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: 811-04041

STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.

(Exact name of registrant as specified in charter)

1600 Summer Street, Stamford, Connecticut 06905

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Joshua A. Weinberg, Esq. Managing Director and Managing Counsel SSGA Funds Management, Inc. One Lincoln Street Boston, Massachusetts 02111	Christopher E. Palmer, Esq. Goodwin Procter LLP 901 New York Avenue, N.W. Washington, DC 20001

Registrant’s telephone number, including area code: 800-242-0134

Date of fiscal year end: December 31

Date of reporting period: December 31, 2017

Item 1. Shareholder Reports.

Annual Report

December 31, 2017

State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		16
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		25
Tax Information		26
Additional Information		27
Investment Team		31

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street S&P 500 Index V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance page relates to the State Street S&P 500 Index V.I.S. Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The Fund is not sponsored, endorsed, sold or promoted by S&P Global Ratings (“S&P”), and S&P makes no representation or warranty, express or implied, to the investors of the Fund or any member of the public regarding the advisability of investing in the securities generally or in this Fund particularly or the ability of the Fund to track general stock market performance.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee or future results.

The views expressed in this document reflect our judgement as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street S&P 500 Index V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street S&P 500 Index V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the Fund returned 21.50%. The S&P 500^® Index (S&P 500 Index), the Fund’s benchmark, returned 21.83% and the Fund’s Morningstar peer group of 278 U.S. Insurance Large Blend Funds returned an average of 21.11% over the same period.

Q. What market conditions affected the Fund’s performance?

A. The U.S. equity market rallied in 2017 on the strength of the U.S. economy, regulatory and tax reform, and M&A activity. The markets performed well despite Federal Reserve (the “Fed”) rate hikes, several major hurricanes making landfall in the U.S., geopolitical tensions with North Korea and the Middle East, and domestic political concerns.

After opening 2017 with a respectable gain of 1.9% in January, the S&P 500 Index better than doubled that performance in February, rising 4% on the month and taking year to date returns to the higher side of what many forecasters penciled in for all of 2017 just a couple months earlier. After starting the month on March 1st with a 1.4% gain, the strongest daily performance of 2017, the S&P 500 Index meandered lower during much of the rest of March to finish the month near unchanged. The positive surge in U.S. stocks to open the month coincided with a very positive response to U.S. President Donald Trump’s address to Congress on February 28th. However, political and policy concerns weighed on markets toward the end of the month as the failed attempt to advance a health care bill exposed fissures in the Republican Party and caused some market participants to question the likelihood of other policy priorities. The S&P 500 Index finished the first half of 2017 up 9.3%, reaching new all-time highs and witnessing better than two decade lows in both realized and implied volatility during that period. Performance of approximately +3% for the second quarter was half of that in the first quarter, consistent with a more tentative, but still positive, U.S. growth and inflation outlook as the year progressed. A lack of progress on legislation, including tax reform, also contributed to the cautious tone in markets.

The Index continued to reach all-time highs in the fourth quarter as tax reform was signed into law and on strong macro data and M&A activity and despite domestic political concerns and geopolitical risks. The U.S. equity markets continued to rally in October on strong macro and earnings data and on optimism that tax reform legislation would pass by year-end. The continued recovery of the Energy sector as oil prices increased following supply disruptions also helped overall market performance. However, outperformance slowed near the end of the year on profit taking and another Fed rate hike.

Q. What were the primary drivers of the Fund’s performance?

A. The expenses of managing the Fund, managing cash inflows to and outflows from the Fund and small security misweights contributed to the difference between the Fund’s performance and that of the Index. Information Technology, Health Care and Financials were the strongest performing sectors in the Fund. Energy and Telecommunication Services sectors were the only two sectors with negative returns in 2017 and were the main negative contributors to the Fund’s performance. On the security level the strongest contributors to the Fund’s performance were Apple, Microsoft and Amazon. The main laggards were General Electric, Exxon Mobil and Schlumberger.

2 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

July 1, 2017 — December 31, 2017

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,112.60	$	1,023.59
Expenses paid during the period*	$	1.70	$	1.63

* Expenses are equal to the Fund’s annualized expense ratio of 0.32% (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

State Street S&P 500 Index V.I.S. Fund 3

State Street S&P 500 Index V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		278			255			234
Peer group average annual total return		21.11	%		14.84	%		7.66	%
Morningstar Category in peer group: U.S. Insurance Large Blend

Top Ten Largest Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

Apple Inc.	3.76	%
Microsoft Corp.	2.85	%
Amazon.com Inc.	2.02	%
Facebook Inc., Class A	1.83	%
Berkshire Hathaway Inc., Class B	1.65	%
Johnson & Johnson	1.62	%
JPMorgan Chase & Co.	1.60	%
Exxon Mobil Corp.	1.53	%
Alphabet Inc., Class C	1.37	%
Alphabet Inc., Class A	1.36	%

Sector Allocation as of December 31, 2017

Portfolio composition as a % of Fair Value of $193,905 December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception date: 4/15/85)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street S&P 500 Index V.I.S. Fund		21.50	%		15.43	%		8.15	%	$	21,892
S&P 500® Index		21.83	%		15.79	%		8.50	%	$	22,603

4 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street S&P 500 Index V.I.S. Fund 5

