Form N-CSRS SSGA FUNDS For: Feb 28

Semi-Annual Report

February 28, 2021

SSGA Funds

State Street S&P 500 Index Fund

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 obtain a current prospectus and SAI from the Distributor by calling 1-800-997-7327 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics (Unaudited)	1
Schedule of Investments (Unaudited)	3
Statement of Assets and Liabilities (Unaudited)	10
Statement of Operations (Unaudited)	11
Statements of Changes in Net Assets (Unaudited)	12
Financial Highlights (Unaudited)	13
Notes to Financial Statements (Unaudited)	14
Other Information (Unaudited)	21

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 obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

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State Street S&P 500 Index Fund

Portfolio Statistics (Unaudited)

Top Five Holdings as of February 28, 2021

	Description	% of Net Assets
	Apple, Inc.	5.9%
	Microsoft Corp.	5.4
	Amazon.com, Inc.	4.0
	Facebook, Inc.	1.9
	Alphabet, Inc.	1.9
	TOTAL	19.1%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Industry Breakdown as of February 28, 2021

		% of Net Assets
	Software	8.4%
	Technology Hardware, Storage & Peripherals	6.3
	Interactive Media & Services	5.7
	Semiconductors & Semiconductor Equipment	5.5
	IT Services	5.2
	Internet & Direct Marketing Retail	4.6
	Banks	4.3
	Health Care Equipment & Supplies	3.7
	Pharmaceuticals	3.7
	Capital Markets	2.8
	Oil, Gas & Consumable Fuels	2.5
	Health Care Providers & Services	2.5
	Equity Real Estate Investment Trusts (REITs)	2.4
	Entertainment	2.2
	Specialty Retail	2.1
	Insurance	1.9
	Automobiles	1.9
	Biotechnology	1.8
	Chemicals	1.8
	Machinery	1.7
	Hotels, Restaurants & Leisure	1.7
	Electric Utilities	1.6
	Aerospace & Defense	1.5
	Diversified Financial Services	1.4
	Household Products	1.4
	Beverages	1.4
	Media	1.4
	Diversified Telecommunication Services	1.3
	Food & Staples Retailing	1.3
	Industrial Conglomerates	1.2
	Life Sciences Tools & Services	1.2
	Road & Rail	1.0
	Food Products	0.9
	Communications Equipment	0.8
	Multi-Utilities	0.7
	Textiles, Apparel & Luxury Goods	0.7
	Electronic Equipment, Instruments & Components	0.7
	Tobacco	0.6
	Air Freight & Logistics	0.6
	Consumer Finance	0.6
	Multiline Retail	0.5
	Electrical Equipment	0.5
	Building Products	0.5
	Household Durables	0.4
	Professional Services	0.4
	Commercial Services & Supplies	0.4
	Metals & Mining	0.3
	Containers & Packaging	0.3
	Airlines	0.3
	Energy Equipment & Services	0.3
	Wireless Telecommunication Services	0.2
	Trading Companies & Distributors	0.2
	Personal Products	0.2
	Auto Components	0.2
	Construction Materials	0.1
	Distributors	0.1
	Water Utilities	0.1
	Real Estate Management & Development	0.1
	Health Care Technology	0.1
	Independent Power & Renewable Electricity Producers	0.1
	Leisure Equipment & Products	0.0*
	Construction & Engineering	0.0*

See accompanying notes to financial statements.

1

State Street S&P 500 Index Fund

Portfolio Statistics (Unaudited)  (continued)

		% of Net Assets
	Gas Utilities	0.0*%
	Short-Term Investments	1.5
	Other Assets in Excess of Liabilities	0.2
	TOTAL	100.0%
*	Amount shown represents less than 0.05% of net assets.

(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

2

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

February 28, 2021 (Unaudited)

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

See accompanying notes to financial statements.

8

STATE STREET S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS  (continued)

February 28, 2021 (Unaudited)

During the period ended February 28, 2021, average notional value related to futures contracts was $17,141,901.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 28, 2021.

Description		Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks		$1,451,805,209		$—		$—		$1,451,805,209
Short-Term Investments		22,016,788		—		—		22,016,788
TOTAL INVESTMENTS		$1,473,821,997		$—		$—		$1,473,821,997
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts(a)		(389,544)		—		—		(389,544)
TOTAL OTHER FINANCIAL INSTRUMENTS:		$ (389,544)		$—		$—		$ (389,544)

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 8/31/20		Value at 8/31/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 2/28/21		Value at 2/28/21		Dividend Income
State Street Corp.	20,147		$1,371,809		$ —		$ 228,658		$128,079		$(45,274)		16,847		$ 1,225,956		$17,989
State Street Institutional U.S. Government Money Market Fund, Class G Shares	5,765,914		5,765,914		122,236,099		106,650,856		—		—		21,351,157		21,351,157		3,434
State Street Navigator Securities Lending Portfolio II	1,303,868		1,303,868		6,048,646		6,686,883		—		—		665,631		665,631		6,867
Total			$8,441,591		$128,284,745		$ 113,566,397		$128,079		$(45,274)				$23,242,744		$28,290

See accompanying notes to financial statements.

