SSGA Funds
05/02/2025 | Press release | Distributed by Public on 05/02/2025 13:06
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05430
SSGA 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: (617) 664-3920
Date of fiscal year end: August 31
Date of reporting period: February 28, 2025
Item 1. Reports to Shareholders.
| (a) |
The Reports to Shareholders are attached herewith. |
State Street International Stock Selection Fund
Class A: SSILX
Semi-Annual Shareholder Report
February 28, 2025
This semi-annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$57
|
1.14%
|
Key Fund Statistics as of 2/28/2025
- Total Net Assets$141,192,609
- Number of Portfolio Holdings195
- Portfolio Turnover Rate65%
What did the Fund invest in as of 2/28/2025?(as a percentage of total net assets)
Top Ten Countries
|
Country
|
%
|
|
Japan
|
20.1%
|
|
United Kingdom
|
12.5%
|
|
Germany
|
10.8%
|
|
France
|
8.7%
|
|
United States
|
7.7%
|
|
Australia
|
5.4%
|
|
Italy
|
5.0%
|
|
Sweden
|
4.3%
|
|
Spain
|
4.0%
|
|
Netherlands
|
3.4%
|
Top Ten Holdings
|
Holdings
|
%
|
|
SAP SE
|
2.6%
|
|
Roche Holding AG
|
2.3%
|
|
Novartis AG
|
2.1%
|
|
Deutsche Telekom AG
|
1.7%
|
|
Intesa Sanpaolo SpA
|
1.4%
|
|
Lloyds Banking Group PLC
|
1.3%
|
|
Holcim AG
|
1.3%
|
|
Barclays PLC
|
1.3%
|
|
NatWest Group PLC
|
1.3%
|
|
3i Group PLC
|
1.2%
|
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.
TSR SAR SSILX
State Street International Stock Selection Fund
Class I: SSIPX
Semi-Annual Shareholder Report
February 28, 2025
This semi-annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$41
|
0.81%
|
Key Fund Statistics as of 2/28/2025
- Total Net Assets$141,192,609
- Number of Portfolio Holdings195
- Portfolio Turnover Rate65%
What did the Fund invest in as of 2/28/2025?(as a percentage of total net assets)
Top Ten Countries
|
Country
|
%
|
|
Japan
|
20.1%
|
|
United Kingdom
|
12.5%
|
|
Germany
|
10.8%
|
|
France
|
8.7%
|
|
United States
|
7.7%
|
|
Australia
|
5.4%
|
|
Italy
|
5.0%
|
|
Sweden
|
4.3%
|
|
Spain
|
4.0%
|
|
Netherlands
|
3.4%
|
Top Ten Holdings
|
Holdings
|
%
|
|
SAP SE
|
2.6%
|
|
Roche Holding AG
|
2.3%
|
|
Novartis AG
|
2.1%
|
|
Deutsche Telekom AG
|
1.7%
|
|
Intesa Sanpaolo SpA
|
1.4%
|
|
Lloyds Banking Group PLC
|
1.3%
|
|
Holcim AG
|
1.3%
|
|
Barclays PLC
|
1.3%
|
|
NatWest Group PLC
|
1.3%
|
|
3i Group PLC
|
1.2%
|
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.
TSR SAR SSIPX
State Street International Stock Selection Fund
Class K: SSIQX
Semi-Annual Shareholder Report
February 28, 2025
This semi-annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$38
|
0.75%
|
Key Fund Statistics as of 2/28/2025
- Total Net Assets$141,192,609
- Number of Portfolio Holdings195
- Portfolio Turnover Rate65%
What did the Fund invest in as of 2/28/2025?(as a percentage of total net assets)
Top Ten Countries
|
Country
|
%
|
|
Japan
|
20.1%
|
|
United Kingdom
|
12.5%
|
|
Germany
|
10.8%
|
|
France
|
8.7%
|
|
United States
|
7.7%
|
|
Australia
|
5.4%
|
|
Italy
|
5.0%
|
|
Sweden
|
4.3%
|
|
Spain
|
4.0%
|
|
Netherlands
|
3.4%
|
Top Ten Holdings
|
Holdings
|
%
|
|
SAP SE
|
2.6%
|
|
Roche Holding AG
|
2.3%
|
|
Novartis AG
|
2.1%
|
|
Deutsche Telekom AG
|
1.7%
|
|
Intesa Sanpaolo SpA
|
1.4%
|
|
Lloyds Banking Group PLC
|
1.3%
|
|
Holcim AG
|
1.3%
|
|
Barclays PLC
|
1.3%
|
|
NatWest Group PLC
|
1.3%
|
|
3i Group PLC
|
1.2%
|
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.
TSR SAR SSIQX
State Street International Stock Selection Fund
Class N: SSAIX
Semi-Annual Shareholder Report
February 28, 2025
This semi-annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class N
|
$50
|
1.00%
|
Key Fund Statistics as of 2/28/2025
- Total Net Assets$141,192,609
- Number of Portfolio Holdings195
- Portfolio Turnover Rate65%
What did the Fund invest in as of 2/28/2025?(as a percentage of total net assets)
Top Ten Countries
|
Country
|
%
|
|
Japan
|
20.1%
|
|
United Kingdom
|
12.5%
|
|
Germany
|
10.8%
|
|
France
|
8.7%
|
|
United States
|
7.7%
|
|
Australia
|
5.4%
|
|
Italy
|
5.0%
|
|
Sweden
|
4.3%
|
|
Spain
|
4.0%
|
|
Netherlands
|
3.4%
|
Top Ten Holdings
|
Holdings
|
%
|
|
SAP SE
|
2.6%
|
|
Roche Holding AG
|
2.3%
|
|
Novartis AG
|
2.1%
|
|
Deutsche Telekom AG
|
1.7%
|
|
Intesa Sanpaolo SpA
|
1.4%
|
|
Lloyds Banking Group PLC
|
1.3%
|
|
Holcim AG
|
1.3%
|
|
Barclays PLC
|
1.3%
|
|
NatWest Group PLC
|
1.3%
|
|
3i Group PLC
|
1.2%
|
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.
TSR SAR SSAIX
State Street S&P 500 Index Fund
Class N: SVSPX
Semi-Annual Shareholder Report
February 28, 2025
This semi-annual shareholder report contains important information about the State Street S&P 500 Index Fund (the "Fund") for the period of September 1, 2024 to February 28, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 Investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class N
|
$8
|
0.16%
|
Key Fund Statistics as of 2/28/2025
- Total Net Assets$1,537,408,822
- Number of Portfolio Holdings506
- Portfolio Turnover Rate1%
What did the Fund invest in as of 2/28/2025?(as a percentage of total net assets)
Top Ten Sectors
|
Sector
|
%
|
|
Information Technology
|
30.5%
|
|
Financials
|
14.4%
|
|
Health Care
|
10.7%
|
|
Consumer Discretionary
|
10.5%
|
|
Communication Services
|
9.4%
|
|
Industrials
|
8.3%
|
|
Consumer Staples
|
5.8%
|
|
Energy
|
3.3%
|
|
Utilities
|
2.3%
|
|
Real Estate
|
2.2%
|
Top Ten Holdings
|
Holdings
|
%
|
|
Apple, Inc.
|
7.2%
|
|
NVIDIA Corp.
|
6.0%
|
|
Microsoft Corp.
|
5.8%
|
|
Amazon.com, Inc.
|
3.9%
|
|
Meta Platforms, Inc., Class A
|
2.9%
|
|
Alphabet, Inc., Class A
|
2.0%
|
|
Berkshire Hathaway, Inc., Class B
|
1.9%
|
|
Broadcom, Inc.
|
1.8%
|
|
Alphabet, Inc., Class C
|
1.6%
|
|
Tesla, Inc.
|
1.6%
|
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf.
TSR SAR SVSPX
(b) Not applicable to the Registrant.
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 a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement 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
February 28, 2025
SSGA Funds
| State Street International Stock Selection 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 1-800-647-7327 or visiting www.ssga.com.Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
|
Schedule of Investments (Unaudited) (N-CSR Item 6)
|
1 |
|
Financial Statements (Unaudited) (N-CSR Item 7)
|
5 |
|
Financial Highlights (Unaudited) (N-CSR Item 7)
|
9 |
|
Notes to Financial Statements (Unaudited) (N-CSR Item 7)
|
13 |
|
Proxy Disclosures for Open-End Management Investment Companies (Unaudited) (N-CSR Item 9)
|
21 |
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 (Unaudited) (N-CSR Item 11)- Not Applicable
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
SCHEDULE OF INVESTMENTS
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
| COMMON STOCKS - 97.4% | ||||||
| AUSTRALIA - 5.4% | ||||||
|
AGL Energy Ltd.
|
87,872 | $572,401 | ||||
|
Aristocrat Leisure Ltd.
|
6,744 | 303,155 | ||||
|
Helia Group Ltd.
|
160,952 | 614,091 | ||||
|
Magellan Financial Group Ltd. (a)
|
73,350 | 370,761 | ||||
|
NRW Holdings Ltd.
|
317,959 | 629,239 | ||||
|
Perseus Mining Ltd.
|
361,184 | 667,551 | ||||
|
Qantas Airways Ltd. (b)
|
220,184 | 1,308,548 | ||||
|
Ramelius Resources Ltd.
|
48,353 | 80,165 | ||||
|
Resolute Mining Ltd. (b)
|
1,120,110 | 256,894 | ||||
|
Scentre Group REIT
|
461,095 | 968,894 | ||||
|
Stanmore Resources Ltd.
|
24,800 | 35,562 | ||||
|
Stockland REIT
|
130,233 | 413,388 | ||||
|
Super Retail Group Ltd. (a)
|
1,712 | 15,296 | ||||
|
Ventia Services Group Pty. Ltd.
|
206,508 | 543,078 | ||||
|
West African Resources Ltd. (b)
|
367,212 | 402,213 | ||||
|
Westpac Banking Corp.
|
20,883 | 414,903 | ||||
| 7,596,139 | ||||||
| AUSTRIA - 0.7% | ||||||
|
BAWAG Group AG (c)
|
6,463 | 653,317 | ||||
|
Raiffeisen Bank International AG
|
11,367 | 306,047 | ||||
| 959,364 | ||||||
| BELGIUM - 1.1% | ||||||
|
KBC Group NV
|
18,328 | 1,589,644 | ||||
| CHINA - 0.8% | ||||||
|
Yangzijiang Shipbuilding Holdings Ltd.
|
619,100 | 1,093,066 | ||||
| DENMARK - 1.5% | ||||||
|
AP Moller - Maersk AS Class A
|
22 | 38,187 | ||||
|
AP Moller - Maersk AS Class B
|
129 | 226,952 | ||||
|
Danske Bank AS
|
15,325 | 515,429 | ||||
|
Novo Nordisk AS Class B
|
10,325 | 936,649 | ||||
|
Pandora AS
|
1,840 | 324,943 | ||||
|
Sydbank AS
|
2,234 | 137,595 | ||||
| 2,179,755 | ||||||
| FINLAND - 1.5% | ||||||
|
Cargotec OYJ Class B
|
11,214 | 540,188 | ||||
|
Nokia OYJ
|
321,940 | 1,546,719 | ||||
| 2,086,907 | ||||||
| FRANCE - 8.7% | ||||||
|
AXA SA
|
15,729 | 614,978 | ||||
|
BNP Paribas SA
|
717 | 54,336 | ||||
|
Bureau Veritas SA
|
33,031 | 993,356 | ||||
|
Carmila SA REIT
|
9,752 | 175,416 | ||||
|
Cie de Saint-Gobain SA
|
17,326 | 1,733,860 | ||||
|
Cie des Alpes
|
8,358 | 141,324 | ||||
|
Cie Generale des Etablissements Michelin SCA
|
3,692 | 131,219 | ||||
|
Derichebourg SA
|
90,494 | 511,255 | ||||
|
Engie SA
|
97,905 | 1,751,450 | ||||
|
Eurazeo SE
|
869 | 68,830 | ||||
|
Forvia SE
|
40,738 | 357,992 | ||||
| Security Description | Shares | Value | ||||
|
Kaufman & Broad SA
|
7,282 | $247,201 | ||||
|
Klepierre SA REIT
|
44,221 | 1,404,945 | ||||
|
La Francaise des Jeux SACA (c)
|
6,768 | 258,564 | ||||
|
LVMH Moet Hennessy Louis Vuitton SE
|
245 | 177,027 | ||||
|
Publicis Groupe SA
|
13,999 | 1,390,223 | ||||
|
Rexel SA
|
54,092 | 1,469,876 | ||||
|
Societe Generale SA
|
6,637 | 271,867 | ||||
|
TotalEnergies SE
|
7,551 | 455,274 | ||||
|
Vicat SACA
|
2,062 | 98,065 | ||||
| 12,307,058 | ||||||
| GERMANY - 10.8% | ||||||
|
Bilfinger SE
|
6,192 | 358,396 | ||||
|
Ceconomy AG (b)
|
42,234 | 135,910 | ||||
|
Cewe Stiftung & Co. KGaA
|
215 | 21,753 | ||||
|
Commerzbank AG
|
40,586 | 872,415 | ||||
|
Deutsche Bank AG
|
79,479 | 1,714,828 | ||||
|
Deutsche Telekom AG
|
65,114 | 2,349,786 | ||||
|
Evonik Industries AG
|
3,637 | 72,274 | ||||
|
Fresenius Medical Care AG
|
29,652 | 1,438,041 | ||||
|
Fresenius SE & Co. KGaA (b)
|
36,839 | 1,472,859 | ||||
|
Heidelberg Materials AG
|
10,202 | 1,534,176 | ||||
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
|
2,551 | 1,445,772 | ||||
|
SAP SE
|
12,988 | 3,604,184 | ||||
|
TUI AG (b)
|
34,915 | 254,283 | ||||
| 15,274,677 | ||||||
| HONG KONG - 2.2% | ||||||
|
Johnson Electric Holdings Ltd.
|
19,000 | 35,692 | ||||
|
Swire Pacific Ltd. Class A
|
134,000 | 1,112,208 | ||||
|
WH Group Ltd. (c)
|
1,695,500 | 1,385,350 | ||||
|
Yue Yuen Industrial Holdings Ltd.
|
286,000 | 586,542 | ||||
| 3,119,792 | ||||||
| INDONESIA - 0.4% | ||||||
|
First Pacific Co. Ltd.
|
1,052,000 | 616,040 | ||||
| IRELAND - 1.2% | ||||||
|
AerCap Holdings NV
|
14,300 | 1,474,330 | ||||
|
Cairn Homes PLC
|
107,719 | 241,922 | ||||
| 1,716,252 | ||||||
| ISRAEL - 1.1% | ||||||
|
Bank Leumi Le-Israel BM
|
58,313 | 773,256 | ||||
|
Wix.com Ltd. (b)
|
2,100 | 421,449 | ||||
|
ZIM Integrated Shipping Services Ltd.
|
15,500 | 313,410 | ||||
| 1,508,115 | ||||||
| ITALY - 5.0% | ||||||
|
A2A SpA
|
31,826 | 72,440 | ||||
|
BPER Banca SpA
|
199,038 | 1,520,339 | ||||
|
Buzzi SpA
|
752 | 33,932 | ||||
|
Coca-Cola HBC AG
|
33,754 | 1,430,354 | ||||
|
Hera SpA
|
21,432 | 83,319 | ||||
|
Intesa Sanpaolo SpA
|
412,368 | 2,032,124 | ||||
See accompanying notes to financial statements.
