4.00%, 03/01/28 (l)		202,000		202,432
BP Capital Markets PLC 2.52%, 01/15/20 (l)		211,000		209,728
3.22%, 11/28/23 (l)		197,000		195,475
3.28%, 09/19/27 (l)		112,000		108,817
Brighthouse Financial Inc. 3.70%, 06/22/27 (l)(b)		28,000		26,001
4.70%, 06/22/47 (l)(b)		15,000		13,749
Brixmor Operating Partnership LP 3.90%, 03/15/27 (l)		215,000		206,037
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.20%, 01/15/21 (l)		56,000		54,374
2.65%, 01/15/23 (l)		45,000		42,817
3.13%, 01/15/25 (l)		56,000		52,814
3.88%, 01/15/27 (l)		45,000		43,792
Brown-Forman Corp. 4.00%, 04/15/38		38,000		38,359
Buckeye Partners LP 5.60%, 10/15/44 (l)		58,000		58,024
Bunge Limited Finance Corp. 3.75%, 09/25/27 (l)		76,000		73,449
Campbell Soup Co. 3.30%, 03/15/21		179,000		180,253
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (l)		45,000		44,136
4.95%, 06/01/47 (l)		36,000		37,658
Canadian Pacific Railway Co. 2.90%, 02/01/25 (l)		81,000		77,820
Capital One Financial Corp. 4.20%, 10/29/25 (l)		136,000		134,616
Cardinal Health Inc. 2.62%, 06/15/22 (l)		63,000		60,881

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


State Street Institutional Income Fund			33

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

3.08%, 06/15/24 (l)		73,000		69,679
3.41%, 06/15/27 (l)		37,000		34,855
4.37%, 06/15/47 (l)		31,000		29,324
Caterpillar Financial Services Corp. 2.55%, 11/29/22 (l)		198,000		192,482
Caterpillar Inc. 3.80%, 08/15/42		52,000		52,038
Catholic Health Initiatives 2.60%, 08/01/18 (l)		130,000		130,160
4.35%, 11/01/42 (l)		129,000		119,258
CBS Corp. 2.90%, 01/15/27 (l)		93,000		84,359
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88%, 04/01/24 (l)(b)		157,000		159,747
Celgene Corp.
3.45%, 11/15/27 (l)		7,000		6,647
4.35%, 11/15/47 (l)		8,000		7,607
4.55%, 02/20/48 (l)		88,000		86,500
5.00%, 08/15/45 (l)		57,000		59,490
Cenovus Energy Inc. 5.40%, 06/15/47 (l)		24,000		24,156
CenterPoint Energy Inc. 2.50%, 09/01/22 (l)		137,000		132,646
CenturyLink Inc. 5.80%, 03/15/22 (l)		300,000		292,890
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13%, 12/15/21 (l)(b)		248,000		247,702
CF Industries Inc. 7.13%, 05/01/20 (l)		151,000		161,004
Charles River Laboratories International Inc. 5.50%, 04/01/26 (c)(b)		95,000		96,306
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58%, 07/23/20 (l)		190,000		190,000
4.91%, 07/23/25 (l)		117,000		119,332
5.38%, 05/01/47 (l)		59,000		57,458
6.38%, 10/23/35 (l)		27,000		30,065
6.48%, 10/23/45 (l)		54,000		59,650
Chevron Corp. 2.42%, 11/17/20 (l)		61,000		60,487
3.19%, 06/24/23 (l)		136,000		136,283
Chevron Phillips Chemical Company LLC/Chevron Phillips Chemical Company LP 3.70%, 06/01/28 (b)		325,000		326,365
Church & Dwight Company Inc. 2.45%, 08/01/22 (l)		73,000		70,655


	Principal Amount ($)		Fair Value $
Cigna Corp. 3.25%, 04/15/25 (l)		152,000		145,376
3.88%, 10/15/47 (l)		84,000		75,030
Cimarex Energy Co. 3.90%, 05/15/27 (l)		26,000		25,670
Cinemark USA Inc. 4.88%, 06/01/23		125,000		123,281
Cisco Systems Inc. 2.20%, 02/28/21 (l)		254,000		249,331
Citigroup Inc. 2.70%, 10/27/22 (l)		136,000		131,798
2.90%, 12/08/21 (l)		194,000		191,144
4.45%, 09/29/27 (l)		99,000		100,230
4.75%, 05/18/46 (l)		78,000		79,214
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88%, 07/24/23 (l)(h)		184,000		179,030
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) 3.88%, 01/24/39 (l)(h)		61,000		58,534
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28%, 04/24/48 (l)(h)		202,000		203,786
CMS Energy Corp. 4.88%, 03/01/44 (l)		194,000		214,166
CNA Financial Corp. 3.45%, 08/15/27 (l)		82,000		78,007
5.88%, 08/15/20 (l)		252,000		267,294
CNH Industrial Capital LLC 3.38%, 07/15/19 (l)		94,000		93,765
4.38%, 11/06/20 (l)		72,000		73,215
4.88%, 04/01/21 (l)		92,000		94,696
CNH Industrial N.V. 4.50%, 08/15/23		161,000		164,321
CNOOC Nexen Finance 2014 ULC 4.25%, 04/30/24 (l)		233,000		236,616
Columbia Pipeline Group Inc. 3.30%, 06/01/20 (l)		82,000		82,052
Comcast Corp. 3.97%, 11/01/47 (l)		51,000		48,295
4.20%, 08/15/34 (l)		133,000		134,204
4.60%, 08/15/45 (l)		93,000		96,343
Commonwealth Bank of Australia 4.32%, 01/10/48 (l)(b)		202,000		197,586
Concho Resources Inc. 3.75%, 10/01/27 (l)		66,000		64,535
4.88%, 10/01/47 (l)		53,000		56,067
ConocoPhillips Co. 3.35%, 11/15/24 (l)		49,000		48,646

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


34		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

5.95%, 03/15/46 (l)		33,000		42,544
Consolidated Edison Company of New York Inc. 2.90%, 12/01/26 (l)		136,000		129,906
Constellation Brands Inc. 2.70%, 05/09/22 (l)		123,000		118,961
4.50%, 05/09/47 (l)		38,000		37,943
Corning Inc. 4.38%, 11/15/57 (l)		114,000		105,965
Corporation Andina de Fomento 2.20%, 07/18/20 (l)		157,000		154,962
Crane Co. 4.20%, 03/15/48 (l)		40,000		39,800
Credit Suisse AG 1.70%, 04/27/18 (l)		353,000		352,876
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 06/09/23 (l)		275,000		275,688
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/26 (l)(b)		50,000		48,315
CSX Corp. 4.50%, 08/01/54 (l)		84,000		83,034
CVS Health Corp. 2.25%, 08/12/19		159,000		157,474
3.13%, 03/09/20		479,000		480,030
3.35%, 03/09/21		480,000		482,947
3.70%, 03/09/23		160,000		161,035
3.88%, 07/20/25 (l)		81,000		80,284
4.10%, 03/25/25		160,000		161,525
4.30%, 03/25/28		209,000		210,446
4.78%, 03/25/38		191,000		194,132
5.05%, 03/25/48		121,000		127,461
5.13%, 07/20/45 (l)		60,000		63,869
D.R. Horton Inc. 2.55%, 12/01/20 (l)		150,000		147,805
Daimler Finance North America LLC 2.38%, 08/01/18 (l)(b)		333,000		332,814
Dana Financing Luxembourg Sarl 6.50%, 06/01/26 (l)(b)		245,000		254,800
Dell International LLC/EMC Corp. 3.48%, 06/01/19 (l)(b)		256,000		257,229
5.45%, 06/15/23 (l)(b)		115,000		121,882
6.02%, 06/15/26 (l)(b)		79,000		85,032
8.10%, 07/15/36 (b)		19,000		23,165
8.35%, 07/15/46 (l)(b)		85,000		107,987
Deutsche Bank AG 2.70%, 07/13/20 (l)		132,000		129,266
3.30%, 11/16/22 (l)		155,000		150,798
Devon Energy Corp. 4.00%, 07/15/21		305,000		310,527


	Principal Amount ($)		Fair Value $
5.00%, 06/15/45 (l)		74,000		78,586
Diageo Investment Corp. 2.88%, 05/11/22 (l)		125,000		123,627
Discover Bank 3.10%, 06/04/20 (l)		298,000		297,073
Discovery Communications LLC 2.20%, 09/20/19 (l)		147,000		145,404
3.95%, 03/20/28 (l)		197,000		188,893
5.00%, 09/20/37 (l)		57,000		56,835
5.20%, 09/20/47 (l)		27,000		26,911
Dominion Energy Inc. 2.50%, 12/01/19		168,000		166,454
2.58%, 07/01/20 (l)		123,000		121,460
3.63%, 12/01/24 (l)		156,000		155,488
DTE Energy Co. 2.85%, 10/01/26 (l)		180,000		165,825
3.85%, 12/01/23 (l)		84,000		85,567
Duke Energy Corp. 3.75%, 09/01/46 (l)		56,000		50,707
Duke Energy Progress LLC 4.15%, 12/01/44 (l)		112,000		115,189
Duke Realty LP 3.38%, 12/15/27 (l)		68,000		64,883
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (l)(b)		72,000		69,268
Eastman Chemical Co. 3.60%, 08/15/22 (l)		54,000		54,412
Eaton Corp. 3.10%, 09/15/27 (l)		183,000		172,238
Ecolab Inc. 3.25%, 12/01/27 (l)(b)		86,000		83,060
3.95%, 12/01/47 (l)(b)		75,000		72,902
Ecopetrol S.A. 5.88%, 05/28/45 (l)		151,000		149,248
7.63%, 07/23/19 (l)		61,000		64,512
Edison International 4.13%, 03/15/28		160,000		161,446
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 2.30%, 05/01/20 (l)(h)		141,000		141,903
Electricite de France S.A. 2.15%, 01/22/19 (l)(b)		392,000		390,153
Eli Lilly & Co. 3.70%, 03/01/45 (l)		26,000		25,354
EMC Corp. 2.65%, 06/01/20 (l)		377,000		362,712
Emera US Finance LP 4.75%, 06/15/46 (l)		21,000		21,066
Enbridge Energy Partners LP 5.50%, 09/15/40 (l)		28,000		29,459
Encana Corp. 3.90%, 11/15/21 (l)		145,000		146,903