9

State Street S&P 500 Index Fund

Statement of Assets and Liabilities

February 28, 2021 (Unaudited)

ASSETS
Investments in unaffiliated issuers, at value*	$1,450,579,253
Investments in affiliated issuers, at value	23,242,744
Total Investments	1,473,821,997
Net cash at broker	2,134,713
Receivable for fund shares sold	1,427,104
Dividends receivable — unaffiliated issuers	2,079,358
Dividends receivable — affiliated issuers	39,795
Securities lending income receivable — unaffiliated issuers	93
Securities lending income receivable — affiliated issuers	461
Receivable from Adviser	55,417
Prepaid expenses and other assets	9,578
TOTAL ASSETS	1,479,568,516
LIABILITIES
Payable upon return of securities loaned	665,631
Payable for fund shares repurchased	1,514,289
Payable to broker – accumulated variation margin on open futures contracts	452,653
Advisory fee payable	123,307
Custodian fees payable	23,701
Administration fees payable	40,238
Shareholder servicing fee payable	28,704
Distribution fees payable	44,252
Transfer agent fees payable	60,478
Professional fees payable	24,808
Printing and postage fees payable	45,588
Accrued expenses and other liabilities	6,986
TOTAL LIABILITIES	3,030,635
NET ASSETS	$1,476,537,881
NET ASSETS CONSIST OF:
Paid-in Capital	$ 263,168,188
Total distributable earnings (loss)	1,213,369,693
NET ASSETS	$1,476,537,881
NET ASSET VALUE PER SHARE
Net asset value per share	$ 241.65
Shares outstanding (unlimited amount authorized, $0.01 par value)	6,110,294
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$ 326,817,138
Investments in affiliated issuers	22,461,234
Total cost of investments	$ 349,278,372
* Includes investments in securities on loan, at value	$ 2,067,628

See accompanying notes to financial statements.

10

State Street S&P 500 Index Fund

Statement of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

INVESTMENT INCOME
Interest income — unaffiliated issuers	$ 391
Dividend income — unaffiliated issuers	12,207,132
Dividend income — affiliated issuers	21,423
Affiliated securities lending income	6,867
Foreign taxes withheld	(106)
TOTAL INVESTMENT INCOME (LOSS)	12,235,707
EXPENSES
Advisory fee	221,777
Administration fees	369,629
Shareholder servicing fees	177,422
Distribution fees	273,526
Custodian fees	67,470
Trustees’ fees and expenses	17,526
Transfer agent fees	130,560
Registration and filing fees	47,525
Professional fees and expenses	28,657
Printing and postage fees	35,585
Insurance expense	10,268
Miscellaneous expenses	19,616
TOTAL EXPENSES	1,399,561
Expenses waived/reimbursed by the Adviser	(238,926)
NET EXPENSES	1,160,635
NET INVESTMENT INCOME (LOSS)	$ 11,075,072
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	217,423,055
Investments — affiliated issuers	128,079
Futures contracts	1,690,074
Net realized gain (loss)	219,241,208
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(93,998,622)
Investments — affiliated issuers	(45,274)
Futures contracts	(507,892)
Net change in unrealized appreciation/depreciation	(94,551,788)
NET REALIZED AND UNREALIZED GAIN (LOSS)	124,689,420
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$135,764,492

See accompanying notes to financial statements.

11

State Street S&P 500 Index Fund

Statements of Changes in Net Assets

	Six Months Ended 2/28/21 (Unaudited)		Year Ended 8/31/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 11,075,072		$ 30,981,354
Net realized gain (loss)	219,241,208		121,654,173
Net change in unrealized appreciation/depreciation	(94,551,788)		157,243,285
Net increase (decrease) in net assets resulting from operations	135,764,492		309,878,812
Distributions to shareholders	(200,448,569)		(101,778,161)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	108,640,356		326,280,339
Reinvestment of distributions	195,200,329		99,047,950
Cost of shares redeemed	(372,075,022)		(551,757,204)
Net increase (decrease) in net assets from beneficial interest transactions	(68,234,337)		(126,428,915)
Net increase (decrease) in net assets during the period	(132,918,414)		81,671,736
Net assets at beginning of period	1,609,456,295		1,527,784,559
NET ASSETS AT END OF PERIOD	$1,476,537,881		$1,609,456,295
SHARES OF BENEFICIAL INTEREST:
Shares sold	435,073		1,504,171
Reinvestment of distributions	835,113		(449,545)
Shares redeemed	(1,506,656)		(2,486,173)
Net increase (decrease)	(236,470)		(532,457)

See accompanying notes to financial statements.