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Common Stock - 98.8%†
Advertising - 0.1%
Omnicom Group Inc.		2,043		148,792
The Interpublic Group of Companies Inc.		3,820		77,011
				225,803
Aerospace & Defense - 2.6%
Arconic Inc.		3,788		103,223
General Dynamics Corp.		2,312		470,376
Harris Corp.		900		127,485
L3 Technologies Inc.		689		136,319
Lockheed Martin Corp.		2,068		663,931
Northrop Grumman Corp.		1,497		459,444
Raytheon Co.		2,461		462,299
Rockwell Collins Inc.		1,436		194,750
Textron Inc.		2,325		131,572
The Boeing Co.		4,684		1,381,358
TransDigm Group Inc.		433		118,911
United Technologies Corp.		6,189		789,531
				5,039,199
Agricultural & Farm Machinery - 0.2%
Deere & Co.		2,706		423,516
Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		4,824		193,346
Air Freight & Logistics - 0.7%
CH Robinson Worldwide Inc.		1,229		109,492
Expeditors International of Washington Inc.		1,399		90,501
FedEx Corp.		2,088		521,039
United Parcel Service Inc., Class B		5,740		683,921
				1,404,953
Airlines - 0.5%
Alaska Air Group Inc.		1,000		73,510
American Airlines Group Inc.		3,598		187,204
Delta Air Lines Inc.		5,543		310,408
Southwest Airlines Co.		4,649		304,277
United Continental Holdings Inc. (a)		2,150		144,910
				1,020,309
Alternative Carriers - 0.1%
CenturyLink Inc.		8,533		142,330
Aluminum - 0.0%*
Alcoa Corp. (a)		1		54

	Number of Shares		Fair Value $
Apparel Retail - 0.5%
Foot Locker Inc.		1,300		60,944
L Brands Inc.		2,188		131,761
Ross Stores Inc.		3,196		256,479
The Gap Inc.		1,676		57,085
The TJX Companies Inc.		5,269		402,868
				909,137
Apparel, Accessories & Luxury Goods - 0.3%
Hanesbrands Inc.		3,400		71,094
Michael Kors Holdings Ltd. (a)		1,222		76,925
PVH Corp.		669		91,794
Ralph Lauren Corp.		400		41,476
Tapestry Inc.		2,289		101,242
Under Armour Inc., Class A (a)		1,700		24,531
Under Armour Inc., Class C (a)		1,712		22,804
VF Corp.		2,702		199,948
				629,814
Application Software - 1.1%
Adobe Systems Inc. (a)		4,109		720,061
ANSYS Inc. (a)		700		103,313
Autodesk Inc. (a)		1,648		172,760
Cadence Design Systems Inc. (a)		2,200		92,004
Citrix Systems Inc. (a)		1,107		97,416
Intuit Inc.		2,100		331,338
salesforce.com Inc. (a)		5,709		583,631
Synopsys Inc. (a)		1,199		102,203
Verint Systems Inc. (a)		1		42
				2,202,768
Asset Management & Custody Banks - 1.2%
Affiliated Managers Group Inc.		500		102,625
Ameriprise Financial Inc.		1,305		221,158
BlackRock Inc.		1,026		527,067
Franklin Resources Inc.		2,600		112,658
Invesco Ltd.		3,250		118,755
Northern Trust Corp.		1,896		189,391
State Street Corp. (b)		3,111		303,665
T Rowe Price Group Inc.		1,940		203,564
The Bank of New York Mellon Corp.		8,576		461,903
				2,240,786
Auto Parts & Equipment - 0.1%
Aptiv PLC		2,256		191,377
BorgWarner Inc.		1,747		89,254
				280,631
Automobile Manufacturers - 0.4%
Ford Motor Co.		32,982		411,945

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
General Motors Co.		10,986		450,316
				862,261
Automotive Retail - 0.3%
Advance Auto Parts Inc.		622		62,007
AutoZone Inc. (a)		248		176,420
CarMax Inc. (a)		1,690		108,380
O’Reilly Automotive Inc. (a)		738		177,518
				524,325
Biotechnology - 2.7%
AbbVie Inc.		13,334		1,289,531
Alexion Pharmaceuticals Inc. (a)		1,901		227,341
Amgen Inc.		6,080		1,057,312
Biogen Inc. (a)		1,758		560,046
Celgene Corp. (a)		6,657		694,724
Gilead Sciences Inc.		10,905		781,234
Incyte Corp. (a)		1,400		132,594
Regeneron Pharmaceuticals Inc. (a)		650		244,374
Vertex Pharmaceuticals Inc. (a)		2,100		314,706
				5,301,862
Brewers - 0.1%
Molson Coors Brewing Co., Class B		1,598		131,148
Broadcasting - 0.2%
CBS Corp., Class B		2,996		176,764
Discovery Communications Inc., Class A (a)		1,497		33,503
Discovery Communications Inc., Class C (a)		1,802		38,148
Scripps Networks Interactive Inc., Class A		788		67,280
				315,695
Building Products - 0.3%
Allegion PLC		733		58,317
AO Smith Corp.		1,300		79,664
Fortune Brands Home & Security Inc.		1,400		95,816
Johnson Controls International PLC		7,742		295,048
Masco Corp.		2,542		111,696
				640,541
Cable & Satellite - 1.1%
Charter Communications Inc., Class A (a)		1,600		537,536
Comcast Corp., Class A		39,153		1,568,078

