Form N-CSRS STATE STREET INSTITUTION For: Mar 31
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E-mailUNITED 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 Iron Street
Boston, Massachusetts 02210
(Address of principal executive offices)(Zip code)
| (Name and Address of Agent for Service) | Copy to: | |
| Andrew J. DeLorme, Esq. Chief Legal Officer c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 |
Adam M. Schlichtmann, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street 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: March 31, 2025
Item 1. Report to Stockholders.
| (a) | The Report to Shareholders is attached herewith. |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. 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.
Semi-Annual Financial Statements and Other Information
March 31, 2025
| State Street Institutional Funds |
| State Street Institutional U.S. Equity Fund |
| State Street Institutional Small-Cap Equity Fund |
State Street Institutional Funds
Semi-Annual Financial Statements and Other Information
March 31, 2025 (Unaudited)
| Page | |
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| 13 | |
| 13 | |
| 17 | |
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| 20 | |
| 27 |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - 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
Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSRItem 11) - Not Applicable
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 [email protected]. Please read the prospectus carefully before you invest.
State Street Institutional U.S. Equity Fund
Schedule of Investments — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional U.S. Equity Fund | 1 |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| 2 | State Street Institutional U.S. Equity Fund |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
Other Information:
| The Fund had the following long futures contracts open at March 31, 2025: |
| Description | Expiration Date |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
| S&P 500 E-mini Index Futures | June 2025 | 21 | $5,974,296 | $5,935,912 | $(38,384) |
During the period ended March 31, 2025, the average notional value related to long futures contracts was $7,993,252.
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional U.S. Equity Fund | 3 |
State Street Institutional U.S. Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2025:
| Investments | Level 1 | Level 2 | Level 3 | Total | |||
| Investments in Securities | |||||||
| Common Stock | $272,699,177 | $— | $— | $272,699,177 | |||
| Short-Term Investments | 11,122,235 | — | — | 11,122,235 | |||
| Total Investments in Securities | $283,821,412 | $— | $— | $283,821,412 | |||
| Other Financial Instruments | |||||||
| Long Futures Contracts - Unrealized Depreciation | $(38,384) | $— | $— | $(38,384) | |||
| Total Other Financial Instruments | $(38,384) | $— | $— | $(38,384) |
| Affiliate Table |
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 13,071,560 | $13,071,560 | $38,889,211 | $40,838,536 | $— | $— | 11,122,235 | $11,122,235 | $254,446 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 4 | State Street Institutional U.S. Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 5 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| 6 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 7 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| 8 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 9 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| 10 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
See Notes to Schedules of Investments and Notes to Financial Statements.
| State Street Institutional Small-Cap Equity Fund | 11 |
State Street Institutional Small-Cap Equity Fund
Schedule of Investments, continued — March 31, 2025 (Unaudited)
Other Information:
| The Fund had the following long futures contracts open at March 31, 2025: |
| Description | Expiration Date |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
| E-mini Russell 2000 Index Futures | June 2025 | 133 | $13,433,327 | $13,480,215 | $46,888 |
During the period ended March 31, 2025, the average notional value related to long futures contracts was $14,964,989.
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2025:
| Investments | Level 1 | Level 2 | Level 3 | Total | |||
| Investments in Securities | |||||||
| Common Stock | $623,402,204 | $— | $— | $623,402,204 | |||
| Short-Term Investments | 25,064,916 | — | — | 25,064,916 | |||
| Total Investments in Securities | $648,467,120 | $— | $— | $648,467,120 | |||
| Other Financial Instruments | |||||||
| Long Futures Contracts - Unrealized Appreciation | $46,888 | $— | $— | $46,888 | |||
| Total Other Financial Instruments | $46,888 | $— | $— | $46,888 |
| Affiliate Table |
| Number of Shares Held at 9/30/24 |
Value at 9/30/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Number of Shares Held at 3/31/25 |
Value at 3/31/25 |
Dividend Income | |
| State Street Institutional U.S. Government Money Market Fund - Class G Shares | 36,677,325 | $36,677,325 | $143,706,064 | $155,318,473 | $— | $— | 25,064,916 | $25,064,916 | $967,189 |
See Notes to Schedules of Investments and Notes to Financial Statements.
