10/31/2024 | Press release | Distributed by Public on 10/31/2024 08:25
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: August 31, 2024
Item 1. Reports to Stockholders.
(a) The Reports to Shareholders are attached herewith.
Annual Shareholder Report
August 31, 2024
This annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024.You can find additional information about the Fund at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$136
|
1.24%
|
Value and Sentiment-based factors were the primary drivers of Fund performance during the reporting period relative to the Index. Both themes yielded positive returns as companies with lower valuation and good market sentiment outperformed their more expensive and unfavored peers. Stock selection in each of the Industrials, Consumer Discretionary and Health Care sectors was the largest positive contribution to Fund performance. At the regional level, stock selection was most successful in Europe and Asia Pacific ex Japan.
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
SSILX with load
|
MSCI EAFE Net Dividend Index
|
|
08/31/14
|
$9,477
|
$10,000
|
09/30/14
|
$9,181
|
$9,616
|
10/31/14
|
$9,072
|
$9,476
|
11/30/14
|
$9,232
|
$9,605
|
12/31/14
|
$8,890
|
$9,272
|
01/31/15
|
$9,001
|
$9,317
|
02/28/15
|
$9,512
|
$9,874
|
03/31/15
|
$9,384
|
$9,724
|
04/30/15
|
$9,742
|
$10,122
|
05/31/15
|
$9,818
|
$10,070
|
06/30/15
|
$9,529
|
$9,784
|
07/31/15
|
$9,640
|
$9,988
|
08/31/15
|
$9,061
|
$9,253
|
09/30/15
|
$8,677
|
$8,783
|
10/31/15
|
$9,256
|
$9,470
|
11/30/15
|
$9,146
|
$9,322
|
12/31/15
|
$8,939
|
$9,197
|
01/31/16
|
$8,396
|
$8,532
|
02/29/16
|
$8,134
|
$8,375
|
03/31/16
|
$8,598
|
$8,920
|
04/30/16
|
$8,869
|
$9,179
|
05/31/16
|
$8,834
|
$9,095
|
06/30/16
|
$8,449
|
$8,790
|
07/31/16
|
$8,825
|
$9,235
|
08/31/16
|
$8,799
|
$9,242
|
09/30/16
|
$8,957
|
$9,355
|
10/31/16
|
$8,799
|
$9,164
|
11/30/16
|
$8,677
|
$8,982
|
12/31/16
|
$8,939
|
$9,289
|
01/31/17
|
$9,245
|
$9,558
|
02/28/17
|
$9,280
|
$9,695
|
03/31/17
|
$9,523
|
$9,962
|
04/30/17
|
$9,810
|
$10,215
|
05/31/17
|
$10,196
|
$10,590
|
06/30/17
|
$10,232
|
$10,571
|
07/31/17
|
$10,519
|
$10,876
|
08/31/17
|
$10,555
|
$10,872
|
09/30/17
|
$10,743
|
$11,143
|
10/31/17
|
$10,869
|
$11,312
|
11/30/17
|
$10,824
|
$11,431
|
12/31/17
|
$10,937
|
$11,614
|
01/31/18
|
$11,300
|
$12,197
|
02/28/18
|
$10,751
|
$11,646
|
03/31/18
|
$10,602
|
$11,436
|
04/30/18
|
$10,713
|
$11,697
|
05/31/18
|
$10,471
|
$11,434
|
06/30/18
|
$10,229
|
$11,295
|
07/31/18
|
$10,471
|
$11,573
|
08/31/18
|
$10,201
|
$11,349
|
09/30/18
|
$10,322
|
$11,448
|
10/31/18
|
$9,568
|
$10,537
|
11/30/18
|
$9,364
|
$10,523
|
12/31/18
|
$8,968
|
$10,012
|
01/31/19
|
$9,647
|
$10,670
|
02/28/19
|
$9,844
|
$10,942
|
03/31/19
|
$9,923
|
$11,011
|
04/30/19
|
$10,051
|
$11,321
|
05/31/19
|
$9,470
|
$10,777
|
06/30/19
|
$10,031
|
$11,417
|
07/31/19
|
$9,687
|
$11,272
|
08/31/19
|
$9,441
|
$10,980
|
09/30/19
|
$9,716
|
$11,294
|
10/31/19
|
$10,031
|
$11,700
|
11/30/19
|
$10,110
|
$11,832
|
12/31/19
|
$10,448
|
$12,217
|
01/31/20
|
$10,184
|
$11,961
|
02/29/20
|
$9,301
|
$10,880
|
03/31/20
|
$7,798
|
$9,428
|
04/30/20
|
$8,367
|
$10,037
|
05/31/20
|
$8,702
|
$10,474
|
06/30/20
|
$9,007
|
$10,831
|
07/31/20
|
$9,159
|
$11,083
|
08/31/20
|
$9,606
|
$11,653
|
09/30/20
|
$9,372
|
$11,350
|
10/31/20
|
$8,946
|
$10,897
|
11/30/20
|
$10,174
|
$12,586
|
12/31/20
|
$10,722
|
$13,171
|
01/31/21
|
$10,619
|
$13,031
|
02/28/21
|
$10,846
|
$13,323
|
03/31/21
|
$11,301
|
$13,630
|
04/30/21
|
$11,673
|
$14,040
|
05/31/21
|
$12,189
|
$14,498
|
06/30/21
|
$12,013
|
$14,334
|
07/31/21
|
$12,034
|
$14,442
|
08/31/21
|
$12,230
|
$14,697
|
09/30/21
|
$11,745
|
$14,271
|
10/31/21
|
$12,024
|
$14,622
|
11/30/21
|
$11,435
|
$13,941
|
12/31/21
|
$12,054
|
$14,655
|
01/31/22
|
$11,774
|
$13,947
|
02/28/22
|
$11,397
|
$13,700
|
03/31/22
|
$11,559
|
$13,788
|
04/30/22
|
$10,891
|
$12,896
|
05/31/22
|
$11,160
|
$12,993
|
06/30/22
|
$9,868
|
$11,787
|
07/31/22
|
$10,352
|
$12,375
|
08/31/22
|
$9,814
|
$11,787
|
09/30/22
|
$8,780
|
$10,684
|
10/31/22
|
$9,394
|
$11,259
|
11/30/22
|
$10,546
|
$12,527
|
12/31/22
|
$10,389
|
$12,537
|
01/31/23
|
$11,179
|
$13,552
|
02/28/23
|
$10,941
|
$13,269
|
03/31/23
|
$11,070
|
$13,598
|
04/30/23
|
$11,308
|
$13,982
|
05/31/23
|
$10,746
|
$13,391
|
06/30/23
|
$11,384
|
$14,000
|
07/31/23
|
$11,730
|
$14,453
|
08/31/23
|
$11,254
|
$13,899
|
09/30/23
|
$11,006
|
$13,424
|
10/31/23
|
$10,530
|
$12,880
|
11/30/23
|
$11,362
|
$14,076
|
12/31/23
|
$11,913
|
$14,824
|
01/31/24
|
$11,968
|
$14,909
|
02/29/24
|
$12,233
|
$15,182
|
03/31/24
|
$12,797
|
$15,681
|
04/30/24
|
$12,465
|
$15,279
|
05/31/24
|
$13,150
|
$15,871
|
06/30/24
|
$12,708
|
$15,615
|
07/31/24
|
$13,095
|
$16,073
|
08/31/24
|
$13,492
|
$16,596
|
Name
|
1 Year
|
5 Years
|
10 Years
|
SSILX (Net Asset Value)
|
19.89%
|
7.40%
|
3.60%
|
SSILX (Adjusted for the 5.25% Maximum Sales Charge)
|
13.56%
|
6.25%
|
3.04%
|
MSCI EAFE Net Dividend Index
|
19.40%
|
8.61%
|
5.20%
|
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.
Statistic
|
Value
|
Total Net Assets
|
$139,639,104
|
Number of Portfolio Holdings
|
176
|
Portfolio Turnover Rate
|
98%
|
Total Advisory Fees Paid
|
$644,803
|
Country
|
% Value of Total Net Assets
|
Japan
|
22.0%
|
United Kingdom
|
10.4%
|
Germany
|
9.5%
|
France
|
9.0%
|
United States
|
7.6%
|
Australia
|
5.9%
|
Switzerland
|
5.3%
|
Netherlands
|
5.1%
|
Italy
|
4.0%
|
Spain
|
3.9%
|
Industry
|
% Value of Total Net Assets
|
Banks
|
13.6%
|
Pharmaceuticals
|
11.0%
|
Trading Companies & Distributors
|
6.2%
|
Oil, Gas & Consumable Fuels
|
5.3%
|
Machinery
|
4.4%
|
Insurance
|
4.1%
|
Automobile Components
|
3.3%
|
Metals & Mining
|
2.8%
|
Construction Materials
|
2.9%
|
Consumer Staples Distribution
|
2.6%
|
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 AR SSILX
Annual Shareholder Report
August 31, 2024
This annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024.You can find additional information about the Fund at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class I
|
$93
|
0.84%
|
Value and Sentiment-based factors were the primary drivers of Fund performance during the reporting period relative to the Index. Both themes yielded positive returns as companies with lower valuation and good market sentiment outperformed their more expensive and unfavored peers. Stock selection in each of the Industrials, Consumer Discretionary and Health Care sectors was the largest positive contribution to Fund performance. At the regional level, stock selection was most successful in Europe and Asia Pacific ex Japan.
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
SSIPX
|
MSCI EAFE Net Dividend Index
|
|
08/31/14
|
$10,000
|
$10,000
|
09/30/14
|
$9,680
|
$9,616
|
10/31/14
|
$9,564
|
$9,476
|
11/30/14
|
$9,742
|
$9,605
|
12/31/14
|
$9,381
|
$9,272
|
01/31/15
|
$9,507
|
$9,317
|
02/28/15
|
$10,047
|
$9,874
|
03/31/15
|
$9,912
|
$9,724
|
04/30/15
|
$10,299
|
$10,122
|
05/31/15
|
$10,380
|
$10,070
|
06/30/15
|
$10,074
|
$9,784
|
07/31/15
|
$10,182
|
$9,988
|
08/31/15
|
$9,579
|
$9,253
|
09/30/15
|
$9,174
|
$8,783
|
10/31/15
|
$9,786
|
$9,470
|
11/30/15
|
$9,678
|
$9,322
|
12/31/15
|
$9,469
|
$9,197
|
01/31/16
|
$8,887
|
$8,532
|
02/29/16
|
$8,619
|
$8,375
|
03/31/16
|
$9,099
|
$8,920
|
04/30/16
|
$9,395
|
$9,179
|
05/31/16
|
$9,367
|
$9,095
|
06/30/16
|
$8,951
|
$8,790
|
07/31/16
|
$9,358
|
$9,235
|
08/31/16
|
$9,330
|
$9,242
|
09/30/16
|
$9,496
|
$9,355
|
10/31/16
|
$9,339
|
$9,164
|
11/30/16
|
$9,201
|
$8,982
|
12/31/16
|
$9,489
|
$9,289
|
01/31/17
|
$9,811
|
$9,558
|
02/28/17
|
$9,859
|
$9,695
|
03/31/17
|
$10,115
|
$9,962
|
04/30/17
|
$10,429
|
$10,215
|
05/31/17
|
$10,837
|
$10,590
|
06/30/17
|
$10,875
|
$10,571
|
07/31/17
|
$11,189
|
$10,876
|
08/31/17
|
$11,217
|
$10,872
|
09/30/17
|
$11,426
|
$11,143
|
10/31/17
|
$11,559
|
$11,312
|
11/30/17
|
$11,512
|
$11,431
|
12/31/17
|
$11,629
|
$11,614
|
01/31/18
|
$12,024
|
$12,197
|
02/28/18
|
$11,452
|
$11,646
|
03/31/18
|
$11,304
|
$11,436
|
04/30/18
|
$11,422
|
$11,697
|
05/31/18
|
$11,175
|
$11,434
|
06/30/18
|
$10,929
|
$11,295
|
07/31/18
|
$11,185
|
$11,573
|
08/31/18
|
$10,899
|
$11,349
|
09/30/18
|
$11,027
|
$11,448
|
10/31/18
|
$10,228
|
$10,537
|
11/30/18
|
$10,020
|
$10,523
|
12/31/18
|
$9,598
|
$10,012
|
01/31/19
|
$10,322
|
$10,670
|
02/28/19
|
$10,543
|
$10,942
|
03/31/19
|
$10,637
|
$11,011
|
04/30/19
|
$10,763
|
$11,321
|
05/31/19
|
$10,154
|
$10,777
|
06/30/19
|
$10,753
|
$11,417
|
07/31/19
|
$10,385
|
$11,272
|
08/31/19
|
$10,133
|
$10,980
|
09/30/19
|
$10,438
|
$11,294
|
10/31/19
|
$10,774
|
$11,700
|
11/30/19
|
$10,858
|
$11,832
|
12/31/19
|
$11,229
|
$12,217
|
01/31/20
|
$10,946
|
$11,961
|
02/29/20
|
$9,990
|
$10,880
|
03/31/20
|
$8,381
|
$9,428
|
04/30/20
|
$9,001
|
$10,037
|
05/31/20
|
$9,359
|
$10,474
|
06/30/20
|
$9,685
|
$10,831
|
07/31/20
|
$9,859
|
$11,083
|
08/31/20
|
$10,338
|
$11,653
|
09/30/20
|
$10,088
|
$11,350
|
10/31/20
|
$9,642
|
$10,897
|
11/30/20
|
$10,957
|
$12,586
|
12/31/20
|
$11,551
|
$13,171
|
01/31/21
|
$11,441
|
$13,031
|
02/28/21
|
$11,707
|
$13,323
|
03/31/21
|
$12,194
|
$13,630
|
04/30/21
|
$12,594
|
$14,040
|
05/31/21
|
$13,170
|
$14,498
|
06/30/21
|
$12,970
|
$14,334
|
07/31/21
|
$13,004
|
$14,442
|
08/31/21
|
$13,225
|
$14,697
|
09/30/21
|
$12,704
|
$14,271
|
10/31/21
|
$13,004
|
$14,622
|
11/30/21
|
$12,372
|
$13,941
|
12/31/21
|
$13,054
|
$14,655
|
01/31/22
|
$12,753
|
$13,947
|
02/28/22
|
$12,346
|
$13,700
|
03/31/22
|
$12,532
|
$13,788
|
04/30/22
|
$11,812
|
$12,896
|
05/31/22
|
$12,102
|
$12,993
|
06/30/22
|
$10,708
|
$11,787
|
07/31/22
|
$11,243
|
$12,375
|
08/31/22
|
$10,650
|
$11,787
|
09/30/22
|
$9,535
|
$10,684
|
10/31/22
|
$10,197
|
$11,259
|
11/30/22
|
$11,463
|
$12,527
|
12/31/22
|
$11,295
|
$12,537
|
01/31/23
|
$12,163
|
$13,552
|
02/28/23
|
$12,054
|
$13,269
|
03/31/23
|
$12,199
|
$13,598
|
04/30/23
|
$12,464
|
$13,982
|
05/31/23
|
$11,849
|
$13,391
|
06/30/23
|
$12,560
|
$14,000
|
07/31/23
|
$12,945
|
$14,453
|
08/31/23
|
$12,548
|
$13,899
|
09/30/23
|
$12,271
|
$13,424
|
10/31/23
|
$11,753
|
$12,880
|
11/30/23
|
$12,680
|
$14,076
|
12/31/23
|
$13,302
|
$14,824
|
01/31/24
|
$13,366
|
$14,909
|
02/29/24
|
$13,672
|
$15,182
|
03/31/24
|
$14,310
|
$15,681
|
04/30/24
|
$13,940
|
$15,279
|
05/31/24
|
$14,718
|
$15,871
|
06/30/24
|
$14,220
|
$15,615
|
07/31/24
|
$14,654
|
$16,073
|
08/31/24
|
$15,113
|
$16,596
|
Name
|
1 Year
|
5 Years
|
10 Years
|
SSIPX
|
20.44%
|
8.32%
|
4.22%
|
MSCI EAFE Net Dividend Index
|
19.40%
|
8.61%
|
5.20%
|
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.
