State Street Institutional International Equity Fund - Investment Class SIEIX

Important Risk Information

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. Special risks are associated with investing in foreign securities, including currency fluctuations, economic instability and political developments. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate over the short term as a result of factors affecting the individual companies, industries or the securities market as a whole. These and other risk considerations are discussed in the Fund's prospectus and summary prospectus.

Before investing in a Fund, you should carefully consider the Fund's investment objectives, risks, fees and expenses. For a free copy of a prospectus and summary prospectus, which contain this and other information call 1-800-242-0134. Please read the fund prospectus and summary prospectus carefully before investing.

NAV

NAV

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

$18.03

as of Sep 24 2021

Assets Under Management

$118.77 M

as of Aug 31 2021

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.

0.69%

Net Expense Ratio

The Fund’s investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until January 31, 2022 (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing) exceed 0.55% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2022, except with approval of the State Street Institutional Funds’ Board of Trustees.

0.55%

1 Day Nav Change

-$0.17 (-0.93%)

as of Sep 24 2021

Overall Morningstar Rating
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as of Aug 31 2021


Fund Objective

Fund Objective

The Fund seeks long-term growth of capital by investing at least 80% of its net assets under normal circumstances in common and preferred stocks and other types of equity securities. The Fund invests primarily in companies in developed and emerging market countries outside the United States.


Investment Strategy

Investment Strategy

The Fund invests primarily (meaning at least 65%) in companies in both developed and emerging market countries outside the U.S. An issuer is considered to be located outside the U.S. if at least 50% of its revenues or profits are from business activities located outside the U.S., or at least 50% of its assets are located outside the U.S., or the principal trading market for its securities is located outside the U.S. The portfolio managers focus on companies whose security prices do not fully reflect their potential for growth. Under normal circumstances, the Fund's assets are invested in securities of foreign (non-U.S.) companies representing at least three different countries. Stock selection is key to the performance of the Fund.


Fund Information as of Sep 26 2021

Fund Information as of Sep 26 2021
Investment Style Benchmark Inception Date 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.

Net Expense Ratio

The Fund’s investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until January 31, 2022 (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing) exceed 0.55% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2022, except with approval of the State Street Institutional Funds’ Board of Trustees.

Base Currency Investment Manager
Large Cap Core MSCI EAFE Nov 25 1997 0.69% 0.55% USD SSGA Funds Management, Inc.
Investment Style Large Cap Core
Benchmark MSCI EAFE
Inception Date Nov 25 1997
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.

0.69%
Net Expense Ratio

The Fund’s investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until January 31, 2022 (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing) exceed 0.55% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2022, except with approval of the State Street Institutional Funds’ Board of Trustees.

0.55%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Management Team Distributor Distribution Frequency
Fundamental Equities State Street Global Advisors Funds Distributors, LLC Annually
Management Team Fundamental Equities
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Investment Team

Investment Team

Michael J Solecki, CFA

CIO, Fundamental Growth and Core Equity


Listing Information as of Sep 26 2021

Listing Information as of Sep 26 2021

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD Nov 25 1997 SIEIX 85749F103
Exchange NASDAQ REGULAR MARKET
Trading Currency USD
Listing Date Nov 25 1997
Ticker SIEIX
CUSIP 85749F103

Fund Characteristics as of Aug 31 2021

Fund Characteristics as of Aug 31 2021
Number of Holdings Med Market Cap ($M) Weighted Average Market Cap ($M) Price/Book Ratio Price/Earnings Ratio FY1 Dividend Yield (%)

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

Annual Portfolio Turnover (%)
52 58,243.27 119,673.80 2.55 19.95 1.95 18.45
Number of Holdings 52
Med Market Cap ($M) 58,243.27
Weighted Average Market Cap ($M) 119,673.80
Price/Book Ratio 2.55
Price/Earnings Ratio FY1 19.95
Dividend Yield (%)

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

1.95
Annual Portfolio Turnover (%) 18.45

Index Characteristics as of Aug 31 2021

Index Characteristics as of Aug 31 2021
Number of Holdings Med Market Cap ($M) Weighted Average Market Cap ($M) Price/Book Ratio Price/Earnings Ratio FY1 Dividend Yield (%)
828 14,952.96 83,992.40 1.89 15.02 2.43
Number of Holdings 828
Med Market Cap ($M) 14,952.96
Weighted Average Market Cap ($M) 83,992.40
Price/Book Ratio 1.89
Price/Earnings Ratio FY1 15.02
Dividend Yield (%) 2.43

Fund Net Asset Value as of Sep 24 2021

Fund Net Asset Value as of Sep 24 2021
NAV

NAV

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

Percent Change Price Change Offer Price NAV 52 Week High NAV 52 Week Low
$18.03 -0.93% -$0.17 $18.03 $18.50(2021-09-14) $13.74(2020-10-30)
NAV