	Number of Shares		Fair Value $
DISH Network Corp., Class A (a)		2,100		100,275
				2,205,889
Casinos & Gaming - 0.1%
MGM Resorts International		4,200		140,238
Wynn Resorts Ltd.		591		99,637
				239,875
Commodity Chemicals - 0.2%
LyondellBasell Industries N.V., Class A		2,810		309,999
Communications Equipment - 1.0%
Cisco Systems Inc.		41,461		1,587,956
F5 Networks Inc. (a)		600		78,732
Juniper Networks Inc.		3,500		99,750
Motorola Solutions Inc.		1,444		130,451
				1,896,889
Computer & Electronics Retail - 0.1%
Best Buy Company Inc.		2,195		150,292
Construction & Engineering - 0.1%
Fluor Corp.		1,178		60,844
Jacobs Engineering Group Inc.		1,150		75,854
Quanta Services Inc. (a)		1,200		46,932
				183,630
Construction Machinery & Heavy Trucks - 0.6%
Caterpillar Inc.		5,008		789,161
Cummins Inc.		1,356		239,524
PACCAR Inc.		3,003		213,453
				1,242,138
Construction Materials - 0.1%
Martin Marietta Materials Inc.		500		110,520
Vulcan Materials Co.		1,173		150,578
				261,098
Consumer Electronics - 0.0%*
Garmin Ltd.		1,000		59,570
Consumer Finance - 0.8%
American Express Co.		6,158		611,551
Capital One Financial Corp.		4,173		415,547
Discover Financial Services		2,977		228,991
Navient Corp.		2,743		36,537
Synchrony Financial		6,458		249,343
				1,541,969
Copper - 0.1%
Freeport-McMoRan Inc. (a)		10,498		199,042

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street S&P 500 Index V.I.S. Fund 7

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Data Processing & Outsourced Services - 2.7%
Alliance Data Systems Corp.		425		107,729
Automatic Data Processing Inc.		3,685		431,845
Fidelity National Information Services Inc.		2,800		263,452
Fiserv Inc. (a)		1,679		220,167
Global Payments Inc.		1,263		126,603
Mastercard Inc., Class A		7,812		1,182,425
Paychex Inc.		2,834		192,939
PayPal Holdings Inc. (a)		9,560		703,807
The Western Union Co.		4,224		80,298
Total System Services Inc.		1,302		102,975
Visa Inc., Class A		15,320		1,746,787
				5,159,027
Department Stores - 0.1%
Kohl’s Corp.		1,573		85,304
Macy’s Inc.		2,334		58,793
Nordstrom Inc.		992		47,001
				191,098
Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		1,540		105,752
Constellation Brands Inc., Class A		1,479		338,055
				443,807
Distributors - 0.1%
Genuine Parts Co.		1,345		127,788
LKQ Corp. (a)		2,452		99,723
				227,511
Diversified Banks - 5.2%
Bank of America Corp.		81,391		2,402,662
Citigroup Inc.		22,217		1,653,167
JPMorgan Chase & Co.		29,114		3,113,451
U.S. Bancorp		13,249		709,882
Wells Fargo & Co.		37,143		2,253,466
				10,132,628
Diversified Chemicals - 0.8%
DowDuPont Inc.		19,525		1,390,570
Eastman Chemical Co.		1,318		122,100
				1,512,670
Diversified Support Services - 0.1%
Cintas Corp.		764		119,054
Drug Retail - 0.6%
CVS Health Corp.		8,489		615,453
Walgreens Boots Alliance Inc.		7,213		523,808
				1,139,261

	Number of Shares		Fair Value $
Electric Utilities - 1.8%
Alliant Energy Corp.		2,100		89,481
American Electric Power Company Inc.		4,183		307,743
Duke Energy Corp.		6,004		504,997
Edison International		2,742		173,404
Entergy Corp.		1,553		126,399
Eversource Energy		2,630		166,163
Exelon Corp.		7,834		308,738
FirstEnergy Corp.		3,754		114,948
NextEra Energy Inc.		4,002		625,072
PG&E Corp.		4,254		190,707
Pinnacle West Capital Corp.		900		76,662
PPL Corp.		5,737		177,560
The Southern Co.		8,558		411,554
Xcel Energy Inc.		4,280		205,911
				3,479,339
Electrical Components & Equipment - 0.6%
Acuity Brands Inc.		400		70,400
AMETEK Inc.		2,100		152,187
Eaton Corporation PLC		3,645		287,991
Emerson Electric Co.		5,426		378,138
Rockwell Automation Inc.		1,119		219,716
				1,108,432
Electronic Components - 0.2%
Amphenol Corp., Class A		2,600		228,280
Corning Inc.		7,334		234,615
				462,895
Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		1,100		51,282
Electronic Manufacturing Services - 0.1%
TE Connectivity Ltd.		2,854		271,244
Environmental & Facilities Services - 0.2%
Republic Services Inc.		1,915		129,473
Stericycle Inc. (a)		800		54,392
Waste Management Inc.		3,403		293,679
				477,544
Fertilizers & Agricultural Chemicals - 0.4%
CF Industries Holdings Inc.		1,685		71,680
FMC Corp.		1,122		106,208
Monsanto Co.		3,628		423,678
The Mosaic Co.		3,300		84,678
				686,244
Financial Exchanges & Data - 0.8%
Cboe Global Markets Inc.		800		99,672

See Notes to Schedule of Investments and Notes to Financial Statements.

8 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
CME Group Inc.		2,874		419,748
Intercontinental Exchange Inc.		4,955		349,625
Moody’s Corp.		1,429		210,935
Nasdaq Inc.		968		74,371
S&P Global Inc.		2,126		360,144
				1,514,495
Food Distributors - 0.1%
Sysco Corp.		4,049		245,896
Food Retail - 0.1%
The Kroger Co.		7,890		216,580
Footwear - 0.4%
NIKE Inc., Class B		10,942		684,422
General Merchandise Stores - 0.4%
Dollar General Corp.		2,100		195,321
Dollar Tree Inc. (a)		1,948		209,040
Target Corp.		4,595		299,824
				704,185
Gold - 0.1%
Newmont Mining Corp.		4,419		165,801
Health Care REITs - 0.2%
HCP Inc.		4,074		106,250
Ventas Inc.		3,029		181,770
Welltower Inc.		3,100		197,687
				485,707
Healthcare Distributors - 0.4%
AmerisourceBergen Corp.		1,461		134,149
Cardinal Health Inc.		2,668		163,468
Henry Schein Inc. (a)		1,398		97,692
McKesson Corp.		1,789		278,995
Patterson Companies Inc.		700		25,291
				699,595
Healthcare Equipment - 2.5%
Abbott Laboratories		14,514		828,314
Baxter International Inc.		4,077		263,537
Becton Dickinson and Co.		2,183		467,360
Boston Scientific Corp. (a)		11,699		290,018
Danaher Corp.		5,100		473,382
Edwards Lifesciences Corp. (a)		1,800		202,878
Hologic Inc. (a)		2,400		102,600
IDEXX Laboratories Inc. (a)		800		125,104
Intuitive Surgical Inc. (a)		969		353,627
Medtronic PLC		11,506		929,110
ResMed Inc.		1,200		101,628
Stryker Corp.		2,681		415,126

