# EDGAR Filing Document

**Accession Number:** 0001040061
**File Stem:** 0001193125-25-308979
**Filing Date:** 2025-12
**Character Count:** 282130
**Document Hash:** 319f7e9a52d8a4043e83a3a2376f90cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-308979.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-308979

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STATE STREET INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0001040061

**ORGANIZATION NAME:**
- **EIN:** 061495734
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08257
- **FILM NUMBER:** 251551693

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 8002420134

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GE INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19970528

## Series and Classes Contracts Data

### State Street Institutional Small-Cap Equity Fund (Series ID: S000001631)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000004429 | Investment Class | SIVIX           |
| C000004430 | Service Class    | SSQSX           |

### State Street Institutional U.S. Equity Fund (Series ID: S000001633)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000004433 | Service Class    | SUSSX           |
| C000004434 | Investment Class | SUSIX           |

?xml version='1.0' encoding='ASCII'? STATE STREET INSTITUTIONAL FUNDS

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-08257

## STATE STREET INSTITUTIONAL FUNDS

#### (Exact name of registrant as specified in charter)

#### One Congress Street

#### Boston, Massachusetts 02114

#### (Address of principal executive offices)(Zip code)

---

| | |
|:---|:---|
| **(Name and Address of Agent for Service)** | **Copy to:** |
| **Andrew J. DeLorme, Esq.**<br> **Chief Legal Officer**<br> **c/o SSGA Funds Management, Inc.**<br> **One Congress Street**<br> **Boston, Massachusetts 02114** | **Adam M. Schlichtmann, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower**<br> **800 Boylston Street**<br> **Boston, Massachusetts 02199-3600** |

---

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

#### Date of fiscal year end: September 30

#### Date of reporting period: September 30, 2025

------

#### Item 1. Report to Stockholders.
(a) The Report to Shareholders is attached herewith.

# State Street Institutional Small-Cap Equity Fund
![Image](g22617g35q18.jpg)

# Investment: SIVIX

#### Annual Shareholder Report

#### September 30, 2025
This annual shareholder report contains important information about the State Street Institutional Small-Cap Equity Fund (the "Fund") for the period of October 1, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investment | $76 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Palisade, Champlain, and SouthernSun were the primary detractors to relative performance during the quarter. Each underperformed the Russell 2000 Index by -11.95%, 8.41% and -9.10%, respectively. Kennedy, the Fund's dedicated value manager, outperformed its style benchmark, the Russell 2000 Value Index by +0.22% and Westfield, the Fund's dedicated growth manager, underperformed its style benchmark, the Russell 2000 Growth Index by -7.77% as of Q3 2025.

Low quality stocks outperfomed higher quality names which impacted the 1 Year performance of most fundamentally driven managers.

The Fund used E-mini Russell 2000 Index futures in order to equitize cash to manage daily flows and to maintain market exposure on the cash during the reporting period. It is meant to get market exposure and not to speculate in either direction.

On an individual security level, the top positive contributors to the Fund's performance on an absolute basis during the reporting period were Modine Manufacturing Company, Advanced Energy Industries, and Irhythm Technologies. The top negative contributors to the Fund's performance on an absolute basis during the reporting period were MGP Ingredients, Inc., Neogen Corp., and Acadia Healthcare Co, Inc.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $5,000,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g22617g97o83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SIVIX** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **10/31/15** | $5276484 | $5421770 | $5281701 |
| **11/30/15** | $5433644 | $5437894 | $5453508 |
| **12/31/15** | $5171220 | $5352128 | $5179689 |
| **01/31/16** | $4789385 | $5086533 | $4724215 |
| **02/29/16** | $4828886 | $5079670 | $4724004 |
| **03/31/16** | $5243636 | $5424266 | $5101035 |
| **04/30/16** | $5378595 | $5445294 | $5181094 |
| **05/31/16** | $5480637 | $5543082 | $5297797 |
| **06/30/16** | $5493804 | $5557444 | $5294457 |
| **07/31/16** | $5783471 | $5762340 | $5610571 |
| **08/31/16** | $5908555 | $5770431 | $5709790 |
| **09/30/16** | $5911846 | $5771522 | $5773387 |
| **10/31/16** | $5743971 | $5666242 | $5498921 |
| **11/30/16** | $6287097 | $5876091 | $6112117 |
| **12/31/16** | $6423621 | $5992239 | $6283376 |
| **01/31/17** | $6474656 | $6105890 | $6308160 |
| **02/28/17** | $6590336 | $6348330 | $6429900 |
| **03/31/17** | $6603945 | $6355735 | $6438314 |
| **04/30/17** | $6702613 | $6421008 | $6508920 |
| **05/31/17** | $6610750 | $6511370 | $6376502 |
| **06/30/17** | $6767258 | $6552011 | $6596927 |
| **07/31/17** | $6814890 | $6686737 | $6645939 |
| **08/31/17** | $6702613 | $6707207 | $6561389 |
| **09/30/17** | $7073468 | $6845564 | $6970879 |
| **10/31/17** | $7121101 | $7005308 | $7030301 |
| **11/30/17** | $7264000 | $7220160 | $7232910 |
| **12/31/17** | $7263292 | $7300438 | $7203717 |
| **01/31/18** | $7445712 | $7718417 | $7391981 |
| **02/28/18** | $7151606 | $7433938 | $7105751 |
| **03/31/18** | $7218618 | $7245018 | $7197654 |
| **04/30/18** | $7304243 | $7272817 | $7259881 |
| **05/31/18** | $7728649 | $7447961 | $7700560 |
| **06/30/18** | $7844058 | $7493803 | $7755739 |
| **07/31/18** | $7981803 | $7772674 | $7890910 |
| **08/31/18** | $8279632 | $8025949 | $8231087 |
| **09/30/18** | $8167946 | $8071632 | $8033111 |
| **10/31/18** | $7263292 | $7519935 | $7160583 |
| **11/30/18** | $7438266 | $7673179 | $7274400 |
| **12/31/18** | $6558981 | $6980361 | $6410303 |
| **01/31/19** | $7300744 | $7539738 | $7131452 |
| **02/28/19** | $7633413 | $7781826 | $7502201 |
| **03/31/19** | $7507539 | $7933040 | $7345185 |
| **04/30/19** | $7831217 | $8254246 | $7594706 |
| **05/31/19** | $7197347 | $7729704 | $7004045 |
| **06/30/19** | $7750297 | $8274465 | $7499072 |
| **07/31/19** | $7772775 | $8393386 | $7542247 |
| **08/31/19** | $7395150 | $8260432 | $7169854 |
| **09/30/19** | $7660387 | $8414989 | $7319034 |
| **10/31/19** | $7795253 | $8597255 | $7511790 |
| **11/30/19** | $8123426 | $8909326 | $7821011 |
| **12/31/19** | $8307417 | $9178227 | $8046527 |
| **01/31/20** | $7963464 | $9174629 | $7788462 |
| **02/29/20** | $7175239 | $8419381 | $7132813 |
| **03/31/20** | $5713439 | $7379479 | $5583103 |
| **04/30/20** | $6530327 | $8325482 | $6349966 |
| **05/31/20** | $6950714 | $8722009 | $6763189 |
| **06/30/20** | $7098805 | $8895465 | $7002251 |
| **07/31/20** | $7457089 | $9397037 | $7196061 |
| **08/31/20** | $7786710 | $10072501 | $7601512 |
| **09/30/20** | $7428426 | $9689779 | $7347596 |
| **10/31/20** | $7681614 | $9432091 | $7501483 |
| **11/30/20** | $8890226 | $10464566 | $8884193 |
| **12/31/20** | $9567785 | $10866909 | $9652679 |
| **01/31/21** | $9789604 | $10757199 | $10138424 |
| **02/28/21** | $10459989 | $11053828 | $10770303 |
| **03/31/21** | $10795182 | $11537938 | $10878476 |
| **04/30/21** | $11150092 | $12153703 | $11106912 |
| **05/31/21** | $11169810 | $12238589 | $11129811 |
| **06/30/21** | $11135304 | $12524296 | $11345445 |
| **07/31/21** | $11095870 | $12821810 | $10935776 |
| **08/31/21** | $11302901 | $13211665 | $11180391 |
| **09/30/21** | $10918415 | $12597194 | $10850739 |
| **10/31/21** | $11445851 | $13479776 | $11312322 |
| **11/30/21** | $11086011 | $13386375 | $10840941 |
| **12/31/21** | $11569100 | $13986300 | $11083110 |
| **01/31/22** | $10657420 | $13262551 | $10016098 |
| **02/28/22** | $10599719 | $12865451 | $10123020 |
| **03/31/22** | $10617029 | $13343139 | $10249012 |
| **04/30/22** | $9803442 | $12179593 | $9233239 |
| **05/31/22** | $9866913 | $12201938 | $9247193 |
| **06/30/22** | $9157188 | $11194744 | $8486675 |
| **07/31/22** | $10028477 | $12226949 | $9372708 |
| **08/31/22** | $9745741 | $11728311 | $9180916 |
| **09/30/22** | $8937923 | $10648150 | $8301059 |
| **10/31/22** | $10063098 | $11510238 | $9214914 |
| **11/30/22** | $10420845 | $12153477 | $9430154 |
| **12/31/22** | $9832794 | $11453260 | $8818114 |
| **01/31/23** | $10716777 | $12172914 | $9677581 |
| **02/28/23** | $10595684 | $11875907 | $9514118 |
| **03/31/23** | $10159747 | $12311922 | $9059536 |
| **04/30/23** | $9978107 | $12504092 | $8896660 |
| **05/31/23** | $9778302 | $12558443 | $8814478 |
| **06/30/23** | $10632012 | $13388246 | $9531110 |
| **07/31/23** | $11104276 | $13818342 | $10113971 |
| **08/31/23** | $10698613 | $13598333 | $9607987 |
| **09/30/23** | $10081036 | $12949993 | $9042344 |
| **10/31/23** | $9439240 | $12677700 | $8425666 |
| **11/30/23** | $10105255 | $13835496 | $9188269 |
| **12/31/23** | $11218585 | $14464051 | $10310925 |
| **01/31/24** | $10846590 | $14707109 | $9909897 |
| **02/29/24** | $11433951 | $15492404 | $10470219 |
| **03/31/24** | $11786367 | $15990865 | $10845042 |
| **04/30/24** | $11081534 | $15337726 | $10081740 |
| **05/31/24** | $11544897 | $16098242 | $10587512 |
| **06/30/24** | $11375215 | $16675880 | $10489575 |
| **07/31/24** | $12171414 | $16878865 | $11555307 |
| **08/31/24** | $12282360 | $17288291 | $11382695 |
| **09/30/24** | $12380254 | $17657519 | $11462249 |
| **10/31/24** | $12132257 | $17497390 | $11296691 |
| **11/30/24** | $13385293 | $18524507 | $12535870 |
| **12/31/24** | $12437097 | $18082916 | $11500586 |
| **01/31/25** | $12893438 | $18586478 | $11802122 |
| **02/28/25** | $12292227 | $18343960 | $11170835 |
| **03/31/25** | $11401276 | $17310382 | $10410449 |
| **04/30/25** | $11075318 | $17193002 | $10169946 |
| **05/31/25** | $11727234 | $18275210 | $10713025 |
| **06/30/25** | $12074922 | $19204553 | $11295299 |
| **07/31/25** | $12169087 | $19635561 | $11491238 |
| **08/31/25** | $12770298 | $20033603 | $12312253 |
| **09/30/25** | $12574724 | $20764832 | $12695328 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SIVIX | 1.57% | 11.10% | 9.66% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$527,218,385

* Number of Portfolio Holdings331

* Portfolio Turnover Rate45%

* Total Advisory Fees Paid$4,799,047

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Regional Banks | 9.5% |
| Industrial Machinery & Supplies & Components | 6.9% |
| Application Software | 5.4% |
| Healthcare Equipment | 3.4% |
| Building Products | 3.1% |
| Specialty Chemicals | 3.0% |
| Automotive Parts & Equipment | 2.8% |
| Electronic Equipment & Instruments | 2.6% |
| Life Sciences Tools & Services | 2.6% |
| Biotechnology | 2.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Modine Manufacturing Co. | 1.5% |
| MSA Safety, Inc. | 1.5% |
| Brink's Co. | 1.4% |
| Enerpac Tool Group Corp. | 1.3% |
| Ingevity Corp. | 1.0% |
| U.S. Physical Therapy, Inc. | 1.0% |
| Applied Industrial Technologies, Inc. | 1.0% |
| IDACORP, Inc. | 1.0% |
| Belden, Inc. | 1.0% |
| Repligen Corp. | 1.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.

TSR AR SIVIX

# State Street Institutional Small-Cap Equity Fund
![Image](g22617g35q18.jpg)

# Service: SSQSX

#### Annual Shareholder Report

#### September 30, 2025
This annual shareholder report contains important information about the State Street Institutional Small-Cap Equity Fund (the "Fund") for the period of October 1, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $101 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
Palisade, Champlain, and SouthernSun were the primary detractors to relative performance during the quarter. Each underperformed the Russell 2000 Index by -11.95%, 8.41% and -9.10%, respectively. Kennedy, the Fund's dedicated value manager, outperformed its style benchmark, the Russell 2000 Value Index by +0.22% and Westfield, the Fund's dedicated growth manager, underperformed its style benchmark, the Russell 2000 Growth Index by -7.77% as of Q3 2025.

Low quality stocks outperfomed higher quality names which impacted the 1 Year performance of most fundamentally driven managers.

The Fund used E-mini Russell 2000 Index futures in order to equitize cash to manage daily flows and to maintain market exposure on the cash during the reporting period. It is meant to get market exposure and not to speculate in either direction.