1
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
|
OVS SpA (c)
|
188,156 | $708,406 | ||||
|
UniCredit SpA
|
18,337 | 967,299 | ||||
|
Unipol Assicurazioni SpA
|
19,131 | 285,754 | ||||
| 7,133,967 | ||||||
| JAPAN - 20.1% | ||||||
|
Aisan Industry Co. Ltd.
|
30,600 | 404,778 | ||||
|
Brother Industries Ltd.
|
6,600 | 127,467 | ||||
|
Canon, Inc.
|
47,400 | 1,604,583 | ||||
|
Chugoku Marine Paints Ltd.
|
6,800 | 95,700 | ||||
|
Daiwa House Industry Co. Ltd.
|
47,200 | 1,553,881 | ||||
|
ENEOS Holdings, Inc.
|
275,400 | 1,477,469 | ||||
|
FCC Co. Ltd.
|
30,500 | 640,819 | ||||
|
Fuji Seal International, Inc.
|
22,900 | 414,136 | ||||
|
Hamakyorex Co. Ltd.
|
38,000 | 321,645 | ||||
|
Hitachi Ltd.
|
33,100 | 841,273 | ||||
|
ITOCHU Corp.
|
700 | 30,935 | ||||
|
J Front Retailing Co. Ltd. (a)
|
48,500 | 634,430 | ||||
|
JVCKenwood Corp.
|
59,200 | 537,486 | ||||
|
Komatsu Ltd.
|
52,500 | 1,574,528 | ||||
|
Mitsubishi Electric Corp.
|
62,600 | 971,698 | ||||
|
Mitsui & Co. Ltd.
|
76,900 | 1,441,035 | ||||
|
Mitsui Mining & Smelting Co. Ltd.
|
22,200 | 634,578 | ||||
|
NHK Spring Co. Ltd. (a)
|
51,600 | 578,975 | ||||
|
Nichias Corp.
|
8,000 | 240,277 | ||||
|
Nippon Shokubai Co. Ltd. (a)
|
3,500 | 42,515 | ||||
|
Nippon Yusen KK (a)
|
28,700 | 1,008,807 | ||||
|
Nishio Holdings Co. Ltd.
|
1,500 | 40,998 | ||||
|
Niterra Co. Ltd. (a)
|
21,400 | 631,460 | ||||
|
Nojima Corp.
|
18,200 | 301,476 | ||||
|
NOK Corp.
|
25,800 | 393,235 | ||||
|
Nomura Holdings, Inc.
|
231,700 | 1,509,517 | ||||
|
Noritsu Koki Co. Ltd.
|
21,200 | 636,343 | ||||
|
Open House Group Co. Ltd.
|
8,900 | 325,870 | ||||
|
Otsuka Holdings Co. Ltd.
|
24,100 | 1,181,349 | ||||
|
Recruit Holdings Co. Ltd.
|
9,100 | 542,455 | ||||
|
Ricoh Co. Ltd.
|
39,200 | 426,107 | ||||
|
Sakata INX Corp. (a)
|
5,400 | 65,846 | ||||
|
Seiko Group Corp. (a)
|
19,800 | 613,392 | ||||
|
Senshu Electric Co. Ltd.
|
1,000 | 31,970 | ||||
|
Subaru Corp. (a)
|
10,400 | 192,818 | ||||
|
Sumitomo Electric Industries Ltd.
|
74,100 | 1,306,058 | ||||
|
Sumitomo Riko Co. Ltd.
|
17,200 | 186,962 | ||||
|
Suzuki Motor Corp.
|
107,500 | 1,316,455 | ||||
|
SWCC Corp. (a)
|
2,400 | 97,750 | ||||
|
Taiheiyo Cement Corp.
|
7,900 | 206,346 | ||||
|
Takasago International Corp.
|
2,200 | 99,249 | ||||
|
TDK Corp.
|
110,600 | 1,183,583 | ||||
|
Tokyo Electron Ltd.
|
5,400 | 807,495 | ||||
|
Toyota Motor Corp.
|
17,000 | 308,390 | ||||
|
Tsubakimoto Chain Co.
|
10,800 | 137,807 | ||||
|
UACJ Corp.
|
4,500 | 156,470 | ||||
|
YAMABIKO Corp.
|
29,600 | 492,406 | ||||
| 28,368,822 | ||||||
| JORDAN - 0.5% | ||||||
|
Hikma Pharmaceuticals PLC
|
28,341 | 772,784 | ||||
| Security Description | Shares | Value | ||||
| NETHERLANDS - 3.4% | ||||||
|
ASML Holding NV
|
1,252 | $890,511 | ||||
|
Koninklijke KPN NV
|
338,632 | 1,292,750 | ||||
|
Koninklijke Philips NV
|
45,963 | 1,196,326 | ||||
|
NN Group NV
|
26,901 | 1,364,005 | ||||
| 4,743,592 | ||||||
| NORWAY - 0.8% | ||||||
|
Aker Solutions ASA
|
135,393 | 389,968 | ||||
|
Hoegh Autoliners ASA
|
16,508 | 112,274 | ||||
|
MPC Container Ships ASA
|
71,250 | 113,486 | ||||
|
Norsk Hydro ASA
|
89,179 | 526,797 | ||||
| 1,142,525 | ||||||
| SINGAPORE - 1.9% | ||||||
|
Oversea-Chinese Banking Corp. Ltd.
|
117,500 | 1,500,304 | ||||
|
Sembcorp Industries Ltd.
|
100,600 | 454,930 | ||||
|
United Overseas Bank Ltd.
|
26,000 | 736,545 | ||||
| 2,691,779 | ||||||
| SPAIN - 4.0% | ||||||
|
ACS Actividades de Construccion y Servicios SA
|
26,208 | 1,399,665 | ||||
|
Aedas Homes SA (c)
|
1,041 | 29,859 | ||||
|
Banco Bilbao Vizcaya Argentaria SA (a)
|
56,694 | 751,538 | ||||
|
Banco Santander SA
|
189,785 | 1,218,259 | ||||
|
Iberdrola SA
|
104,486 | 1,508,731 | ||||
|
Indra Sistemas SA (a)
|
32,300 | 700,336 | ||||
| 5,608,388 | ||||||
| SWEDEN - 4.3% | ||||||
|
Alimak Group AB (c)
|
4,097 | 55,250 | ||||
|
Alleima AB
|
51,869 | 457,312 | ||||
|
Attendo AB (c)
|
66,686 | 387,094 | ||||
|
Betsson AB Class B
|
3,085 | 46,520 | ||||
|
Clas Ohlson AB Class B
|
26,714 | 600,916 | ||||
|
Essity AB Class B
|
3,786 | 104,185 | ||||
|
Granges AB
|
36,942 | 470,375 | ||||
|
Loomis AB
|
8,641 | 333,377 | ||||
|
Peab AB Class B
|
88,346 | 664,430 | ||||
|
Securitas AB Class B
|
37,122 | 536,669 | ||||
|
Storskogen Group AB Class B
|
218,038 | 302,845 | ||||
|
Svenska Handelsbanken AB Class A (a)
|
35,119 | 441,145 | ||||
|
Telefonaktiebolaget LM Ericsson Class B
|
188,475 | 1,550,162 | ||||
|
Thule Group AB (c)
|
1,881 | 60,614 | ||||
| 6,010,894 | ||||||
| SWITZERLAND - 1.8% | ||||||
|
EFG International AG
|
35,004 | 545,040 | ||||
|
Logitech International SA
|
2,600 | 257,636 | ||||
|
Sonova Holding AG
|
2,391 | 769,524 | ||||
|
Zurich Insurance Group AG
|
1,490 | 984,427 | ||||
| 2,556,627 | ||||||
See accompanying notes to financial statements.
2
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
| UNITED KINGDOM - 12.5% | ||||||
|
3i Group PLC
|
35,010 | $1,752,280 | ||||
|
AstraZeneca PLC
|
3,026 | 457,829 | ||||
|
Aviva PLC
|
186,929 | 1,286,158 | ||||
|
Balfour Beatty PLC
|
30,399 | 177,581 | ||||
|
Barclays PLC
|
464,447 | 1,833,341 | ||||
|
Centrica PLC
|
761,338 | 1,436,792 | ||||
|
Drax Group PLC
|
66,235 | 508,234 | ||||
|
HSBC Holdings PLC
|
17,210 | 204,102 | ||||
|
Imperial Brands PLC
|
45,465 | 1,599,864 | ||||
|
JET2 PLC
|
8,999 | 159,901 | ||||
|
Johnson Service Group PLC
|
154,861 | 255,187 | ||||
|
Keller Group PLC
|
4,645 | 77,060 | ||||
|
Kier Group PLC
|
105,832 | 198,366 | ||||
|
Lloyds Banking Group PLC
|
2,048,200 | 1,901,084 | ||||
|
Mitie Group PLC
|
444,354 | 650,620 | ||||
|
NatWest Group PLC
|
298,500 | 1,808,903 | ||||
|
Paragon Banking Group PLC
|
24,828 | 236,107 | ||||
|
Polar Capital Holdings PLC
|
4,961 | 27,396 | ||||
|
Tesco PLC
|
339,505 | 1,627,934 | ||||
|
Unilever PLC
|
25,388 | 1,438,505 | ||||
| 17,637,244 | ||||||
| UNITED STATES - 7.7% | ||||||
|
Holcim AG
|
17,231 | 1,888,879 | ||||
|
Nestle SA
|
7,058 | 681,334 | ||||
|
Novartis AG
|
27,252 | 2,965,557 | ||||
|
Roche Holding AG
|
9,318 | 3,103,174 | ||||
|
Roche Holding AG Bearer Shares (a)
|
251 | 88,084 | ||||
|
Sanofi SA
|
9,741 | 1,064,274 | ||||
|
Schneider Electric SE
|
221 | 54,296 | ||||
|
Shell PLC
|
9,657 | 322,692 | ||||
|
Swiss Re AG
|
4,200 | 675,149 | ||||
| 10,843,439 | ||||||
|
TOTAL COMMON STOCKS
(Cost $122,101,412)
|
137,556,870 | |||||
| Security Description | Shares | Value | ||||
| SHORT-TERM INVESTMENTS - 3.1% | ||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.35% (d) (e)
|
815,955 | $815,955 | ||||
|
State Street Navigator Securities Lending Portfolio II (f) (g)
|
3,489,118 | 3,489,118 | ||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,305,073)
|
4,305,073 | |||||
|
TOTAL INVESTMENTS - 100.5%
(Cost $126,406,485)
|
141,861,943 | |||||
|
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.5)%
|
(669,334) | |||||
|
NET ASSETS - 100.0%
|
$141,192,609 | |||||
| (a) | All or a portion of the shares of the security are on loan at February 28, 2025. |
| (b) | Non-income producing security. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.5% of net assets as of February 28, 2025, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended February 28, 2025 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at February 28, 2025. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these investments during the period ended February 28, 2025 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
At February 28, 2025, open futures contracts were as follows:
| Description |
Number of Contracts |
Expiration Date |
Notional Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||
| MSCI EAFE Index (long) | 23 | 03/21/2025 | $2,794,155 | $2,793,991 | $(164) |
During the period ended February 28, 2025, the average notional value related to futures contracts was $2,098,273.
See accompanying notes to financial statements.
3
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 28, 2025.
| Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
|
Common Stocks
|
$7,105,904 | $130,450,966 | $- | $137,556,870 | ||||
|
Short-Term Investments
|
4,305,073 | - | - | 4,305,073 | ||||
|
TOTAL INVESTMENTS
|
$11,410,977 | $130,450,966 | $- | $141,861,943 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
|
Futures Contracts - Unrealized Depreciation
|
$(164) | $- | $- | $(164) | ||||
|
TOTAL OTHER FINANCIAL INSTRUMENTS:
|
$(164) | $- | $- | $(164) |
Affiliate Table
|
Number of Shares Held at 8/31/24 |
Value at 8/31/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 2/28/25 |
Value at 2/28/25 |
Dividend Income |
|||||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares
|
533,957 | $533,957 | $22,295,233 | $22,013,235 | $- | $- | 815,955 | $815,955 | $30,891 | ||||||||
|
State Street Navigator Securities Lending Portfolio II
|
225,675 | 225,675 | 22,117,719 | 18,854,276 | - | - | 3,489,118 | 3,489,118 | 3,856 | ||||||||
|
Total
|
$759,632 | $44,412,952 | $40,867,511 | $- | $- | $4,305,073 | $34,747 |
See accompanying notes to financial statements.