	Number of Shares		Fair Value $
Varian Medical Systems Inc. (a)		834		92,699
Zimmer Biomet Holdings Inc.		1,640		197,899
				4,843,282
Healthcare Facilities - 0.2%
HCA Healthcare Inc. (a)		2,391		210,026
Universal Health Services Inc., Class B		758		85,919
				295,945
Healthcare Services - 0.4%
DaVita Inc. (a)		1,458		105,340
Envision Healthcare Corp. (a)		1,085		37,498
Express Scripts Holding Co. (a)		4,788		357,376
Laboratory Corporation of America Holdings (a)		900		143,559
Quest Diagnostics Inc.		1,200		118,188
				761,961
Healthcare Supplies - 0.2%
Align Technology Inc. (a)		600		133,314
DENTSPLY SIRONA Inc.		2,032		133,767
The Cooper Companies Inc.		415		90,420
				357,501
Healthcare Technology - 0.1%
Cerner Corp. (a)		2,400		161,736
Home Building - 0.2%
DR Horton Inc.		2,900		148,103
Lennar Corp., Class A		1,800		113,832
PulteGroup Inc.		2,235		74,314
				336,249
Home Entertainment Software - 0.4%
Activision Blizzard Inc.		6,400		405,248
Electronic Arts Inc. (a)		2,638		277,148
				682,396
Home Furnishings - 0.1%
Leggett & Platt Inc.		1,000		47,730
Mohawk Industries Inc. (a)		500		137,950
				185,680
Home Improvement Retail - 1.3%
Lowe’s Companies Inc.		7,131		662,755
The Home Depot Inc.		9,774		1,852,466
				2,515,221
Hotel & Resort REITs - 0.1%
Host Hotels & Resorts Inc.		6,717		133,332

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street S&P 500 Index V.I.S. Fund 9

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 0.5%
Carnival Corp.		3,600		238,932
Hilton Worldwide Holdings Inc.		1,600		127,776
Marriott International Inc., Class A		2,582		350,455
Norwegian Cruise Line Holdings Ltd. (a)		1,500		79,875
Royal Caribbean Cruises Ltd.		1,463		174,507
Wyndham Worldwide Corp.		775		89,799
				1,061,344
Household Appliances - 0.1%
Whirlpool Corp.		651		109,785
Household Products - 1.6%
Church & Dwight Company Inc.		2,238		112,280
Colgate-Palmolive Co.		7,353		554,784
Kimberly-Clark Corp.		3,012		363,428
The Clorox Co.		1,045		155,433
The Procter & Gamble Co.		21,496		1,975,053
				3,160,978
Housewares & Specialties - 0.1%
Newell Brands Inc.		4,334		133,921
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		1,275		70,813
Hypermarkets & Super Centers - 1.0%
Costco Wholesale Corp.		3,709		690,319
Wal-Mart Stores Inc.		12,301		1,214,724
				1,905,043
Independent Power Producers & Energy Traders - 0.1%
AES Corp.		5,500		59,565
NRG Energy Inc.		2,538		72,282
				131,847
Industrial Conglomerates - 1.9%
3M Co.		4,991		1,174,731
General Electric Co.		73,262		1,278,422
Honeywell International Inc.		6,391		980,124
Roper Technologies Inc.		903		233,877
				3,667,154
Industrial Gases - 0.3%
Air Products & Chemicals Inc.		1,841		302,071
Praxair Inc.		2,314		357,930
				660,001
Industrial Machinery - 0.9%
Dover Corp.		1,309		132,196

	Number of Shares		Fair Value $
Flowserve Corp.		1,300		54,769
Fortive Corp.		2,500		180,875
Illinois Tool Works Inc.		2,660		443,821
Ingersoll-Rand PLC		2,200		196,218
Parker-Hannifin Corp.		1,134		226,324
Pentair PLC		1,407		99,362
Snap-on Inc.		509		88,719
Stanley Black & Decker Inc.		1,299		220,427
Xylem Inc.		1,581		107,824
				1,750,535
Industrial REITs - 0.2%
Duke Realty Corp.		3,100		84,351
Prologis Inc. REIT		4,429		285,715
				370,066
Insurance Brokers - 0.5%
Aon PLC		2,134		285,956
Arthur J Gallagher & Co.		1,427		90,301
Marsh & McLennan Companies Inc.		4,409		358,848
Willis Towers Watson PLC		1,058		159,430
				894,535
Integrated Oil & Gas - 2.8%
Chevron Corp.		15,949		1,996,655
Exxon Mobil Corp.		35,535		2,972,147
Occidental Petroleum Corp.		6,457		475,623
				5,444,425
Integrated Telecommunication Services - 2.0%
AT&T Inc.		51,718		2,010,796
Verizon Communications Inc.		34,292		1,815,075
				3,825,871
Internet & Direct Marketing Retail - 2.8%
Amazon.com Inc. (a)		3,345		3,911,877
Expedia Inc.		1,050		125,759
Netflix Inc. (a)		3,628		696,431
The Priceline Group Inc. (a)		418		726,375
TripAdvisor Inc. (a)		1,150		39,629
				5,500,071
Internet Software & Services - 4.8%
Akamai Technologies Inc. (a)		1,333		86,698
Alphabet Inc., Class A (a)		2,512		2,646,141
Alphabet Inc., Class C (a)(c)		2,531		2,648,439
eBay Inc. (a)		8,160		307,958
Facebook Inc., Class A (a)		20,085		3,544,199
VeriSign Inc. (a)		662		75,759
				9,309,194

See Notes to Schedule of Investments and Notes to Financial Statements.

