Quarterly Report

December 31, 2020

State Street Institutional Funds

State Street Institutional Funds

Quarterly Report

December 31, 2020

Table of Contents (Unaudited)

	Page
Schedules of Investments (Unaudited)
State Street Institutional U.S. Equity Fund		1
State Street Institutional Premier Growth Equity Fund		4
State Street Institutional Small-Cap Equity Fund		6
State Street Institutional International Equity Fund		12
State Street Active Core Bond Fund		15
Notes to Schedules of Investments (Unaudited)		28

State Street Institutional U.S. Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
Common Stock – 97.6% †
Aerospace & Defense – 0.5%
Raytheon Technologies Corp.		39,136	$	2,798,615
Air Freight & Logistics – 0.5%
United Parcel Service Inc., Class B		15,792		2,659,373
Apparel Retail – 1.3%
Ross Stores Inc.		54,103		6,644,389
Application Software – 2.0%
Adobe Inc.		7,758		3,879,931	(a)
Intuit Inc.		2,693		1,022,936
salesforce.com Inc.		21,473		4,778,387	(a)
Splunk Inc.		6,362		1,080,840	(a)
				10,762,094
Asset Management & Custody Banks – 0.3%
The Blackstone Group Inc., Class A		27,021		1,751,231
Automotive Retail – 0.5%
O’Reilly Automotive Inc.		6,006		2,718,135	(a)
Biotechnology – 1.0%
BioMarin Pharmaceutical Inc.		28,791		2,524,683	(a)
Vertex Pharmaceuticals Inc.		10,836		2,560,980	(a)
				5,085,663
Building Products – 1.4%
Allegion PLC		8,662		1,008,083
Trane Technologies PLC		43,535		6,319,541
				7,327,624
Cable & Satellite – 1.6%
Charter Communications Inc., Class A		7,794		5,156,121	(a)
Comcast Corp., Class A		67,606		3,542,554
				8,698,675
Construction Materials – 0.9%
Martin Marietta Materials Inc.		17,384		4,936,535
Data Processing & Outsourced Services – 4.0%
Fidelity National Information Services Inc.		14,749		2,086,393
Mastercard Inc., Class A		16,367		5,842,037
PayPal Holdings Inc.		3,124		731,641	(a)
Visa Inc., Class A		57,737		12,628,814
				21,288,885
Diversified Banks – 2.9%
JPMorgan Chase & Co.		118,780		15,093,375
Diversified Support Services – 0.3%
Cintas Corp.		5,093		1,800,172
Electric Utilities – 1.0%
American Electric Power Company Inc.		3,048		253,807
NextEra Energy Inc.		64,924		5,008,887
				5,262,694
Electronic Components – 2.4%
Amphenol Corp., Class A		40,881		5,346,008
Corning Inc.		203,845		7,338,420
				12,684,428
Electronic Equipment & Instruments – 0.6%
Keysight Technologies Inc.		22,890		3,023,540	(a)
Environmental & Facilities Services – 1.0%
Waste Management Inc.		45,822		5,403,788
Financial Exchanges & Data – 2.2%
CME Group Inc.		31,373		5,711,455
MSCI Inc.		2,210		986,831
S&P Global Inc.		11,149		3,665,011
Tradeweb Markets Inc., Class A		16,974		1,060,026
				11,423,323
Footwear – 0.8%
NIKE Inc., Class B		31,692		4,483,467
Healthcare Equipment – 3.3%
Becton Dickinson & Co.		15,733		3,936,712

	Number of Shares		Fair Value
Boston Scientific Corp.		269,776	$	9,698,447	(a)
Medtronic PLC		34,216		4,008,062
				17,643,221
Healthcare Facilities – 0.6%
HCA Healthcare Inc.		18,159		2,986,429
Healthcare Services – 0.9%
Cigna Corp.		16,805		3,498,465
Quest Diagnostics Inc.		9,974		1,188,602
				4,687,067
Home Improvement Retail – 1.8%
Lowe’s Companies Inc.		48,700		7,816,837
The Home Depot Inc.		5,983		1,589,204
				9,406,041
Hotels, Resorts & Cruise Lines – 0.2%
Marriott International Inc., Class A		8,697		1,147,308
Household Products – 1.6%
Colgate-Palmolive Co.		27,397		2,342,717
The Procter & Gamble Co.		42,925		5,972,585
				8,315,302
Hypermarkets & Super Centers – 0.5%
Walmart Inc.		18,723		2,698,920
Industrial Conglomerates – 2.3%
Honeywell International Inc.		43,662		9,286,907
Roper Technologies Inc.		6,383		2,751,648
				12,038,555
Industrial Gases – 0.9%
Air Products & Chemicals Inc.		17,228		4,707,034
Industrial Machinery – 0.5%
Xylem Inc.		24,349		2,478,485
Insurance Brokers – 0.3%
Marsh & McLennan Companies Inc.		13,014		1,522,638
Integrated Oil & Gas – 0.7%
Chevron Corp.		29,065		2,454,540
Exxon Mobil Corp.		35,601		1,467,473
				3,922,013
Integrated Telecommunication Services – 0.4%
AT&T Inc.		65,514		1,884,183
Interactive Home Entertainment – 0.3%
Activision Blizzard Inc.		15,445		1,434,068	(b)
Interactive Media & Services – 6.7%
Alphabet Inc., Class A		8,565		15,011,361	(a)
Alphabet Inc., Class C		3,991		6,991,753	(a)
Facebook Inc., Class A		47,854		13,071,799	(a)
				35,074,913
Internet & Direct Marketing Retail – 4.9%
Amazon.com Inc.		7,882		25,671,122	(a)
IT Consulting & Other Services – 0.4%
Accenture PLC, Class A		7,666		2,002,436	(b)
Life Sciences Tools & Services – 1.2%
IQVIA Holdings Inc.		34,005		6,092,676	(a)
Managed Healthcare – 1.7%
Centene Corp.		79,671		4,782,650	(a)
UnitedHealth Group Inc.		12,041		4,222,538
				9,005,188
Movies & Entertainment – 2.3%
Netflix Inc.		3,416		1,847,134	(a)
The Walt Disney Co.		56,397		10,218,008	(a)
				12,065,142
Multi-Line Insurance – 0.2%
American International Group Inc.		35,134		1,330,173
Multi-Sector Holdings – 1.1%
Berkshire Hathaway Inc., Class B		25,046		5,807,416	(a)
Multi-Utilities – 2.0%
CMS Energy Corp.		36,473		2,225,218
Sempra Energy		63,627		8,106,716
				10,331,934

1

State Street Institutional U.S. Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
Oil & Gas Equipment & Services – 0.5%
Schlumberger N.V.		129,136	$	2,819,039
Oil & Gas Exploration & Production – 0.9%
ConocoPhillips		86,327		3,452,217
Pioneer Natural Resources Co.		12,606		1,435,697
				4,887,914
Packaged Foods & Meats – 1.4%
Mondelez International Inc., Class A		125,217		7,321,438
Personal Products – 0.4%
The Estee Lauder Companies Inc., Class A		8,551		2,276,191
Pharmaceuticals – 4.7%
Bristol-Myers Squibb Co.		60,238		3,736,563
Elanco Animal Health Inc.		178,495		5,474,442	(a)
Johnson & Johnson		19,258		3,030,824
Merck & Company Inc.		123,181		10,076,206
Viatris Inc.		118,852		2,227,286	(a)
				24,545,321
Property & Casualty Insurance – 1.3%
Chubb Ltd.		39,689		6,108,931
The Progressive Corp.		7,956		786,689
				6,895,620
Railroads – 0.7%
Union Pacific Corp.		17,357		3,614,075
Regional Banks – 3.1%
First Republic Bank		56,730		8,335,339
Regions Financial Corp.		265,499		4,279,844
SVB Financial Group		9,916		3,845,722	(a)
				16,460,905
Restaurants – 0.9%
Domino’s Pizza Inc.		3,275		1,255,832
McDonald’s Corp.		15,481		3,321,913
				4,577,745
Semiconductor Equipment – 1.8%
Applied Materials Inc.		108,355		9,351,037
Semiconductors – 4.4%
Intel Corp.		12,121		603,868
NVIDIA Corp.		11,903		6,215,747
QUALCOMM Inc.		66,576		10,142,188
Texas Instruments Inc.		38,902		6,384,985
				23,346,788

	Number of Shares	Fair Value
Soft Drinks – 1.6%
PepsiCo Inc.	57,097	$	8,467,485
Specialized REITs – 1.2%
American Tower Corp.	27,577		6,189,933	(b	)
Specialty Chemicals – 0.7%
DuPont de Nemours Inc.	35,544		2,527,534
Ecolab Inc.	5,519		1,194,091
			3,721,625
Specialty Stores – 0.1%
Tractor Supply Co.	2,147		301,825
Systems Software – 6.9%
Microsoft Corp.	133,887		29,779,146
Oracle Corp.	50,362		3,257,918
ServiceNow Inc.	6,321		3,479,268	(a	)
			36,516,332
Technology Hardware, Storage & Peripherals – 5.4%
Apple Inc.	213,778		28,366,203
Trading Companies & Distributors – 1.2%
United Rentals Inc.	27,875		6,464,491	(a	)
Trucking – 0.1%
Lyft Inc., Class A	6,292		309,126	(a	)
Wireless Telecommunication Services – 0.3%
T-Mobile US Inc.	12,941		1,745,094	(a	)
Total Common Stock (Cost $321,102,051)			514,276,457
Short-Term Investments – 2.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $11,417,861)	11,417,861		11,417,861	(b,c,d	)
Total Investments (Cost $332,519,912)			525,694,318
Other Assets and Liabilities, net – 0.2%			998,118
NET ASSETS – 100.0%		$	526,692,436

Other Information:

The Fund had the following long futures contracts open at December 31, 2020:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 E-mini Index Futures		March 2021		44	$	8,157,144	$	8,247,360	$	90,216

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

(a) Non-income producing security.

(b) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for current or potential holdings of futures.

(c) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2020.

* Less than 0.05%.

2

State Street Institutional U.S. Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

Abbreviations:

REIT Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

Fund	Investments	Level 1			Level 2			Level 3			Total
State Street Institutional U.S. Equity Fund	Investments in Securities
	Common Stock		$	514,276,457		$	—		$	—		$	514,276,457
	Short-Term Investments			11,417,861			—			—			11,417,861
	Total Investments in Securities		$	525,694,318		$	—		$	—		$	525,694,318
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation		$	90,216		$	—		$	—		$	90,216

Affiliate Table
	Number of Shares Held at 9/30/20		Value At 9/30/20			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		5,363,497		$	5,363,497		$	16,963,180		$	10,908,816		$	—		—		11,417,861		$	11,417,861		1,222

3

State Street Institutional Premier Growth Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares	Fair Value
Common Stock – 96.8% †
Apparel Retail – 1.6%
Ross Stores Inc.	11,681	$	1,434,544
Application Software – 3.8%
salesforce.com Inc.	10,034		2,232,866	(a	)
Splunk Inc.	6,809		1,156,781	(a	)
			3,389,647
Biotechnology – 5.0%
Alexion Pharmaceuticals Inc.	11,149		1,741,920	(a	)
BioMarin Pharmaceutical Inc.	12,455		1,092,179	(a	)
Vertex Pharmaceuticals Inc.	6,529		1,543,064	(a	)
			4,377,163
Building Products – 0.7%
Trane Technologies PLC	4,260		618,382
Cable & Satellite – 1.8%
Charter Communications Inc., Class A	2,362		1,562,581	(a	)
Data Processing & Outsourced Services – 7.8%
Fidelity National Information Services Inc.	10,651		1,506,690
Mastercard Inc., Class A	4,286		1,529,845
Visa Inc., Class A	17,634		3,857,085
			6,893,620
Electronic Components – 1.6%
Corning Inc.	39,883		1,435,788
Financial Exchanges & Data – 2.8%
CME Group Inc.	6,496		1,182,597
S&P Global Inc.	4,020		1,321,494
			2,504,091
Healthcare Equipment – 3.7%
Boston Scientific Corp.	54,390		1,955,321	(a	)
Intuitive Surgical Inc.	1,613		1,319,595	(a	)
			3,274,916
Home Improvement Retail – 2.6%
Lowe’s Companies Inc.	14,082		2,260,302
Industrial Conglomerates – 2.0%
Honeywell International Inc.	8,118		1,726,699
Interactive Media & Services – 11.1%
Alphabet Inc., Class A	845		1,480,981	(a	)
Alphabet Inc., Class C	2,366		4,144,948	(a,b	)
Facebook Inc., Class A	15,191		4,149,573	(a	)
			9,775,502
Internet & Direct Marketing Retail – 7.7%
Alibaba Group Holding Ltd. ADR	4,518		1,051,474	(a	)
Amazon.com Inc.	1,768		5,758,252	(a,b	)
			6,809,726
Managed Healthcare – 2.5%
UnitedHealth Group Inc.	6,239		2,187,893
Movies & Entertainment – 1.8%
The Walt Disney Co.	8,774		1,589,673	(a	)
Pharmaceuticals – 2.1%
Elanco Animal Health Inc.	59,153		1,814,223	(a	)

	Number of Shares	Fair Value
Regional Banks – 1.3%
First Republic Bank	7,712	$	1,133,124
Restaurants – 1.0%
Domino’s Pizza Inc.	2,220		851,281
Semiconductor Equipment – 3.5%
Applied Materials Inc.	36,119		3,117,070
Semiconductors – 5.7%
NVIDIA Corp.	4,396		2,295,591
QUALCOMM Inc.	17,774		2,707,691
			5,003,282
Soft Drinks – 2.2%
PepsiCo Inc.	13,261		1,966,606
Specialized REITs – 1.2%
American Tower Corp.	4,658		1,045,535
Systems Software – 11.3%
Microsoft Corp.	35,439		7,882,342
ServiceNow Inc.	3,872		2,131,265	(a	)
			10,013,607
Technology Hardware, Storage & Peripherals – 9.7%
Apple Inc.	64,784		8,596,189
Trading Companies & Distributors – 1.6%
United Rentals Inc.	6,201		1,438,074	(a	)
Trucking – 0.7%
Lyft Inc., Class A	13,154		646,256	(a	)
Total Common Stock (Cost $42,172,797)			85,465,774
Exchange Traded & Mutual Funds – 1.3%
The Consumer Discretionary Select Sector SPDR Fund	5,626		904,548	(b	)
The Technology Select Sector SPDR Fund	1,739		226,105	(b	)
Total Exchange Traded & Mutual Funds (Cost $811,245)			1,130,653
Total Investments in Securities (Cost $42,984,042)			86,596,427
Short-Term Investments – 1.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $1,701,335)	1,701,335		1,701,335	(c,d,e	)
Total Investments (Cost $44,685,377)			88,297,762
Other Assets and Liabilities, net – 0.0%			23,626
NET ASSETS – 100.0%		$	88,321,388

Other Information:

The Fund had the following long futures contracts open at December 31, 2020:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 E-mini Index Futures		March 2021		4	$	730,139	$	749,760	$	19,621

4

State Street Institutional Premier Growth Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

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

(a) Non-income producing security.

(b) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for current or potential holdings of futures.

(c) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for current or potential holdings of futures.

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

(e) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2020.

* Less than 0.05%.