Statistic
|
Value
|
Total Net Assets
|
$139,639,104
|
Number of Portfolio Holdings
|
176
|
Portfolio Turnover Rate
|
98%
|
Total Advisory Fees Paid
|
$644,803
|
Country
|
% Value of Total Net Assets
|
Japan
|
22.0%
|
United Kingdom
|
10.4%
|
Germany
|
9.5%
|
France
|
9.0%
|
United States
|
7.6%
|
Australia
|
5.9%
|
Switzerland
|
5.3%
|
Netherlands
|
5.1%
|
Italy
|
4.0%
|
Spain
|
3.9%
|
Industry
|
% Value of Total Net Assets
|
Banks
|
13.6%
|
Pharmaceuticals
|
11.0%
|
Trading Companies & Distributors
|
6.2%
|
Oil, Gas & Consumable Fuels
|
5.3%
|
Machinery
|
4.4%
|
Insurance
|
4.1%
|
Automobile Components
|
3.3%
|
Metals & Mining
|
2.8%
|
Construction Materials
|
2.9%
|
Consumer Staples Distribution
|
2.6%
|
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 AR SSIPX
Annual Shareholder Report
August 31, 2024
This annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024.You can find additional information about the Fund at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class K
|
$83
|
0.75%
|
Value and Sentiment-based factors were the primary drivers of Fund performance during the reporting period relative to the Index. Both themes yielded positive returns as companies with lower valuation and good market sentiment outperformed their more expensive and unfavored peers. Stock selection in each of the Industrials, Consumer Discretionary and Health Care sectors was the largest positive contribution to Fund performance. At the regional level, stock selection was most successful in Europe and Asia Pacific ex Japan.
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
SSIQX
|
MSCI EAFE Net Dividend Index
|
|
08/31/14
|
$10,000
|
$10,000
|
09/30/14
|
$9,689
|
$9,616
|
10/31/14
|
$9,573
|
$9,476
|
11/30/14
|
$9,751
|
$9,605
|
12/31/14
|
$9,392
|
$9,272
|
01/31/15
|
$9,518
|
$9,317
|
02/28/15
|
$10,058
|
$9,874
|
03/31/15
|
$9,923
|
$9,724
|
04/30/15
|
$10,309
|
$10,122
|
05/31/15
|
$10,399
|
$10,070
|
06/30/15
|
$10,093
|
$9,784
|
07/31/15
|
$10,210
|
$9,988
|
08/31/15
|
$9,599
|
$9,253
|
09/30/15
|
$9,194
|
$8,783
|
10/31/15
|
$9,815
|
$9,470
|
11/30/15
|
$9,707
|
$9,322
|
12/31/15
|
$9,494
|
$9,197
|
01/31/16
|
$8,911
|
$8,532
|
02/29/16
|
$8,642
|
$8,375
|
03/31/16
|
$9,124
|
$8,920
|
04/30/16
|
$9,420
|
$9,179
|
05/31/16
|
$9,392
|
$9,095
|
06/30/16
|
$8,976
|
$8,790
|
07/31/16
|
$9,383
|
$9,235
|
08/31/16
|
$9,364
|
$9,242
|
09/30/16
|
$9,531
|
$9,355
|
10/31/16
|
$9,364
|
$9,164
|
11/30/16
|
$9,235
|
$8,982
|
12/31/16
|
$9,525
|
$9,289
|
01/31/17
|
$9,850
|
$9,558
|
02/28/17
|
$9,897
|
$9,695
|
03/31/17
|
$10,155
|
$9,962
|
04/30/17
|
$10,469
|
$10,215
|
05/31/17
|
$10,879
|
$10,590
|
06/30/17
|
$10,918
|
$10,571
|
07/31/17
|
$11,232
|
$10,876
|
08/31/17
|
$11,261
|
$10,872
|
09/30/17
|
$11,480
|
$11,143
|
10/31/17
|
$11,604
|
$11,312
|
11/30/17
|
$11,556
|
$11,431
|
12/31/17
|
$11,679
|
$11,614
|
01/31/18
|
$12,075
|
$12,197
|
02/28/18
|
$11,500
|
$11,646
|
03/31/18
|
$11,351
|
$11,436
|
04/30/18
|
$11,470
|
$11,697
|
05/31/18
|
$11,223
|
$11,434
|
06/30/18
|
$10,975
|
$11,295
|
07/31/18
|
$11,223
|
$11,573
|
08/31/18
|
$10,945
|
$11,349
|
09/30/18
|
$11,074
|
$11,448
|
10/31/18
|
$10,271
|
$10,537
|
11/30/18
|
$10,063
|
$10,523
|
12/31/18
|
$9,642
|
$10,012
|
01/31/19
|
$10,370
|
$10,670
|
02/28/19
|
$10,592
|
$10,942
|
03/31/19
|
$10,687
|
$11,011
|
04/30/19
|
$10,813
|
$11,321
|
05/31/19
|
$10,202
|
$10,777
|
06/30/19
|
$10,803
|
$11,417
|
07/31/19
|
$10,434
|
$11,272
|
08/31/19
|
$10,180
|
$10,980
|
09/30/19
|
$10,486
|
$11,294
|
10/31/19
|
$10,824
|
$11,700
|
11/30/19
|
$10,908
|
$11,832
|
12/31/19
|
$11,291
|
$12,217
|
01/31/20
|
$10,996
|
$11,961
|
02/29/20
|
$10,045
|
$10,880
|
03/31/20
|
$8,427
|
$9,428
|
04/30/20
|
$9,050
|
$10,037
|
05/31/20
|
$9,411
|
$10,474
|
06/30/20
|
$9,750
|
$10,831
|
07/31/20
|
$9,925
|
$11,083
|
08/31/20
|
$10,406
|
$11,653
|
09/30/20
|
$10,154
|
$11,350
|
10/31/20
|
$9,706
|
$10,897
|
11/30/20
|
$11,029
|
$12,586
|
12/31/20
|
$11,631
|
$13,171
|
01/31/21
|
$11,520
|
$13,031
|
02/28/21
|
$11,776
|
$13,323
|
03/31/21
|
$12,279
|
$13,630
|
04/30/21
|
$12,681
|
$14,040
|
05/31/21
|
$13,261
|
$14,498
|
06/30/21
|
$13,060
|
$14,334
|
07/31/21
|
$13,094
|
$14,442
|
08/31/21
|
$13,317
|
$14,697
|
09/30/21
|
$12,803
|
$14,271
|
10/31/21
|
$13,094
|
$14,622
|
11/30/21
|
$12,457
|
$13,941
|
12/31/21
|
$13,153
|
$14,655
|
01/31/22
|
$12,849
|
$13,947
|
02/28/22
|
$12,439
|
$13,700
|
03/31/22
|
$12,615
|
$13,788
|
04/30/22
|
$11,901
|
$12,896
|
05/31/22
|
$12,194
|
$12,993
|
06/30/22
|
$10,789
|
$11,787
|
07/31/22
|
$11,328
|
$12,375
|
08/31/22
|
$10,731
|
$11,787
|
09/30/22
|
$9,608
|
$10,684
|
10/31/22
|
$10,275
|
$11,259
|
11/30/22
|
$11,550
|
$12,527
|
12/31/22
|
$11,389
|
$12,537
|
01/31/23
|
$12,263
|
$13,552
|
02/28/23
|
$12,154
|
$13,269
|
03/31/23
|
$12,299
|
$13,598
|
04/30/23
|
$12,567
|
$13,982
|
05/31/23
|
$11,947
|
$13,391
|
06/30/23
|
$12,664
|
$14,000
|
07/31/23
|
$13,052
|
$14,453
|
08/31/23
|
$12,664
|
$13,899
|
09/30/23
|
$12,384
|
$13,424
|
10/31/23
|
$11,850
|
$12,880
|
11/30/23
|
$12,797
|
$14,076
|
12/31/23
|
$13,426
|
$14,824
|
01/31/24
|
$13,490
|
$14,909
|
02/29/24
|
$13,799
|
$15,182
|
03/31/24
|
$14,443
|
$15,681
|
04/30/24
|
$14,069
|
$15,279
|
05/31/24
|
$14,855
|
$15,871
|
06/30/24
|
$14,353
|
$15,615
|
07/31/24
|
$14,803
|
$16,073
|
08/31/24
|
$15,254
|
$16,596
|
Name
|
1 Year
|
5 Years
|
10 Years
|
SSIQX
|
20.45%
|
8.42%
|
4.31%
|
MSCI EAFE Net Dividend Index
|
19.40%
|
8.61%
|
5.20%
|
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.
Statistic
|
Value
|
Total Net Assets
|
$139,639,104
|
Number of Portfolio Holdings
|
176
|
Portfolio Turnover Rate
|
98%
|
Total Advisory Fees Paid
|
$644,803
|
Country
|
% Value of Total Net Assets
|
Japan
|
22.0%
|
United Kingdom
|
10.4%
|
Germany
|
9.5%
|
France
|
9.0%
|
United States
|
7.6%
|
Australia
|
5.9%
|
Switzerland
|
5.3%
|
Netherlands
|
5.1%
|
Italy
|
4.0%
|
Spain
|
3.9%
|
Industry
|
% Value of Total Net Assets
|
Banks
|
13.6%
|
Pharmaceuticals
|
11.0%
|
Trading Companies & Distributors
|
6.2%
|
Oil, Gas & Consumable Fuels
|
5.3%
|
Machinery
|
4.4%
|
Insurance
|
4.1%
|
Automobile Components
|
3.3%
|
Metals & Mining
|
2.8%
|
Construction Materials
|
2.9%
|
Consumer Staples Distribution
|
2.6%
|
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 AR SSIQX
Annual Shareholder Report
August 31, 2024
This annual shareholder report contains important information about the State Street International Stock Selection Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024.You can find additional information about the Fund at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class N
|
$110
|
1.00%
|
Value and Sentiment-based factors were the primary drivers of Fund performance during the reporting period relative to the Index. Both themes yielded positive returns as companies with lower valuation and good market sentiment outperformed their more expensive and unfavored peers. Stock selection in each of the Industrials, Consumer Discretionary and Health Care sectors was the largest positive contribution to Fund performance. At the regional level, stock selection was most successful in Europe and Asia Pacific ex Japan.
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
SSAIX
|
MSCI EAFE Net Dividend Index
|
|
08/31/14
|
$10,000
|
$10,000
|
09/30/14
|
$9,680
|
$9,616
|
10/31/14
|
$9,564
|
$9,476
|
11/30/14
|
$9,742
|
$9,605
|
12/31/14
|
$9,381
|
$9,272
|
01/31/15
|
$9,497
|
$9,317
|
02/28/15
|
$10,037
|
$9,874
|
03/31/15
|
$9,902
|
$9,724
|
04/30/15
|
$10,288
|
$10,122
|
05/31/15
|
$10,369
|
$10,070
|
06/30/15
|
$10,063
|
$9,784
|
07/31/15
|
$10,180
|
$9,988
|
08/31/15
|
$9,569
|
$9,253
|
09/30/15
|
$9,165
|
$8,783
|
10/31/15
|
$9,776
|
$9,470
|
11/30/15
|
$9,668
|
$9,322
|
12/31/15
|
$9,458
|
$9,197
|
01/31/16
|
$8,877
|
$8,532
|
02/29/16
|
$8,610
|
$8,375
|
03/31/16
|
$9,098
|
$8,920
|
04/30/16
|
$9,393
|
$9,179
|
05/31/16
|
$9,356
|
$9,095
|
06/30/16
|
$8,942
|
$8,790
|
07/31/16
|
$9,347
|
$9,235
|
08/31/16
|
$9,319
|
$9,242
|
09/30/16
|
$9,485
|
$9,355
|
10/31/16
|
$9,319
|
$9,164
|
11/30/16
|
$9,190
|
$8,982
|
12/31/16
|
$9,482
|
$9,289
|
01/31/17
|
$9,804
|
$9,558
|
02/28/17
|
$9,842
|
$9,695
|
03/31/17
|
$10,097
|
$9,962
|
04/30/17
|
$10,401
|
$10,215
|
05/31/17
|
$10,808
|
$10,590
|
06/30/17
|
$10,855
|
$10,571
|
07/31/17
|
$11,158
|
$10,876
|
08/31/17
|
$11,187
|
$10,872
|
09/30/17
|
$11,395
|
$11,143
|
10/31/17
|
$11,528
|
$11,312
|
11/30/17
|
$11,480
|
$11,431
|
12/31/17
|
$11,591
|
$11,614
|
01/31/18
|
$11,984
|
$12,197
|
02/28/18
|
$11,414
|
$11,646
|
03/31/18
|
$11,257
|
$11,436
|
04/30/18
|
$11,375
|
$11,697
|
05/31/18
|
$11,130
|
$11,434
|
06/30/18
|
$10,874
|
$11,295
|
07/31/18
|
$11,130
|
$11,573
|
08/31/18
|
$10,845
|
$11,349
|
09/30/18
|
$10,972
|
$11,448
|
10/31/18
|
$10,177
|
$10,537
|
11/30/18
|
$9,961
|
$10,523
|
12/31/18
|
$9,544
|
$10,012
|
01/31/19
|
$10,263
|
$10,670
|
02/28/19
|
$10,482
|
$10,942
|
03/31/19
|
$10,565
|
$11,011
|
04/30/19
|
$10,700
|
$11,321
|
05/31/19
|
$10,086
|
$10,777
|
06/30/19
|
$10,680
|
$11,417
|
07/31/19
|
$10,315
|
$11,272
|
08/31/19
|
$10,065
|
$10,980
|
09/30/19
|
$10,357
|
$11,294
|
10/31/19
|
$10,700
|
$11,700
|
11/30/19
|
$10,784
|
$11,832
|
12/31/19
|
$11,143
|
$12,217
|
01/31/20
|
$10,863
|
$11,961
|
02/29/20
|
$9,915
|
$10,880
|
03/31/20
|
$8,322
|
$9,428
|
04/30/20
|
$8,925
|
$10,037
|
05/31/20
|
$9,291
|
$10,474
|
06/30/20
|
$9,614
|
$10,831
|
07/31/20
|
$9,786
|
$11,083
|
08/31/20
|
$10,260
|
$11,653
|
09/30/20
|
$10,012
|
$11,350
|
10/31/20
|
$9,560
|
$10,897
|
11/30/20
|
$10,863
|
$12,586
|
12/31/20
|
$11,461
|
$13,171
|
01/31/21
|
$11,351
|
$13,031
|
02/28/21
|
$11,603
|
$13,323
|
03/31/21
|
$12,097
|
$13,630
|
04/30/21
|
$12,481
|
$14,040
|
05/31/21
|
$13,051
|
$14,498
|
06/30/21
|
$12,854
|
$14,334
|
07/31/21
|
$12,876
|
$14,442
|
08/31/21
|
$13,095
|
$14,697
|
09/30/21
|
$12,590
|
$14,271
|
10/31/21
|
$12,876
|
$14,622
|
11/30/21
|
$12,251
|
$13,941
|
12/31/21
|
$12,924
|
$14,655
|
01/31/22
|
$12,625
|
$13,947
|
02/28/22
|
$12,224
|
$13,700
|
03/31/22
|
$12,396
|
$13,788
|
04/30/22
|
$11,685
|
$12,896
|
05/31/22
|
$11,972
|
$12,993
|
06/30/22
|
$10,584
|
$11,787
|
07/31/22
|
$11,112
|
$12,375
|
08/31/22
|
$10,527
|
$11,787
|
09/30/22
|
$9,426
|
$10,684
|
10/31/22
|
$10,080
|
$11,259
|
11/30/22
|
$11,330
|
$12,527
|
12/31/22
|
$11,165
|
$12,537
|
01/31/23
|
$12,020
|
$13,552
|
02/28/23
|
$11,901
|
$13,269
|
03/31/23
|
$12,043
|
$13,598
|
04/30/23
|
$12,316
|
$13,982
|
05/31/23
|
$11,699
|
$13,391
|
06/30/23
|
$12,399
|
$14,000
|
07/31/23
|
$12,779
|
$14,453
|
08/31/23
|
$12,399
|
$13,899
|
09/30/23
|
$12,115
|
$13,424
|
10/31/23
|
$11,593
|
$12,880
|
11/30/23
|
$12,506
|
$14,076
|
12/31/23
|
$13,122
|
$14,824
|
01/31/24
|
$13,185
|
$14,909
|
02/29/24
|
$13,486
|
$15,182
|
03/31/24
|
$14,113
|
$15,681
|
04/30/24
|
$13,749
|
$15,279
|
05/31/24
|
$14,514
|
$15,871
|
06/30/24
|
$14,013
|
$15,615
|
07/31/24
|
$14,452
|
$16,073
|
08/31/24
|
$14,891
|
$16,596
|
Name
|
1 Year
|
5 Years
|
10 Years
|
SSAIX
|
20.09%
|
8.15%
|
4.06%
|
MSCI EAFE Net Dividend Index
|
19.40%
|
8.61%
|
5.20%
|
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.