10 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Investment Banking & Brokerage - 1.1%
E*TRADE Financial Corp. (a)		2,340		115,994
Morgan Stanley		11,729		615,421
Raymond James Financial Inc.		1,100		98,230
The Charles Schwab Corp.		10,011		514,265
The Goldman Sachs Group Inc.		2,903		739,568
				2,083,478
IT Consulting & Other Services - 1.3%
Accenture PLC, Class A		5,145		787,648
Cognizant Technology Solutions Corp., Class A		5,119		363,551
CSRA Inc.		1,382		41,349
DXC Technology Co.		2,324		220,548
Gartner Inc. (a)		800		98,520
International Business Machines Corp.		7,245		1,111,528
				2,623,144
Leisure Products - 0.1%
Hasbro Inc.		996		90,526
Mattel Inc.		3,296		50,693
				141,219
Life & Health Insurance - 0.9%
Aflac Inc.		3,374		296,170
Brighthouse Financial Inc. (a)		841		49,316
Lincoln National Corp.		1,759		135,214
MetLife Inc.		8,860		447,962
Principal Financial Group Inc.		2,411		170,120
Prudential Financial Inc.		3,601		414,043
Torchmark Corp.		966		87,626
Unum Group		1,989		109,176
				1,709,627
Life Sciences Tools & Services - 0.8%
Agilent Technologies Inc.		2,838		190,061
Illumina Inc. (a)		1,201		262,406
IQVIA Holdings Inc. (a)		1,200		117,480
Mettler-Toledo International Inc. (a)		207		128,241
PerkinElmer Inc.		1,011		73,924
Thermo Fisher Scientific Inc.		3,328		631,921
Waters Corp. (a)		684		132,142
				1,536,175
Managed Healthcare - 1.9%
Aetna Inc. (c)		2,727		491,923
Anthem Inc.		2,181		490,747
Centene Corp. (a)		1,400		141,232
Cigna Corp.		2,109		428,317

	Number of Shares		Fair Value $
Humana Inc.		1,227		304,382
UnitedHealth Group Inc.		8,098		1,785,285
				3,641,886
Metal & Glass Containers - 0.1%
Ball Corp.		2,682		101,514
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		1,535		78,101
Movies & Entertainment - 1.3%
The Walt Disney Co.		12,715		1,366,990
Time Warner Inc.		6,497		594,280
Twenty-First Century Fox Inc., Class A		8,790		303,519
Twenty-First Century Fox Inc., Class B		3,392		115,735
Viacom Inc., Class B		2,846		87,685
				2,468,209
Multi-Line Insurance - 0.4%
American International Group Inc.		7,687		457,992
Assurant Inc.		500		50,420
Loews Corp.		2,362		118,171
The Hartford Financial Services Group Inc.		2,944		165,688
				792,271
Multi-Sector Holdings - 1.7%
Berkshire Hathaway Inc., Class B (a)		16,122		3,195,703
Leucadia National Corp.		3,000		79,470
				3,275,173
Multi-Utilities - 1.0%
Ameren Corp.		1,942		114,559
CenterPoint Energy Inc.		3,718		105,443
CMS Energy Corp.		2,400		113,520
Consolidated Edison Inc.		2,555		217,047
Dominion Energy Inc.		5,382		436,265
DTE Energy Co.		1,566		171,414
NiSource Inc.		2,515		64,560
Public Service Enterprise Group Inc.		4,192		215,888
SCANA Corp.		1,100		43,758
Sempra Energy		2,132		227,953
WEC Energy Group Inc.		2,774		184,277
				1,894,684
Office REITs - 0.2%
Alexandria Real Estate Equities Inc.		800		104,472

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street S&P 500 Index V.I.S. Fund 11

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Boston Properties Inc.		1,298		168,779
SL Green Realty Corp.		800		80,744
Vornado Realty Trust		1,511		118,130
				472,125
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		900		58,176
Oil & Gas Equipment & Services - 0.8%
Baker Hughes a GE Co.		3,681		116,467
Halliburton Co.		7,250		354,307
National Oilwell Varco Inc.		3,346		120,523
Schlumberger Ltd.		11,571		779,770
TechnipFMC PLC		3,386		106,016
				1,477,083
Oil & Gas Exploration & Production - 1.5%
Anadarko Petroleum Corp.		4,757		255,165
Apache Corp.		3,448		145,575
Cabot Oil & Gas Corp.		3,600		102,960
Chesapeake Energy Corp. (a)		5,615		22,235
Cimarex Energy Co.		900		109,809
Concho Resources Inc. (a)		1,300		195,286
ConocoPhillips		10,140		556,585
Devon Energy Corp.		4,692		194,249
EOG Resources Inc.		4,900		528,759
EQT Corp.		2,014		114,637
Hess Corp.		2,449		116,254
Marathon Oil Corp.		7,042		119,221
Newfield Exploration Co. (a)		1,300		40,989
Noble Energy Inc.		3,700		107,818
Pioneer Natural Resources Co.		1,500		259,275
Range Resources Corp.		1,800		30,708
				2,899,525
Oil & Gas Refining & Marketing - 0.6%
Andeavor		1,314		150,243
Marathon Petroleum Corp.		4,090		269,858
Phillips 66		3,561		360,195
Valero Energy Corp.		3,628		333,450
				1,113,746
Oil & Gas Storage & Transportation - 0.3%
Kinder Morgan Inc.		15,804		285,578
ONEOK Inc.		3,400		181,730
The Williams Companies Inc.		6,871		209,497
				676,805
Packaged Foods & Meats - 1.1%
Campbell Soup Co.		1,615		77,698
Conagra Brands Inc.		3,254		122,578
General Mills Inc.		4,836		286,727