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


State Street Institutional Income Fund			35

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Endo Dac/Endo Finance LLC/Endo Finco Inc. 5.88%, 10/15/24 (l)(b)		251,000		247,235
Energy Transfer Equity LP 5.88%, 01/15/24 (l)		585,000		604,012
Energy Transfer Partners LP 6.50%, 02/01/42 (l)		135,000		146,023
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23 (l)		111,000		112,283
Entergy Louisiana LLC 3.05%, 06/01/31 (l)		68,000		63,421
4.00%, 03/15/33		85,000		86,824
Enterprise Products Operating LLC 3.95%, 02/15/27 (l)		121,000		121,817
4.25%, 02/15/48 (l)		109,000		106,146
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) 5.25%, 08/16/77 (l)(h)		59,000		57,342
Envision Healthcare Corp. 6.25%, 12/01/24 (l)(b)		337,000		347,952
EOG Resources Inc. 4.15%, 01/15/26 (l)		142,000		146,469
EQT Corp. 3.00%, 10/01/22 (l)		54,000		52,452
3.90%, 10/01/27 (l)		83,000		79,568
ERP Operating LP 4.50%, 07/01/44 (l)		61,000		63,564
Exelon Corp. 3.50%, 06/01/22 (l)		140,000		138,551
4.45%, 04/15/46 (l)		106,000		108,487
Express Scripts Holding Co. 3.40%, 03/01/27 (l)		81,000		76,298
4.80%, 07/15/46 (l)		46,000		46,903
Exxon Mobil Corp. 2.22%, 03/01/21 (l)		114,000		112,280
FedEx Corp. 4.10%, 02/01/45 (l)		52,000		49,558
FirstEnergy Corp. 3.90%, 07/15/27 (l)		28,000		27,464
4.85%, 07/15/47 (l)		37,000		38,784
Florida Power & Light Co. 4.13%, 02/01/42 (l)		121,000		125,800
Ford Motor Co. 4.35%, 12/08/26 (l)		100,000		98,922
Ford Motor Credit Company LLC 3.22%, 01/09/22 (l)		255,000		250,716
Freeport-McMoRan Inc. 3.10%, 03/15/20 (l)		226,000		223,457


	Principal Amount ($)		Fair Value $
Frontier Communications Corp. 7.13%, 03/15/19 (l)		372,000		372,000
General Dynamics Corp. 2.13%, 08/15/26 (l)		69,000		62,424
General Motors Co. 5.20%, 04/01/45 (l)		27,000		26,466
General Motors Financial Company Inc. 3.15%, 01/15/20 (l)		176,000		175,618
3.20%, 07/13/20 (l)		78,000		77,775
5.25%, 03/01/26 (l)		149,000		157,407
Georgia-Pacific LLC 3.60%, 03/01/25 (l)(b)		45,000		45,270
Gilead Sciences Inc. 2.55%, 09/01/20 (l)		58,000		57,528
2.95%, 03/01/27 (l)		49,000		46,484
3.50%, 02/01/25 (l)		86,000		85,997
3.65%, 03/01/26 (l)		149,000		149,486
4.15%, 03/01/47 (l)		144,000		142,343
4.80%, 04/01/44 (l)		62,000		66,902
Glencore Funding LLC 2.50%, 01/15/19 (b)		314,000		312,882
Grupo Televisa SAB 5.00%, 05/13/45 (l)		209,000		194,715
H&E Equipment Services Inc. 5.63%, 09/01/25		20,000		20,150
Halliburton Co. 3.80%, 11/15/25 (l)		122,000		122,309
5.00%, 11/15/45 (l)		81,000		88,348
HCA Inc. 4.75%, 05/01/23		450,000		453,375
Hess Corp. 4.30%, 04/01/27 (l)		47,000		45,995
5.60%, 02/15/41 (l)		49,000		50,025
5.80%, 04/01/47 (l)		33,000		34,523
Hewlett Packard Enterprise Co. 6.35%, 10/15/45 (l)		47,000		50,191
Highwoods Realty LP 4.13%, 03/15/28 (l)		76,000		75,575
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25 (l)(b)		258,000		255,420
HSBC Holdings PLC 4.25%, 03/14/24 (l)		248,000		249,354
HSBC Holdings PLC (3.26% fixed rate until 03/13/22; 1.06% + 3 month USD LIBOR thereafter) 3.26%, 03/13/23 (l)(h)		200,000		197,748
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 (l)(h)		220,000		214,390

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


36		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter) 6.50%, 12/31/99 (h)		160,000		164,154
Hyundai Capital America 3.10%, 04/05/22 (l)(b)		71,000		69,711
IBM Credit LLC 2.65%, 02/05/21		485,000		482,425
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00%, 08/01/20 (l)		226,000		230,661
Ingersoll-Rand Luxembourg Finance S.A. 3.55%, 11/01/24 (l)		175,000		175,026
Intel Corp. 2.60%, 05/19/26 (l)		212,000		200,185
International Business Machines Corp. 3.63%, 02/12/24 (l)		185,000		188,345
International Paper Co. 4.40%, 08/15/47 (l)		104,000		99,140
Interstate Power & Light Co. 3.40%, 08/15/25 (l)		90,000		88,709
IPALCO Enterprises Inc. 3.70%, 09/01/24 (l)		20,000		19,647
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00%, 07/15/25 (l)(b)		135,000		137,869
Jabil Inc. 3.95%, 01/12/28 (l)		143,000		138,523
JB Poindexter & Company Inc. 9.00%, 04/01/22 (k)(l)(b)		96,000		99,000
Jefferies Group LLC 5.13%, 01/20/23 (l)		103,000		108,904
6.50%, 01/20/43 (l)		113,000		126,062
Johnson & Johnson 2.63%, 01/15/25 (l)		274,000		264,900
3.63%, 03/03/37 (l)		68,000		67,789
Johnson Controls International PLC 4.50%, 02/15/47 (l)		49,000		49,809
JPMorgan Chase & Co. 2.55%, 10/29/20 (l)		246,000		242,839
3.30%, 04/01/26 (l)		167,000		161,516
3.63%, 12/01/27 (l)		97,000		93,050
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51%, 01/23/29 (l)(h)		194,000		187,753


	Principal Amount ($)		Fair Value $
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88%, 07/24/38 (l)(h)		168,000		162,760
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90%, 01/23/49 (l)(h)		46,000		43,579
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03%, 07/24/48 (l)(h)		138,000		133,830
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter) 4.63%, 12/31/99 (l)(h)		134,000		127,785
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10%, 10/29/49 (l)(h)		324,000		340,200
JPMorgan Chase & Co. (7.90% fixed rate until 04/30/18; 3.47% + 3 month USD LIBOR thereafter) 7.90%, 12/29/49 (l)(h)		134,000		134,616
Kinder Morgan Energy Partners LP 3.50%, 03/01/21 (l)		161,000		160,982
6.38%, 03/01/41 (l)		63,000		71,506
Kinder Morgan Inc. 3.05%, 12/01/19 (l)		63,000		62,848
4.30%, 03/01/28		210,000		208,690
5.05%, 02/15/46 (l)		63,000		61,804
5.55%, 06/01/45 (l)		81,000		84,677
Kraft Heinz Foods Co. 4.38%, 06/01/46 (l)		74,000		67,716
Lamb Weston Holdings Inc. 4.63%, 11/01/24 (l)(b)		234,000		232,245
Lee Enterprises Inc. 9.50%, 03/15/22 (l)(b)		353,000		367,120
Lennar Corp. 4.75%, 05/30/25 (l)		176,000		172,814
4.75%, 11/29/27 (l)(b)		147,000		141,120
Levi Strauss & Co. 5.00%, 05/01/25 (l)		212,000		213,590
Lincoln National Corp. 3.63%, 12/12/26 (l)		66,000		65,061

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


State Street Institutional Income Fund			37

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

3.80%, 03/01/28 (l)		151,000		149,691
4.35%, 03/01/48 (l)		123,000		121,320
Lithia Motors Inc. 5.25%, 08/01/25 (l)(b)		48,000		48,000
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter) 2.91%, 11/07/23 (l)(h)		203,000		195,891
Lockheed Martin Corp. 3.55%, 01/15/26 (l)		68,000		67,602
3.80%, 03/01/45 (l)		55,000		51,932
Lowe’s Companies Inc. 3.70%, 04/15/46 (l)		71,000		66,127
LYB International Finance BV 4.88%, 03/15/44 (l)		48,000		50,197
LYB International Finance II BV 3.50%, 03/02/27 (l)		65,000		62,449
Macy’s Retail Holdings Inc. 4.30%, 02/15/43 (l)		44,000		35,839
Marathon Oil Corp. 3.85%, 06/01/25 (l)		81,000		80,117
Marathon Petroleum Corp. 3.63%, 09/15/24 (l)		112,000		111,243
Marsh & McLennan Companies Inc. 3.50%, 03/10/25 (l)		146,000		144,864
Masco Corp. 3.50%, 11/15/27 (l)		51,000		48,688
McDonald’s Corp. 3.70%, 01/30/26 (l)		60,000		60,344
4.88%, 12/09/45 (l)		87,000		94,582
Medtronic Inc. 2.50%, 03/15/20 (l)		173,000		171,952
4.63%, 03/15/45 (l)		131,000		143,038
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52 (l)		110,000		111,952
Merck & Company Inc. 2.75%, 02/10/25 (l)		142,000		136,976
MetLife Inc. 4.05%, 03/01/45 (l)		29,000		27,764
4.72%, 12/15/44 (l)		96,000		102,264
Mexichem SAB de C.V. 5.50%, 01/15/48 (l)(b)		200,000		187,688
MGM Resorts International 4.63%, 09/01/26 (l)		125,000		119,375
6.63%, 12/15/21 (l)		348,000		373,787
Microsoft Corp. 1.55%, 08/08/21 (l)		94,000		90,289
2.40%, 08/08/26 (l)		87,000		80,978
3.45%, 08/08/36 (l)		94,000		91,861


	Principal Amount ($)		Fair Value $
3.70%, 08/08/46 (l)		107,000		105,344
4.00%, 02/12/55 (l)		126,000		127,736
4.10%, 02/06/37 (l)		34,000		36,052
4.25%, 02/06/47 (l)		21,000		22,615
4.50%, 02/06/57 (l)		39,000		43,017
Mizuho Bank Ltd. 2.45%, 04/16/19 (l)(b)		523,000		520,656
Mizuho Financial Group Inc. 2.63%, 04/12/21 (l)(b)		231,000		226,303
Molina Healthcare Inc. 4.88%, 06/15/25 (l)(b)		227,000		211,961
Molson Coors Brewing Co. 2.10%, 07/15/21 (l)		208,000		200,000
4.20%, 07/15/46 (l)		66,000		62,291
Monsanto Co. 4.70%, 07/15/64 (l)		30,000		28,834
Morgan Stanley 2.45%, 02/01/19 (l)		71,000		70,839
2.63%, 11/17/21 (l)		387,000		377,453
2.65%, 01/27/20 (l)		69,000		68,546
2.75%, 05/19/22 (l)		136,000		132,580
3.70%, 10/23/24 (l)		62,000		61,686
3.95%, 04/23/27 (l)		209,000		203,658
4.10%, 05/22/23 (l)		155,000		157,489
5.00%, 11/24/25		204,000		214,127
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter) 3.77%, 01/24/29 (l)(h)		244,000		239,735
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (l)(h)		81,000		78,976
MPLX LP 3.38%, 03/15/23 (l)		87,000		86,121
4.50%, 04/15/38 (l)		85,000		83,904
4.70%, 04/15/48 (l)		74,000		72,439
5.20%, 03/01/47 (l)		35,000		36,591
Murphy Oil Corp. 5.75%, 08/15/25 (l)		558,000		551,025
Mylan Inc. 4.55%, 04/15/28 (c)(b)		172,000		172,531
5.20%, 04/15/48 (c)(b)		69,000		69,747
National Retail Properties Inc. 4.00%, 11/15/25 (l)		147,000		146,431
Navient Corp. 8.00%, 03/25/20 (l)		302,000		321,630
Newell Brands Inc. 3.85%, 04/01/23 (l)		77,000		76,792
4.20%, 04/01/26 (l)		46,000		45,570
5.50%, 04/01/46 (l)		111,000		117,106
Newmont Mining Corp. 4.88%, 03/15/42 (l)		117,000		123,014

