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State Street Income V.I.S. Fund - Class 1 SSIMX

Considering the risks: Interest rate movements, unscheduled mortgage prepayments and other risk factors will affect the fund's share price and yield. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. The price of a bond is affected by the issuer's or counterparty's credit quality. Changes in an entity's financial condition and general economic conditions can affect its ability to honor financial obligations and therefore its credit quality. Lower quality bonds are generally more sensitive to these changes than higher quality bonds. These and other risk considerations are discussed in the Fund's prospectus and summary prospectus.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-242-0134. Read it carefully.

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

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$9.74
as of May 21 2024
Assets Under Management
$9.49 M
as of Apr 30 2024
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

1.39%
Net Expense Ratio
1.38%
1 Day Nav Change
+$0.02 (0.21%)
as of May 21 2024
Overall Morningstar Rating
as of Mar 31 2024

Fund Objective

The State Street Income V.I.S. Fund seeks maximum income consistent with prudent investment management and the preservation of capital.

Investment Strategy

The Fund seeks to achieve its investment objective by investing primarily in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments. The Fund normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest. SSGA FM seeks to identify debt securities that they believe have desirable characteristics for the Fund such as: attractive yields and prices; the potential for capital appreciation; and/or reasonable credit quality.

Fund Information as of May 21 2024

Investment Style Fixed Income Aggregate Investment Grade
Benchmark Bloomberg U.S. Aggregate Bond Index
Inception Date Jan 03 1995
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

1.39%
Net Expense Ratio 1.38%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Management Team Fixed Income, Currency & Cash Investments Team
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Investment Team

Matthew Nest, CFA

Global Head of Active Fixed Income

James F Palmieri, CFA

Senior Portfolio Manager

Listing Information as of May 21 2024

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD Jan 03 1995 SSIMX 85751Q880

Fund Characteristics as of Apr 30 2024

Number of Holdings 1,009
Average Maturity in Years 8.98
Duration

Portfolio Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates. Calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

7.15 years
Nominal Yield (%)

Average of security level nominal yield weighted by market notional

5.44
Annual Portfolio Turnover (%) 258.77

Index Characteristics as of Apr 30 2024

Number of Holdings 13,528
Average Maturity in Years 8.51
Duration 6.05 years
Nominal Yield (%) 5.30

Yields as of Apr 30 2024

30 Day SEC Yield 3.56%

Fund Net Asset Value as of May 21 2024

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$9.74
Percent Change 0.21%
Price Change $0.02
Offer Price $9.74
NAV 52 Week High $10.16(2023-12-20)
NAV 52 Week Low $9.22(2023-10-19)

Morningstar Rating as of Mar 31 2024

Category Overall 3 Years 5 Years 10 Years
Intermediate Core-Plus Bo
# of Funds in Category - 557 527 368

Fund Performance

  • Fund Inception Date: Jan 03 1995

as of Apr 30 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Jan 03 1995
Fund at NAV Apr 30 2024 -3.70% -4.87% -1.16% 0.42% 3.67%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Apr 30 2024 -1.47% -3.54% -0.16% 1.20% 4.50%

as of Mar 31 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Jan 03 1995
Fund at NAV Mar 31 2024 0.13% -3.58% -0.47% 0.82% 3.79%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Mar 31 2024 1.70% -2.46% 0.36% 1.54% 4.61%

as of Apr 30 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Apr 30 2024 -3.25% -4.32% 4.59% -3.25% -4.61%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Apr 30 2024 -2.53% -3.02% 4.97% -2.53% -3.28%

as of Mar 31 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Mar 31 2024 0.82% -1.40% 5.83% -1.40% -1.40%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Mar 31 2024 0.92% -0.78% 5.99% -0.78% -0.78%

as of Apr 30 2024

2018 2019 2020 2021 2022 2023
Fund at NAV -1.42% 8.62% 7.03% -1.81% -14.38% 4.68%
Benchmark
Bloomberg U.S. Aggregate Bond Index
0.01% 8.72% 7.51% -1.54% -13.01% 5.53%

Past performance is not a reliable indicator of future performance. The investment return and principal value of an investment will fluctuate. Upon redemption, shares may be worth more or less than the original cost. The current performance may be higher or lower than the quoted performance. All results are historical and assume the reinvestment of dividends and capital gains. To view SEC standardized performance select the most recent quarterly period ending March, June, September or December. All other periods shown are non-standardized performance and are not valid without SEC standardized performance.