	Number of Shares		Fair Value $
Hormel Foods Corp.		2,400		87,336
Kellogg Co.		2,190		148,876
McCormick & Company Inc.		900		91,719
Mondelez International Inc., Class A		12,535		536,498
The Hershey Co.		1,216		138,028
The JM Smucker Co.		947		117,655
The Kraft Heinz Co.		5,095		396,187
Tyson Foods Inc., Class A		2,362		191,487
				2,194,789
Paper Packaging - 0.3%
Avery Dennison Corp.		692		79,483
International Paper Co.		3,430		198,734
Packaging Corporation of America		800		96,440
Sealed Air Corp.		1,731		85,338
WestRock Co.		2,175		137,482
				597,477
Personal Products - 0.2%
Coty Inc., Class A		4,445		88,411
The Estee Lauder Companies Inc., Class A		1,879		239,084
				327,495
Pharmaceuticals - 4.5%
Allergan PLC (c)		2,851		466,367
Bristol-Myers Squibb Co.		13,687		838,739
Eli Lilly & Co.		8,254		697,133
Johnson & Johnson		22,512		3,145,377
Merck & Company Inc.		22,968		1,292,409
Mylan N.V. (a)		3,904		165,178
Perrigo Company PLC		975		84,981
Pfizer Inc.		50,186		1,817,737
Zoetis Inc.		4,146		298,678
				8,806,599
Property & Casualty Insurance - 0.8%
Chubb Ltd.		3,861		564,208
Cincinnati Financial Corp.		1,392		104,358
The Allstate Corp.		2,986		312,664
The Progressive Corp.		4,873		274,447
The Travelers Companies Inc.		2,267		307,496
XL Group Ltd.		1,956		68,773
				1,631,946
Publishing - 0.0%*
News Corp., Class A		3,400		55,114
Railroads - 0.9%
CSX Corp.		7,573		416,591
Kansas City Southern		900		94,698

See Notes to Schedule of Investments and Notes to Financial Statements.

12 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Norfolk Southern Corp.		2,445		354,280
Union Pacific Corp.		6,681		895,922
				1,761,491
Real Estate Services - 0.1%
CBRE Group Inc., Class A (a)		2,573		111,437
Regional Banks - 1.3%
BB&T Corp.		6,637		329,992
Citizens Financial Group Inc.		4,000		167,920
Comerica Inc.		1,556		135,076
Fifth Third Bancorp		5,950		180,523
Huntington Bancshares Inc.		9,534		138,815
KeyCorp		9,028		182,095
M&T Bank Corp.		1,290		220,577
People’s United Financial Inc.		3,200		59,840
Regions Financial Corp.		9,968		172,247
SunTrust Banks Inc.		4,129		266,692
The PNC Financial Services Group Inc.		3,939		568,358
Zions Bancorporation		1,900		96,577
				2,518,712
Reinsurance - 0.0%*
Everest Re Group Ltd.		300		66,378
Research & Consulting Services - 0.3%
Equifax Inc.		1,046		123,345
IHS Markit Ltd. (a)		2,800		126,420
Nielsen Holdings PLC		2,928		106,579
Verisk Analytics Inc. (a)		1,400		134,400
				490,744
Residential REITs - 0.4%
Apartment Investment & Management Co., Class A		1,477		64,560
AvalonBay Communities Inc.		1,172		209,096
Equity Residential		3,108		198,197
Essex Property Trust Inc.		500		120,685
Mid-America Apartment Communities Inc.		900		90,504
UDR Inc.		2,500		96,300
				779,342
Restaurants - 1.1%
Chipotle Mexican Grill Inc. (a)		160		46,245
Darden Restaurants Inc.		1,029		98,805
McDonald’s Corp.		6,688		1,151,138
Starbucks Corp.		12,024		690,538
Yum! Brands Inc.		2,874		234,547
				2,221,273

	Number of Shares		Fair Value $
Retail REITs - 0.5%
Federal Realty Investment Trust		600		79,686
GGP Inc.		5,300		123,967
Kimco Realty Corp.		3,931		71,348
Realty Income Corp.		2,400		136,848
Regency Centers Corp.		1,299		89,865
Simon Property Group Inc.		2,679		460,091
The Macerich Co.		744		48,866
				1,010,671
Semiconductor Equipment - 0.4%
Applied Materials Inc.		9,156		468,055
KLA-Tencor Corp.		1,378		144,786
Lam Research Corp.		1,347		247,942
				860,783
Semiconductors - 3.4%
Advanced Micro Devices Inc. (a)		6,600		67,848
Analog Devices Inc.		3,087		274,836
Broadcom Ltd.		3,384		869,350
Intel Corp.		39,204		1,809,657
Microchip Technology Inc.		1,800		158,184
Micron Technology Inc. (a)		9,626		395,821
NVIDIA Corp.		5,038		974,853
Qorvo Inc. (a)		1,100		73,260
QUALCOMM Inc.		12,368		791,799
Skyworks Solutions Inc.		1,500		142,425
Texas Instruments Inc.		8,309		867,792
Xilinx Inc.		2,087		140,705
				6,566,530
Soft Drinks - 1.7%
Dr Pepper Snapple Group Inc.		1,500		145,590
Monster Beverage Corp. (a)		3,338		211,262
PepsiCo Inc.		11,954		1,433,524
The Coca-Cola Co.		32,170		1,475,959
				3,266,335
Specialized Consumer Services - 0.0%*
H&R Block Inc.		1,579		41,401
Specialized REITs - 1.1%
American Tower Corp.		3,591		512,328
Crown Castle International Corp.		3,300		366,333
Digital Realty Trust Inc.		1,700		193,630
Equinix Inc.		646		292,780
Extra Space Storage Inc.		1,000		87,450
Iron Mountain Inc.		1,886		71,159
Public Storage		1,230		257,070
SBA Communications Corp. (a)		1,000		163,360
Weyerhaeuser Co.		6,167		217,448
				2,161,558