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


38		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Nexen Energy ULC 6.40%, 05/15/37 (l)		78,000		96,847
NGPL PipeCo LLC 4.88%, 08/15/27 (l)(b)		41,000		40,590
Noble Energy Inc. 3.90%, 11/15/24 (l)		150,000		151,033
5.05%, 11/15/44 (l)		29,000		30,276
Nordstrom Inc. 5.00%, 01/15/44 (l)		6,000		5,626
Northern States Power Co. 2.20%, 08/15/20 (l)		357,000		351,859
Northrop Grumman Corp. 2.55%, 10/15/22 (l)		75,000		72,690
2.93%, 01/15/25 (l)		138,000		132,334
3.25%, 01/15/28 (l)		105,000		100,268
3.85%, 04/15/45 (l)		32,000		30,028
4.03%, 10/15/47 (l)		106,000		102,014
NRG Energy Inc. 6.25%, 07/15/22 (l)		227,000		233,742
Nucor Corp. 4.13%, 09/15/22 (l)		72,000		74,684
Occidental Petroleum Corp. 4.10%, 02/15/47 (l)		48,000		48,045
4.20%, 03/15/48		90,000		90,791
Omnicom Group Inc. 3.63%, 05/01/22 (l)		118,000		118,976
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (l)(b)		22,000		21,564
Oracle Corp. 1.90%, 09/15/21 (l)		94,000		90,766
2.40%, 09/15/23 (l)		109,000		104,402
3.25%, 11/15/27 (l)		179,000		174,520
3.80%, 11/15/37 (l)		51,000		50,292
4.00%, 07/15/46 - 11/15/47 (l)		170,000		168,131
4.13%, 05/15/45 (l)		37,000		37,318
Owens Corning 4.40%, 01/30/48 (l)		87,000		80,725
Owens-Brockway Glass Container Inc. 6.38%, 08/15/25 (l)(b)		100,000		105,250
Pacific Gas & Electric Co. 3.40%, 08/15/24 (l)		578,000		566,741
PacifiCorp 6.25%, 10/15/37 (l)		234,000		304,867
Packaging Corporation of America 3.40%, 12/15/27 (l)		81,000		77,609
Parker-Hannifin Corp. 3.25%, 03/01/27 (l)		156,000		152,563
Party City Holdings Inc. 6.13%, 08/15/23 (l)(b)		78,000		79,365
Penske Automotive Group Inc. 5.38%, 12/01/24 (l)		195,000		195,000


	Principal Amount ($)		Fair Value $
PepsiCo Inc. 3.45%, 10/06/46 (l)		84,000		77,308
Perrigo Finance Unlimited Co. 3.90%, 12/15/24 (l)		250,000		248,475
Petroleos Mexicanos 4.50%, 01/23/26 (l)		78,000		75,453
5.35%, 02/12/28 (l)(b)		45,000		44,314
5.38%, 03/13/22 (l)		89,000		92,657
5.63%, 01/23/46 (l)		83,000		73,998
6.35%, 02/12/48 (l)(b)		45,000		43,479
6.50%, 03/13/27 (l)		136,000		145,248
6.75%, 09/21/47 (l)		181,000		183,329
PetSmart Inc. 5.88%, 06/01/25 (l)(b)		259,000		186,480
Pfizer Inc. 3.00%, 12/15/26 (l)		99,000		95,845
4.13%, 12/15/46 (l)		58,000		59,783
4.40%, 05/15/44 (l)		40,000		42,791
Philip Morris International Inc. 4.13%, 03/04/43 (l)		117,000		115,790
Phillips 66 3.90%, 03/15/28		210,000		209,185
Phillips 66 Partners LP 3.75%, 03/01/28 (l)		100,000		96,668
4.68%, 02/15/45 (l)		81,000		78,896
Plains All American Pipeline LP/PAA Finance Corp. 4.70%, 06/15/44 (l)		63,000		56,148
5.75%, 01/15/20 (l)		99,000		102,859
Potash Corporation of Saskatchewan Inc. 4.00%, 12/15/26 (l)		89,000		89,000
PPL Capital Funding Inc. 3.10%, 05/15/26 (l)		143,000		135,277
Precision Castparts Corp. 4.38%, 06/15/45 (l)		92,000		99,112
Prudential Financial Inc. (4.50% fixed rate until 09/15/27; 2.38% + 3 month USD LIBOR thereafter) 4.50%, 09/15/47 (l)(h)		66,000		62,958
Prudential Financial Inc. (5.38% fixed rate until 05/15/25; 3.03% + 3 month USD LIBOR thereafter) 5.38%, 05/15/45 (l)(h)		160,000		163,912
PulteGroup Inc. 5.50%, 03/01/26 (l)		255,000		263,447
QUALCOMM Inc. 2.90%, 05/20/24 (l)		77,000		73,630
3.00%, 05/20/22 (l)		42,000		41,360
3.25%, 05/20/27 (l)		12,000		11,382
4.30%, 05/20/47 (l)		9,000		8,717

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


State Street Institutional Income Fund			39

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Realty Income Corp. 3.00%, 01/15/27 (l)		107,000		99,422
Republic Services Inc. 3.38%, 11/15/27 (l)		58,000		55,896
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (l)		82,000		83,561
Rockwell Collins Inc. 3.50%, 03/15/27 (l)		129,000		124,397
Rogers Communications Inc. 5.00%, 03/15/44 (l)		54,000		59,487
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 (l)(h)		200,000		196,466
RPM International Inc. 3.75%, 03/15/27 (l)		162,000		158,177
Ryder System Inc. 2.45%, 09/03/19 (l)		240,000		238,265
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (l)		90,000		88,654
5.00%, 03/15/27 (l)		62,000		64,382
Santander Holdings USA Inc. 2.65%, 04/17/20 (l)		248,000		245,108
4.40%, 07/13/27		99,000		98,038
Santander UK Group Holdings PLC 4.75%, 09/15/25 (l)(b)		200,000		201,206
Schlumberger Holdings Corp. 3.00%, 12/21/20 (l)(b)		61,000		60,849
Select Income REIT 4.25%, 05/15/24 (l)		153,000		148,846
Sempra Energy 3.40%, 02/01/28 (l)		136,000		130,425
3.80%, 02/01/38 (l)		57,000		53,747
4.00%, 02/01/48 (l)		57,000		53,327
Shell International Finance BV 3.25%, 05/11/25 (l)		91,000		90,416
3.75%, 09/12/46 (l)		49,000		47,362
4.13%, 05/11/35 (l)		73,000		75,621
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/23 (l)		22,000		20,998
3.20%, 09/23/26 (l)		74,000		69,075
Simon Property Group LP 3.38%, 06/15/27 (l)		136,000		131,292
Sinclair Television Group Inc. 5.38%, 04/01/21 (l)		384,000		387,360
Smithfield Foods Inc. 2.70%, 01/31/20 (l)(b)		74,000		72,953
4.25%, 02/01/27 (l)(b)		116,000		114,820
South Carolina Electric & Gas Co. 4.10%, 06/15/46 (l)		22,000		21,120


	Principal Amount ($)		Fair Value $
Southern California Edison Co. 2.40%, 02/01/22 (l)		153,000		148,967
Southern Copper Corp. 5.88%, 04/23/45 (l)		90,000		101,889
Southwestern Electric Power Co. 2.75%, 10/01/26 (l)		120,000		111,295
Spectra Energy Partners LP 3.38%, 10/15/26 (l)		59,000		55,628
4.50%, 03/15/45 (l)		32,000		30,981
Sprint Corp. 7.63%, 02/15/25 (l)		478,000		469,061
Standard Industries Inc. 5.38%, 11/15/24 (l)(b)		400,000		405,000
Sumitomo Mitsui Banking Corp. 2.25%, 07/11/19 (l)		254,000		251,841
Suncor Energy Inc. 4.00%, 11/15/47 (l)		35,000		34,267
Sunoco Logistics Partners Operations LP 5.40%, 10/01/47 (l)		132,000		125,610
Sunoco LP/Sunoco Finance Corp. 4.88%, 01/15/23 (l)(b)		59,000		57,009
5.88%, 03/15/28 (l)(b)		94,000		91,062
Sysco Corp. 3.25%, 07/15/27 (l)		123,000		118,027
T-Mobile USA Inc. 4.50%, 02/01/26 (l)		124,000		118,730
6.63%, 04/01/23 (l)		272,000		281,003
Tampa Electric Co. 4.35%, 05/15/44 (l)		160,000		162,915
Target Corp. 2.50%, 04/15/26 (l)		149,000		138,253
Teachers Insurance & Annuity Association of America 4.90%, 09/15/44 (l)(b)		93,000		102,500
Teck Resources Ltd. 4.75%, 01/15/22 (l)		133,000		134,330
Telefonica Emisiones SAU 4.10%, 03/08/27 (l)		189,000		188,492
Tencent Holdings Ltd. 2.99%, 01/19/23 (l)(b)		205,000		199,967
3.60%, 01/19/28 (l)(b)		200,000		192,334
3.93%, 01/19/38 (l)(b)		200,000		190,342
Tenet Healthcare Corp. 4.75%, 06/01/20 (l)		226,000		227,695
6.00%, 10/01/20 (l)		424,000		438,331
Teva Pharmaceutical Finance Netherlands III BV 1.70%, 07/19/19 (l)		409,000		394,881
2.20%, 07/21/21 (l)		64,000		57,644
The Allstate Corp. 4.20%, 12/15/46 (l)		126,000		127,542