12

State Street S&P 500 Index Fund

Financial Highlights

Selected data for a share outstanding throughout each period

	Six Months Ended 2/28/21(a) (Unaudited)		Year Ended 8/31/20(a)		Year Ended 8/31/19(a)(b)		Year Ended 8/31/18(a)(b)		Year Ended 8/31/17(a)(b)		Year Ended 8/31/16(a)(b)
Net asset value, beginning of period	$ 253.59		$ 222.06		$ 244.74		$ 215.94		$ 203.10		$ 188.40
Income (loss) from investment operations:
Net investment income (loss) (c)	1.85		4.55		4.38(d)(e)		3.96(d)(e)		3.96(d)(e)		3.96(d)(e)
Net realized and unrealized gain (loss)	21.38		42.08		(2.52)		36.72		26.82		18.60
Total from investment operations	23.23		46.63		1.86		40.68		30.78		22.56
Distributions to shareholders from:
Net investment income	(1.28)		(4.20)		(4.26)		(4.68)		(3.84)		(3.90)
Net realized gains	(33.89)		(10.90)		(20.28)		(7.20)		(14.10)		(3.96)
Total distributions	(35.17)		(15.10)		(24.54)		(11.88)		(17.94)		(7.86)
Net asset value, end of period	$ 241.65		$ 253.59		$ 222.06		$ 244.74		$ 215.94		$ 203.10
Total return (f)	9.68%		22.14%		2.71%		19.41%		16.06%		12.38%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,476,538		$1,609,456		$1,527,785		$1,606,947		$1,571,873		$1,518,948
Ratios to average net assets:
Total expenses	0.19%(g)		0.19%		0.20%		0.20%		0.20%		0.20%
Net expenses	0.16%(d)(e)(g)		0.16%(d)(e)		0.16%(d)(e)		0.16%(d)(e)		0.16%(d)(e)		0.15%(d)(e)
Net investment income (loss)	1.50%(d)(e)(g)		2.02%(d)(e)		2.00%(d)(e)		1.74%(d)(e)		1.91%(d)(e)		2.03%(d)(e)
Portfolio turnover rate	2%(h)		5%		3%(i)		2%(i)		3%(i)		6%(i)

(a)	After the close of trading on April 17, 2020, State Street S&P 500 Index Fund underwent a 1-for-6 reverse share split. The historical per share activity presented here has been retroactively adjusted to reflect this split. See Note 11.
(b)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the affiliated Portfolio prior to the discontinuance of the master feeder structure.
(c)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(d)	Reflects amounts waived by the administrator.
(e)	Reflects amounts waived and/or reimbursed by the investment adviser.
(f)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of the Fund. Total return for periods less than one year are not annualized. Results represent past performance and are not indicative of future results.
(g)	Annualized.
(h)	Not annualized.
(i)	Portfolio turnover is from the Fund's Portfolio prior to discontinuance of master-feeder structure.

See accompanying notes to financial statements.

13

SSGA Funds

STATE STREET S&P 500 INDEX FUND

Notes to Financial Statements — February 28, 2021 (Unaudited)

1.    Organization

The SSGA Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of February 28, 2021, the Trust consists of three (3) series (and corresponding classes, each of which have the same rights and privileges, including voting rights), each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.001 par value. The financial statements herein relate to the following series (the “Fund”):

Fund	Classes	Commencement of Operations	Diversification Classification
State Street S&P 500 Index Fund	Class N	December 30, 1992	Diversified

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.

2.    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. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

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

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

•   Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

•   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

14

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

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.

Various inputs are used in determining the value of the Fund's investments.

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

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

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

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

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

The value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021 is disclosed in the Fund’s Schedule of Investments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from the sale and disposition of investments are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value.

The Fund invests in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund’s policy is to record all REIT distributions initially as dividend income and re-designate a portion 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 re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and relative net assets of the Fund within the Trust.

15

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

Distributions

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

3.    Derivative Financial Instruments

Futures Contracts

The Fund may enter into futures contracts to meet its 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 Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

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

For the period ended February 28, 2021, the Fund entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.