Abbreviations:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SPDR Standard and Poor’s Depositary Receipt

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

Fund	Investments	Level 1			Level 2			Level 3			Total
State Street Institutional Premier Growth Equity Fund	Investments in Securities
	Common Stock		$	85,465,774		$	—		$	—		$	85,465,774
	Exchange Traded & Mutual Funds			1,130,653			—			—			1,130,653
	Short-Term Investments			1,701,335			—			—			1,701,335
	Total Investments in Securities		$	88,297,762		$	—		$	—		$	88,297,762
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation		$	19,621		$	—		$	—		$	19,621

Affiliate Table
	Number of Shares Held at 9/30/20		Value At 9/30/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,019,025	$	1,019,025	$	3,894,844	$	3,212,534		—		—		1,701,335	$	1,701,335	$	359
The Consumer Discretionary Select Sector SPDR Fund		6,161		905,544		—		81,083		18,030		62,059		5,626		904,548		1,666
The Technology Select Sector SPDR Fund		1,111		129,653		82,515		5,044		273		18,708		1,739		226,105		518
TOTAL			$	2,054,222	$	3,977,359	$	3,298,661	$	18,303	$	80,767			$	2,831,988	$	2,543

5

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
Common Stock – 94.8% †
Aerospace & Defense – 0.5%
Teledyne Technologies Inc.		15,107	$	5,921,642	(a)
Agricultural & Farm Machinery – 1.0%
AGCO Corp.		110,976		11,440,516	(b)
Agricultural Products – 1.2%
Darling Ingredients Inc.		258,466		14,908,319	(a)
Air Freight & Logistics – 0.3%
Air Transport Services Group Inc.		30,581		958,409	(a,b)
Atlas Air Worldwide Holdings Inc.		7,258		395,851	(a)
Echo Global Logistics Inc.		29,654		795,320	(a)
Forward Air Corp.		13,690		1,051,940
Hub Group Inc., Class A		13,014		741,798	(a)
				3,943,318
Aluminum – 0.2%
Alcoa Corp.		73,995		1,705,585	(a,b)
Kaiser Aluminum Corp.		7,124		704,563
				2,410,148
Apparel Retail – 0.8%
American Eagle Outfitters Inc.		146,044		2,931,103
Burlington Stores Inc.		13,970		3,653,854	(a)
Chico’s FAS Inc.		192,942		306,778
The Buckle Inc.		107,847		3,149,132
				10,040,867
Application Software – 6.0%
ACI Worldwide Inc.		163,542		6,284,919	(a,b)
Altair Engineering Inc., Class A		61,295		3,566,143	(a,b)
Blackbaud Inc.		77,137		4,440,006
Blackline Inc.		39,696		5,294,653	(a)
Box Inc., Class A		31,140		562,077	(a)
Cloudera Inc.		110,811		1,541,381	(a)
Cornerstone OnDemand Inc.		75,818		3,339,025	(a)
Envestnet Inc.		31,500		2,592,135	(a)
J2 Global Inc.		4,628		452,109	(a)
Medallia Inc.		210,500		6,992,810	(a)
MicroStrategy Inc., Class A		3,273		1,271,724	(a)
Mitek Systems Inc.		68,917		1,225,344	(a)
New Relic Inc.		103,500		6,768,900	(a)
Pluralsight Inc., Class A		154,000		3,227,840	(a)
Q2 Holdings Inc.		78,500		9,932,605	(a)
RealPage Inc.		50,947		4,444,616	(a)
SPS Commerce Inc.		4,965		539,149	(a)
Upland Software Inc.		20,115		923,078	(a)
Workiva Inc.		32,500		2,977,650	(a)
Yext Inc.		348,500		5,478,420	(a)
				71,854,584
Asset Management & Custody Banks – 0.3%
Artisan Partners Asset Management Inc., Class A		14,219		715,784
Blucora Inc.		25,526		406,119	(a)
Cohen & Steers Inc.		10,244		761,129
Diamond Hill Investment Group Inc.		3,681		549,463
Federated Hermes Inc.		18,086		522,505
				2,955,000
Auto Parts & Equipment – 0.8%
Dana Inc.		89,712		1,751,178
Dorman Products Inc.		62,931		5,463,669	(a)
LCI Industries		15,054		1,952,203
Standard Motor Products Inc.		20,273		820,246
				9,987,296
Automobile Manufacturers – 0.8%
Thor Industries Inc.		106,367		9,891,067
Automotive Retail – 1.6%
America’s Car-Mart Inc.		23,028		2,529,396	(a)
Camping World Holdings Inc., Class A		14,643		381,450
Group 1 Automotive Inc.		40,623		5,327,300
Lithia Motors Inc., Class A		1,971		576,853

	Number of Shares		Fair Value
Monro Inc.		30,491	$	1,625,170
Murphy USA Inc.		67,606		8,847,597
				19,287,766
Biotechnology – 1.1%
Catalyst Pharmaceuticals Inc.		297,791		994,622	(a)
Coherus Biosciences Inc.		20,875		362,807	(a)
Eagle Pharmaceuticals Inc.		7,041		327,899	(a)
Emergent BioSolutions Inc.		77,500		6,944,000	(a)
Heron Therapeutics Inc.		138,167		2,924,305	(a)
Ironwood Pharmaceuticals Inc.		42,651		485,795	(a)
Ligand Pharmaceuticals Inc.		6,171		613,706	(a)
Vanda Pharmaceuticals Inc.		32,400		425,736	(a)
Vericel Corp.		10,825		334,276	(a)
				13,413,146
Building Products – 0.9%
American Woodmark Corp.		14,654		1,375,278	(a)
Builders FirstSource Inc.		31,393		1,281,148	(a)
CSW Industrials Inc.		17,000		1,902,470
Gibraltar Industries Inc.		58,219		4,188,275	(a)
UFP Industries Inc.		38,537		2,140,730
				10,887,901
Commodity Chemicals – 0.6%
Koppers Holdings Inc.		216,315		6,740,375	(a)
Communications Equipment – 0.7%
Acacia Communications Inc.		12,922		942,789	(a,b)
Casa Systems Inc.		86,488		533,631	(a)
CommScope Holding Company Inc.		21,105		282,807	(a)
Extreme Networks Inc.		345,948		2,383,582	(a)
Infinera Corp.		95,130		996,962	(a)
Lumentum Holdings Inc.		18,919		1,793,521	(a)
NETGEAR Inc.		14,433		586,413	(a)
Plantronics Inc.		46,936		1,268,680
				8,788,385
Computer & Electronics Retail – 0.1%
Rent-A-Center Inc.		19,698		754,236
Construction & Engineering – 1.9%
Aegion Corp.		233,333		4,430,994	(a,b)
Comfort Systems USA Inc.		9,827		517,490
Dycom Industries Inc.		163,195		12,324,487	(a)
EMCOR Group Inc.		9,352		855,334
Great Lakes Dredge & Dock Corp.		76,566		1,008,374	(a)
MasTec Inc.		12,468		850,068	(a)
Valmont Industries Inc.		13,267		2,320,796
				22,307,543
Construction Machinery & Heavy Trucks – 1.1%
Alamo Group Inc.		18,211		2,512,208	(b)
Allison Transmission Holdings Inc.		10,157		438,071	(b)
Astec Industries Inc.		30,989		1,793,643
Meritor Inc.		62,385		1,741,165	(a)
The Greenbrier Companies Inc.		57,348		2,086,320
The Manitowoc Company Inc.		111,864		1,488,910	(a)
Trinity Industries Inc.		34,976		923,017
Wabash National Corp.		94,956		1,636,092
				12,619,426
Construction Materials – 0.1%
Eagle Materials Inc.		13,504		1,368,630
Consumer Electronics – 0.2%
GoPro Inc., Class A		32,873		272,188	(a)
Sonos Inc.		28,050		656,090	(a)
Turtle Beach Corp.		33,624		724,597	(a)
Universal Electronics Inc.		9,344		490,186	(a)
				2,143,061
Consumer Finance – 0.3%
Curo Group Holdings Corp.		35,714		511,782
Prog Holdings Inc.		65,647		3,536,404
				4,048,186
Data Processing & Outsourced Services – 1.4%
Broadridge Financial Solutions Inc.		27,370		4,193,084
Cass Information Systems Inc.		6,641		258,401

6

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
CSG Systems International Inc.		68,187	$	3,073,188
EVERTEC Inc.		28,644		1,126,282
MAXIMUS Inc.		10,267		751,442
NIC Inc.		191,425		4,944,508
TTEC Holdings Inc.		7,204		525,387
Verra Mobility Corp.		120,071		1,611,353	(a)
				16,483,645
Distillers & Vintners – 0.6%
MGP Ingredients Inc.		159,205		7,492,187
Distributors – 0.5%
LKQ Corp.		152,997		5,391,614	(a)
Diversified Metals & Mining – 0.3%
Compass Minerals International Inc.		48,330		2,982,928
Materion Corp.		11,775		750,303
				3,733,231
Diversified REITs – 0.2%
American Assets Trust Inc.		57,299		1,654,795
Essential Properties Realty Trust Inc.		45,292		960,191
				2,614,986
Diversified Support Services – 1.6%
Healthcare Services Group Inc.		137,351		3,859,563
IAA Inc.		45,339		2,946,128	(a)
Matthews International Corp., Class A		69,527		2,044,094
McGrath RentCorp.		7,232		485,267
Ritchie Bros Auctioneers Inc.		119,501		8,311,295
UniFirst Corp.		6,986		1,478,866
				19,125,213
Education Services – 0.2%
American Public Education Inc.		13,539		412,669	(a)
Perdoceo Education Corp.		23,548		297,411	(a)
Stride Inc.		75,584		1,604,648	(a)
				2,314,728
Electric Utilities – 0.8%
ALLETE Inc.		17,726		1,097,948	(b)
IDACORP Inc.		83,185		7,988,256
				9,086,204
Electrical Components & Equipment – 0.6%
Acuity Brands Inc.		7,122		862,403	(b)
Atkore International Group Inc.		23,140		951,285	(a)
EnerSys		6,361		528,345
Generac Holdings Inc.		11,000		2,501,510	(a)
Regal Beloit Corp.		18,905		2,321,723
				7,165,266
Electronic Components – 1.5%
Belden Inc.		193,929		8,125,625
II-VI Inc.		17,065		1,296,257	(a)
Littelfuse Inc.		29,729		7,570,787
Rogers Corp.		8,319		1,291,858	(a)
				18,284,527
Electronic Equipment & Instruments – 0.4%
National Instruments Corp.		91,791		4,033,296
OSI Systems Inc.		2,435		226,991	(a)
				4,260,287
Electronic Manufacturing Services – 0.4%
Methode Electronics Inc.		41,941		1,605,501
Plexus Corp.		27,332		2,137,636	(a)
Sanmina Corp.		23,725		756,590	(a)
				4,499,727
Environmental & Facilities Services – 0.8%
Clean Harbors Inc.		128,504		9,779,154	(a)
Food Distributors – 0.4%
Performance Food Group Co.		94,816		4,514,190	(a)
Food Retail – 0.1%
Casey’s General Stores Inc.		4,143		740,023
Sprouts Farmers Market Inc.		32,709		657,451	(a)
				1,397,474

	Number of Shares		Fair Value
Footwear – 0.6%
Deckers Outdoor Corp.		9,443	$	2,708,064	(a)
Wolverine World Wide Inc.		159,500		4,984,375
				7,692,439
Gas Utilities – 0.1%
Spire Inc.		23,465		1,502,699
Health Care REITs – 0.3%
CareTrust REIT Inc.		49,680		1,101,902
LTC Properties Inc.		10,510		408,944
National Health Investors Inc.		25,398		1,756,780
				3,267,626
Healthcare Distributors – 0.4%
Covetrus Inc.		153,794		4,420,040	(a)
Healthcare Equipment – 5.0%
AtriCure Inc.		96,500		5,372,155	(a)
Cantel Medical Corp.		89,000		7,018,540
Cardiovascular Systems Inc.		138,000		6,038,880	(a)
CONMED Corp.		77,000		8,624,000
Envista Holdings Corp.		35,700		1,204,161
Globus Medical Inc., Class A		49,500		3,228,390	(a)
Hill-Rom Holdings Inc.		72,578		7,110,467
Integra LifeSciences Holdings Corp.		129,910		8,433,757	(a)
IntriCon Corp.		68,668		1,242,891	(a)
LeMaitre Vascular Inc.		28,777		1,165,468
Masimo Corp.		8,000		2,147,040	(a)
Natus Medical Inc.		49,031		982,581	(a)
Penumbra Inc.		21,000		3,675,000	(a)
Tactile Systems Technology Inc.		63,000		2,831,220	(a)
Vapotherm Inc.		33,500		899,810	(a)
				59,974,360
Healthcare Facilities – 0.9%
Acadia Healthcare Company Inc.		127,933		6,429,913	(a,b)
Hanger Inc.		74,509		1,638,453	(a)
Select Medical Holdings Corp.		38,898		1,075,919	(a)
The Ensign Group Inc.		13,608		992,295
				10,136,580
Healthcare Services – 1.3%
Addus HomeCare Corp.		8,645		1,012,243	(a,b)
Amedisys Inc.		4,854		1,423,824	(a)
AMN Healthcare Services Inc.		40,188		2,742,831	(a)
BioTelemetry Inc.		83,594		6,025,456	(a)
InfuSystem Holdings Inc.		45,582		856,030	(a)
MEDNAX Inc.		117,705		2,888,481	(a)
The Providence Service Corp.		3,802		527,071	(a)
Tivity Health Inc.		27,872		546,012	(a)
				16,021,948
Healthcare Supplies – 0.7%
Avanos Medical Inc.		158,000		7,249,040	(a)
Meridian Bioscience Inc.		25,066		468,484	(a)
Quidel Corp.		6,008		1,079,337	(a)
				8,796,861
Healthcare Technology – 1.5%
Computer Programs and Systems Inc.		20,460		549,146
HMS Holdings Corp.		146,398		5,380,127	(a)
Inspire Medical Systems Inc.		26,500		4,984,385	(a)
NextGen Healthcare Inc.		100,700		1,836,768	(a)
Omnicell Inc.		45,790		5,495,716	(a)
				18,246,142
Home Building – 1.2%
Cavco Industries Inc.		8,649		1,517,467	(a)
Century Communities Inc.		12,801		560,428	(a)
Green Brick Partners Inc.		27,439		630,000	(a)
Installed Building Products Inc.		6,366		648,886	(a)
LGI Homes Inc.		21,296		2,254,182	(a)
M/I Homes Inc.		9,236		409,062	(a)
Meritage Homes Corp.		7,681		636,140	(a)
Skyline Champion Corp.		24,962		772,324	(a)
Taylor Morrison Home Corp.		100,449		2,576,517	(a)

7

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
TopBuild Corp.		22,592	$	4,158,735	(a)
TRI Pointe Group Inc.		29,514		509,117	(a)
				14,672,858
Home Furnishing Retail – 0.2%
The Aaron’s Company Inc.		95,880		1,817,885	(a)
Home Furnishings – 0.3%
Hooker Furniture Corp.		20,810		671,123
La-Z-Boy Inc.		66,066		2,632,069
Purple Innovation Inc.		22,411		738,218	(a)
				4,041,410
Home Improvement Retail – 0.1%
Lumber Liquidators Holdings Inc.		17,746		545,512	(a)
Hotel & Resort REITs – 0.3%
RLJ Lodging Trust		212,615		3,008,502
Hotels, Resorts & Cruise Lines – 1.1%
Extended Stay America Inc.		841,890		12,468,391
Wyndham Hotels & Resorts Inc.		8,011		476,174
				12,944,565
Household Appliances – 0.1%
Helen of Troy Ltd.		5,785		1,285,369	(a)
Household Products – 0.1%
Central Garden & Pet Co.		10,554		407,490	(a)
Central Garden & Pet Co., Class A		11,920		433,054	(a)
				840,544
Human Resource & Employment Services – 0.2%
ASGN Inc.		12,445		1,039,531	(a)
Heidrick & Struggles International Inc.		18,099		531,749
Kforce Inc.		25,423		1,070,054
TriNet Group Inc.		3,570		287,742	(a)
				2,929,076
Hypermarkets & Super Centers – 0.1%
BJ’s Wholesale Club Holdings Inc.		27,099		1,010,251	(a)
Independent Power Producers & Energy Traders – 0.0%
Atlantic Power Corp.		199,074		418,055	(a)
Industrial Machinery – 7.2%
Albany International Corp., Class A		13,500		991,170	(b)
Altra Industrial Motion Corp.		237,237		13,150,047
Barnes Group Inc.		201,493		10,213,680
Crane Co.		161,067		12,508,463
Enerpac Tool Group Corp.		295,615		6,683,855
Evoqua Water Technologies Corp.		187,000		5,045,260	(a)
John Bean Technologies Corp.		77,000		8,767,990
L B Foster Co., Class A		38,873		585,039	(a)
Lydall Inc.		45,251		1,358,887	(a)
Mueller Industries Inc.		128,417		4,508,721
RBC Bearings Inc.		11,000		1,969,440	(a)
Standex International Corp.		29,200		2,263,584
The Timken Co.		144,260		11,159,954
TriMas Corp.		151,240		4,789,771	(a)
Woodward Inc.		22,635		2,750,831
				86,746,692
Industrial REITs – 0.6%
EastGroup Properties Inc.		47,360		6,538,521
Innovative Industrial Properties Inc.		5,767		1,056,111
				7,594,632
Interactive Media & Services – 0.1%
Cargurus Inc.		17,300		548,929	(a)
Internet & Direct Marketing Retail – 0.5%
1-800-Flowers.com Inc., Class A		35,378		919,828	(a,b)
Revolve Group Inc.		143,152		4,462,048	(a)
				5,381,876
Internet Services & Infrastructure – 0.1%
Brightcove Inc.		40,957		753,609	(a)
Investment Banking & Brokerage – 1.0%
Piper Sandler Cos.		37,403		3,773,963
PJT Partners Inc., Class A		7,137		537,059
Raymond James Financial Inc.		48,226		4,613,781
Stifel Financial Corp.		53,982		2,723,932