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


40		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		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 (l)(h)		181,000		190,548
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63%, 12/29/49 (l)(h)		174,000		169,215
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65%, 12/31/99 (l)(h)		180,000		171,049
The Bank of Tokyo-Mitsubishi UFJ Ltd. 2.30%, 03/10/19 (l)(b)		200,000		198,996
The Boeing Co. 3.25%, 03/01/28 (l)		202,000		199,913
3.55%, 03/01/38 (l)		210,000		204,855
The Dow Chemical Co. 4.25%, 10/01/34 (l)		138,000		138,498
The George Washington University 4.13%, 09/15/48 (c)		84,000		84,968
The Goldman Sachs Group Inc. 2.30%, 12/13/19 (l)		57,000		56,364
2.35%, 11/15/21 (l)		194,000		187,214
2.63%, 04/25/21 (l)		372,000		364,203
3.85%, 01/26/27 (l)		228,000		224,756
4.25%, 10/21/25 (l)		20,000		20,104
4.80%, 07/08/44 (l)		65,000		69,976
5.15%, 05/22/45 (l)		141,000		151,854
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 (l)(h)		261,000		254,164
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) 3.81%, 04/23/29 (l)(h)		194,000		189,862
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) 4.02%, 10/31/38 (l)(h)		88,000		85,093
The Hartford Financial Services Group Inc. (3.96% fixed rate until 04/02/18; 2.13% + 3 month USD LIBOR thereafter) 3.96%, 02/12/47 (l)(h)(b)		95,000		92,364


	Principal Amount ($)		Fair Value $
The Home Depot Inc. 3.35%, 09/15/25 (l)		70,000		69,742
3.50%, 09/15/56 (l)		113,000		100,993
3.90%, 06/15/47 (l)		100,000		99,251
The Kroger Co. 2.95%, 11/01/21 (l)		194,000		192,297
4.65%, 01/15/48 (l)		63,000		61,225
The Mosaic Co. 5.63%, 11/15/43 (l)		32,000		33,618
The Nielsen Company Luxembourg Sarl 5.00%, 02/01/25 (l)(b)		150,000		148,125
The Sherwin-Williams Co. 2.25%, 05/15/20 (l)		121,000		118,939
2.75%, 06/01/22 (l)		50,000		48,664
3.45%, 06/01/27 (l)		56,000		53,677
4.50%, 06/01/47 (l)		38,000		37,937
The Southern Co. 1.85%, 07/01/19		524,000		516,900
3.25%, 07/01/26 (l)		24,000		22,780
4.40%, 07/01/46 (l)		36,000		36,016
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 (l)(h)		134,000		128,280
The Walt Disney Co. 4.13%, 06/01/44 (l)		34,000		35,675
Time Warner Cable LLC 4.50%, 09/15/42 (l)		27,000		23,671
6.55%, 05/01/37 (l)		91,000		102,135
Time Warner Inc. 5.35%, 12/15/43 (l)		77,000		82,150
Transcontinental Gas Pipe Line Company LLC 4.00%, 03/15/28 (b)		95,000		93,116
Tyco Electronics Group S.A. 2.35%, 08/01/19 (l)		266,000		264,581
3.13%, 08/15/27 (l)		187,000		179,894
Tyson Foods Inc. 2.65%, 08/15/19 (l)		45,000		44,774
4.55%, 06/02/47 (l)		32,000		32,097
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13%, 12/29/49 (l)(h)		287,000		294,892
UBS Group Funding Switzerland AG 2.95%, 09/24/20 (l)(b)		401,000		398,010
Union Pacific Corp. 3.60%, 09/15/37 (l)		32,000		30,853
4.10%, 09/15/67 (l)		53,000		50,960

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


State Street Institutional Income Fund			41

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

United Technologies Corp. 3.75%, 11/01/46 (l)		55,000		49,621
UnitedHealth Group Inc. 4.75%, 07/15/45 (l)		24,000		26,392
Vale Overseas Ltd. 4.38%, 01/11/22 (l)		37,000		37,891
6.25%, 08/10/26 (l)		82,000		91,792
6.88%, 11/10/39 (l)		67,000		79,304
Vale S.A. 5.63%, 09/11/42 (l)		25,000		26,375
Valeant Pharmaceuticals International Inc. 7.00%, 03/15/24 (l)(b)		391,000		407,617
Valvoline Inc. 4.38%, 08/15/25 (l)		146,000		141,445
Ventas Realty LP 3.25%, 10/15/26 (l)		171,000		161,014
Verizon Communications Inc. 3.38%, 02/15/25 (l)		149,000		146,585
4.40%, 11/01/34 (l)		72,000		71,014
4.67%, 03/15/55 (l)		94,000		89,346
4.86%, 08/21/46 (l)		321,000		324,178
5.01%, 04/15/49 (l)		52,000		53,981
5.25%, 03/16/37 (l)		86,000		92,582
Viacom Inc. 3.45%, 10/04/26 (l)		92,000		87,064
5.25%, 04/01/44 (l)		27,000		27,424
Virgin Media Finance PLC 5.75%, 01/15/25 (l)(b)		439,000		420,342
Virginia Electric & Power Co. 4.00%, 11/15/46 (l)		85,000		84,224
Visa Inc. 3.15%, 12/14/25 (l)		45,000		44,237
4.30%, 12/14/45 (l)		121,000		129,207
Vornado Realty LP 3.50%, 01/15/25 (l)		86,000		83,248
Vulcan Materials Co. 3.90%, 04/01/27 (l)		87,000		85,723
Wabtec Corp. 3.45%, 11/15/26 (l)		147,000		140,754
Walgreens Boots Alliance Inc. 4.65%, 06/01/46 (l)		48,000		46,658
Walmart Inc. 3.63%, 12/15/47 (l)		71,000		69,121
WEC Energy Group Inc. 3.55%, 06/15/25 (l)		182,000		180,710
WellCare Health Plans Inc. 5.25%, 04/01/25 (l)		202,000		202,768
Wells Fargo & Co. 2.63%, 07/22/22 (l)		104,000		100,599
3.90%, 05/01/45 (l)		6,000		5,861
4.75%, 12/07/46 (l)		162,000		166,097


	Principal Amount ($)		Fair Value $
Wells Fargo & Co. (3.58% fixed rate until 05/22/27; 1.31% + 3 month USD LIBOR thereafter) 3.58%, 05/22/28 (l)(h)		285,000		277,975
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88%, 12/29/49 (l)(h)		205,000		215,660
Wells Fargo & Co. (5.89% fixed rate until 06/15/18; 3.77% + 3 month USD LIBOR thereafter) 5.89%, 03/29/49 (l)(h)		156,000		158,221
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90%, 12/29/49 (l)(h)		193,000		198,809
Wells Fargo Bank NA 2.60%, 01/15/21 (l)		771,000		760,329
Western Digital Corp. 4.75%, 02/15/26 (l)		100,000		100,055
Western Gas Partners LP 4.00%, 07/01/22 (l)		38,000		38,009
5.38%, 06/01/21 (l)		120,000		125,194
Westlake Chemical Corp. 3.60%, 08/15/26 (l)		76,000		73,484
4.38%, 11/15/47 (l)		41,000		39,561
5.00%, 08/15/46 (l)		34,000		35,833
WestRock Co. 3.00%, 09/15/24 (l)(b)		104,000		99,418
Williams Partners LP 3.75%, 06/15/27 (l)		50,000		47,825
3.90%, 01/15/25 (l)		60,000		59,200
4.85%, 03/01/48		76,000		75,213
4.90%, 01/15/45 (l)		49,000		48,530
5.40%, 03/04/44 (l)		27,000		28,292
Willis North America Inc. 3.60%, 05/15/24 (l)		144,000		141,634
WPP Finance 2010 3.75%, 09/19/24 (l)		118,000		116,291
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/27 (l)(b)		202,000		197,960
Xilinx Inc. 2.95%, 06/01/24 (l)		99,000		95,095
XPO Logistics Inc. 6.50%, 06/15/22 (l)(b)		135,000		139,387
Yamana Gold Inc. 4.63%, 12/15/27 (l)(b)		90,000		88,338
Zoetis Inc. 3.00%, 09/12/27 (l)		57,000		53,492

				85,030,156

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


42		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($)		Fair Value $

Non-Agency Collateralized Mortgage Obligations - 4.1%
BANK 2018-BNK10 4.16%, 02/15/61 (l)(h)		156,611		154,071
BXP Trust 2017-GM 3.38%, 06/13/39 (l)(b)		711,000		703,354
Citigroup Commercial Mortgage Trust 2016-P6 3.72%, 12/10/49 (l)(h)		1,148,803		1,163,947
4.03%, 12/10/49 (l)(h)		345,016		354,286
COMM 2013-LC13 Mortgage Trust 4.56%, 08/10/46 (l)(h)(b)		175,000		184,165
COMM 2014-CR14 Mortgage Trust 4.53%, 02/10/47 (l)(h)		245,000		259,022
GS Mortgage Securities Corp. II 4.14%, 03/10/51 (h)		237,000		244,941
GS Mortgage Securities Trust 2015-GC28 1.13%, 02/10/48 (l)(h)(g)		2,787,175		137,375
GS Mortgage Securities Trust 2016-GS3 2.85%, 10/10/49 (l)		759,000		723,677
GS Mortgage Securities Trust 2017-GS5 3.67%, 03/10/50 (l)		1,830,046		1,852,706
GS Mortgage Securities Trust II 2012-GCJ9 1.97%, 11/10/45 (l)(h)(g)		739,979		55,020
JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 1.56%, 12/15/47 (l)(h)(g)		932,551		49,897
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.03%, 07/15/45 (l)(h)		125,000		128,042
LB-UBS Commercial Mortgage Trust 2004-C8 0.33%, 12/15/39 (l)(h)(g)(b)		46,650		55
LB-UBS Commercial Mortgage Trust 2007-C6 6.11%, 07/15/40 (l)(b)		133,910		133,830
6.11%, 07/15/40 (l)(h)		68,168		68,111
MASTR Alternative Loan Trust 2003-5 5.00%, 08/25/18 (l)(g)		1,366		1
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.38%, 02/15/48 (l)(h)(g)		3,148,501		203,873
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 0.95%, 03/15/48 (l)(h)(g)		3,814,382		184,044


	Principal Amount ($)		Fair Value $
Morgan Stanley Capital I Trust 2006-IQ11 6.25%, 10/15/42 (l)(h)		270,000		277,623
Morgan Stanley Capital I Trust 2006-T21 5.27%, 10/12/52 (l)(h)		38,545		38,506
Morgan Stanley Capital I Trust 2007-IQ16 6.12%, 12/12/49 (l)(h)		3,118		3,116
Morgan Stanley Capital I Trust 2016-UBS9 1.23%, 03/15/49 (l)(h)(g)		4,678,488		312,897
Wells Fargo Commercial Mortgage Trust 2015-C26 1.28%, 02/15/48 (l)(h)(g)		3,119,011		201,019
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64%, 03/15/50 (l)		483,093		488,387
WFRBS Commercial Mortgage Trust 2013-C17 4.26%, 12/15/46 (l)		240,000		247,689
WFRBS Commercial Mortgage Trust 2014-LC14 4.35%, 03/15/47 (l)(h)		544,000		563,916
4.59%, 03/15/47 (l)(h)(b)		275,134		233,164