4
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
Statement of Assets and Liabilities
February 28, 2025 (Unaudited)
| ASSETS | |
|
Investments in unaffiliated issuers, at value*
|
$137,556,870 |
|
Investments in affiliated issuers, at value
|
4,305,073 |
|
Total Investments
|
141,861,943 |
|
Foreign currency, at value
|
542,259 |
|
Net cash at broker
|
88,976 |
|
Receivable for investments sold
|
5,789,214 |
|
Receivable for fund shares sold
|
36,533 |
|
Dividends receivable - unaffiliated issuers
|
217,499 |
|
Dividends receivable - affiliated issuers
|
7,290 |
|
Securities lending income receivable - unaffiliated issuers
|
47 |
|
Securities lending income receivable - affiliated issuers
|
712 |
|
Receivable from Adviser
|
48,525 |
|
Net receivable for foreign taxes recoverable
|
568,096 |
|
Prepaid expenses and other assets
|
502 |
|
TOTAL ASSETS
|
149,161,596 |
| LIABILITIES | |
|
Payable upon return of securities loaned
|
3,489,118 |
|
Payable for investments purchased
|
3,983,005 |
|
Payable for fund shares repurchased
|
305,698 |
|
Payable to broker - variation margin on open futures contracts
|
115 |
|
Advisory fee payable
|
73,230 |
|
Custodian fees payable
|
27,964 |
|
Administration fees payable
|
4,502 |
|
Shareholder servicing fee payable
|
1,433 |
|
Distribution fees payable
|
14,048 |
|
Trustees' fees and expenses payable
|
729 |
|
Transfer agent fees payable
|
11,966 |
|
Sub-transfer agent fee payable
|
238 |
|
Registration and filing fees payable
|
29,872 |
|
Professional fees payable
|
24,760 |
|
Printing and postage fees payable
|
681 |
|
Accrued expenses and other liabilities
|
1,628 |
|
TOTAL LIABILITIES
|
7,968,987 |
|
NET ASSETS
|
$141,192,609 |
| NET ASSETS CONSIST OF: | |
|
Paid-in capital
|
$135,603,135 |
|
Total distributable earnings (loss)
|
5,589,474 |
|
NET ASSETS
|
$141,192,609 |
| Class A | |
|
Net Assets
|
$163,544 |
|
Shares Outstanding
|
13,573 |
|
Net asset value, offering and redemption price per share
|
$12.05 |
|
Maximum sales charge
|
5.25% |
|
Maximum offering price per share
|
$12.72 |
| Class I | |
|
Net Assets
|
$3,087,897 |
|
Shares Outstanding
|
264,970 |
|
Net asset value, offering and redemption price per share
|
$11.65 |
| Class K | |
|
Net Assets
|
$56,160,678 |
|
Shares Outstanding
|
4,819,254 |
|
Net asset value, offering and redemption price per share
|
$11.65 |
| Class N | |
|
Net Assets
|
$81,780,490 |
|
Shares Outstanding
|
6,995,511 |
|
Net asset value, offering and redemption price per share
|
$11.69 |
See accompanying notes to financial statements.
5
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
Statement of Assets and Liabilities (continued)
February 28, 2025 (Unaudited)
| COST OF INVESTMENTS: | |
|
Investments in unaffiliated issuers
|
$122,101,412 |
|
Investments in affiliated issuers
|
4,305,073 |
|
Total cost of investments
|
$126,406,485 |
|
Foreign currency, at cost
|
$544,267 |
|
* Includes investments in securities on loan, at value
|
$3,799,053 |
See accompanying notes to financial statements.
6
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
Statement of Operations
For the Six Months Ended February 28, 2025(Unaudited)
| INVESTMENT INCOME | |
|
Interest income - unaffiliated issuers
|
$1,340 |
|
Dividend income - unaffiliated issuers
|
1,308,694 |
|
Dividend income - affiliated issuers
|
30,891 |
|
Unaffiliated securities lending income
|
1,771 |
|
Affiliated securities lending income
|
3,856 |
|
Foreign taxes withheld
|
(112,013) |
|
TOTAL INVESTMENT INCOME (LOSS)
|
1,234,539 |
| EXPENSES | |
|
Advisory fee
|
488,899 |
|
Administration fees
|
32,593 |
| Shareholder servicing fees | |
|
Class N
|
9,401 |
| Distribution fees | |
|
Class A
|
169 |
|
Class N
|
91,962 |
|
Custodian fees
|
34,654 |
|
Trustees' fees and expenses
|
10,128 |
|
Transfer agent fees
|
13,635 |
|
Class A
|
97 |
|
Class I
|
862 |
|
Registration and filing fees
|
31,207 |
|
Professional fees and expenses
|
17,519 |
|
Printing and postage fees
|
3,922 |
|
Insurance expense
|
746 |
|
Miscellaneous expenses
|
11,093 |
|
TOTAL EXPENSES
|
746,887 |
|
Expenses waived/reimbursed by the Adviser
|
(155,497) |
|
NET EXPENSES
|
591,390 |
|
NET INVESTMENT INCOME (LOSS)
|
$643,149 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
|
Investments - unaffiliated issuers
|
6,289,200 |
|
Foreign currency transactions
|
(33,669) |
|
Futures contracts
|
(23,068) |
|
Net realized gain (loss)
|
6,232,463 |
| Net change in unrealized appreciation/depreciation on: | |
|
Investments - unaffiliated issuers
|
(4,067,336) |
|
Foreign currency translations
|
(44,191) |
|
Futures contracts
|
(149,912) |
|
Net change in unrealized appreciation/depreciation
|
(4,261,439) |
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
1,971,024 |
|
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$2,614,173 |
See accompanying notes to financial statements.
7
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
Statements of Changes in Net Assets
|
Six Months Ended 02/28/25 (Unaudited) |
Year Ended 08/31/24 |
||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
|
Net investment income (loss)
|
$643,149 | $3,578,720 | |
|
Net realized gain (loss)
|
6,232,463 | 9,308,377 | |
|
Net change in unrealized appreciation/depreciation
|
(4,261,439) | 11,451,073 | |
|
Net increase (decrease) in net assets resulting from operations
|
2,614,173 | 24,338,170 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | |||
|
Class A
|
(4,959) | (2,111) | |
|
Class I
|
(111,914) | (138,906) | |
|
Class K
|
(1,651,465) | (2,507,061) | |
|
Class N
|
(2,776,249) | (4,563,615) | |
|
Total distributions to shareholders
|
(4,544,587) | (7,211,693) | |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
| Class A | |||
|
Proceeds from shares sold
|
35,370 | 24,800 | |
|
Reinvestment of distributions
|
4,959 | 2,111 | |
|
Cost of shares redeemed
|
(1,738) | (12,906) | |
|
Net increase (decrease) from capital share transactions
|
38,591 | 14,005 | |
| Class I | |||
|
Proceeds from shares sold
|
180,963 | 1,328,948 | |
|
Reinvestment of distributions
|
111,481 | 135,635 | |
|
Cost of shares redeemed
|
(443,583) | (976,950) | |
|
Net increase (decrease) from capital share transactions
|
(151,139) | 487,633 | |
| Class K | |||
|
Proceeds from shares sold
|
14,391,792 | 10,404,594 | |
|
Reinvestment of distributions
|
1,651,465 | 2,507,061 | |
|
Cost of shares redeemed
|
(7,927,057) | (15,568,949) | |
|
Net increase (decrease) from capital share transactions
|
8,116,200 | (2,657,294) | |
| Class N | |||
|
Proceeds from shares sold
|
918,249 | 2,069,848 | |
|
Reinvestment of distributions
|
2,745,752 | 4,517,055 | |
|
Cost of shares redeemed
|
(8,183,734) | (16,030,445) | |
|
Net increase (decrease) from capital share transactions
|
(4,519,733) | (9,443,542) | |
|
Net increase (decrease) in net assets from beneficial interest transactions
|
3,483,919 | (11,599,198) | |
|
Net increase (decrease) in net assets during the period
|
1,553,505 | 5,527,279 | |
|
Net assets at beginning of period
|
139,639,104 | 134,111,825 | |
|
NET ASSETS AT END OF PERIOD
|
$141,192,609 | $139,639,104 | |
| SHARES OF BENEFICIAL INTEREST: | |||
| Class A | |||
|
Shares sold
|
2,997 | 2,094 | |
|
Reinvestment of distributions
|
440 | 197 | |
|
Shares redeemed
|
(147) | (1,155) | |
|
Net increase (decrease) from capital share transactions
|
3,290 | 1,136 | |
| Class I | |||
|
Shares sold
|
15,975 | 119,388 | |
|
Reinvestment of distributions
|
10,237 | 13,118 | |
|
Shares redeemed
|
(39,044) | (90,231) | |
|
Net increase (decrease) from capital share transactions
|
(12,832) | 42,275 | |
| Class K | |||
|
Shares sold
|
1,264,849 | 941,261 | |
|
Reinvestment of distributions
|
151,650 | 242,462 | |
|
Shares redeemed
|
(691,424) | (1,433,868) | |
|
Net increase (decrease) from capital share transactions
|
725,075 | (250,145) | |
| Class N | |||
|
Shares sold
|
79,652 | 188,555 | |
|
Reinvestment of distributions
|
251,212 | 435,169 | |
|
Shares redeemed
|
(723,114) | (1,491,000) | |
|
Net increase (decrease) from capital share transactions
|
(392,250) | (867,276) |
See accompanying notes to financial statements.
8
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| Class A | |||||||||||
|
Six Months Ended 2/28/25 (Unaudited) |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
Year Ended 8/31/21 |
Year Ended 8/31/20 |
||||||
|
Net asset value, beginning of period
|
$12.22 | $10.41 | $9.11 | $11.84 | $9.46 | $9.59 | |||||
| Income (loss) from investment operations: | |||||||||||
|
Net investment income (loss) (a)(b)
|
0.04 | 0.26 | 0.17 | 0.32 | 0.25 | 0.19 | |||||
|
Net realized and unrealized gain (loss)
|
0.18 | 1.78 | 1.16 | (2.57) | 2.31 | (0.00)(c) | |||||
|
Total from investment operations
|
0.22 | 2.04 | 1.33 | (2.25) | 2.56 | 0.19 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income
|
(0.39) | (0.23) | (0.03) | (0.48) | (0.18) | (0.32) | |||||
|
Net asset value, end of period
|
$12.05 | $12.22 | $10.41 | $9.11 | $11.84 | $9.46 | |||||
|
Total return (d)
|
2.00% | 19.89% | 14.68% | (19.76)% | 27.33% | 1.75% | |||||
| Ratios and Supplemental Data: | |||||||||||
|
Net assets, end of period (in 000s)
|
$164 | $126 | $95 | $3,725 | $4,642 | $4,141 | |||||
| Ratios to Average Net Assets: | |||||||||||
|
Total expenses (b)
|
1.38%(e) | 1.49% | 1.67% | 1.44% | 1.55% | 1.48% | |||||
|
Net expenses (b)
|
1.14%(e) | 1.24% | 1.43% | 1.20% | 1.29% | 1.20% | |||||
|
Net investment income (loss) (b)
|
0.67%(e) | 2.40% | 1.87% | 3.05% | 2.30% | 2.03% | |||||
|
Portfolio turnover rate
|
65%(f) | 98% | 106% | 120% | 111% | 104% | |||||
| (a) | Average daily shares outstanding were used for this calculation. |
| (b) | May reflect amounts waived and/or reimbursed by the investment adviser and for certain funds, custody credit arrangements. |
| (c) | Amount is less than $0.005 per share. |
| (d) | 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 of less than one year are not annualized. Results represent past performance and are not indicative of future results. |
| (e) | Annualized. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
9
Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
|
Class I |
|||||||||||
|
Six Months Ended 2/28/25 (Unaudited) |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
Year Ended 8/31/21 |
Year Ended 8/31/20 |
||||||
|
Net asset value, beginning of period
|
$11.85 | $10.43 | $9.17 | $11.93 | $9.51 | $9.65 | |||||
| Income (loss) from investment operations: | |||||||||||
|
Net investment income (loss) (a)(b)
|
0.06 | 0.30 | 0.34 | 0.37 | 0.31 | 0.22 | |||||
|
Net realized and unrealized gain (loss)
|
0.16 | 1.73 | 1.27 | (2.59) | 2.32 | 0.00(c) | |||||
|
Total from investment operations
|
0.22 | 2.03 | 1.61 | (2.22) | 2.63 | 0.22 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income
|
(0.42) | (0.61) | (0.35) | (0.54) | (0.21) | (0.36) | |||||
|
Net asset value, end of period
|
$11.65 | $11.85 | $10.43 | $9.17 | $11.93 | $9.51 | |||||
|
Total return (d)
|
2.08% | 20.44% | 17.82% | (19.47)% | 27.94% | 2.02% | |||||
| Ratios and Supplemental Data: | |||||||||||
|
Net assets, end of period (in 000s)
|
$3,088 | $3,291 | $2,456 | $2,604 | $3,419 | $2,557 | |||||
| Ratios to Average Net Assets: | |||||||||||
|
Total expenses (b)
|
1.04%(e) | 1.09% | 1.11% | 1.04% | 1.11% | 1.15% | |||||
|
Net expenses (b)
|
0.81%(e) | 0.84% | 0.87% | 0.81% | 0.85% | 0.87% | |||||
|
Net investment income (loss) (b)
|
1.07%(e) | 2.81% | 3.42% | 3.46% | 2.88% | 2.33% | |||||
|
Portfolio turnover rate
|
65%(f) | 98% | 106% | 120% | 111% | 104% | |||||
| (a) | Average daily shares outstanding were used for this calculation. |
| (b) | May reflect amounts waived and/or reimbursed by the investment adviser and for certain funds, custody credit arrangements. |
| (c) | Amount is less than $0.005 per share. |
| (d) | 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 of less than one year are not annualized. Results represent past performance and are not indicative of future results. |
| (e) | Annualized. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
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Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
|
Class K |
|||||||||||
|
Six Months Ended 2/28/25 (Unaudited) |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
Year Ended 8/31/21 |
Year Ended 8/31/20 |
||||||
|
Net asset value, beginning of period
|
$11.85 | $10.43 | $9.17 | $11.93 | $9.52 | $9.65 | |||||
| Income (loss) from investment operations: | |||||||||||
|
Net investment income (loss) (a)(b)
|
0.06 | 0.31 | 0.36 | 0.35 | 0.32 | 0.24 | |||||
|
Net realized and unrealized gain (loss)
|
0.17 | 1.73 | 1.25 | (2.57) | 2.31 | (0.00)(c) | |||||
|
Total from investment operations
|
0.23 | 2.04 | 1.61 | (2.22) | 2.63 | 0.24 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income
|
(0.43) | (0.62) | (0.35) | (0.54) | (0.22) | (0.37) | |||||
|
Net asset value, end of period
|
$11.65 | $11.85 | $10.43 | $9.17 | $11.93 | $9.52 | |||||
|
Total return (d)
|
2.16% | 20.45% | 18.01% | (19.42)% | 27.97% | 2.21% | |||||
| Ratios and Supplemental Data: | |||||||||||
|
Net assets, end of period (in 000s)
|
$56,161 | $48,521 | $45,320 | $66,731 | $76,748 | $60,185 | |||||
| Ratios to Average Net Assets: | |||||||||||
|
Total expenses (b)
|
0.99%(e) | 1.00% | 0.99% | 0.98% | 1.01% | 1.03% | |||||
|
Net expenses (b)
|
0.75%(e) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | |||||
|
Net investment income (loss) (b)
|
1.15%(e) | 2.87% | 3.70% | 3.25% | 2.93% | 2.52% | |||||
|
Portfolio turnover rate
|
65%(f) | 98% | 106% | 120% | 111% | 104% | |||||
| (a) | Average daily shares outstanding were used for this calculation. |
| (b) | May reflect amounts waived and/or reimbursed by the investment adviser and for certain funds, custody credit arrangements. |
| (c) | Amount is less than $0.005 per share. |
| (d) | 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 of less than one year are not annualized. Results represent past performance and are not indicative of future results. |
| (e) | Annualized. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
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Table of Contents
STATE STREET INTERNATIONAL STOCK SELECTION FUND
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
|
Class N |
|||||||||||
|
Six Months Ended 2/28/25 (Unaudited) |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
Year Ended 8/31/21 |
Year Ended 8/31/20 |
||||||
|
Net asset value, beginning of period
|
$11.87 | $10.45 | $9.18 | $11.94 | $9.53 | $9.66 | |||||
| Income (loss) from investment operations: | |||||||||||
|
Net investment income (loss) (a)(b)
|
0.05 | 0.29 | 0.33 | 0.35 | 0.29 | 0.21 | |||||
|
Net realized and unrealized gain (loss)
|
0.17 | 1.72 | 1.27 | (2.60) | 2.32 | 0.01 | |||||
|