The performance figures shown above reflect the impact of fees and expenses for the funds' share class, and include the reinvestment of all income dividends and capital gains distributions, but do not include the effect of taxation. State Street Global Advisors ("SSGA") may have reimbursed certain expenses or waived certain fees during the periods shown. Absent those reimbursements, the Fund's total return or yield would have been lower.

On July 1, 2016 State Street Corporation, the parent company of SSGA Funds Management, Inc., and State Street Global Markets, LLC acquired the asset management and advisory services business of GE Asset Management, Incorporated, the former investment adviser to the Fund. As of that date, SSGA Funds Management, Inc. became the investment adviser to the Fund and State Street Global Markets, LLC became the distributor for the Fund. Effective May 1, 2017, State Street Global Markets, LLC was renamed State Street Global Advisors Funds Distributors, LLC. Any information, data or performance provided prior to that date is that of GE Asset Management, Incorporated.

None of the Funds or share classes (if applicable) assess a sales charge upon the purchase or redemption of shares.

SEC Yield is calculated by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

The Total Annual Fund Operating Expenses shown for each Fund share class reflects the total annual operating expenses of the Fund share class prior to any fee waivers or expense reimbursements, as provided in the most recent Fund prospectus. Actual Fund operating expenses will change over time based on Fund asset levels and other factors and may be higher or lower than those estimated for the current fiscal year.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. You can not invest directly in an index.

*Morningstar US Insurance Intermediate Core-Plus Bond open end funds universe. Information has been obtained from Morningstar, a third party source deemed to be reliable; however State Street Global Advisors ("SSGA") has not undertaken any independent analysis and provides no representation as to the accuracy of such information. Use of this content requires expert knowledge. This analytical data is intended for institutional investors only and is based on gross performance information before deduction of advisory fees.

© Morningstar 2022. All Rights Reserved. The information, data analysis and opinions contained herein: (1) include the confidential and proprietary information of Morningstar Inc., (2) may not be copied or re-distributed, (3) do not constitute investment advice by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analysis or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results.

Gross Expense Ratio: 1.39%

Net Expense Ratio: 1.38%

Risk Analysis

as of Apr 30 2024
as of Mar 31 2024

Month End as of Apr 30 2024

Risk Factor 3 Years 5 Years
Alpha -0.79% -0.84%
Beta 1.10 1.08
Std Deviation 7.94% 6.77%
Information Ratio -1.37 -0.77
R-squared 99.23% 96.83%
Sharpe Ratio -0.97 -0.46
Tracking Error 0.97% 1.29%

Quarter End as of Mar 31 2024

Risk Factor 3 Years 5 Years
Alpha -0.71% -0.72%
Beta 1.09 1.07
Std Deviation 7.78% 6.61%
Information Ratio -1.24 -0.65
R-squared 99.29% 96.76%
Sharpe Ratio -0.80 -0.36
Tracking Error 0.90% 1.26%

The risk statistics are calculated against the fund's primary benchmark.

Risk Measures - Alpha, Beta and R-Squared are calculated against the noted benchmark. Annualized standard deviation and Sharpe Ratio are not calculated against a benchmark.

Alpha - Measures a manager's contribution to performance due to security selection or market timing relative to the index.

Beta - Measures the portfolio's sensitivity to market movements in the index.

R-Squared - A measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the index.

Standard Deviation - A measure of total risk. It measures the degree to which a fund's quarterly returns vary from the mean of the fund's quarterly returns over the period measured.

Sharpe Ratio -A measure that uses standard deviation and excess return to determine reward per unit of risk.

Top Holdings

The top ten holdings do not include money market instruments and/or futures contracts. Depositary receipts are normally combined with the underlying security. The securities cited may not represent the Fund's current or future holdings and should not be construed as a recommendation to purchase or sell a particular security. The figures presented do not include the Fund's entire investment portfolio and may change at any time.