On an individual security level, the top positive contributors to the Fund's performance on an absolute basis during the reporting period were Modine Manufacturing Company, Advanced Energy Industries, and Irhythm Technologies. The top negative contributors to the Fund's performance on an absolute basis during the reporting period were MGP Ingredients, Inc., Neogen Corp., and Acadia Healthcare Co, Inc.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $5,000,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g22617g14h60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SSQSX** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **09/30/15** | $5000000 | $5000000 | $5000000 |
| **10/31/15** | $5273097 | $5421770 | $5281701 |
| **11/30/15** | $5429983 | $5437894 | $5453508 |
| **12/31/15** | $5169672 | $5352128 | $5179689 |
| **01/31/16** | $4785883 | $5086533 | $4724215 |
| **02/29/16** | $4821966 | $5079670 | $4724004 |
| **03/31/16** | $5235277 | $5424266 | $5101035 |
| **04/30/16** | $5369768 | $5445294 | $5181094 |
| **05/31/16** | $5468175 | $5543082 | $5297797 |
| **06/30/16** | $5484576 | $5557444 | $5294457 |
| **07/31/16** | $5773238 | $5762340 | $5610571 |
| **08/31/16** | $5894607 | $5770431 | $5709790 |
| **09/30/16** | $5897888 | $5771522 | $5773387 |
| **10/31/16** | $5727315 | $5666242 | $5498921 |
| **11/30/16** | $6268556 | $5876091 | $6112117 |
| **12/31/16** | $6404553 | $5992239 | $6283376 |
| **01/31/17** | $6451944 | $6105890 | $6308160 |
| **02/28/17** | $6567037 | $6348330 | $6429900 |
| **03/31/17** | $6580577 | $6355735 | $6438314 |
| **04/30/17** | $6675359 | $6421008 | $6508920 |
| **05/31/17** | $6583962 | $6511370 | $6376502 |
| **06/30/17** | $6736290 | $6552011 | $6596927 |
| **07/31/17** | $6783681 | $6686737 | $6645939 |
| **08/31/17** | $6668589 | $6707207 | $6561389 |
| **09/30/17** | $7040947 | $6845564 | $6970879 |
| **10/31/17** | $7084953 | $7005308 | $7030301 |
| **11/30/17** | $7223741 | $7220160 | $7232910 |
| **12/31/17** | $7223491 | $7300438 | $7203717 |
| **01/31/18** | $7404633 | $7718417 | $7391981 |
| **02/28/18** | $7108891 | $7433938 | $7105751 |
| **03/31/18** | $7171736 | $7245018 | $7197654 |
| **04/30/18** | $7256762 | $7272817 | $7259881 |
| **05/31/18** | $7678194 | $7447961 | $7700560 |
| **06/30/18** | $7789097 | $7493803 | $7755739 |
| **07/31/18** | $7925877 | $7772674 | $7890910 |
| **08/31/18** | $8217922 | $8025949 | $8231087 |
| **09/30/18** | $8107019 | $8071632 | $8033111 |
| **10/31/18** | $7208704 | $7519935 | $7160583 |
| **11/30/18** | $7382452 | $7673179 | $7274400 |
| **12/31/18** | $6506361 | $6980361 | $6410303 |
| **01/31/19** | $7241669 | $7539738 | $7131452 |
| **02/28/19** | $7566987 | $7781826 | $7502201 |
| **03/31/19** | $7442207 | $7933040 | $7345185 |
| **04/30/19** | $7763069 | $8254246 | $7594706 |
| **05/31/19** | $7130258 | $7729704 | $7004045 |
| **06/30/19** | $7678397 | $8274465 | $7499072 |
| **07/31/19** | $7696222 | $8393386 | $7542247 |
| **08/31/19** | $7321884 | $8260432 | $7169854 |
| **09/30/19** | $7584812 | $8414989 | $7319034 |
| **10/31/19** | $7718505 | $8597255 | $7511790 |
| **11/30/19** | $8039366 | $8909326 | $7821011 |
| **12/31/19** | $8222257 | $9178227 | $8046527 |
| **01/31/20** | $7877499 | $9174629 | $7788462 |
| **02/29/20** | $7093527 | $8419381 | $7132813 |
| **03/31/20** | $5653097 | $7379479 | $5583103 |
| **04/30/20** | $6455960 | $8325482 | $6349966 |
| **05/31/20** | $6871559 | $8722009 | $6763189 |
| **06/30/20** | $7013241 | $8895465 | $7002251 |
| **07/31/20** | $7367445 | $9397037 | $7196061 |
| **08/31/20** | $7693313 | $10072501 | $7601512 |
| **09/30/20** | $7334386 | $9689779 | $7347596 |
| **10/31/20** | $7584690 | $9432091 | $7501483 |
| **11/30/20** | $8774816 | $10464566 | $8884193 |
| **12/31/20** | $9444007 | $10866909 | $9652679 |
| **01/31/21** | $9657981 | $10757199 | $10138424 |
| **02/28/21** | $10319353 | $11053828 | $10770303 |
| **03/31/21** | $10650039 | $11537938 | $10878476 |
| **04/30/21** | $10995314 | $12153703 | $11106912 |
| **05/31/21** | $11009904 | $12238589 | $11129811 |
| **06/30/21** | $10975862 | $12524296 | $11345445 |
| **07/31/21** | $10936958 | $12821810 | $10935776 |
| **08/31/21** | $11136342 | $13211665 | $11180391 |
| **09/30/21** | $10752163 | $12597194 | $10850739 |
| **10/31/21** | $11272507 | $13479776 | $11312322 |
| **11/30/21** | $10917506 | $13386375 | $10840941 |
| **12/31/21** | $11390854 | $13986300 | $11083110 |
| **01/31/22** | $10486637 | $13262551 | $10016098 |
| **02/28/22** | $10429768 | $12865451 | $10123020 |
| **03/31/22** | $10441142 | $13343139 | $10249012 |
| **04/30/22** | $9639290 | $12179593 | $9233239 |
| **05/31/22** | $9701846 | $12201938 | $9247193 |
| **06/30/22** | $9002357 | $11194744 | $8486675 |
| **07/31/22** | $9855392 | $12226949 | $9372708 |
| **08/31/22** | $9582421 | $11728311 | $9180916 |
| **09/30/22** | $8786255 | $10648150 | $8301059 |
| **10/31/22** | $9883826 | $11510238 | $9214914 |
| **11/30/22** | $10236414 | $12153477 | $9430154 |
| **12/31/22** | $9650744 | $11453260 | $8818114 |
| **01/31/23** | $10519966 | $12172914 | $9677581 |
| **02/28/23** | $10400894 | $11875907 | $9514118 |
| **03/31/23** | $9966283 | $12311922 | $9059536 |
| **04/30/23** | $9793629 | $12504092 | $8896660 |
| **05/31/23** | $9591208 | $12558443 | $8814478 |
| **06/30/23** | $10424708 | $13388246 | $9531110 |
| **07/31/23** | $10883134 | $13818342 | $10113971 |
| **08/31/23** | $10484244 | $13598333 | $9607987 |
| **09/30/23** | $9876980 | $12949993 | $9042344 |
| **10/31/23** | $9245901 | $12677700 | $8425666 |
| **11/30/23** | $9900794 | $13835496 | $9188269 |
| **12/31/23** | $10988168 | $14464051 | $10310925 |
| **01/31/24** | $10623176 | $14707109 | $9909897 |
| **02/29/24** | $11193075 | $15492404 | $10470219 |
| **03/31/24** | $11538857 | $15990865 | $10845042 |
| **04/30/24** | $10847294 | $15337726 | $10081740 |
| **05/31/24** | $11295529 | $16098242 | $10587512 |
| **06/30/24** | $11129042 | $16675880 | $10489575 |
| **07/31/24** | $11910252 | $16878865 | $11555307 |
| **08/31/24** | $12012705 | $17288291 | $11382695 |
| **09/30/24** | $12102353 | $17657519 | $11462249 |
| **10/31/24** | $11859025 | $17497390 | $11296691 |
| **11/30/24** | $13082067 | $18524507 | $12535870 |
| **12/31/24** | $12149481 | $18082916 | $11500586 |
| **01/31/25** | $12596049 | $18586478 | $11802122 |
| **02/28/25** | $12007714 | $18343960 | $11170835 |
| **03/31/25** | $11135843 | $17310382 | $10410449 |
| **04/30/25** | $10809778 | $17193002 | $10169946 |
| **05/31/25** | $11447732 | $18275210 | $10713025 |
| **06/30/25** | $11787974 | $19204553 | $11295299 |
| **07/31/25** | $11873034 | $19635561 | $11491238 |
| **08/31/25** | $12454282 | $20033603 | $12312253 |
| **09/30/25** | $12262895 | $20764832 | $12695328 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SSQSX | 1.33% | 10.83% | 9.39% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$527,218,385

* Number of Portfolio Holdings331

* Portfolio Turnover Rate45%

* Total Advisory Fees Paid$4,799,047

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Regional Banks | 9.5% |
| Industrial Machinery & Supplies & Components | 6.9% |
| Application Software | 5.4% |
| Healthcare Equipment | 3.4% |
| Building Products | 3.1% |
| Specialty Chemicals | 3.0% |
| Automotive Parts & Equipment | 2.8% |
| Electronic Equipment & Instruments | 2.6% |
| Life Sciences Tools & Services | 2.6% |
| Biotechnology | 2.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Modine Manufacturing Co. | 1.5% |
| MSA Safety, Inc. | 1.5% |
| Brink's Co. | 1.4% |
| Enerpac Tool Group Corp. | 1.3% |
| Ingevity Corp. | 1.0% |
| U.S. Physical Therapy, Inc. | 1.0% |
| Applied Industrial Technologies, Inc. | 1.0% |
| IDACORP, Inc. | 1.0% |
| Belden, Inc. | 1.0% |
| Repligen Corp. | 1.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.

TSR AR SSQSX

# State Street Institutional U.S. Equity Fund
![Image](g22617g35q18.jpg)

# Investment: SUSIX

#### Annual Shareholder Report

#### September 30, 2025
This annual shareholder report contains important information about the State Street Institutional U.S. Equity Fund (the "Fund") for the period of October 1, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investment | $41 | 0.38% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was marked by the U.S. election and policy shifts around tariffs, immigration, tax, and regulation, driving market volatility and rotating leadership. Despite this, returns were strong, supported by positives including solid earnings and Artificial Intelligence ("A.I.") investment.

The Fund underperformed the often momentum-driven market, with underperformance in the IT and healthcare sectors. Within IT, positions in A.I. beneficiaries such as Nvidia, Corp. and Broadcom, Inc., delivered strong results. However, companies more exposed to the broader economy-such as on semiconductor-or software names potentially disrupted by A.I.-such as Adobe, Inc.-lagged. Palantir, a software company not held in the portfolio, also detracted from relative performance as its shares rose sharply on perceived benefits from Trump administration policies.

In addition to the A.I. beneficiaries mentioned above, positive contributors to relative returns included positions in communication services and industrials. In communication services, Alphabet, Inc. and Meta outperformed on the back of robust advertising spend and A.I. tailwinds. Within industrials, the Fund benefited from holdings in Uber and United Rentals, Inc. among others.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $5,000,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g22617g44v72.jpg)

---

| | | |
|:---|:---|:---|
| | **SUSIX** | **S&P 500<sup>®</sup> Index** |
| **09/30/15** | $5000000 | $5000000 |
| **10/31/15** | $5446058 | $5421770 |
| **11/30/15** | $5432227 | $5437894 |
| **12/31/15** | $5290926 | $5352128 |
| **01/31/16** | $4946869 | $5086533 |
| **02/29/16** | $4934281 | $5079670 |
| **03/31/16** | $5244772 | $5424266 |
| **04/30/16** | $5290926 | $5445294 |
| **05/31/16** | $5429388 | $5543082 |
| **06/30/16** | $5362255 | $5557444 |
| **07/31/16** | $5584633 | $5762340 |
| **08/31/16** | $5630787 | $5770431 |
| **09/30/16** | $5664353 | $5771522 |
| **10/31/16** | $5538479 | $5666242 |
| **11/30/16** | $5714703 | $5876091 |
| **12/31/16** | $5812732 | $5992239 |
| **01/31/17** | $5983035 | $6105890 |
| **02/28/17** | $6220564 | $6348330 |
| **03/31/17** | $6256417 | $6355735 |
| **04/30/17** | $6346051 | $6421008 |
| **05/31/17** | $6372941 | $6511370 |
| **06/30/17** | $6431203 | $6552011 |
| **07/31/17** | $6583579 | $6686737 |
| **08/31/17** | $6592543 | $6707207 |
| **09/30/17** | $6700103 | $6845564 |
| **10/31/17** | $6825590 | $7005308 |
| **11/30/17** | $6964522 | $7220160 |
| **12/31/17** | $7001557 | $7300438 |
| **01/31/18** | $7399696 | $7718417 |
| **02/28/18** | $7172188 | $7433938 |
| **03/31/18** | $7012932 | $7245018 |
| **04/30/18** | $7007245 | $7272817 |
| **05/31/18** | $7172188 | $7447961 |
| **06/30/18** | $7240440 | $7493803 |
| **07/31/18** | $7541888 | $7772674 |
| **08/31/18** | $7735270 | $8025949 |
| **09/30/18** | $7820586 | $8071632 |
| **10/31/18** | $7263191 | $7519935 |
| **11/30/18** | $7450885 | $7673179 |
| **12/31/18** | $6787089 | $6980361 |
| **01/31/19** | $7351021 | $7539738 |
| **02/28/19** | $7536787 | $7781826 |
| **03/31/19** | $7696015 | $7933040 |
| **04/30/19** | $8041008 | $8254246 |
| **05/31/19** | $7543421 | $7729704 |
| **06/30/19** | $8127257 | $8274465 |
| **07/31/19** | $8213505 | $8393386 |
| **08/31/19** | $8060912 | $8260432 |
| **09/30/19** | $8167064 | $8414989 |
| **10/31/19** | $8392637 | $8597255 |
| **11/30/19** | $8704458 | $8909326 |
| **12/31/19** | $8980963 | $9178227 |
| **01/31/20** | $9016265 | $9174629 |
| **02/29/20** | $8352578 | $8419381 |
| **03/31/20** | $7385289 | $7379479 |
| **04/30/20** | $8366699 | $8325482 |
| **05/31/20** | $8811511 | $8722009 |
| **06/30/20** | $8959781 | $8895465 |
| **07/31/20** | $9524622 | $9397037 |
| **08/31/20** | $10265975 | $10072501 |
| **09/30/20** | $9863526 | $9689779 |
| **10/31/20** | $9665832 | $9432091 |
| **11/30/20** | $10661363 | $10464566 |
| **12/31/20** | $11049030 | $10866909 |
| **01/31/21** | $10878931 | $10757199 |
| **02/28/21** | $11241315 | $11053828 |
| **03/31/21** | $11722030 | $11537938 |
| **04/30/21** | $12402425 | $12153703 |
| **05/31/21** | $12505963 | $12238589 |
| **06/30/21** | $12764810 | $12524296 |
| **07/31/21** | $13075425 | $12821810 |
| **08/31/21** | $13356458 | $13211665 |
| **09/30/21** | $12764810 | $12597194 |
| **10/31/21** | $13600513 | $13479776 |
| **11/30/21** | $13378645 | $13386375 |
| **12/31/21** | $13935754 | $13986300 |
| **01/31/22** | $13380682 | $13262551 |
| **02/28/22** | $12891145 | $12865451 |
| **03/31/22** | $13195746 | $13343139 |
| **04/30/22** | $12064371 | $12179593 |
| **05/31/22** | $12086128 | $12201938 |
| **06/30/22** | $11128811 | $11194744 |
| **07/31/22** | $12184036 | $12226949 |
| **08/31/22** | $11683620 | $11728311 |
| **09/30/22** | $10595759 | $10648150 |
| **10/31/22** | $11357262 | $11510238 |
| **11/30/22** | $12009978 | $12153477 |
| **12/31/22** | $11356881 | $11453260 |
| **01/31/23** | $12135274 | $12172914 |
| **02/28/23** | $11777978 | $11875907 |
| **03/31/23** | $12122513 | $12311922 |
| **04/30/23** | $12364963 | $12504092 |
| **05/31/23** | $12556371 | $12558443 |
| **06/30/23** | $13347525 | $13388246 |
| **07/31/23** | $13755862 | $13818342 |
| **08/31/23** | $13615496 | $13598333 |
| **09/30/23** | $12964709 | $12949993 |
| **10/31/23** | $12798822 | $12677700 |
| **11/30/23** | $13985552 | $13835496 |
| **12/31/23** | $14607116 | $14464051 |
| **01/31/24** | $14944403 | $14707109 |
| **02/29/24** | $15917346 | $15492404 |
| **03/31/24** | $16423276 | $15990865 |
| **04/30/24** | $15748702 | $15337726 |
| **05/31/24** | $16488139 | $16098242 |
| **06/30/24** | $17136767 | $16675880 |
| **07/31/24** | $17305411 | $16878865 |
| **08/31/24** | $17720533 | $17288291 |
| **09/30/24** | $18005930 | $17657519 |
| **10/31/24** | $17811341 | $17497390 |
| **11/30/24** | $18719421 | $18524507 |
| **12/31/24** | $18263252 | $18082916 |
| **01/31/25** | $18697378 | $18586478 |
| **02/28/25** | $18308161 | $18343960 |
| **03/31/25** | $17275240 | $17310382 |
| **04/30/25** | $17170451 | $17193002 |
| **05/31/25** | $18263252 | $18275210 |
| **06/30/25** | $19266234 | $19204553 |
| **07/31/25** | $19909938 | $19635561 |
| **08/31/25** | $20224306 | $20033603 |
| **09/30/25** | $20763221 | $20764832 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SUSIX | 15.31% | 16.05% | 15.30% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$319,857,307

* Number of Portfolio Holdings97

* Portfolio Turnover Rate43%

* Total Advisory Fees Paid$1,133,169

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Semiconductors | 13.7% |
| Interactive Media & Services | 9.1% |
| Systems Software | 9.1% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Broadline Retail | 4.3% |
| Diversified Banks | 3.9% |
| Pharmaceuticals | 3.6% |
| Application Software | 3.3% |
| Financial Exchanges & Data | 2.6% |
| Life Sciences Tools & Services | 2.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 9.2% |
| Microsoft Corp. | 7.6% |
| Apple, Inc. | 6.3% |
| Alphabet, Inc., Class A | 4.8% |
| Amazon.com, Inc. | 4.3% |
| Meta Platforms, Inc., Class A | 3.7% |
| Broadcom, Inc. | 2.4% |
| JPMorgan Chase & Co. | 2.2% |
| Visa, Inc., Class A | 1.8% |
| Bank of America Corp. | 1.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.

