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State Street Institutional Small-Cap Equity Fund - Service Class SSQSX

Considering the risks: A principal risk of investing in the Fund is the risk that the value of equity securities may decline. Securities with different characteristics tend to shift in and out of favor depending upon market and economic conditions. Investing in securities of small-cap companies may involve greater risks than investing in larger, more established companies. 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, 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.

$18.59
as of Oct 09 2024
Assets Under Management
$762.38 M
as of Aug 31 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.

1.14%
Net Expense Ratio

^The Fund’s investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until January 31, 2025 (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 0.75% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2025, except with approval of the State Street Institutional Funds’ Board of Trustees.

1.00%
1 Day Nav Change
+$0.06 (0.32%)
as of Oct 09 2024
Overall Morningstar Rating
as of Sep 30 2024

Fund Objective

The State Street Institutional Small-Cap Equity Fund seeks long-term growth of capital.

Investment Strategy

The Fund uses a multi-sub-adviser investment strategy that combines growth, value and core investment management styles. The investment adviser will allocate the Fund's assets among the sub-advisers to maintain exposure to a combination of investment styles, but may have larger allocations to certain sub-advisers based on its assessment of the potential for better performance or to address capacity constraints of a particular sub-adviser, among other reasons. As a result, this orientation will typically produce a portfolio that does not materially favor value or growth style investing, and allows the Fund the potential to benefit from both value and growth cycles in the marketplace. Stock selection is the key to the performance of the Fund.

Fund Information as of Oct 10 2024

Investment Style Small Cap Core
Benchmark Russell 2000 Index
Inception Date Sep 30 2005
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.

1.14%
Net Expense Ratio

^The Fund’s investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until January 31, 2025 (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 0.75% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2025, except with approval of the State Street Institutional Funds’ Board of Trustees.

1.00%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Sub-Adviser Champlain Investment Partners

Kennedy

Palisade Capital Management

Southern Sun Asset Management

Westfield Capital Management Company

L.P.
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Investment Team

Shawn P Mckay, CFA

Senior Investment Strategist

Carrie Peluso, CFA

Head of Client Engagement

Fares Altaher

Manager Research & Oversight

Listing Information as of Oct 10 2024

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD Sep 30 2005 SSQSX 85749F814

Fund Characteristics as of Aug 31 2024

Number of Holdings 327
Med Market Cap ($M) 3,699.20
Weighted Average Market Cap ($M) 5,212.95
Price/Book Ratio 2.58
Price/Earnings Ratio FY1 0.53
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.

0.99
Annual Portfolio Turnover (%) 24.22

Index Characteristics as of Aug 31 2024

Number of Holdings 1,961
Med Market Cap ($M) 972.00
Weighted Average Market Cap ($M) 3,435.09
Price/Book Ratio 1.98
Price/Earnings Ratio FY1 4.90
Dividend Yield (%) 1.33

Fund Net Asset Value as of Oct 09 2024

NAV

NAV

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

$18.59
Percent Change 0.32%
Price Change $0.06
Offer Price $18.59
NAV 52 Week High $19.08(2024-09-19)
NAV 52 Week Low $15.32(2023-10-27)

Morningstar Rating as of Sep 30 2024

Category Overall 3 Years 5 Years 10 Years
Small Blend ★★★★ ★★★ ★★★ ★★★★
# of Funds in Category - 569 547 387

Fund Performance

  • Fund Inception Date: Sep 30 2005

as of Aug 31 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Sep 30 2005
Fund at NAV Aug 31 2024 14.58% 2.56% 10.41% 8.45% 8.39%
Benchmark
Russell 2000 Index
Aug 31 2024 18.47% 0.60% 9.68% 8.03% 8.00%

as of Jun 30 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Sep 30 2005
Fund at NAV Jun 30 2024 6.76% 0.46% 7.71% 7.42% 8.03%
Benchmark
Russell 2000 Index
Jun 30 2024 10.06% -2.58% 6.94% 7.00% 7.61%

as of Aug 31 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Aug 31 2024 0.86% 6.35% 7.32% 7.94% 9.32%
Benchmark
Russell 2000 Index
Aug 31 2024 -1.49% 7.51% 8.71% 8.51% 10.39%

as of Jun 30 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Jun 30 2024 -1.47% -3.55% 1.28% -3.55% 1.28%
Benchmark
Russell 2000 Index
Jun 30 2024 -0.93% -3.28% 1.73% -3.28% 1.73%

as of Sep 30 2024

2018 2019 2020 2021 2022 2023
Fund at NAV -9.93% 26.37% 14.86% 20.61% -15.28% 13.86%
Benchmark
Russell 2000 Index
-11.01% 25.52% 19.96% 14.82% -20.44% 16.93%

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 Small 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.

© 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: 1.14%

Net Expense Ratio: 1.00%

Risk Analysis

as of Aug 31 2024
as of Jun 30 2024

Month End as of Aug 31 2024

Risk Factor 3 Years 5 Years
Alpha 1.64% 1.30%
Beta 0.89 0.91
Std Deviation 20.14% 22.05%
Information Ratio 0.45 0.15
R-squared 96.79% 96.11%
Sharpe Ratio -0.04 0.37
Tracking Error 4.37% 4.85%

Quarter End as of Jun 30 2024

Risk Factor 3 Years 5 Years
Alpha 2.53% 1.09%
Beta 0.90 0.92
Std Deviation 19.78% 22.04%
Information Ratio 0.74 0.17
R-squared 96.82% 96.51%
Sharpe Ratio -0.13 0.25
Tracking Error 4.14% 4.52%

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 Sep 30 2024

Name Weight
MGP INGREDIENTS INC 1.76%
ENERPAC TOOL GROUP CORP 1.59%
BELDEN INC 1.31%
BRINKS CO 1.26%
DARLING INGREDIENTS INC 1.16%
LOUISIANA PACIFIC CORP 1.07%
CULLEN/FROST BANKERS INC 1.01%
DYCOM INDUSTRIES INC 0.98%
US PHYSICAL THERAPY INC 0.98%
REPLIGEN CORPORATION 0.97%

Sector Allocation

as of Aug 31 2024
as of Aug 31 2024

Fund Sector Allocation as of Aug 31 2024

Sector Weight
Industrials 21.20%
Financials 15.32%
Health Care 13.83%
Information Technology 13.23%
Consumer Discretionary 9.92%
Consumer Staples 7.86%
Materials 5.56%
Cash Equivalents & Other 3.70%
Real Estate 3.09%
Energy 2.81%
Derivatives 1.78%
Utilities 1.03%
Communication Services 0.58%
Accrued Income 0.09%

Index Sector Allocation as of Aug 31 2024

Sector Index
Industrials 16.77%
Financials 18.48%
Health Care 17.59%
Information Technology 12.74%
Consumer Discretionary 9.94%
Consumer Staples 2.75%
Materials 4.43%
Cash Equivalents & Other 0.00%
Real Estate 6.36%
Energy 5.57%
Derivatives 0.00%
Utilities 2.79%
Communication Services 2.58%
Accrued Income 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.

Russell 2000® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group owns the Russell Index data, including all applicable trademarks and copyrights.

Russell Investment Group owns the Russell Index data, including all applicable trademarks and copyrights, used by SSGA in these materials. This presentation may contain confidential information and any unauthorized use or redistribution is strictly prohibited. Russell Investment Group is not responsible for the configuration of this material or for any inaccuracy in SSGA's presentation thereof.