Fund Top Holdings as of Apr 30 2024

Name Weight
UNITED STATES TREASURY 35.55%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 13.15%
UNIFORM MBS 6.46%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2 4.50%
FEDERAL HOME LOAN MORTGAGE CORPORATION 2.22%
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 1.81%
BANK BANK_17-BNK7 1.53%
GS MORTGAGE SECURITIES TRUST GSMS_19-GC42 0.95%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 1 0.73%
BANK_18-BN15 0.66%

Sector Allocation

as of Apr 30 2024
as of Apr 30 2024

Fund Sector Allocation as of Apr 30 2024

Sector Weight
Treasuries 35.79%
MBS Passthrough 35.30%
Industrial 17.92%
Financial Institutions 5.39%
Utility 2.69%
Cash Equivalents & Other 0.92%
Revenue 0.68%
Agencies 0.67%
Sovereign 0.41%
GO 0.25%

Index Sector Allocation as of Apr 30 2024

Sector Index
Treasuries 42.13%
MBS Passthrough 9.62%
Industrial 14.39%
Financial Institutions 8.31%
Utility 2.24%
Cash Equivalents & Other 0.09%
Revenue 0.41%
Agencies 19.50%
Sovereign 1.01%
GO 0.17%

Quality Breakdown

as of Apr 30 2024
as of Apr 30 2024

Fund Quality Breakdown as of Apr 30 2024

Quality Weight
Aaa 26.14%
Aa1 44.94%
Aa2 0.85%
Aa3 0.97%
A1 1.66%
A2 2.92%
A3 4.24%
Baa1 4.03%
Baa2 7.22%
Baa3 4.98%
Ba1 0.38%
Ba2 0.40%
B2 0.26%
N/A 1.01%

Index Quality Breakdown as of Apr 30 2024

Quality Weight
Aaa 4.00%
Aa1 43.89%
Aa2 0.64%
Aa3 1.55%
A1 3.80%
A2 3.43%
A3 4.68%
Baa1 3.96%
Baa2 5.70%
Baa3 2.77%
Ba1 0.01%
Ba2 0.00%
B2 0.00%
N/A 25.41%

Duration Breakdown

as of Apr 30 2024
as of Apr 30 2024

Fund Duration Breakdown as of Apr 30 2024

Duration Weight
Up to 3 Years 21.75%
3-5 Years 18.01%
5-8 Years 41.52%
More than 8 Years 17.33%
Unclassified 1.39%

Index Duration Breakdown as of Apr 30 2024

Duration Index
Up to 3 Years 25.55%
3-5 Years 22.25%
5-8 Years 33.90%
More than 8 Years 18.30%
Unclassified 0.00%

The securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of securities that have been bought and the diversity of areas in which we may invest as of a particular date. It may not be representative of the portfolio's current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

"Cash Equivalents" includes an investment in the State Street Institutional Government Money Market Fund. "Other" includes accruals. As of 07/01/2016 State Street Global Advisors is the Investment Advisor of the Fund. SSGA Funds Management, Inc. serves as the investment advisor of the State Street Institutional Government Money Market Fund.

The purpose of Moody's and Standard & Poor's credit ratings is to provide investors with a current opinion of the creditworthiness of which issuers or borrowers may be gauged and an indication of their capacity to meet financial obligations. Moody's uses nine ratings from least credit risk to greatest risk: i.e. Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C. Baa and above are generally considered "investment grade" and Ba and below are considered "speculative". S&P's ratings range from AAA, AA, A, BBB, BB, B, CCC, R. BBB and above are generally considered "secure" and BB and below are considered "vulnerable". For more information about the credit ratings visit https://www.moodys.com/researchandratings or http://www.standardandpoors.com/ratings

"Bloomberg®" and Bloomberg U.S. Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by State Street Global Advisors. Bloomberg is not affiliated with State Street Global Advisors, and Bloomberg does not approve, endorse, review, or recommend State Street Income V.I.S. Fund - Class 1. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to State Street Income V.I.S. Fund - Class 1.

Prior to August 24, 2021, the Bloomberg U.S. Aggregate Bond Index was known as the Bloomberg Barclays U.S. Aggregate Bond Index.

The State Street Variable Insurance Series Funds are available only through variable annuity and variable life contracts offered by other financial institutions. Variable annuities have fees and charges that include mortality and expense, administrative fees, contract fees, and expenses associated with the underlying investment options.