TSR AR SUSIX

# State Street Institutional U.S. Equity Fund
![Image](g22617g35q18.jpg)

# Service: SUSSX

#### Annual Shareholder Report

#### September 30, 2025
This annual shareholder report contains important information about the State Street Institutional U.S. Equity Fund (the "Fund") for the period of October 1, 2024 through September 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $68 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period was marked by the U.S. election and policy shifts around tariffs, immigration, tax, and regulation, driving market volatility and rotating leadership. Despite this, returns were strong, supported by positives including solid earnings and Artificial Intelligence ("A.I.") investment.

The Fund underperformed the often momentum-driven market, with underperformance in the IT and healthcare sectors. Within IT, positions in A.I. beneficiaries such as Nvidia, Corp. and Broadcom, Inc., delivered strong results. However, companies more exposed to the broader economy-such as on semiconductor-or software names potentially disrupted by A.I.-such as Adobe, Inc.-lagged. Palantir, a software company not held in the portfolio, also detracted from relative performance as its shares rose sharply on perceived benefits from Trump administration policies.

In addition to the A.I. beneficiaries mentioned above, positive contributors to relative returns included positions in communication services and industrials. In communication services, Alphabet, Inc. and Meta outperformed on the back of robust advertising spend and A.I. tailwinds. Within industrials, the Fund benefited from holdings in Uber and United Rentals, Inc. among others.

## Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $5,000,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g22617g84z61.jpg)

---

| | | |
|:---|:---|:---|
| | **SUSSX** | **S&P 500<sup>®</sup> Index** |
| **09/30/15** | $5000000 | $5000000 |
| **10/31/15** | $5444887 | $5421770 |
| **11/30/15** | $5428287 | $5437894 |
| **12/31/15** | $5289625 | $5352128 |
| **01/31/16** | $4943090 | $5086533 |
| **02/29/16** | $4931141 | $5079670 |
| **03/31/16** | $5237844 | $5424266 |
| **04/30/16** | $5281658 | $5445294 |
| **05/31/16** | $5417085 | $5543082 |
| **06/30/16** | $5353355 | $5557444 |
| **07/31/16** | $5572428 | $5762340 |
| **08/31/16** | $5616243 | $5770431 |
| **09/30/16** | $5648108 | $5771522 |
| **10/31/16** | $5524630 | $5666242 |
| **11/30/16** | $5699889 | $5876091 |
| **12/31/16** | $5793527 | $5992239 |
| **01/31/17** | $5962681 | $6105890 |
| **02/28/17** | $6199496 | $6348330 |
| **03/31/17** | $6233327 | $6355735 |
| **04/30/17** | $6317904 | $6421008 |
| **05/31/17** | $6347506 | $6511370 |
| **06/30/17** | $6402481 | $6552011 |
| **07/31/17** | $6554720 | $6686737 |
| **08/31/17** | $6563178 | $6707207 |
| **09/30/17** | $6668899 | $6845564 |
| **10/31/17** | $6791536 | $7005308 |
| **11/30/17** | $6931088 | $7220160 |
| **12/31/17** | $6962496 | $7300438 |
| **01/31/18** | $7358392 | $7718417 |
| **02/28/18** | $7131411 | $7433938 |
| **03/31/18** | $6973053 | $7245018 |
| **04/30/18** | $6967774 | $7272817 |
| **05/31/18** | $7126133 | $7447961 |
| **06/30/18** | $7189476 | $7493803 |
| **07/31/18** | $7490357 | $7772674 |
| **08/31/18** | $7680387 | $8025949 |
| **09/30/18** | $7759567 | $8071632 |
| **10/31/18** | $7205312 | $7519935 |
| **11/30/18** | $7390063 | $7673179 |
| **12/31/18** | $6733865 | $6980361 |
| **01/31/19** | $7286419 | $7539738 |
| **02/28/19** | $7474651 | $7781826 |
| **03/31/19** | $7632524 | $7933040 |
| **04/30/19** | $7972557 | $8254246 |
| **05/31/19** | $7480723 | $7729704 |
| **06/30/19** | $8051493 | $8274465 |
| **07/31/19** | $8136501 | $8393386 |
| **08/31/19** | $7984701 | $8260432 |
| **09/30/19** | $8087925 | $8414989 |
| **10/31/19** | $8312589 | $8597255 |
| **11/30/19** | $8616190 | $8909326 |
| **12/31/19** | $8889139 | $9178227 |
| **01/31/20** | $8921183 | $9174629 |
| **02/29/20** | $8261067 | $8419381 |
| **03/31/20** | $7306142 | $7379479 |
| **04/30/20** | $8273885 | $8325482 |
| **05/31/20** | $8716099 | $8722009 |
| **06/30/20** | $8863503 | $8895465 |
| **07/31/20** | $9414668 | $9397037 |
| **08/31/20** | $10145283 | $10072501 |
| **09/30/20** | $9747931 | $9689779 |
| **10/31/20** | $9549255 | $9432091 |
| **11/30/20** | $10536225 | $10464566 |
| **12/31/20** | $10916322 | $10866909 |
| **01/31/21** | $10742835 | $10757199 |
| **02/28/21** | $11096481 | $11053828 |
| **03/31/21** | $11570234 | $11537938 |
| **04/30/21** | $12237491 | $12153703 |
| **05/31/21** | $12337579 | $12238589 |
| **06/30/21** | $12591137 | $12524296 |
| **07/31/21** | $12898075 | $12821810 |
| **08/31/21** | $13171650 | $13211665 |
| **09/30/21** | $12584464 | $12597194 |
| **10/31/21** | $13405190 | $13479776 |
| **11/30/21** | $13178323 | $13386375 |
| **12/31/21** | $13728241 | $13986300 |
| **01/31/22** | $13182107 | $13262551 |
| **02/28/22** | $12711654 | $12865451 |
| **03/31/22** | $13003335 | $13343139 |
| **04/30/22** | $11883655 | $12179593 |
| **05/31/22** | $11902474 | $12201938 |
| **06/30/22** | $10952158 | $11194744 |
| **07/31/22** | $11996564 | $12226949 |
| **08/31/22** | $11497884 | $11728311 |
| **09/30/22** | $10425250 | $10648150 |
| **10/31/22** | $11177975 | $11510238 |
| **11/30/22** | $11817792 | $12153477 |
| **12/31/22** | $11176874 | $11453260 |
| **01/31/23** | $11931340 | $12172914 |
| **02/28/23** | $11575663 | $11875907 |
| **03/31/23** | $11920562 | $12311922 |
| **04/30/23** | $12157680 | $12504092 |
| **05/31/23** | $12340907 | $12558443 |
| **06/30/23** | $13106152 | $13388246 |
| **07/31/23** | $13504941 | $13818342 |
| **08/31/23** | $13364826 | $13598333 |
| **09/30/23** | $12718140 | $12949993 |
| **10/31/23** | $12567247 | $12677700 |
| **11/30/23** | $13720502 | $13835496 |
| **12/31/23** | $14335563 | $14464051 |
| **01/31/24** | $14662610 | $14707109 |
| **02/29/24** | $15611046 | $15492404 |
| **03/31/24** | $16101617 | $15990865 |
| **04/30/24** | $15436621 | $15337726 |
| **05/31/24** | $16167026 | $16098242 |
| **06/30/24** | $16799317 | $16675880 |
| **07/31/24** | $16951939 | $16878865 |
| **08/31/24** | $17355297 | $17288291 |
| **09/30/24** | $17627836 | $17657519 |
| **10/31/24** | $17442510 | $17497390 |
| **11/30/24** | $18314635 | $18524507 |
| **12/31/24** | $17872074 | $18082916 |
| **01/31/25** | $18301691 | $18586478 |
| **02/28/25** | $17908898 | $18343960 |
| **03/31/25** | $16890092 | $17310382 |
| **04/30/25** | $16791893 | $17193002 |
| **05/31/25** | $17859799 | $18275210 |
| **06/30/25** | $18829506 | $19204553 |
| **07/31/25** | $19467795 | $19635561 |
| **08/31/25** | $19750114 | $20033603 |
| **09/30/25** | $20290204 | $20764832 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SUSSX | 15.10% | 15.79% | 15.04% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 9/30/2025
* Total Net Assets$319,857,307

* Number of Portfolio Holdings97

* Portfolio Turnover Rate43%

* Total Advisory Fees Paid$1,133,169

## **What did the Fund invest in as of 9/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Semiconductors | 13.7% |
| Interactive Media & Services | 9.1% |
| Systems Software | 9.1% |
| Technology Hardware, Storage & Peripherals | 6.3% |
| Broadline Retail | 4.3% |
| Diversified Banks | 3.9% |
| Pharmaceuticals | 3.6% |
| Application Software | 3.3% |
| Financial Exchanges & Data | 2.6% |
| Life Sciences Tools & Services | 2.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 9.2% |
| Microsoft Corp. | 7.6% |
| Apple, Inc. | 6.3% |
| Alphabet, Inc., Class A | 4.8% |
| Amazon.com, Inc. | 4.3% |
| Meta Platforms, Inc., Class A | 3.7% |
| Broadcom, Inc. | 2.4% |
| JPMorgan Chase & Co. | 2.2% |
| Visa, Inc., Class A | 1.8% |
| Bank of America Corp. | 1.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.

TSR AR SUSSX

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, State Street Institutional Funds (the "Trust," "Fund Entity" or "Registrant") has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code"). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the "SEC") and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The Trust's Board of Trustees (the "Board") has determined that the Trust has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its audit committee (the "Audit Committee"): Mr. George M. Pereira, Mr. Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the "audit committee financial experts" is "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

#### Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

For the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("EY"), the Trust's principal accountant, for the audit of the Trust's annual financial statements and services normally provided by EY in connection with the Trust's statutory and regulatory filings and engagements were $58,922 and $58,922, respectively.

------

(b) Audit-Related Fees

For the fiscal years ended September 30, 2025 and September 30, 2024, there were no fees for assurance and related services by EY reasonably related to the performance of the audit of the Trust's financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees

For the fiscal years ending September 30, 2025 and September 30, 2024 the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $4,318 and $4,318, respectively.

(d) All Other Fees

For the fiscal years ended September 30, 2025 and September 30, 2024, there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $9,637,151 and $9,556,710, respectively.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The Trust's Audit Committee Charter states the following with respect to pre-approval procedures:

The Audit Committee shall have the following duties and powers:

• To pre-approve engagements by a Fund Entity's independent auditor for non-audit services to be rendered to the Fund's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Fund's investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund;

• To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph b above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting;

------

Alternate Pre-Approval Procedure:

• The Chairperson, or Vice Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Fund Entity's independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or Vice Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

(e)(2) Percentages of Services

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) Total Fees Paid By Adviser and Certain Affiliates

The aggregate non-audit fees billed for by EY for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were as follows:

---

| | | |
|:---|:---|:---|
|  | FY 2025<br>(in millions) | FY 2024<br>(in millions) |
|  Non audit services billed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant: | See Item 4(c) | See Item 4(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser: |  |  |
|  Other entities in the Investment Company Complex <sup>(1)(2)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Related Fees | $18.6 | $18.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees | $3.4 | $3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $15.8 | $15.0 |

---

<sup>(1)</sup> Information is for the calendar years 2025 and 2024, respectively.

<sup>(2)</sup> Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutory audits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. 

(h) EY notified the Trust's Audit Committee of all non-audit services that were rendered by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust's Audit Committee to consider whether such services were compatible with maintaining EY's independence.

------

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

------

## Annual Financial Statements and Other Information
September 30, 2025

---

| |
|:---|
| **State Street Institutional Funds** |
| State Street Institutional U.S. Equity Fund |
| State Street Institutional Small-Cap Equity Fund |

---

![](g22617img1971e4191.gif)

------

State Street Institutional Funds

Annual Financial Statements and Other Information

September 30, 2025

[**Table of Contents**](#xx_5331ddea-3ee0-4a6f-b07a-a2ddd16ac35b_1)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| [Schedule of Investments (N-CSR Item 6)](#xx_b82c81ab-3215-4420-8fed-dca2787171fb_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[State Street Institutional U.S. Equity Fund](#xx_b82c81ab-3215-4420-8fed-dca2787171fb_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[State Street Institutional Small-Cap Equity Fund](#xx_b82c81ab-3215-4420-8fed-dca2787171fb_5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Financial Statements (N-CSR Item 7)](#xx_58546636-44cf-41ff-97a1-56bc0565e356_1)<br>| &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_58546636-44cf-41ff-97a1-56bc0565e356_1)<br>| &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_1e30ca6c-1006-45fc-a649-5c582a21a233_1)<br>| &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_1e30ca6c-1006-45fc-a649-5c582a21a233_2)<br>| &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_1e30ca6c-1006-45fc-a649-5c582a21a233_3)<br>| &nbsp;&nbsp;19 |
| [Notes to Financial Statements (N-CSR Item 7)](#xx_3dfb8d15-504a-43ff-83c5-8ad34e4ccdc5_1)<br>| &nbsp;&nbsp;20 |
| [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_dedd81ec-8fe9-452e-9baf-4378a934368d_1)<br>| &nbsp;&nbsp;28 |
| [Other Information (Unaudited) (N-CSR Item 7)](#xx_461929f8-5ad7-4856-8cd5-007499d3f8c8_1)<br>| &nbsp;&nbsp;29 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)](#xx_9a58dafe-9e75-49f3-b2ba-8c8ca04aab5b_1)<br>| &nbsp;&nbsp;30 |

---

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may find the fund's prospectus and other information about the fund online at *www.ssga.com* or you also may get this information at no cost by calling 1-800-242-0134 or by sending an e-mail request to *Statestreetfunds@ssga.com*. Please read the prospectus carefully before you invest.