				8,966,734


Sovereign Bonds - 0.7%
Government of Chile 3.86%, 06/21/47 (l)		200,000		196,406
Government of Colombia 5.00%, 06/15/45 (l)		200,000		202,770
Government of Mexico 4.60%, 02/10/48		202,000		192,005
4.75%, 03/08/44 (l)		276,000		268,269
Government of Oman 4.13%, 01/17/23 (l)(b)		215,000		206,907
Government of Peru 5.63%, 11/18/50 (l)		130,000		157,144
Government of Philippines 3.95%, 01/20/40 (l)		200,000		200,604
Government of Uruguay 5.10%, 06/18/50		136,268		141,103

				1,565,208


Municipal Bonds and Notes - 1.4%
American Municipal Power Inc. 6.27%, 02/15/50 (l)		105,000		136,410
Commonwealth of Massachusetts 5.00%, 01/01/45		325,000		376,282
Metropolitan St. Louis Sewer District 5.00%, 05/01/47		325,000		375,752

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


State Street Institutional Income Fund			43

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


	Principal Amount ($) or Shares		Fair Value $

New York City Water & Sewer System 5.00%, 06/15/40		980,000		1,136,692
Port Authority of New York & New Jersey 4.46%, 10/01/62 (l)		475,000		519,792
State of California 5.70%, 11/01/21 (l)		290,000		318,173
State of Illinois 5.10%, 06/01/33 (l)		100,000		93,733
The University of Texas System 3.35%, 08/15/47 (l)		95,000		90,594

				3,047,428


FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (j)(k)		203,294		4,391


Total Bonds and Notes (Cost $214,539,223)				213,700,716


Domestic Equity - 0.1%
Preferred Stock - 0.1%,
Wells Fargo & Co. 3.09%, + 3 month USD LIBOR (Cost $214,450) (l)(h)		8,578		225,516


	Principal Amount ($)		Fair Value $
Purchased Options - 0.0%*
10 Yr. U.S. Treasury Note Futures (Strike price 121.50 USD, expiration date 05/25/2018) (Cost $13,480)		39,000		23,766


Total Investments in Securities (Cost $214,767,153)				213,949,998


Short-Term Investments - 4.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.62%, (Cost $10,597,836) (l)(d)(e)		10,597,836		10,597,836


Total Investments (Cost $225,364,989)				224,547,834

Liabilities in Excess of Other Assets, net - (3.2)%				(6,959,268	)


NET ASSETS - 100.0%				217,588,566

Other Information:

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 Appreciation

Markit CDX North America Investment Grade Index	CME Group Inc.	$	5,199		1.00%/Quarterly		12/20/22	$	(96,432	)	$	(103,439	)	$	7,007

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


44		State Street Institutional Income Fund

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)

Centrally Cleared Interest Rate Swaps


Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency		Floating Rate		Contract annual Fixed Rate			Termination Date		Market Value		Unamortized Upfront Payments Received		Unrealized Appreciation

CME Group Inc.	$	1,546		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.62	%		10/16/43	$	79,096	$	—	$	79,096
CME Group Inc.	$	588		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.65	%		11/07/43	$	27,190	$	—	$	27,190
CME Group Inc.	$	947		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.67	%		10/24/43	$	39,385	$	—	$	39,385
CME Group Inc.	$	2,829		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.77	%		01/16/44	$	69,598	$	—	$	69,598

																$	215,269

The Fund had the following long futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation

Ultra Long-Term U.S. Treasury Bond Futures		June 2018		70		10,854,381	$	11,232,813	$	378,157
10 Yr. U.S. Treasury Notes Futures		June 2018		354		42,458,919		42,883,781		424,862
5 Yr. U.S. Treasury Notes Futures		June 2018		64		7,302,901		7,325,500		22,599

									$	825,618

The Fund had the following short futures contracts open at March 31, 2018:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation

U.S. Long Bond Futures		June 2018		29		(4,161,667	)	$	(4,252,126	)	$	(89,909	)
2 Yr. U.S. Treasury Notes Futures		June 2018		26		(5,526,611	)		(5,527,843	)		(1,232	)
10 Yr. U.S. Treasury Ultra Futures		June 2018		80		(10,240,618	)		(10,388,750	)		(148,132	)

											$	(239,273	)

											$	586,345

The Fund had the following open Purchased Options contracts at March 31, 2018:


Purchased Options
Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)

Calls
10 Yr. U.S. Treasury Note Futures - June 2018		Goldman Sachs & Co.		121.50		5/25/2018		39	$	39,000	$	23,766	$	13,480	$	10,286

During the period ended March 31, 2018 average notional values related to derivative contracts were as follows:


	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts

Average Notional Value	$	1,288	$	8,808	$	13,058	$	5,240	$	35,222,494	$	30,568,850	$	5,473,019	$	14,631,550

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


State Street Institutional Income Fund			45

State Street Institutional Income Fund

Schedule of Investments, continued — March 31, 2018 (Unaudited)


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional Income Fund	Investments in Securities
	U.S. Treasuries	$	—		$	86,075,459	$	—	$	86,075,459
	Agency Mortgage Backed		—			22,993,446		—		22,993,446
	Agency Collateralized Mortgage Obligations		—			444,936		—		444,936
	Asset Backed		—			5,572,958		—		5,572,958
	Corporate Notes		—			85,030,156		—		85,030,156
	Non-Agency Collateralized Mortgage Obligations		—			8,966,734		—		8,966,734
	Sovereign Bonds		—			1,565,208		—		1,565,208
	Municipal Bonds and Notes		—			3,047,428		—		3,047,428
	FNMA (TBA)		—			—		4,391		4,391
	Preferred Stock		225,516			—		—		225,516
	Purchased Options		23,766			—		—		23,766
	Short-Term Investments		10,597,836			—		—		10,597,836

	Total Investments in Securities	$	10,847,118		$	213,696,325	$	4,391	$	224,547,834


	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	7,007	$	—	$	7,007
	Centrally Cleared Interest Rate Swaps - Unrealized Appreciation		—			215,269		—		215,269
	Long Futures Contracts - Unrealized Appreciation		825,618			—		—		825,618
	Short Futures Contracts - Unrealized Depreciation		(239,273	)		—		—		(239,273	)

	Total Other Financial Instruments	$	586,375		$	222,276	$	—	$	808,651

Affiliate Table


	Number of Shares Held at 9/30/17		Value At 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income

State Street Institutional U.S. Government Money Market Fund - Class G Shares		14,675,624	$	14,675,624	$	80,580,529	$	84,658,317	$	—	$	—		10,597,836	$	10,597,836	$	41,449

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


46		State Street Institutional Income Fund

State Street Institutional Funds

Notes to Schedules of Investments — March 31, 2018 (Unaudited)

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the 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 March 31, 2018, these securities amounted to $14,543,246 or 6.68% of the net assets of the State Street Institutional Income Fund. These securities have been determined to be liquid using procedures established by the State Street Institutional Funds’ Board of Trustees (the “Board”).

(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)	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.

(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 March 31, 2018.

(i)	Step coupon bond.

(j)	Security is in default.

(k)	Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the Board.

(l)	At March 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBA’s.

†	Percentages are based on net assets as of March 31, 2018.

*	Less than 0.05%.

**	Less than $0.50

Abbreviations:

ADR - American 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


Notes to Schedule of Investments			47

State Street Institutional U.S. Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/18†			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	$	14.95		$	13.50		$	14.46		$	17.32		$	15.59		$	12.90


Income/(loss) from investment operations:
Net investment income		0.08	*		0.18	*		0.21	*		0.21	*		0.22	*		0.22	*
Net realized and unrealized gains/(losses) on investments		0.62	*		2.16	*		1.52	*		(0.65	)*		2.60	*		2.67	*

Total income/(loss) from investment operations		0.70			2.34			1.73			(0.44	)		2.82			2.89


Less distributions from:
Net investment income		0.21			0.21			0.24			0.25			0.22			0.20
Net realized gains		3.11			0.68			2.45			2.17			0.87			—

Total distributions		3.32			0.89			2.69			2.42			1.09			0.20

Net asset value, end of period	$	12.33		$	14.95		$	13.50		$	14.46		$	17.32		$	15.59

Total return^(a)		4.67	%		18.29	%		13.29	%		(3.57	)%		18.88	%		22.76	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	450,590		$	461,828		$	603,060		$	615,024		$	836,752		$	767,603

Ratios to average net assets:
Net expenses		0.37	%***		0.37	%		0.37	%		0.37	%		0.36	%^(b)		0.36	%^(b)
Gross expenses		0.37	%***		0.37	%		0.37	%		0.37	%		0.36	%		0.36	%
Net investment income		1.21	%***		1.29	%		1.61	%		1.32	%		1.36	%		1.60	%
Portfolio turnover rate		27	%		80	%		43	%		41	%		38	%		37	%

	Service Class
	3/31/18†			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	$	15.77		$	14.18		$	15.06		$	17.95		$	15.96		$	13.12


Income/(loss) from investment operations:
Net investment income		0.07	*		0.15	*		0.19	*		0.18	*		0.19	*		0.18	*
Net realized and unrealized gains/(losses) on investments		0.66	*		2.29	*		1.58	*		(0.69	)*		2.67	*		2.83	*

Total income/(loss) from investment operations		0.73			2.44			1.77			(0.51	)		2.86			3.01


Less distributions from:
Net investment income		0.18			0.17			0.20			0.21			—			0.17
Net realized gains		3.11			0.68			2.45			2.17			0.87			—

Total distributions		3.29			0.85			2.65			2.38			0.87			0.17

Net asset value, end of period	$	13.21		$	15.77		$	14.18		$	15.06		$	17.95		$	15.96

Total return^(a)		4.56	%		18.07	%		12.96	%		(3.83	)%		18.55	%		23.23	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	94		$	95		$	95		$	104		$	117		$	84

Ratios to average net assets:
Net expenses		0.62	%***		0.62	%		0.62	%		0.62	%		0.61	%^(b)		0.61	%^(b)
Gross expenses		0.62	%***		0.62	%		0.62	%		0.62	%		0.61	%		0.61	%
Net investment income		0.94	%***		1.04	%		1.35	%		1.07	%		1.11	%		1.33	%
Portfolio turnover rate		27	%		80	%		43	%		41	%		38	%		37	%

See Notes to Financial Highlights and Notes to Financial Statements


48		Financial Highlights

State Street Institutional Premier Growth Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/18†			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	$	15.69		$	14.23		$	13.61		$	14.96		$	12.92		$	10.83


Income/(loss) from investment operations:
Net investment income		0.06	*		0.13	*		0.13	*		0.13	*		0.13	*		0.14	*
Net realized and unrealized gains/(losses) on investments		0.83	*		2.60	*		1.88	*		(0.11	)*		2.38	*		2.09	*