	Number of Shares		Fair Value
Stonex Group Inc.		7,672	$	444,209	(a)
Virtu Financial Inc., Class A		14,019		352,858
				12,445,802
IT Consulting & Other Services – 0.5%
Perficient Inc.		17,692		843,024	(a)
Perspecta Inc.		17,101		411,792
Science Applications International Corp.		6,314		597,557
Unisys Corp.		211,262		4,157,636	(a)
				6,010,009
Leisure Products – 1.0%
Malibu Boats Inc., Class A		15,264		953,084	(a)
MasterCraft Boat Holdings Inc.		35,417		879,758	(a)
Polaris Inc.		110,292		10,508,622
				12,341,464
Life & Health Insurance – 0.3%
Trupanion Inc.		31,968		3,826,889	(a)
Life Sciences Tools & Services – 2.9%
Bruker Corp.		96,167		5,205,520
ICON PLC		40,131		7,824,742	(a)
Medpace Holdings Inc.		11,018		1,533,706	(a)
PRA Health Sciences Inc.		8,802		1,104,123	(a)
Repligen Corp.		48,753		9,342,537	(a)
Syneos Health Inc.		139,779		9,523,143	(a)
				34,533,771
Marine – 0.2%
Kirby Corp.		35,524		1,841,209	(a)
Metal & Glass Containers – 0.0%*
Silgan Holdings Inc.		8,098		300,274
Multi-Line Insurance – 0.3%
Horace Mann Educators Corp.		80,799		3,396,790
Multi-Utilities – 0.1%
Black Hills Corp.		19,023		1,168,963
Office REITs – 0.7%
Corporate Office Properties Trust		59,178		1,543,362
Cousins Properties Inc.		145,203		4,864,301
Easterly Government Properties Inc.		96,923		2,195,306
				8,602,969
Office Services & Supplies – 0.9%
Herman Miller Inc.		21,634		731,229
HNI Corp.		41,218		1,420,372
MSA Safety Inc.		58,773		8,780,099
				10,931,700
Oil & Gas Drilling – 0.2%
Helmerich & Payne Inc.		88,628		2,052,624
Oil & Gas Equipment & Services – 0.1%
Championx Corp.		34,224		523,627	(a)
Oil States International Inc.		219,254		1,100,655	(a)
				1,624,282
Oil & Gas Exploration & Production – 0.6%
Cimarex Energy Co.		51,017		1,913,648
Parsley Energy Inc., Class A		71,940		1,021,548
PDC Energy Inc.		124,137		2,548,532	(a)
Southwestern Energy Co.		370,114		1,102,940	(a)
				6,586,668
Packaged Foods & Meats – 4.2%
B&G Foods Inc.		97,500		2,703,675
Calavo Growers Inc.		6,411		445,116
Freshpet Inc.		6,840		971,212	(a)
Hostess Brands Inc.		484,000		7,085,760	(a)
J&J Snack Foods Corp.		26,500		4,117,305
John B Sanfilippo & Son Inc.		14,504		1,143,785
Lancaster Colony Corp.		44,000		8,084,120
Sanderson Farms Inc.		89,416		11,820,795
The Simply Good Foods Co.		249,500		7,824,320	(a)
TreeHouse Foods Inc.		100,500		4,270,245	(a)
Utz Brands Inc.		76,500		1,687,590
				50,153,923

8

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
Paper Products – 0.1%
Neenah Inc.		22,673	$	1,254,270
Personal Products – 0.5%
elf Beauty Inc.		168,000		4,231,920	(a)
Lifevantage Corp.		26,601		247,921	(a)
Medifast Inc.		5,330		1,046,492
Nu Skin Enterprises Inc., Class A		8,668		473,533
USANA Health Sciences Inc.		4,690		361,599	(a)
				6,361,465
Pharmaceuticals – 0.4%
Phibro Animal Health Corp., Class A		43,288		840,653
Prestige Consumer Healthcare Inc.		113,500		3,957,745	(a)
Supernus Pharmaceuticals Inc.		20,450		514,522	(a)
				5,312,920
Property & Casualty Insurance – 2.1%
AMERISAFE Inc.		46,685		2,681,120
Argo Group International Holdings Ltd.		122,425		5,349,972
James River Group Holdings Ltd.		59,500		2,924,425
Kemper Corp.		6,172		474,195
Palomar Holdings Inc.		31,000		2,754,040	(a)
RLI Corp.		40,129		4,179,435
Selective Insurance Group Inc.		86,553		5,797,320
Stewart Information Services Corp.		13,024		629,841
				24,790,348
Publishing – 0.8%
John Wiley & Sons Inc., Class A		221,531		10,115,105
Regional Banks – 7.3%
1st Source Corp.		44,627		1,798,468	(b)
Atlantic Union Bankshares Corp.		45,852		1,510,365
Bank OZK		63,704		1,992,024
BankUnited Inc.		29,286		1,018,567
Bryn Mawr Bank Corp.		45,000		1,376,775
Cadence BanCorp		145,198		2,384,151
Community Bank System Inc.		47,000		2,928,570
Cullen/Frost Bankers Inc.		33,550		2,926,567
CVB Financial Corp.		117,500		2,291,250
Enterprise Financial Services Corp.		49,013		1,713,004
Equity Bancshares Inc., Class A		39,626		855,525	(a)
FB Financial Corp.		26,362		915,552
First Horizon Corp.		113,878		1,453,083
First Interstate BancSystem Inc., Class A		44,254		1,804,236
Fulton Financial Corp.		227,069		2,888,318
German American Bancorp Inc.		56,500		1,869,585
Glacier Bancorp Inc.		31,454		1,447,199
Great Western Bancorp Inc.		75,545		1,578,891
Independent Bank Corp.		97,770		7,141,121
Investors Bancorp Inc.		72,740		768,134
Lakeland Financial Corp.		11,790		631,708
National Bank Holdings Corp., Class A		37,293		1,221,719
Origin Bancorp Inc.		66,029		1,833,625
PacWest Bancorp		70,952		1,802,181
Peapack-Gladstone Financial Corp.		20,507		466,739
Pinnacle Financial Partners Inc.		31,040		1,998,976
Prosperity Bancshares Inc.		108,976		7,558,575
Renasant Corp.		158,484		5,337,741
Sandy Spring Bancorp Inc.		47,387		1,525,388
Stock Yards Bancorp Inc.		36,500		1,477,520
UMB Financial Corp.		66,500		4,587,835
United Community Banks Inc.		56,713		1,612,918
Washington Trust Bancorp Inc.		33,500		1,500,800
Westamerica BanCorp.		68,818		3,804,947
Western Alliance Bancorp		127,117		7,620,664
Wintrust Financial Corp.		53,523		3,269,720
				86,912,441
Research & Consulting Services – 0.2%
Resources Connection Inc.		215,318		2,706,547
Residential REITs – 0.2%
NexPoint Residential Trust Inc.		50,596		2,140,717

	Number of Shares		Fair Value
Restaurants – 0.9%
Cracker Barrel Old Country Store Inc.		12,118	$	1,598,607
Shake Shack Inc., Class A		17,000		1,441,260	(a)
Texas Roadhouse Inc.		50,085		3,914,644
The Cheesecake Factory Inc.		51,723		1,916,854
Wingstop Inc.		12,500		1,656,875
				10,528,240
Retail REITs – 0.2%
Alexander’s Inc.		949		263,205	(b)
Retail Opportunity Investments Corp.		109,180		1,461,920
The Macerich Co.		83,426		890,156
				2,615,281
Security & Alarm Services – 1.3%
The Brink’s Co.		216,331		15,575,832
Semiconductor Equipment – 1.0%
Advanced Energy Industries Inc.		10,295		998,306	(a)
Amkor Technology Inc.		35,419		534,118
Axcelis Technologies Inc.		15,622		454,913	(a)
Brooks Automation Inc.		54,221		3,678,895
Cohu Inc.		24,098		920,062
FormFactor Inc.		15,554		669,133	(a)
Ichor Holdings Ltd.		51,371		1,548,579	(a)
Onto Innovation Inc.		73,387		3,489,552	(a)
				12,293,558
Semiconductors – 0.7%
Cirrus Logic Inc.		6,485		533,067	(a)
Diodes Inc.		12,159		857,209	(a)
Semtech Corp.		96,673		6,969,157	(a)
				8,359,433
Soft Drinks – 0.3%
Coca-Cola Consolidated Inc.		1,428		380,234
Primo Water Corp.		239,065		3,748,539
				4,128,773
Specialized Consumer Services – 1.3%
frontdoor Inc.		119,763		6,013,300	(a)
OneSpaWorld Holdings Ltd.		171,627		1,740,298
Terminix Global Holdings Inc.		155,835		7,949,143	(a)
				15,702,741
Specialized REITs – 0.5%
CoreSite Realty Corp.		23,315		2,920,903
National Storage Affiliates Trust		12,501		450,411
PotlatchDeltic Corp.		40,821		2,041,867
QTS Realty Trust Inc., Class A		17,325		1,072,071
				6,485,252
Specialty Chemicals – 4.2%
Avient Corp.		167,821		6,759,830
Chase Corp.		12,685		1,281,312
HB Fuller Co.		47,185		2,447,958
Ingevity Corp.		214,517		16,245,372	(a)
Innospec Inc.		36,500		3,311,645
Minerals Technologies Inc.		17,443		1,083,559
Quaker Chemical Corp.		20,376		5,163,075
Sensient Technologies Corp.		81,000		5,975,370
Stepan Co.		69,662		8,312,070
				50,580,191
Specialty Stores – 0.6%
Dick’s Sporting Goods Inc.		15,300		860,013
National Vision Holdings Inc.		79,000		3,577,910	(a)
Sally Beauty Holdings Inc.		226,500		2,953,560	(a)
				7,391,483
Steel – 0.5%
Carpenter Technology Corp.		30,091		876,250
Commercial Metals Co.		116,801		2,399,093
Steel Dynamics Inc.		58,744		2,165,891
				5,441,234
Systems Software – 1.5%
A10 Networks Inc.		59,970		591,304	(a,b)
CommVault Systems Inc.		9,879		547,000	(a)
Ping Identity Holding Corp.		43,345		1,241,401	(a)

9

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

	Number of Shares		Fair Value
Progress Software Corp.		21,030	$	950,346
Qualys Inc.		3,252		396,321	(a)
Sailpoint Technologies Holdings Inc.		126,000		6,708,240	(a)
SecureWorks Corp., Class A		48,840		694,505	(a)
Tenable Holdings Inc.		139,500		7,290,270	(a)
				18,419,387
Technology Distributors – 0.1%
Insight Enterprises Inc.		13,415		1,020,747	(a)
Technology Hardware, Storage & Peripherals – 0.8%
Pure Storage Inc., Class A		434,000		9,812,740	(a)
Thrifts & Mortgage Finance – 1.1%
Flagstar Bancorp Inc.		46,124		1,880,014
FS Bancorp Inc.		8,657		474,404
HomeStreet Inc.		54,736		1,847,340
Kearny Financial Corp.		129,094		1,363,233
NMI Holdings Inc., Class A		32,024		725,343	(a)
PennyMac Financial Services Inc.		10,599		695,506
Premier Financial Corp.		24,918		573,114
Washington Federal Inc.		36,508		939,716
WSFS Financial Corp.		110,977		4,980,648
				13,479,318
Tires & Rubber – 0.2%
Cooper Tire & Rubber Co.		52,477		2,125,319
Trading Companies & Distributors – 0.9%
Applied Industrial Technologies Inc.		102,088		7,961,843
Boise Cascade Co.		11,370		543,486

	Number of Shares		Fair Value
GMS Inc.		28,191	$	859,262	(a)
Rush Enterprises Inc., Class B		21,274		806,072
				10,170,663
Trucking – 0.8%
ArcBest Corp.		16,072		685,792
Marten Transport Ltd.		94,636		1,630,578
Saia Inc.		34,110		6,167,088	(a)
Universal Logistics Holdings Inc.		24,965		514,030
USA Truck Inc.		45,916		410,030	(a)
Werner Enterprises Inc.		16,492		646,816
				10,054,334
Total Common Stock (Cost $761,042,237)				1,136,047,981
Short-Term Investments – 4.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $56,976,402)		56,976,402		56,976,402	(b,c,d)
Total Investments (Cost $818,018,639)				1,193,024,383
Other Assets and Liabilities, net – 0.4%				5,106,192
NET ASSETS – 100.0%			$	1,198,130,575

Other Information:

The Fund had the following long futures contracts open at December 31, 2020:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		March 2021		192	$	18,720,794	$	18,958,080	$	237,286

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

(a) Non-income producing security.

(b) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(c) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2020.

* Less than 0.05%.