NAV

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

$18.03
Percent Change -0.93%
Price Change -$0.17
Offer Price $18.03
NAV 52 Week High $18.50(2021-09-14)
NAV 52 Week Low $13.74(2020-10-30)

Morningstar Rating as of Aug 31 2021

Morningstar Ratingas of Aug 31 2021
Category Overall 3 Years 5 Years 10 Years
Foreign Large Blend ★★★★ ★★★★★ ★★★★ ★★★★
# of Funds in Category - 683 587 390

Fund Performance

Fund Performance

  • Fund Inception Date: Nov 25 1997

as of Aug 31 2021

as of Jun 30 2021

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Aug 31 2021 3.72% 2.67% 11.32% 4.38% 11.66%
MSCI EAFE Aug 31 2021 1.76% 1.38% 10.31% 2.53% 11.58%
As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Jun 30 2021 -1.64% 5.86% 6.97% 5.86% 6.97%
MSCI EAFE Jun 30 2021 -1.13% 5.17% 8.83% 5.17% 8.83%

as of Aug 31 2021

as of Jun 30 2021

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Nov 25 1997
Fund at NAV Aug 31 2021 27.67% 12.90% 11.29% 7.69% 5.96%
MSCI EAFE Aug 31 2021 26.12% 9.00% 9.72% 7.34% 5.47%
As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Nov 25 1997
Fund at NAV Jun 30 2021 31.69% 11.60% 11.41% 5.93% 5.82%
MSCI EAFE Jun 30 2021 32.35% 8.27% 10.28% 5.89% 5.40%

as of Aug 31 2021

2015 2016 2017 2018 2019 2020
Fund at NAV -0.46% -0.97% 22.69% -15.94% 29.77% 14.90%
MSCI EAFE -0.81% 1.00% 25.03% -13.79% 22.01% 7.82%

Performance data quoted represents past performance. Past performance does not guarantee future results. 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. 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.

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.

The returns of each index shown do not include the effect of management fees, sales charges, operating expenses of a fund or other account, or taxes. The returns of the index are unmanaged and do not reflect the actual cost of investing in the instruments that comprise it. You cannot invest directly in an index.

*Morningstar Foreign Large Blend 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.

© 2016 Morningstar, Inc. 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: 0.69%

Net Expense Ratio: 0.55%


Risk Analysis

Risk Analysis
Month End as of Aug 31 2021
Quarter End as of Jun 30 2021

Month End as of Aug 31 2021

Risk Factor 3 Years 5 Years
Alpha 3.57% 1.46%
Beta 1.00 1.00
Std Deviation 17.79% 14.76%
Information Ratio 1.16 0.52
R-squared 96.46% 95.74%
Sharpe Ratio 0.66 0.69
Tracking Error 3.35% 3.05%

Quarter End as of Jun 30 2021

Risk Factor 3 Years 5 Years
Alpha 3.12% 1.09%
Beta 0.99 0.99
Std Deviation 17.77% 14.79%
Information Ratio 1.02 0.38
R-squared 96.64% 96.05%
Sharpe Ratio 0.58 0.69
Tracking Error 3.26% 2.94%

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.

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 Holdingsas of Aug 31 2021

Fund Top Holdings as of Aug 31 2021

Name Weight
ASML HOLDING NV 4.00%
SCHNEIDER ELECTRIC SE 3.58%
NESTLE SA 3.49%
HOYA CORP 3.03%
DAIKIN INDUSTRIES LTD 3.00%
ROCHE HOLDING AG 2.95%
NOVARTIS AG 2.87%
LVMH MOET HENNESSY LOUIS VUITTON SE 2.81%
RECRUIT HOLDINGS CO LTD 2.74%
AIA GROUP LTD 2.69%

Sector Allocation

Sector Allocation
Fund Sector Allocationas of Aug 31 2021
Index Sector Allocationas of Aug 31 2021

Fund Sector Allocation as of Aug 31 2021

Sector Weight
Industrials 19.34%
Information Technology 17.96%
Financials 17.17%
Health Care 11.47%
Materials 8.72%
Consumer Staples 8.01%
Consumer Discretionary 7.44%
Communication Services 5.01%
Energy 2.32%
Cash Equivalents & Other 1.38%
Accrued Income 1.18%

Index Sector Allocation as of Aug 31 2021

Sector Index
Industrials 15.82%
Information Technology 9.91%
Financials 16.73%
Health Care 13.18%
Materials 7.81%
Consumer Staples 10.22%
Consumer Discretionary 12.21%
Communication Services 4.66%
Energy 3.04%
Cash Equivalents & Other 0.00%
Accrued Income 0.00%

Geographical Breakdown

Geographical Breakdown

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.


Fund Footnotes

MSCI EAFE Index is an unmanaged, free float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)