| 12 | State Street Institutional Small-Cap Equity Fund |
State Street Institutional U.S. Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| Investment Class | |||||||||||
| 3/31/25(a) | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 | 9/30/20 | ||||||
| Inception date | 11/25/97 | ||||||||||
| Net asset value, beginning of period | $13.88 | $10.16 | $9.74 | $17.26 | $13.97 | $12.30 | |||||
| Income/(loss) from investment operations: | |||||||||||
| Net investment income | 0.06(b) | 0.11(b) | 0.10(b) | 0.11(b) | 0.13(b) | 0.14(b) | |||||
| Net realized and unrealized gains/(losses) on investments | (0.53)(b) | 3.79(b) | 1.85(b) | (1.80)(b) | 3.86(b) | 2.35(b) | |||||
| Total income/(loss) from investment operations | (0.47) | 3.90 | 1.95 | (1.69) | 3.99 | 2.49 | |||||
| Less distributions from: | |||||||||||
| Net investment income | (0.11) | (0.10) | (0.11) | (0.13) | (0.14) | (0.16) | |||||
| Net realized gains | (1.76) | (0.08) | (1.42) | (5.70) | (0.56) | (0.66) | |||||
| Total distributions | (1.87) | (0.18) | (1.53) | (5.83) | (0.70) | (0.82) | |||||
| Net asset value, end of period | $11.54 | $13.88 | $10.16 | $9.74 | $17.26 | $13.97 | |||||
| Total Return(c) | (4.06)% | 38.88% | 22.36% | (16.99)% | 29.41% | 20.77% | |||||
| Ratios/Supplemental Data: | |||||||||||
| Net assets, end of period (in thousands) | $284,111 | $301,776 | $218,221 | $176,243 | $572,329 | $461,624 | |||||
| Ratios to average net assets: | |||||||||||
| Gross expenses | 0.38%(d) | 0.39% | 0.40% | 0.38% | 0.37% | 0.37% | |||||
| Net investment income | 0.87%(d) | 0.90% | 1.01% | 0.78% | 0.81% | 1.12% | |||||
| Portfolio turnover rate | 23% | 58% | 39% | 29% | 35% | 38% | |||||
| Notes to Financial Highlights | |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
| Financial Highlights | 13 |
State Street Institutional U.S. Equity Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| Service Class | |||||||||||
| 3/31/25(a) | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 | 9/30/20 | ||||||
| Inception date | 1/3/01 | ||||||||||
| Net asset value, beginning of period | $16.17 | $11.80 | $11.08 | $18.86 | $15.21 | $13.32 | |||||
| Income/(loss) from investment operations: | |||||||||||
| Net investment income | 0.05(b) | 0.09(b) | 0.09(b) | 0.09(b) | 0.10(b) | 0.12(b) | |||||
| Net realized and unrealized gains/(losses) on investments | (0.63)(b) | 4.43(b) | 2.13(b) | (2.08)(b) | 4.21(b) | 2.54(b) | |||||
| Total income/(loss) from investment operations | (0.58) | 4.52 | 2.22 | (1.99) | 4.31 | 2.66 | |||||
| Less distributions from: | |||||||||||
| Net investment income | (0.07) | (0.07) | (0.08) | (0.09) | (0.10) | (0.11) | |||||
| Net realized gains | (1.76) | (0.08) | (1.42) | (5.70) | (0.56) | (0.66) | |||||
| Total distributions | (1.83) | (0.15) | (1.50) | (5.79) | (0.66) | (0.77) | |||||
| Net asset value, end of period | $13.76 | $16.17 | $11.80 | $11.08 | $18.86 | $15.21 | |||||
| Total Return(c) | (4.19)% | 38.60% | 21.99% | (17.16)% | 29.10% | 20.52% | |||||
| Ratios/Supplemental Data: | |||||||||||
| Net assets, end of period (in thousands) | $111 | $122 | $88 | $118 | $268 | $58 | |||||
| Ratios to average net assets: | |||||||||||
| Gross expenses | 0.63%(d) | 0.64% | 0.65% | 0.63% | 0.62% | 0.62% | |||||
| Net investment income (loss) | 0.62%(d) | 0.65% | 0.76% | 0.62% | 0.56% | 0.87% | |||||
| Portfolio turnover rate | 23% | 58% | 39% | 29% | 35% | 38% | |||||
| Notes to Financial Highlights | |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
| 14 | Financial Highlights |
State Street Institutional Small-Cap Equity Fund
Financial Highlights
Selected data based on a share outstanding throughout the periods indicated
| Investment Class | |||||||||||