Statistic
|
Value
|
Total Net Assets
|
$139,639,104
|
Number of Portfolio Holdings
|
176
|
Portfolio Turnover Rate
|
98%
|
Total Advisory Fees Paid
|
$644,803
|
Country
|
% Value of Total Net Assets
|
Japan
|
22.0%
|
United Kingdom
|
10.4%
|
Germany
|
9.5%
|
France
|
9.0%
|
United States
|
7.6%
|
Australia
|
5.9%
|
Switzerland
|
5.3%
|
Netherlands
|
5.1%
|
Italy
|
4.0%
|
Spain
|
3.9%
|
Industry
|
% Value of Total Net Assets
|
Banks
|
13.6%
|
Pharmaceuticals
|
11.0%
|
Trading Companies & Distributors
|
6.2%
|
Oil, Gas & Consumable Fuels
|
5.3%
|
Machinery
|
4.4%
|
Insurance
|
4.1%
|
Automobile Components
|
3.3%
|
Metals & Mining
|
2.8%
|
Construction Materials
|
2.9%
|
Consumer Staples Distribution
|
2.6%
|
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 AR SSAIX
Annual Shareholder Report
August 31, 2024
This annual shareholder report contains important information about the State Street S&P 500 Index Fund (the "Fund") for the period of September 1, 2023 to August 31, 2024.You can find additional information about the Fund at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-647-7327.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class N
|
$18
|
0.16%
|
All but three months posted positive returns over the reporting period. US stocks rallied in Q4 of 2023, supported by prospects of rate cuts in 2024. Most sectors performed well over the quarter, except for energy, which was dragged down by weak crude prices over the quarter. US equities rallied for a second straight quarter in Q1 2024. At 10.4%, the S&P 500 Index posted its biggest first-quarter gain since 2019 and its fifth gain in the last six quarters. Within sectors, communications services fared the best. The A.I. theme was one of the key tailwinds in Q1 2024, helping to drive select big tech and momentum factor outperformance. The S&P 500 Index returned a 4.2% for Q2 of 2024. There was a tough start to the quarter in April, but the momentum changed in the middle of the month due to a strong jobs report, ending up positive in May and June. The S&P 500 ended July above 5,500, reflecting a gain of 1.2% over the month. US equity markets gained in August, with the S&P 500 rising 2.4% and only consumer discretionary and energy being in the red.
The Fund used futures in order to expose cash and dividends to the market during the reporting period. The Fund's use of futures detracted from the Fund's performance relative to the Index.
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
SVSPX
|
S&P 500 Index
|
|
08/31/14
|
$10,000
|
$10,000
|
09/30/14
|
$9,860
|
$9,860
|
10/31/14
|
$10,097
|
$10,101
|
11/30/14
|
$10,368
|
$10,372
|
12/31/14
|
$10,341
|
$10,346
|
01/31/15
|
$10,030
|
$10,036
|
02/28/15
|
$10,604
|
$10,612
|
03/31/15
|
$10,434
|
$10,444
|
04/30/15
|
$10,533
|
$10,545
|
05/31/15
|
$10,667
|
$10,680
|
06/30/15
|
$10,458
|
$10,474
|
07/31/15
|
$10,678
|
$10,693
|
08/31/15
|
$10,036
|
$10,048
|
09/30/15
|
$9,786
|
$9,799
|
10/31/15
|
$10,612
|
$10,626
|
11/30/15
|
$10,641
|
$10,657
|
12/31/15
|
$10,473
|
$10,489
|
01/31/16
|
$9,952
|
$9,969
|
02/29/16
|
$9,935
|
$9,955
|
03/31/16
|
$10,609
|
$10,631
|
04/30/16
|
$10,652
|
$10,672
|
05/31/16
|
$10,841
|
$10,864
|
06/30/16
|
$10,865
|
$10,892
|
07/31/16
|
$11,265
|
$11,293
|
08/31/16
|
$11,278
|
$11,309
|
09/30/16
|
$11,279
|
$11,311
|
10/31/16
|
$11,071
|
$11,105
|
11/30/16
|
$11,479
|
$11,516
|
12/31/16
|
$11,706
|
$11,744
|
01/31/17
|
$11,924
|
$11,967
|
02/28/17
|
$12,398
|
$12,442
|
03/31/17
|
$12,411
|
$12,456
|
04/30/17
|
$12,538
|
$12,584
|
05/31/17
|
$12,712
|
$12,761
|
06/30/17
|
$12,791
|
$12,841
|
07/31/17
|
$13,049
|
$13,105
|
08/31/17
|
$13,089
|
$13,145
|
09/30/17
|
$13,356
|
$13,416
|
10/31/17
|
$13,667
|
$13,729
|
11/30/17
|
$14,087
|
$14,150
|
12/31/17
|
$14,243
|
$14,308
|
01/31/18
|
$15,054
|
$15,127
|
02/28/18
|
$14,492
|
$14,569
|
03/31/18
|
$14,119
|
$14,199
|
04/30/18
|
$14,172
|
$14,254
|
05/31/18
|
$14,512
|
$14,597
|
06/30/18
|
$14,595
|
$14,687
|
07/31/18
|
$15,139
|
$15,233
|
08/31/18
|
$15,630
|
$15,730
|
09/30/18
|
$15,717
|
$15,819
|
10/31/18
|
$14,642
|
$14,738
|
11/30/18
|
$14,935
|
$15,038
|
12/31/18
|
$13,585
|
$13,680
|
01/31/19
|
$14,673
|
$14,777
|
02/28/19
|
$15,140
|
$15,251
|
03/31/19
|
$15,435
|
$15,547
|
04/30/19
|
$16,056
|
$16,177
|
05/31/19
|
$15,033
|
$15,149
|
06/30/19
|
$16,092
|
$16,217
|
07/31/19
|
$16,322
|
$16,450
|
08/31/19
|
$16,053
|
$16,189
|
09/30/19
|
$16,353
|
$16,492
|
10/31/19
|
$16,706
|
$16,849
|
11/30/19
|
$17,307
|
$17,461
|
12/31/19
|
$17,832
|
$17,988
|
01/31/20
|
$17,818
|
$17,981
|
02/29/20
|
$16,347
|
$16,501
|
03/31/20
|
$14,364
|
$14,463
|
04/30/20
|
$16,203
|
$16,317
|
05/31/20
|
$16,975
|
$17,094
|
06/30/20
|
$17,320
|
$17,434
|
07/31/20
|
$18,296
|
$18,417
|
08/31/20
|
$19,608
|
$19,740
|
09/30/20
|
$18,857
|
$18,990
|
10/31/20
|
$18,356
|
$18,485
|
11/30/20
|
$20,368
|
$20,509
|
12/31/20
|
$21,147
|
$21,297
|
01/31/21
|
$20,929
|
$21,082
|
02/28/21
|
$21,506
|
$21,664
|
03/31/21
|
$22,449
|
$22,612
|
04/30/21
|
$23,646
|
$23,819
|
05/31/21
|
$23,808
|
$23,986
|
06/30/21
|
$24,359
|
$24,546
|
07/31/21
|
$24,933
|
$25,129
|
08/31/21
|
$25,689
|
$25,893
|
09/30/21
|
$24,493
|
$24,688
|
10/31/21
|
$26,207
|
$26,418
|
11/30/21
|
$26,018
|
$26,235
|
12/31/21
|
$27,183
|
$27,411
|
01/31/22
|
$25,771
|
$25,992
|
02/28/22
|
$24,998
|
$25,214
|
03/31/22
|
$25,924
|
$26,150
|
04/30/22
|
$23,655
|
$23,870
|
05/31/22
|
$23,698
|
$23,914
|
06/30/22
|
$21,740
|
$21,940
|
07/31/22
|
$23,745
|
$23,963
|
08/31/22
|
$22,771
|
$22,986
|
09/30/22
|
$20,669
|
$20,869
|
10/31/22
|
$22,339
|
$22,558
|
11/30/22
|
$23,586
|
$23,819
|
12/31/22
|
$22,223
|
$22,446
|
01/31/23
|
$23,619
|
$23,857
|
02/28/23
|
$23,041
|
$23,275
|
03/31/23
|
$23,884
|
$24,129
|
04/30/23
|
$24,253
|
$24,506
|
05/31/23
|
$24,356
|
$24,612
|
06/30/23
|
$25,965
|
$26,239
|
07/31/23
|
$26,799
|
$27,082
|
08/31/23
|
$26,370
|
$26,650
|
09/30/23
|
$25,107
|
$25,380
|
10/31/23
|
$24,572
|
$24,846
|
11/30/23
|
$26,813
|
$27,115
|
12/31/23
|
$28,033
|
$28,347
|
01/31/24
|
$28,500
|
$28,824
|
02/29/24
|
$30,017
|
$30,363
|
03/31/24
|
$30,980
|
$31,339
|
04/30/24
|
$29,710
|
$30,059
|
05/31/24
|
$31,181
|
$31,550
|
06/30/24
|
$32,296
|
$32,682
|
07/31/24
|
$32,682
|
$33,080
|
08/31/24
|
$33,469
|
$33,882
|
Name
|
1 Year
|
5 Years
|
10 Years
|
SVSPX
|
26.92%
|
15.83%
|
12.84%
|
S&P 500 Index
|
27.14%
|
15.92%
|
12.98%
|
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.
Statistic
|
Value
|
Total Net Assets
|
$1,517,775,810
|
Number of Portfolio Holdings
|
506
|
Portfolio Turnover Rate
|
2%
|
Total Advisory Fees Paid
|
$175,195
|
Holdings
|
% Value of Total Net Assets
|
Apple, Inc.
|
6.9%
|
Microsoft Corp.
|
6.5%
|
NVIDIA Corp.
|
6.1%
|
Amazon.com, Inc.
|
3.4%
|
Meta Platforms, Inc., A
|
2.4%
|
Alphabet, Inc., A
|
2.0%
|
Berkshire Hathaway, Inc., B
|
1.8%
|
Alphabet, Inc., C
|
1.7%
|
Eli Lilly & Co.
|
1.6%
|
Broadcom, Inc.
|
1.5%
|
Industry
|
% Value of Total Net Assets
|
Semiconductors & Semiconductor Equipment
|
11.0%
|
Software
|
10.1%
|
Technology Hardware, Storage & Peripherals
|
7.2%
|
Interactive Media & Services
|
6.1%
|
Financial Services
|
4.2%
|
Banks
|
4.1%
|
Pharmaceuticals
|
3.8%
|
Broadline Retail
|
3.5%
|
Oil, Gas & Consumable Fuels
|
3.2%
|
Health Care Providers & Services
|
2.6%
|
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 AR SVSPX
(b) Not applicable to the Registrant.
Item 2. Code of Ethics.
As of the end of the period covered by this report, SSGA Funds (the "Trust," "Fund Entity" or "Registrant") has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that appliesto the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code"). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the "SEC") and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during thecovered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 19(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Trust's Board of Trustees (the "Board") has determined that the Trust has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSRserving on its audit committee (the "Audit Committee"): Messrs. John R. Costantino, George M. Pereira, Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the "audit committee financial experts" is "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.
An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.
Item 4. Principal Accountant Fees and Services.
(a) |
Audit Fees |
For the fiscal years ended August 31, 2024 and August 31, 2023, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("E&Y"), the Trust's principal accountant, for the audit of the Trust's annual financial statements or services normally provided by E&Y in connection with the Trust's statutory and regulatory filings and engagements were $66,688 and $65,688, respectively.
(b) |
Audit-Related Fees |
For the fiscal years ended August 31, 2024 and August 31, 2023, there were no fees for assurance and related services by E&Y reasonably related to the performance of the audit of the Trust's financial statements that were not reported under paragraph (a) of this Item.
(c) |
Tax Fees |
For the fiscal years ended August 31, 2024 and August 31, 2023, the aggregate tax fees billed for professional services rendered by E&Y for the review of year-enddistribution requirements were $5,062 and $5,062, respectively.
(d) |
All Other Fees |
For the fiscal years ended August 31, 2024 and August 31, 2023, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Trust, other than the services reported in paragraphs (a) through (c).
For the fiscal years ended August 31, 2024 and August 31, 2023, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved bythe Audit Committee were approximately $9,387,702 and $9,540,002, respectively.
(e)(1) |
Audit Committee Pre-ApprovalPolicies and Procedures |
The Trust's Audit Committee Charter states the following with respect to pre-approvalprocedures:
The Audit Committee shall have the following duties and powers:
• |
To pre-approveengagements by a Fund Entity's independent auditor for non-audit servicesto be rendered to the Fund's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; |
• |
To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval ofservices to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved byother means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve anactivity shall be presented to the full Audit Committee at its next scheduled meeting; |
Alternate Pre-ApprovalProcedure:
• |
The Chairperson, or Vice Chairperson, of the Audit Committee is authorized to pre-approve anyengagement involving the Fund Entity's independent auditors to the same extent as the Audit Committee. Any pre-approval decisionby the Chairperson, or Vice Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting. |
(e)(2) |
Percentages of Services |
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-Xduring the period of time for which such rule was effective.
(f) |
Not applicable. |
(g) |
Total Fees Paid By Adviser and Certain Affiliates |
The aggregate non-auditfees billed for by E&Y for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were as follows:
FY 2024 (in millions) |
FY 2023 (in millions) |
|||||||
Non audit services billed to: |
||||||||
Registrant: |
See Item 4 | (c) | See Item 4 | (c) | ||||
Investment Adviser: |
- | - | ||||||
Other entities in the Investment Company Complex (1)(2): |
||||||||
Audit Related Fees |
$ | 18.3 | $ | 17.9 | ||||
Tax Fees |
$ | 3.1 | $ | 5.6 | ||||
All Other Fees |
$ | 15.0 | $ | 15.5 |
(1) |
Information is for the calendar years 2024 and 2023, respectively. |
(2) |
Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutoryaudits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. |
(h) |
E&Y notified the Trust's Audit Committee of all non-auditservices that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-X,allowing the Trust's Audit Committee to consider whether such services were compatible with maintaining E&Y's independence. |
(i) |
Not applicable. |
(j) |
Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) |
Schedules of Investments are included as a part of the reports to shareholders 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. |
State Street S&P 500 Index Fund |
Schedule of Investments (N-CSR Item 6)
|
1 |
Statement of Assets and Liabilities (N-CSR Item 7)
|
8 |
Statement of Operations (N-CSR Item 7)
|
9 |
Statements of Changes in Net Assets (N-CSR Item 7)
|
10 |
Financial Highlights (N-CSR Item 7)
|
11 |
Notes to Financial Statements (N-CSR Item 7)
|
12 |
Report of Independent Registered Public Accounting Firm (N-CSR Item 7)
|
19 |
Other Information (Unaudited) (N-CSR Item 7)
|
20 |
Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)
|
21 |
Security Description | Shares | Value | |||
COMMON STOCKS - 99.4% | |||||
COMMUNICATION SERVICES - 8.7% | |||||
Alphabet, Inc. Class A
|
186,446 | $30,461,547 | |||
Alphabet, Inc. Class C
|
155,559 | 25,684,346 | |||
AT&T, Inc.
|
230,141 | 4,579,806 | |||
Charter Communications, Inc. Class A (a)
|
3,200 | 1,112,128 | |||
Comcast Corp. Class A
|
124,387 | 4,921,994 | |||
Electronic Arts, Inc.
|
7,342 | 1,114,662 | |||
Fox Corp. Class A
|
7,816 | 323,348 | |||
Fox Corp. Class B
|
2,900 | 111,447 | |||
Interpublic Group of Cos., Inc.
|
12,228 | 398,755 | |||
Live Nation Entertainment, Inc. (a)
|
4,400 | 429,748 | |||
Match Group, Inc. (a)
|
7,587 | 282,312 | |||
Meta Platforms, Inc. Class A
|
69,564 | 36,264,409 | |||
Netflix, Inc. (a)
|
13,604 | 9,541,165 | |||
News Corp. Class A
|
12,561 | 355,853 | |||
News Corp. Class B
|
3,800 | 111,834 | |||
Omnicom Group, Inc.
|
6,598 | 662,637 | |||
Paramount Global Class B
|
18,831 | 197,161 | |||
Take-Two Interactive Software, Inc. (a)
|
5,294 | 856,093 | |||
T-Mobile U.S., Inc.
|
16,061 | 3,191,642 | |||
Verizon Communications, Inc.
|
133,664 | 5,584,482 | |||
Walt Disney Co.
|
58,418 | 5,279,819 | |||
Warner Bros Discovery, Inc. (a)
|
76,633 | 600,803 | |||
132,065,991 | |||||
CONSUMER DISCRETIONARY - 9.6% | |||||
Airbnb, Inc. Class A (a)
|
14,200 | 1,665,802 | |||
Amazon.com, Inc. (a)
|
290,826 | 51,912,441 | |||
Aptiv PLC (a)
|
8,511 | 608,792 | |||
AutoZone, Inc. (a)
|
571 | 1,816,625 | |||
Bath & Body Works, Inc.