10

State Street Institutional Small-Cap Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

Abbreviations:

REIT Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

Fund	Investments	Level 1			Level 2			Level 3			Total
State Street Institutional Small-Cap Equity Fund	Investments in Securities
	Common Stock		$	1,136,047,981		$	—		$	—		$	1,136,047,981
	Short-Term Investments			56,976,402			—			—			56,976,402
	Total Investments in Securities		$	1,193,024,383		$	—		$	—		$	1,193,024,383
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation		$	237,286		$	—		$	—		$	237,286

Affiliate Table
	Number of Shares Held at 9/30/20		Value At 9/30/20			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		29,664,602		$	29,664,602		$	112,967,028		$	85,655,228		—		—		56,976,402		$	56,976,402		$	7,745

11

State Street Institutional International Equity Fund

Schedule of Investments December 31, 2019 (Unaudited)

	Number of Shares		Fair Value
Common Stock – 97.0% †
Australia – 1.8%
BHP Group PLC		71,960	$	1,893,539
Brazil – 1.1%
Itau Unibanco Holding S.A. ADR		191,869		1,168,482	(a)
Canada – 1.0%
Brookfield Asset Management Inc., Class A		26,002		1,073,960
China – 1.1%
Alibaba Group Holding Ltd. ADR		5,123		1,192,276	(a,b)
France – 18.6%
Air Liquide S.A.		17,920		2,943,568
AXA S.A.		64,474		1,539,246
BNP Paribas S.A.		37,779		1,992,507	(b)
Dassault Systemes SE		6,181		1,256,553
LVMH Moet Hennessy Louis Vuitton SE		4,558		2,849,259
Safran S.A.		17,873		2,535,654	(b)
Schneider Electric SE		24,015		3,476,074
Vivendi S.A.		61,023		1,969,654
Worldline S.A.		14,059		1,360,669	(b)
				19,923,184
Germany – 5.1%
Adidas AG		4,497		1,639,136	(b)
Fresenius SE & Company KGaA		8,059		373,125
HeidelbergCement AG		19,169		1,435,868
SAP SE		15,757		2,067,145
				5,515,274
Hong Kong – 3.1%
AIA Group Ltd.		270,402		3,312,959
Ireland – 1.7%
Kerry Group PLC, Class A		12,235		1,773,961
Japan – 29.8%
Daikin Industries Ltd.		13,300		2,952,550
Disco Corp.		6,900		2,322,388
FANUC Corp.		6,149		1,510,375
Fast Retailing Company Ltd.		3,280		2,937,688
Hoya Corp.		25,054		3,462,837
Kao Corp.		20,400		1,574,778
Keyence Corp.		1,800		1,011,187
Komatsu Ltd.		58,200		1,588,246
Mitsubishi UFJ Financial Group Inc.		188,174		831,286
Murata Manufacturing Company Ltd.		34,437		3,108,653
Nidec Corp.		8,158		1,025,627
Recruit Holdings Company Ltd.		50,800		2,126,077
Secom Company Ltd.		14,600		1,345,810
Shimadzu Corp.		56,443		2,192,227
Shiseido Company Ltd.		31,538		2,179,817
Tokio Marine Holdings Inc.		34,949		1,796,787
				31,966,333

	Number of Shares		Fair Value
Netherlands – 5.8%
ASML Holding N.V.		6,504	$	3,163,691
ING Groep N.V.		170,895		1,597,722	(b)
Koninklijke DSM N.V.		8,688		1,496,732
				6,258,145
Norway – 1.3%
Equinor ASA		80,571		1,364,031
Portugal – 1.0%
Galp Energia SGPS S.A.		104,120		1,115,225	(a)
Spain – 1.4%
Industria de Diseno Textil S.A.		47,596		1,516,468
Sweden – 2.9%
Assa Abloy AB, Class B		85,648		2,111,856
Hexagon AB, Class B		11,552		1,054,689
				3,166,545
Switzerland – 10.3%
Givaudan S.A.		134		565,439
Nestle S.A.		33,110		3,905,254
Novartis AG		37,211		3,521,353
Roche Holding AG		8,798		3,075,493
				11,067,539
Taiwan – 1.5%
Taiwan Semiconductor Manufacturing Company Ltd.		84,548		1,594,791
United Kingdom – 9.5%
Ashtead Group PLC		53,318		2,505,718
AstraZeneca PLC		26,813		2,684,393
London Stock Exchange Group PLC		16,981		2,090,952
Prudential PLC		98,216		1,808,432
Vodafone Group PLC		675,060		1,116,002
				10,205,497
Total Common Stock (Cost $75,668,086)				104,108,209
Short-Term Investments – 1.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $1,686,219)		1,686,219		1,686,219	(c,d)
Total Investments (Cost $77,354,305)				105,794,428
Other Assets and Liabilities, net – 1.5%				1,560,768
NET ASSETS – 100.0%			$	107,355,196

Other Information:

The Fund had the following long futures contracts open at December 31, 2020:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Mini Index Futures		March 2021		13	$	1,375,222	$	1,385,020	$	9,798

12

State Street Institutional International Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

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

(a) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(b) Non-income producing security.

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

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2020.

* Less than 0.05%.

Abbreviations:

ADR American Depositary Receipt

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

Fund	Investments	Level 1			Level 2			Level 3			Total
State Street Institutional International Equity Fund	Investments in Securities
	Common Stock		$	104,108,209		$	—		$	—		$	104,108,209
	Short-Term Investments			1,686,219			—			—			1,686,219
	Total Investments in Securities		$	105,794,428		$	—		$	—		$	105,794,428
	Other Financial Instruments
	Long Futures Contracts - Unrealized Appreciation		$	9,798		$	—		$	—		$	9,798

The Fund was invested in the following sectors at December 31, 2020 (unaudited):

Sector	Percentage (based on Fair Value)
Pharmaceuticals		8.77	%
Packaged Foods & Meats		5.37	%
Diversified Banks		5.28	%
Semiconductor Equipment		5.19	%
Life & Health Insurance		4.84	%
Building Products		4.79	%
Electrical Components & Equipment		4.26	%
Apparel, Accessories & Luxury Goods		4.24	%
Apparel Retail		4.21	%
Electronic Equipment & Instruments		4.02	%
Personal Products		3.55	%
Healthcare Supplies		3.27	%
Application Software		3.14	%
Electronic Components		2.94	%
Industrial Gases		2.78	%
Aerospace & Defense		2.40	%
Trading Companies & Distributors		2.37	%
Integrated Oil & Gas		2.34	%
Human Resource & Employment Services		2.01	%
Financial Exchanges & Data		1.98	%
Specialty Chemicals		1.95	%
Movies & Entertainment		1.86	%
Diversified Metals & Mining		1.79	%
Property & Casualty Insurance		1.70	%
Semiconductors		1.51	%
Construction Machinery & Heavy Trucks		1.50	%
Multi-Line Insurance		1.45	%
Industrial Machinery		1.43	%
Construction Materials		1.36	%

13

State Street Institutional International Equity Fund

Schedule of Investments December 31, 2020 (Unaudited)

Sector	Percentage (based on Fair Value)
Data Processing & Outsourced Services		1.29	%
Security & Alarm Services		1.27	%
Internet & Direct Marketing Retail		1.13	%
Wireless Telecommunication Services		1.05	%
Asset Management & Custody Banks		1.02	%
Healthcare Services		0.35	%
		98.41	%
Short-Term Investments
Short-Term Investments		1.59	%
		1.59	%
		100.00	%

Affiliate Table
	Number of Shares Held at 9/30/20		Value At 9/30/20			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/20		Value at 12/31/20			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,143,904		$	1,143,904		$	4,059,781		$	3,517,466		—		—		1,686,219		$	1,686,219		$	186

14

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Bonds and Notes – 92.4% †
U.S. Treasuries – 15.9%
U.S. Treasury Bonds
1.25%	05/15/50	$	635,900	$	577,179	(a)
2.25%	08/15/46		883,600		1,009,237	(a)
3.00%	08/15/48		1,978,400		2,604,069	(a)
3.75%	08/15/41		689,400		979,487	(a)
U.S. Treasury Notes
0.13%	07/15/23		386,900		386,688	(a)
0.25%	07/31/25		1,588,100		1,583,385	(a)
0.38%	07/31/27		9,497,600		9,371,460	(a)
0.63%	08/15/30		725,200		707,183	(a)
1.13%	06/30/21		523,000		525,676	(a)
1.25%	03/31/21		4,153,000		4,164,194	(a)
1.38%	01/31/22		702,000		711,515	(a)
2.50%	01/31/24		8,000		8,571	(a)
2.63%	02/15/29		1,022,300		1,173,569	(a)
					23,802,213
Agency Mortgage Backed – 24.8%
Federal Home Loan Mortgage Corp.
3.00%	03/01/43 - 10/01/49		3,839,876		4,097,658	(a)
4.50%	06/01/33 - 02/01/35		8,056		9,028	(a)
5.00%	07/01/35		55,661		64,656	(a)
5.50%	01/01/38 - 04/01/39		130,419		153,768	(a)
6.00%	02/01/29 - 11/01/37		160,903		186,505	(a)
6.50%	10/01/33		730		862	(a)
7.00%	06/01/29 - 08/01/36		40,730		48,715	(a)
7.50%	01/01/30 - 09/01/33		1,712		1,935	(a)
8.00%	11/01/30		9,095		10,432	(a)
8.50%	04/01/30		10,292		13,212	(a)
Federal National Mortgage Assoc.
3.00%	03/01/50		954,094		1,000,731	(a)
3.50%	08/01/45 - 01/01/48		4,530,024		4,872,591	(a)
4.00%	01/01/41 - 01/01/50		3,187,457		3,474,437	(a)
4.50%	07/01/33 - 12/01/48		1,572,619		1,746,915	(a)
5.00%	03/01/34 - 05/01/39		172,320		198,112	(a)
5.50%	12/01/32 - 04/01/38		260,750		302,508	(a)
6.00%	03/01/21 - 07/01/35		321,120		371,568	(a)
6.50%	05/01/21 - 08/01/36		31,361		35,232	(a)
7.00%	10/01/32 - 02/01/34		6,000		6,726	(a)
7.50%	12/01/23 - 03/01/33		27,160		31,566	(a)
8.00%	07/01/25 - 10/01/31		5,427		6,033	(a)
9.00%	12/01/22		124		126	(a)
Federal National Mortgage Assoc. 1.25% + USD COF11
5.50%	10/01/24		3,705		3,847	(a,b)
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85%	09/25/46		1,232,991		279,248	(a,b,c)
Federal National Mortgage Assoc.
2.00%	TBA		4,443,091		4,633,910	(d)
Government National Mortgage Assoc.
3.00%	12/20/42 - 05/20/45		4,821,927		5,141,742	(a)
3.50%	08/20/48		919,086		983,567	(a)
4.00%	01/20/41 - 04/20/43		1,200,313		1,327,345	(a)
4.50%	08/15/33 - 05/20/40		202,636		227,625	(a)
5.00%	08/15/33		15,982		17,747	(a)
6.00%	04/15/27 - 09/15/36		118,442		135,938	(a)
6.50%	02/15/24 - 09/15/36		47,559		53,209	(a)
7.00%	10/15/27 - 10/15/36		25,330		29,203	(a)
7.50%	01/15/23 - 11/15/31		1,847		1,907	(a)
8.00%	05/15/30 - 09/15/30		116		121	(a)
9.00%	12/15/21		26		26	(a)
2.50%	TBA		7,229,855		7,650,994	(d)
					37,119,745
Agency Collateralized Mortgage Obligations – 0.6%
Federal Home Loan Mortgage Corp.
0.08%	09/25/43		523,805		1,671	(a,b,c)
2.51%	07/25/29		290,000		322,090	(a)
Federal Home Loan Mortgage Corp. REMIC
3.50%	11/15/30		107,890		3,500	(a,c)

		Principal Amount		Fair Value
5.50%	06/15/33	$	18,755	$	3,235	(a,c)
7.50%	07/15/27		1,881		302	(a,c)
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.99%	10/15/42		896,622		154,470	(a,b,c)
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
6.44%	08/15/25		27,852		668	(a,b,c)
Federal Home Loan Mortgage Corp. STRIPS
1.47%	08/01/27		421		403	(e,f)
8.00%	02/01/23 - 07/01/24		997		95	(a,c)
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR
3.35%	04/01/37		2,097		2,147	(a,b)
Federal National Mortgage Assoc. REMIC
1.10%	12/25/42		95,342		3,420	(b,c)
5.00%	02/25/40 - 09/25/40		74,428		8,476	(a,c)
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85%	07/25/38		32,432		5,866	(a,b,c)
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
6.40%	11/25/41		1,361,815		302,534	(a,b,c)
Federal National Mortgage Assoc. STRIPS
1.87%	12/25/34		8,192		7,499	(e,f)
4.50%	08/25/35 - 01/25/36		53,835		7,362	(a,c)
5.00%	03/25/38 - 05/25/38		32,016		5,612	(a,c)
5.50%	12/25/33		8,395		1,351	(a,c)
6.00%	01/25/35		36,117		6,843	(a,c)
7.50%	11/25/23		3,465		256	(a,c)
8.00%	08/25/23 - 07/25/24		1,775		185	(a,c)
8.50%	07/25/22		12		—	(a,c,**)
9.00%	05/25/22		7		—	(a,c,**)
Government National Mortgage Assoc. REMIC
4.50%	08/16/39		3,846		9	(a,c)
					837,994
Asset Backed – 1.5%
Ally Auto Receivables Trust 2018-1
2.35%	06/15/22		15,980		16,015	(a)
CarMax Auto Owner Trust
3.13%	06/15/23		66,350		67,462	(a)
Chase Funding Trust 2004-1
4.99%	11/25/33		120,227		120,227	(a,g)
Enterprise Fleet Financing 2019-1 LLC
3.07%	10/20/24		473,000		493,499	(a,h)
Ford Credit Auto Owner Trust 2020-B
0.56%	10/15/24		264,000		265,165	(a)
Nissan Auto Lease Trust 2019-A
2.76%	03/15/22		304,062		305,815	(a)
Nissan Auto Lease Trust 2020-A
1.80%	05/16/22		123,457		124,021	(a)
Santander Retail Auto Lease Trust 2019-B
2.30%	01/20/23		455,000		463,368	(a,h)
Securitized Term Auto Receivables Trust 2018-1A
3.30%	11/25/22		118,000		119,683	(a,h)
Trillium Credit Card Trust II
3.04%	01/26/24		241,000		241,430	(a,h)
					2,216,685
Corporate Notes – 39.8%
3M Co.
3.13%	09/19/46		52,000		58,148	(a)
Abbott Laboratories
3.75%	11/30/26		223,000		261,209	(a)
4.90%	11/30/46		34,000		50,215	(a)
AbbVie Inc.
2.60%	11/21/24		65,000		69,668
2.95%	11/21/26		135,000		149,499	(a)
3.20%	05/14/26 - 11/21/29		104,000		116,765	(a)
3.25%	10/01/22		29,000		30,206	(a)
3.45%	03/15/22		87,000		89,682	(a)
4.05%	11/21/39		35,000		42,324	(a)
4.25%	11/21/49		75,000		94,335	(a)
4.63%	10/01/42		4,000		5,085	(a)
4.70%	05/14/45		9,000		11,740	(a)
4.88%	11/14/48		7,000		9,518	(a)
5.00%	12/15/21		55,000		56,742	(a)

15

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Advance Auto Parts Inc.
3.90%	04/15/30	$	156,000	$	179,721	(a)
Aetna Inc.
3.50%	11/15/24		29,000		31,847	(a)
Aircastle Ltd.
4.25%	06/15/26		58,000		61,442	(a)
Albemarle Wodgina Pty Ltd.
3.45%	11/15/29		119,000		126,878	(a)
Alcon Finance Corp.
2.60%	05/27/30		201,000		213,850	(a,h)
Alexandria Real Estate Equities Inc.
1.88%	02/01/33		40,000		39,867	(a)
4.70%	07/01/30		50,000		62,073	(a)
Alimentation Couche-Tard Inc.
2.95%	01/25/30		33,000		36,022	(a,h)
3.80%	01/25/50		51,000		60,225	(a,h)
Ally Financial Inc.
5.75%	11/20/25		42,000		48,857	(a)
Alphabet Inc.
1.10%	08/15/30		170,000		167,130	(a)
Altria Group Inc.
2.95%	05/02/23		23,000		24,257	(a)
3.40%	05/06/30		15,000		16,763	(a)
3.80%	02/14/24		15,000		16,385	(a)
4.25%	08/09/42		3,000		3,344	(a)
4.45%	05/06/50		25,000		29,554	(a)
4.50%	05/02/43		13,000		15,066	(a)
4.80%	02/14/29		58,000		69,543	(a)
Amazon.com Inc.
1.50%	06/03/30		31,000		31,564	(a)
2.50%	06/03/50		60,000		62,177	(a)
2.70%	06/03/60		30,000		32,049	(a)
3.15%	08/22/27		31,000		35,265	(a)
4.05%	08/22/47		12,000		15,854	(a)
4.25%	08/22/57		6,000		8,504	(a)
Ameren Corp.
2.50%	09/15/24		75,000		79,936	(a)
American Electric Power Company Inc.
3.25%	03/01/50		30,000		32,112	(a)
American Electric Power Company Inc.
2.30%	03/01/30		30,000		31,322	(a)
American Express Co.
3.00%	10/30/24		250,000		272,782	(a)
American International Group Inc.
4.25%	03/15/29		101,000		121,299	(a)
4.50%	07/16/44		130,000		166,297	(a)
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75%	04/01/48		49,000		56,384	(a,b)
American Tower Corp.
1.50%	01/31/28		125,000		125,806	(a)
2.90%	01/15/30		140,000		152,642	(a)
3.70%	10/15/49		31,000		35,133	(a)
3.80%	08/15/29		31,000		35,993	(a)
4.70%	03/15/22		200,000		210,178	(a)
American Water Capital Corp.
2.95%	09/01/27		75,000		82,684	(a)
Amgen Inc.
2.45%	02/21/30		156,000		167,575	(a)
3.15%	02/21/40		68,000		74,173	(a)
3.38%	02/21/50		19,000		21,206	(a)
4.56%	06/15/48		24,000		31,589	(a)
4.66%	06/15/51		7,000		9,504	(a)
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%	02/01/26		266,000		300,859	(a)
4.70%	02/01/36		16,000		20,283	(a)
4.90%	02/01/46		27,000		35,083	(a)
Anheuser-Busch InBev Worldwide Inc.
3.50%	06/01/30		95,000		110,089	(a)
4.00%	04/13/28		42,000		49,470	(a)
4.35%	06/01/40		129,000		157,930	(a)
4.38%	04/15/38		49,000		60,502	(a)