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

[This page intentionally left blank]

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Schedule of Investments — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| **Common Stock - 96.1% †** | **Common Stock - 96.1% †** | **Common Stock - 96.1% †** |
| Aerospace & Defense - 0.6% | Aerospace & Defense - 0.6% | Aerospace & Defense - 0.6% |
| RTX Corp. | 11242 | $1881124 |
| Application Software - 3.3% | Application Software - 3.3% | Application Software - 3.3% |
| Adobe, Inc. (a) | 8263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914773 |
| Intuit, Inc. | 1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886417 |
| Salesforce, Inc. | 14209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367533 |
| Synopsys, Inc. (a) | 6618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265255 |
|  |  | 10433978 |
| Automobile Manufacturers - 1.3% | Automobile Manufacturers - 1.3% | Automobile Manufacturers - 1.3% |
| General Motors Co. | 29169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778434 |
| Tesla, Inc. (a) | 4994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220932 |
|  |  | 3999366 |
| Automotive Retail - 0.6% | Automotive Retail - 0.6% | Automotive Retail - 0.6% |
| O'Reilly Automotive, Inc. (a) | 16776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808621 |
| Biotechnology - 0.3% | Biotechnology - 0.3% | Biotechnology - 0.3% |
| BioMarin Pharmaceutical, Inc. (a) | 2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147965 |
| Vertex Pharmaceuticals, Inc. (a) | 2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873357 |
|  |  | 1021322 |
| Broadline Retail - 4.3% | Broadline Retail - 4.3% | Broadline Retail - 4.3% |
| Amazon.com, Inc. (a) | 63174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13871115 |
| Building Products - 0.4% | Building Products - 0.4% | Building Products - 0.4% |
| Trane Technologies PLC | 3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422427 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% | Construction Machinery & Heavy Transportation Equipment - 0.3% | Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Westinghouse Air Brake Technologies Corp. | 5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062691 |
| Construction Materials - 0.9% | Construction Materials - 0.9% | Construction Materials - 0.9% |
| Martin Marietta Materials, Inc. | 4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816721 |
| Consumer Staples Merchandise Retail - 1.7% | Consumer Staples Merchandise Retail - 1.7% | Consumer Staples Merchandise Retail - 1.7% |
| BJ's Wholesale Club Holdings, Inc. (a) | 17522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633927 |
| Costco Wholesale Corp. | 954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883051 |
| Walmart, Inc. | 27120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794987 |
|  |  | 5311965 |
| Data Center REITs - 0.8% | Data Center REITs - 0.8% | Data Center REITs - 0.8% |
| Equinix, Inc. | 3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574510 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Data Processing & Outsourced Services - 0.7% | Data Processing & Outsourced Services - 0.7% | Data Processing & Outsourced Services - 0.7% |
| Broadridge Financial Solutions, Inc. | 9884 | $2354072 |
| Diversified Banks - 3.9% | Diversified Banks - 3.9% | Diversified Banks - 3.9% |
| Bank of America Corp. | 105873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461988 |
| JPMorgan Chase & Co. | 22535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108215 |
|  |  | 12570203 |
| Electric Utilities - 1.0% | Electric Utilities - 1.0% | Electric Utilities - 1.0% |
| NextEra Energy, Inc. | 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321560 |
| Electrical Components & Equipment - 2.0% | Electrical Components & Equipment - 2.0% | Electrical Components & Equipment - 2.0% |
| Eaton Corp. PLC | 5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185620 |
| Emerson Electric Co. | 30770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036409 |
|  |  | 6222029 |
| Electronic Components - 0.4% | Electronic Components - 0.4% | Electronic Components - 0.4% |
| Amphenol Corp., Class A | 10328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278090 |
| Environmental & Facilities Services - 1.5% | Environmental & Facilities Services - 1.5% | Environmental & Facilities Services - 1.5% |
| Tetra Tech, Inc. | 40884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364708 |
| Waste Management, Inc. | 15928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517380 |
|  |  | 4882088 |
| Financial Exchanges & Data - 2.6% | Financial Exchanges & Data - 2.6% | Financial Exchanges & Data - 2.6% |
| CME Group, Inc. | 4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274216 |
| Intercontinental Exchange, Inc. | 12977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186365 |
| MSCI, Inc. | 3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999553 |
| S&P Global, Inc. | 6111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974285 |
|  |  | 8434419 |
| Healthcare Equipment - 1.0% | Healthcare Equipment - 1.0% | Healthcare Equipment - 1.0% |
| Abbott Laboratories | 9575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282476 |
| Becton Dickinson & Co. | 4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762718 |
| Intuitive Surgical, Inc. (a) | 2741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225857 |
|  |  | 3271051 |
| Healthcare Supplies - 0.3% | Healthcare Supplies - 0.3% | Healthcare Supplies - 0.3% |
| Cooper Cos., Inc. (a) | 12259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840477 |
| Home Improvement Retail - 1.9% | Home Improvement Retail - 1.9% | Home Improvement Retail - 1.9% |
| Home Depot, Inc. | 13275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378897 |
| Lowe's Cos., Inc. | 2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548359 |
|  |  | 5927256 |
| Household Products - 0.6% | Household Products - 0.6% | Household Products - 0.6% |
| Procter & Gamble Co. | 11636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787871 |

---

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

State Street Institutional U.S. Equity Fund 1

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Independent Power Producers & Energy Traders - 0.2% | Independent Power Producers & Energy Traders - 0.2% | Independent Power Producers & Energy Traders - 0.2% |
| Vistra Corp. | 3788 | $742145 |
| Industrial Gases - 1.1% | Industrial Gases - 1.1% | Industrial Gases - 1.1% |
| Linde PLC | 7304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469400 |
| Industrial Machinery & Supplies & Components - 1.2% | Industrial Machinery & Supplies & Components - 1.2% | Industrial Machinery & Supplies & Components - 1.2% |
| Parker-Hannifin Corp. | 5095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862774 |
| Insurance Brokers - 0.2% | Insurance Brokers - 0.2% | Insurance Brokers - 0.2% |
| Marsh & McLennan Cos., Inc. | 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764605 |
| Integrated Oil & Gas - 1.3% | Integrated Oil & Gas - 1.3% | Integrated Oil & Gas - 1.3% |
| Chevron Corp. | 11692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815651 |
| Exxon Mobil Corp. (b) | 21836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462009 |
|  |  | 4277660 |
| Interactive Media & Services - 9.1% | Interactive Media & Services - 9.1% | Interactive Media & Services - 9.1% |
| Alphabet, Inc., Class A | 63083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15335477 |
| Alphabet, Inc., Class C | 8534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078456 |
| Meta Platforms, Inc., Class A | 15915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11687658 |
|  |  | 29101591 |
| Investment Banking & Brokerage - 1.3% | Investment Banking & Brokerage - 1.3% | Investment Banking & Brokerage - 1.3% |
| Goldman Sachs Group, Inc. | 5253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183227 |
| IT Consulting & Other Services - 0.2% | IT Consulting & Other Services - 0.2% | IT Consulting & Other Services - 0.2% |
| Accenture PLC, Class A | 2754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679136 |
| Life Sciences Tools & Services - 2.5% | Life Sciences Tools & Services - 2.5% | Life Sciences Tools & Services - 2.5% |
| Agilent Technologies, Inc. | 5710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732878 |
| Danaher Corp. | 6631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314662 |
| IQVIA Holdings, Inc. (a) | 8529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619998 |
| Repligen Corp. (a) | 6894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921521 |
| Thermo Fisher Scientific, Inc. | 7081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434427 |
|  |  | 8023486 |
| Managed Healthcare - 0.5% | Managed Healthcare - 0.5% | Managed Healthcare - 0.5% |
| Elevance Health, Inc. | 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173839 |
| UnitedHealth Group, Inc. | 3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343217 |
|  |  | 1517056 |
| Movies & Entertainment - 1.0% | Movies & Entertainment - 1.0% | Movies & Entertainment - 1.0% |
| Netflix, Inc. (a) | 1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857127 |
| Walt Disney Co. | 11782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349039 |
|  |  | 3206166 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Multi-Sector Holdings - 1.1% | Multi-Sector Holdings - 1.1% | Multi-Sector Holdings - 1.1% |
| Berkshire Hathaway, Inc., Class B (a) | 7232 | $3635816 |
| Multi-Utilities - 1.2% | Multi-Utilities - 1.2% | Multi-Utilities - 1.2% |
| CMS Energy Corp. | 31358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297287 |
| Sempra | 18402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655812 |
|  |  | 3953099 |
| Oil & Gas Exploration & Production - 0.9% | Oil & Gas Exploration & Production - 0.9% | Oil & Gas Exploration & Production - 0.9% |
| ConocoPhillips | 21696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052225 |
| EQT Corp. | 16592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903102 |
|  |  | 2955327 |
| Packaged Foods & Meats - 0.2% | Packaged Foods & Meats - 0.2% | Packaged Foods & Meats - 0.2% |
| Mondelez International, Inc., Class A | 9892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617953 |
| Passenger Ground Transportation - 1.4% | Passenger Ground Transportation - 1.4% | Passenger Ground Transportation - 1.4% |
| Uber Technologies, Inc. (a) | 46244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530525 |
| Pharmaceuticals - 3.6% | Pharmaceuticals - 3.6% | Pharmaceuticals - 3.6% |
| AstraZeneca PLC ADR | 19040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460749 |
| Eli Lilly & Co. | 6928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5286064 |
| Johnson & Johnson | 16151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994718 |
| Merck & Co., Inc. | 19277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617919 |
|  |  | 11359450 |
| Property & Casualty Insurance - 0.9% | Property & Casualty Insurance - 0.9% | Property & Casualty Insurance - 0.9% |
| American International Group, Inc. | 6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530145 |
| Chubb Ltd. | 3898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100210 |
| Progressive Corp. | 4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165604 |
|  |  | 2795959 |
| Real Estate Services - 0.7% | Real Estate Services - 0.7% | Real Estate Services - 0.7% |
| CBRE Group, Inc., Class A (a) | 14172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232940 |
| Restaurants - 0.5% | Restaurants - 0.5% | Restaurants - 0.5% |
| McDonald's Corp. | 4770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449555 |
| Semiconductor Materials & Equipment - 1.2% | Semiconductor Materials & Equipment - 1.2% | Semiconductor Materials & Equipment - 1.2% |
| Applied Materials, Inc. | 18790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847065 |
| Semiconductors - 13.7% | Semiconductors - 13.7% | Semiconductors - 13.7% |
| Advanced Micro Devices, Inc. (a) | 21036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403414 |
| Broadcom, Inc. (b) | 22790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518649 |
| NVIDIA Corp. | 157972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29474416 |

---

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

2 State Street Institutional U.S. Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Texas Instruments, Inc. | 18488 | $3396800 |
|  |  | 43793279 |
| Soft Drinks & Non-alcoholic Beverages - 0.7% | Soft Drinks & Non-alcoholic Beverages - 0.7% | Soft Drinks & Non-alcoholic Beverages - 0.7% |
| Monster Beverage Corp. (a) | 19126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287371 |
| PepsiCo, Inc. | 7311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026757 |
|  |  | 2314128 |
| Specialty Chemicals - 0.3% | Specialty Chemicals - 0.3% | Specialty Chemicals - 0.3% |
| Ecolab, Inc. | 2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567164 |
| International Flavors & Fragrances, Inc. | 5562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342286 |
|  |  | 909450 |
| Systems Software - 9.1% | Systems Software - 9.1% | Systems Software - 9.1% |
| Crowdstrike Holdings, Inc., Class A (a) | 1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764012 |
| Microsoft Corp. | 46915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24299624 |
| Oracle Corp. | 9735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737871 |
| ServiceNow, Inc. (a) | 1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152191 |
|  |  | 28953698 |
| Technology Hardware, Storage & Peripherals - 6.3% | Technology Hardware, Storage & Peripherals - 6.3% | Technology Hardware, Storage & Peripherals - 6.3% |
| Apple, Inc. | 78675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20033015 |
| Telecom Tower REITs - 0.7% | Telecom Tower REITs - 0.7% | Telecom Tower REITs - 0.7% |
| American Tower Corp. | 11542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219757 |
| Tobacco - 0.7% | Tobacco - 0.7% | Tobacco - 0.7% |
| Philip Morris International, Inc. | 13679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218734 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Trading Companies & Distributors - 1.6% | Trading Companies & Distributors - 1.6% | Trading Companies & Distributors - 1.6% |
| United Rentals, Inc. | 4345 | $4147997 |
| WW Grainger, Inc. | 1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078751 |
|  |  | 5226748 |
| Transaction & Payment Processing Services - 2.1% | Transaction & Payment Processing Services - 2.1% | Transaction & Payment Processing Services - 2.1% |
| Mastercard, Inc., Class A | 1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861747 |
| Visa, Inc., Class A | 17101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837940 |
|  |  | 6699687 |
| Wireless Telecommunication Services - 0.2% | Wireless Telecommunication Services - 0.2% | Wireless Telecommunication Services - 0.2% |
| T-Mobile U.S., Inc. | 3182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761707 |
| **Total Common Stock<br> (Cost $173,845,028)** |  | 307428094 |
| **Short-Term Investment - 3.8%** | **Short-Term Investment - 3.8%** | **Short-Term Investment - 3.8%** |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.13% (c)(d)<br> (Cost $12,123,720) | 12123720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123720 |
| **Total Investments<br> (Cost $185,968,748)** |  | 319551814 |
| **Other Assets and Liabilities, net - 0.1%** | **Other Assets and Liabilities, net - 0.1%** | 305493 |
| **NET ASSETS - 100.0%** |  | $319857307 |

---

------

### Other Information:
The Fund had the following long futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| S&P 500 E-mini Index Futures | December 2025 | &nbsp;&nbsp;27 | $9024260 | $9097312 | $73052 |

---

During the year ended September 30, 2025, the average notional value related to long and short futures contracts were $6,050,273 and $238,113, respectively.

#### Notes to Schedule of Investments
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund's future

investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund's summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

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

State Street Institutional U.S. Equity Fund 3

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Schedule of Investments, continued — September 30, 2025
(a) Non-income producing security.

(b) At September 30, 2025, all or a portion of this security was pledged to cover collateral requirements for futures contracts.

(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 September 30, 2025.

---

| |
|:---|
| **Abbreviations:** |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |

---

The following table presents the Fund's investments measured at fair value on a recurring basis at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments in Securities |  |  |  |  |
| Common Stock | &nbsp;&nbsp;$307428094 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$307428094 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123720 |
| Total Investments in Securities | &nbsp;&nbsp;$319551814 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$319551814 |
| Other Financial Instruments |  |  |  |  |
| Long Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp;$73052 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$73052 |
| Total Other Financial Instruments | &nbsp;&nbsp;$73052 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$73052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**Affiliate Table**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of Shares<br> Held at<br> 9/30/24** | **Value at<br> 9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares<br> Sold** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Number of<br> Shares<br> Held at<br> 9/30/25** | **Value at<br> 9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 13071560 | $13071560 | $79790075 | $80737915 | $— | $— | 12123720 | $12123720 | $373174 |

---

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

4 State Street Institutional U.S. Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| **Common Stock - 95.0% †** | **Common Stock - 95.0% †** | **Common Stock - 95.0% †** |
| Advertising - 0.1% | Advertising - 0.1% | Advertising - 0.1% |
| NIQ Global Intelligence PLC (a) | 23740 | $372718 |
| Aerospace & Defense - 1.0% | Aerospace & Defense - 1.0% | Aerospace & Defense - 1.0% |
| Karman Holdings, Inc. (a) | 12990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937878 |
| Kratos Defense & Security Solutions, Inc. (a) | 5630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514413 |
| Mercury Systems, Inc. (a) | 10993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850858 |
| Rocket Lab Corp. (a) | 8988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430615 |
| Woodward, Inc. | 11054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793457 |
|  |  | 5527221 |
| Agricultural & Farm Machinery - 0.9% | Agricultural & Farm Machinery - 0.9% | Agricultural & Farm Machinery - 0.9% |
| AGCO Corp. | 32974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530526 |
| Alamo Group, Inc. | 5211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994780 |
|  |  | 4525306 |
| Agricultural Products & Services - 0.9% | Agricultural Products & Services - 0.9% | Agricultural Products & Services - 0.9% |
| Darling Ingredients, Inc. (a) | 151944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690511 |
| Apparel Retail - 1.5% | Apparel Retail - 1.5% | Apparel Retail - 1.5% |
| Boot Barn Holdings, Inc. (a) | 26916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460520 |
| Buckle, Inc. | 39549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319944 |
| Revolve Group, Inc. (a) | 47334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008214 |
|  |  | 7788678 |
| Apparel, Accessories & Luxury Goods - 0.1% | Apparel, Accessories & Luxury Goods - 0.1% | Apparel, Accessories & Luxury Goods - 0.1% |
| Kontoor Brands, Inc. | 6884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549137 |
| Application Software - 5.4% | Application Software - 5.4% | Application Software - 5.4% |
| ACI Worldwide, Inc. (a) | 64127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383982 |
| Alkami Technology, Inc. (a) | 99660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475555 |
| Blackbaud, Inc. (a) | 41878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693174 |
| BlackLine, Inc. (a) | 34564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835348 |
| Braze, Inc., Class A (a) | 91188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593387 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 278698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538939 |
| Clearwater Analytics Holdings, Inc., Class A (a) | 71159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282285 |
| Confluent, Inc., Class A (a) | 108600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150280 |
| Descartes Systems Group, Inc. (a) | 3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302478 |
| Dynatrace, Inc. (a) | 16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804076 |
| Jamf Holding Corp. (a) | 71740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767618 |
| nCino, Inc. (a) | 29875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809911 |
| Nutanix, Inc., Class A (a) | 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529260 |
| Procore Technologies, Inc. (a) | 9997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728981 |
| Riot Platforms, Inc. (a) | 12220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232547 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| SPS Commerce, Inc. (a) | 9400 | $978916 |
| Vertex, Inc., Class A (a) | 100027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479669 |
|  |  | 28586406 |
| Asset Management & Custody Banks - 0.8% | Asset Management & Custody Banks - 0.8% | Asset Management & Custody Banks - 0.8% |
| DigitalBridge Group, Inc. | 146540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714518 |
| Hamilton Lane, Inc., Class A | 13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833144 |
| StepStone Group, Inc., Class A | 7070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461742 |
|  |  | 4009404 |
| Automobile Manufacturers - 0.4% | Automobile Manufacturers - 0.4% | Automobile Manufacturers - 0.4% |
| Thor Industries, Inc. | 18816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951031 |
| Automotive Parts & Equipment - 2.8% | Automotive Parts & Equipment - 2.8% | Automotive Parts & Equipment - 2.8% |
| Dana, Inc. | 37062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742722 |
| Dorman Products, Inc. (a) | 32337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040692 |
| Modine Manufacturing Co. (a) | 55004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819369 |
| Patrick Industries, Inc. | 8816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911839 |
|  |  | 14514622 |
| Automotive Retail - 1.5% | Automotive Retail - 1.5% | Automotive Retail - 1.5% |
| Group 1 Automotive, Inc. | 3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699727 |
| Murphy USA, Inc. | 12189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732501 |
| Valvoline, Inc. (a) | 39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422036 |
|  |  | 7854264 |
| Biotechnology - 2.4% | Biotechnology - 2.4% | Biotechnology - 2.4% |
| 89bio, Inc. (a) | 29687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436399 |
| ADMA Biologics, Inc. (a) | 62732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919651 |
| Ascendis Pharma AS ADR (a) | 10639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115139 |
| Bicycle Therapeutics PLC ADR (a) | 21124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163500 |
| Catalyst Pharmaceuticals, Inc. (a) | 43734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861560 |
| Emergent BioSolutions, Inc. (a) | 123344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087894 |
| Halozyme Therapeutics, Inc. (a) | 12996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953127 |
| Heron Therapeutics, Inc. (a) | 624973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787466 |
| Krystal Biotech, Inc. (a) | 1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254556 |
| Legend Biotech Corp. ADR (a) | 12129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395527 |
| Merus NV (a) | 9124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859025 |
| Revolution Medicines, Inc. (a) | 10987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513093 |
| Rhythm Pharmaceuticals, Inc. (a) | 4722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476875 |
| Soleno Therapeutics, Inc. (a) | 4417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298589 |
| Vaxcyte, Inc. (a) | 16112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580354 |
| Veracyte, Inc. (a) | 31200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071096 |