|
7,468 | 229,716 | |||
Best Buy Co., Inc.
|
6,513 | 653,905 | |||
Booking Holdings, Inc.
|
1,053 | 4,116,419 | |||
BorgWarner, Inc.
|
7,563 | 257,671 | |||
Caesars Entertainment, Inc. (a)
|
6,777 | 255,086 | |||
CarMax, Inc. (a)
|
5,192 | 438,984 | |||
Carnival Corp. (a)
|
32,449 | 535,409 | |||
Chipotle Mexican Grill, Inc. (a)
|
43,500 | 2,439,480 | |||
Darden Restaurants, Inc.
|
3,946 | 624,060 | |||
Deckers Outdoor Corp. (a)
|
800 | 767,432 | |||
Domino's Pizza, Inc.
|
1,119 | 463,501 | |||
DR Horton, Inc.
|
9,079 | 1,713,752 | |||
eBay, Inc.
|
16,292 | 962,857 | |||
Etsy, Inc. (a)
|
4,005 | 220,635 | |||
Expedia Group, Inc. (a)
|
4,175 | 580,701 | |||
Ford Motor Co.
|
127,931 | 1,431,548 | |||
Garmin Ltd.
|
4,899 | 897,938 | |||
General Motors Co.
|
35,341 | 1,759,275 | |||
Genuine Parts Co.
|
4,220 | 604,557 | |||
Hasbro, Inc.
|
4,232 | 288,453 | |||
Hilton Worldwide Holdings, Inc.
|
8,043 | 1,766,565 | |||
Home Depot, Inc.
|
31,316 | 11,539,946 |
Security Description | Shares | Value | |||
Las Vegas Sands Corp.
|
12,205 | $475,873 | |||
Lennar Corp. Class A
|
8,080 | 1,471,045 | |||
LKQ Corp.
|
8,100 | 336,879 | |||
Lowe's Cos., Inc.
|
17,903 | 4,448,896 | |||
Lululemon Athletica, Inc. (a)
|
3,800 | 985,986 | |||
Marriott International, Inc. Class A
|
7,606 | 1,785,052 | |||
McDonald's Corp.
|
22,729 | 6,560,953 | |||
MGM Resorts International (a)
|
7,700 | 289,443 | |||
Mohawk Industries, Inc. (a)
|
1,969 | 305,471 | |||
NIKE, Inc. Class B
|
37,626 | 3,134,998 | |||
Norwegian Cruise Line Holdings Ltd. (a)
|
13,900 | 248,671 | |||
NVR, Inc. (a)
|
100 | 917,246 | |||
O'Reilly Automotive, Inc. (a)
|
1,912 | 2,160,503 | |||
Pool Corp.
|
1,265 | 444,799 | |||
PulteGroup, Inc.
|
6,952 | 915,231 | |||
Ralph Lauren Corp.
|
1,196 | 204,827 | |||
Ross Stores, Inc.
|
10,234 | 1,541,343 | |||
Royal Caribbean Cruises Ltd. (a)
|
7,797 | 1,283,542 | |||
Starbucks Corp.
|
35,569 | 3,363,760 | |||
Tapestry, Inc.
|
7,581 | 310,594 | |||
Tesla, Inc. (a)
|
87,991 | 18,839,753 | |||
TJX Cos., Inc.
|
35,524 | 4,165,899 | |||
Tractor Supply Co.
|
3,573 | 955,956 | |||
Ulta Beauty, Inc. (a)
|
1,549 | 546,549 | |||
Wynn Resorts Ltd.
|
3,391 | 260,700 | |||
Yum! Brands, Inc.
|
9,049 | 1,220,891 | |||
145,726,410 | |||||
CONSUMER STAPLES - 6.0% | |||||
Altria Group, Inc.
|
53,841 | 2,895,031 | |||
Archer-Daniels-Midland Co.
|
15,261 | 930,768 | |||
Brown-Forman Corp. Class B (b)
|
5,827 | 265,653 | |||
Bunge Global SA
|
4,300 | 435,934 | |||
Campbell Soup Co.
|
6,461 | 321,241 | |||
Church & Dwight Co., Inc.
|
7,203 | 733,842 | |||
Clorox Co.
|
4,169 | 659,994 | |||
Coca-Cola Co.
|
123,078 | 8,919,463 | |||
Colgate-Palmolive Co.
|
25,692 | 2,736,198 | |||
Conagra Brands, Inc.
|
14,679 | 457,985 | |||
Constellation Brands, Inc. Class A
|
5,276 | 1,269,986 | |||
Costco Wholesale Corp.
|
14,130 | 12,609,329 | |||
Dollar General Corp.
|
7,274 | 603,524 | |||
Dollar Tree, Inc. (a)
|
6,345 | 536,089 | |||
Estee Lauder Cos., Inc. Class A
|
7,664 | 702,482 | |||
General Mills, Inc.
|
18,595 | 1,344,233 | |||
Hershey Co.
|
4,706 | 908,540 | |||
Hormel Foods Corp.
|
7,898 | 257,080 | |||
J.M. Smucker Co.
|
3,555 | 407,687 | |||
Kellanova
|
8,484 | 683,895 | |||
Kenvue, Inc.
|
56,263 | 1,234,973 | |||
Keurig Dr. Pepper, Inc.
|
31,389 | 1,149,151 | |||
Kimberly-Clark Corp.
|
10,947 | 1,583,593 |
Security Description | Shares | Value | |||
Kraft Heinz Co.
|
26,151 | $926,530 | |||
Kroger Co.
|
21,742 | 1,156,892 | |||
Lamb Weston Holdings, Inc.
|
4,700 | 291,024 | |||
McCormick & Co., Inc.
|
8,422 | 674,013 | |||
Molson Coors Beverage Co. Class B
|
5,909 | 318,909 | |||
Mondelez International, Inc. Class A
|
43,210 | 3,102,910 | |||
Monster Beverage Corp. (a)
|
22,010 | 1,037,331 | |||
PepsiCo, Inc.
|
43,421 | 7,506,622 | |||
Philip Morris International, Inc.
|
49,685 | 6,125,664 | |||
Procter & Gamble Co.
|
74,736 | 12,820,213 | |||
Sysco Corp.
|
16,241 | 1,266,311 | |||
Target Corp.
|
14,236 | 2,186,934 | |||
Tyson Foods, Inc. Class A
|
8,849 | 569,079 | |||
Walgreens Boots Alliance, Inc.
|
24,834 | 229,715 | |||
Walmart, Inc.
|
135,022 | 10,427,749 | |||
90,286,567 | |||||
ENERGY - 3.5% | |||||
APA Corp.
|
9,509 | 270,911 | |||
Baker Hughes Co.
|
33,198 | 1,167,574 | |||
Chevron Corp.
|
54,158 | 8,012,676 | |||
ConocoPhillips
|
37,108 | 4,222,519 | |||
Coterra Energy, Inc.
|
25,652 | 624,113 | |||
Devon Energy Corp.
|
19,086 | 854,671 | |||
Diamondback Energy, Inc.
|
5,566 | 1,085,982 | |||
EOG Resources, Inc.
|
17,923 | 2,308,841 | |||
EQT Corp.
|
18,895 | 633,172 | |||
Exxon Mobil Corp.
|
142,146 | 16,764,699 | |||
Halliburton Co.
|
29,167 | 906,802 | |||
Hess Corp.
|
8,916 | 1,230,943 | |||
Kinder Morgan, Inc.
|
60,655 | 1,308,328 | |||
Marathon Oil Corp.
|
19,689 | 564,090 | |||
Marathon Petroleum Corp.
|
11,112 | 1,968,157 | |||
Occidental Petroleum Corp.
|
21,460 | 1,222,791 | |||
ONEOK, Inc.
|
18,966 | 1,751,700 | |||
Phillips 66 Co.
|
13,692 | 1,921,125 | |||
Schlumberger NV
|
46,511 | 2,046,019 | |||
Targa Resources Corp.
|
7,000 | 1,028,300 | |||
Valero Energy Corp.
|
10,275 | 1,507,651 | |||
Williams Cos., Inc.
|
38,372 | 1,756,286 | |||
53,157,350 | |||||
FINANCIALS - 13.3% | |||||
Aflac, Inc.
|
15,933 | 1,758,366 | |||
Allstate Corp.
|
8,467 | 1,599,755 | |||
American Express Co.
|
18,012 | 4,658,804 | |||
American International Group, Inc.
|
20,846 | 1,606,184 | |||
Ameriprise Financial, Inc.
|
3,176 | 1,427,421 | |||
Aon PLC Class A
|
7,048 | 2,422,539 | |||
Arch Capital Group Ltd. (a)
|
12,264 | 1,386,936 | |||
Arthur J Gallagher & Co.
|
7,015 | 2,052,379 | |||
Assurant, Inc.
|
1,704 | 334,580 | |||
Bank of America Corp.
|
215,406 | 8,777,794 | |||
Bank of New York Mellon Corp.
|
23,372 | 1,594,438 |
Security Description | Shares | Value | |||
Berkshire Hathaway, Inc. Class B (a)
|
57,579 | $27,402,998 | |||
BlackRock, Inc.
|
4,434 | 3,998,626 | |||
Blackstone, Inc.
|
23,076 | 3,285,099 | |||
Brown & Brown, Inc.
|
7,479 | 786,267 | |||
Capital One Financial Corp.
|
12,273 | 1,803,272 | |||
Cboe Global Markets, Inc.
|
3,500 | 718,900 | |||
Charles Schwab Corp.
|
47,812 | 3,112,561 | |||
Chubb Ltd.
|
12,997 | 3,693,487 | |||
Cincinnati Financial Corp.
|
4,974 | 681,587 | |||
Citigroup, Inc.
|
61,231 | 3,835,510 | |||
Citizens Financial Group, Inc.
|
15,394 | 662,712 | |||
CME Group, Inc.
|
11,658 | 2,515,097 | |||
Corpay, Inc. (a)
|
2,365 | 746,276 | |||
Discover Financial Services
|
7,977 | 1,106,490 | |||
Everest Group Ltd.
|
1,458 | 571,886 | |||
FactSet Research Systems, Inc.
|
1,301 | 550,115 | |||
Fidelity National Information Services, Inc.
|
17,435 | 1,437,516 | |||
Fifth Third Bancorp
|
21,927 | 936,064 | |||
Fiserv, Inc. (a)
|
18,344 | 3,202,862 | |||
Franklin Resources, Inc.
|
10,551 | 213,552 | |||
Global Payments, Inc.
|
8,457 | 938,812 | |||
Globe Life, Inc.
|
2,584 | 271,449 | |||
Goldman Sachs Group, Inc.
|
10,203 | 5,206,081 | |||
Hartford Financial Services Group, Inc.
|
8,967 | 1,041,069 | |||
Huntington Bancshares, Inc.
|
44,914 | 672,363 | |||
Intercontinental Exchange, Inc.
|
17,778 | 2,872,036 | |||
Invesco Ltd.
|
14,689 | 251,035 | |||
Jack Henry & Associates, Inc.
|
2,380 | 411,811 | |||
JPMorgan Chase & Co.
|
91,076 | 20,473,885 | |||
KeyCorp
|
30,771 | 524,953 | |||
KKR & Co., Inc.
|
21,500 | 2,661,055 | |||
Loews Corp.
|
5,606 | 459,356 | |||
M&T Bank Corp.
|
4,943 | 850,740 | |||
MarketAxess Holdings, Inc.
|
1,400 | 339,346 | |||
Marsh & McLennan Cos., Inc.
|
15,511 | 3,528,908 | |||
Mastercard, Inc. Class A
|
26,128 | 12,628,707 | |||
MetLife, Inc.
|
18,687 | 1,447,869 | |||
Moody's Corp.
|
4,902 | 2,390,901 | |||
Morgan Stanley
|
39,238 | 4,065,449 | |||
MSCI, Inc.
|
2,588 | 1,502,567 | |||
Nasdaq, Inc.
|
11,175 | 805,494 | |||
Northern Trust Corp.
|
6,568 | 599,067 | |||
PayPal Holdings, Inc. (a)
|
32,994 | 2,389,755 | |||
PNC Financial Services Group, Inc.
|
12,647 | 2,340,833 | |||
Principal Financial Group, Inc.
|
7,326 | 596,483 | |||
Progressive Corp.
|
18,700 | 4,716,140 | |||
Prudential Financial, Inc.
|
11,706 | 1,418,299 | |||
Raymond James Financial, Inc.
|
6,300 | 753,291 | |||
Regions Financial Corp.
|
30,340 | 710,563 | |||
S&P Global, Inc.
|
10,156 | 5,212,465 | |||
State Street Corp. (c)
|
9,633 | 839,034 | |||
Synchrony Financial
|
13,297 | 668,307 |
Security Description | Shares | Value | |||
T. Rowe Price Group, Inc.
|
7,422 | $787,029 | |||
Travelers Cos., Inc.
|
7,482 | 1,706,420 | |||
Truist Financial Corp.
|
42,236 | 1,877,813 | |||
U.S. Bancorp
|
49,251 | 2,326,125 | |||
Visa, Inc. Class A
|
49,820 | 13,768,753 | |||
W.R. Berkley Corp.
|
9,375 | 559,687 | |||
Wells Fargo & Co.
|
109,898 | 6,425,736 | |||
Willis Towers Watson PLC
|
3,328 | 972,142 | |||
200,891,901 | |||||
HEALTH CARE - 12.1% | |||||
Abbott Laboratories
|
55,255 | 6,258,734 | |||
AbbVie, Inc.
|
55,934 | 10,980,404 | |||
Agilent Technologies, Inc.
|
9,209 | 1,316,150 | |||
Align Technology, Inc. (a)
|
2,372 | 562,686 | |||
Amgen, Inc.
|
17,205 | 5,743,545 | |||
Baxter International, Inc.
|
17,009 | 645,321 | |||
Becton Dickinson & Co.
|
9,050 | 2,193,810 | |||
Biogen, Inc. (a)
|
4,747 | 971,996 | |||
Bio-Rad Laboratories, Inc. Class A (a)
|
692 | 233,425 | |||
Bio-Techne Corp.
|
5,004 | 370,246 | |||
Boston Scientific Corp. (a)
|
46,398 | 3,794,892 | |||
Bristol-Myers Squibb Co.
|
63,113 | 3,152,494 | |||
Cardinal Health, Inc.
|
7,470 | 842,018 | |||
Catalent, Inc. (a)
|
5,974 | 364,175 | |||
Cencora, Inc.
|
5,452 | 1,306,136 | |||
Centene Corp. (a)
|
17,196 | 1,355,561 | |||
Charles River Laboratories International, Inc. (a)
|
1,695 | 335,186 | |||
Cigna Group
|
9,073 | 3,282,702 | |||
Cooper Cos., Inc. (a)
|
6,600 | 697,818 | |||
CVS Health Corp.
|
40,569 | 2,322,170 | |||
Danaher Corp.
|
20,756 | 5,589,798 | |||
DaVita, Inc. (a)
|
1,472 | 222,154 | |||
Dexcom, Inc. (a)
|
12,820 | 888,939 | |||
Edwards Lifesciences Corp. (a)
|
19,208 | 1,343,792 | |||
Elevance Health, Inc.
|
7,382 | 4,110,962 | |||
Eli Lilly & Co.
|
25,314 | 24,301,946 | |||
GE HealthCare Technologies, Inc.
|
13,395 | 1,136,164 | |||
Gilead Sciences, Inc.
|
39,460 | 3,117,340 | |||
HCA Healthcare, Inc.
|
6,010 | 2,377,496 | |||
Henry Schein, Inc. (a)
|
4,200 | 296,310 | |||
Hologic, Inc. (a)
|
7,758 | 630,260 | |||
Humana, Inc.
|
3,965 | 1,405,474 | |||
IDEXX Laboratories, Inc. (a)
|
2,691 | 1,295,259 | |||
Incyte Corp. (a)
|
4,600 | 302,036 | |||
Insulet Corp. (a)
|
2,200 | 446,094 | |||
Intuitive Surgical, Inc. (a)
|
11,357 | 5,594,799 | |||
IQVIA Holdings, Inc. (a)
|
5,973 | 1,502,508 | |||
Johnson & Johnson
|
76,115 | 12,624,434 | |||
Labcorp Holdings, Inc.
|
2,574 | 591,737 | |||
McKesson Corp.
|
4,182 | 2,346,437 | |||
Medtronic PLC
|
41,939 | 3,714,957 | |||
Merck & Co., Inc.