		Principal Amount		Fair Value
4.50%	06/01/50	$	108,000	$	136,302	(a)
4.60%	04/15/48		23,000		29,009	(a)
4.75%	04/15/58		13,000		17,092	(a)
5.55%	01/23/49		44,000		62,406	(a)
Anthem Inc.
2.88%	09/15/29		21,000		23,282	(a)
3.30%	01/15/23		27,000		28,579	(a)
3.70%	09/15/49		21,000		25,033	(a)
Apollo Management Holdings LP
2.65%	06/05/30		155,000		158,320	(a,h)
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95%	01/14/50		50,000		51,006	(a,b,h)
Apple Inc.
2.15%	02/09/22		3,000		3,063	(a)
2.20%	09/11/29		76,000		82,090	(a)
2.95%	09/11/49		20,000		22,419	(a)
3.35%	02/09/27		15,000		17,075	(a)
3.45%	02/09/45		37,000		44,873	(a)
3.85%	08/04/46		43,000		55,301	(a)
Applied Materials Inc.
4.35%	04/01/47		98,000		135,820	(a)
Aptiv PLC
4.40%	10/01/46		23,000		25,029	(a)
Archer-Daniels-Midland Co.
2.50%	08/11/26		13,000		14,179	(a)
Ares Capital Corp.
3.25%	07/15/25		202,000		213,744	(a)
Ascension Health
4.85%	11/15/53		17,000		25,268	(a)
AstraZeneca PLC
4.00%	01/17/29		14,000		16,706	(a)
4.38%	08/17/48		6,000		8,066	(a)
AT&T Inc.
2.30%	06/01/27		65,000		69,257	(a)
2.63%	12/01/22		3,000		3,111	(a)
2.75%	06/01/31		282,000		301,334	(a)
3.30%	02/01/52		44,000		43,656	(a)
3.85%	06/01/60		85,000		89,550	(a)
4.35%	03/01/29		84,000		100,184	(a)
4.45%	04/01/24		24,000		26,791	(a)
4.50%	05/15/35		86,000		104,195	(a)
4.55%	03/09/49		31,000		36,993	(a)
4.75%	05/15/46		45,000		55,422	(a)
4.80%	06/15/44		24,000		29,809	(a)
4.85%	03/01/39		38,000		47,110	(a)
5.15%	11/15/46		5,000		6,457	(a)
5.25%	03/01/37		28,000		36,256	(a)
5.35%	12/15/43		18,000		22,895	(a)
5.45%	03/01/47		31,000		41,820	(a)
Athene Holding Ltd.
6.15%	04/03/30		67,000		83,161	(a)
Avangrid Inc.
3.15%	12/01/24		45,000		49,055	(a)
Avery Dennison Corp.
2.65%	04/30/30		18,000		19,349	(a)
Bank of America Corp.
3.25%	10/21/27		4,000		4,479	(a)
3.95%	04/21/25		89,000		100,282	(a)
4.18%	11/25/27		130,000		150,806	(a)
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59%	04/29/31		404,000		432,361	(a,b)
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12%	01/20/23		31,000		31,896	(a,b)
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37%	01/23/26		19,000		20,875	(a,b)
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%	04/23/27		202,000		228,147	(a,b)

16

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71%	04/24/28	$	89,000	$	101,487	(a,b)
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%	01/23/49		21,000		26,115	(a,b)
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24%	04/24/38		114,000		140,769	(a,b)
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27%	07/23/29		97,000		115,438	(a,b)
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30%	12/31/99		80,000		82,148	(a,b)
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44%	01/20/48		102,000		135,041	(a,b)
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34%	10/05/28		45,000		49,332	(a,b)
Barclays PLC
4.84%	05/09/28		200,000		231,032	(a)
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter)
2.65%	06/24/31		852,000		888,542	(a,b)
Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR therefter)
2.85%	05/07/26		200,000		214,812	(a,b)
Barrick North America Finance LLC
5.70%	05/30/41		5,000		7,206	(a)
BAT Capital Corp.
2.26%	03/25/28		35,000		36,195	(a)
2.73%	03/25/31		74,000		76,607	(a)
3.56%	08/15/27		20,000		22,297	(a)
3.73%	09/25/40		70,000		73,219	(a)
3.98%	09/25/50		74,000		77,040	(a)
4.39%	08/15/37		37,000		41,409	(a)
4.54%	08/15/47		19,000		21,097	(a)
4.70%	04/02/27		34,000		40,090	(a)
4.91%	04/02/30		45,000		54,345	(a)
BAT International Finance PLC
1.67%	03/25/26		35,000		35,886	(a)
Baxter International Inc.
3.95%	04/01/30		70,000		83,646	(a,h)
Becton Dickinson and Co.
2.89%	06/06/22		23,000		23,739	(a)
3.70%	06/06/27		26,000		29,745	(a)
3.73%	12/15/24		4,000		4,430	(a)
4.67%	06/06/47		4,000		5,238	(a)
4.69%	12/15/44		3,000		3,874	(a)
Berkshire Hathaway Energy Co.
3.25%	04/15/28		19,000		21,671	(a)
3.70%	07/15/30		100,000		118,423	(a,h)
3.80%	07/15/48		47,000		56,200	(a)
4.25%	10/15/50		33,000		42,574	(a,h)
6.13%	04/01/36		79,000		116,657	(a)
Berkshire Hathaway Finance Corp.
1.45%	10/15/30		52,000		52,690	(a)
2.85%	10/15/50		55,000		58,988	(a)
Berry Global Inc.
4.88%	07/15/26		101,000		108,439	(h)
Biogen Inc.
2.25%	05/01/30		24,000		24,971	(a)
3.15%	05/01/50		17,000		17,558	(a)
Block Financial LLC
3.88%	08/15/30		20,000		21,583	(a)
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter)
2.82%	11/19/25		204,000		217,593	(a,b,h)
Boardwalk Pipelines LP
4.80%	05/03/29		28,000		32,060	(a)

		Principal Amount		Fair Value
Boston Scientific Corp.
4.70%	03/01/49	$	11,000	$	15,006	(a)
BP Capital Markets America Inc.
3.00%	02/24/50		55,000		56,587	(a)
3.02%	01/16/27		69,000		76,256	(a)
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)
4.38%	12/31/99		66,000		70,363	(a,b)
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)
4.88%	12/31/99		66,000		73,339	(a,b)
Bristol-Myers Squibb Co.
1.45%	11/13/30		145,000		145,593	(a)
2.35%	11/13/40		80,000		81,884	(a)
2.55%	11/13/50		62,000		63,359	(a)
3.20%	06/15/26		64,000		72,012	(a)
3.40%	07/26/29		52,000		60,448	(a)
3.45%	11/15/27		15,000		17,280	(a)
4.13%	06/15/39		23,000		29,486	(a)
4.25%	10/26/49		23,000		31,028	(a)
4.35%	11/15/47		4,000		5,384	(a)
4.55%	02/20/48		57,000		79,101	(a)
5.00%	08/15/45		33,000		47,613	(a)
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%	01/15/23		6,000		6,247	(a)
3.13%	01/15/25		7,000		7,568	(a)
3.88%	01/15/27		6,000		6,731	(a)
Broadcom Inc.
3.15%	11/15/25		85,000		92,824	(a)
4.15%	11/15/30		66,000		76,315	(a)
4.30%	11/15/32		46,000		54,522	(a)
Brown-Forman Corp.
4.00%	04/15/38		6,000		7,425	(a)
Bunge Limited Finance Corp.
3.75%	09/25/27		12,000		13,723	(a)
Burlington Northern Santa Fe LLC
4.15%	12/15/48		75,000		99,841	(a)
4.55%	09/01/44		38,000		51,678	(a)
Cameron LNG LLC
3.30%	01/15/35		21,000		23,630	(a,h)
Canadian Natural Resources Ltd.
3.85%	06/01/27		42,000		47,186	(a)
4.95%	06/01/47		5,000		6,305	(a)
Canadian Pacific Railway Co.
2.90%	02/01/25		13,000		14,089	(a)
Capital One Financial Corp.
3.75%	07/28/26		675,000		763,270	(a)
Cardinal Health Inc.
2.62%	06/15/22		13,000		13,384	(a)
3.08%	06/15/24		12,000		12,907	(a)
Carrier Global Corp.
2.72%	02/15/30		45,000		48,107
3.38%	04/05/40		30,000		32,896
3.58%	04/05/50		45,000		50,332
Caterpillar Inc.
3.25%	09/19/49 - 04/09/50		111,000		130,309	(a)
3.80%	08/15/42		8,000		10,092	(a)
Centene Corp.
3.38%	02/15/30		63,000		66,265	(a)
4.25%	12/15/27		164,000		174,553	(a)
5.38%	08/15/26		297,000		314,045	(a,h)
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%	07/23/22		90,000		94,863	(a)
4.80%	03/01/50		22,000		26,129	(a)
4.91%	07/23/25		63,000		73,142	(a)
5.05%	03/30/29		48,000		58,176	(a)
5.75%	04/01/48		45,000		58,811	(a)
6.38%	10/23/35		4,000		5,484	(a)
6.48%	10/23/45		19,000		26,837	(a)
Cheniere Corpus Christi Holdings LLC
5.88%	03/31/25		81,000		94,258	(a)

17

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Chevron Corp.
1.55%	05/11/25	$	23,000	$	23,940	(a)
2.24%	05/11/30		44,000		47,180	(a)
2.98%	05/11/40		30,000		33,241	(a)
3.08%	05/11/50		55,000		61,400	(a)
Choice Hotels International Inc.
3.70%	01/15/31		45,000		49,716	(a)
Chubb INA Holdings Inc.
1.38%	09/15/30		410,000		408,635	(a)
4.35%	11/03/45		58,000		78,505	(a)
Cigna Corp.
2.40%	03/15/30		40,000		42,571	(a)
3.25%	04/15/25		24,000		26,368	(a)
3.40%	03/01/27 - 03/15/50		28,000		31,513	(a)
3.75%	07/15/23		48,000		51,843	(a)
3.88%	10/15/47		4,000		4,744	(a)
4.13%	11/15/25		34,000		39,114	(a)
4.38%	10/15/28		14,000		16,903	(a)
4.80%	08/15/38		12,000		15,605	(a)
4.90%	12/15/48		2,000		2,747	(a)
Cisco Systems Inc.
5.90%	02/15/39		16,000		24,534	(a)
Citigroup Inc.
4.40%	06/10/25		469,000		537,648	(a)
4.65%	07/23/48		112,000		154,391	(a)
4.75%	05/18/46		51,000		67,709	(a)
5.50%	09/13/25		81,000		97,414	(a)
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68%	05/15/24		220,000		226,785	(a,b)
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88%	07/24/23		65,000		67,467	(a,b)
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%	11/05/30		517,000		569,450	(a,b)
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88%	01/24/39		39,000		46,688	(a,b)
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70%	12/31/99		83,000		85,249	(a,b)
CMS Energy Corp.
4.88%	03/01/44		53,000		70,295	(a)
CNA Financial Corp.
3.45%	08/15/27		37,000		41,884	(a)
3.90%	05/01/29		85,000		100,891	(a)
CNH Industrial Capital LLC
1.95%	07/02/23		70,000		72,167	(a)
CNOOC Finance 2014 ULC
4.25%	04/30/24		233,000		252,961	(a)
CNOOC Petroleum North America ULC
6.40%	05/15/37		69,000		94,952	(a)
Comcast Corp.
2.65%	08/15/62		55,000		55,019	(a)
2.80%	01/15/51		60,000		62,492	(a)
3.10%	04/01/25		35,000		38,492	(a)
3.20%	07/15/36		27,000		30,595	(a)
3.25%	11/01/39		62,000		70,089	(a)
3.45%	02/01/50		55,000		64,610	(a)
3.97%	11/01/47		63,000		78,820	(a)
4.15%	10/15/28		15,000		17,990	(a)
4.60%	08/15/45		8,000		10,713	(a)
4.70%	10/15/48		54,000		74,976	(a)
CommonSpirit Health
4.35%	11/01/42		129,000		151,191	(a)
Conagra Brands Inc.
5.30%	11/01/38		14,000		18,775	(a)
5.40%	11/01/48		12,000		17,114	(a)
Concho Resources Inc.
3.75%	10/01/27		10,000		11,438	(a)
4.30%	08/15/28		47,000		55,678	(a)
4.88%	10/01/47		9,000		12,250	(a)
ConocoPhillips Co.
4.30%	11/15/44		27,000		34,076	(a)

		Principal Amount		Fair Value
Consolidated Edison Company of New York Inc.
2.90%	12/01/26	$	29,000	$	31,691	(a)
3.35%	04/01/30		20,000		22,891	(a)
3.88%	06/15/47		65,000		76,840	(a)
3.95%	04/01/50		55,000		66,953	(a)
Constellation Brands Inc.
3.15%	08/01/29		288,000		320,636	(a)
3.70%	12/06/26		49,000		56,158	(a)
4.50%	05/09/47		23,000		29,161	(a)
Continental Resources Inc.
4.50%	04/15/23		122,000		125,728	(a)
Corning Inc.
4.38%	11/15/57		24,000		29,567	(a)
Corporate Nacional del Cobre de Chile
3.15%	01/15/51		85,000		85,668	(h)
Corporate Office Properties LP
2.25%	03/15/26		55,000		57,316	(a)
Costco Wholesale Corp.
1.75%	04/20/32		43,000		44,585	(a)
Crown Castle International Corp.
3.30%	07/01/30		349,000		391,798	(a)
4.15%	07/01/50		45,000		54,533	(a)
5.20%	02/15/49		44,000		59,910	(a)
CSX Corp.
4.50%	03/15/49 - 08/01/54		84,000		112,183	(a)
CubeSmart LP
4.38%	02/15/29		94,000		110,802	(a)
Cummins Inc.
1.50%	09/01/30		40,000		40,235	(a)
2.60%	09/01/50		40,000		40,723	(a)
CVS Health Corp.
3.00%	08/15/26		23,000		25,478	(a)
3.25%	08/15/29		25,000		28,153	(a)
3.63%	04/01/27		40,000		45,537	(a)
3.75%	04/01/30		30,000		34,976	(a)
3.88%	07/20/25		13,000		14,722	(a)
4.25%	04/01/50		25,000		31,269	(a)
4.30%	03/25/28		11,000		13,038	(a)
4.78%	03/25/38		13,000		16,463	(a)
5.00%	12/01/24		28,000		32,148	(a)
5.13%	07/20/45		27,000		36,224	(a)
5.30%	12/05/43		44,000		59,569	(a)
D.R. Horton Inc.
2.60%	10/15/25		110,000		118,665	(a)
Dell International LLC/EMC Corp.
4.00%	07/15/24		34,000		37,512	(a,h)
5.45%	06/15/23		269,000		297,600	(a,h)
6.02%	06/15/26		13,000		15,869	(a,h)
8.10%	07/15/36		3,000		4,411	(a,h)
8.35%	07/15/46		33,000		49,765	(a,h)
Devon Energy Corp.
5.00%	06/15/45		14,000		16,414	(a)
DH Europe Finance II Sarl
2.60%	11/15/29		35,000		38,276	(a)
3.25%	11/15/39		21,000		23,895	(a)
3.40%	11/15/49		11,000		13,044	(a)
Diamondback Energy Inc.
2.88%	12/01/24		50,000		52,519	(a)
3.25%	12/01/26		35,000		37,406	(a)
3.50%	12/01/29		31,000		33,135	(a)
5.38%	05/31/25		122,000		126,665	(a)
Digital Realty Trust LP
3.60%	07/01/29		45,000		51,609	(a)
Discovery Communications LLC
2.95%	03/20/23		65,000		68,450	(a)
3.95%	03/20/28		55,000		63,059	(a)
4.95%	05/15/42		5,000		6,030	(a)
5.00%	09/20/37		9,000		11,438	(a)
Dollar General Corp.
3.50%	04/03/30		106,000		122,020	(a)
4.13%	04/03/50		38,000		48,333	(a)
Dollar Tree Inc.
4.00%	05/15/25		51,000		57,568	(a)