---

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

State Street Institutional Small-Cap Equity Fund 5

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Vericel Corp. (a) | 26100 | $821367 |
| Xenon Pharmaceuticals, Inc. (a) | 5515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221427 |
|  |  | 12816645 |
| Brewers - 0.4% | Brewers - 0.4% | Brewers - 0.4% |
| Boston Beer Co., Inc., Class A (a) | 11125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352048 |
| Broadline Retail - 0.0%\* | Broadline Retail - 0.0%\* | Broadline Retail - 0.0%\* |
| Pattern Group, Inc., Class A (a) | 10580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144946 |
| Building Products - 3.1% | Building Products - 3.1% | Building Products - 3.1% |
| AAON, Inc. | 24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279936 |
| Armstrong World Industries, Inc. | 21741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261453 |
| AZZ, Inc. | 11219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224329 |
| CSW Industrials, Inc. | 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990550 |
| Gibraltar Industries, Inc. (a) | 41772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623282 |
| Resideo Technologies, Inc. (a) | 18784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811093 |
| Simpson Manufacturing Co., Inc. | 15841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652734 |
| UFP Industries, Inc. | 5381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503070 |
|  |  | 16346447 |
| Cargo Ground Transportation - 0.4% | Cargo Ground Transportation - 0.4% | Cargo Ground Transportation - 0.4% |
| Saia, Inc. (a) | 7733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314951 |
| Casinos & Gaming - 0.1% | Casinos & Gaming - 0.1% | Casinos & Gaming - 0.1% |
| Genius Sports Ltd. (a) | 54391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673361 |
| Commercial & Residential Mortgage Finance - 0.4% | Commercial & Residential Mortgage Finance - 0.4% | Commercial & Residential Mortgage Finance - 0.4% |
| PennyMac Financial Services, Inc. | 15289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894001 |
| Commercial Printing - 0.3% | Commercial Printing - 0.3% | Commercial Printing - 0.3% |
| Brady Corp., Class A | 18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466964 |
| Commodity Chemicals - 0.1% | Commodity Chemicals - 0.1% | Commodity Chemicals - 0.1% |
| Hawkins, Inc. | 4107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750431 |
| Communications Equipment - 0.9% | Communications Equipment - 0.9% | Communications Equipment - 0.9% |
| Calix, Inc. (a) | 6150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377425 |
| Extreme Networks, Inc. (a) | 216826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477457 |
|  |  | 4854882 |
| Construction & Engineering - 1.5% | Construction & Engineering - 1.5% | Construction & Engineering - 1.5% |
| Comfort Systems USA, Inc. | 2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181776 |
| Dycom Industries, Inc. (a) | 5541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616642 |
| IES Holdings, Inc. (a) | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799277 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| MYR Group, Inc. (a) | 4645 | $966299 |
| Primoris Services Corp. | 6507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893606 |
| Valmont Industries, Inc. | 2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028648 |
| WillScot Holdings Corp. | 18440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389268 |
|  |  | 7875516 |
| Construction Machinery & Heavy Transportation Equipment - 0.3% | Construction Machinery & Heavy Transportation Equipment - 0.3% | Construction Machinery & Heavy Transportation Equipment - 0.3% |
| Astec Industries, Inc. | 13473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648455 |
| Manitowoc Co., Inc. (a) | 34272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343063 |
| Oshkosh Corp. | 4849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628915 |
| Wabash National Corp. | 16133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159233 |
|  |  | 1779666 |
| Construction Materials - 0.1% | Construction Materials - 0.1% | Construction Materials - 0.1% |
| Eagle Materials, Inc. | 2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659037 |
| Consumer Finance - 0.4% | Consumer Finance - 0.4% | Consumer Finance - 0.4% |
| FirstCash Holdings, Inc. | 3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609917 |
| PROG Holdings, Inc. | 46934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518784 |
|  |  | 2128701 |
| Data Processing & Outsourced Services - 1.0% | Data Processing & Outsourced Services - 1.0% | Data Processing & Outsourced Services - 1.0% |
| CSG Systems International, Inc. | 35765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302551 |
| Verra Mobility Corp. (a) | 114714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833436 |
|  |  | 5135987 |
| Distributors - 0.4% | Distributors - 0.4% | Distributors - 0.4% |
| LKQ Corp. | 62299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902611 |
| Diversified Financial Services - 0.1% | Diversified Financial Services - 0.1% | Diversified Financial Services - 0.1% |
| Jackson Financial, Inc., Class A | 6814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689781 |
| Diversified Metals & Mining - 0.1% | Diversified Metals & Mining - 0.1% | Diversified Metals & Mining - 0.1% |
| Materion Corp. | 3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403626 |
| Diversified REITs - 0.1% | Diversified REITs - 0.1% | Diversified REITs - 0.1% |
| American Assets Trust, Inc. | 24690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501701 |
| Essential Properties Realty Trust, Inc. | 9936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295695 |
|  |  | 797396 |
| Diversified Support Services - 0.9% | Diversified Support Services - 0.9% | Diversified Support Services - 0.9% |
| Healthcare Services Group, Inc. (a) | 160246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696940 |
| RB Global, Inc. | 16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820448 |

---

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

6 State Street Institutional Small-Cap Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Vestis Corp. | 67109 | $304004 |
|  |  | 4821392 |
| Education Services - 0.6% | Education Services - 0.6% | Education Services - 0.6% |
| Bright Horizons Family Solutions, Inc. (a) | 12777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387199 |
| Stride, Inc. (a) | 12141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808280 |
|  |  | 3195479 |
| Electric Utilities - 1.1% | Electric Utilities - 1.1% | Electric Utilities - 1.1% |
| ALLETE, Inc. | 3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257300 |
| IDACORP, Inc. | 40214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314280 |
|  |  | 5571580 |
| Electrical Components & Equipment - 0.6% | Electrical Components & Equipment - 0.6% | Electrical Components & Equipment - 0.6% |
| Acuity, Inc. | 1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617491 |
| EnerSys | 6787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766660 |
| NEXTracker, Inc., Class A (a) | 12916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955655 |
| Regal Rexnord Corp. | 4485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643328 |
|  |  | 2983134 |
| Electronic Components - 1.6% | Electronic Components - 1.6% | Electronic Components - 1.6% |
| Belden, Inc. | 43098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183396 |
| Littelfuse, Inc. | 12165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150857 |
|  |  | 8334253 |
| Electronic Equipment & Instruments - 2.6% | Electronic Equipment & Instruments - 2.6% | Electronic Equipment & Instruments - 2.6% |
| Advanced Energy Industries, Inc. | 27742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720024 |
| Crane NXT Co. | 71003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762171 |
| Novanta, Inc. (a) | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802700 |
| Vontier Corp. | 64011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686542 |
|  |  | 13971437 |
| Electronic Manufacturing Services - 0.3% | Electronic Manufacturing Services - 0.3% | Electronic Manufacturing Services - 0.3% |
| Fabrinet (a) | 1497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545836 |
| Plexus Corp. (a) | 3827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553729 |
| TTM Technologies, Inc. (a) | 9140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526464 |
|  |  | 1626029 |
| Environmental & Facilities Services - 0.3% | Environmental & Facilities Services - 0.3% | Environmental & Facilities Services - 0.3% |
| BrightView Holdings, Inc. (a) | 53968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723171 |
| Casella Waste Systems, Inc., Class A (a) | 8223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780198 |
|  |  | 1503369 |
| Food Distributors - 0.6% | Food Distributors - 0.6% | Food Distributors - 0.6% |
| Chefs' Warehouse, Inc. (a) | 10238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597182 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Performance Food Group Co. (a) | 23941 | $2490822 |
|  |  | 3088004 |
| Footwear - 0.2% | Footwear - 0.2% | Footwear - 0.2% |
| Birkenstock Holding PLC (a) | 17660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799115 |
| Forest Products - 0.9% | Forest Products - 0.9% | Forest Products - 0.9% |
| Louisiana-Pacific Corp. | 53610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762712 |
| Gas Utilities - 0.1% | Gas Utilities - 0.1% | Gas Utilities - 0.1% |
| UGI Corp. | 21106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701986 |
| Health Care REITs - 0.2% | Health Care REITs - 0.2% | Health Care REITs - 0.2% |
| Community Healthcare Trust, Inc. | 74982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147225 |
| Healthcare Distributors - 0.4% | Healthcare Distributors - 0.4% | Healthcare Distributors - 0.4% |
| AdaptHealth Corp. (a) | 261763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342779 |
| Healthcare Equipment - 3.4% | Healthcare Equipment - 3.4% | Healthcare Equipment - 3.4% |
| Artivion, Inc. (a) | 11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474208 |
| AtriCure, Inc. (a) | 52800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861200 |
| Envista Holdings Corp. (a) | 90387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841183 |
| Glaukos Corp. (a) | 15164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236624 |
| Globus Medical, Inc., Class A (a) | 38700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216349 |
| Inspire Medical Systems, Inc. (a) | 10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786520 |
| Integer Holdings Corp. (a) | 17260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783476 |
| iRhythm Technologies, Inc. (a) | 12593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165870 |
| LeMaitre Vascular, Inc. | 6971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610032 |
| Masimo Corp. (a) | 4980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734799 |
| Penumbra, Inc. (a) | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671912 |
| PROCEPT BioRobotics Corp. (a) | 46867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672684 |
| SI-BONE, Inc. (a) | 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824320 |
|  |  | 17879177 |
| Healthcare Facilities - 1.3% | Healthcare Facilities - 1.3% | Healthcare Facilities - 1.3% |
| Acadia Healthcare Co., Inc. (a) | 55387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371382 |
| U.S. Physical Therapy, Inc. | 63384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384471 |
|  |  | 6755853 |
| Healthcare Services - 0.8% | Healthcare Services - 0.8% | Healthcare Services - 0.8% |
| Addus HomeCare Corp. (a) | 6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762805 |
| Castle Biosciences, Inc. (a) | 54301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236434 |
| GeneDx Holdings Corp. (a) | 4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508102 |
| Option Care Health, Inc. (a) | 13476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374094 |

---

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

State Street Institutional Small-Cap Equity Fund 7

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| RadNet, Inc. (a) | 18107 | $1379934 |
|  |  | 4261369 |
| Healthcare Supplies - 0.1% | Healthcare Supplies - 0.1% | Healthcare Supplies - 0.1% |
| ICU Medical, Inc. (a) | 4146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497354 |
| Healthcare Technology - 0.6% | Healthcare Technology - 0.6% | Healthcare Technology - 0.6% |
| Definitive Healthcare Corp. (a) | 182175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739630 |
| Phreesia, Inc. (a) | 100830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371522 |
| Simulations Plus, Inc. (a) | 17258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260078 |
|  |  | 3371230 |
| Heavy Electrical Equipment - 0.2% | Heavy Electrical Equipment - 0.2% | Heavy Electrical Equipment - 0.2% |
| Bloom Energy Corp., Class A (a) | 12920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092644 |
| Home Building - 0.7% | Home Building - 0.7% | Home Building - 0.7% |
| Green Brick Partners, Inc. (a) | 12170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898876 |
| Installed Building Products, Inc. | 2556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630463 |
| Taylor Morrison Home Corp. (a) | 20861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377035 |
| TopBuild Corp. (a) | 2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816897 |
|  |  | 3723271 |
| Home Furnishing Retail - 0.1% | Home Furnishing Retail - 0.1% | Home Furnishing Retail - 0.1% |
| RH (a) | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308803 |
| Hotel & Resort REITs - 0.4% | Hotel & Resort REITs - 0.4% | Hotel & Resort REITs - 0.4% |
| RLJ Lodging Trust | 229295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650924 |
| Xenia Hotels & Resorts, Inc. | 19912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273193 |
|  |  | 1924117 |
| Hotels, Resorts & Cruise Lines - 0.4% | Hotels, Resorts & Cruise Lines - 0.4% | Hotels, Resorts & Cruise Lines - 0.4% |
| Wyndham Hotels & Resorts, Inc. | 24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941570 |
| Household Products - 0.2% | Household Products - 0.2% | Household Products - 0.2% |
| Central Garden & Pet Co., Class A (a) | 28500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841605 |
| Human Resource & Employment Services - 0.4% | Human Resource & Employment Services - 0.4% | Human Resource & Employment Services - 0.4% |
| First Advantage Corp. (a) | 127580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963456 |
| Industrial Machinery & Supplies & Components - 6.9% | Industrial Machinery & Supplies & Components - 6.9% | Industrial Machinery & Supplies & Components - 6.9% |
| Enerpac Tool Group Corp. | 167322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860202 |
| Enpro, Inc. | 3397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767722 |
| Esab Corp. | 23550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631477 |
| ESCO Technologies, Inc. | 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477770 |
| Gates Industrial Corp. PLC (a) | 38996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967881 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Helios Technologies, Inc. | 14007 | $730185 |
| Hillenbrand, Inc. | 38028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028277 |
| ITT, Inc. | 5333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953327 |
| JBT Marel Corp. | 17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500010 |
| Kadant, Inc. | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964028 |
| Mueller Industries, Inc. | 50387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094629 |
| RBC Bearings, Inc. (a) | 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405044 |
| SPX Technologies, Inc. (a) | 12347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306173 |
| Standex International Corp. | 12950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744105 |
| Timken Co. | 46851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522258 |
| Watts Water Technologies, Inc., Class A | 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452256 |
|  |  | 36405344 |
| Industrial REITs - 0.7% | Industrial REITs - 0.7% | Industrial REITs - 0.7% |
| Americold Realty Trust, Inc. | 27201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332940 |
| EastGroup Properties, Inc. | 18394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113369 |
| First Industrial Realty Trust, Inc. | 8705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448046 |
|  |  | 3894355 |
| Insurance Brokers - 0.4% | Insurance Brokers - 0.4% | Insurance Brokers - 0.4% |
| Baldwin Insurance Group, Inc. (a) | 76863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168305 |
| Investment Banking & Brokerage - 1.7% | Investment Banking & Brokerage - 1.7% | Investment Banking & Brokerage - 1.7% |
| Houlihan Lokey, Inc. | 3816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783501 |
| Piper Sandler Cos. | 2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730067 |
| PJT Partners, Inc., Class A | 11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972803 |
| Raymond James Financial, Inc. | 23634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079229 |
| StoneX Group, Inc. (a) | 14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483524 |
|  |  | 9049124 |
| IT Consulting & Other Services - 0.2% | IT Consulting & Other Services - 0.2% | IT Consulting & Other Services - 0.2% |
| Kyndryl Holdings, Inc. (a) | 11119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333904 |
| Unisys Corp. (a) | 147695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576010 |
|  |  | 909914 |
| Leisure Facilities - 0.3% | Leisure Facilities - 0.3% | Leisure Facilities - 0.3% |
| Lucky Strike Entertainment Corp., Class A | 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696320 |
| Planet Fitness, Inc., Class A (a) | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633180 |
|  |  | 1329500 |
| Leisure Products - 0.4% | Leisure Products - 0.4% | Leisure Products - 0.4% |
| Acushnet Holdings Corp. | 10030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787255 |