Total from investment operations
|
0.22 | 2.01 | 1.60 | (2.25) | 2.61 | 0.22 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income
|
(0.40) | (0.59) | (0.33) | (0.51) | (0.20) | (0.35) | |||||
|
Net asset value, end of period
|
$11.69 | $11.87 | $10.45 | $9.18 | $11.94 | $9.53 | |||||
|
Total return (c)
|
2.05% | 20.09% | 17.79% | (19.61)% | 27.63% | 1.94% | |||||
| Ratios and Supplemental Data: | |||||||||||
|
Net assets, end of period (in 000s)
|
$81,780 | $87,702 | $86,241 | $86,569 | $117,474 | $103,963 | |||||
| Ratios to Average Net Assets: | |||||||||||
|
Total expenses (b)
|
1.24%(d) | 1.25% | 1.24% | 1.23% | 1.26% | 1.28% | |||||
|
Net expenses (b)
|
1.00%(d) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||
|
Net investment income (loss) (b)
|
0.89%(d) | 2.64% | 3.34% | 3.25% | 2.64% | 2.20% | |||||
|
Portfolio turnover rate
|
65%(e) | 98% | 106% | 120% | 111% | 104% | |||||
| (a) | Average daily shares outstanding were used for this calculation. |
| (b) | May reflect amounts waived and/or reimbursed by the investment adviser and for certain funds, custody credit arrangements. |
| (c) | 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 of less than one year are not annualized. Results represent past performance and are not indicative of future results. |
| (d) | Annualized. |
| (e) | Not annualized. |
See accompanying notes to financial statements.
12
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND
Notes to Financial Statements - February 28, 2025 (Unaudited)
1. Organization
The SSGA Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), is an open-end management investment company.
As of February 28, 2025, the Trust consists of two (2) 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" and each member thereof, a "Trustee") 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 International Stock Selection Fund |
Class A Class I Class K Class N |
July 7, 2014 July 7, 2014 July 7, 2014 March 7, 1995 |
Diversified |
Class A shares are available to the general public for investment through transaction-based financial intermediaries. Class A shares impose a sales charge (as a percentage of offering price) and may be subject to a 1.00% contingent deferred sales charge ("CDSC") if no initial sales charge was paid at the time of purchase of an investment of $1,000,000 or more and the shares are redeemed within 18 months of purchase. Class I, Class K and Class N shares are sold without a sales charge and only to certain eligible investors.
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
The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund's investments in accordance with its investment objective. The Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the 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. The Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to the Fund's competitors and to the 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. 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 the 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:
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Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
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 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.
A "significant event" is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of the Fund's portfolio securities to no longer reflect their value at the time of the Fund's net asset value calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.
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, 2025 is disclosed in the 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.
14
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
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. 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 Fund 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.
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 the relative net assets of the Funds within the Trust. Class specific expenses are borne by each class.
Foreign Currency Translation
The accounting records of the Fund 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 Fund 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 Funds Management, Inc.'s (the "Adviser" or "SSGA FM") understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of February 28, 2025, if any, are disclosed in the Fund's Statement of Assets and Liabilities.
As a result of several court cases, in certain countries across the European Union ("EU"), the Fund filed for additional tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for such EU reclaims is reflected in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.
For U.S. income tax purposes, EU reclaims received by the Fund, if any, during a fiscal year reduce the amounts of foreign taxes that the Fund passes through to its shareholders for their use as foreign tax credits on their individual income tax returns. In the event that EU reclaims received by the Fund during the fiscal year exceed foreign withholding taxes paid, and the Fund previously passed through those refunded EU taxes to its shareholders for their use as foreign tax credits on prior year individual income tax returns the Fund will enter into a closing agreement with the Internal Revenue Service (the "IRS") in order to pay the associated tax liability on behalf of the Fund's shareholders, payable by the Fund to the IRS as a compliance fee.
Distributions
Distributions from net investment income, if any, are declared and paid annually. 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.
15
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
4. Derivative Financial Instruments
Futures Contracts
The 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 Schedule of Investments and cash deposited, if any, is included in Net cash at broker on the Statement 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, 2025, the Fund entered into futures contracts in order to equitize cash.
The following tables summarize the value of the Fund's derivative instruments as of February 28, 2025, 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 Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street International Stock Selection Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $115 | $- | $115 | |||||
| Net Realized Gain (Loss) | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street International Stock Selection Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $(23,068) | $- | $(23,068) | |||||
| Net Change in Unrealized Appreciation/Depreciation | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street International Stock Selection Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $(149,912) | $- | $(149,912) | |||||
5. Fees and Transactions with Affiliates
Advisory Fees
SSGA FM manages the Fund pursuant to an Investment Advisory Agreement between the Trust and the Adviser. The Adviser is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly owned subsidiary of State Street Corporation. The Adviser and other advisory affiliates of State Street Corporation make up State Street Global Advisors, the investment management arm of State Street Corporation and its affiliated companies. The Adviser directs the investments of the Fund in accordance with its investment objectives, policies and limitations. For its services, the Fund pays the Adviser a management fee at an annual rate of 0.75% of its average daily net assets. The fees are accrued daily and paid monthly.
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SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
The Adviser is contractually obligated until December 31, 2025 to waive up to the full amount of its management fee and/or to reimburse the Fund for expenses to the extent that total annual Fund operating expenses (exclusive of non-recurring account fees, extraordinary expenses, acquired fund fees and expenses, and distribution, shareholder servicing and sub-transfer agency fees) exceed 0.75% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to December 31, 2025 except with the approval of the Board. During the period ended February 28, 2025, SSGA FM agreed to reimburse fees of $148,978.
Administrator, Sub-Administrator and Custodian Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("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, 2025. For the period ended February 28, 2025, SSGA FM waived fees in the amount of $6,519.
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 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 A and Class N shares and for services provided to shareholders in those classes (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 A shares and 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.
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.
Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across participating affiliated funds, the Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, the Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is 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 9 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, 2025, are disclosed in the Fund's Schedule of Investments.
6. 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 Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
17
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
7. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended February 28, 2025 were as follows:
| Purchases | Sales | ||
|
State Street International Stock Selection Fund
|
$84,226,336 | $85,925,360 |
8. 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, 2024, 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, 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:
|
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||
|
State Street International Stock Selection Fund
|
$127,782,236 | $18,326,325 | $4,246,782 | $14,079,543 |
9. 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, the 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, 2025, and the value of the invested cash collateral are disclosed in the Fund's Statement of Assets and Liabilities. Non-cash collateral is not disclosed in the Fund's Statement 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 Statement 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.
18
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
The following is a summary of the Fund's securities lending agreements and related cash and non-cash collateral received as of February 28, 2025:
| Fund |
Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received* |
Total Collateral Received |
||||
|
State Street International Stock Selection Fund
|
$ 3,799,053 | $ 3,489,118 | $ 546,672 | $ 4,035,790 |
| * | 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, 2025:
|
Remaining Contractual Maturity of the Agreements as of February 28, 2025 |
||||||||||||||
| 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 International Stock Selection Fund
|
Common Stocks | $3,489,118 | $- | $- | $- | $3,489,118 | $3,489,118 | |||||||
10. Line of Credit
The Fund 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 Fund had no outstanding loans as of February 28, 2025.
11. Risks
Concentration Risk
As a result of the 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 the Fund's investments more than if the Fund was more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
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.
19
Table of Contents
SSGA FUNDS
STATE STREET INTERNATIONAL STOCK SELECTION FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
Market Risk
The Fund's investments are subject to changes in general economic conditions, 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 Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
20
Table of Contents
SSGA FUNDS
Proxy Disclosure for Open-End Management Investment Companies
February 28, 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 tables below.
All Funds
Proposal 1: To elect the following as Trustees of the Trust:
| Proposed Trustee | Shares For | Shares Withheld |
| Patrick J. Riley | 9,574,882.086 | 246,569.230 |
| Donna M. Rapaccioli | 9,645,963.731 | 175,487.585 |
| Margaret K. McLaughlin | 9,636,103.295 | 185,348.021 |
| George M. Pereira | 9,640,362.130 | 181,089.186 |
| Mark E. Swanson | 9,643,781.531 | 177,669.785 |
| Jeanne LaPorta | 9,651,187.068 | 170,264.248 |
21
Semi-Annual Financial Statements and Other Information
February 28, 2025
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 1-800-647-7327 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
|
Schedule of Investments (Unaudited) (N-CSR Item 6)
|
1 |
|
Statement of Assets and Liabilities (Unaudited) (N-CSR Item 7)
|
8 |
|
Statement of Operations (Unaudited) (N-CSR Item 7)
|
9 |
|
Statements of Changes in Net Assets (Unaudited) (N-CSR Item 7)
|
10 |
|
Financial Highlights (Unaudited) (N-CSR Item 7)
|
11 |
|
Notes to Financial Statements (Unaudited) (N-CSR Item 7)
|
12 |
|
Proxy Disclosures for Open-End Management Investment Companies (Unaudited) (N-CSR Item 9)
|
18 |
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 (Unaudited) (N-CSR Item 11)- Not Applicable
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
| COMMON STOCKS - 99.4% | ||||||
| COMMUNICATION SERVICES - 9.4% | ||||||
|
Alphabet, Inc. Class A
|
177,117 | $30,159,483 | ||||
|
Alphabet, Inc. Class C (a)
|
144,200 | 24,834,124 | ||||
|
AT&T, Inc.
|
218,841 | 5,998,432 | ||||
|
Charter Communications, Inc. Class A (b)
|
2,900 | 1,054,353 | ||||
|
Comcast Corp. Class A
|
116,287 | 4,172,378 | ||||
|
Electronic Arts, Inc.
|
7,342 | 947,999 | ||||
|
Fox Corp. Class A
|
5,616 | 323,482 | ||||
|
Fox Corp. Class B
|
2,900 | 156,803 | ||||
|
Interpublic Group of Cos., Inc.
|
12,228 | 335,047 | ||||
|
Live Nation Entertainment, Inc. (b)
|
4,400 | 630,784 | ||||
|
Match Group, Inc.
|
7,587 | 240,584 | ||||
|
Meta Platforms, Inc. Class A
|
66,141 | 44,195,416 | ||||
|
Netflix, Inc. (b)
|
13,012 | 12,759,047 | ||||
|
News Corp. Class A
|
12,561 | 359,496 | ||||
|
News Corp. Class B (a)
|
3,800 | 122,664 | ||||
|
Omnicom Group, Inc.
|
6,598 | 546,050 | ||||
|
Paramount Global Class B
|
18,831 | 213,920 | ||||
|
Take-Two Interactive Software, Inc. (b)
|
4,594 | 973,836 | ||||
|
T-Mobile U.S., Inc.
|
14,685 | 3,960,398 | ||||
|
Verizon Communications, Inc.
|
128,464 | 5,536,798 | ||||
|
Walt Disney Co.
|
54,418 | 6,192,768 | ||||
|
Warner Bros Discovery, Inc. (b)
|
66,333 | 760,176 | ||||
| 144,474,038 | ||||||
| CONSUMER DISCRETIONARY - 10.5% | ||||||
|
Airbnb, Inc. Class A (b)
|
13,400 | 1,860,858 | ||||
|
Amazon.com, Inc. (b)
|
283,374 | 60,154,633 | ||||
|
Aptiv PLC (b)
|
6,403 | 416,963 | ||||
|
AutoZone, Inc. (b)
|
471 | 1,645,208 | ||||
|
Best Buy Co., Inc.