|
80,831 | 9,574,432 |
Security Description | Shares | Value | |||
Mettler-Toledo International, Inc. (a)
|
690 | $992,965 | |||
Moderna, Inc. (a)
|
10,800 | 835,920 | |||
Molina Healthcare, Inc. (a)
|
1,797 | 628,573 | |||
Pfizer, Inc.
|
178,229 | 5,170,423 | |||
Quest Diagnostics, Inc.
|
3,710 | 582,359 | |||
Regeneron Pharmaceuticals, Inc. (a)
|
3,390 | 4,016,099 | |||
ResMed, Inc.
|
4,789 | 1,173,401 | |||
Revvity, Inc.
|
3,690 | 452,173 | |||
Solventum Corp. (a)
|
4,617 | 295,996 | |||
STERIS PLC
|
3,354 | 808,649 | |||
Stryker Corp.
|
10,845 | 3,908,755 | |||
Teleflex, Inc.
|
1,554 | 380,994 | |||
Thermo Fisher Scientific, Inc.
|
12,215 | 7,513,080 | |||
UnitedHealth Group, Inc.
|
29,173 | 17,217,905 | |||
Universal Health Services, Inc. Class B
|
1,900 | 452,143 | |||
Vertex Pharmaceuticals, Inc. (a)
|
8,282 | 4,106,961 | |||
Viatris, Inc.
|
39,337 | 475,191 | |||
Waters Corp. (a)
|
1,867 | 646,635 | |||
West Pharmaceutical Services, Inc.
|
2,270 | 711,940 | |||
Zimmer Biomet Holdings, Inc.
|
6,827 | 788,245 | |||
Zoetis, Inc.
|
14,289 | 2,621,889 | |||
183,923,093 | |||||
INDUSTRIALS - 8.4% | |||||
3M Co.
|
17,569 | 2,366,369 | |||
A.O. Smith Corp.
|
4,100 | 343,252 | |||
Allegion PLC
|
2,873 | 398,887 | |||
American Airlines Group, Inc. (a)
|
21,190 | 225,038 | |||
AMETEK, Inc.
|
7,476 | 1,278,770 | |||
Automatic Data Processing, Inc.
|
12,934 | 3,568,620 | |||
Axon Enterprise, Inc. (a)
|
2,400 | 875,928 | |||
Boeing Co. (a)
|
17,998 | 3,126,973 | |||
Broadridge Financial Solutions, Inc.
|
3,900 | 830,154 | |||
Builders FirstSource, Inc. (a)
|
3,800 | 661,200 | |||
Carrier Global Corp.
|
26,370 | 1,919,209 | |||
Caterpillar, Inc.
|
15,653 | 5,574,033 | |||
CH Robinson Worldwide, Inc.
|
3,797 | 393,027 | |||
Cintas Corp.
|
2,722 | 2,191,537 | |||
Copart, Inc. (a)
|
27,724 | 1,468,263 | |||
CSX Corp.
|
61,733 | 2,115,590 | |||
Cummins, Inc.
|
4,134 | 1,293,322 | |||
Dayforce, Inc. (a)(b)
|
4,300 | 245,831 | |||
Deere & Co.
|
8,241 | 3,178,883 | |||
Delta Air Lines, Inc.
|
21,149 | 898,621 | |||
Dover Corp.
|
4,575 | 851,087 | |||
Eaton Corp. PLC
|
12,873 | 3,951,110 | |||
Emerson Electric Co.
|
18,076 | 1,905,030 | |||
Equifax, Inc.
|
3,739 | 1,148,359 | |||
Expeditors International of Washington, Inc.
|
4,267 | 526,590 | |||
Fastenal Co.
|
18,519 | 1,264,477 | |||
FedEx Corp.
|
7,336 | 2,191,777 |
Security Description | Shares | Value | |||
Fortive Corp.
|
11,591 | $862,370 | |||
GE Vernova, Inc. (a)
|
8,861 | 1,781,061 | |||
Generac Holdings, Inc. (a)
|
2,023 | 316,660 | |||
General Dynamics Corp.
|
7,290 | 2,182,334 | |||
General Electric Co.
|
34,947 | 6,102,445 | |||
Honeywell International, Inc.
|
20,620 | 4,287,104 | |||
Howmet Aerospace, Inc.
|
12,929 | 1,249,717 | |||
Hubbell, Inc.
|
1,800 | 719,856 | |||
Huntington Ingalls Industries, Inc.
|
1,279 | 361,663 | |||
IDEX Corp.
|
2,284 | 471,600 | |||
Illinois Tool Works, Inc.
|
8,401 | 2,126,965 | |||
Ingersoll Rand, Inc.
|
13,206 | 1,207,689 | |||
Jacobs Solutions, Inc.
|
4,016 | 605,934 | |||
JB Hunt Transport Services, Inc.
|
2,617 | 453,264 | |||
Johnson Controls International PLC
|
21,631 | 1,575,818 | |||
L3Harris Technologies, Inc.
|
6,112 | 1,446,527 | |||
Leidos Holdings, Inc.
|
4,300 | 681,593 | |||
Lockheed Martin Corp.
|
6,880 | 3,908,528 | |||
Masco Corp.
|
7,115 | 566,069 | |||
Nordson Corp.
|
1,737 | 445,645 | |||
Norfolk Southern Corp.
|
7,385 | 1,891,742 | |||
Northrop Grumman Corp.
|
4,297 | 2,248,233 | |||
Old Dominion Freight Line, Inc.
|
5,500 | 1,060,400 | |||
Otis Worldwide Corp.
|
13,213 | 1,251,139 | |||
PACCAR, Inc.
|
17,119 | 1,646,505 | |||
Parker-Hannifin Corp.
|
4,075 | 2,445,815 | |||
Paychex, Inc.
|
10,063 | 1,320,266 | |||
Paycom Software, Inc.
|
1,622 | 264,029 | |||
Pentair PLC
|
5,463 | 484,513 | |||
Quanta Services, Inc.
|
4,454 | 1,225,429 | |||
Republic Services, Inc.
|
6,457 | 1,344,412 | |||
Rockwell Automation, Inc.
|
3,563 | 969,243 | |||
Rollins, Inc.
|
8,825 | 442,839 | |||
RTX Corp.
|
41,697 | 5,142,908 | |||
Snap-on, Inc.
|
1,606 | 455,686 | |||
Southwest Airlines Co. (b)
|
19,627 | 567,613 | |||
Stanley Black & Decker, Inc.
|
5,068 | 518,760 | |||
Textron, Inc.
|
6,363 | 580,306 | |||
Trane Technologies PLC
|
7,260 | 2,625,652 | |||
TransDigm Group, Inc.
|
1,737 | 2,385,266 | |||
Uber Technologies, Inc. (a)
|
66,300 | 4,848,519 | |||
Union Pacific Corp.
|
19,239 | 4,926,916 | |||
United Airlines Holdings, Inc. (a)
|
10,517 | 463,169 | |||
United Parcel Service, Inc. Class B
|
23,334 | 2,999,586 | |||
United Rentals, Inc.
|
2,067 | 1,532,184 | |||
Veralto Corp.
|
6,685 | 751,595 | |||
Verisk Analytics, Inc.
|
4,505 | 1,229,054 | |||
Waste Management, Inc.
|
11,438 | 2,425,314 | |||
Westinghouse Air Brake Technologies Corp.
|
5,482 | 929,583 | |||
WW Grainger, Inc.
|
1,412 | 1,390,707 | |||
Xylem, Inc.
|
7,734 | 1,063,657 | |||
127,575,819 |
Security Description | Shares | Value | |||
INFORMATION TECHNOLOGY - 30.9% | |||||
Accenture PLC Class A
|
20,105 | $6,874,905 | |||
Adobe, Inc. (a)
|
14,240 | 8,179,598 | |||
Advanced Micro Devices, Inc. (a)
|
51,168 | 7,601,518 | |||
Akamai Technologies, Inc. (a)
|
4,784 | 487,203 | |||
Amphenol Corp. Class A
|
38,630 | 2,605,593 | |||
Analog Devices, Inc.
|
15,991 | 3,755,326 | |||
ANSYS, Inc. (a)
|
2,873 | 923,440 | |||
Apple, Inc.
|
458,033 | 104,889,557 | |||
Applied Materials, Inc.
|
26,474 | 5,222,261 | |||
Arista Networks, Inc. (a)
|
7,927 | 2,801,243 | |||
Autodesk, Inc. (a)
|
6,889 | 1,780,118 | |||
Broadcom, Inc.
|
138,530 | 22,555,455 | |||
Cadence Design Systems, Inc. (a)
|
8,527 | 2,293,166 | |||
CDW Corp.
|
4,447 | 1,003,421 | |||
Cisco Systems, Inc.
|
128,713 | 6,505,155 | |||
Cognizant Technology Solutions Corp. Class A
|
16,097 | 1,251,864 | |||
Corning, Inc.
|
23,776 | 995,026 | |||
Crowdstrike Holdings, Inc. Class A (a)
|
7,500 | 2,079,600 | |||
Enphase Energy, Inc. (a)
|
4,455 | 539,233 | |||
EPAM Systems, Inc. (a)
|
1,968 | 395,096 | |||
F5, Inc. (a)
|
1,755 | 356,528 | |||
Fair Isaac Corp. (a)
|
800 | 1,384,216 | |||
First Solar, Inc. (a)
|
3,300 | 750,321 | |||
Fortinet, Inc. (a)
|
20,673 | 1,585,826 | |||
Gartner, Inc. (a)
|
2,400 | 1,180,704 | |||
Gen Digital, Inc.
|
17,519 | 463,553 | |||
GoDaddy, Inc. Class A (a)
|
4,600 | 770,086 | |||
Hewlett Packard Enterprise Co.
|
41,566 | 805,133 | |||
HP, Inc.
|
27,092 | 980,189 | |||
Intel Corp.
|
134,432 | 2,962,881 | |||
International Business Machines Corp.
|
28,920 | 5,845,600 | |||
Intuit, Inc.
|
8,963 | 5,649,020 | |||
Jabil, Inc.
|
3,900 | 426,192 | |||
Juniper Networks, Inc.
|
10,454 | 406,452 | |||
Keysight Technologies, Inc. (a)
|
5,914 | 911,466 | |||
KLA Corp.
|
4,268 | 3,497,327 | |||
Lam Research Corp.
|
4,115 | 3,378,456 | |||
Microchip Technology, Inc.
|
17,712 | 1,455,218 | |||
Micron Technology, Inc.
|
35,090 | 3,377,062 | |||
Microsoft Corp.
|
236,142 | 98,504,274 | |||
Monolithic Power Systems, Inc.
|
1,587 | 1,483,337 | |||
Motorola Solutions, Inc.
|
5,154 | 2,278,274 | |||
NetApp, Inc.
|
6,887 | 831,399 | |||
NVIDIA Corp.
|
781,610 | 93,300,786 | |||
NXP Semiconductors NV
|
8,200 | 2,102,152 | |||
ON Semiconductor Corp. (a)
|
13,927 | 1,084,495 | |||
Oracle Corp.
|
50,912 | 7,193,356 | |||
Palo Alto Networks, Inc. (a)
|
10,316 | 3,741,819 | |||
PTC, Inc. (a)
|
4,079 | 730,508 | |||
Qorvo, Inc. (a)
|
3,080 | 356,941 |
Security Description | Shares | Value | |||
QUALCOMM, Inc.
|
35,726 | $6,262,768 | |||
Roper Technologies, Inc.
|
3,491 | 1,935,445 | |||
Salesforce, Inc.
|
30,620 | 7,743,798 | |||
Seagate Technology Holdings PLC
|
6,121 | 609,346 | |||
ServiceNow, Inc. (a)
|
6,576 | 5,622,480 | |||
Skyworks Solutions, Inc.
|
5,143 | 563,621 | |||
Super Micro Computer, Inc. (a)
|
1,600 | 700,320 | |||
Synopsys, Inc. (a)
|
4,791 | 2,489,308 | |||
TE Connectivity Ltd.
|
9,754 | 1,498,214 | |||
Teledyne Technologies, Inc. (a)
|
1,453 | 628,858 | |||
Teradyne, Inc.
|
5,098 | 697,050 | |||
Texas Instruments, Inc.
|
28,953 | 6,205,786 | |||
Trimble, Inc. (a)
|
8,191 | 464,348 | |||
Tyler Technologies, Inc. (a)
|
1,344 | 790,097 | |||
VeriSign, Inc. (a)
|
2,990 | 549,861 | |||
Western Digital Corp. (a)
|
10,717 | 702,928 | |||
Zebra Technologies Corp. Class A (a)
|
1,647 | 568,841 | |||
468,565,418 | |||||
MATERIALS - 2.2% | |||||
Air Products & Chemicals, Inc.
|
6,948 | 1,937,450 | |||
Albemarle Corp. (b)
|
3,730 | 336,633 | |||
Amcor PLC
|
46,908 | 536,628 | |||
Avery Dennison Corp.
|
2,581 | 572,595 | |||
Ball Corp.
|
10,226 | 652,521 | |||
Celanese Corp.
|
3,065 | 400,289 | |||
CF Industries Holdings, Inc.
|
6,161 | 511,917 | |||
Corteva, Inc.
|
22,961 | 1,315,665 | |||
Dow, Inc.
|
23,091 | 1,237,216 | |||
DuPont de Nemours, Inc.
|
13,802 | 1,162,818 | |||
Eastman Chemical Co.
|
3,755 | 384,399 | |||
Ecolab, Inc.
|
7,802 | 1,975,310 | |||
FMC Corp.
|
3,380 | 218,280 | |||
Freeport-McMoRan, Inc.
|
45,432 | 2,011,729 | |||
International Flavors & Fragrances, Inc.
|
7,817 | 812,890 | |||
International Paper Co.
|
10,112 | 489,623 | |||
Linde PLC
|
15,392 | 7,361,224 | |||
LyondellBasell Industries NV Class A
|
8,622 | 850,991 | |||
Martin Marietta Materials, Inc.
|
1,866 | 996,743 | |||
Mosaic Co.
|
9,816 | 280,443 | |||
Newmont Corp.
|
36,277 | 1,936,829 | |||
Nucor Corp.
|
7,749 | 1,177,151 | |||
Packaging Corp. of America
|
2,700 | 565,758 | |||
PPG Industries, Inc.
|
7,794 | 1,011,116 | |||
Sherwin-Williams Co.
|
7,224 | 2,668,329 | |||
Smurfit WestRock PLC
|
15,753 | 747,007 | |||
Steel Dynamics, Inc.
|
4,300 | 513,893 | |||
Vulcan Materials Co.
|
4,190 | 1,027,430 | |||
33,692,877 | |||||
REAL ESTATE - 2.3% | |||||
Alexandria Real Estate Equities, Inc. REIT
|
4,770 | 570,349 |
Security Description | Shares | Value | |||
American Tower Corp. REIT
|
14,760 | $3,307,126 | |||
AvalonBay Communities, Inc. REIT
|
4,728 | 1,067,252 | |||
BXP, Inc. REIT
|
4,739 | 356,468 | |||
Camden Property Trust REIT
|
3,529 | 441,831 | |||
CBRE Group, Inc. Class A (a)
|
9,829 | 1,131,711 | |||
CoStar Group, Inc. (a)
|
13,653 | 1,055,377 | |||
Crown Castle, Inc. REIT
|
13,619 | 1,525,600 | |||
Digital Realty Trust, Inc. REIT
|
9,962 | 1,510,339 | |||
Equinix, Inc. REIT
|
2,900 | 2,419,644 | |||
Equity Residential REIT
|
11,082 | 829,820 | |||
Essex Property Trust, Inc. REIT
|
1,975 | 596,035 | |||
Extra Space Storage, Inc. REIT
|
6,694 | 1,184,838 | |||
Federal Realty Investment Trust REIT
|
1,900 | 218,500 | |||
Healthpeak Properties, Inc. REIT
|
20,531 | 457,431 | |||
Host Hotels & Resorts, Inc. REIT
|
22,759 | 402,834 | |||
Invitation Homes, Inc. REIT
|
18,923 | 697,123 | |||
Iron Mountain, Inc. REIT
|
9,474 | 1,073,025 | |||
Kimco Realty Corp. REIT
|
20,350 | 473,341 | |||
Mid-America Apartment Communities, Inc. REIT
|
3,664 | 594,924 | |||
Prologis, Inc. REIT
|
29,226 | 3,735,667 | |||
Public Storage REIT
|
5,146 | 1,768,783 | |||
Realty Income Corp. REIT
|
27,600 | 1,714,236 | |||
Regency Centers Corp. REIT
|
5,799 | 421,529 | |||
SBA Communications Corp. REIT
|
3,465 | 785,377 | |||
Simon Property Group, Inc. REIT
|
9,941 | 1,663,626 | |||
UDR, Inc. REIT
|
9,900 | 440,649 | |||
Ventas, Inc. REIT
|
13,102 | 813,765 | |||
VICI Properties, Inc. REIT
|
33,266 | 1,113,746 | |||
Welltower, Inc. REIT
|
18,181 | 2,194,083 | |||
Weyerhaeuser Co. REIT
|
24,867 | 758,195 | |||
35,323,224 | |||||
UTILITIES - 2.4% | |||||
AES Corp.