The following tables summarize the value of the Fund's derivative instruments as of February 28, 2021, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index Fund
Futures Contracts	$—		$—		$—		$(452,653)		$—		$(452,653)

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index Fund
Futures Contracts	$—		$—		$—		$1,690,074		$—		$1,690,074

    

16

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index Fund
Futures Contracts	$—		$—		$—		$(507,892)		$—		$(507,892)

4.    Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA FM. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. For its advisory services, the Fund pays the Adviser a management fee at an annual rate of 0.03% of its average daily net assets. The fees are accrued daily and paid monthly.

The Adviser is contractually obligated until December 31, 2021 to waive up to the full amount of advisory fee payable by the Fund and/or reimburse the Fund to the extent that total annual Fund operating expenses exceed 0.157% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to December 31, 2021 except with the approval of the Board. During the period ended February 28, 2021, SSGA FM agreed to reimburse fees of $165,001.

Administrator, Sub-Administrator, and Custodian Fees

SSGA FM serves as administrator and State Street, an affiliate of the Adviser, serves as custodian and sub-administrator. For its administrative services, the Fund pays SSGA FM a fee at an annual rate of 0.05% of its average daily net assets. The fees are accrued daily and paid monthly. SSGA FM has contractually agreed to waive 0.01% of its administration fee. The waiver may not be terminated or modified except with the approval of the Board and shall continue until at least December 31, 2021. For the period ended February 28, 2021, SSGA FM waived fees in the amount of $73,925. The Adviser and the Fund each bear a portion of the fee paid to State Street for providing sub-administration and custodian services with respect to the Fund.

Distribution and Shareholder Servicing Fees

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.

The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, under which the Fund may compensate the Distributor (or others) for services in connection with the distribution of the Fund’s Class N shares and for services provided to shareholders in that class (the “Plan”).

The Plan calls for payments at an annual rate (based on average daily net assets) of 0.25% of the Fund’s net assets attributable to its Class N shares. In addition to payments under the Plan, the Fund may reimburse the Distributor or its affiliates for payments it makes to financial intermediaries that provide certain administrative, recordkeeping, and account maintenance services. The amount of the reimbursement and the manner in which it is calculated are reviewed by the Trustees periodically.

Additionally, the Board approved a limit of 0.062% of average daily net assets on the amount of Rule 12b-1 fees paid to the Distributor.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Fund, acts as the securities lending agent for the Fund, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended December 7, 2018.

17

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

Other Transactions with Affiliates

The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended February 28, 2021 are disclosed in the Schedule of Investments.

5.    Trustees’ Fees

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

6.    Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended February 28, 2021, were as follows:

	Purchases		Sales
State Street S&P 500 Index Fund	$35,775,547		$311,798,969

7.    Income Tax Information

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of August 31, 2020, SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of February 28, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
State Street S&P 500 Index Fund	$393,201,967		$1,089,187,885		$8,957,399		$1,080,230,486

18

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

8.    Securities Lending

The Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Fund will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Fund may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, the Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of February 28, 2021, and the value of the invested cash collateral are disclosed in the Fund's Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Fund's Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Fund's Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of the Fund’s securities lending agreements and related cash and non-cash collateral received as of February 28, 2021:

Fund		Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received *		Total Collateral Received
State Street S&P 500 Index Fund		$ 2,067,628		$ 665,631		$ 1,426,814		$ 2,092,445

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of February 28, 2021:

Remaining Contractual Maturity of the Agreements As of February 28, 2021

Fund

Securities Lending Transactions

Overnight and Continuous

<30 Days

Between 30 & 90 Days

>90 Days

Total Borrowings

Gross Amount of Recognized Liabilities for Securities Lending Transactions

State Street S&P 500 Index Fund

Common Stocks

$665,631

$—

$—

$—

$665,631

$665,631

9.    Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.

19

SSGA Funds

STATE STREET S&P 500 INDEX FUND  (continued)

Notes to Financial Statements — February 28, 2021 (Unaudited)

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 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of February 28, 2021.

10.    Risks

Credit Risk

The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Risk

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

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

11.    Subsequent Events

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

20

SSGA Funds

State Street S&P 500 Index Fund

Other Information — February 28, 2021 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from September 1, 2020 to February 28, 2021.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

			Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio		Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
State Street S&P 500 Index Fund	0.16%		$1,096.80		$0.83		$1,024.00		$0.80

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.

21

SSGA Funds

State Street S&P 500 Index Fund  (continued)

Other Information — February 28, 2021 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Fund's Program. The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period October 2019 through September 2020. As reported to the Board, the Program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Proxy Voting Policies and Procedures and Record

A description of the Trust’s proxy voting policies and procedures that are used by the Fund’s investment adviser to vote proxies relating to the Fund’s portfolio of securities are available (i) without charge, upon request by calling 1-800-997-7327 (toll free) or (ii) on the SEC’s website at www.sec.gov. Information regarding how the investment adviser voted for the 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Fund’s website at www.ssga.com.