|
6,513 | 585,584 | ||||
|
Booking Holdings, Inc.
|
1,002 | 5,026,042 | ||||
|
BorgWarner, Inc.
|
7,563 | 225,150 | ||||
|
Caesars Entertainment, Inc. (b)
|
6,777 | 225,132 | ||||
|
CarMax, Inc. (b)
|
5,192 | 430,780 | ||||
|
Carnival Corp. (b)
|
32,449 | 776,505 | ||||
|
Chipotle Mexican Grill, Inc. (b)
|
41,800 | 2,255,946 | ||||
|
Darden Restaurants, Inc.
|
3,340 | 669,536 | ||||
|
Deckers Outdoor Corp. (b)
|
4,800 | 668,928 | ||||
|
Domino's Pizza, Inc.
|
1,119 | 547,985 | ||||
|
DR Horton, Inc.
|
9,079 | 1,151,308 | ||||
|
eBay, Inc.
|
14,892 | 964,108 | ||||
|
Expedia Group, Inc. (b)
|
3,475 | 687,911 | ||||
|
Ford Motor Co.
|
119,531 | 1,141,521 | ||||
|
Garmin Ltd.
|
4,899 | 1,121,528 | ||||
|
General Motors Co.
|
32,941 | 1,618,391 | ||||
|
Genuine Parts Co.
|
4,220 | 526,994 | ||||
|
Hasbro, Inc.
|
4,232 | 275,545 | ||||
|
Hilton Worldwide Holdings, Inc.
|
7,543 | 1,998,593 | ||||
|
Home Depot, Inc.
|
30,236 | 11,991,598 | ||||
| Security Description | Shares | Value | ||||
|
Las Vegas Sands Corp.
|
9,805 | $438,381 | ||||
|
Lennar Corp. Class A
|
7,380 | 882,869 | ||||
|
LKQ Corp.
|
8,100 | 341,739 | ||||
|
Lowe's Cos., Inc.
|
17,403 | 4,327,082 | ||||
|
Lululemon Athletica, Inc. (b)
|
3,400 | 1,243,074 | ||||
|
Marriott International, Inc. Class A
|
7,206 | 2,020,923 | ||||
|
McDonald's Corp.
|
21,529 | 6,638,037 | ||||
|
MGM Resorts International (b)
|
7,700 | 267,652 | ||||
|
Mohawk Industries, Inc. (b)
|
1,969 | 231,535 | ||||
|
NIKE, Inc. Class B
|
36,026 | 2,861,545 | ||||
|
Norwegian Cruise Line Holdings Ltd. (b)
|
13,900 | 315,808 | ||||
|
NVR, Inc. (b)
|
100 | 724,558 | ||||
|
O'Reilly Automotive, Inc. (b)
|
1,726 | 2,370,903 | ||||
|
Pool Corp.
|
1,265 | 438,955 | ||||
|
PulteGroup, Inc.
|
6,252 | 645,707 | ||||
|
Ralph Lauren Corp.
|
1,196 | 324,283 | ||||
|
Ross Stores, Inc.
|
10,234 | 1,436,035 | ||||
|
Royal Caribbean Cruises Ltd.
|
7,197 | 1,771,182 | ||||
|
Starbucks Corp.
|
34,369 | 3,980,274 | ||||
|
Tapestry, Inc.
|
7,581 | 647,569 | ||||
|
Tesla, Inc. (b)
|
84,635 | 24,796,378 | ||||
|
TJX Cos., Inc.
|
34,624 | 4,319,690 | ||||
|
Tractor Supply Co. (a)
|
15,865 | 878,128 | ||||
|
Ulta Beauty, Inc. (b)
|
1,549 | 567,492 | ||||
|
Wynn Resorts Ltd.
|
3,391 | 302,884 | ||||
|
Yum! Brands, Inc.
|
8,249 | 1,289,896 | ||||
| 161,029,326 | ||||||
| CONSUMER STAPLES - 5.8% | ||||||
|
Altria Group, Inc.
|
51,641 | 2,884,150 | ||||
|
Archer-Daniels-Midland Co.
|
15,261 | 720,319 | ||||
|
Brown-Forman Corp. Class B (a)
|
5,827 | 192,932 | ||||
|
Bunge Global SA
|
4,300 | 319,017 | ||||
|
Campbell's Co.
|
6,461 | 258,828 | ||||
|
Church & Dwight Co., Inc.
|
7,203 | 800,974 | ||||
|
Clorox Co.
|
3,498 | 547,052 | ||||
|
Coca-Cola Co.
|
117,733 | 8,383,767 | ||||
|
Colgate-Palmolive Co.
|
24,462 | 2,230,201 | ||||
|
Conagra Brands, Inc.
|
14,679 | 374,902 | ||||
|
Constellation Brands, Inc. Class A
|
4,776 | 838,188 | ||||
|
Costco Wholesale Corp.
|
13,391 | 14,041,936 | ||||
|
Dollar General Corp.
|
7,274 | 539,585 | ||||
|
Dollar Tree, Inc. (b)
|
6,345 | 462,297 | ||||
|
Estee Lauder Cos., Inc. Class A
|
7,664 | 551,118 | ||||
|
General Mills, Inc.
|
16,995 | 1,030,237 | ||||
|
Hershey Co.
|
4,706 | 812,773 | ||||
|
Hormel Foods Corp.
|
7,898 | 226,120 | ||||
|
J.M. Smucker Co.
|
3,555 | 392,934 | ||||
|
Kellanova
|
8,484 | 703,324 | ||||
|
Kenvue, Inc.
|
56,263 | 1,327,807 | ||||
|
Keurig Dr. Pepper, Inc.
|
34,689 | 1,162,775 | ||||
|
Kimberly-Clark Corp.
|
10,347 | 1,469,377 | ||||
See accompanying notes to financial statements.
1
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
|
Kraft Heinz Co.
|
26,151 | $803,097 | ||||
|
Kroger Co.
|
19,842 | 1,286,158 | ||||
|
Lamb Weston Holdings, Inc.
|
4,700 | 243,789 | ||||
|
McCormick & Co., Inc.
|
6,922 | 571,826 | ||||
|
Molson Coors Beverage Co. Class B
|
5,909 | 362,163 | ||||
|
Mondelez International, Inc. Class A
|
39,610 | 2,544,150 | ||||
|
Monster Beverage Corp. (b)
|
22,010 | 1,202,846 | ||||
|
PepsiCo, Inc.
|
41,221 | 6,326,187 | ||||
|
Philip Morris International, Inc.
|
46,785 | 7,264,775 | ||||
|
Procter & Gamble Co.
|
71,436 | 12,418,434 | ||||
|
Sysco Corp.
|
15,041 | 1,136,197 | ||||
|
Target Corp.
|
14,236 | 1,768,681 | ||||
|
Tyson Foods, Inc. Class A
|
8,849 | 542,798 | ||||
|
Walgreens Boots Alliance, Inc.
|
24,834 | 265,227 | ||||
|
Walmart, Inc.
|
132,132 | 13,029,537 | ||||
| 90,036,478 | ||||||
| ENERGY - 3.3% | ||||||
|
APA Corp.
|
9,509 | 196,836 | ||||
|
Baker Hughes Co.
|
30,098 | 1,342,070 | ||||
|
Chevron Corp.
|
50,358 | 7,987,786 | ||||
|
ConocoPhillips
|
39,048 | 3,871,609 | ||||
|
Coterra Energy, Inc.
|
21,852 | 589,785 | ||||
|
Devon Energy Corp.
|
19,086 | 691,295 | ||||
|
Diamondback Energy, Inc.
|
5,566 | 884,771 | ||||
|
EOG Resources, Inc.
|
16,923 | 2,148,206 | ||||
|
EQT Corp.
|
18,895 | 910,172 | ||||
|
Exxon Mobil Corp.
|
133,446 | 14,856,543 | ||||
|
Halliburton Co.
|
25,080 | 661,360 | ||||
|
Hess Corp.
|
8,088 | 1,204,627 | ||||
|
Kinder Morgan, Inc.
|
60,655 | 1,643,751 | ||||
|
Marathon Petroleum Corp.
|
9,475 | 1,422,956 | ||||
|
Occidental Petroleum Corp.
|
21,460 | 1,048,106 | ||||
|
ONEOK, Inc.
|
17,966 | 1,803,607 | ||||
|
Phillips 66 Co.
|
12,892 | 1,671,963 | ||||
|
Schlumberger NV
|
43,911 | 1,829,332 | ||||
|
Targa Resources Corp.
|
6,404 | 1,291,815 | ||||
|
Texas Pacific Land Corp.
|
600 | 856,770 | ||||
|
Valero Energy Corp.
|
9,375 | 1,225,594 | ||||
|
Williams Cos., Inc.
|
36,394 | 2,117,403 | ||||
| 50,256,357 | ||||||
| FINANCIALS - 14.4% | ||||||
|
Aflac, Inc.
|
14,827 | 1,623,113 | ||||
|
Allstate Corp.
|
7,867 | 1,566,713 | ||||
|
American Express Co.
|
17,012 | 5,119,931 | ||||
|
American International Group, Inc.
|
19,246 | 1,596,263 | ||||
|
Ameriprise Financial, Inc.
|
2,976 | 1,599,005 | ||||
|
Aon PLC Class A
|
6,648 | 2,719,830 | ||||
|
Apollo Global Management, Inc.
|
13,800 | 2,059,926 | ||||
|
Arch Capital Group Ltd.
|
11,464 | 1,065,120 | ||||
|
Arthur J Gallagher & Co.
|
7,615 | 2,571,890 | ||||
|
Assurant, Inc.
|
1,704 | 354,244 | ||||
| Security Description | Shares | Value | |||
|
Bank of America Corp.
|
201,406 | $9,284,817 | |||
|
Bank of New York Mellon Corp.
|
21,772 | 1,936,619 | |||
|
Berkshire Hathaway, Inc. Class B (b)
|
55,511 | 28,523,217 | |||
|
Blackrock, Inc.
|
4,434 | 4,335,476 | |||
|
Blackstone, Inc.
|
22,176 | 3,573,884 | |||
|
Brown & Brown, Inc.
|
7,479 | 886,561 | |||
|
Capital One Financial Corp.
|
11,473 | 2,300,910 | |||
|
Cboe Global Markets, Inc.
|
2,959 | 623,757 | |||
|
Charles Schwab Corp.
|
51,766 | 4,116,950 | |||
|
Chubb Ltd.
|
11,288 | 3,222,498 | |||
|
Cincinnati Financial Corp.
|
4,974 | 735,207 | |||
|
Citigroup, Inc.
|
57,531 | 4,599,603 | |||
|
Citizens Financial Group, Inc.
|
12,894 | 590,158 | |||
|
CME Group, Inc.
|
11,058 | 2,806,189 | |||
|
Corpay, Inc. (b)
|
2,065 | 757,958 | |||
|
Discover Financial Services
|
7,277 | 1,420,398 | |||
|
Erie Indemnity Co. Class A
|
800 | 342,456 | |||
|
Everest Group Ltd.
|
1,458 | 514,995 | |||
|
FactSet Research Systems, Inc.
|
1,101 | 508,376 | |||
|
Fidelity National Information Services, Inc.
|
16,035 | 1,140,409 | |||
|
Fifth Third Bancorp
|
19,410 | 843,753 | |||
|
Fiserv, Inc. (b)
|
17,161 | 4,044,676 | |||
|
Franklin Resources, Inc.
|
10,551 | 213,658 | |||
|
Global Payments, Inc.
|
7,257 | 764,017 | |||
|
Globe Life, Inc.
|
2,584 | 329,279 | |||
|
Goldman Sachs Group, Inc.
|
9,603 | 5,975,851 | |||
|
Hartford Insurance Group, Inc.
|
8,967 | 1,060,617 | |||
|
Huntington Bancshares, Inc.
|
44,914 | 739,734 | |||
|
Intercontinental Exchange, Inc.
|
17,078 | 2,958,422 | |||
|
Invesco Ltd.
|
14,689 | 255,442 | |||
|
Jack Henry & Associates, Inc.
|
2,380 | 413,144 | |||
|
JPMorgan Chase & Co. (a)
|
85,239 | 22,558,501 | |||
|
KeyCorp
|
30,771 | 532,954 | |||
|
KKR & Co., Inc.
|
20,500 | 2,779,595 | |||
|
Loews Corp.
|
5,606 | 485,872 | |||
|
M&T Bank Corp.
|
4,943 | 947,672 | |||
|
MarketAxess Holdings, Inc.
|
1,100 | 212,069 | |||
|
Marsh & McLennan Cos., Inc.
|
15,011 | 3,570,216 | |||
|
Mastercard, Inc. Class A
|
24,761 | 14,270,012 | |||
|
MetLife, Inc.
|
17,287 | 1,489,794 | |||
|
Moody's Corp.
|
4,664 | 2,350,376 | |||
|
Morgan Stanley
|
37,338 | 4,970,061 | |||
|
MSCI, Inc.
|
2,388 | 1,410,138 | |||
|
Nasdaq, Inc.
|
12,975 | 1,074,070 | |||
|
Northern Trust Corp.
|
5,468 | 602,683 | |||
|
PayPal Holdings, Inc. (b)
|
30,294 | 2,152,389 | |||
|
PNC Financial Services Group, Inc.
|
12,147 | 2,331,252 | |||
|
Principal Financial Group, Inc.
|
6,126 | 545,459 | |||
|
Progressive Corp.
|
17,800 | 5,019,600 | |||
|
Prudential Financial, Inc.
|
10,906 | 1,255,281 |
See accompanying notes to financial statements.