| 3/31/25(a) | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 | 9/30/20 | ||||||
| Inception date | 8/3/98 | ||||||||||
| Net asset value, beginning of period | $18.97 | $16.65 | $15.49 | $22.15 | $15.55 | $17.04 | |||||
| Income/(loss) from investment operations: | |||||||||||
| Net investment income | 0.05(b) | 0.10(b) | 0.11(b) | 0.05(b) | 0.02(b) | 0.05(b) | |||||
| Net realized and unrealized gains/(losses) on investments | (1.39)(b) | 3.56(b) | 1.84(b) | (3.38)(b) | 7.19(b) | (0.45)(b) | |||||
| Total income/(loss) from investment operations | (1.34) | 3.66 | 1.95 | (3.33) | 7.21 | (0.40) | |||||
| Less distributions from: | |||||||||||
| Net investment income | (0.16) | (0.13) | (0.04) | (0.03) | (0.04) | (0.07) | |||||
| Net realized gains | (1.73) | (1.21) | (0.75) | (3.30) | (0.57) | (1.02) | |||||
| Total distributions | (1.89) | (1.34) | (0.79) | (3.33) | (0.61) | (1.09) | |||||
| Net asset value, end of period | $15.74 | $18.97 | $16.65 | $15.49 | $22.15 | $15.55 | |||||
| Total Return(c) | (7.91)% | 22.81% | 12.79% | (18.14)% | 46.98% | (3.03)% | |||||
| Ratios/Supplemental Data: | |||||||||||
| Net assets, end of period (in thousands) | $654,156 | $763,677 | $1,018,088 | $945,933 | $1,308,410 | $973,165 | |||||
| Ratios to average net assets: | |||||||||||
| Net expenses | 0.75%(d) | 0.75% | 0.75% | 0.79% | 0.88% | 0.89% | |||||
| Gross expenses | 0.90%(d) | 0.89% | 0.89% | 0.88% | 0.88% | 0.89% | |||||
| Net investment income | 0.60%(d) | 0.55% | 0.67% | 0.27% | 0.10% | 0.33% | |||||
| Portfolio turnover rate | 22% | 38% | 29% | 30% | 42% | 31% | |||||
| Notes to Financial Highlights | |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
| Financial Highlights | 15 |
State Street Institutional Small-Cap Equity Fund
Financial Highlights, continued
Selected data based on a share outstanding throughout the periods indicated
| Service Class | |||||||||||
| 3/31/25(a) | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 | 9/30/20 | ||||||
| Inception date | 9/30/05 | ||||||||||
| Net asset value, beginning of period | $18.90 | $16.59 | $15.45 | $22.11 | $15.53 | $17.02 | |||||
| Income/(loss) from investment operations: | |||||||||||
| Net investment income (loss) | 0.03(b) | 0.05(b) | 0.07(b) | 0.01(b) | (0.03)(b) | 0.01(b) | |||||
| Net realized and unrealized gains/(losses) on investments | (1.38)(b) | 3.56(b) | 1.82(b) | (3.37)(b) | 7.18(b) | (0.46)(b) | |||||
| Total income/(loss) from investment operations | (1.35) | 3.61 | 1.89 | (3.36) | 7.15 | (0.45) | |||||
| Less distributions from: | |||||||||||
| Net investment income | (0.11) | (0.09) | — | — | — | (0.02) | |||||
| Net realized gains | (1.73) | (1.21) | (0.75) | (3.30) | (0.57) | (1.02) | |||||
| Total distributions | (1.84) | (1.30) | (0.75) | (3.30) | (0.57) | (1.04) | |||||
| Net asset value, end of period | $15.71 | $18.90 | $16.59 | $15.45 | $22.11 | $15.53 | |||||
| Total Return(c) | (7.99)% | 22.53% | 12.41% | (18.28)% | 46.60% | 3.30% | |||||
| Ratios/Supplemental Data: | |||||||||||
| Net assets, end of period (in thousands) | $1,749 | $1,941 | $1,653 | $1,571 | $2,078 | $1,750 | |||||
| Ratios to average net assets: | |||||||||||
| Net expenses | 1.00%(d) | 1.00% | 1.00% | 1.04% | 1.13% | 1.14% | |||||
| Gross expenses | 1.15%(d) | 1.14% | 1.14% | 1.13% | 1.13% | 1.14% | |||||
| Net investment income (loss) | 0.35%(d) | 0.30% | 0.42% | 0.03% | (0.14)% | 0.08% | |||||
| Portfolio turnover rate | 22% | 38% | 29% | 30% | 42% | 31% | |||||
| Notes to Financial Highlights | |
| (a) | Unaudited. |
| (b) | Per share values have been calculated using the average shares method. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
| (d) | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
| 16 | Financial Highlights |