Total income from investment operations		0.89			2.73			2.01			0.02			2.51			2.23


Less distributions from:
Net investment income		0.13			0.12			0.14			0.13			0.11			0.14
Net realized gains		1.00			1.15			1.25			1.24			0.36			—

Total distributions		1.13			1.27			1.39			1.37			0.47			0.14

Net asset value, end of period	$	15.45		$	15.69		$	14.23		$	13.61		$	14.96		$	12.92

Total return^(a)		5.68	%		21.18	%		15.25	%		(0.47	)%		19.80	%		20.85	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	357,415		$	360,416		$	325,700		$	334,227		$	428,536		$	369,286

Ratios to average net assets:
Net expenses		0.38	%***		0.38	%		0.38	%		0.38	%		0.37	%^(b)		0.38	%^(b)
Gross expenses		0.38	%***		0.38	%		0.38	%		0.38	%		0.37	%		0.38	%
Net investment income		0.73	%***		0.88	%		0.95	%		0.89	%		0.94	%		1.20	%
Portfolio turnover rate		11	%		24	%		21	%		21	%		21	%		25	%

	Service Class
	3/31/18†			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	$	15.48		$	14.06		$	13.46		$	14.82		$	12.80		$	10.74


Income/(loss) from investment operations:
Net investment income		0.04	*		0.09	*		0.09	*		0.09	*		0.10	*		0.11	*
Net realized and unrealized gains/(losses) on investments		0.82	*		2.57	*		1.87	*		(0.12	)*		2.36	*		2.07	*

Total income/(loss) from investment operations		0.86			2.66			1.96			(0.03	)		2.46			2.18


Less distributions from:
Net investment income		0.09			0.09			0.11			0.09			0.08			0.12
Net realized gains		1.00			1.15			1.25			1.24			0.36			—

Total distributions		1.09			1.24			1.36			1.33			0.44			0.12

Net asset value, end of period	$	15.25		$	15.48		$	14.06		$	13.46		$	14.82		$	12.80

Total return^(a)		5.59	%		20.84	%		14.99	%		(0.77	)%		19.56	%		20.49	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	15,677		$	16,136		$	11,547		$	5,820		$	3,836		$	3,216

Ratios to average net assets:
Net expenses		0.63	%***		0.63	%		0.63	%		0.63	%		0.62	%^(b)		0.63	%^(b)
Gross expenses		0.63	%***		0.63	%		0.63	%		0.63	%		0.62	%		0.63	%
Net investment income		0.48	%***		0.62	%		0.67	%		0.61	%		0.69	%		0.93	%
Portfolio turnover rate		11	%		24	%		21	%		21	%		21	%		25	%

See Notes to Financial Highlights and Notes to Financial Statements


Financial Highlights			49

State Street Institutional Small-Cap Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/18†			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	$	20.79		$	17.96		$	17.18		$	19.32		$	20.19		$	16.80


Income/(loss) from investment operations:
Net investment income		0.02	*		0.05	*		0.04	*		0.03	*		0.01	*		0.07	*
Net realized and unrealized gains/(losses) on investments		0.41	*		3.42	*		2.79	*		(0.08	)*		1.12	*		4.69	*

Total income/(loss) from investment operations		0.43			3.47			2.83			(0.05	)		1.13			4.76


Less distributions from:
Net investment income		0.04			0.04			0.03			0.02			0.02			0.07
Net realized gains		1.79			0.60			2.02			2.07			1.98			1.30

Total distributions		1.83			0.64			2.05			2.09			2.00			1.37

Net asset value, end of period	$	19.39		$	20.79		$	17.96		$	17.18		$	19.32		$	20.19

Total return^(a)		2.05	%		19.65	%		18.24	%		(0.90	)%		5.61	%		30.57	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,396,983		$	1,464,018		$	1,298,789		$	1,171,984		$	1,264,304		$	1,249,146

Ratios to average net assets:
Net expenses		0.88	%***		0.88	%		0.89	%		0.89	%		0.88	%^(b)		0.88	%^(b)
Gross expenses		0.88	%***		0.88	%		0.89	%		0.89	%		0.88	%		0.89	%
Net investment income		0.22	%***		0.27	%		0.25	%		0.17	%		0.07	%		0.37	%
Portfolio turnover rate		16	%		34	%		33	%		40	%		37	%		37	%

	Service Class
	3/31/18†			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	$	20.79		$	17.98		$	17.21		$	19.37		$	20.27		$	16.87


Income/(loss) from investment operations:
Net investment income (loss)		(0.00	)*^(c)		0.01	*		(0.00	)*^(c)		(0.01	)*		(0.04	)*		0.02	*
Net realized and unrealized gains/(losses) on investments		0.40	*		3.41	*		2.80	*		(0.08	)*		1.12	*		4.72	*

Total income/(loss) from investment operations		0.40			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		1.79			0.60			2.02			2.07			1.98			1.30

Total distributions		1.79			0.61			2.03			2.07			1.98			1.34

Net asset value, end of period	$	19.40		$	20.79		$	17.98		$	17.21		$	19.37		$	20.27

Total return^(a)		1.86	%		19.38	%		17.96	%		(1.12	)%		5.32	%		30.26	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,374		$	2,373		$	2,579		$	1,741		$	71		$	87

Ratios to average net assets:
Net expenses		1.13	%***		1.13	%		1.14	%		1.14	%		1.13	%^(b)		1.13	%^(b)
Gross expenses		1.13	%***		1.13	%		1.14	%		1.14	%		1.13	%		1.14	%
Net investment income (loss)		(0.03	)%***		0.03	%		(0.00	)%^(d)		(0.07	)%		(0.19	)%		0.09	%
Portfolio turnover rate		16	%		34	%		33	%		40	%		37	%		37	%

See Notes to Financial Highlights and Notes to Financial Statements


50		Financial Highlights

State Street Institutional International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/18†			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	$	13.42		$	11.83		$	11.41		$	12.72		$	12.71		$	10.68


Income/(loss) from investment operations:
Net investment income		0.05			0.17	*		0.20	*		0.18	*		0.30	*		0.18	*
Net realized and unrealized gains/(losses) on investments		0.38			1.63	*		0.40	*		(1.15	)*		(0.08	)*		2.09	*

Total income/(loss) from investment operations		0.43			1.80			0.60			(0.97	)		0.22			2.27


Less distributions from:
Net investment income		0.19			0.21			0.18			0.34			0.21			0.24

Total distributions		0.19			0.21			0.18			0.34			0.21			0.24

Net asset value, end of period	$	13.66		$	13.42		$	11.83		$	11.41		$	12.72		$	12.71

Total return^(a)		3.20	%		15.58	%		5.32	%		(7.80	)%		1.69	%		21.57	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,190,730		$	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	%		0.57	%		0.56	%		0.56	%^(a)		0.56	%^(a)
Gross expenses		0.57	%***		0.57	%		0.57	%		0.56	%		0.56	%		0.56	%
Net investment income		0.74	%***		1.40	%		1.73	%		1.38	%		2.29	%		1.57	%
Portfolio turnover rate		13	%		30	%		33	%		26	%		39	%		47	%

	Service Class
	3/31/18†			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	$	13.34		$	11.76		$	11.33		$	12.62		$	12.61		$	10.59


Income/(loss) from investment operations:
Net investment income		0.03			0.14	*		0.17	*		0.08	*		0.26	*		0.15	*
Net realized and unrealized gains/(losses) on investments		0.38			1.63	*		0.40	*		(1.06	)*		(0.08	)*		2.07	*

Total income/(loss) from investment operations		0.41			1.77			0.57			(0.98	)		0.18			2.22


Less distributions from:
Net investment income		0.16			0.19			0.14			0.31			0.17			0.20

Total distributions		0.16			0.19			0.14			0.31			0.17			0.20

Net asset value, end of period	$	13.59		$	13.34		$	11.76		$	11.33		$	12.62		$	12.61

Total return^(a)		3.10	%		15.33	%		5.01	%		(7.95	)%		1.42	%		21.19	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	18,774		$	18,687		$	17,796		$	19,562		$	92,749		$	101,204

Ratios to average net assets:
Net expenses		0.82	%***		0.82	%		0.82	%		0.81	%		0.81	%^(b)		0.81	%^(b)
Gross expenses		0.82	%***		0.82	%		0.82	%		0.81	%		0.81	%		0.81	%
Net investment income		0.49	%***		1.14	%		1.45	%		0.63	%		2.03	%		1.31	%
Portfolio turnover rate		13	%		30	%		33	%		26	%		39	%		47	%

See Notes to Financial Highlights and Notes to Financial Statements


Financial Highlights			51

State Street Institutional Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/18†			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	$	9.52		$	9.67		$	9.45		$	9.51		$	9.34		$	10.01


Income/(loss) from investment operations:
Net investment income		0.12	*		0.24	*		0.26	*		0.25			0.26			0.21
Net realized and unrealized gains/(losses) on investments		(0.23	)		(0.15	)*		0.31	*		(0.05	)		0.17			(0.32	)

Total income/(loss) from investment operations		(0.11	)		0.09			0.57			0.20			0.43			(0.11	)


Less distributions from:
Net investment income		0.12			0.23			0.26			0.26			0.26			0.21
Net realized gains		0.06			0.01			0.09			—			—			0.35

Total distributions		0.18			0.24			0.35			0.26			0.26			0.56

Net asset value, end of period	$	9.23		$	9.52		$	9.67		$	9.45		$	9.51		$	9.34

Total return^(a)		(1.17	)%		0.98	%		6.18	%		2.05	%		4.61	%		(1.13	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	217,505		$	220,157		$	298,908		$	291,252		$	322,946		$	341,603

Ratios to average net assets:
Net expenses		0.25	%***		0.24	%		0.24	%		0.23	%		0.23	%^(b)		0.21	%^(b)
Gross expenses		0.25	%***		0.24	%		0.24	%		0.23	%		0.23	%		0.23	%
Net investment income		2.66	%***		2.56	%		2.79	%		2.65	%		2.73	%		2.21	%
Portfolio turnover rate		104	%		326	%		219	%		297	%		308	%		348	%

	Service Class
	3/31/18†			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	$	9.73		$	9.89		$	9.66		$	9.72		$	9.55		$	10.23


Income/(loss) from investment operations:
Net investment income		0.12			0.22	*		0.25	*		0.23			0.24			0.19
Net realized and unrealized gains/(losses) on investments		(0.23	)		(0.16	)*		0.31	*		(0.05	)		0.17			(0.33	)

Total income/(loss) from investment operations		(0.11	)		0.06			0.56			0.18			0.41			(0.14	)


Less distributions from:
Net investment income		0.11			0.21			0.24			0.24			0.24			0.19
Net realized gains		0.06			0.01			0.09			—			—			0.35

Total distributions		0.17			0.22			0.33			0.24			0.24			0.54

Net asset value, end of period	$	9.45		$	9.73		$	9.89		$	9.66		$	9.72		$	9.55

Total return^(a)		(1.13	)%		0.65	%		5.95	%		1.81	%		4.32	%		(1.40	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	84		$	90		$	181		$	248		$	327		$	316

Ratios to average net assets:
Net expenses		0.50	%***		0.49	%		0.49	%		0.48	%		0.48	%^(b)		0.46	%^(b)
Gross expenses		0.50	%***		0.49	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		2.40	%***		2.28	%		2.58	%		2.40	%		2.47	%		2.00	%
Portfolio turnover rate		104	%		326	%		219	%		297	%		308	%		348	%

See Notes to Financial Highlights and Notes to Financial Statements


52		Financial Highlights

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%.