|
21,959 | 376,158 | |||
Alliant Energy Corp.
|
7,500 | 437,025 | |||
Ameren Corp.
|
8,814 | 727,243 | |||
American Electric Power Co., Inc.
|
17,238 | 1,728,627 | |||
American Water Works Co., Inc.
|
6,487 | 928,419 | |||
Atmos Energy Corp.
|
5,200 | 679,848 | |||
CenterPoint Energy, Inc.
|
20,586 | 561,998 | |||
CMS Energy Corp.
|
9,701 | 658,310 | |||
Consolidated Edison, Inc.
|
11,472 | 1,165,096 | |||
Constellation Energy Corp.
|
9,821 | 1,931,791 | |||
Dominion Energy, Inc.
|
26,611 | 1,487,555 | |||
DTE Energy Co.
|
6,559 | 820,006 | |||
Duke Energy Corp.
|
24,005 | 2,735,370 | |||
Edison International
|
12,588 | 1,095,534 | |||
Entergy Corp.
|
6,742 | 813,692 | |||
Evergy, Inc.
|
7,574 | 447,926 |
Security Description | Shares | Value | |||
Eversource Energy
|
11,996 | $810,090 | |||
Exelon Corp.
|
32,407 | 1,234,383 | |||
FirstEnergy Corp.
|
17,760 | 780,019 | |||
NextEra Energy, Inc.
|
65,474 | 5,271,312 | |||
NiSource, Inc.
|
11,478 | 379,463 | |||
NRG Energy, Inc.
|
6,198 | 526,892 | |||
PG&E Corp.
|
69,949 | 1,377,995 | |||
Pinnacle West Capital Corp. (b)
|
2,969 | 259,847 | |||
PPL Corp.
|
24,204 | 772,350 | |||
Public Service Enterprise Group, Inc.
|
16,470 | 1,329,952 | |||
Sempra
|
19,752 | 1,623,219 | |||
Southern Co.
|
33,952 | 2,933,453 | |||
Vistra Corp.
|
11,000 | 939,730 | |||
WEC Energy Group, Inc.
|
10,370 | 964,721 | |||
Xcel Energy, Inc.
|
18,524 | 1,134,224 | |||
36,932,248 | |||||
TOTAL COMMON STOCKS
(Cost $256,303,355)
|
1,508,140,898 |
SHORT-TERM INVESTMENTS - 0.6% | |||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.28% (d) (e)
|
7,973,574 | 7,973,574 |
Security Description | Shares | Value | |||
State Street Navigator Securities Lending Portfolio II (c) (f)
|
1,545,919 | $1,545,919 | |||
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,519,493)
|
9,519,493 | ||||
TOTAL INVESTMENTS - 100.0%
(Cost $265,822,848)
|
1,517,660,391 | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES -
0.0% (g)
|
115,419 | ||||
NET ASSETS - 100.0%
|
$1,517,775,810 |
(a) | Non-income producing security. |
(b) | All or a portion of the shares of the security are on loan at August 31, 2024. |
(c) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended August 31, 2024 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 year ended August 31, 2024 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at August 31, 2024. |
(f) | Investment of cash collateral for securities loaned. |
(g) | Amount is less than 0.05% of net assets. |
REIT | Real Estate Investment Trust |
Description |
Number of Contracts |
Expiration Date |
Notional Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||
E-mini S&P 500 Index (long) | 38 | 09/20/2024 | $10,445,510 | $10,754,588 | $309,078 |
Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks
|
$1,508,140,898 | $- | $- | $1,508,140,898 | ||||
Short-Term Investments
|
9,519,493 | - | - | 9,519,493 | ||||
TOTAL INVESTMENTS
|
$1,517,660,391 | $- | $- | $1,517,660,391 | ||||
OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation
|
$309,078 | $- | $- | $309,078 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS:
|
$309,078 | $- | $- | $309,078 |
Number of Shares Held at 8/31/23 |
Value at 8/31/23 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 8/31/24 |
Value at 8/31/24 |
Dividend Income |
|||||||||
State Street Corp.
|
12,033 | $827,148 | $- | $180,678 | $118,115 | $74,449 | 9,633 | $839,034 | $28,519 | ||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares
|
9,972,314 | 9,972,314 | 118,974,090 | 120,972,830 | - | - | 7,973,574 | 7,973,574 | 531,784 | ||||||||
State Street Navigator Securities Lending Portfolio II
|
1,167,160 | 1,167,160 | 42,748,347 | 42,369,588 | - | - | 1,545,919 | 1,545,919 | 4,232 | ||||||||
Total
|
$11,966,622 | $161,722,437 | $163,523,096 | $118,115 | $74,449 | $10,358,527 | $564,535 |
ASSETS | |
Investments in unaffiliated issuers, at value*
|
$1,507,301,864 |
Investments in affiliated issuers, at value
|
10,358,527 |
Total Investments
|
1,517,660,391 |
Net cash at broker
|
363,363 |
Receivable from broker - accumulated variation margin on futures contracts
|
310,390 |
Receivable for fund shares sold
|
140,165 |
Dividends receivable - unaffiliated issuers
|
1,740,529 |
Dividends receivable - affiliated issuers
|
43,948 |
Securities lending income receivable - unaffiliated issuers
|
7 |
Securities lending income receivable - affiliated issuers
|
164 |
Receivable from Adviser
|
5,230 |
Receivable for foreign taxes recoverable
|
3,438 |
Prepaid expenses and other assets
|
13,714 |
TOTAL ASSETS
|
1,520,281,339 |
LIABILITIES | |
Payable upon return of securities loaned
|
1,545,919 |
Payable for fund shares repurchased
|
527,868 |
Advisory fee payable
|
139,161 |
Custodian fees payable
|
16,655 |
Administration fees payable
|
42,316 |
Shareholder servicing fee payable
|
29,951 |
Distribution fees payable
|
46,175 |
Trustees' fees and expenses payable
|
392 |
Transfer agent fees payable
|
83,838 |
Registration and filing fees payable
|
2,559 |
Professional fees payable
|
45,132 |
Printing and postage fees payable
|
20,405 |
Accrued expenses and other liabilities
|
5,158 |
TOTAL LIABILITIES
|
2,505,529 |
NET ASSETS
|
$1,517,775,810 |
NET ASSETS CONSIST OF: | |
Paid-in capital
|
$185,221,594 |
Total distributable earnings (loss)
|
1,332,554,216 |
NET ASSETS
|
$1,517,775,810 |
NET ASSET VALUE PER SHARE | |
Net asset value per share
|
$267.50 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
|
5,673,988 |
COST OF INVESTMENTS: | |
Investments in unaffiliated issuers
|
$256,055,305 |
Investments in affiliated issuers
|
9,767,543 |
Total cost of investments
|
$265,822,848 |
* Includes investments in securities on loan, at value
|
$1,507,988 |
INVESTMENT INCOME | |
Interest income - unaffiliated issuers
|
$34,341 |
Dividend income - unaffiliated issuers
|
20,109,574 |
Dividend income - affiliated issuers
|
560,303 |
Unaffiliated securities lending income
|
8,271 |
Affiliated securities lending income
|
4,232 |
Foreign taxes withheld
|
(5,716) |
TOTAL INVESTMENT INCOME (LOSS)
|
20,711,005 |
EXPENSES | |
Advisory fee
|
417,171 |
Administration fees
|
695,285 |
Shareholder servicing fees
|
333,737 |
Distribution fees
|
514,511 |
Custodian fees
|
64,401 |
Trustees' fees and expenses
|
31,788 |
Transfer agent fees
|
185,354 |
Registration and filing fees
|
59,927 |
Professional fees and expenses
|
36,421 |
Printing and postage fees
|
47,544 |
Insurance expense
|
16,805 |
Miscellaneous expenses
|
22,226 |
TOTAL EXPENSES
|
2,425,170 |
Expenses waived/reimbursed by the Adviser
|
(241,976) |
NET EXPENSES
|
2,183,194 |
NET INVESTMENT INCOME (LOSS)
|
$18,527,811 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Investments - unaffiliated issuers
|
115,999,663 |
Investments - affiliated issuers
|
118,115 |
Futures contracts
|
2,318,512 |
Net realized gain (loss)
|
118,436,290 |
Net change in unrealized appreciation/depreciation on: | |
Investments - unaffiliated issuers
|
198,863,419 |
Investments - affiliated issuers
|
74,449 |
Futures contracts
|
(83,981) |
Net change in unrealized appreciation/depreciation
|
198,853,887 |
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
317,290,177 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$335,817,988 |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss)
|
$18,527,811 | $20,072,366 | |
Net realized gain (loss)
|
118,436,290 | 166,028,853 | |
Net change in unrealized appreciation/depreciation
|
198,853,887 | (4,346,032) | |
Net increase (decrease) in net assets resulting from operations
|
335,817,988 | 181,755,187 | |
Distributions to shareholders
|
(151,157,900) | (121,162,544) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Proceeds from shares sold
|
107,122,353 | 93,080,717 | |
Reinvestment of distributions
|
149,126,681 | 119,345,799 | |
Cost of shares redeemed
|
(253,017,705) | (313,903,398) | |
Net increase (decrease) in net assets from beneficial interest transactions
|
3,231,329 | (101,476,882) | |
Net increase (decrease) in net assets during the period
|
187,891,417 | (40,884,239) | |
Net assets at beginning of period
|
1,329,884,393 | 1,370,768,632 | |
NET ASSETS AT END OF PERIOD
|
$1,517,775,810 | $1,329,884,393 | |
SHARES OF BENEFICIAL INTEREST: | |||
Shares sold
|
447,019 | 426,352 | |
Reinvestment of distributions
|
660,848 | 590,344 | |
Shares redeemed
|
(1,046,009) | (1,460,832) | |
Net increase (decrease)
|
61,858 | (444,136) |
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
|
$236.97 | $226.34 | $286.85 | $253.59 | $222.06 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (b)
|
3.22 | 3.43 | 3.36 | 3.43 | 4.55 | ||||
Net realized and unrealized gain (loss)
|
55.11 | 28.42 | (32.17) | 66.60 | 42.08 | ||||
Total from investment operations
|
58.33 | 31.85 | (28.81) | 70.03 | 46.63 | ||||
Distributions to shareholders from: | |||||||||
Net investment income
|
(3.33) | (3.43) | (4.54) | (2.88) | (4.20) | ||||
Net realized gains
|
(24.47) | (17.79) | (27.16) | (33.89) | (10.90) | ||||
Total distributions
|
(27.80) | (21.22) | (31.70) | (36.77) | (15.10) | ||||
Net asset value, end of period
|
$267.50 | $236.97 | $226.34 | $286.85 | $253.59 | ||||
Total return (c)
|
26.92% | 15.81% | (11.36)% | 31.01% | 22.14% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s)
|
$1,517,776 | $1,329,884 | $1,370,769 | $1,709,109 | $1,609,456 | ||||
Ratios to average net assets: | |||||||||
Total expenses
|
0.16% | 0.17% | 0.17% | 0.18% | 0.19% | ||||
Net expenses
|
0.16%(d)(e) | 0.16%(d)(e) | 0.16%(d)(e) | 0.16%(d)(e) | 0.16%(d)(e) | ||||
Net investment income (loss)
|
1.33%(d)(e) | 1.56%(d)(e) | 1.31%(d)(e) | 1.33%(d)(e) | 2.02%(d)(e) | ||||
Portfolio turnover rate
|
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 year. |
(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. Results represent past performance and are not indicative of future results. |
(d) | Reflects amounts waived by the administrator. |
(e) | Reflects amounts waived and/or reimbursed by the investment adviser. |
Fund | Classes | Commencement of Operations | Diversification Classification |
State Street S&P 500 Index Fund | Class N | December 30, 1992 | Diversified |
Asset Derivatives | |||||||||||
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
State Street S&P 500 Index Fund | |||||||||||
Futures Contracts
|
$- | $- | $- | $310,390 | $- | $310,390 |
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
|
$- | $- | $- | $2,318,512 | $- | $2,318,512 |
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
|
$- | $- | $- | $(83,981) | $- | $(83,981) |
Purchases | Sales | ||
State Street S&P 500 Index Fund
|
$28,903,963 | $153,555,731 |
Ordinary Income |
Long-Term Capital Gains |
Total | |||
State Street S&P 500 Index Fund
|
$18,772,565 | $132,385,335 | $151,157,900 |
Ordinary Income |
Long-Term Capital Gains |
Total | |||
State Street S&P 500 Index Fund
|
$ 19,909,805 | $ 101,252,739 | $ 121,162,544 |
Undistributed Ordinary Income |
Capital Loss Carryforwards |
Undistributed Long-Term Capital Gains |
Net Unrealized Gains (Losses) |
Total | |||||
State Street S&P 500 Index Fund
|
$4,405,661 | $- | $102,491,332 | $1,225,657,223 | $1,332,554,216 |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||
State Street S&P 500 Index Fund
|
$292,312,246 | $1,241,547,170 | $15,889,947 | $1,225,657,223 |
Fund |
Market Value of Securities on Loan |
Cash Collateral Received |
Total Collateral Received |
|||
State Street S&P 500 Index Fund
|
$ 1,507,988 | $ 1,545,919 | $ 1,545,919 |
Remaining Contractual Maturity of the Agreements as of August 31, 2024 |
||||||||||||||
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 | $1,545,919 | $- | $- | $- | $1,545,919 | $1,545,919 |
Amount | |
State Street S&P 500 Index Fund
|
$140,818,108 |
• | A report prepared by an independent third-party provider of investment company data, which includes for the Fund: |
o | Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge; |
o | Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe"); |
o | A chart showing the Fund's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
o | Comparisons of the Fund's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
• | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund, as applicable; and |
• | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of the Adviser that provide services to the Fund ("Affiliated Service Providers"). |
• | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
• | Information concerning the allocation of brokerage; and |
• | Information regarding the procedures and processes used to value the assets of the Fund. |
• | Reports detailing the financial results and condition of the Adviser and its affiliates; |
• | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Fund and for Fund operations; |
• | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
• | Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors; |
• | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
• | A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
• | A description of the business continuity and disaster recovery plans of the Adviser; and |
• | Information regarding the Adviser's risk management processes. |
• | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund's administrator (the "Administrator"); |
• | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator, fund accountant and securities lending agent of the Fund, as applicable, and the role of the Adviser in managing • the Fund's relationship with these service providers; |
• | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
• | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
o | SSGA FM, in its capacity as the Fund's Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
o | State Street Bank and Trust Company ("State Street"), the sub-administrator, custodian and securities lending agent for the Fund, with respect to its operations relating to the Fund; and |
o | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the "Distributor"), with respect to its operations relating to the Fund, together with the Fund's related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
• | Information from SSGA FM, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
• | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
State Street International Stock Selection Fund |
Schedule of Investments (N-CSR Item 6)
|
1 |
Financial Statements (N-CSR Item 7)
|
5 |
Financial Highlights (N-CSR Item 7)
|
9 |
Notes to Financial Statements (N-CSR Item 7)
|
13 |
Report of Independent Registered Public Accounting Firm (N-CSR Item 7)
|
21 |
Other Information (Unaudited) (N-CSR Item 7)
|
22 |
Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)
|
23 |
Security Description | Shares | Value | |||
COMMON STOCKS - 98.1% | |||||
AUSTRALIA - 5.9% | |||||
Ansell Ltd.
|
15,313 | $309,176 | |||
Aristocrat Leisure Ltd.
|
7,344 | 271,952 | |||
BlueScope Steel Ltd. (a)
|
25,634 | 358,459 | |||
Fortescue Ltd.
|
4,455 | 55,091 | |||
GrainCorp Ltd. Class A
|
72,572 | 430,294 | |||
Helia Group Ltd.
|
173,406 | 481,217 | |||
JB Hi-Fi Ltd.
|
14,182 | 763,799 | |||
Magellan Financial Group Ltd.
|
78,620 | 507,129 | |||
Nick Scali Ltd.
|
36,687 | 383,400 | |||
NRW Holdings Ltd.
|
157,376 | 379,211 | |||
oOh!media Ltd.