State Street Institutional Funds
Statements of Assets and Liabilities — March 31, 2025 (Unaudited)
| State Street Institutional U.S. Equity Fund |
State Street Institutional Small-Cap Equity Fund | ||
| Assets | |||
| Investments in unaffiliated securities, at fair value (cost $185,925,651 and $503,550,186, respectively) | $272,699,177 | $623,402,204 | |
| Investments in affiliated securities, at fair value (cost $11,122,235 and $25,064,916, respectively) | 11,122,235 | 25,064,916 | |
| Net cash collateral on deposit with broker for future contracts | 446,495 | 501,733 | |
| Receivable for investments sold | 2,987,901 | 8,464,166 | |
| Income receivables | 115,669 | 395,798 | |
| Receivable for fund shares sold | 57,878 | 28,441 | |
| Income receivable from affiliated investments | 39,087 | 107,374 | |
| Receivable for accumulated variation margin on futures contracts | — | 47,195 | |
| Total assets | 287,468,442 | 658,011,827 | |
| Liabilities | |||
| Payable for investments purchased | 3,113,792 | 840,369 | |
| Payable for fund shares redeemed | 592 | 835,296 | |
| Payable for accumulated variation margin on futures contracts | 38,331 | — | |
| Payable to the Adviser | 92,475 | 429,283 | |
| Accrued other expenses | 1,417 | 1,778 | |
| Distribution and service fees | 24 | 380 | |
| Total liabilities | 3,246,631 | 2,107,106 | |
| Net Assets | $284,221,811 | $655,904,721 | |
| Net Assets Consist of: | |||
| Capital paid in | $187,983,156 | $505,425,614 | |
| Total distributable earnings | 96,238,655 | 150,479,107 | |
| Net Assets | $284,221,811 | $655,904,721 | |
| Investment Class: | |||
| Net Assets | $284,110,643 | $654,155,761 | |
| Shares outstanding ($0.001 par value, unlimited shares authorized) | 24,623,184 | 41,557,045 | |
| Net asset value, offering and redemption price per share | $11.54 | $15.74 | |
| Service Class: | |||
| Net Assets | $111,168 | $1,748,960 | |
| Shares outstanding ($0.001 par value, unlimited shares authorized) | 8,077 | 111,343 | |
| Net asset value, offering and redemption price per share | $13.76 | $15.71 | |
The accompanying Notes are an integral part of these financial statements.
| Statements of Assets and Liabilities | 17 |
State Street Institutional Funds
Statements of Operations — For the period ended March 31, 2025 (Unaudited)
| State Street Institutional U.S. Equity Fund |
State Street Institutional Small-Cap Equity Fund | ||
| Investment Income | |||
| Income | |||
| Dividend | $1,627,595 | $4,151,930 | |
| Interest | 7,945 | 21,618 | |
| Income from affiliated investments | 254,446 | 967,189 | |
| Less: Foreign taxes withheld | (767) | (32,141) | |
| Total income | 1,889,219 | 5,108,596 | |
| Expenses | |||
| Advisory and administration fees | 564,130 | 3,409,005 | |
| Distribution and service fees | |||
| Service Class | 151 | 2,428 | |
| Trustees' fees | 11,220 | 13,003 | |
| Other expenses | 160 | 4 | |
| Total expenses before waivers | 575,661 | 3,424,440 | |
| Less: Expenses waived or borne by the adviser | — | (579,047) | |
| Net expenses | 575,661 | 2,845,393 | |
| Net investment income (loss) | $1,313,558 | $2,263,203 | |
| Net Realized and Unrealized Gain (Loss) on Investments | |||
| Realized gain (loss) on: | |||
| Unaffiliated investments | $13,034,680 | $50,940,418 | |
| Futures | 270,641 | (250,076) | |
| Increase (decrease) in unrealized appreciation/depreciation on: | |||
| Unaffiliated investments | (26,150,065) | (107,728,939) | |
| Futures | (370,351) | (202,223) | |
| Net realized and unrealized gain (loss) on investments | (13,215,095) | (57,240,820) | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(11,901,537) | $(54,977,617) |
The accompanying Notes are an integral part of these financial statements.