18

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Dominion Energy Inc.
3.07%	08/15/24	$	26,000	$	28,096	(a,g)
3.38%	04/01/30		115,000		130,930	(a)
Dover Corp.
2.95%	11/04/29		40,000		43,380	(a)
DTE Energy Co.
2.85%	10/01/26		29,000		31,848	(a)
3.85%	12/01/23		15,000		16,323	(a)
Duke Energy Carolinas LLC
3.95%	03/15/48		17,000		21,291	(a)
Duke Energy Corp.
3.75%	09/01/46		11,000		12,767	(a)
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88%	12/31/99		75,000		81,013	(a,b)
Duke Energy Progress LLC
4.15%	12/01/44		22,000		28,047	(a)
Duke Realty LP
3.05%	03/01/50		20,000		21,718	(a)
3.38%	12/15/27		37,000		41,643	(a)
DuPont de Nemours Inc.
2.17%	05/01/23		65,000		65,859	(a)
5.32%	11/15/38		9,000		12,199	(a)
5.42%	11/15/48		9,000		13,022	(a)
Duquesne Light Holdings Inc.
3.62%	08/01/27		22,000		24,376	(a,h)
DXC Technology Co.
4.00%	04/15/23		90,000		96,182	(a)
Eastman Chemical Co.
4.65%	10/15/44		44,000		55,641	(a)
Eaton Corp.
3.10%	09/15/27		51,000		57,136	(a)
Ecolab Inc.
1.30%	01/30/31		37,000		36,620	(a)
2.13%	08/15/50		84,000		80,201	(a)
Edison International
4.95%	04/15/25		75,000		85,474	(a)
5.75%	06/15/27		8,000		9,576	(a)
EI du Pont de Nemours & Co.
2.30%	07/15/30		82,000		87,264	(a)
Eli Lilly & Co.
3.95%	03/15/49		36,000		46,997	(a)
Emera US Finance LP
4.75%	06/15/46		3,000		3,831	(a)
Emerson Electric Co.
1.80%	10/15/27		32,000		33,786	(a)
2.75%	10/15/50		23,000		24,424	(a)
Empower Finance 2020 LP
1.36%	09/17/27		75,000		75,760	(a,h)
1.78%	03/17/31		299,000		305,838	(a,h)
Enbridge Energy Partners LP
5.50%	09/15/40		4,000		4,944	(a)
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter)
5.75%	07/15/80		109,000		122,666	(a,b)
Energy Transfer Operating LP
4.25%	03/15/23		52,000		55,236	(a)
4.50%	04/15/24		8,000		8,765	(a)
4.95%	06/15/28		11,000		12,657	(a)
5.30%	04/15/47		44,000		48,429	(a)
6.13%	12/15/45		6,000		7,089	(a)
6.50%	02/01/42		26,000		31,797	(a)
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75%	12/31/99		123,000		113,822	(a,b)
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%	11/01/23		18,000		19,494	(a)
Entergy Louisiana LLC
3.05%	06/01/31		16,000		18,107	(a)
4.00%	03/15/33		17,000		21,190	(a)
Enterprise Products Operating LLC
4.25%	02/15/48		43,000		50,426	(a)

		Principal Amount		Fair Value
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25%	08/16/77	$	13,000	$	13,163	(a,b)
EOG Resources Inc.
4.15%	01/15/26		6,000		6,972	(a)
4.38%	04/15/30		100,000		121,886	(a)
4.95%	04/15/50		46,000		62,468	(a)
5.10%	01/15/36		11,000		13,686	(a)
Equinix Inc.
1.25%	07/15/25		60,000		61,174	(a)
2.15%	07/15/30		65,000		66,228	(a)
Equinor ASA
3.25%	11/18/49		20,000		22,253	(a)
ERP Operating LP
4.50%	07/01/44		36,000		47,560	(a)
Essex Portfolio LP
2.65%	03/15/32		25,000		26,792	(a)
Eversource Energy
3.45%	01/15/50		38,000		43,571	(a)
Exelon Corp.
3.50%	06/01/22		30,000		31,204	(a)
4.05%	04/15/30		67,000		79,325	(a)
4.45%	04/15/46		48,000		61,275	(a)
4.70%	04/15/50		45,000		59,646	(a)
Exxon Mobil Corp.
2.61%	10/15/30		134,000		146,332	(a)
3.45%	04/15/51		70,000		79,902	(a)
FedEx Corp.
3.80%	05/15/25		179,000		202,213	(a)
4.10%	02/01/45		103,000		122,112	(a)
FirstEnergy Transmission LLC
4.55%	04/01/49		80,000		93,385	(a,h)
Fiserv Inc.
3.50%	07/01/29		245,000		281,417	(a)
4.40%	07/01/49		12,000		15,995	(a)
Florida Power & Light Co.
2.85%	04/01/25		80,000		87,307	(a)
4.13%	02/01/42		73,000		92,868	(a)
Ford Motor Credit Company LLC
5.88%	08/02/21		205,000		209,457	(a)
Fox Corp.
3.50%	04/08/30		44,000		50,104	(a)
General Dynamics Corp.
4.25%	04/01/50		110,000		150,012	(a)
General Mills Inc.
2.88%	04/15/30		50,000		55,471	(a)
4.55%	04/17/38		14,000		18,069	(a)
4.70%	04/17/48		4,000		5,606	(a)
General Motors Co.
5.20%	04/01/45		4,000		4,840	(a)
5.40%	10/02/23 - 04/01/48		19,000		22,536	(a)
6.13%	10/01/25		66,000		80,135	(a)
6.80%	10/01/27		35,000		45,022	(a)
General Motors Financial Company Inc.
3.45%	01/14/22 - 04/10/22		441,000		453,804	(a)
3.55%	04/09/21		104,000		104,769	(a)
5.25%	03/01/26		24,000		28,220	(a)
Georgia-Pacific LLC
1.75%	09/30/25		90,000		94,174	(a,h)
3.60%	03/01/25		41,000		45,645	(a,h)
Gilead Sciences Inc.
1.20%	10/01/27		35,000		35,254	(a)
1.65%	10/01/30		30,000		30,061	(a)
2.60%	10/01/40		62,000		62,626	(a)
2.80%	10/01/50		37,000		36,945	(a)
2.95%	03/01/27		6,000		6,626	(a)
3.50%	02/01/25		13,000		14,374	(a)
3.65%	03/01/26		99,000		112,254	(a)
4.15%	03/01/47		10,000		12,239	(a)
4.80%	04/01/44		11,000		14,517	(a)
GlaxoSmithKline Capital Inc.
3.38%	05/15/23		29,000		31,067	(a)
3.63%	05/15/25		28,000		31,552	(a)

19

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
GlaxoSmithKline Capital PLC
3.38%	06/01/29	$	32,000	$37,212	(a)
Glencore Funding LLC
2.50%	09/01/30		200,000	204,412	(a,h)
Gray Oak Pipeline LLC
2.00%	09/15/23		125,000	127,156	(a,h)
2.60%	10/15/25		90,000	93,170	(a,h)
Halliburton Co.
3.80%	11/15/25		2,000	2,242	(a)
5.00%	11/15/45		16,000	18,873	(a)
HCA Inc.
4.13%	06/15/29		100,000	116,095	(a)
4.50%	02/15/27		45,000	52,371	(a)
Health Care Service Corp.
2.20%	06/01/30		110,000	114,841	(a,h)
3.20%	06/01/50		23,000	24,657	(a,h)
Healthcare Trust of America Holdings LP
2.00%	03/15/31		40,000	40,000	(a)
Hess Corp.
5.60%	02/15/41		8,000	9,684	(a)
5.80%	04/01/47		5,000	6,309	(a)
Hewlett Packard Enterprise Co.
6.35%	10/15/45		7,000	9,241	(a)
Highwoods Realty LP
4.13%	03/15/28		42,000	46,916	(a)
4.20%	04/15/29		127,000	144,805	(a)
Honeywell International Inc.
2.70%	08/15/29		53,000	59,216	(a)
Hormel Foods Corp.
1.80%	06/11/30		93,000	96,155	(a)
HSBC Holdings PLC
4.25%	03/14/24		248,000	273,718	(a)
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter)
2.01%	09/22/28		400,000	409,560	(a,b)
Huntington Bancshares Inc.
2.55%	02/04/30		84,000	90,250	(a)
Hyundai Capital America
3.10%	04/05/22		17,000	17,492	(a,h)
Imperial Brands Finance PLC
3.50%	02/11/23		203,000	212,803	(a,h)
ING Groep N.V.
4.10%	10/02/23		204,000	224,204	(a)
Ingredion Inc.
2.90%	06/01/30		37,000	40,820	(a)
3.90%	06/01/50		20,000	23,874	(a)
Intel Corp.
2.45%	11/15/29		72,000	77,846	(a)
2.60%	05/19/26		33,000	35,965	(a)
3.10%	02/15/60		68,000	73,436	(a)
Intercontinental Exchange Inc.
1.85%	09/15/32		20,000	20,154	(a)
2.65%	09/15/40		20,000	20,514	(a)
3.00%	09/15/60		40,000	41,674	(a)
International Business Machines Corp.
4.15%	05/15/39		141,000	178,730	(a)
4.25%	05/15/49		141,000	184,898	(a)
International Paper Co.
4.40%	08/15/47		45,000	58,783	(a)
Interstate Power & Light Co.
3.40%	08/15/25		24,000	26,496	(a)
ITC Holdings Corp.
2.95%	05/14/30		110,000	120,494	(a,h)
Jabil Inc.
3.95%	01/12/28		24,000	27,241	(a)
John Deere Capital Corp.
2.45%	01/09/30		150,000	164,068	(a)
Johnson & Johnson
3.63%	03/03/37		38,000	46,623	(a)
Johnson Controls International PLC
4.50%	02/15/47		8,000	10,502	(a)

		Principal Amount		Fair Value
JPMorgan Chase & Co.
3.30%	04/01/26	$	238,000	$266,500	(a)
3.63%	12/01/27		45,000	51,125	(a)
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96%	05/13/31		70,000	76,629	(a,b)
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%	07/24/38		110,000	133,671	(a,b)
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%	01/23/49		95,000	119,905	(a,b)
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96%	01/29/27		152,000	174,747	(a,b)
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01%	04/23/29		76,000	89,181	(a,b)
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)
4.49%	03/24/31		449,000	553,604	(a,b)
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60%	12/31/99		81,000	83,456	(a,b)
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10%	10/29/49		170,000	186,140	(a,b)
Keurig Dr Pepper Inc.
3.20%	05/01/30		74,000	83,968	(a)
3.80%	05/01/50		98,000	117,290	(a)
4.50%	11/15/45		12,000	15,362	(a)
4.60%	05/25/28		19,000	23,179	(a)
KeyCorp
2.25%	04/06/27		133,000	142,395	(a)
Kinder Morgan Energy Partners LP
4.70%	11/01/42		5,000	5,726	(a)
5.00%	03/01/43		16,000	18,916	(a)
6.38%	03/01/41		13,000	17,069	(a)
Kinder Morgan Inc.
5.05%	02/15/46		13,000	15,833	(a)
KLA Corp.
3.30%	03/01/50		95,000	107,189	(a)
4.10%	03/15/29		90,000	107,863	(a)
4.65%	11/01/24		66,000	75,169	(a)
Kohl’s Corp.
9.50%	05/15/25		21,000	27,217	(a)
L3Harris Technologies Inc.
3.85%	12/15/26		194,000	224,324	(a)
Lear Corp.
4.25%	05/15/29		34,000	38,773	(a)
5.25%	05/15/49		15,000	18,358	(a)
Leidos Inc.
2.95%	05/15/23		88,000	92,599	(a,h)
3.63%	05/15/25		25,000	27,949	(a,h)
4.38%	05/15/30		111,000	133,057	(a,h)
Liberty Mutual Group Inc.
3.95%	05/15/60		21,000	25,186	(a,h)
Life Storage LP
2.20%	10/15/30		70,000	71,514	(a)
Lincoln National Corp.
3.63%	12/12/26		32,000	36,636	(a)
4.35%	03/01/48		154,000	196,703	(a)
Lloyds Banking Group PLC
3.75%	01/11/27		400,000	454,068	(a)
Lockheed Martin Corp.
3.55%	01/15/26		9,000	10,227	(a)
3.80%	03/01/45		18,000	22,420	(a)
4.50%	05/15/36		27,000	35,657	(a)
Lowe’s Companies Inc.
1.30%	04/15/28		30,000	30,178	(a)
1.70%	10/15/30		22,000	22,238	(a)
3.00%	10/15/50		76,000	81,518	(a)
3.70%	04/15/46		14,000	16,690	(a)
4.05%	05/03/47		12,000	15,003	(a)

20

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
LYB International Finance BV
4.88%	03/15/44	$	7,000	$	8,822	(a)
LYB International Finance II BV
3.50%	03/02/27		9,000		10,092	(a)
LYB International Finance III LLC
1.25%	10/01/25		30,000		30,527	(a)
3.63%	04/01/51		53,000		57,884	(a)
3.80%	10/01/60		26,000		27,850	(a)
Marathon Oil Corp.
3.85%	06/01/25		14,000		15,004	(a)
Masco Corp.
3.50%	11/15/27		7,000		7,922	(a)
Mastercard Inc.
3.30%	03/26/27		40,000		45,638	(a)
3.85%	03/26/50		15,000		19,388	(a)
McCormick & Company Inc.
2.50%	04/15/30		39,000		41,776	(a)
3.25%	11/15/25		254,000		279,326	(a)
McDonald’s Corp.
3.60%	07/01/30		68,000		79,659	(a)
3.63%	09/01/49		12,000		14,091	(a)
3.70%	01/30/26		9,000		10,229	(a)
3.80%	04/01/28		25,000		29,252	(a)
4.20%	04/01/50		33,000		42,313	(a)
4.88%	12/09/45		17,000		23,057	(a)
Medtronic Inc.
4.63%	03/15/45		4,000		5,684	(a)
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		34,000		44,662	(a)
Merck & Company Inc.
1.45%	06/24/30		135,000		136,548	(a)
2.45%	06/24/50		130,000		134,647	(a)
2.75%	02/10/25		23,000		25,015	(a)
4.00%	03/07/49		6,000		7,926	(a)
MetLife Inc.
4.05%	03/01/45		13,000		16,648	(a)
4.72%	12/15/44		63,000		86,280	(a)
Microchip Technology Inc.
2.67%	09/01/23		471,000		493,245	(a,h)
Micron Technology Inc.
2.50%	04/24/23		65,000		67,783	(a)
Microsoft Corp.
2.40%	08/08/26		63,000		68,724	(a)
2.68%	06/01/60		11,000		11,956	(a)
2.88%	02/06/24		150,000		160,984	(a)
3.45%	08/08/36		18,000		22,182	(a)
3.50%	02/12/35		18,000		22,140	(a)
3.70%	08/08/46		124,000		156,920	(a)
3.95%	08/08/56		56,000		76,691	(a)
4.10%	02/06/37		5,000		6,538	(a)
Morgan Stanley
3.70%	10/23/24		130,000		144,699	(a)
3.95%	04/23/27		183,000		211,608	(a)
4.35%	09/08/26		67,000		78,846	(a)
5.00%	11/24/25		597,000		712,866	(a)
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72%	07/22/25		197,000		210,751	(a,b)
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62%	04/01/31		255,000		296,374	(a,b)
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97%	07/22/38		141,000		174,438	(a,b)
MPLX LP
1.75%	03/01/26		40,000		41,371	(a)
2.65%	08/15/30		50,000		52,523	(a)
3.38%	03/15/23		164,000		173,578	(a)
5.20%	12/01/47		8,000		9,724	(a)
5.25%	01/15/25		162,000		166,471	(a)
MPLX LP (1.34% fixed rate until 02/01/2021; 1.10% + 3 month USD LIBOR)
1.33%	09/09/22		65,000		65,017	(a,b)