2
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
|
Raymond James Financial, Inc.
|
5,600 | $866,152 | ||||
|
Regions Financial Corp.
|
25,829 | 612,406 | ||||
|
S&P Global, Inc.
|
9,656 | 5,153,793 | ||||
|
State Street Corp. (c)
|
8,533 | 846,730 | ||||
|
Synchrony Financial
|
11,497 | 697,638 | ||||
|
T. Rowe Price Group, Inc.
|
6,522 | 689,506 | ||||
|
Travelers Cos., Inc.
|
6,982 | 1,804,777 | ||||
|
Truist Financial Corp.
|
39,836 | 1,846,399 | ||||
|
U.S. Bancorp
|
47,051 | 2,206,692 | ||||
|
Visa, Inc. Class A
|
52,263 | 18,956,313 | ||||
|
W.R. Berkley Corp.
|
9,375 | 591,375 | ||||
|
Wells Fargo & Co.
|
100,098 | 7,839,675 | ||||
|
Willis Towers Watson PLC
|
3,028 | 1,028,460 | ||||
| 221,792,976 | ||||||
| HEALTH CARE - 10.7% | ||||||
|
Abbott Laboratories
|
52,955 | 7,308,320 | ||||
|
AbbVie, Inc.
|
53,742 | 11,233,690 | ||||
|
Agilent Technologies, Inc.
|
8,436 | 1,079,133 | ||||
|
Align Technology, Inc. (b)
|
2,372 | 443,635 | ||||
|
Amgen, Inc.
|
16,251 | 5,006,283 | ||||
|
Baxter International, Inc.
|
17,009 | 586,981 | ||||
|
Becton Dickinson & Co.
|
8,550 | 1,928,281 | ||||
|
Biogen, Inc. (b)
|
4,747 | 666,953 | ||||
|
Bio-Techne Corp.
|
5,004 | 308,997 | ||||
|
Boston Scientific Corp. (b)
|
44,998 | 4,670,342 | ||||
|
Bristol-Myers Squibb Co.
|
61,173 | 3,647,134 | ||||
|
Cardinal Health, Inc.
|
7,470 | 967,216 | ||||
|
Cencora, Inc.
|
5,452 | 1,382,300 | ||||
|
Centene Corp. (b)
|
15,796 | 918,695 | ||||
|
Charles River Laboratories International, Inc. (b)
|
1,695 | 280,200 | ||||
|
Cigna Group
|
8,273 | 2,555,116 | ||||
|
Cooper Cos., Inc. (b)
|
6,600 | 596,508 | ||||
|
CVS Health Corp.
|
38,769 | 2,547,899 | ||||
|
Danaher Corp.
|
19,556 | 4,062,955 | ||||
|
DaVita, Inc. (b)
|
1,472 | 217,679 | ||||
|
Dexcom, Inc. (b)
|
11,420 | 1,009,185 | ||||
|
Edwards Lifesciences Corp. (b)
|
17,508 | 1,253,923 | ||||
|
Elevance Health, Inc.
|
7,182 | 2,850,392 | ||||
|
Eli Lilly & Co.
|
23,820 | 21,929,407 | ||||
|
GE HealthCare Technologies, Inc.
|
13,395 | 1,170,053 | ||||
|
Gilead Sciences, Inc.
|
38,160 | 4,362,070 | ||||
|
HCA Healthcare, Inc.
|
5,710 | 1,748,973 | ||||
|
Henry Schein, Inc. (b)
|
4,200 | 303,114 | ||||
|
Hologic, Inc. (b)
|
7,758 | 491,780 | ||||
|
Humana, Inc.
|
3,665 | 991,089 | ||||
|
IDEXX Laboratories, Inc. (b)
|
2,491 | 1,088,841 | ||||
|
Incyte Corp. (b)
|
4,600 | 338,100 | ||||
|
Insulet Corp. (b)
|
2,200 | 598,994 | ||||
|
Intuitive Surgical, Inc. (b)
|
10,796 | 6,187,727 | ||||
|
IQVIA Holdings, Inc. (b)
|
5,273 | 995,542 | ||||
|
Johnson & Johnson
|
73,255 | 12,088,540 | ||||
|
Labcorp Holdings, Inc.
|
2,574 | 646,177 | ||||
| Security Description | Shares | Value | ||||
|
McKesson Corp.
|
3,799 | $2,432,348 | ||||
|
Medtronic PLC
|
38,339 | 3,527,955 | ||||
|
Merck & Co., Inc.
|
76,836 | 7,088,121 | ||||
|
Mettler-Toledo International, Inc. (b)
|
590 | 750,905 | ||||
|
Moderna, Inc. (b)
|
10,800 | 334,368 | ||||
|
Molina Healthcare, Inc. (b)
|
1,797 | 541,113 | ||||
|
Pfizer, Inc.
|
169,729 | 4,485,937 | ||||
|
Quest Diagnostics, Inc.
|
3,710 | 641,459 | ||||
|
Regeneron Pharmaceuticals, Inc.
|
3,090 | 2,159,107 | ||||
|
ResMed, Inc.
|
4,289 | 1,001,567 | ||||
|
Revvity, Inc.
|
3,690 | 413,833 | ||||
|
Solventum Corp. (b)
|
4,617 | 368,206 | ||||
|
STERIS PLC
|
2,854 | 625,768 | ||||
|
Stryker Corp.
|
10,545 | 4,072,374 | ||||
|
Teleflex, Inc.
|
1,554 | 206,294 | ||||
|
Thermo Fisher Scientific, Inc.
|
11,515 | 6,090,974 | ||||
|
UnitedHealth Group, Inc.
|
27,731 | 13,171,116 | ||||
|
Universal Health Services, Inc. Class B
|
1,900 | 332,975 | ||||
|
Vertex Pharmaceuticals, Inc. (b)
|
7,682 | 3,685,747 | ||||
|
Viatris, Inc.
|
39,337 | 363,081 | ||||
|
Waters Corp. (b)
|
1,867 | 704,494 | ||||
|
West Pharmaceutical Services, Inc.
|
2,270 | 527,412 | ||||
|
Zimmer Biomet Holdings, Inc.
|
5,927 | 618,305 | ||||
|
Zoetis, Inc.
|
13,589 | 2,272,624 | ||||
| 164,878,307 | ||||||
| INDUSTRIALS - 8.3% | ||||||
|
3M Co.
|
16,669 | 2,585,695 | ||||
|
A.O. Smith Corp.
|
4,100 | 272,568 | ||||
|
Allegion PLC
|
2,873 | 369,784 | ||||
|
AMETEK, Inc.
|
6,876 | 1,301,627 | ||||
|
Automatic Data Processing, Inc.
|
12,534 | 3,950,466 | ||||
|
Axon Enterprise, Inc. (b)
|
2,100 | 1,109,745 | ||||
|
Boeing Co. (b)
|
22,698 | 3,963,752 | ||||
|
Broadridge Financial Solutions, Inc.
|
3,400 | 820,148 | ||||
|
Builders FirstSource, Inc. (b)
|
3,800 | 528,162 | ||||
|
Carrier Global Corp.
|
24,825 | 1,608,660 | ||||
|
Caterpillar, Inc.
|
14,627 | 5,030,957 | ||||
|
CH Robinson Worldwide, Inc.
|
3,797 | 385,851 | ||||
|
Cintas Corp.
|
10,388 | 2,155,510 | ||||
|
Copart, Inc. (b)
|
25,624 | 1,404,195 | ||||
|
CSX Corp.
|
58,633 | 1,876,842 | ||||
|
Cummins, Inc.
|
4,134 | 1,522,056 | ||||
|
Dayforce, Inc. (b)
|
4,300 | 266,557 | ||||
|
Deere & Co.
|
7,668 | 3,686,698 | ||||
|
Delta Air Lines, Inc.
|
18,849 | 1,133,202 | ||||
|
Dover Corp.
|
4,075 | 809,988 | ||||
|
Eaton Corp. PLC
|
12,073 | 3,541,252 | ||||
|
Emerson Electric Co.
|
17,176 | 2,088,773 | ||||
|
Equifax, Inc.
|
3,739 | 916,803 | ||||
See accompanying notes to financial statements.
3
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | |||
|
Expeditors International of Washington, Inc.
|
4,267 | $500,775 | |||
|
Fastenal Co.
|
17,019 | 1,288,849 | |||
|
FedEx Corp.
|
6,936 | 1,823,474 | |||
|
Fortive Corp.
|
10,091 | 802,638 | |||
|
GE Vernova, Inc.
|
8,461 | 2,835,958 | |||
|
Generac Holdings, Inc. (b)
|
2,023 | 275,431 | |||
|
General Dynamics Corp.
|
7,590 | 1,917,234 | |||
|
General Electric Co.
|
32,799 | 6,788,737 | |||
|
Honeywell International, Inc.
|
19,520 | 4,155,613 | |||
|
Howmet Aerospace, Inc.
|
11,629 | 1,588,521 | |||
|
Hubbell, Inc.
|
1,600 | 594,544 | |||
|
Huntington Ingalls Industries, Inc.
|
1,279 | 224,567 | |||
|
IDEX Corp.
|
2,284 | 443,850 | |||
|
Illinois Tool Works, Inc.
|
7,901 | 2,085,706 | |||
|
Ingersoll Rand, Inc.
|
12,106 | 1,026,347 | |||
|
Jacobs Solutions, Inc.
|
4,016 | 514,490 | |||
|
JB Hunt Transport Services, Inc.
|
2,617 | 421,834 | |||
|
Johnson Controls International PLC
|
20,231 | 1,732,987 | |||
|
L3Harris Technologies, Inc.
|
5,712 | 1,177,300 | |||
|
Leidos Holdings, Inc.
|
4,300 | 558,871 | |||
|
Lennox International, Inc.
|
1,000 | 601,050 | |||
|
Lockheed Martin Corp.
|
6,480 | 2,918,398 | |||
|
Masco Corp.
|
7,115 | 534,906 | |||
|
Nordson Corp.
|
1,737 | 365,274 | |||
|
Norfolk Southern Corp.
|
6,885 | 1,691,989 | |||
|
Northrop Grumman Corp.
|
3,997 | 1,845,575 | |||
|
Old Dominion Freight Line, Inc.
|
5,500 | 970,750 | |||
|
Otis Worldwide Corp.
|
12,213 | 1,218,613 | |||
|
PACCAR, Inc.
|
16,019 | 1,717,878 | |||
|
Parker-Hannifin Corp.
|
3,875 | 2,590,476 | |||
|
Paychex, Inc.
|
10,063 | 1,526,255 | |||
|
Paycom Software, Inc.
|
1,622 | 355,980 | |||
|
Pentair PLC
|
5,463 | 514,615 | |||
|
Quanta Services, Inc.
|
4,454 | 1,156,392 | |||
|
Republic Services, Inc.
|
5,857 | 1,388,226 | |||
|
Rockwell Automation, Inc.
|
3,563 | 1,023,115 | |||
|
Rollins, Inc.
|
8,825 | 462,342 | |||
|
RTX Corp.
|
40,797 | 5,425,593 | |||
|
Snap-on, Inc.
|
1,606 | 547,919 | |||
|
Southwest Airlines Co.
|
19,627 | 609,615 | |||
|
Stanley Black & Decker, Inc.
|
5,068 | 438,534 | |||
|
Textron, Inc.
|
6,363 | 475,507 | |||
|
Trane Technologies PLC
|
6,960 | 2,461,752 | |||
|
TransDigm Group, Inc.
|
1,737 | 2,374,826 | |||
|
Uber Technologies, Inc. (b)
|
63,000 | 4,788,630 | |||
|
Union Pacific Corp.
|
18,239 | 4,499,379 | |||
|
United Airlines Holdings, Inc. (b)
|
10,517 | 986,600 | |||
|
United Parcel Service, Inc. Class B
|
22,534 | 2,682,222 | |||
|
United Rentals, Inc.
|
2,067 | 1,327,675 | |||
|
Veralto Corp.
|
6,685 | 666,896 |
| Security Description | Shares | Value | ||||
|
Verisk Analytics, Inc.
|
4,105 | $1,218,816 | ||||
|
Waste Management, Inc.
|
10,838 | 2,522,870 | ||||
|
Westinghouse Air Brake Technologies Corp.
|
5,482 | 1,016,143 | ||||
|
WW Grainger, Inc.
|
1,311 | 1,338,806 | ||||
|
Xylem, Inc.
|
7,734 | 1,012,303 | ||||
| 127,362,937 | ||||||
| INFORMATION TECHNOLOGY - 30.5% | ||||||
|
Accenture PLC Class A
|
18,966 | 6,609,651 | ||||
|
Adobe, Inc. (b)
|
13,240 | 5,806,534 | ||||
|
Advanced Micro Devices, Inc. (b)
|
49,568 | 4,949,861 | ||||
|
Akamai Technologies, Inc. (b)
|
4,784 | 385,973 | ||||
|
Amphenol Corp. Class A
|
37,230 | 2,479,518 | ||||
|
Analog Devices, Inc.
|
14,791 | 3,402,817 | ||||
|
ANSYS, Inc. (b)
|
2,473 | 824,127 | ||||
|
Apple, Inc.
|
457,939 | 110,747,968 | ||||
|
Applied Materials, Inc.
|
25,074 | 3,963,447 | ||||
|
Arista Networks, Inc. (b)
|
31,708 | 2,950,429 | ||||
|
Autodesk, Inc. (b)
|
6,489 | 1,779,349 | ||||
|
Broadcom, Inc.
|
141,527 | 28,224,730 | ||||
|
Cadence Design Systems, Inc. (b)
|
8,527 | 2,136,014 | ||||
|
CDW Corp.
|
4,047 | 721,175 | ||||
|
Cisco Systems, Inc.
|
121,022 | 7,758,720 | ||||
|
Cognizant Technology Solutions Corp. Class A
|
14,697 | 1,224,701 | ||||
|
Corning, Inc.
|
23,776 | 1,192,366 | ||||
|
Crowdstrike Holdings, Inc. Class A (b)
|
7,000 | 2,727,620 | ||||
|
Dell Technologies, Inc. Class C
|
9,000 | 924,840 | ||||
|
Enphase Energy, Inc. (b)
|
4,455 | 255,405 | ||||
|
EPAM Systems, Inc. (b)
|
1,468 | 302,614 | ||||
|
F5, Inc. (b)
|
1,755 | 513,215 | ||||
|
Fair Isaac Corp. (b)
|
700 | 1,320,445 | ||||
|
First Solar, Inc. (b)
|
3,300 | 449,394 | ||||
|
Fortinet, Inc. (b)
|
19,473 | 2,103,279 | ||||
|
Gartner, Inc. (b)
|
2,400 | 1,195,968 | ||||
|
Gen Digital, Inc.
|
17,519 | 478,794 | ||||
|
GoDaddy, Inc. Class A (b)
|
4,064 | 729,488 | ||||
|
Hewlett Packard Enterprise Co.
|
41,566 | 823,422 | ||||
|
HP, Inc.
|
30,592 | 944,375 | ||||
|
Intel Corp.
|
128,332 | 3,045,318 | ||||
|
International Business Machines Corp.
|
27,820 | 7,022,881 | ||||
|
Intuit, Inc.
|
8,563 | 5,256,312 | ||||
|
Jabil, Inc.
|
3,130 | 484,900 | ||||
|
Juniper Networks, Inc.
|
10,454 | 378,435 | ||||
|
Keysight Technologies, Inc. (b)
|
5,114 | 815,836 | ||||
|
KLA Corp.
|
4,068 | 2,883,561 | ||||
|
Lam Research Corp.
|
38,250 | 2,935,305 | ||||
|
Microchip Technology, Inc.
|
16,412 | 966,010 | ||||
|
Micron Technology, Inc.
|
33,990 | 3,182,484 | ||||
|
Microsoft Corp.
|
225,194 | 89,399,766 | ||||
See accompanying notes to financial statements.