|
33,832 | 28,853 | |||
Perseus Mining Ltd.
|
359,203 | 641,854 | |||
Resolute Mining Ltd. (b)
|
1,555,130 | 710,498 | |||
Scentre Group REIT
|
615,633 | 1,433,418 | |||
Stanmore Resources Ltd.
|
173,768 | 354,021 | |||
Stockland REIT
|
120,255 | 408,601 | |||
Ventia Services Group Pty. Ltd.
|
240,007 | 687,158 | |||
8,204,131 | |||||
AUSTRIA - 1.0% | |||||
BAWAG Group AG (c)
|
6,856 | 524,062 | |||
Erste Group Bank AG
|
16,133 | 882,932 | |||
1,406,994 | |||||
BELGIUM - 0.6% | |||||
Bekaert SA
|
6,916 | 285,921 | |||
Colruyt Group NV
|
10,039 | 517,125 | |||
803,046 | |||||
CHINA - 0.5% | |||||
E-Commodities Holdings Ltd.
|
814,000 | 152,407 | |||
Yangzijiang Shipbuilding Holdings Ltd.
|
324,100 | 618,421 | |||
770,828 | |||||
DENMARK - 3.5% | |||||
Danske Bank AS
|
28,625 | 893,351 | |||
Novo Nordisk AS Class B
|
16,699 | 2,321,443 | |||
Pandora AS
|
6,012 | 1,052,174 | |||
Per Aarsleff Holding AS
|
1,197 | 71,308 | |||
Sydbank AS
|
11,607 | 587,910 | |||
4,926,186 | |||||
FINLAND - 1.0% | |||||
Cargotec OYJ Class B
|
10,663 | 562,293 | |||
Nordea Bank Abp
|
57,277 | 676,194 | |||
Puuilo OYJ
|
11,373 | 129,237 | |||
1,367,724 | |||||
FRANCE - 9.0% | |||||
AXA SA
|
4,158 | 158,111 | |||
Capgemini SE
|
4,753 | 985,118 | |||
Carmila SA REIT
|
19,517 | 361,582 | |||
Carrefour SA
|
43,769 | 705,413 | |||
Cie de Saint-Gobain SA
|
19,089 | 1,668,665 | |||
Cie des Alpes
|
10,652 | 164,610 |
Security Description | Shares | Value | |||
Cie Generale des Etablissements Michelin SCA
|
34,425 | $1,351,276 | |||
Eurazeo SE
|
13,304 | 1,048,555 | |||
Ipsen SA
|
4,603 | 558,171 | |||
Kaufman & Broad SA
|
6,256 | 221,984 | |||
LVMH Moet Hennessy Louis Vuitton SE
|
251 | 187,088 | |||
Publicis Groupe SA
|
13,884 | 1,525,836 | |||
Rexel SA
|
49,816 | 1,257,721 | |||
TotalEnergies SE
|
35,388 | 2,432,742 | |||
12,626,872 | |||||
GERMANY - 9.5% | |||||
Allianz SE
|
2,131 | 661,690 | |||
Bilfinger SE
|
6,304 | 331,698 | |||
Ceconomy AG (b)
|
42,234 | 123,903 | |||
Cewe Stiftung & Co. KGaA
|
1,301 | 146,401 | |||
Commerzbank AG
|
57,048 | 843,754 | |||
Daimler Truck Holding AG
|
29,473 | 1,129,204 | |||
Deutsche Telekom AG
|
75,551 | 2,147,147 | |||
Fresenius SE & Co. KGaA (b)
|
41,292 | 1,523,146 | |||
Heidelberg Materials AG
|
13,143 | 1,389,774 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
|
3,315 | 1,792,991 | |||
SAF-Holland SE
|
20,328 | 389,640 | |||
SAP SE
|
12,471 | 2,725,658 | |||
13,205,006 | |||||
HONG KONG - 1.0% | |||||
Johnson Electric Holdings Ltd.
|
211,000 | 290,613 | |||
PAX Global Technology Ltd.
|
58,000 | 33,694 | |||
SmarTone Telecommunications Holdings Ltd.
|
153,000 | 75,344 | |||
Swire Pacific Ltd. Class A
|
55,500 | 471,172 | |||
Yue Yuen Industrial Holdings Ltd.
|
315,000 | 546,154 | |||
1,416,977 | |||||
INDONESIA - 0.5% | |||||
First Pacific Co. Ltd.
|
1,266,000 | 677,014 | |||
IRELAND - 1.2% | |||||
AerCap Holdings NV
|
15,700 | 1,529,494 | |||
COSMO Pharmaceuticals NV
|
1,734 | 162,986 | |||
1,692,480 | |||||
ISRAEL - 0.9% | |||||
Teva Pharmaceutical Industries Ltd. ADR (b)
|
42,300 | 798,201 | |||
Wix.com Ltd. (b)
|
2,400 | 399,888 | |||
1,198,089 | |||||
ITALY - 4.0% | |||||
Coca-Cola HBC AG
|
38,177 | 1,413,887 | |||
Intesa Sanpaolo SpA
|
446,202 | 1,856,771 | |||
Iveco Group NV
|
36,408 | 383,297 | |||
UniCredit SpA
|
44,338 | 1,832,039 | |||
Unipol Gruppo SpA
|
12,815 | 135,707 | |||
5,621,701 |
Security Description | Shares | Value | |||
JAPAN - 22.0% | |||||
Amada Co. Ltd.
|
59,500 | $610,507 | |||
Amano Corp.
|
6,900 | 206,495 | |||
Brother Industries Ltd.
|
6,600 | 121,919 | |||
Canon, Inc.
|
51,200 | 1,757,100 | |||
Chugoku Marine Paints Ltd.
|
8,600 | 118,243 | |||
Dai Nippon Printing Co. Ltd.
|
13,100 | 470,360 | |||
Daicel Corp.
|
11,900 | 106,188 | |||
Dowa Holdings Co. Ltd.
|
13,400 | 462,707 | |||
ENEOS Holdings, Inc.
|
261,200 | 1,410,612 | |||
FCC Co. Ltd.
|
14,700 | 233,688 | |||
H2O Retailing Corp.
|
32,400 | 475,173 | |||
Hitachi Ltd.
|
28,000 | 684,151 | |||
Honda Motor Co. Ltd.
|
145,400 | 1,579,419 | |||
Idemitsu Kosan Co. Ltd.
|
122,100 | 884,492 | |||
JVCKenwood Corp.
|
83,200 | 748,396 | |||
Kansai Electric Power Co., Inc.
|
80,500 | 1,423,439 | |||
Komatsu Ltd.
|
51,600 | 1,431,627 | |||
Marubeni Corp.
|
16,500 | 280,700 | |||
Mazda Motor Corp.
|
65,100 | 544,170 | |||
Mitsubishi Corp.
|
85,500 | 1,762,169 | |||
Mitsui & Co. Ltd.
|
75,900 | 1,621,422 | |||
Mitsui Mining & Smelting Co. Ltd.
|
14,900 | 477,403 | |||
NEC Corp.
|
9,800 | 862,419 | |||
NHK Spring Co. Ltd.
|
58,700 | 669,555 | |||
Nippon Yusen KK (a)
|
23,600 | 851,240 | |||
Nomura Holdings, Inc.
|
213,300 | 1,237,721 | |||
Okamura Corp.
|
2,400 | 32,374 | |||
ORIX Corp.
|
41,000 | 1,021,985 | |||
Osaka Gas Co. Ltd.
|
60,200 | 1,479,984 | |||
Otsuka Holdings Co. Ltd.
|
14,600 | 854,288 | |||
Renesas Electronics Corp.
|
27,700 | 476,351 | |||
Sakata INX Corp.
|
5,400 | 62,352 | |||
San-Ai Obbli Co. Ltd.
|
29,400 | 405,434 | |||
Subaru Corp.
|
70,400 | 1,329,360 | |||
Sumitomo Corp.
|
58,400 | 1,376,609 | |||
Sumitomo Electric Industries Ltd.
|
92,500 | 1,523,950 | |||
Taiheiyo Cement Corp.
|
7,900 | 179,140 | |||
Takasago International Corp.
|
2,200 | 71,633 | |||
Tokyu Fudosan Holdings Corp.
|
41,800 | 298,510 | |||
Toyo Tire Corp.
|
7,600 | 111,200 | |||
Toyota Motor Corp.
|
6,200 | 117,032 | |||
Yokogawa Electric Corp.
|
13,500 | 377,509 | |||
30,749,026 | |||||
JORDAN - 0.6% | |||||
Hikma Pharmaceuticals PLC
|
30,147 | 785,110 | |||
NETHERLANDS - 5.1% | |||||
ASM International NV
|
528 | 356,611 | |||
ASML Holding NV
|
2,010 | 1,804,145 | |||
ING Groep NV
|
97,944 | 1,774,934 | |||
Koninklijke KPN NV
|
356,668 | 1,456,005 | |||
Koninklijke Philips NV (b)
|
11,520 | 346,498 | |||
NN Group NV
|
28,819 | 1,410,925 | |||
7,149,118 |
Security Description | Shares | Value | |||
NORWAY - 0.7% | |||||
Belships ASA
|
79,861 | $149,095 | |||
Hoegh Autoliners ASA
|
16,508 | 184,293 | |||
Stolt-Nielsen Ltd.
|
14,670 | 584,412 | |||
917,800 | |||||
SINGAPORE - 1.5% | |||||
BW LPG Ltd. (c)
|
34,556 | 542,501 | |||
ComfortDelGro Corp. Ltd.
|
66,400 | 72,254 | |||
Oversea-Chinese Banking Corp. Ltd.
|
131,500 | 1,466,206 | |||
2,080,961 | |||||
SPAIN - 3.9% | |||||
ACS Actividades de Construccion y Servicios SA (a)
|
31,433 | 1,428,757 | |||
Aedas Homes SA (c)
|
2,878 | 79,374 | |||
Banco Bilbao Vizcaya Argentaria SA
|
153,794 | 1,630,337 | |||
Banco Santander SA
|
339,516 | 1,687,353 | |||
Indra Sistemas SA (a)
|
33,149 | 619,998 | |||
5,445,819 | |||||
SWEDEN - 2.4% | |||||
Alimak Group AB (c)
|
4,320 | 45,437 | |||
Arjo AB Class B
|
92,115 | 376,240 | |||
Attendo AB (c)
|
68,885 | 322,683 | |||
Bilia AB Class A
|
7,102 | 92,059 | |||
Clas Ohlson AB Class B
|
29,973 | 511,411 | |||
Granges AB
|
50,844 | 630,338 | |||
Trelleborg AB Class B
|
34,895 | 1,360,022 | |||
3,338,190 | |||||
SWITZERLAND - 5.3% | |||||
Aryzta AG (b)
|
344,715 | 696,689 | |||
EFG International AG
|
44,159 | 626,502 | |||
Landis & Gyr Group AG
|
444 | 39,905 | |||
Logitech International SA
|
15,402 | 1,391,897 | |||
Novartis AG
|
26,593 | 3,194,726 | |||
Sonova Holding AG
|
4,379 | 1,523,802 | |||
7,473,521 | |||||
UNITED KINGDOM - 10.4% | |||||
Associated British Foods PLC
|
44,324 | 1,449,446 | |||
AstraZeneca PLC
|
11,054 | 1,927,015 | |||
Aviva PLC
|
230,745 | 1,529,126 | |||
Barclays PLC
|
567,696 | 1,702,847 | |||
Chemring Group PLC
|
3,130 | 16,730 | |||
Grafton Group PLC CDI
|
46,607 | 660,689 | |||
Hilton Food Group PLC
|
5,394 | 69,777 | |||
Imperial Brands PLC
|
33,952 | 972,043 | |||
Johnson Service Group PLC
|
232,426 | 488,392 | |||
Keller Group PLC
|
4,645 | 101,265 | |||
Kier Group PLC
|
105,832 | 211,263 | |||
Lloyds Banking Group PLC
|
2,330,834 | 1,790,734 | |||
Mitie Group PLC
|
406,968 | 662,744 | |||
NatWest Group PLC
|
171,956 | 779,564 | |||
Paragon Banking Group PLC
|
27,942 | 281,643 |
Security Description | Shares | Value | |||
Tesco PLC
|
372,409 | $1,729,892 | |||
Zigup PLC
|
15,906 | 83,871 | |||
14,457,041 | |||||
UNITED STATES - 7.6% | |||||
Alcon, Inc.