†

Unaudited.

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.

***

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements


Financial Highlights			53

State Street Institutional Funds

Statements of Assets and Liabilities — March 31, 2018 (Unaudited)


	State Street Institutional U.S. Equity Fund			State Street Institutional Premier Growth Equity Fund		State Street Institutional Small-Cap Equity Fund

Assets
Investments in securities, at fair value (cost $355,868,756; $251,061,982; $1,007,261,237; $941,057,203; and $214,767,153, respectively)	$	434,333,875		$	363,113,327	$	1,325,590,534
Short-term affiliated investments, at fair value		16,313,395			10,828,948		76,011,292
Cash		155,100			88,707		157,232
Cash collateral on deposit with broker for future contracts		132,987			—		2,221,479
Foreign currency (cost $0; $0; $0; $1,215,331; and $0, respectively)		—			—		—
Receivable for investments sold		7,380,131			—		2,143,081
Income receivables		265,831			106,410		985,439
Receivable for fund shares sold		1,091			255,199		1,865
Income receivable from affiliated investments		15,127			15,128		82,203
Receivable for centrally cleared swaps		—			—		—
Receivable for accumulated variation margin on futures		—			25,313		—
Other assets		31,905			22,274		87,003

Total assets		458,629,442			374,455,307		1,407,280,128


Liabilities
Distribution payable to shareholders		—			—		—
Net cash collateral on futures contracts due to broker		—			42,920		—
Net cash collateral on swap contracts due to broker		—			—		—
Payable for investments purchased		7,790,324			904,273		5,884,068
Payable for fund shares redeemed		—			292,969		490,245
Payable for accumulated variation margin on futures		7,738			—		488,123
Payable to the Adviser		147,946			120,613		1,060,487
Distribution and service fees		21			3,440		509
Accrued foreign capital gains tax		—			—		—

Total liabilities		7,946,029			1,364,215		7,923,432


Net Assets	$	450,683,413		$	373,091,091	$	1,399,356,696


Net Assets Consist of:
Capital paid in	$	357,937,840		$	244,614,980	$	1,019,952,486
Undistributed (distributions in excess of) net investment income		1,282,005			419,925		771,863
Accumulated net realized gain (loss)		13,006,308			15,979,693		60,791,500
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		78,465,119			112,051,345		318,329,297
Futures		(7,859	)		25,148		(488,450	)
Swap contracts		—			—		—
Foreign currency related transactions		—			—		—

Net Assets	$	450,683,413		$	373,091,091	$	1,399,356,696


Investment Class:
Net Assets	$	450,589,796		$	357,414,549	$	1,396,982,602
Shares outstanding ($0.001 par value, unlimited shares authorized)		36,538,959			23,126,849		72,051,051
Net asset value, offering and redemption price per share	$	12.33		$	15.45	$	19.39

Service Class:
Net Assets	$	93,617		$	15,676,542	$	2,374,094
Shares outstanding ($0.001 par value, unlimited shares authorized)		7,088			1,028,082		122,354
Net asset value, offering and redemption price per share	$	13.21		$	15.25	$	19.40

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


54		Statements of Assets and Liabilities


State Street Institutional International Equity Fund			State Street Institutional Income Fund


$	1,165,550,562		$	213,949,999
	39,652,079			10,597,836
	—			—
	1,683,885			—
	1,204,606			—
	2,624,252			9,753,908
	4,803,283			1,398,340
	—			120,224
	56,645			11,402
	—			117,104
	—			587,555
	74,592			14,107

	1,215,649,904			236,550,475



	—			310
	—			472,161
	—			38,735
	4,493,325			8,255,117
	809,547			10,152,940
	103,853			—
	579,710			42,629
	4,005			17
	155,335			—

	6,145,775			18,961,909


$	1,209,504,129		$	217,588,566



$	1,199,550,439		$	222,169,028
	4,475,394			1,458,626
	(218,781,642	)		(6,030,555	)

	224,338,024			(817,154	)
	(103,906	)		586,345
	—			222,276
	25,820			—

$	1,209,504,129		$	217,588,566



$	1,190,730,140		$	217,504,529
	87,163,946			23,552,869
$	13.66		$	9.23


$	18,773,989		$	84,037
	1,381,577			8,896
$	13.59		$	9.45

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


Statements of Assets and Liabilities			55

State Street Institutional Funds

Statements of Operations — For the period ended March 31, 2018 (Unaudited)


	State Street Institutional U.S. Equity Fund			State Street Institutional Premier Growth Equity Fund			State Street Institutional Small-Cap Equity Fund

Investment Income
Income
Dividend	$	3,690,405		$	2,024,856		$	7,526,956
Interest		—			96			3,406
Income from affiliated investments		68,817			74,646			493,007
Less: Foreign taxes withheld		—			—			(24,954	)
Dividend Income — Non-Cash Transactions		—			—			—

Total income		3,759,222			2,099,598			7,998,415


Expenses
Advisory and administration fees		870,096			704,652			6,373,175
Distribution and service fees
Service Class		129			20,539			2,996
Trustees’ fees		20,379			11,769			49,129
Other expenses		635			157			2,822

Total expenses before waiver		891,239			737,117			6,428,122

Total expenses		891,239			737,117			6,428,122

Net investment income	$	2,867,983		$	1,362,481		$	1,570,293


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	17,304,776		$	20,360,247		$	80,870,615
Futures		83,026			19,490			2,489,419
Written options		—			—			—
Swap contracts		—			—			—
Foreign currency transactions		—			—			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		1,644,193			(460,786	)		(51,834,560	)
Futures		(9,312	)		84,674			(1,396,438	)
Swap contracts		—			—			—
Foreign currency translations		—			—			—


Net realized and unrealized gain (loss) on investments		19,022,683			20,003,625			30,129,036

Net Increase (Decrease) in Net Assets Resulting from Operations	$	21,890,666		$	21,366,106		$	31,699,329

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


56		Statements of Operations


State Street Institutional International Equity Fund			State Street Institutional Income Fund



$	7,131,636		$	15,860
	—			2,995,234
	223,539			41,449
	(781,054	)		—
	1,559,345			—

	8,133,466			3,052,543



	3,484,004			253,428

	23,896			109
	41,952			9,585
	3,110			529

	3,552,962			263,651

	3,552,962			263,651

$	4,580,504		$	2,788,892




$	22,976,653		$	(1,482,123	)
	884,943			(410,075	)
	—			133,098
	—			(213,959	)
	(261,940	)		—

	11,192,080			(3,709,307	)
	(127,303	)		540,598
	—			250,935
	27,584			—


	34,692,017			(4,890,833	)

$	39,272,521		$	(2,101,941	)

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


Statements of Operations			57

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional U.S. Equity Fund						State Street Institutional Premier Growth Equity Fund
	Six Months Ended March 31, 2018*			Year Ended September 30, 2017			Six Months Ended March 31, 2018*			Year Ended September 30, 2017

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	2,867,983		$	7,448,228		$	1,362,481		$	3,072,120
Net realized gain (loss) on investments, futures, written options, swap contracts and foreign currency transactions		17,387,802			100,382,739			20,379,737			19,997,844
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations		1,634,881			(9,635,178	)		(376,112	)		45,291,327

Net increase (decrease) from operations		21,890,666			98,195,789			21,366,106			68,361,291


Distributions to shareholders from:
Net investment income
Investment Class		(6,572,944	)		(9,204,143	)		(2,852,911	)		(2,724,978	)
Service Class		(1,235	)		(1,169	)		(94,980	)		(70,521	)
Net realized gains
Investment Class		(95,402,571	)		(29,586,080	)		(22,328,049	)		(25,871,980	)
Service Class		(21,619	)		(4,600	)		(1,028,427	)		(929,074	)

Total distributions		(101,998,369	)		(38,795,992	)		(26,304,367	)		(29,596,553	)

Increase (decrease) in assets from operations and distributions		(80,107,703	)		59,399,797			(4,938,261	)		38,764,738


Share transactions:
Proceeds from sale of shares
Investment Class		10,518,519			23,678,745			20,769,257			39,338,252
Service Class		16,622			5,590			1,009,638			4,552,728
Value of distributions reinvested
Investment Class		101,485,174			38,322,600			23,561,689			28,436,763
Service Class		22,854			5,769			1,123,407			999,595
Cost of shares redeemed
Investment Class		(43,152,675	)		(262,621,887	)		(42,611,092	)		(70,298,092	)
Service Class		(22,607	)		(22,343	)		(2,375,602	)		(2,489,023	)

Net increase (decrease) from share transactions		68,867,887			(200,631,526	)		1,477,298			540,223


Total increase (decrease) in net assets		(11,239,816	)		(141,231,729	)		(3,460,963	)		39,304,961

Net Assets
Beginning of period		461,923,229			603,154,958			376,552,055			337,247,094


End of period	$	450,683,413		$	461,923,229		$	373,091,091		$	376,552,055


Undistributed (distributions in excess of) net investment income, end of period	$	1,282,005		$	4,988,201		$	419,925		$	2,005,335

Changes in Fund Shares
Investment Class
Shares sold		773,545			1,688,791			1,304,271			2,742,967
Issued for distributions reinvested		8,224,082			2,925,389			1,535,964			2,218,156
Shares redeemed		(3,347,803	)		(18,404,658	)		(2,683,935	)		(4,875,026	)

Net increase (decrease) in fund shares		5,649,824			(13,790,478	)		156,300			86,097


Service Class
Shares sold		1,035			370			64,155			316,632
Issued for distributions reinvested		1,727			417			74,152			78,895
Shares redeemed		(1,715	)		(1,474	)		(152,609	)		(174,546	)

Net increase (decrease) in fund shares		1,047			(687	)		(14,302	)		220,981

Unaudited.