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street S&P 500 Index V.I.S. Fund 13

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Specialty Chemicals - 0.5%
Albemarle Corp.		900		115,101
Ecolab Inc.		2,102		282,046
International Flavors & Fragrances Inc.		647		98,739
PPG Industries Inc.		2,210		258,172
The Sherwin-Williams Co.		663		271,857
				1,025,915
Specialty Stores - 0.2%
Signet Jewelers Ltd.		600		33,930
Tiffany & Co.		904		93,971
Tractor Supply Co.		1,137		84,991
Ulta Salon Cosmetics & Fragrance Inc. (a)		500		111,830
				324,722
Steel - 0.1%
Nucor Corp.		2,859		181,775
Systems Software - 3.7%
CA Inc.		2,703		89,956
Microsoft Corp.		64,649		5,530,076
Oracle Corp.		25,597		1,210,226
Red Hat Inc. (a)		1,400		168,140
Symantec Corp.		5,472		153,544
				7,151,942
Technology Hardware, Storage & Peripherals - 4.2%
Apple Inc.		43,067		7,288,228
Hewlett Packard Enterprise Co.		13,219		189,825
HP Inc.		13,800		289,938
NetApp Inc.		2,170		120,044
Seagate Technology PLC		2,532		105,939
Western Digital Corp.		2,477		196,996
Xerox Corp.		1,811		52,791
				8,243,761

	Number of Shares		Fair Value $
Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		2,019		65,234
Tobacco - 1.3%
Altria Group Inc.		16,039		1,145,345
Philip Morris International Inc.		13,083		1,382,219
				2,527,564
Trading Companies & Distributors - 0.2%
Fastenal Co.		2,200		120,318
United Rentals Inc. (a)		700		120,337
WW Grainger Inc.		482		113,872
				354,527
Trucking - 0.0%*
JB Hunt Transport Services Inc.		720		82,786
Water Utilities - 0.1%
American Water Works Company Inc.		1,400		128,086
Total Common Stock (Cost $82,952,628)				191,825,800
Short-Term Investments - 1.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $2,080,142) (d)(e)		2,080,142		2,080,142
Total Investments (Cost $85,032,770)				193,905,942
Other Assets and Liabilities, net - 0.1%				211,426
NET ASSETS - 100.0%				194,117,368

Other Information:

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		March 2018		19	$	2,500,818	$	2,542,200	$	41,382

During the year ended December 31, the Fund had an average notional value of $2,336,375 on long futures contracts.

See Notes to Schedule of Investments and Notes to Financial Statements.

14 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(c) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for current or potential holdings of futures.

(d) Coupon amount represents effective yield.

(e) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

† Percentages are based on net assets as of December 31, 2017.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	191,825,800	$	—	$	—	$	191,825,800
Short-Term Investments		2,080,142		—		—		2,080,142
Total Investments in Securities	$	193,905,942	$	—	$	—	$	193,905,942
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	41,382	$	—	$	—	$	41,382

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Corp.		3,311	$	257,331	$	—	$	16,062	$	1,899	$	60,499		3,111	$	303,665	$	5,054
State Street Institutional U.S. Government Money Market Fund - Class G Shares		3,654,858		3,654,858		22,869,762		24,444,478		—		—		2,080,142		2,080,142		14,127
TOTAL			$	3,912,189	$	22,869,762	$	24,460,540	$	1,899	$	60,499			$	2,383,807	$	19,181

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street S&P 500 Index V.I.S. Fund 15

State Street S&P 500 Index V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date													4/15/85
Net asset value, beginning of period	$	38.22		$	36.16		$	36.60		$	32.83		$	25.29
Income/(loss) from investment operations:
Net investment income		0.71	(a)		0.72			0.69			0.61			0.55
Net realized and unrealized gains/(losses) on investments		7.52			3.49			(0.28	)		3.76			7.53
Total income from investment operations		8.23			4.21			0.41			4.37			8.08
Less distributions from:
Net investment income		0.79			0.73			0.85			0.60			0.54
Net realized gains		1.57			1.42			—			—			—
Total distributions		2.36			2.15			0.85			0.60			0.54
Net asset value, end of period	$	44.09		$	38.22		$	36.16		$	36.60		$	32.83
Total return(b)		21.50	%		11.61	%		1.07	%		13.28	%		31.97	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	194,117		$	180,761		$	179,395		$	203,262		$	206,556
Ratios to average net assets:
Net expenses		0.32	%		0.34	%(d)		0.37	%(d)		0.41	%(c)(d)		0.35	%(c)(d)
Gross expenses		0.32	%		0.37	%		0.42	%		0.46	%		0.40	%
Net investment income		1.69	%		1.86	%		1.72	%		1.65	%		1.75	%
Portfolio turnover rate		2	%		2	%		2	%		2	%		3	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(d) Reflects a contractual arrangement with GE Asset Management Incorporated, the Fund’s investment adviser and administrator prior to July 1, 2016, to limit the advisory and administrative fee charged to the Fund to 0.30% of the average daily net assets of the Fund.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