|
6,568 | 635,900 | |||
CRH PLC
|
8,363 | 740,702 | |||
GSK PLC
|
101,378 | 2,206,124 | |||
Holcim AG
|
17,685 | 1,700,157 | |||
JS Global Lifestyle Co. Ltd. (c)
|
584,500 | 114,684 | |||
Nestle SA
|
8,235 | 881,771 | |||
Roche Holding AG
|
6,137 | 2,073,462 | |||
Roche Holding AG Bearer Shares (a)
|
132 | 47,890 | |||
Sanofi SA
|
4,330 | 484,382 | |||
Schneider Electric SE
|
221 | 56,114 | |||
Shell PLC
|
49,526 | 1,743,788 | |||
10,684,974 | |||||
TOTAL COMMON STOCKS
(Cost $117,475,814)
|
136,998,608 |
SHORT-TERM INVESTMENTS - 0.6% | |||
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.28% (d) (e)
|
533,957 | 533,957 | |
State Street Navigator Securities Lending Portfolio II (f) (g)
|
225,675 | 225,675 | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $759,632)
|
759,632 | ||
TOTAL INVESTMENTS - 98.7%
(Cost $118,235,446)
|
137,758,240 | ||
OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.3%
|
1,880,864 | ||
NET ASSETS - 100.0%
|
$139,639,104 |
(a) | All or a portion of the shares of the security are on loan at August 31, 2024. |
(b) | Non-income producing security. |
(c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.2% of net assets as of August 31, 2024, 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 year ended August 31, 2024 are shown in the Affiliate Table below. |
(e) | The rate shown is the annualized seven-day yield at August 31, 2024. |
(f) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended August 31, 2024 are shown in the Affiliate Table below. |
(g) | Investment of cash collateral for securities loaned. |
ADR | American Depositary Receipt |
CDI | CREST Depository Interest |
REIT | Real Estate Investment Trust |
Description |
Number of Contracts |
Expiration Date |
Notional Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||
MSCI EAFE Index (long) | 19 | 09/20/2024 | $2,185,785 | $2,335,533 | $149,748 |
Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
ASSETS: | ||||||||
INVESTMENTS: | ||||||||
Common Stocks
|
$136,998,608 | $- | $- | $136,998,608 | ||||
Short-Term Investments
|
759,632 | - | - | 759,632 | ||||
TOTAL INVESTMENTS
|
$137,758,240 | $- | $- | $137,758,240 | ||||
OTHER FINANCIAL INSTRUMENTS: | ||||||||
Futures Contracts - Unrealized Appreciation
|
$149,748 | $- | $- | $149,748 | ||||
TOTAL OTHER FINANCIAL INSTRUMENTS:
|
$149,748 | $- | $- | $149,748 |
Number of Shares Held at 8/31/23 |
Value at 8/31/23 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 8/31/24 |
Value at 8/31/24 |
Dividend Income |
|||||||||
State Street Institutional U.S. Government Money Market Fund, Class G Shares
|
457,641 | $457,641 | $21,440,810 | $21,364,494 | $- | $- | 533,957 | $533,957 | $54,822 | ||||||||
State Street Navigator Securities Lending Portfolio II
|
3,698,736 | 3,698,736 | 28,818,916 | 32,291,977 | - | - | 225,675 | 225,675 | 9,974 | ||||||||
Total
|
$4,156,377 | $50,259,726 | $53,656,471 | $- | $- | $759,632 | $64,796 |
ASSETS | |
Investments in unaffiliated issuers, at value*
|
$136,998,608 |
Investments in affiliated issuers, at value
|
759,632 |
Total Investments
|
137,758,240 |
Foreign currency, at value
|
1,427,011 |
Receivable from broker - variation margin on open futures contracts
|
149,790 |
Receivable for fund shares sold
|
17,709 |
Dividends receivable - unaffiliated issuers
|
200,214 |
Dividends receivable - affiliated issuers
|
3,857 |
Securities lending income receivable - unaffiliated issuers
|
169 |
Securities lending income receivable - affiliated issuers
|
56 |
Receivable from Adviser
|
63,073 |
Net receivable for foreign taxes recoverable
|
604,989 |
Prepaid expenses and other assets
|
1,248 |
TOTAL ASSETS
|
140,226,356 |
LIABILITIES | |
Due to broker
|
70,672 |
Payable upon return of securities loaned
|
225,675 |
Payable for fund shares repurchased
|
73,753 |
Advisory fee payable
|
86,849 |
Custodian fees payable
|
18,195 |
Administration fees payable
|
4,881 |
Shareholder servicing fee payable
|
1,647 |
Distribution fees payable
|
16,133 |
Trustees' fees and expenses payable
|
42 |
Transfer agent fees payable
|
17,464 |
Sub-transfer agent fee payable
|
238 |
Registration and filing fees payable
|
24,459 |
Professional fees payable
|
38,332 |
Printing and postage fees payable
|
7,763 |
Accrued expenses and other liabilities
|
1,149 |
TOTAL LIABILITIES
|
587,252 |
NET ASSETS
|
$139,639,104 |
NET ASSETS CONSIST OF: | |
Paid-in capital
|
$132,119,216 |
Total distributable earnings (loss)
|
7,519,888 |
NET ASSETS
|
$139,639,104 |
Class A | |
Net Assets
|
$125,681 |
Shares Outstanding
|
10,283 |
Net asset value, offering and redemption price per share
|
$12.22 |
Maximum sales charge
|
5.25% |
Maximum offering price per share
|
$12.90 |
Class I | |
Net Assets
|
$3,290,890 |
Shares Outstanding
|
277,802 |
Net asset value, offering and redemption price per share
|
$11.85 |
Class K | |
Net Assets
|
$48,520,530 |
Shares Outstanding
|
4,094,179 |
Net asset value, offering and redemption price per share
|
$11.85 |
Class N | |
Net Assets
|
$87,702,003 |
Shares Outstanding
|
7,387,761 |
Net asset value, offering and redemption price per share
|
$11.87 |
COST OF INVESTMENTS: | |
Investments in unaffiliated issuers
|
$117,475,814 |
Investments in affiliated issuers
|
759,632 |
Total cost of investments
|
$118,235,446 |
Foreign currency, at cost
|
$1,417,518 |
* Includes investments in securities on loan, at value
|
$1,301,354 |
INVESTMENT INCOME | |
Interest income - unaffiliated issuers
|
$2,456 |
Dividend income - unaffiliated issuers
|
5,120,517 |
Dividend income - affiliated issuers
|
54,822 |
Unaffiliated securities lending income
|
4,310 |
Affiliated securities lending income
|
9,974 |
Foreign taxes withheld
|
(414,220) |
TOTAL INVESTMENT INCOME (LOSS)
|
4,777,859 |
EXPENSES | |
Advisory fee
|
985,909 |
Administration fees
|
65,727 |
Shareholder servicing fees | |
Class N
|
19,318 |
Distribution fees | |
Class A
|
250 |
Class N
|
188,978 |
Custodian fees
|
75,574 |
Trustees' fees and expenses
|
22,045 |
Transfer agent fees
|
34,009 |
Class A
|
242 |
Class I
|
2,284 |
Registration and filing fees
|
106,029 |
Professional fees and expenses
|
31,623 |
Printing and postage fees
|
3,080 |
Insurance expense
|
1,771 |
Taxes and fees
|
2,158 |
Miscellaneous expenses
|
1,248 |
TOTAL EXPENSES
|
1,540,245 |
Expenses waived/reimbursed by the Adviser
|
(341,106) |
NET EXPENSES
|
1,199,139 |
NET INVESTMENT INCOME (LOSS)
|
$3,578,720 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Investments - unaffiliated issuers
|
9,106,719 |
Foreign currency transactions
|
(36,470) |
Futures contracts
|
238,128 |
Net realized gain (loss)
|
9,308,377 |
Net change in unrealized appreciation/depreciation on: | |
Investments - unaffiliated issuers
|
11,263,121 |
Foreign currency translations
|
48,043 |
Futures contracts
|
139,909 |
Net change in unrealized appreciation/depreciation
|
11,451,073 |
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
20,759,450 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$24,338,170 |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
Net investment income (loss)
|
$3,578,720 | $5,095,218 | |
Net realized gain (loss)
|
9,308,377 | (4,715,142) | |
Net change in unrealized appreciation/depreciation
|
11,451,073 | 22,551,800 | |
Net increase (decrease) in net assets resulting from operations
|
24,338,170 | 22,931,876 | |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
Class A
|
(2,111) | (1,873) | |
Class I
|
(138,906) | (95,376) | |
Class K
|
(2,507,061) | (2,093,536) | |
Class N
|
(4,563,615) | (2,927,749) | |
Total distributions to shareholders
|
(7,211,693) | (5,118,534) | |
FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
Class A | |||
Proceeds from shares sold
|
24,800 | 206,126 | |
Reinvestment of distributions
|
2,111 | 1,873 | |
Cost of shares redeemed
|
(12,906) | (4,081,471) | |
Net increase (decrease) from capital share transactions
|
14,005 | (3,873,472) | |
Class I | |||
Proceeds from shares sold
|
1,328,948 | 380,687 | |
Reinvestment of distributions
|
135,635 | 93,436 | |
Cost of shares redeemed
|
(976,950) | (963,564) | |
Net increase (decrease) from capital share transactions
|
487,633 | (489,441) | |
Class K | |||
Proceeds from shares sold
|
10,404,594 | 12,743,713 | |
Reinvestment of distributions
|
2,507,061 | 2,093,536 | |
Cost of shares redeemed
|
(15,568,949) | (41,999,336) | |
Net increase (decrease) from capital share transactions
|
(2,657,294) | (27,162,087) | |
Class N | |||
Proceeds from shares sold
|
2,069,848 | 5,494,356 | |
Reinvestment of distributions
|
4,517,055 | 2,898,184 | |
Cost of shares redeemed
|
(16,030,445) | (20,198,626) | |
Net increase (decrease) from capital share transactions
|
(9,443,542) | (11,806,086) | |
Net increase (decrease) in net assets from beneficial interest transactions
|
(11,599,198) | (43,331,086) | |
Net increase (decrease) in net assets during the period
|
5,527,279 | (25,517,744) | |
Net assets at beginning of period
|
134,111,825 | 159,629,569 | |
NET ASSETS AT END OF PERIOD
|
$139,639,104 | $134,111,825 | |
SHARES OF BENEFICIAL INTEREST: | |||
Class A | |||
Shares sold
|
2,094 | 22,846 | |
Reinvestment of distributions
|
197 | 195 | |
Shares redeemed
|
(1,155) | (422,781) | |
Net increase (decrease) from capital share transactions
|
1,136 | (399,740) | |
Class I | |||
Shares sold
|
119,388 | 39,937 | |
Reinvestment of distributions
|
13,118 | 9,961 | |
Shares redeemed
|
(90,231) | (98,269) | |
Net increase (decrease) from capital share transactions
|
42,275 | (48,371) | |
Class K | |||
Shares sold
|
941,261 | 1,310,009 | |
Reinvestment of distributions
|
242,462 | 223,430 | |
Shares redeemed
|
(1,433,868) | (4,463,573) | |
Net increase (decrease) from capital share transactions
|
(250,145) | (2,930,134) | |
Class N | |||
Shares sold
|
188,555 | 538,150 | |
Reinvestment of distributions
|
435,169 | 308,317 | |
Shares redeemed
|
(1,491,000) | (2,016,585) | |
Net increase (decrease) from capital share transactions
|
(867,276) | (1,170,118) |
Class A | |||||||||
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
|
$10.41 | $9.11 | $11.84 | $9.46 | $9.59 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a)(b)
|
0.26 | 0.17 | 0.32 | 0.25 | 0.19 | ||||
Net realized and unrealized gain (loss)
|
1.78 | 1.16 | (2.57) | 2.31 | (0.00)(c) | ||||
Total from investment operations
|
2.04 | 1.33 | (2.25) | 2.56 | 0.19 | ||||
Distributions to shareholders from: | |||||||||
Net investment income
|
(0.23) | (0.03) | (0.48) | (0.18) | (0.32) | ||||
Net asset value, end of period
|
$12.22 | $10.41 | $9.11 | $11.84 | $9.46 | ||||
Total return (d)
|
19.89% | 14.68% | (19.76)% | 27.33% | 1.75% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s)
|
$126 | $95 | $3,725 | $4,642 | $4,141 | ||||
Ratios to Average Net Assets: | |||||||||
Total expenses (b)
|
1.49% | 1.67% | 1.44% | 1.55% | 1.48% | ||||
Net expenses (b)
|
1.24% | 1.43% | 1.20% | 1.29% | 1.20% | ||||
Net investment income (loss) (b)
|
2.40% | 1.87% | 3.05% | 2.30% | 2.03% | ||||
Portfolio turnover rate
|
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. Results represent past performance and are not indicative of future results. |
Class I |
|||||||||
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
|
$10.43 | $9.17 | $11.93 | $9.51 | $9.65 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a)(b)
|
0.30 | 0.34 | 0.37 | 0.31 | 0.22 | ||||
Net realized and unrealized gain (loss)
|
1.73 | 1.27 | (2.59) | 2.32 | 0.00(c) | ||||
Total from investment operations
|
2.03 | 1.61 | (2.22) | 2.63 | 0.22 | ||||
Distributions to shareholders from: | |||||||||
Net investment income
|
(0.61) | (0.35) | (0.54) | (0.21) | (0.36) | ||||
Net asset value, end of period
|
$11.85 | $10.43 | $9.17 | $11.93 | $9.51 | ||||
Total return (d)
|
20.44% | 17.82% | (19.47)% | 27.94% | 2.02% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s)
|
$3,291 | $2,456 | $2,604 | $3,419 | $2,557 | ||||
Ratios to Average Net Assets: | |||||||||
Total expenses (b)
|
1.09% | 1.11% | 1.04% | 1.11% | 1.15% | ||||
Net expenses (b)
|
0.84% | 0.87% | 0.81% | 0.85% | 0.87% | ||||
Net investment income (loss) (b)
|
2.81% | 3.42% | 3.46% | 2.88% | 2.33% | ||||
Portfolio turnover rate
|
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. Results represent past performance and are not indicative of future results. |
Class K |
|||||||||
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
|
$10.43 | $9.17 | $11.93 | $9.52 | $9.65 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a)(b)
|
0.31 | 0.36 | 0.35 | 0.32 | 0.24 | ||||
Net realized and unrealized gain (loss)
|
1.73 | 1.25 | (2.57) | 2.31 | (0.00)(c) | ||||
Total from investment operations
|
2.04 | 1.61 | (2.22) | 2.63 | 0.24 | ||||
Distributions to shareholders from: | |||||||||
Net investment income
|
(0.62) | (0.35) | (0.54) | (0.22) | (0.37) | ||||
Net asset value, end of period
|
$11.85 | $10.43 | $9.17 | $11.93 | $9.52 | ||||
Total return (d)
|
20.45% | 18.01% | (19.42)% | 27.97% | 2.21% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s)
|
$48,521 | $45,320 | $66,731 | $76,748 | $60,185 | ||||
Ratios to Average Net Assets: | |||||||||
Total expenses (b)
|
1.00% | 0.99% | 0.98% | 1.01% | 1.03% | ||||
Net expenses (b)
|
0.75% | 0.75% | 0.75% | 0.75% | 0.75% | ||||
Net investment income (loss) (b)
|
2.87% | 3.70% | 3.25% | 2.93% | 2.52% | ||||
Portfolio turnover rate
|
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. Results represent past performance and are not indicative of future results. |
Class N |
|||||||||
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
|
$10.45 | $9.18 | $11.94 | $9.53 | $9.66 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) (a)(b)
|
0.29 | 0.33 | 0.35 | 0.29 | 0.21 | ||||
Net realized and unrealized gain (loss)
|
1.72 | 1.27 | (2.60) | 2.32 | 0.01 | ||||
Total from investment operations
|
2.01 | 1.60 | (2.25) | 2.61 | 0.22 | ||||
Distributions to shareholders from: | |||||||||
Net investment income
|
(0.59) | (0.33) | (0.51) | (0.20) | (0.35) | ||||
Net asset value, end of period
|
$11.87 | $10.45 | $9.18 | $11.94 | $9.53 | ||||
Total return (c)
|
20.09% | 17.79% | (19.61)% | 27.63% | 1.94% | ||||
Ratios and Supplemental Data: | |||||||||
Net assets, end of period (in 000s)
|
$87,702 | $86,241 | $86,569 | $117,474 | $103,963 | ||||
Ratios to Average Net Assets: | |||||||||
Total expenses (b)
|
1.25% | 1.24% | 1.23% | 1.26% | 1.28% | ||||
Net expenses (b)
|
1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Net investment income (loss) (b)
|
2.64% | 3.34% | 3.25% | 2.64% | 2.20% | ||||
Portfolio turnover rate
|
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. Results represent past performance and are not indicative of future results. |
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 |
Asset Derivatives | |||||||||||
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
State Street International Stock Selection Fund | |||||||||||
Futures Contracts
|
$- | $- | $- | $149,790 | $- | $149,790 |
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
|
$- | $- | $- | $238,128 | $- | $238,128 |
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
|
$- | $- | $- | $139,909 | $- | $139,909 |
Purchases | Sales | ||
State Street International Stock Selection Fund
|
$127,117,189 | $142,401,746 |
Ordinary Income |
Long-Term Capital Gains |
Total | |||
State Street International Stock Selection Fund
|
$7,211,693 | $- | $7,211,693 |
Ordinary Income |
Long-Term Capital Gains |
Total | |||
State Street International Stock Selection Fund
|
$ 5,118,534 | $ - | $ 5,118,534 |
Undistributed Ordinary Income |
Capital Loss Carryforwards |
Undistributed Long-Term Capital Gains |
Net Unrealized Gains (Losses) |
Total | |||||
State Street International Stock Selection Fund
|
$3,031,105 | $(13,829,128) | $- | $18,317,911 | $7,519,888 |
Non-Expiring Short Term |
Non-Expiring Long Term |
||
State Street International Stock Selection Fund
|
$13,829,128 | $- |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||
State Street International Stock Selection Fund
|
$119,611,197 | $20,313,268 | $2,016,477 | $18,296,791 |
Fund |
Market Value of Securities on Loan |
Cash Collateral Received |
Non-Cash Collateral Received* |
Total Collateral Received |
||||
State Street International Stock Selection Fund
|
$ 1,301,354 | $ 225,675 | $ 1,144,400 | $ 1,370,075 |
* | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
Remaining Contractual Maturity of the Agreements as of August 31, 2024 |
||||||||||||||
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 | $225,675 | $- | $- | $- | $225,675 | $225,675 |
Amount | |
State Street International Stock Selection Fund
|
$284,157 |
Amount | |
State Street International Stock Selection Fund
|
$5,162,813 |
o | Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge; |
o | Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe"); |
o | A chart showing the Fund's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
o | Comparisons of the Fund's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
• | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund, as applicable; and |
• | Profitability analyses for (a) the Adviser with respect to the Fund and (b) affiliates of the Adviser that provide services to the Fund ("Affiliated Service Providers"). |
• | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
• | Information concerning the allocation of brokerage; and |
• | Information regarding the procedures and processes used to value the assets of the Fund. |
• | Reports detailing the financial results and condition of the Adviser and its affiliates; |
• | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Fund and for Fund operations; |
• | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
• | Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors; |
• | Information concerning the resources devoted by the Adviser to overseeing compliance by the Fund and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Fund; |
• | A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
• | A description of the business continuity and disaster recovery plans of the Adviser; and |
• | Information regarding the Adviser's risk management processes. |
• | Information concerning the nature, extent, quality and cost of services provided to the Fund by SSGA FM in its capacity as the Fund's administrator (the "Administrator"); |
• | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Fund by affiliates of the Adviser, including the custodian, sub-administrator, fund accountant and securities lending agent of the Fund, as applicable, and the role of the Adviser in managing the Fund's relationship with these service providers; |
• | Copies of the Advisory Agreement and agreements with other service providers of the Fund; |
• | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
o | SSGA FM, in its capacity as the Fund's Adviser and Administrator, with respect to its operations relating to the Fund and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Fund, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
o | State Street Bank and Trust Company ("State Street"), the sub-administrator, custodian and securities lending agent for the Fund, with respect to its operations relating to the Fund; and |
o | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Fund (the "Distributor"), with respect to its operations relating to the Fund, together with the Fund's related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
• | Information from SSGA FM, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
• | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies
Not applicable.
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
The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
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
Not applicable to the Registrant.
Item 19. Exhibits.
(a)(1) | Code of Ethics referred to in Item 2. | |
(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) orRule 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.
Registrant: | SSGA FUNDS | |
By: |
/s/ Ann M. Carpenter |
|
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: | October 31, 2024 |
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: | October 31, 2024 | |
By: |
/s/ Bruce S. Rosenberg |
|
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | October 31, 2024 |