		Principal Amount		Fair Value
Mylan Inc.
5.20%	04/15/48	$	14,000	$	18,420	(a)
National Oilwell Varco Inc.
3.60%	12/01/29		61,000		63,736	(a)
National Retail Properties Inc.
4.00%	11/15/25		82,000		91,601	(a)
Newmont Corp.
4.88%	03/15/42		21,000		28,439	(a)
NextEra Energy Capital Holdings Inc.
3.25%	04/01/26		39,000		43,629	(a)
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)
5.65%	05/01/79		80,000		93,898	(a,b)
NIKE Inc.
3.38%	03/27/50		23,000		28,409	(a)
NiSource Inc.
3.60%	05/01/30		47,000		54,471	(a)
3.95%	03/30/48		14,000		17,208	(a)
Noble Energy Inc.
3.85%	01/15/28		43,000		49,796	(a)
3.90%	11/15/24		16,000		17,785	(a)
4.20%	10/15/49		6,000		7,797	(a)
5.05%	11/15/44		4,000		5,613	(a)
Norfolk Southern Corp.
3.95%	10/01/42		19,000		23,023	(a)
Northrop Grumman Corp.
3.85%	04/15/45		4,000		4,848	(a)
4.03%	10/15/47		7,000		8,752	(a)
Novartis Capital Corp.
2.20%	08/14/30		117,000		125,831	(a)
NRG Energy Inc.
2.00%	12/02/25		75,000		77,725	(h)
2.45%	12/02/27		50,000		52,488	(h)
Nucor Corp.
2.98%	12/15/55		25,000		26,130	(h)
3.95%	05/01/28		26,000		30,685	(a)
Nutrien Ltd.
4.00%	12/15/26		16,000		18,589	(a)
4.90%	06/01/43		15,000		19,286	(a)
NVIDIA Corp.
2.85%	04/01/30		45,000		50,625	(a)
3.50%	04/01/50		130,000		157,591	(a)
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70%	05/01/25		95,000		102,141	(a,h)
Occidental Petroleum Corp.
2.90%	08/15/24		17,000		16,385	(a)
Oklahoma Gas & Electric Co.
3.25%	04/01/30		35,000		39,813	(a)
Oncor Electric Delivery Company LLC
3.80%	09/30/47		16,000		19,791	(a)
ONEOK Inc.
4.35%	03/15/29		38,000		43,042	(a)
Oracle Corp.
2.40%	09/15/23		18,000		18,934	(a)
2.65%	07/15/26		28,000		30,686	(a)
2.95%	04/01/30		142,000		158,723	(a)
3.60%	04/01/50		120,000		140,083	(a)
3.80%	11/15/37		8,000		9,616	(a)
4.00%	07/15/46 - 11/15/47		47,000		57,691	(a)
4.13%	05/15/45		5,000		6,213	(a)
Otis Worldwide Corp.
2.06%	04/05/25		55,000		58,334	(a)
2.57%	02/15/30		30,000		32,205	(a)
3.36%	02/15/50		25,000		29,041	(a)
Ovintiv Exploration Inc.
5.63%	07/01/24		217,000		232,218	(a)
Owens Corning
4.40%	01/30/48		18,000		21,723	(a)
Pacific Gas & Electric Co.
2.50%	02/01/31		66,000		66,024	(a)
Pacific Gas & Electric Co.
2.10%	08/01/27		35,000		35,605	(a)

21

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
3.30%	08/01/40	$	66,000	$	66,119	(a)
3.50%	08/01/50		30,000		29,760	(a)
PacifiCorp
2.70%	09/15/30		40,000		44,066	(a)
6.25%	10/15/37		140,000		210,309	(a)
Parker-Hannifin Corp.
3.25%	06/14/29		26,000		29,505	(a)
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter)
4.50%	10/01/50		175,000		182,441	(a,b)
PayPal Holdings Inc.
2.65%	10/01/26		45,000		49,451	(a)
3.25%	06/01/50		85,000		97,680	(a)
PepsiCo Inc.
1.63%	05/01/30		90,000		92,344	(a)
2.63%	07/29/29		63,000		69,613	(a)
3.45%	10/06/46		18,000		21,658	(a)
Pfizer Inc.
2.63%	04/01/30		104,000		115,335	(a)
2.70%	05/28/50		150,000		160,822	(a)
3.45%	03/15/29		35,000		40,854	(a)
3.60%	09/15/28		34,000		40,079	(a)
3.90%	03/15/39		17,000		21,205	(a)
4.13%	12/15/46		10,000		13,179	(a)
4.40%	05/15/44		6,000		8,076	(a)
Philip Morris International Inc.
1.50%	05/01/25		25,000		25,903	(a)
2.10%	05/01/30		21,000		21,873	(a)
4.13%	03/04/43		3,000		3,681	(a)
Phillips 66
2.15%	12/15/30		221,000		224,160	(a)
Phillips 66 Partners LP
3.15%	12/15/29		133,000		138,788	(a)
3.75%	03/01/28		15,000		16,315	(a)
4.68%	02/15/45		16,000		17,373	(a)
Plains All American Pipeline LP/PAA Finance Corp.
3.55%	12/15/29		33,000		34,551	(a)
3.65%	06/01/22		40,000		41,212	(a)
PPL Capital Funding Inc.
3.10%	05/15/26		71,000		78,531	(a)
Precision Castparts Corp.
4.38%	06/15/45		17,000		21,375	(a)
Prologis LP
4.38%	02/01/29		24,000		29,349	(a)
Prudential Financial Inc.
3.94%	12/07/49		94,000		114,586	(a)
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70%	09/15/48		102,000		117,742	(a,b)
PVH Corp.
4.63%	07/10/25		80,000		90,055	(a)
QUALCOMM Inc.
1.30%	05/20/28		8,000		8,084	(a,h)
1.65%	05/20/32		13,000		13,045	(a,h)
3.25%	05/20/27		4,000		4,542	(a)
4.30%	05/20/47		2,000		2,690	(a)
Quest Diagnostics Inc.
2.95%	06/30/30		15,000		16,551	(a)
Ralph Lauren Corp.
1.70%	06/15/22		15,000		15,276	(a)
Raytheon Technologies Corp.
3.13%	05/04/27		243,000		271,314	(a)
3.50%	03/15/27		19,000		21,675
3.65%	08/16/23		2,000		2,157	(a)
3.95%	08/16/25		14,000		16,052	(a)
4.13%	11/16/28		6,000		7,157	(a)
4.15%	05/15/45		18,000		22,734	(a)
4.45%	11/16/38		14,000		17,800	(a)
4.50%	06/01/42		12,000		15,651	(a)
Realty Income Corp.
3.00%	01/15/27		51,000		56,399	(a)
3.25%	01/15/31		40,000		45,420	(a)

		Principal Amount		Fair Value
Regeneron Pharmaceuticals Inc.
1.75%	09/15/30	$	75,000	$	73,924	(a)
2.80%	09/15/50		35,000		33,895	(a)
Reliance Steel & Aluminum Co.
2.15%	08/15/30		180,000		185,269	(a)
Rio Tinto Finance USA PLC
4.13%	08/21/42		15,000		19,569	(a)
Rockwell Automation Inc.
4.20%	03/01/49		61,000		82,524	(a)
Rogers Communications Inc.
5.00%	03/15/44		9,000		12,343	(a)
Roper Technologies Inc.
2.95%	09/15/29		104,000		114,388	(a)
Ross Stores Inc.
4.70%	04/15/27		17,000		20,098	(a)
Royalty Pharma PLC
0.75%	09/02/23		35,000		35,177	(a,h)
1.20%	09/02/25		45,000		45,717	(a,h)
1.75%	09/02/27		30,000		30,844	(a,h)
2.20%	09/02/30		15,000		15,399	(a,h)
3.30%	09/02/40		16,000		16,847	(a,h)
3.55%	09/02/50		11,000		11,722	(a,h)
RPM International Inc.
3.75%	03/15/27		21,000		23,274	(a)
Ryder System Inc.
2.90%	12/01/26		105,000		115,373	(a)
Sabine Pass Liquefaction LLC
4.20%	03/15/28		14,000		16,066	(a)
4.50%	05/15/30		25,000		29,719	(a,h)
5.00%	03/15/27		8,000		9,442	(a)
5.88%	06/30/26		67,000		81,028	(a)
Schlumberger Holdings Corp.
3.90%	05/17/28		16,000		18,050	(a,h)
Sempra Energy
3.80%	02/01/38		11,000		12,712	(a)
4.00%	02/01/48		26,000		30,901	(a)
Shell International Finance BV
2.38%	08/21/22		2,000		2,069	(a)
3.13%	11/07/49		81,000		89,637	(a)
3.75%	09/12/46		10,000		12,088	(a)
4.13%	05/11/35		15,000		18,769	(a)
Shire Acquisitions Investments Ireland DAC
2.88%	09/23/23		2,000		2,120	(a)
3.20%	09/23/26		12,000		13,420	(a)
Simon Property Group LP
3.38%	06/15/27		67,000		74,158	(a)
Societe Generale S.A. (1.49% fixed rate until 12/14/25; 1.10% + 1 year CMT Rate thereafter)
1.49%	12/14/26		201,000		202,817	(b,h)
Southern California Edison Co.
2.40%	02/01/22		37,000		37,631	(a)
4.00%	04/01/47		57,000		67,039	(a)
4.20%	03/01/29		39,000		45,701	(a)
Southern Company Gas Capital Corp.
3.95%	10/01/46		41,000		48,232	(a)
4.40%	05/30/47		13,000		16,338	(a)
Southwest Airlines Co.
2.63%	02/10/30		67,000		68,318	(a)
Southwestern Electric Power Co.
2.75%	10/01/26		23,000		24,990	(a)
Spectra Energy Partners LP
3.38%	10/15/26		8,000		8,935	(a)
4.50%	03/15/45		4,000		4,699	(a)
Standard Chartered PLC (2.82% fixed rate until 01/30/25; 1.21% + 3 month USD LIBOR thereafter)
2.82%	01/30/26		203,000		215,081	(a,b,h)
Starbucks Corp.
4.00%	11/15/28		19,000		22,600	(a)
Steel Dynamics Inc.
3.25%	10/15/50		22,000		22,864	(a)
3.45%	04/15/30		105,000		118,856	(a)

22

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
Stryker Corp.
1.95%	06/15/30	$	88,000	$	90,544	(a)
2.90%	06/15/50		40,000		42,414	(a)
Sumitomo Mitsui Financial Group Inc.
2.35%	01/15/25		400,000		424,308	(a)
Suncor Energy Inc.
4.00%	11/15/47		5,000		5,666	(a)
Sunoco Logistics Partners Operations LP
5.30%	04/01/44		19,000		20,517	(a)
Sysco Corp.
3.25%	07/15/27		19,000		21,204	(a)
5.95%	04/01/30		40,000		52,585	(a)
6.60%	04/01/50		10,000		15,350	(a)
T-Mobile USA Inc.
3.50%	04/15/25		55,000		60,853	(a,h)
3.75%	04/15/27		100,000		114,047	(a,h)
3.88%	04/15/30		80,000		92,487	(a,h)
4.50%	04/15/50		40,000		49,568	(a,h)
Tampa Electric Co.
4.35%	05/15/44		44,000		55,455	(a)
Target Corp.
2.50%	04/15/26		24,000		26,524	(a)
Teck Resources Ltd.
3.90%	07/15/30		42,000		46,760	(a)
TELUS Corp.
3.70%	09/15/27		150,000		172,701	(a)
Texas Instruments Inc.
3.88%	03/15/39		23,000		28,827	(a)
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%	08/15/53		40,000		42,838	(a,b)
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		86,000		91,397	(a,b)
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		109,000		109,283	(a,b)
The Boeing Co.
2.70%	02/01/27		158,000		164,263	(a)
2.95%	02/01/30		13,000		13,443	(a)
3.25%	03/01/28		18,000		19,061	(a)
3.55%	03/01/38		19,000		19,439	(a)
3.75%	02/01/50		39,000		40,786	(a)
5.04%	05/01/27		261,000		305,383	(a)
5.15%	05/01/30		113,000		136,774	(a)
5.81%	05/01/50		101,000		139,079	(a)
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter)
4.00%	12/31/99		125,000		131,221	(b)
The Cleveland Electric Illuminating Co.
4.55%	11/15/30		71,000		81,901	(a,h)
The Clorox Co.
1.80%	05/15/30		110,000		113,222	(a)
The Coca-Cola Co.
2.60%	06/01/50		137,000		143,962	(a)
2.75%	06/01/60		45,000		48,457	(a)
The Dow Chemical Co.
2.10%	11/15/30		128,000		131,012	(a)
3.60%	11/15/50		53,000		59,426	(a)
4.25%	10/01/34		26,000		31,390	(a)
5.55%	11/30/48		16,000		23,022	(a)
The Estee Lauder Companies Inc.
2.38%	12/01/29		80,000		86,569	(a)
3.13%	12/01/49		25,000		28,854	(a)
The George Washington University
4.13%	09/15/48		84,000		105,709	(a)
The Goldman Sachs Group Inc.
2.60%	02/07/30		340,000		365,796	(a)
3.50%	04/01/25 - 11/16/26		186,000		208,364	(a)
3.85%	01/26/27		200,000		228,538	(a)
4.25%	10/21/25		204,000		233,692	(a)
5.15%	05/22/45		71,000		99,407	(a)

		Principal Amount		Fair Value
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	$	116,000	$134,250	(a,b)
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		50,000	60,966	(a,b)
The Hartford Financial Services Group Inc.
2.80%	08/19/29		65,000	70,954	(a)
The Hartford Financial Services Group Inc. (2.35% fixed rate until 02/01/2021; 2.13% + 3 month USD LIBOR)
2.35%	02/12/67		95,000	83,118	(a,b,h)
The Home Depot Inc.
2.70%	04/15/30		53,000	59,099	(a)
3.35%	04/15/50		46,000	54,878	(a)
3.50%	09/15/56		21,000	25,952	(a)
3.90%	12/06/28 - 06/15/47		64,000	79,665	(a)
4.50%	12/06/48		38,000	53,402	(a)
The Kroger Co.
2.20%	05/01/30		41,000	43,112	(a)
4.65%	01/15/48		12,000	15,734	(a)
The Mosaic Co.
5.63%	11/15/43		4,000	5,181	(a)
The Sherwin-Williams Co.
3.45%	06/01/27		7,000	7,933	(a)
4.50%	06/01/47		6,000	7,991	(a)
The Southern Co.
3.25%	07/01/26		8,000	8,971	(a)
4.40%	07/01/46		5,000	6,291	(a)
The Travelers Companies Inc.
2.55%	04/27/50		89,000	93,563	(a)
The Walt Disney Co.
2.65%	01/13/31		65,000	71,258	(a)
3.38%	11/15/26		7,000	7,895	(a)
3.60%	01/13/51		66,000	80,001	(a)
4.75%	11/15/46		5,000	6,762	(a)
6.65%	11/15/37		31,000	48,789	(a)
The Williams Companies Inc.
3.75%	06/15/27		6,000	6,862	(a)
4.85%	03/01/48		15,000	18,483	(a)
4.90%	01/15/45		52,000	61,918	(a)
5.40%	03/04/44		4,000	4,937	(a)
Thermo Fisher Scientific Inc.
4.13%	03/25/25		3,000	3,413	(a)
4.50%	03/25/30		15,000	18,719	(a)
Time Warner Cable LLC
4.50%	09/15/42		4,000	4,660	(a)
6.55%	05/01/37		17,000	23,332	(a)
Total Capital International S.A.
3.46%	02/19/29		54,000	62,523	(a)
Trane Technologies Luxembourg Finance S.A.
3.55%	11/01/24		26,000	28,730	(a)
3.80%	03/21/29		64,000	75,091	(a)
TransCanada PipeLines Ltd.
4.25%	05/15/28		39,000	46,146	(a)
4.88%	01/15/26		7,000	8,324	(a)
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter)
5.63%	05/20/75		85,000	92,254	(a,b)
Transcontinental Gas Pipe Line Company LLC
4.00%	03/15/28		16,000	18,354	(a)
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80%	12/31/99		83,000	87,344	(a,b)
TSMC Global Ltd.
0.75%	09/28/25		247,000	246,476	(a,h)
1.00%	09/28/27		201,000	199,080	(a,h)
1.38%	09/28/30		201,000	197,643	(a,h)
TWDC Enterprises 18 Corp.
4.13%	06/01/44		5,000	6,362	(a)
Tyco Electronics Group S.A.
3.13%	08/15/27		28,000	31,043	(a)
Tyson Foods Inc.