---

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

8 State Street Institutional Small-Cap Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Johnson Outdoors, Inc., Class A | 7556 | $305187 |
| Polaris, Inc. | 9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551479 |
| YETI Holdings, Inc. (a) | 15870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526566 |
|  |  | 2170487 |
| Life & Health Insurance - 0.1% | Life & Health Insurance - 0.1% | Life & Health Insurance - 0.1% |
| Primerica, Inc. | 2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566839 |
| Life Sciences Tools & Services - 2.6% | Life Sciences Tools & Services - 2.6% | Life Sciences Tools & Services - 2.6% |
| Azenta, Inc. (a) | 62055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782219 |
| BioLife Solutions, Inc. (a) | 69660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777027 |
| Bio-Rad Laboratories, Inc., Class A (a) | 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376003 |
| Bruker Corp. | 65990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144015 |
| ICON PLC (a) | 6420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123500 |
| Mesa Laboratories, Inc. | 7078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474297 |
| Repligen Corp. (a) | 38193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105258 |
| Stevanato Group SpA | 34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880650 |
|  |  | 13662969 |
| Managed Healthcare - 0.1% | Managed Healthcare - 0.1% | Managed Healthcare - 0.1% |
| HealthEquity, Inc. (a) | 8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767637 |
| Movies & Entertainment - 0.1% | Movies & Entertainment - 0.1% | Movies & Entertainment - 0.1% |
| IMAX Corp. (a) | 14840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486010 |
| Multi-Line Insurance - 0.2% | Multi-Line Insurance - 0.2% | Multi-Line Insurance - 0.2% |
| Horace Mann Educators Corp. | 26052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176769 |
| Multi-Utilities - 0.1% | Multi-Utilities - 0.1% | Multi-Utilities - 0.1% |
| Avista Corp. | 15020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567906 |
| Office REITs - 0.7% | Office REITs - 0.7% | Office REITs - 0.7% |
| COPT Defense Properties | 12950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376327 |
| Cousins Properties, Inc. | 75196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176173 |
| Easterly Government Properties, Inc. | 45911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052739 |
|  |  | 3605239 |
| Office Services & Supplies - 1.5% | Office Services & Supplies - 1.5% | Office Services & Supplies - 1.5% |
| MSA Safety, Inc. | 45182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774467 |
| Oil & Gas Equipment & Services - 0.4% | Oil & Gas Equipment & Services - 0.4% | Oil & Gas Equipment & Services - 0.4% |
| Aris Water Solutions, Inc., Class A | 14282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352194 |
| Atlas Energy Solutions, Inc. | 48791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554754 |
| Cactus, Inc., Class A | 28431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122171 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Oil States International, Inc. (a) | 33460 | $202768 |
|  |  | 2231887 |
| Oil & Gas Exploration & Production - 1.3% | Oil & Gas Exploration & Production - 1.3% | Oil & Gas Exploration & Production - 1.3% |
| Northern Oil & Gas, Inc. | 123208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055558 |
| Range Resources Corp. | 19789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744858 |
| SM Energy Co. | 116809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916721 |
|  |  | 6717137 |
| Oil & Gas Refining & Marketing - 0.2% | Oil & Gas Refining & Marketing - 0.2% | Oil & Gas Refining & Marketing - 0.2% |
| HF Sinclair Corp. | 16396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858167 |
| Other Specialty Retail - 0.4% | Other Specialty Retail - 0.4% | Other Specialty Retail - 0.4% |
| Bath & Body Works, Inc. | 51900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336944 |
| Upbound Group, Inc. | 23659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559062 |
|  |  | 1896006 |
| Packaged Foods & Meats - 1.2% | Packaged Foods & Meats - 1.2% | Packaged Foods & Meats - 1.2% |
| Freshpet, Inc. (a) | 25800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421838 |
| J&J Snack Foods Corp. | 8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826374 |
| Marzetti Co. | 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295925 |
| Simply Good Foods Co. (a) | 66500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650530 |
| Utz Brands, Inc. | 73916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898079 |
|  |  | 6092746 |
| Paper & Plastic Packaging Products & Materials - 0.1% | Paper & Plastic Packaging Products & Materials - 0.1% | Paper & Plastic Packaging Products & Materials - 0.1% |
| Ranpak Holdings Corp. (a) | 99534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559381 |
| Personal Care Products - 0.7% | Personal Care Products - 0.7% | Personal Care Products - 0.7% |
| BellRing Brands, Inc. (a) | 33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232265 |
| elf Beauty, Inc. (a) | 20300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689344 |
|  |  | 3921609 |
| Pharmaceuticals - 0.2% | Pharmaceuticals - 0.2% | Pharmaceuticals - 0.2% |
| ANI Pharmaceuticals, Inc. (a) | 6964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637902 |
| Corcept Therapeutics, Inc. (a) | 7645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635376 |
|  |  | 1273278 |
| Property & Casualty Insurance - 1.9% | Property & Casualty Insurance - 1.9% | Property & Casualty Insurance - 1.9% |
| AMERISAFE, Inc. | 40860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791302 |
| Hamilton Insurance Group Ltd., Class B (a) | 12456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308909 |
| Kemper Corp. | 10106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520964 |
| Palomar Holdings, Inc. (a) | 16616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939918 |
| RLI Corp. (b) | 46298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019556 |
| Selective Insurance Group, Inc. | 8806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713903 |

---

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

State Street Institutional Small-Cap Equity Fund 9

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Skyward Specialty Insurance Group, Inc. (a) | 36400 | $1731184 |
|  |  | 10025736 |
| Publishing - 0.5% | Publishing - 0.5% | Publishing - 0.5% |
| John Wiley & Sons, Inc., Class A | 69701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820800 |
| Real Estate Services - 0.2% | Real Estate Services - 0.2% | Real Estate Services - 0.2% |
| Cushman & Wakefield PLC (a) | 52532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836309 |
| Regional Banks - 9.5% | Regional Banks - 9.5% | Regional Banks - 9.5% |
| 1st Source Corp. | 15625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961875 |
| Atlantic Union Bankshares Corp. | 9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347254 |
| Axos Financial, Inc. (a) | 9889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837104 |
| BancFirst Corp. | 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036890 |
| Bank OZK | 24766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262571 |
| BankUnited, Inc. | 12646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482571 |
| Cadence Bank | 13874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520830 |
| Columbia Banking System, Inc. | 92206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373382 |
| ConnectOne Bancorp, Inc. | 13920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345355 |
| Cullen/Frost Bankers, Inc. | 36319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604160 |
| East West Bancorp, Inc. | 5294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563546 |
| Enterprise Financial Services Corp. | 10743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622879 |
| Equity Bancshares, Inc., Class A | 11955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486569 |
| First Financial Bankshares, Inc. | 74300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500195 |
| Five Star Bancorp | 16854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542699 |
| FNB Corp. | 27080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436259 |
| Fulton Financial Corp. | 119295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222466 |
| German American Bancorp, Inc. | 34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350888 |
| Heritage Commerce Corp. | 49244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488993 |
| Home BancShares, Inc. | 28318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801399 |
| Lakeland Financial Corp. | 7795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500439 |
| Live Oak Bancshares, Inc. | 143987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071222 |
| National Bank Holdings Corp., Class A | 21349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824925 |
| Old Second Bancorp, Inc. | 30862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533450 |
| Origin Bancorp, Inc. | 23799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821541 |
| Preferred Bank | 9787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884647 |
| Prosperity Bancshares, Inc. | 38980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586323 |
| QCR Holdings, Inc. | 11441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865397 |
| Renasant Corp. | 76655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827803 |
| ServisFirst Bancshares, Inc. | 35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882974 |
| Stock Yards Bancorp, Inc. | 17700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238823 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Texas Capital Bancshares, Inc. (a) | 9801 | $828479 |
| WaFd, Inc. | 2972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90022 |
| Westamerica BanCorp | 29272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463307 |
| Wintrust Financial Corp. | 11842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568354 |
| WSFS Financial Corp. | 83762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517285 |
|  |  | 50292876 |
| Restaurants - 1.7% | Restaurants - 1.7% | Restaurants - 1.7% |
| Brinker International, Inc. (a) | 3673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465296 |
| Cava Group, Inc. (a) | 17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039052 |
| Cheesecake Factory, Inc. | 35814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956877 |
| First Watch Restaurant Group, Inc. (a) | 51100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799204 |
| Shake Shack, Inc., Class A (a) | 7411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693744 |
| Texas Roadhouse, Inc. | 12101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010581 |
| Wingstop, Inc. | 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887600 |
|  |  | 8852354 |
| Retail REITs - 0.2% | Retail REITs - 0.2% | Retail REITs - 0.2% |
| Kite Realty Group Trust | 29142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649867 |
| Phillips Edison & Co., Inc. | 17131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588107 |
|  |  | 1237974 |
| Security & Alarm Services - 1.4% | Security & Alarm Services - 1.4% | Security & Alarm Services - 1.4% |
| Brink's Co. | 62010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246489 |
| Semiconductor Materials & Equipment - 0.8% | Semiconductor Materials & Equipment - 0.8% | Semiconductor Materials & Equipment - 0.8% |
| Axcelis Technologies, Inc. (a) | 6676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651845 |
| FormFactor, Inc. (a) | 9320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339435 |
| Ichor Holdings Ltd. (a) | 19960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349699 |
| MKS, Inc. | 7922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980506 |
| Onto Innovation, Inc. (a) | 12947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673011 |
|  |  | 3994496 |
| Semiconductors - 1.1% | Semiconductors - 1.1% | Semiconductors - 1.1% |
| Credo Technology Group Holding Ltd. (a) | 4395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639956 |
| Diodes, Inc. (a) | 8529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453828 |
| Lattice Semiconductor Corp. (a) | 6510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477313 |
| Rambus, Inc. (a) | 4206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438265 |
| Semtech Corp. (a) | 55770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984767 |
|  |  | 5994129 |
| Single-Family Residential REITs - 0.1% | Single-Family Residential REITs - 0.1% | Single-Family Residential REITs - 0.1% |
| UMH Properties, Inc. | 18377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272898 |

---

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

10 State Street Institutional Small-Cap Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Soft Drinks & Non-alcoholic Beverages - 0.8% | Soft Drinks & Non-alcoholic Beverages - 0.8% | Soft Drinks & Non-alcoholic Beverages - 0.8% |
| Celsius Holdings, Inc. (a) | 23600 | $1356764 |
| Primo Brands Corp., Class A | 111757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469830 |
| Vita Coco Co., Inc. (a) | 9640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409411 |
|  |  | 4236005 |
| Specialized Consumer Services - 0.9% | Specialized Consumer Services - 0.9% | Specialized Consumer Services - 0.9% |
| Matthews International Corp., Class A | 52976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286257 |
| OneSpaWorld Holdings Ltd. | 157472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328958 |
|  |  | 4615215 |
| Specialty Chemicals - 3.0% | Specialty Chemicals - 3.0% | Specialty Chemicals - 3.0% |
| Avient Corp. (b) | 90527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982865 |
| HB Fuller Co. | 14740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873787 |
| Ingevity Corp. (a) | 98207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420044 |
| Quaker Chemical Corp. | 16453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167683 |
| Sensient Technologies Corp. | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844650 |
| Stepan Co. | 72197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443797 |
|  |  | 15732826 |
| Steel - 0.4% | Steel - 0.4% | Steel - 0.4% |
| Commercial Metals Co. | 33090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895395 |
| Systems Software - 1.9% | Systems Software - 1.9% | Systems Software - 1.9% |
| Commvault Systems, Inc. (a) | 14370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712769 |
| Gitlab, Inc., Class A (a) | 48100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168348 |
| Onestream, Inc. (a) | 76405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408144 |
| Progress Software Corp. (a) | 15223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668746 |
| SentinelOne, Inc., Class A (a) | 139100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449551 |
| Tenable Holdings, Inc. (a) | 27850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812106 |
|  |  | 10219664 |
| Technology Distributors - 0.1% | Technology Distributors - 0.1% | Technology Distributors - 0.1% |
| Insight Enterprises, Inc. (a) | 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355427 |
| Technology Hardware, Storage & Peripherals - 1.0% | Technology Hardware, Storage & Peripherals - 1.0% | Technology Hardware, Storage & Peripherals - 1.0% |
| Corsair Gaming, Inc. (a) | 176425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573711 |
| IonQ, Inc. (a) | 3358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206517 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Fair<br> Value** |
| Pure Storage, Inc., Class A (a)(b) | 44200 | $3704402 |
|  |  | 5484630 |
| Timber REITs - 0.1% | Timber REITs - 0.1% | Timber REITs - 0.1% |
| PotlatchDeltic Corp. | 16583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675757 |
| Trading Companies & Distributors - 1.6% | Trading Companies & Distributors - 1.6% | Trading Companies & Distributors - 1.6% |
| Applied Industrial Technologies, Inc. | 20363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315761 |
| FTAI Aviation Ltd. | 8321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388442 |
| MRC Global, Inc. (a) | 23642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340918 |
| Transcat, Inc. (a) | 14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054080 |
| WESCO International, Inc. | 2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511195 |
|  |  | 8610396 |
| Transaction & Payment Processing Services - 0.7% | Transaction & Payment Processing Services - 0.7% | Transaction & Payment Processing Services - 0.7% |
| EVERTEC, Inc. | 22512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760456 |
| Flywire Corp. (a) | 64630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875090 |
| Shift4 Payments, Inc., Class A (a) | 29980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320452 |
|  |  | 3955998 |
| Water Utilities - 0.1% | Water Utilities - 0.1% | Water Utilities - 0.1% |
| American States Water Co. | 7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579228 |
| **Total Common Stock<br> (Cost $384,593,708)** |  | 500784916 |
| **Short-Term Investment - 5.2%** | **Short-Term Investment - 5.2%** | **Short-Term Investment - 5.2%** |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.13% (c)(d)<br> (Cost $27,569,011) | 27569011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569011 |
| **Total Investments<br> (Cost $412,162,719)** |  | 528353927 |
| **Liabilities in Excess of<br> Other Assets, net - (0.2)%** | **Liabilities in Excess of<br> Other Assets, net - (0.2)%** | (1135542) |
| **NET ASSETS - 100.0%** |  | $527218385 |

---

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

State Street Institutional Small-Cap Equity Fund 11

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Schedule of Investments, continued — September 30, 2025

### Other Information:
The Fund had the following long futures contracts open at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini Russell 2000 Index Futures | December 2025 | &nbsp;&nbsp;77 | $9344847 | $9453675 | $108828 |

---

During the year ended September 30, 2025, the average notional value related to long futures contracts was $14,373,313.

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

(a) Non-income producing security.

(b) At September 30, 2025, all or a portion of this security was pledged to cover collateral requirements for futures contracts.