| 18 | Statements of Operations |
State Street Institutional Funds
Statements of Changes in Net Assets
| State Street Institutional U.S. Equity Fund |
State Street Institutional Small-Cap Equity Fund | ||||||
| Six Months Ended March 31, 2025 |
Year Ended September 30, 2024 |
Six Months Ended March 31, 2025 |
Year Ended September 30, 2024 | ||||
| Increase (Decrease) in Net Assets | |||||||
| Operations: | |||||||
| Net investment income (loss) | $1,313,558 | $2,331,022 | $2,263,203 | $5,536,373 | |||
| Net realized gain (loss) on investments and futures | 13,305,321 | 35,645,149 | 50,690,342 | 139,634,795 | |||
| Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | (26,520,416) | 47,518,662 | (107,931,162) | 64,862,380 | |||
| Net increase (decrease) from operations | (11,901,537) | 85,494,833 | (54,977,617) | 210,033,548 | |||
| Distributions to shareholders: | |||||||
| Total distributions | |||||||
| Investment Class | (39,560,042) | (4,026,797) | (74,873,712) | (79,973,426) | |||
| Service Class | (13,704) | (1,120) | (187,327) | (132,642) | |||
| Total distributions | (39,573,746) | (4,027,917) | (75,061,039) | (80,106,068) | |||
| Increase (decrease) in assets from operations and distributions | (51,475,283) | 81,466,916 | (130,038,656) | 129,927,480 | |||
| Share transactions: | |||||||
| Proceeds from sale of shares | |||||||
| Investment Class | 27,414,688 | 51,663,461 | 38,459,651 | 40,236,184 | |||
| Service Class | — | — | 76,369 | 196,074 | |||
| Value of distributions reinvested | |||||||
| Investment Class | 34,487,113 | 3,501,854 | 74,873,712 | 79,973,426 | |||
| Service Class | 13,704 | 1,120 | 187,327 | 132,642 | |||
| Cost of shares redeemed | |||||||
| Investment Class | (28,109,791) | (53,044,573) | (93,155,711) | (504,310,710) | |||
| Service Class | (6,086) | (171) | (116,157) | (277,733) | |||
| Net increase (decrease) from share transactions | 33,799,628 | 2,121,691 | 20,325,191 | (384,050,117) | |||
| Total increase (decrease) in net assets | (17,675,655) | 83,588,607 | (109,713,465) | (254,122,637) | |||
| Net Assets | |||||||
| Beginning of period | 301,897,466 | 218,308,859 | 765,618,186 | 1,019,740,823 | |||
| End of period | $284,221,811 | $301,897,466 | $655,904,721 | $765,618,186 | |||
| Changes in Fund Shares | |||||||
| Investment Class | |||||||
| Shares sold | 2,164,874 | 4,084,690 | 2,167,978 | 2,333,924 | |||
| Issued for distributions reinvested | 2,836,111 | 311,830 | 4,360,729 | 4,665,894 | |||
| Shares redeemed | (2,119,235) | (4,143,716) | (5,228,529) | (27,907,451) | |||
| Net increase (decrease) in fund shares | 2,881,750 | 252,804 | 1,300,178 | (20,907,633) | |||
| Service Class | |||||||
| Shares sold | — | — | 4,320 | 11,290 | |||
| Issued for distributions reinvested | 944 | 86 | 10,929 | 7,748 | |||
| Shares redeemed | (402) | (14) | (6,598) | (15,956) | |||
| Net increase (decrease) in fund shares | 542 | 72 | 8,651 | 3,082 | |||
The accompanying Notes are an integral part of these financial statements.
| Statements of Changes in Net Assets | 19 |
State Street Institutional Funds
Notes to Financial Statements — March 31, 2025 (Unaudited)
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.
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.
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 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
| 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 March 31, 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 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
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 March 31, 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.