4
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | ||||
|
Monolithic Power Systems, Inc.
|
1,487 | $908,572 | ||||
|
Motorola Solutions, Inc.
|
5,154 | 2,268,894 | ||||
|
NetApp, Inc.
|
6,087 | 607,543 | ||||
|
NVIDIA Corp.
|
743,174 | 92,837,296 | ||||
|
NXP Semiconductors NV
|
7,800 | 1,681,602 | ||||
|
ON Semiconductor Corp. (b)
|
12,316 | 579,468 | ||||
|
Oracle Corp.
|
48,412 | 8,039,297 | ||||
|
Palantir Technologies, Inc. Class A (b)
|
61,500 | 5,222,580 | ||||
|
Palo Alto Networks, Inc. (b)
|
20,032 | 3,814,694 | ||||
|
PTC, Inc. (b)
|
3,479 | 569,269 | ||||
|
QUALCOMM, Inc.
|
33,526 | 5,269,281 | ||||
|
Roper Technologies, Inc.
|
3,291 | 1,923,590 | ||||
|
Salesforce, Inc.
|
28,920 | 8,613,822 | ||||
|
Seagate Technology Holdings PLC
|
6,121 | 623,791 | ||||
|
ServiceNow, Inc. (b)
|
6,252 | 5,812,860 | ||||
|
Skyworks Solutions, Inc.
|
5,143 | 342,832 | ||||
|
Super Micro Computer, Inc. (b)
|
16,000 | 663,360 | ||||
|
Synopsys, Inc. (b)
|
4,591 | 2,099,373 | ||||
|
TE Connectivity PLC
|
8,854 | 1,363,782 | ||||
|
Teledyne Technologies, Inc. (b)
|
1,453 | 748,324 | ||||
|
Teradyne, Inc.
|
5,098 | 560,066 | ||||
|
Texas Instruments, Inc.
|
27,853 | 5,458,910 | ||||
|
Trimble, Inc. (b)
|
8,191 | 589,588 | ||||
|
Tyler Technologies, Inc. (b)
|
1,344 | 817,730 | ||||
|
VeriSign, Inc. (b)
|
2,490 | 592,321 | ||||
|
Western Digital Corp. (b)
|
10,717 | 524,383 | ||||
|
Workday, Inc. Class A (b)
|
6,600 | 1,738,044 | ||||
|
Zebra Technologies Corp. Class A (b)
|
1,647 | 518,887 | ||||
| 469,087,206 | ||||||
| MATERIALS - 2.0% | ||||||
|
Air Products & Chemicals, Inc.
|
6,548 | 2,070,150 | ||||
|
Albemarle Corp.
|
3,730 | 287,322 | ||||
|
Amcor PLC
|
46,908 | 474,709 | ||||
|
Avery Dennison Corp.
|
2,581 | 485,151 | ||||
|
Ball Corp.
|
8,326 | 438,697 | ||||
|
Celanese Corp.
|
3,065 | 156,131 | ||||
|
CF Industries Holdings, Inc.
|
4,861 | 393,838 | ||||
|
Corteva, Inc.
|
21,161 | 1,332,720 | ||||
|
Dow, Inc.
|
21,391 | 815,211 | ||||
|
DuPont de Nemours, Inc.
|
12,702 | 1,038,642 | ||||
|
Eastman Chemical Co.
|
3,755 | 367,427 | ||||
|
Ecolab, Inc.
|
7,802 | 2,098,816 | ||||
|
FMC Corp.
|
3,380 | 124,722 | ||||
|
Freeport-McMoRan, Inc.
|
42,729 | 1,577,127 | ||||
|
International Flavors & Fragrances, Inc.
|
7,817 | 639,509 | ||||
|
International Paper Co.
|
15,912 | 896,641 | ||||
|
Linde PLC
|
14,441 | 6,744,669 | ||||
|
LyondellBasell Industries NV Class A
|
8,622 | 662,428 | ||||
|
Martin Marietta Materials, Inc.
|
1,866 | 901,539 | ||||
| Security Description | Shares | Value | ||||
|
Mosaic Co.
|
9,816 | $234,799 | ||||
|
Newmont Corp.
|
33,177 | 1,421,303 | ||||
|
Nucor Corp.
|
7,049 | 969,026 | ||||
|
Packaging Corp. of America
|
2,700 | 575,343 | ||||
|
PPG Industries, Inc.
|
7,094 | 803,183 | ||||
|
Sherwin-Williams Co.
|
6,924 | 2,508,357 | ||||
|
Smurfit WestRock PLC
|
15,753 | 820,259 | ||||
|
Steel Dynamics, Inc.
|
4,300 | 580,801 | ||||
|
Vulcan Materials Co.
|
4,190 | 1,036,229 | ||||
| 30,454,749 | ||||||
| REAL ESTATE - 2.2% | ||||||
|
Alexandria Real Estate Equities, Inc. REIT
|
4,770 | 487,780 | ||||
|
American Tower Corp. REIT
|
14,160 | 2,911,579 | ||||
|
AvalonBay Communities, Inc. REIT
|
4,228 | 956,289 | ||||
|
BXP, Inc. REIT
|
4,739 | 336,137 | ||||
|
Camden Property Trust REIT
|
3,529 | 437,808 | ||||
|
CBRE Group, Inc. Class A (b)
|
9,029 | 1,281,576 | ||||
|
CoStar Group, Inc. (b)
|
12,153 | 926,666 | ||||
|
Crown Castle, Inc. REIT
|
13,619 | 1,281,548 | ||||
|
Digital Realty Trust, Inc. REIT
|
9,362 | 1,463,468 | ||||
|
Equinix, Inc. REIT
|
2,900 | 2,623,398 | ||||
|
Equity Residential REIT
|
11,082 | 821,952 | ||||
|
Essex Property Trust, Inc. REIT
|
1,975 | 615,351 | ||||
|
Extra Space Storage, Inc. REIT
|
6,694 | 1,021,237 | ||||
|
Federal Realty Investment Trust REIT
|
1,900 | 200,298 | ||||
|
Healthpeak Properties, Inc. REIT
|
20,531 | 420,064 | ||||
|
Host Hotels & Resorts, Inc. REIT
|
22,759 | 367,103 | ||||
|
Invitation Homes, Inc. REIT
|
18,923 | 643,571 | ||||
|
Iron Mountain, Inc. REIT
|
8,374 | 780,206 | ||||
|
Kimco Realty Corp. REIT
|
20,350 | 449,735 | ||||
|
Mid-America Apartment Communities, Inc. REIT
|
3,664 | 615,992 | ||||
|
Prologis, Inc. REIT
|
28,226 | 3,497,766 | ||||
|
Public Storage REIT
|
4,846 | 1,471,343 | ||||
|
Realty Income Corp. REIT
|
25,500 | 1,454,265 | ||||
|
Regency Centers Corp. REIT
|
4,363 | 334,642 | ||||
|
SBA Communications Corp. REIT
|
3,465 | 755,023 | ||||
|
Simon Property Group, Inc. REIT
|
9,441 | 1,756,876 | ||||
|
UDR, Inc. REIT
|
9,900 | 447,282 | ||||
|
Ventas, Inc. REIT
|
13,102 | 906,396 | ||||
|
VICI Properties, Inc. REIT
|
33,266 | 1,080,812 | ||||
|
Welltower, Inc. REIT
|
18,181 | 2,790,965 | ||||
|
Weyerhaeuser Co. REIT
|
21,067 | 634,117 | ||||
| 33,771,245 | ||||||
| UTILITIES - 2.3% | ||||||
|
AES Corp.
|
21,959 | 254,504 | ||||
|
Alliant Energy Corp.
|
7,500 | 483,975 | ||||
See accompanying notes to financial statements.
5
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
| Security Description | Shares | Value | |||
|
Ameren Corp.
|
7,640 | $775,918 | |||
|
American Electric Power Co., Inc.
|
16,038 | 1,700,830 | |||
|
American Water Works Co., Inc.
|
5,887 | 800,455 | |||
|
Atmos Energy Corp. (a)
|
4,300 | 654,159 | |||
|
CenterPoint Energy, Inc.
|
20,586 | 707,747 | |||
|
CMS Energy Corp.
|
9,701 | 708,658 | |||
|
Consolidated Edison, Inc.
|
10,372 | 1,052,965 | |||
|
Constellation Energy Corp.
|
9,355 | 2,343,849 | |||
|
Dominion Energy, Inc.
|
24,411 | 1,382,151 | |||
|
DTE Energy Co.
|
6,559 | 876,938 | |||
|
Duke Energy Corp.
|
22,905 | 2,691,108 | |||
|
Edison International
|
11,249 | 612,396 | |||
|
Entergy Corp.
|
13,484 | 1,177,288 | |||
|
Evergy, Inc.
|
7,574 | 521,924 | |||
|
Eversource Energy
|
10,196 | 642,450 | |||
|
Exelon Corp.
|
29,464 | 1,302,309 | |||
|
FirstEnergy Corp.
|
14,960 | 579,999 | |||
|
NextEra Energy, Inc.
|
62,674 | 4,397,835 | |||
|
NiSource, Inc.
|
11,478 | 468,417 | |||
|
NRG Energy, Inc.
|
6,198 | 655,191 | |||
|
PG&E Corp.
|
65,449 | 1,069,437 | |||
|
Pinnacle West Capital Corp. (a)
|
2,969 | 274,751 | |||
|
PPL Corp.
|
20,604 | 725,467 | |||
|
Public Service Enterprise Group, Inc.
|
14,970 | 1,214,816 | |||
|
Sempra
|
19,752 | 1,413,651 | |||
|
Southern Co.
|
32,552 | 2,922,844 | |||
|
Vistra Corp.
|
9,800 | 1,309,868 | |||
|
WEC Energy Group, Inc.
|
9,270 | 989,016 | |||
|
Xcel Energy, Inc.
|
16,624 | 1,198,590 | |||
| 35,909,506 | |||||
|
TOTAL COMMON STOCKS
(Cost $254,405,879)
|
1,529,053,125 |
| Security Description | Shares | Value | ||||
| SHORT-TERM INVESTMENTS - 3.6% | ||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.35% (d) (e)
|
8,620,001 | $8,620,001 | ||||
|
State Street Navigator Securities Lending Portfolio II (c) (f)
|
46,354,177 | 46,354,177 | ||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $54,974,178)
|
54,974,178 | |||||
|
TOTAL INVESTMENTS - 103.0%
(Cost $309,380,057)
|
1,584,027,303 | |||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS -
(3.0)%
|
(46,618,481) | |||||
|
NET ASSETS - 100.0%
|
$1,537,408,822 | |||||
| (a) | All or a portion of the shares of the security are on loan at February 28, 2025. |
| (b) | Non-income producing security. |
| (c) | The Fund invested in an affiliated entity. Amounts related to these investments during the period ended February 28, 2025 are shown in the Affiliate Table below. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended February 28, 2025 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at February 28, 2025. |
| (f) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
At February 28, 2025, open futures contracts were as follows:
| Description |
Number of Contracts |
Expiration Date |
Notional Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||
| E-mini S&P 500 Index (long) | 43 | 03/21/2025 | $13,201,892 | $12,819,669 | $(382,223) |
During the period ended February 28, 2025, the average notional value related to futures contracts was $10,745,652.
See accompanying notes to financial statements.
6
Table of Contents
STATE STREET S&P 500 INDEX FUND
SCHEDULE OF INVESTMENTS (continued)
February 28, 2025 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 28, 2025.
| Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
|
Common Stocks
|
$1,529,053,125 | $- | $- | $1,529,053,125 | ||||
|
Short-Term Investments
|
54,974,178 | - | - | 54,974,178 | ||||
|
TOTAL INVESTMENTS
|
$1,584,027,303 | $- | $- | $1,584,027,303 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
|
Futures Contracts - Unrealized Depreciation
|
$(382,223) | $- | $- | $(382,223) | ||||
|
TOTAL OTHER FINANCIAL INSTRUMENTS:
|
$(382,223) | $- | $- | $(382,223) |
Affiliate Table
|
Number of Shares Held at 8/31/24 |
Value at 8/31/24 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 2/28/25 |
Value at 2/28/25 |
Dividend Income |
|||||||||
|
State Street Corp.
|
9,633 | $839,034 | $- | $108,014 | $79,689 | $36,021 | 8,533 | $846,730 | $13,806 | ||||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares
|
7,973,574 | 7,973,574 | 69,780,744 | 69,134,317 | - | - | 8,620,001 | 8,620,001 | 175,049 | ||||||||
|
State Street Navigator Securities Lending Portfolio II
|
1,545,919 | 1,545,919 | 58,920,105 | 14,111,847 | - | - | 46,354,177 | 46,354,177 | 1,969 | ||||||||
|
Total
|
$10,358,527 | $128,700,849 | $83,354,178 | $79,689 | $36,021 | $55,820,908 | $190,824 |
See accompanying notes to financial statements.