---

| | |
|:---|:---|
| (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 September 30, 2025. |
| \* | Less than 0.05%. |

---

---

| |
|:---|
| **Abbreviations:** |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |

---

The following table presents the Fund's investments measured at fair value on a recurring basis at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments in Securities |  |  |  |  |
| Common Stock | &nbsp;&nbsp;$500784916 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$500784916 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569011 |
| Total Investments in Securities | &nbsp;&nbsp;$528353927 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$528353927 |
| Other Financial Instruments |  |  |  |  |
| Long Futures Contracts - Unrealized Appreciation | &nbsp;&nbsp;$108828 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$108828 |
| Total Other Financial Instruments | &nbsp;&nbsp;$108828 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$108828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**Affiliate Table**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of Shares<br> Held at<br> 9/30/24** | **Value at<br> 9/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares<br> Sold** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Number of<br> Shares<br> Held at<br> 9/30/25** | **Value at<br> 9/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 36677325 | $36677325 | $277713224 | $286821538 | $— | $— | 27569011 | $27569011 | $1573679 |

---

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

12 State Street Institutional Small-Cap Equity Fund

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** |
|  | &nbsp;&nbsp;**9/30/25** | &nbsp;&nbsp;&nbsp;**9/30/24** | &nbsp;&nbsp;&nbsp;**9/30/23** | &nbsp;&nbsp;&nbsp;**9/30/22** | &nbsp;&nbsp;&nbsp;**9/30/21** |
| &nbsp;&nbsp;**Inception date** | | | | | &nbsp;&nbsp;&nbsp;**11/25/97** |
| &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;$10.16 | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;$17.26 | &nbsp;&nbsp;&nbsp;$13.97 |
| &nbsp;&nbsp;**Income/(loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86<sup>(a)</sup> |
| &nbsp;&nbsp;Total income/(loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 |
| &nbsp;&nbsp;**Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;$13.87 | &nbsp;&nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;$10.16 | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;$17.26 |
| &nbsp;&nbsp;Total Return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.41% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | &nbsp;&nbsp;$319724 | &nbsp;&nbsp;&nbsp;$301776 | &nbsp;&nbsp;&nbsp;$218221 | &nbsp;&nbsp;&nbsp;$176243 | &nbsp;&nbsp;&nbsp;$572329 |
| &nbsp;&nbsp;**Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | &nbsp;&nbsp;Per share values have been calculated using the average shares method. |
| (b) | &nbsp;&nbsp;Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |

---

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

Financial Highlights 13

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional U.S. Equity Fund

### Financial Highlights, continued
Selected data based on a share outstanding throughout the fiscal years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** |
|  | &nbsp;&nbsp;**9/30/25** | &nbsp;&nbsp;&nbsp;**9/30/24** | &nbsp;&nbsp;&nbsp;**9/30/23** | &nbsp;&nbsp;&nbsp;**9/30/22** | &nbsp;&nbsp;&nbsp;**9/30/21** |
| &nbsp;&nbsp;**Inception date** | | | | | &nbsp;&nbsp;&nbsp;**1/3/01** |
| &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;$16.17 | &nbsp;&nbsp;&nbsp;$11.80 | &nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;&nbsp;$18.86 | &nbsp;&nbsp;&nbsp;$15.21 |
| &nbsp;&nbsp;**Income/(loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21<sup>(a)</sup> |
| &nbsp;&nbsp;Total income/(loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| &nbsp;&nbsp;**Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;&nbsp;$16.17 | &nbsp;&nbsp;&nbsp;$11.80 | &nbsp;&nbsp;&nbsp;$11.08 | &nbsp;&nbsp;&nbsp;$18.86 |
| &nbsp;&nbsp;Total Return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15.10% | &nbsp;&nbsp;&nbsp;&nbsp;38.60% | &nbsp;&nbsp;&nbsp;&nbsp;21.99% | &nbsp;&nbsp;&nbsp;&nbsp;(17.16)% | &nbsp;&nbsp;&nbsp;&nbsp;29.10% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | &nbsp;&nbsp;$133 | &nbsp;&nbsp;&nbsp;$122 | &nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;$118 | &nbsp;&nbsp;&nbsp;$268 |
| &nbsp;&nbsp;**Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | &nbsp;&nbsp;Per share values have been calculated using the average shares method. |
| (b) | &nbsp;&nbsp;Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |

---

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

14 Financial Highlights

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** | &nbsp;&nbsp;**Investment Class** |
|  | &nbsp;&nbsp;**9/30/25** | &nbsp;&nbsp;&nbsp;**9/30/24** | &nbsp;&nbsp;&nbsp;**9/30/23** | &nbsp;&nbsp;&nbsp;**9/30/22** | &nbsp;&nbsp;&nbsp;**9/30/21** |
| &nbsp;&nbsp;**Inception date** | | | | | &nbsp;&nbsp;&nbsp;**8/3/98** |
| &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;$18.97 | &nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;$22.15 | &nbsp;&nbsp;&nbsp;$15.55 |
| &nbsp;&nbsp;**Income/(loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19<sup>(a)</sup> |
| &nbsp;&nbsp;Total income/(loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 |
| &nbsp;&nbsp;**Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;$17.36 | &nbsp;&nbsp;&nbsp;$18.97 | &nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;$22.15 |
| &nbsp;&nbsp;Total Return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.98% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | &nbsp;&nbsp;$525346 | &nbsp;&nbsp;&nbsp;$763677 | &nbsp;&nbsp;&nbsp;$1018088 | &nbsp;&nbsp;&nbsp;$945933 | &nbsp;&nbsp;&nbsp;$1308410 |
| &nbsp;&nbsp;**Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | &nbsp;&nbsp;Per share values have been calculated using the average shares method. |
| (b) | &nbsp;&nbsp;Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |

---

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

Financial Highlights 15

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Small-Cap Equity Fund

### Financial Highlights, continued
Selected data based on a share outstanding throughout the fiscal years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** | &nbsp;&nbsp;**Service Class** |
|  | &nbsp;&nbsp;**9/30/25** | &nbsp;&nbsp;&nbsp;**9/30/24** | &nbsp;&nbsp;&nbsp;**9/30/23** | &nbsp;&nbsp;&nbsp;**9/30/22** | &nbsp;&nbsp;&nbsp;**9/30/21** |
| &nbsp;&nbsp;**Inception date** | | | | | &nbsp;&nbsp;&nbsp;**9/30/05** |
| &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;$18.90 | &nbsp;&nbsp;&nbsp;$16.59 | &nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;$22.11 | &nbsp;&nbsp;&nbsp;$15.53 |
| &nbsp;&nbsp;**Income/(loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.37)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18<sup>(a)</sup> |
| &nbsp;&nbsp;Total income/(loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 |
| &nbsp;&nbsp;**Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;&nbsp;$18.90 | &nbsp;&nbsp;&nbsp;$16.59 | &nbsp;&nbsp;&nbsp;$15.45 | &nbsp;&nbsp;&nbsp;$22.11 |
| &nbsp;&nbsp;Total Return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;22.53% | &nbsp;&nbsp;&nbsp;&nbsp;12.41% | &nbsp;&nbsp;&nbsp;&nbsp;(18.28)% | &nbsp;&nbsp;&nbsp;&nbsp;46.60% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | &nbsp;&nbsp;$1872 | &nbsp;&nbsp;&nbsp;$1941 | &nbsp;&nbsp;&nbsp;$1653 | &nbsp;&nbsp;&nbsp;$1571 | &nbsp;&nbsp;&nbsp;$2078 |
| &nbsp;&nbsp;**Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | &nbsp;&nbsp;Per share values have been calculated using the average shares method. |
| (b) | &nbsp;&nbsp;Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |

---

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

16 Financial Highlights

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statements of Assets and Liabilities — September 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**State Street<br> Institutional<br> U.S. Equity<br> Fund** | &nbsp;&nbsp;&nbsp;**State Street<br> Institutional<br> Small-Cap<br> Equity Fund** |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;Investments in unaffiliated securities, at fair value (cost $173,845,028 and $384,593,708, respectively) | $307428094 | $500784916 |
| &nbsp;&nbsp;Investments in affiliated securities, at fair value (cost $12,123,720 and $27,569,011, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569011 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net cash collateral on deposit with broker for future contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688904 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518212 |
| &nbsp;&nbsp;Income receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268839 |
| &nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891 |
| &nbsp;&nbsp;Income receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103622 |
| &nbsp;&nbsp;Receivable for accumulated variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320897167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530047395 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377249 |
| &nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124305 |
| &nbsp;&nbsp;Payable to the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327068 |
| &nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829010 |
| &nbsp;&nbsp;**Net Assets** | $319857307 | $527218385 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |
| &nbsp;&nbsp;Capital paid in | $167570932 | $352710947 |
| &nbsp;&nbsp;Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152286375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174507438 |
| &nbsp;&nbsp;**Net Assets** | $319857307 | $527218385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $319723824 | $525346485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding ($0.001 par value, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23048616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30262228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $13.87 | $17.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $133483 | $1871900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding ($0.001 par value, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $16.53 | $17.30 |

---

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

Statements of Assets and Liabilities 17

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statements of Operations — For the year ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**State Street<br> Institutional<br> U.S. Equity<br> Fund** | &nbsp;&nbsp;&nbsp;**State Street<br> Institutional<br> Small-Cap<br> Equity Fund** |
| &nbsp;&nbsp;**Investment Income** |  |  |
| &nbsp;&nbsp;Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend | $3179624 | $6556101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573679 |
| &nbsp;&nbsp;Less: Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35413) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136651 |
| &nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory and administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
| &nbsp;&nbsp;Total expenses before waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869139 |
| &nbsp;&nbsp;Less: Expenses waived or borne by the adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041196) |
| &nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827943 |
| &nbsp;&nbsp;Net investment income | $2406035 | $3308708 |
| &nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| &nbsp;&nbsp;Realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | $20649816 | $93735140<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459519 |
| &nbsp;&nbsp;Increase (decrease) in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20659475 | &nbsp;&nbsp;&nbsp;&nbsp;(111389749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140283) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41740149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16335373) |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $44146184 | &nbsp;&nbsp;&nbsp;&nbsp;$(13026665) |

---

(a) Includes $20,721,570 of net realized gains from redemptions in-kind. (See Note 8)

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

18 Statements of Operations

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**State Street Institutional<br> U.S. Equity Fund** | &nbsp;&nbsp;**State Street Institutional<br> U.S. Equity Fund** | &nbsp;&nbsp;&nbsp;**State Street Institutional<br> Small-Cap Equity Fund** | &nbsp;&nbsp;&nbsp;**State Street Institutional<br> Small-Cap Equity Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets** |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$2406035 | &nbsp;&nbsp;&nbsp;$2331022 | &nbsp;&nbsp;&nbsp;$3308708 | &nbsp;&nbsp;&nbsp;$5536373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21339589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35645149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95194659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139634795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47518662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111530032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64862380 |
| &nbsp;&nbsp;Net increase (decrease) from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44146184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85494833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13026665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210033548 |
| &nbsp;&nbsp;**Distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39560043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4026797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74873712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79973426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132642) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39573747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4027917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75061039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80106068) |
| &nbsp;&nbsp;Increase (decrease) in assets from operations and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81466916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88087704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129927480 |
| &nbsp;&nbsp;**Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44177556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51663461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93555789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40236184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34487113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74873712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79973426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65284884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53044573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318838239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504310710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277733) |
| &nbsp;&nbsp;Net increase (decrease) from share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13387404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150312097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384050117) |
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17959841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83588607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238399801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254122637) |
| &nbsp;&nbsp;**Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301897466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218308859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765618186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019740823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$319857307 | &nbsp;&nbsp;&nbsp;$301897466 | &nbsp;&nbsp;&nbsp;$527218385 | &nbsp;&nbsp;&nbsp;$765618186 |
| &nbsp;&nbsp;**Changes in Fund Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5082697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4143716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19822328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27907451) |
| &nbsp;&nbsp;Net increase (decrease) in fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9994639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20907633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued for distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15956) |
| &nbsp;&nbsp;Net increase (decrease) in fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082 |

---

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

Statements of Changes in Net Assets 19

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Notes to Financial Statements — September 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;1.Organization of the Funds

State Street Institutional Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was organized as a Delaware business trust on May 23, 1997, and is authorized to issue an unlimited number of shares. The Trust is comprised of the following two series (each, a "Fund" and collectively, the "Funds"): State Street Institutional U.S. Equity Fund and State Street Institutional Small-Cap Equity Fund. Each Fund presently offers two classes of shares — the Investment Class and the Service Class. The Trust expects that most of the time, each Fund will have relatively few shareholders (as compared with most mutual funds), but that these shareholders will invest substantial amounts in a Fund (minimum initial investment requirements are described in the current summary prospectus for each Fund and in the Funds' statutory prospectus). Each Fund is a diversified investment company within the meaning of the 1940 Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;2.Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;3.Summary of Significant Accounting Policies

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

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

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

Valuation techniques used to value each Fund's investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued

20 Notes to Financial Statements

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025

---

| | |
|:---|:---|
|  | at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
| • | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit. |
| • | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |

---

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

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

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

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

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

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

The value of each Fund's investments according to the fair value hierarchy as of September 30, 2025 is disclosed in each Fund's Schedule of Investments.

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

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

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

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

Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in Real Estate Investment Trusts ("REITs"). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The

Notes to Financial Statements 21

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion of the capital or capital gains distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") estimates of such redesignations for which actual information has not yet been reported.

**Expenses Each Fund pays a "unitary fee" to SSGA FM equivalent to the Fund's advisory and administration fee. This fee includes all operating expenses payable by each Fund, except for fees and expenses associated with the Trust's independent Trustees, shareholder servicing and distribution (12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).**

**Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.**

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.**

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

&nbsp;&nbsp;&nbsp;&nbsp;4.Derivative Financial Instruments

**Futures Contracts Each Fund may enter into futures contracts to meet the Fund's objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in the Net cash collateral on deposit with broker for future contracts on the Statement of Assets and Liabilities. Subsequent payments are made or received by a 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

22 Notes to Financial Statements

------

[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
contracts do not correlate with the movement of the assets underlying such contracts. For the fiscal year ended September 30, 2025, the following Funds entered into futures contracts for strategies listed below:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Strategies** |
| State Street Institutional U.S. Equity Fund | &nbsp;&nbsp;Equitization of Cash |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;Equitization of Cash |

---

The following tables summarize the value of the Funds' derivative instruments as of September 30, 2025 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  | **Interest<br> Rate<br> Risk** | &nbsp;&nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;&nbsp;**Total** |
| **State Street Institutional U.S. Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$73113 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$73113 |
| **State Street Institutional Small-Cap Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$109000 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$109000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
|  | **Interest<br> Rate<br> Risk** | &nbsp;&nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;&nbsp;**Total** |
| **State Street Institutional U.S. Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$689773 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$689773 |
| **State Street Institutional Small-Cap Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;1459519 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1459519 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** | **Net Change in Unrealized Appreciation/Depreciation** |
|  | **Interest<br> Rate<br> Risk** | &nbsp;&nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;&nbsp;**Total** |
| **State Street Institutional U.S. Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(258915) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(258915) |
| **State Street Institutional Small-Cap Equity Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(140283) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(140283) |

---

Notes to Financial Statements 23

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### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;5.Fees and Transactions with Affiliates

**Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM's compensation for investment advisory and administrative services ("Management Fee") is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:**

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Daily<br> Net Assets of the Fund** | &nbsp;&nbsp;&nbsp;**Management Fee** |
| State Street Institutional U.S. Equity Fund | First $25 million | &nbsp;&nbsp;&nbsp;0.55% |
|  | Next $25 million | &nbsp;&nbsp;&nbsp;0.45% |
|  | Over $50 million | &nbsp;&nbsp;&nbsp;0.35% |
| State Street Institutional Small-Cap Equity Fund | First $250 million | &nbsp;&nbsp;&nbsp;0.95% |
|  | Next $250 million | &nbsp;&nbsp;&nbsp;0.90% |
|  | Over $500 million | &nbsp;&nbsp;&nbsp;0.85% |

---

Each Fund's Management Fee is a "unitary" fee that includes all operating expenses payable by the Fund, except for fees and expenses associated with the Independent Trustees, shareholder servicing and distribution (12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).

SSGA FM is contractually obligated until January 31, 2026 (i) to waive up to the full amount of the advisory fee payable by the State Street Institutional Small-Cap Equity Fund, and/or (ii) to reimburse the State Street Institutional Small-Cap Equity Fund for expenses to the extent that total annual fund operating expenses (exclusive of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing) exceed 0.75% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2026 except with approval of the Board.

For the year ended September 30, 2025, fees waived and expenses reimbursed by the Adviser, pursuant to this agreement for State Street Institutional Small-Cap Equity Fund, were $1,041,196.