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


58		Statements of Changes in Net Assets


State Street Institutional Small-Cap Equity Fund						State Street Institutional International Equity Fund						State Street Institutional Income Fund
Six Months Ended March 31, 2018*			Year Ended September 30, 2017			Six Months Ended March 31, 2018*			Year Ended September 30, 2017			Six Months Ended March 31, 2018*			Year Ended September 30, 2017




$	1,570,293		$	3,730,825		$	4,580,504		$	17,165,969		$	2,788,892		$	6,815,962
	83,360,034			113,221,299			23,599,656			586,795			(1,973,059	)		(1,737,551	)
	(53,230,998	)		132,749,651			11,092,361			160,903,177			(2,917,774	)		(3,361,479	)

	31,699,329			249,701,775			39,272,521			178,655,941			(2,101,941	)		1,716,932




	(2,669,268	)		(2,814,987	)		(16,515,359	)		(21,670,619	)		(2,747,764	)		(6,369,455	)
	—			(1,191	)		(224,900	)		(280,973	)		(1,036	)		(2,161	)

	(124,304,783	)		(43,363,389	)		—			—			(1,299,582	)		(396,332	)
	(203,189	)		(83,248	)		—			—			(529	)		(134	)

	(127,177,240	)		(46,262,815	)		(16,740,259	)		(21,951,592	)		(4,048,911	)		(6,768,082	)

	(95,477,911	)		203,438,960			22,532,262			156,704,349			(6,150,852	)		(5,051,150	)




	46,625,384			70,119,922			22,357,372			45,554,141			49,068,576			36,633,790
	151,457			435,295			301,648			220,946			140			3,243

	126,017,253			46,178,377			16,514,923			21,670,123			4,047,317			6,679,291
	203,189			84,438			224,900			280,973			1,565			2,294

	(144,356,413	)		(154,152,789	)		(84,076,567	)		(245,913,305	)		(49,619,810	)		(117,017,251	)
	(197,103	)		(1,081,378	)		(794,184	)		(1,880,348	)		(5,089	)		(93,066	)

	28,443,767			(38,416,135	)		(45,471,908	)		(180,067,470	)		3,492,699			(73,791,699	)


	(67,034,144	)		165,022,825			(22,939,646	)		(23,363,121	)		(2,658,153	)		(78,842,849	)


	1,466,390,840			1,301,368,015			1,232,443,775			1,255,806,896			220,246,719			299,089,568


$	1,399,356,696		$	1,466,390,840		$	1,209,504,129		$	1,232,443,775		$	217,588,566		$	220,246,719


$	771,863		$	1,870,838		$	4,475,394		$	16,635,149		$	1,458,626		$	1,418,534



	2,313,379			3,635,977			1,606,603			3,670,675			5,291,661			3,872,839
	6,509,156			2,430,441			1,223,328			1,919,409			431,241			707,546
	(7,179,243	)		(7,961,615	)		(6,095,676	)		(19,831,129	)		(5,304,825	)		(12,353,748	)

	1,643,292			(1,895,197	)		(3,265,745	)		(14,241,045	)		418,077			(7,773,363	)



	7,628			22,804			22,059			18,410			15			339
	10,479			4,435			16,734			24,975			163			238
	(9,874	)		(56,588	)		(57,597	)		(155,864	)		(536	)		(9,626	)

	8,233			(29,349	)		(18,804	)		(112,479	)		(358	)		(9,049	)

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


Statements of Changes in Net Assets			59

State Street Institutional Funds

Notes to Financial Statements — March 31, 2018 (Unaudited)

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 five investment funds (each, a “Fund” and collectively, the “Funds”): State Street Institutional U.S. Equity Fund, State Street Institutional Premier Growth Equity Fund, State Street Institutional Small-Cap Equity Fund, State Street Institutional International Equity 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 of the Trust (the “Board”). 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.

•

Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.


60		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

•

Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

•

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 the 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 SSGA Funds Management, Inc. (“SSGA FM”) is unable to obtain an independent, third–party valuation the agreements will be fair valued.

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

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s net asset value calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy. At March 31, 2018, the independent fair value service was used for certain foreign securities in the State Street Institutional International Equity Fund, and these securities were classified within Level 2 of the fair value hierarchy.

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

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

•

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

•

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

•

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

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2018 is disclosed in each 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 State Street Institutional International Equity Fund had transfers from Level 1 to Level 2 during the period ended March 31, 2018, in the


Notes to Financial Statements			61

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

amount of $1,060,444,844. At March 31, 2018, these investments were valued using the independent fair value service. At September 30, 2017, these were valued at exchange closing prices. No other Funds had material transfers between levels for the six-month period ended March 31, 2018.

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

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

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

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

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 March 31, 2018, 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 Certain Funds may transact 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. A Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, a Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.


62		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

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.

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 The 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, a 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 a Fund 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. A Fund recognizes a realized gain or loss when the contract is closed.

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

During the six-month period ended March 31, 2018, 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 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 Income Fund		Management of Interest Rate Risk

Options on Futures Contracts The Funds may purchase and write options, including options on exchanged traded 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. A 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 a Fund 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.


Notes to Financial Statements			63

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

During the six-month period ended March 31, 2018, the State Street Institutional Income Fund purchased and wrote options in order to manage interest rate risk.

Credit Default Swaps During the six-month period ended March 31, 2018, the State Street Institutional Income Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation.

As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the period ended March 31, 2018, the State Street Institutional Income Fund entered into interest rate swaps in order to manage exposure to interest rates.


64		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2018 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		Commodity Contracts Risk		Total

State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—	$	—	$	—	$	25,313	$	—	$	25,313
State Street Institutional Income Fund
Futures Contracts		827,129		—		—		—		—		827,129
Swap Contracts^(a)		215,269		—		7,007		—		—		222,276
Purchased Options Contracts^(b)		10,286		—		—		—		—		10,286

^(a)

Unrealized appreciation on swap contracts is included in receivable for centrally cleared swaps.

^(b)

Included in net unrealized appreciation (depreciation) on investments.

Liability Derivatives


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—	$	(7,738	)	$	—	$	(7,738	)
State Street Institutional Small-Cap Equity Fund
Futures Contracts		—			—		—		(488,123	)		—		(488,123	)
State Street Institutional International Equity Fund
Futures Contracts		—			—		—		(103,853	)		—		(103,853	)
State Street Institutional Income Fund
Futures Contracts		(239,572	)		—		—		—			—		(239,572	)

Net Realized Gain (Loss)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—		$	83,026	$	—	$	83,026
State Street Institutional Premier Growth Equity Fund
Futures Contracts		—			—		—			19,490		—		19,490
State Street Institutional Small-Cap Equity Fund
Futures Contracts		—			—		—			2,489,419		—		2,489,419
State Street Institutional International Equity Fund
Futures Contracts		—			—		—			884,943		—		884,943
State Street Institutional Income Fund
Futures Contracts		(410,075	)		—		—			—		—		(410,075	)
Swap Contracts		31,857			—		(245,816	)		—		—		(213,959	)
Purchased Option Contracts^(a)		(160,300	)		—		—			—		—		(160,300	)
Written Option Contracts		133,098			—		—			—		—		133,098

^(a)

Included in net realized gain (loss) from investments.


Notes to Financial Statements			65

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—	$	—	$	—	$	(9,312	)	$	—	$	(9,312	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts		—		—		—		84,674			—		84,674

State Street Institutional Small-Cap Equity Fund
Futures Contracts		—		—		—		(1,396,438	)		—		(1,396,438	)
State Street Institutional International Equity Fund
Futures Contracts		—		—		—		(127,303	)		—		(127,303	)
State Street Institutional Income Fund
Futures Contracts		540,598		—		—		—			—		540,598
Swap Contracts		—		—		250,935		—			—		250,935
Purchased Option Contracts^(b)		10,286		—		—		—			—		10,286

^(b)

Included in net unrealized appreciation (depreciation) from investments.

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 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 Income Fund	First $25 million		0.35	%
	Next $25 million		0.30	%
	Next $50 million		0.25	%
	Over $100 million		0.20	%

Distribution and Shareholder Servicing Fees The Funds have adopted a Shareholder Servicing and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to the Service Class shares of each Fund. Each Fund pays State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the Funds’ principal underwriter, a monthly fee for distribution and/or shareholder services provided, at an annual rate of 0.25% of the average daily net assets of such Fund attributable to the Service Class shares. Currently, Investment Class shares are not subject to a 12b-1 fee.


66		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

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 six-month period ended March 31, 2018 are disclosed in the Schedules of Investments.

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 Bank and Trust Company 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 six-month period ended, March 31, 2018 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales

State Street Institutional U.S. Equity Fund	$	—	$	—	$	126,435,184	$	160,087,413
State Street Institutional Premier Growth Equity Fund		—		—		41,303,340		65,851,784
State Street Institutional Small-Cap Equity Fund		—		—		224,281,767		314,574,771
State Street Institutional International Equity Fund		—		—		157,516,457		195,595,129
State Street Institutional Income Fund		172,481,987		165,761,931		43,705,458		45,804,624

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 it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service 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.

As of March 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Fund	Cost of Investments for Tax Purposes		Gross Tax Appreciation		Gross Tax Depreciation		Net Tax Appreciation/ (Depreciation)

State Street Institutional U.S. Equity Fund	$	374,767,584	$	84,064,708	$	8,192,881	$	75,871,827
State Street Institutional Premier Growth Equity Fund		262,669,938		121,554,158		10,256,673		111,297,485
State Street Institutional Small-Cap Equity Fund		1,091,838,163		365,407,176		56,131,963		309,275,213
State Street Institutional International Equity Fund		996,252,928		233,651,397		24,805,590		208,845,807
State Street Institutional Income Fund		226,284,957		1,811,568		2,740,070		(928,502	)


Notes to Financial Statements			67

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2018 (Unaudited)

Line of Credit

The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless extended or renewed.

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

Prior to October 12, 2017, the Participants participated in a $360 million revolving credit facility.

The Funds had no outstanding loans as of March 31, 2018.

10.

Risks

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

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 a Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that 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, a Fund trades financial instruments and enters 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 a Fund has unsettled or open transactions defaults.

11.

Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12.

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.


68		Notes to Financial Statements

State Street Institutional Funds

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, or (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), or (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Funds will file their complete schedules of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. For the second and fourth quarters, the complete schedules of investments are available in the Funds’ semi-annual and annual financial statements. The Funds’ Forms N-Q is available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Funds’ website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, or (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.


Other Information			69

Trustees

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

State Street Institutional Funds

State Street Bank and Trust Company

P.O. Box 5049

Boston, MA 02206

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. 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 Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter of the period covered by this Form N-CSR filing that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable; this Form N-CSR is a Semi-Annual Report.

(a)(2)

Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)

Not applicable to the Registrant.

(a)(4)

Not applicable.

(b)	Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: STATE STREET INSTITUTIONAL FUNDS


By:		/s/ Jeanne M. La Porta
		Jeanne M. La Porta
		President (Principal Executive Officer)

Date: May 21, 2018

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: May 21, 2018


By:		/s/ Arthur A. Jensen
		Arthur A. Jensen
		Treasurer (Principal Financial Officer)

Date: May 21, 2018