7
Table of Contents
State Street S&P 500 Index Fund
Statement of Assets and Liabilities
February 28, 2025 (Unaudited)
| ASSETS | |
|
Investments in unaffiliated issuers, at value*
|
$1,528,206,395 |
|
Investments in affiliated issuers, at value
|
55,820,908 |
|
Total Investments
|
1,584,027,303 |
|
Net cash at broker
|
1,290,072 |
|
Receivable for fund shares sold
|
326,698 |
|
Dividends receivable - unaffiliated issuers
|
1,598,915 |
|
Dividends receivable - affiliated issuers
|
31,742 |
|
Securities lending income receivable - unaffiliated issuers
|
679 |
|
Receivable for foreign taxes recoverable
|
2,246 |
|
Prepaid expenses and other assets
|
5,522 |
|
TOTAL ASSETS
|
1,587,283,177 |
| LIABILITIES | |
|
Payable upon return of securities loaned
|
46,354,177 |
|
Payable for fund shares repurchased
|
2,694,781 |
|
Payable to broker - accumulated variation margin on open futures contracts
|
380,904 |
|
Advisory fee payable
|
175,878 |
|
Custodian fees payable
|
27,301 |
|
Administration fees payable
|
40,548 |
|
Shareholder servicing fee payable
|
28,890 |
|
Distribution fees payable
|
44,538 |
|
Trustees' fees and expenses payable
|
578 |
|
Transfer agent fees payable
|
57,620 |
|
Professional fees payable
|
34,427 |
|
Printing and postage fees payable
|
30,752 |
|
Accrued expenses and other liabilities
|
3,961 |
|
TOTAL LIABILITIES
|
49,874,355 |
|
NET ASSETS
|
$1,537,408,822 |
| NET ASSETS CONSIST OF: | |
|
Paid-in capital
|
$240,352,547 |
|
Total distributable earnings (loss)
|
1,297,056,275 |
|
NET ASSETS
|
$1,537,408,822 |
| NET ASSET VALUE PER SHARE | |
|
Net asset value per share
|
$260.98 |
|
Shares outstanding (unlimited amount authorized, $0.01 par value)
|
5,890,979 |
| COST OF INVESTMENTS: | |
|
Investments in unaffiliated issuers
|
$254,186,154 |
|
Investments in affiliated issuers
|
55,193,903 |
|
Total cost of investments
|
$309,380,057 |
|
* Includes investments in securities on loan, at value
|
$46,787,165 |
See accompanying notes to financial statements.
8
Table of Contents
State Street S&P 500 Index Fund
Statement of Operations
For the Six Months Ended February 28, 2025 (Unaudited)
| INVESTMENT INCOME | |
|
Interest income - unaffiliated issuers
|
$12,603 |
|
Dividend income - unaffiliated issuers
|
10,094,151 |
|
Dividend income - affiliated issuers
|
188,855 |
|
Unaffiliated securities lending income
|
332 |
|
Affiliated securities lending income
|
1,969 |
|
Foreign taxes withheld
|
(2,434) |
|
TOTAL INVESTMENT INCOME (LOSS)
|
10,295,476 |
| EXPENSES | |
|
Advisory fee
|
230,197 |
|
Administration fees
|
383,661 |
|
Shareholder servicing fees
|
184,157 |
|
Distribution fees
|
283,910 |
|
Custodian fees
|
34,233 |
|
Trustees' fees and expenses
|
13,735 |
|
Transfer agent fees
|
68,129 |
|
Registration and filing fees
|
44,308 |
|
Professional fees and expenses
|
23,182 |
|
Printing and postage fees
|
30,021 |
|
Insurance expense
|
8,192 |
|
Miscellaneous expenses
|
4,853 |
|
TOTAL EXPENSES
|
1,308,578 |
|
Expenses waived/reimbursed by the Adviser
|
(103,881) |
|
NET EXPENSES
|
1,204,697 |
|
NET INVESTMENT INCOME (LOSS)
|
$9,090,779 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
|
Investments - unaffiliated issuers
|
57,703,020 |
|
Investments - affiliated issuers
|
79,689 |
|
Futures contracts
|
796,725 |
|
Net realized gain (loss)
|
58,579,434 |
| Net change in unrealized appreciation/depreciation on: | |
|
Investments - unaffiliated issuers
|
22,773,682 |
|
Investments - affiliated issuers
|
36,021 |
|
Futures contracts
|
(691,301) |
|
Net change in unrealized appreciation/depreciation
|
22,118,402 |
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
80,697,836 |
|
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$89,788,615 |
See accompanying notes to financial statements.
9
Table of Contents
State Street S&P 500 Index Fund
Statements of Changes in Net Assets
|
Six Months Ended 02/28/25 (Unaudited) |
Year Ended 08/31/24 |
||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
|
Net investment income (loss)
|
$9,090,779 | $18,527,811 | |
|
Net realized gain (loss)
|
58,579,434 | 118,436,290 | |
|
Net change in unrealized appreciation/depreciation
|
22,118,402 | 198,853,887 | |
|
Net increase (decrease) in net assets resulting from operations
|
89,788,615 | 335,817,988 | |
|
Distributions to shareholders
|
(125,286,556) | (151,157,900) | |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
|
Proceeds from shares sold
|
69,535,155 | 107,122,353 | |
|
Reinvestment of distributions
|
122,704,337 | 149,126,681 | |
|
Cost of shares redeemed
|
(137,108,539) | (253,017,705) | |
|
Net increase (decrease) in net assets from beneficial interest transactions
|
55,130,953 | 3,231,329 | |
|
Net increase (decrease) in net assets during the period
|
19,633,012 | 187,891,417 | |
|
Net assets at beginning of period
|
1,517,775,810 | 1,329,884,393 | |
|
NET ASSETS AT END OF PERIOD
|
$1,537,408,822 | $1,517,775,810 | |
| SHARES OF BENEFICIAL INTEREST: | |||
|
Shares sold
|
254,428 | 447,019 | |
|
Reinvestment of distributions
|
469,012 | 660,848 | |
|
Shares redeemed
|
(506,449) | (1,046,009) | |
|
Net increase (decrease)
|
216,991 | 61,858 |
See accompanying notes to financial statements.
10
Table of Contents
State Street S&P 500 Index Fund
Financial Highlights
Selected data for a share outstanding throughout each period
|
Six Months Ended 2/28/25 (Unaudited) |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
Year Ended 8/31/21 |
Year Ended 8/31/20(a) |
||||||
|
Net asset value, beginning of period
|
$267.50 | $236.97 | $226.34 | $286.85 | $253.59 | $222.06 | |||||
| Income (loss) from investment operations: | |||||||||||
|
Net investment income (loss) (b)
|
1.59 | 3.22 | 3.43 | 3.36 | 3.43 | 4.55 | |||||
|
Net realized and unrealized gain (loss)
|
14.52 | 55.11 | 28.42 | (32.17) | 66.60 | 42.08 | |||||
|
Total from investment operations
|
16.11 | 58.33 | 31.85 | (28.81) | 70.03 | 46.63 | |||||
| Distributions to shareholders from: | |||||||||||
|
Net investment income
|
(1.68) | (3.33) | (3.43) | (4.54) | (2.88) | (4.20) | |||||
|
Net realized gains
|
(20.95) | (24.47) | (17.79) | (27.16) | (33.89) | (10.90) | |||||
|
Total distributions
|
(22.63) | (27.80) | (21.22) | (31.70) | (36.77) | (15.10) | |||||
|
Net asset value, end of period
|
$260.98 | $267.50 | $236.97 | $226.34 | $286.85 | $253.59 | |||||
|
Total return (c)
|
6.03% | 26.92% | 15.81% | (11.36)% | 31.01% | 22.14% | |||||
| Ratios and Supplemental Data: | |||||||||||
|
Net assets, end of period (in 000s)
|
$1,537,409 | $1,517,776 | $1,329,884 | $1,370,769 | $1,709,109 | $1,609,456 | |||||
| Ratios to average net assets: | |||||||||||
|
Total expenses
|
0.17%(d) | 0.16% | 0.17% | 0.17% | 0.18% | 0.19% | |||||
|
Net expenses
|
0.16%(d)(e)(f) | 0.16%(e)(f) | 0.16%(e)(f) | 0.16%(e)(f) | 0.16%(e)(f) | 0.16%(e)(f) | |||||
|
Net investment income (loss)
|
1.18%(d)(e)(f) | 1.33%(e)(f) | 1.56%(e)(f) | 1.31%(e)(f) | 1.33%(e)(f) | 2.02%(e)(f) | |||||
|
Portfolio turnover rate
|
1%(g) | 2% | 2% | 2% | 4% | 5% |
| (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. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | 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 of less than one year are not annualized. Results represent past performance and are not indicative of future results. |
| (d) | Annualized. |
| (e) | Reflects amounts waived by the administrator. |
| (f) | Reflects amounts waived and/or reimbursed by the investment adviser. |
| (g) | Not annualized. |
See accompanying notes to financial statements.
11
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND
Notes to Financial Statements - February 28, 2025 (Unaudited)
1. Organization
The SSGA Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), is an open-end management investment company.
As of February 28, 2025, the Trust consists of two (2) 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" and each member thereof, a "Trustee") 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. Segment Reporting
The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund's investments in accordance with its investment objective. The Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the 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. The Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to the Fund's competitors and to the 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. 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 the 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
12
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
("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.
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, 2025 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.
13
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND (continued)
Notes to Financial Statements - February 28, 2025 (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.
4. 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 Schedule of Investments and cash deposited, if any, is included in Net cash at broker on the Statement 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, 2025, 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, 2025, 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 Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street S&P 500 Index Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $380,904 | $- | $380,904 | |||||
| Net Realized Gain (Loss) | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street S&P 500 Index Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $796,725 | $- | $796,725 | |||||
| Net Change in Unrealized Appreciation/Depreciation | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street S&P 500 Index Fund | |||||||||||
|
Futures Contracts
|
$- | $- | $- | $(691,301) | $- | $(691,301) | |||||
14
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
5. 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, 2025 to waive up to the full amount of the 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, 2025 except with the approval of the Board. During the period ended February 28, 2025, SSGA FM agreed to reimburse fees of $27,149.
Administrator, Sub-Administrator and Custodian Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("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, 2025. For the period ended February 28, 2025, SSGA FM waived fees in the amount of $76,732. 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.
Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds is below a specified threshold across participating affiliated funds, the Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, the Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is 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 9 for additional information regarding securities lending.
15
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
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, 2025, are disclosed in the Fund's Schedule of Investments.
6. 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 Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended February 28, 2025 were as follows:
| Purchases | Sales | ||
|
State Street S&P 500 Index Fund
|
$21,304,675 | $80,984,471 |
8. 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, 2024, 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, 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:
|
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||
|
State Street S&P 500 Index Fund
|
$335,869,455 | $1,287,266,377 | $39,490,752 | $1,247,775,625 |
9. 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, the Fund will bear the risk of loss of any cash collateral that it may invest. The Fund
16
Table of Contents
SSGA FUNDS
STATE STREET S&P 500 INDEX FUND (continued)
Notes to Financial Statements - February 28, 2025 (Unaudited)
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, 2025, and the value of the invested cash collateral are disclosed in the Fund's Statement of Assets and Liabilities. Non-cash collateral is not disclosed in the Fund's Statement 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 Statement 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, 2025:
| Fund |
Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received |
Total Collateral Received |
||||
|
State Street S&P 500 Index Fund
|
$ 46,787,165 | $ 46,354,177 | $ 623,984 | $ 46,978,161 |
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, 2025:
|
Remaining Contractual Maturity of the Agreements as of February 28, 2025 |
||||||||||||||
| 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 | $46,354,177 | $- | $- | $- | $46,354,177 | $46,354,177 | |||||||
10. Risks
Market Risk
The Fund's investments are subject to changes in general economic conditions, 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.
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.
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.
17
Table of Contents
SSGA FUNDS
Proxy Disclosure for Open-End Management Investment Companies
February 28, 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 tables below.
All Funds
Proposal 1: To elect the following as Trustees of the Trust:
| Proposed Trustee | Shares For | Shares Withheld |
| Patrick J. Riley | 9,574,882.086 | 246,569.230 |
| Donna M. Rapaccioli | 9,645,963.731 | 175,487.585 |
| Margaret K. McLaughlin | 9,636,103.295 | 185,348.021 |
| George M. Pereira | 9,640,362.130 | 181,089.186 |
| Mark E. Swanson | 9,643,781.531 | 177,669.785 |
| Jeanne LaPorta | 9,651,187.068 | 170,264.248 |
18
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies
Proxy Disclosure for open-endmanagement 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-EndManagement Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-EndManagement 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.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-EndManagement 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) underthe 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 isrecorded, 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) underthe 1940 Act and Rules 13a-15(b) or 15d-15(b) underthe 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-EndManagement 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-CSRis a Semi-Annual Report.
(a)(2) Not applicable to the Registrant.
(a)(3) A separate certification for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act.
(a)(4) Not applicable to the Registrant.
(a)(5) Not applicable.
(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the Registrant.
(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.
SSGA FUNDS
| By: |
/s/ Ann M. Carpenter |
|
| Ann M. Carpenter | ||
| President (Principal Executive Officer) | ||
| Date: | May 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: | May 2, 2025 | |
| By: |
/s/ Bruce S. Rosenberg |
|
| Bruce S. Rosenberg | ||
| Treasurer (Principal Financial and Accounting Officer) | ||
| Date: | May 2, 2025 | |
SSGA Funds published this content on May 02, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on May 02, 2025 at 19:06 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io