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

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

**Other Transactions with Affiliates The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the fiscal year ended September 30, 2025 are disclosed in the Schedules of Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;6.Sub-Advisory Fees

Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the State Street Institutional Small-Cap Equity Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, LP.; (ii) Champlain Investment Partners, LLC; (iii) Kennedy Capital Management, LLC; (iv) SouthernSun Asset Management, LLC; and (v) Westfield Capital Management Company, L.P. SSGA FM is responsible for allocating the State Street Institutional Small-Cap Equity Fund's assets among the sub-advisers in

24 Notes to Financial Statements

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### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
its discretion ("Allocated Assets"), and for managing the State Street Institutional Small-Cap Equity Fund's cash position, while each subadviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.

&nbsp;&nbsp;&nbsp;&nbsp;7.Trustees' Fees

The fees and expenses of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

&nbsp;&nbsp;&nbsp;&nbsp;8.Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the fiscal year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Other<br> Securities** | &nbsp;&nbsp;**Other<br> Securities** |
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| State Street Institutional U.S. Equity Fund | &nbsp;&nbsp;$125035735 | &nbsp;&nbsp;$147334068 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;277933666 | &nbsp;&nbsp;&nbsp;&nbsp;324959467 |

---

**Redemption In-Kind In accordance with guidelines described in the Funds' prospectus, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares (in-kind redemption). For financial reporting purposes, a Fund recognizes a gain or loss on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds or is less than, respectively, the cost of those securities. Gains and losses realized on in-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. These reclassifications have no effect on net assets or NAV per share. The net realized in-kind gains or losses are disclosed in the Statements of Operations.**

During the year ended September 30, 2025, the State Street Institutional Small-Cap Equity Fund had a redemption in-kind that resulted in a redemption of $161,945,257 that was paid in securities.

&nbsp;&nbsp;&nbsp;&nbsp;9.Income Tax Information

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

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

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

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAVs or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, futures contracts, PFICs, REITs, in-kind transactions, return of capital adjustments and wash sale loss deferrals.

Notes to Financial Statements 25

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### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
The tax character of distributions paid during the year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Total** |
| State Street Institutional U.S. Equity Fund | $7142118 | &nbsp;&nbsp;$32431629 | &nbsp;&nbsp;$39573747 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;13467602 | &nbsp;&nbsp;&nbsp;&nbsp;61593437 | &nbsp;&nbsp;&nbsp;&nbsp;75061039 |

---

The tax character of distributions paid during the year ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Total** |
| State Street Institutional U.S. Equity Fund | $2227537 | &nbsp;&nbsp;$1800380 | &nbsp;&nbsp;$4027917 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;13558508 | &nbsp;&nbsp;&nbsp;&nbsp;66547560 | &nbsp;&nbsp;&nbsp;&nbsp;80106068 |

---

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Tax Exempt<br> Income** | &nbsp;&nbsp;**Capital Loss<br> Carryforwards** | &nbsp;&nbsp;**Undistributed<br> long term<br> gain** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gains<br> (Losses)** | &nbsp;&nbsp;**Qualified<br> Late-Year<br> Losses** | &nbsp;&nbsp;**Total** |
| State Street Institutional U.S. Equity Fund | $1054921 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19871307 | &nbsp;&nbsp;$131360147 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$152286375 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;4293497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63321795 | &nbsp;&nbsp;&nbsp;&nbsp;106892146 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;174507438 |

---

As of September 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax<br> Cost** | &nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;**Gross<br> Unrealized<br> Depreciation** | &nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street Institutional U.S. Equity Fund | $188264719 | &nbsp;&nbsp;$133489692 | &nbsp;&nbsp;$2129545 | &nbsp;&nbsp;$131360147 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;421570609 | &nbsp;&nbsp;&nbsp;&nbsp;134154813 | &nbsp;&nbsp;&nbsp;&nbsp;27262667 | &nbsp;&nbsp;&nbsp;&nbsp;106892146 |

---

10. Line of Credit

The Funds and other affiliated funds (each, a "Participant" and collectively, the "Participants") have access to $210 million of a $1.425 billion ($194.29 million of $1.36 billion prior to October 2, 2025) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2026 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.

The Funds had no outstanding loans as of September 30, 2025.

11. Risks

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

26 Notes to Financial Statements

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### State Street Institutional Funds

### Notes to Financial Statements, continued — September 30, 2025
**Market Risk The Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.**

12. Subsequent Events

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

Notes to Financial Statements 27

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### State Street Institutional Funds

### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of State Street Institutional Funds

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of State Street Institutional Funds (the "Trust") (comprising State Street Institutional U.S. Equity Fund and State Street Institutional Small-Cap Equity Fund (collectively referred to as the "Funds")), including the schedules of investments, as of September 30, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising State Street Institutional Funds at September 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g22617img7a41fdc92.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

November 25, 2025

28 Report of Independent Registered Public Accounting Firm

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### State Street Institutional Funds

### Other Information — September 30, 2025 (Unaudited)

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2025.

#### Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2025 is considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

#### Long Term Capital Gains Distributions
Long term capital gain dividends were paid from the Funds during the year ended September 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Amount** |
| State Street Institutional U.S. Equity Fund | &nbsp;&nbsp;$32431629 |
| State Street Institutional Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;61593437 |

---

Other Information 29

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[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract — September 30, 2025 (Unaudited)

#### TRUSTEE CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENTS<sup>1</sup>
*Overview of the Contract Review Process*

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

Consistent with these requirements, the Board of Trustees (the "Board") of the State Street Institutional Funds (the "Trust") met in person on April 2, 2025 and May 7-8, 2025, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to each portfolio series of the Trust (each, a "Fund" and collectively, the "Funds"), the continuation of the investment advisory agreement (the "Advisory Agreement") with SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"), and the sub-advisory agreements (each, a "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements") by and among SSGA FM, the Trust on behalf of the State Street Institutional Small-Cap Equity Fund (the "Institutional Small-Cap Equity Fund"), and each of Champlain Investment Partners, LLC, Kennedy Capital Management LLC, Palisade Capital Management, LLC, SouthernSun Asset Management, LLC, and Westfield Capital Management Company, L.P. (collectively, the "Sub-Advisers"). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and Sub-Advisers and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser and Sub-Advisers ("Independent Counsel") in connection with their consideration of approval of the Agreements. In advance of the meetings held on April 2, 2025 and May 7-8, 2025, the Independent Trustees met with their Independent Counsel on March 27, 2025, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 2, 2025 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management's responses thereto prior to and at the May 7-8, 2025 meeting. The Independent Trustees considered, among other things, the following:

<u>Information about Performance, Expenses and Fees</u>

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

○ Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2024, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and/or a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge;

______________________

*<sup>1</sup> The Independent Trustees have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory and sub-advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.* 

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### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract, continued — September 30, 2025 (Unaudited)
○ Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe");

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

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

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

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

<u>Information about Portfolio Management</u>

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

• Information concerning the allocation of brokerage; and

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

<u>Information about the Adviser and Sub-Advisers</u>

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

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

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

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

• Information concerning the resources devoted by the Adviser and Sub-Advisers to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds;

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

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

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

<u>Other Relevant Information</u>

• Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund's administrator (the "Administrator");

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

&nbsp;&nbsp;31

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### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract, continued — September 30, 2025 (Unaudited)
• Copies of the Advisory Agreement and Sub-Advisory Agreements and agreements with other service providers of the Funds;

• Responses to a request for information reviewed prior to the April 2, 2025 and May 7-8, 2025 meetings by Independent Counsel, requesting specific information from each of:

○ SSGA FM, in its capacity as the Funds' Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2024; and the relevant operations of other Affiliated Service Providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2024;

○ The Sub-Advisers, with respect to their operations relating to the Institutional Small-Cap Equity Fund and their approximate profitability from such operations for the calendar year ended December 31, 2024;

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

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

• Information from SSGA FM, State Street, the Distributor and the Sub-Advisers with respect to the Funds, as applicable, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 7-8, 2025; and

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel.

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

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

<u>Results of the Process</u>

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 7-8, 2025, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Agreements effective June 1, 2025, for an additional year with respect to all Funds.

<u>Nature, Extent and Quality of Services</u>

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

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various Funds that

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### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract, continued — September 30, 2025 (Unaudited)
invest primarily in equity securities. With respect to those Funds that invest primarily in fixed-income securities, the Board considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio's quality distribution and sector and interest rate exposure. For the Institutional Small-Cap Equity Fund, the Board considered the Adviser's process used for overseeing multiple sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management, as well as the Adviser's succession planning process.

The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

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

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

<u>Fund Performance</u>

The Board compared each Fund's investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2024. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions. Among other information, the Board considered the following performance information in its evaluation of each Fund:

*State Street Institutional U.S. Equity Fund. The Board considered that the Fund's performance was above the medians of its Performance Group and its Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund's performance was above the Benchmark for the 1-, 3- and 5-year periods and was below the Benchmark for the 10-year period.*

*State Street Institutional Small-Cap Equity Fund. The Board considered that the Fund's performance was below the median of its Performance Group for the 1-year period, was above the median of its Performance Group for the 3- and 10-year periods, and was equal to the median of its Performance Group for the 5-year period. The Board also considered that the Fund's performance was below the median of its Performance Universe for the 1-year period and was above the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also considered that the Fund's performance was below the Benchmark for the 1-year period and was above the Benchmark for the 3-, 5- and 10-year periods.*

&nbsp;&nbsp;33

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[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract, continued — September 30, 2025 (Unaudited)
On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund is satisfactory.

<u>Management Fees and Expenses</u>

The Board reviewed the contractual investment advisory fee rates payable by each Fund and actual fees paid by each Fund, net of waivers, if any, as well as the fees paid to each of the Sub-Advisers by the Adviser, which reduced the net management fees retained by the Adviser. For the Institutional Small-Cap Equity Fund, the Board also reviewed (i) the allocation of the total advisory fees between SSGA FM and the Sub-Advisers, and (ii) the services required of SSGA FM to oversee the Sub-Advisers for those services. As part of its review, the Board considered each Fund's management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for each of the Funds. The Board also considered the comparability of the fees charged and the services provided to each Fund by the Adviser and Sub-Advisers to the fees charged and services provided to other clients of the Adviser and Sub-Advisers, including institutional accounts, as applicable. In addition, the Board considered the willingness of the Adviser to provide undertakings from time to time to waive fees or pay expenses of certain Funds to limit the total expenses borne by shareholders of such Funds. SSGA FM reviewed with the Board the Funds' unitary fee structure where SSGA FM (and not the Funds) bears most of the Funds' operating expenses, therefore affecting SSGA FM's profitability. The Board also considered that the sub-advisory fees are paid by the Adviser out of its advisory fees it receives from the Funds and are not paid by the Funds. Among other information, the Board considered the following expense information in its evaluation of each Fund:

*State Street Institutional U.S. Equity Fund. The Board considered that the Fund's actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund's total expenses were below the medians of its Expense Group and Expense Universe.*

*State Street Institutional Small-Cap Equity Fund. The Board considered that the Fund's actual management fee was below the median of its Expense Group and was above the median of its Expense Universe. The Board also considered that the Fund's total expenses were below the medians of its Expense Group and Expense Universe.*

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

<u>Profitability</u>

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

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

The Board also considered that the sub-advisory fee rate under each Sub-Advisory Agreement was negotiated with each Sub-Adviser at arm's length. In considering the profitability to each Sub-Adviser in connection with its relationship to the applicable Fund, the Trustees noted that the fees under the Sub-Advisory Agreement are paid by the Adviser out of the advisory fees that the Adviser receives from the Fund. For these reasons, the Board concluded that the

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[**Table of Contents**](#JOB_AR_SA_e4878c1e-1c76-4087-97d7-5057bb6609de_TOC)

### State Street Institutional Funds

### Statement Regarding Basis for Approval of Investment Advisory Contract, continued — September 30, 2025 (Unaudited)
profitability of each Sub-Adviser from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the applicable Sub-Advisory Agreement.

<u>Economies of Scale</u>

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

<u>Conclusions</u>

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

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

&nbsp;&nbsp;35

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.

------

#### Item 19. Exhibits.
(a)(1) [Code of Ethics referred to in Item 2.](d22617dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [A separate certification for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act.](d22617dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable.

(b) [A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.](d22617dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

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

---

| | |
|:---|:---|
| **STATE STREET INSTITUTIONAL FUNDS** | **STATE STREET INSTITUTIONAL FUNDS** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | December 5, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**SSGA FUNDS** 

**STATE STREET MASTER FUNDS** 

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**ELFUN TRUSTS** 

**ELFUN INTERNATIONAL EQUITY FUND** 

**ELFUN INCOME FUND** 

**ELFUN TAX-EXEMPT INCOME FUND** 

**ELFUN DIVERSIFIED FUND** 

**ELFUN GOVERNMENT MONEY MARKET FUND** 

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**STATE STREET INSTITUTIONAL FUNDS** 

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")<sup>1</sup>** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**As of September 20, 2017** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to the Trust/Company's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust/Company files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

<sup>1</sup> Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc. 

------

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust/Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust/Company. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust/Company. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust/Company to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of the Trust/Company or the Trust/Company's investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust/Company and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust/Company, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust/Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust/Company and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust/Company. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust/Company's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust/Company.

\* \* \* \*

------

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationship improperly to influence investment decisions or financial
reporting by the Trust/Company whereby the Covered Officer would benefit personally to the detriment of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust/Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of the Trust/Company or its affiliated persons for
reports of potential violations by the Trust/Company of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of the Trust/Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with the Trust/Company's Chief Compliance Officer ("CCO"). Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. $50 or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust/Company has current or prospective
business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust/Company's
service providers, other than its investment adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust/Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

**III.** **Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust/Company to others, whether within or outside the Trust/Company, including to the Trust/Company's Board, the Trust/Company's Qualified Legal and Compliance Committee ("QLCC") or, if the Trust/Company does not have a
QLCC, the Trust/Company's Audit Committee, and the Trust/Company's independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Trust/Company and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust/Company files with, or submits to, the SEC and
in other public communications made by the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust/Company's operations.

**IV.** **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust/Company's CCO is responsible for applying this Code to specific situations in which questions are
presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the CCO in order to assure compliance with the Code.

**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to the Trust/Company's compliance officer affirming that he or she has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C or D</u> to the Trust/Company's compliance
officer as an affirmation that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust/Company's CCO promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Trust/Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CCO will take all appropriate actions to investigate any potential violations reported to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the CCO believes is a violation of this Code will be reported to the Trust/Company's QLCC
or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board, after consultation with the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee, concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, will be
responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust/Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust/Company, the Trust/Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust/Company's investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

------

**VII.** **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees/Directors.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust/Company's Board, QLCC or Audit Committee.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Trust/Company and does not constitute an admission, by or on behalf of the Trust/Company, as to any fact, circumstance, or legal conclusion.

**X.** **Sanctions** 

Any violation of the rules and requirements set forth in this Code may result in the imposition of such sanctions as the Board, after review by the QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, and its recommendation to the Board, may deem appropriate under the circumstances. These sanctions can include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dismissal for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removal or suspension from office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution to the damaged party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines.

------

**EXHIBIT A** 

Persons Covered by this Code of Conduct for SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax-Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

Persons Covered by this Code of Conduct for State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

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**EXHIBIT B** 

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, State Street Navigator Securities Lending Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here: |

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------

**EXHIBIT C** 

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here: |

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**EXHIBIT D** 

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc., (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here: |

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## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President of State Street Institutional Funds, certify that:

1. I have reviewed this report on Form N-CSR of State Street Institutional
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | December 5, 2025 |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer)<br> of State Street Institutional Funds |

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**<u>CERTIFICATIONS</u>**

I, Bruce S. Rosenberg, Treasurer of State Street Institutional Funds, certify that

1. I have reviewed this report on Form N-CSR of State Street Institutional
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: | December 5, 2025 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of State Street Institutional Funds |

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## Exhibit 99.906

**Exhibit 19(b)** 

**EX-99-906CERT** 

<u>Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u> 

I, Ann M. Carpenter, President and I, Bruce S. Rosenberg, Treasurer of the State Street Institutional Funds (the "Trust"), each certify, to the best of my knowledge and belief, that:

1. This Form N-CSR filing of the Trust for the period ended
September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |
| Date: | December 5, 2025 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | December 5, 2025 |

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