23

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
4.00%	03/01/26	$	79,000	$90,795	(a)
4.55%	06/02/47		4,000	5,303	(a)
UDR Inc.
2.10%	08/01/32		55,000	56,045	(a)
3.00%	08/15/31		25,000	27,575	(a)
Union Pacific Corp.
3.50%	06/08/23		31,000	33,228	(a)
3.60%	09/15/37		6,000	6,964	(a)
4.10%	09/15/67		21,000	26,327	(a)
4.30%	03/01/49		26,000	34,048	(a)
UnitedHealth Group Inc.
2.00%	05/15/30		70,000	74,320	(a)
4.45%	12/15/48		18,000	24,833	(a)
4.75%	07/15/45		9,000	12,652	(a)
Unum Group
4.50%	03/15/25		22,000	24,942	(a)
Vale S.A.
5.63%	09/11/42		19,000	25,504	(a)
Valero Energy Corp.
2.85%	04/15/25		43,000	45,877	(a)
4.00%	04/01/29		26,000	29,259	(a)
Ventas Realty LP
3.25%	10/15/26		88,000	96,814	(a)
VEREIT Operating Partnership LP
2.85%	12/15/32		45,000	47,037	(a)
Verizon Communications Inc.
2.45%	11/01/22		700,000	723,828	(a)
3.00%	03/22/27		304,000	336,911	(a)
4.33%	09/21/28		51,000	61,318	(a)
4.40%	11/01/34		239,000	298,372	(a)
4.52%	09/15/48		43,000	55,683	(a)
4.67%	03/15/55		58,000	77,704	(a)
5.25%	03/16/37		16,000	21,837	(a)
ViacomCBS Inc.
2.90%	01/15/27		16,000	17,560	(a)
3.45%	10/04/26		19,000	20,536	(a)
3.70%	06/01/28		38,000	43,396	(a)
5.25%	04/01/44		4,000	5,210	(a)
Virginia Electric & Power Co.
4.00%	11/15/46		42,000	53,552	(a)
Visa Inc.
2.00%	08/15/50		55,000	52,318	(a)
2.05%	04/15/30		45,000	48,119	(a)
2.70%	04/15/40		47,000	51,348	(a)
Vodafone Group PLC
4.38%	05/30/28		48,000	57,567	(a)
5.25%	05/30/48		22,000	30,545	(a)
Volkswagen Group of America Finance LLC
1.63%	11/24/27		201,000	202,972	(a,h)
Vornado Realty LP
3.50%	01/15/25		14,000	14,781	(a)
Vulcan Materials Co.
3.90%	04/01/27		14,000	16,321	(a)
Walmart Inc.
3.63%	12/15/47		14,000	17,735	(a)
3.70%	06/26/28		29,000	34,134	(a)
3.95%	06/28/38		29,000	36,925	(a)
4.05%	06/29/48		43,000	58,200	(a)
WEC Energy Group Inc.
3.55%	06/15/25		25,000	27,872	(a)
Wells Fargo & Co.
4.15%	01/24/29		82,000	97,272	(a)
4.75%	12/07/46		121,000	158,433	(a)
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65%	06/02/24		55,000	56,533	(a,b)
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39%	06/02/28		70,000	74,494	(a,b)
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88%	10/30/30		45,000	49,050	(a,b)
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07%	04/30/41		95,000	103,004	(a,b)

		Principal Amount		Fair Value
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20%	06/17/27	$	501,000	$	555,900	(a,b)
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88%	12/29/49		117,000		131,709	(a,b)
Western Midstream Operating LP
5.38%	06/01/21		49,000		49,412	(a)
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89%	02/04/30		82,000		85,988	(a,b)
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11%	07/24/34		32,000		36,357	(a,b)
Willis North America Inc.
3.60%	05/15/24		75,000		81,919	(a)
3.88%	09/15/49		45,000		55,092	(a)
WPP Finance 2010
3.75%	09/19/24		19,000		21,072	(a)
WRKCo Inc.
3.00%	09/15/24		19,000		20,431	(a)
Xcel Energy Inc.
3.40%	06/01/30		55,000		63,200	(a)
Zoetis Inc.
3.00%	09/12/27		7,000		7,836	(a)
3.90%	08/20/28		21,000		24,755	(a)
					59,450,934
Non-Agency Collateralized Mortgage Obligations – 8.7%
Banc of America Commercial Mortgage Trust 2015-UBS7
4.36%	09/15/48		160,000		142,155	(a,b)
BANK 2017-BNK7
3.18%	09/15/60		1,168,000		1,299,382	(a)
BANK 2018-BNK15
4.41%	11/15/61		487,000		586,823	(a,b)
Benchmark 2019-B12 Mortgage Trust
3.12%	08/15/52		140,000		157,814	(a)
Benchmark 2019-B9 Mortgage Trust
4.02%	03/15/52		1,000,000		1,186,846	(a)
Cantor Commercial Real Estate Lending 2019-CF3
3.01%	01/15/53		222,000		247,325	(a)
CD 2019-CD8 Mortgage Trust
2.91%	08/15/57		827,000		915,214	(a)
CFCRE Commercial Mortgage Trust 2016-C7
4.43%	12/10/54		160,000		143,491	(a,b)
Citigroup Commercial Mortgage Trust 2015-GC35
4.49%	11/10/48		158,000		143,108	(a,b)
Citigroup Commercial Mortgage Trust 2015-P1
3.72%	09/15/48		717,000		805,912	(a)
Citigroup Commercial Mortgage Trust 2016-P6
3.72%	12/10/49		126,803		145,396	(a,b)
COMM 2012-CCRE3 Mortgage Trust
3.92%	10/15/45		107,000		105,218	(h)
CSAIL 2015-C3 Commercial Mortgage Trust
4.13%	08/15/48		118,443		112,104	(a,b)
CSAIL 2016-C7 Commercial Mortgage Trust
4.34%	11/15/49		267,000		269,450	(b)
GS Mortgage Securities Trust 2012-GCJ9
1.93%	11/10/45		679,866		18,269	(a,b,c)
GS Mortgage Securities Trust 2014-GC24
4.51%	09/10/47		211,000		209,188	(a,b)
GS Mortgage Securities Trust 2015-GS1
4.42%	11/10/48		213,000		186,094	(a,b)
GS Mortgage Securities Trust 2016-GS3
2.85%	10/10/49		379,000		412,816	(a)
GS Mortgage Securities Trust 2019-GC42
2.75%	09/01/52		773,000		840,342	(a)
GS Mortgage Securities Trust 2019-GSA1
3.05%	11/10/52		1,526,000		1,712,023	(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9
1.49%	12/15/47		573,618		13,107	(a,b,c)
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.65%	11/15/48		494,000		402,361	(a,b)

24

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

		Principal Amount		Fair Value
MASTR Alternative Loan Trust 2003-5
5.00%	08/25/18	$	1,097	$12	(c)
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7
4.12%	02/15/46		223,000	191,406	(b)
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.88%	03/15/48		3,464,853	98,872	(a,b,c)
Morgan Stanley Capital I Trust 2006-IQ11
5.99%	10/15/42		30,294	30,122	(a,b)
Morgan Stanley Capital I Trust 2016-UBS12
4.03%	12/15/49		227,000	211,800	(b)
UBS Commercial Mortgage Trust 2012-C1
5.57%	05/10/45		146,000	140,480	(a,b,h)
UBS Commercial Mortgage Trust 2018-C12
4.79%	08/15/51		189,000	217,482	(a,b)
UBS-Barclays Commercial Mortgage Trust  2013-C6
3.88%	04/10/46		535,000	535,085	(b,h)
Wells Fargo Commercial Mortgage Trust 2014-LC16
4.32%	08/15/50		534,000	525,445
Wells Fargo Commercial Mortgage Trust 2015-C26
1.21%	02/15/48		2,693,495	111,297	(a,b,c)
WFRBS Commercial Mortgage Trust 2012-C10
3.74%	12/15/45		140,000	131,040	(a)
WFRBS Commercial Mortgage Trust 2014-C20
4.38%	05/15/47		214,000	218,180
WFRBS Commercial Mortgage Trust 2014-LC14
4.35%	03/15/47		544,000	592,722	(a,b)
				13,058,381
Sovereign Bonds – 0.7%
Government of Chile
2.55%	01/27/32		203,000	218,546	(a)
Government of Mexico
4.60%	02/10/48		202,000	237,283	(a)
Government of Peru
1.86%	12/01/32		75,000	75,923	(a)
2.78%	12/01/60		125,000	126,411	(a)
5.63%	11/18/50		113,000	177,699	(a)
Government of Uruguay
5.10%	06/18/50		117,568	164,671	(a)
				1,000,533

		Principal Amount		Fair Value
Municipal Bonds and Notes – 0.4%
American Municipal Power Inc.
6.27%	02/15/50	$	105,000	$149,089	(a)
Board of Regents of the University of Texas System
3.35%	08/15/47		95,000	114,071	(a)
State of California
4.60%	04/01/38		165,000	198,389	(a)
State of Illinois
5.10%	06/01/33		100,000	107,621	(a)
				569,170
Total Bonds and Notes (Cost $131,951,489)				138,055,655
		Number of Shares		Fair Value
Domestic Equity – 0.1%
Preferred Stock – 0.1%
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR (Cost $214,450)			8,578	230,319	(a,b)
Total Investments in Securities (Cost $132,165,939)				138,285,974
Short-Term Investments – 15.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.05% (Cost $22,791,663)			22,791,663	22,791,663	(f,i)
Total Investments (Cost $154,957,602)				161,077,637
Liabilities in Excess of Other Assets, net – (7.8)%				(11,693,701)
NET ASSETS – 100.0%				$149,383,936

Other Information:

Centrally Cleared Credit Default Swaps

Reference Entity	Counterparty		Notional Amount (000s omitted)			Contract Annual Fixed Rate/ Payment Frequency	Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)				Unrealized Appreciation/ Depreciation
Sell Protection
Markit CDX North America High Yield Index		Intercontinental Exchange		$	2,695	5.00%/ Quarterly		06/20/25		$	250,108		$	(150,342	)		$	400,450

The Fund had the following long futures contracts open at December 31, 2020:

Description	Expiration date	Number of Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
U.S. Long Bond Futures	March 2021	12	$	2,080,267	$	2,078,250	$	(2,017	)
Ultra Long-Term U.S. Treasury Bond Futures	March 2021	24		5,183,389		5,125,500		(57,889	)
2 Yr. U.S. Treasury Notes Futures	March 2021	41		9,052,616		9,060,039		7,423
							$	(52,483	)

25

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

The Fund had the following short futures contracts open at December 31, 2020:

Description	Expiration date	Number of Contracts	Notional Amount			Value			Unrealized Appreciation (Depreciation)
10 Yr. U.S. Treasury Notes Futures	March 2021	53	$	(7,310,960	)	$	(7,318,141	)	$	(7,181	)
5 Yr. U.S. Treasury Notes Futures	March 2021	21		(2,643,556	)	$	(2,649,445	)		(5,889	)
10 Yr. U.S. Treasury Ultra Futures	March 2021	46		(7,205,116	)		(7,192,531	)		12,585
									$	(485	)
									$	(52,968	)

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

(a) At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) 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.

(d) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(e) 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.

(f) Coupon amount represents effective yield.

(g) Step coupon bond.

(h) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, these securities amounted to $8,572,731 or 5.74% of the net assets of the State Street Active Core Bond Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees .

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

† Percentages are based on net assets as of December 31, 2020.

** Amount is less than $0.50.

* Less than 0.05%.

Abbreviations:

CMT Constant Maturity Treasury

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

SOFR Secured Overnight Financing Rate

STRIPS Separate Trading of Registered Interest and Principal of Security

TBA To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:

Fund	Investments	Level 1			Level 2			Level 3			Total
State Street Active Core Bond Fund	Investments in Securities
	U.S. Treasuries		$	—		$	23,802,213		$	—		$	23,802,213
	Agency Mortgage Backed			—			37,119,745			—			37,119,745
	Agency Collateralized Mortgage Obligations			—			837,994			—			837,994
	Asset Backed			—			2,216,685			—			2,216,685
	Corporate Notes			—			59,450,934			—			59,450,934
	Non-Agency Collateralized Mortgage Obligations			—			13,058,381			—			13,058,381
	Sovereign Bonds			—			1,000,533			—			1,000,533
	Municipal Bonds and Notes			—			569,170			—			569,170
	Preferred Stock			230,319			—			—			230,319
	Short-Term Investments			22,791,663			—			—			22,791,663
	Total Investments in Securities		$	23,021,982		$	138,055,655		$	—		$	161,077,637
	Other Financial Instruments
	Credit Default Swap Contracts - Unrealized Appreciation		$	—		$	400,450		$	—		$	400,450

26

State Street Active Core Bond Fund

Schedule of Investments December 31, 2020 (Unaudited)

Long Futures Contracts - Unrealized Appreciation		7,423			—		—		7,423
Long Futures Contracts - Unrealized Depreciation		(59,906	)		—		—		(59,906	)
Short Futures Contracts - Unrealized Appreciation		12,585			—		—		12,585
Short Futures Contracts - Unrealized Depreciation		(13,070	)		—		—		(13,070	)
Total Other Financial Instruments	$	(52,968	)	$	400,450	$	—	$	347,482

Affiliate Table
	Number of Shares Held at 9/30/20		Value At 9/30/20			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 12/31/20		Value at 12/31/20			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		9,155,711		$	9,155,711		$	33,771,005		$	20,135,053		$	—		$	—		22,791,663		$	22,791,663		$	2,313

27

State Street Active Core Bond Fund

Notes to Schedules of Investments December 31, 2020 (Unaudited)

Security Valuation

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. generally accepted accounting principles (“U.S. GAAP”) establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

• Level 1 — Quoted prices for identical investments in active markets.

• Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3 — Significant inputs to the valuation model are unobservable.

Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. SSGA Funds Management, Inc. (“SSGA FM”) performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, 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. Securities deposited, if any, are designated on the Schedule of Investments. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

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

For the period ended December 31, 2020 the following Funds entered into futures contracts for strategies listed below:

Fund	Strategies
State Street Institutional U.S. Equity Fund	Equitization of Cash
State Street Institutional Premier Growth Equity Fund	Equitization of Cash
State Street Institutional Small-Cap Equity Fund	Equitization of Cash
State Street Institutional International Equity Fund	Equitization of Cash
State Street Active Core Bond Fund	Management of Interest Rate Risk

28

State Street Active Core Bond Fund

Notes to Schedules of Investments December 31, 2020 (Unaudited)

Credit Default Swaps

During the period ended December 31, 2020, the State Street Active Core Bond 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.

Delayed Delivery Transactions and When-Issued Securities

During the period, the State Street Active Core Bond Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or whenissued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions

The State Street Active Core Bond Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll 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 the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

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