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 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
contracts do not correlate with the movement of the assets underlying such contracts. For the period ended March 31, 2025, the following Funds entered into futures contracts for strategies listed below:
| Fund | Strategies |
| State Street Institutional U.S. Equity Fund | Equitization of Cash |
| State Street Institutional Small-Cap Equity Fund | Equitization of Cash |
The following tables summarize the value of the Funds’ derivative instruments as of March 31, 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 | ||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |
| State Street Institutional Small-Cap Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | $47,195 | $— | $47,195 |
| Liability Derivatives | ||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |
| State Street Institutional U.S. Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | $38,331 | $— | $38,331 |
| Realized Gain (Loss) | ||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |
| State Street Institutional U.S. Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | $270,641 | $— | $270,641 |
| State Street Institutional Small-Cap Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | (250,076) | $— | $(250,076) |
| Net Change in Unrealized Appreciation/Depreciation | ||||||
| Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | |
| State Street Institutional U.S. Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | $(370,351) | $— | $(370,351) |
| State Street Institutional Small-Cap Equity Fund | ||||||
| Futures Contracts | $— | $— | $— | $(202,223) | $— | $(202,223) |
| Notes to Financial Statements | 23 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
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 Net Assets of the Fund |
Management Fee |
| State Street Institutional U.S. Equity Fund | First $25 million | 0.55% |
| Next $25 million | 0.45% | |
| Over $50 million | 0.35% | |
| State Street Institutional Small-Cap Equity Fund | First $250 million | 0.95% |
| Next $250 million | 0.90% | |
| Over $500 million | 0.85% |
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 period ended March 31, 2025, fees waived and expenses reimbursed by the Adviser, pursuant to this agreement, were $579,047.
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 period ended March 31, 2025 are disclosed in the Schedules of Investments.
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 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
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.
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.
8.Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2025 were as follows:
| Other Securities | ||
| Fund | Purchases | Sales |
| State Street Institutional U.S. Equity Fund | $66,710,833 | $69,348,279 |
| State Street Institutional Small-Cap Equity Fund | 155,891,381 | 203,462,857 |
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, 2024, the State Street Institutional Small-Cap Equity Fund had a redemption in-kind that resulted in a redemption of $333,137,764 that was paid in securities and $23,872,830 that was paid in cash.
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. As of September 30, 2024, 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.
| Notes to Financial Statements | 25 |
State Street Institutional Funds
Notes to Financial Statements, continued — March 31, 2025 (Unaudited)
As of March 31, 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 Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
| State Street Institutional U.S. Equity Fund | $199,849,998 | $90,843,432 | $6,910,402 | $83,933,030 |
| State Street Institutional Small-Cap Equity Fund | 541,857,259 | 163,700,248 | 57,043,499 | 106,656,749 |
10.Line of Credit
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $194.29 million of a $1.36 billion ($180 million of $1.26 billion prior to November 1, 2024 and $180 million of $960 million prior to October 3, 2024) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2025 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 March 31, 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.
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.
| 26 | Notes to Financial Statements |
State Street Institutional Investment Trust
Proxy Disclosure for Open-End Management Investment Companies March 31, 2025 (Unaudited)
Shareholder Meeting Results
Rule 30e-1 under the Investment Company Act of 1940, as amended, requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Shareholders were asked to participate in a special meeting of shareholders on December 6, 2024 (the “Shareholder Meeting”). The final results of the Shareholder Meeting are reported in the table below.
All Funds
Proposal 1 : To elect the following as Trustees of the Trust:
| Proposed Trustee | Shares For | Shares Withheld |
| Patrick J. Riley | 47,165,134.584 | 12,076.554 |
| Donna M. Rapaccioli | 47,176,843.421 | 367.717 |
| Margaret K. McLaughlin | 47,165,134.584 | 12,076.554 |
| George M. Pereira | 47,176,843.421 | 367.717 |
| Mark E. Swanson | 47,165,134.584 | 12,076.554 |
| Jeanne LaPorta | 47,176,843.421 | 367.717 |
| 27 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosure for open-end management investment companies is included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
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
Not applicable to this filing.
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
| (a) | Not applicable. |
| (b) | Not applicable. |
Item 19. Exhibits.
(a)(1) Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.
(a)(2) Not applicable to the Registrant.
(a)(4) Not applicable to the Registrant.
(a)(5) Not applicable.
(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
| By: | /s/ Ann M. Carpenter | |
| Ann M. Carpenter | ||
| President (Principal Executive Officer) |
Date: June 2, 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: June 2, 2025
| By: | /s/ Bruce S. Rosenberg | |
| Bruce S. Rosenberg | ||
| Treasurer (Principal Financial and Accounting Officer) |
Date: June 2, 2025
ATTACHMENTS / EXHIBITS
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