16 Financial Highlights

State Street S&P 500 Index V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $82,770,071)	$	191,522,135
Investments in affiliated securities, at fair value (cost $182,557)		303,665
Short-term affiliated investments, at fair value		2,080,142
Cash		1,110
Restricted cash(1)		85,500
Receivable for investments sold		186,357
Income receivables		195,469
Income receivable from affiliated investments		1,307
Other assets		3,338
Total assets		194,379,023
Liabilities
Payable for investments purchased		61,517
Payable for fund shares redeemed		111,361
Payable for variation margin on open futures contracts		9,245
Payable to the Adviser (Note 4)		41,139
Payable to the Custodian (Note 4)		4,407
Accrued other expenses		33,986
Total liabilities		261,655
Net Assets	$	194,117,368
Net Assets Consist of:
Capital paid in	$	90,349,493
Undistributed (distributions in excess of) net investment income		(13,301	)
Accumulated net realized loss		(5,133,378	)
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		108,752,064
Affiliated investments		121,108
Futures		41,382
Net Assets	$	194,117,368
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,402,952
Net asset value per share	$	44.09
(1)  Deposits at broker for futures contracts.

The accompanying Notes are an integral part of these financial statements.

Statement of Assets and Liabilities 17

State Street S&P 500 Index V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	3,722,054
Interest		13,247
Income from affiliated investments		19,181
Total income		3,754,482
Expenses
Advisory and administration fees (Note 4)		472,423
Directors’ fees (Note 5)		1,005
Custody and accounting expenses — net (Note 4)		48,621
Professional fees		26,448
Other expenses		56,339
Total expenses before waivers		604,836
Total expenses		604,836
Net investment income	$	3,149,646
Net Realized and Unrealized Gain (loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	6,679,702
Affiliated investments		1,899
Futures		452,315
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		26,061,951
Affiliated investments		60,499
Futures		(6,704	)
Net realized and unrealized gain (loss) on investments		33,249,662
Net Increase in Net Assets Resulting from Operations	$	36,399,308

The accompanying Notes are an integral part of these financial statements.

18 Statement of Operations

State Street S&P 500 Index V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,149,646		$	3,275,700
Net realized gain (loss) on investments and futures		7,133,916			9,905,220
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		26,115,746			6,185,599
Net increase (decrease) from operations		36,399,308			19,366,519
Distributions to shareholders from:
Net investment income		(3,286,275	)		(3,293,797	)
Net realized gains		(6,559,166	)		(6,347,185	)
Total distributions		(9,845,441	)		(9,640,982	)
Increase (decrease) in assets from operations and distributions		26,553,867			9,725,537
Share transactions:
Proceeds from sale of shares		3,059,520			9,068,070
Value of distributions reinvested		9,845,441			9,640,982
Cost of shares redeemed		(26,102,452	)		(27,068,972	)
Net increase (decrease) from share transactions		(13,197,491	)		(8,359,920	)
Total increase (decrease) in net assets		13,356,376			1,365,617
Net Assets
Beginning of year		180,760,992			179,395,375
End of year	$	194,117,368		$	180,760,992
Undistributed (distributions in excess of) net investment income, end of year	$	(13,301	)	$	(4,361	)
Changes in Fund Shares
Shares sold		73,043			244,141
Issued for distributions reinvested		222,798			251,002
Shares redeemed		(622,096	)		(727,621	)
Net decrease in fund shares		(326,255	)		(232,478	)

The accompanying Notes are an integral part of these financial statements.

Statements of Changes in Net Assets 19

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the “Fund”), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation   The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active

20 Notes to Financial Statements

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

Notes to Financial Statements 21

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

For the year ended December 31, 2017, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet S&P 500 Index V.I.S. Fund
Futures Contracts(a)	$	—	$	—	$	—	$	41,382	$	—	$	41,382

(a) Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	452,315	$	—	$	452,315

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
StateStreet S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(6,704	)	$	—	$	(6,704	)

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.25%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Schedule of Investments.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

22 Notes to Financial Statements

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2017 were as follows:

Purchases			Sales
	$	3,381,343		$	20,594,036

7. Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, passive foreign investment company gains and losses, futures contracts, non-taxable dividends, corporate actions and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	3,444,426		$	6,401,015		$	9,845,441

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	3,293,797		$	6,347,185		$	9,640,982

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carry forwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	4,828		$	—		$	955,783		$	102,807,264		$	—		$	103,767,875

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	91,140,060		$	105,927,885		$	3,120,621		$	102,807,264

Notes to Financial Statements 23

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

8. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

24 Notes to Financial Statements

State Street S&P 500 Index V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and Shareholders of State Street S&P 500 Index V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street S&P 500 Index V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street S&P 500 Index V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

Report of Independent Registered Public Accounting Firm 25

State Street S&P 500 Index V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $6,401,015.

26 Tax Information

State Street S&P 500 Index V.I.S. Fund

Additional Information — December 31, 2017

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).

Additional Information 27

State Street S&P 500 Index V.I.S. Fund

Additional Information, continued — December 31, 2017

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A

28 Additional Information

State Street S&P 500 Index V.I.S. Fund

Additional Information, continued — December 31, 2017

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

Additional Information 29

State Street S&P 500 Index V.I.S. Fund

Additional Information, continued — December 31, 2017

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

30 Additional Information

State Street S&P 500 Index V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

Investment Team 31

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		14
Statement of Assets and Liabilities		15
Statement of Operations		16
Statements of Changes in Net Assets		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		23
Tax Information		24
Additional Information		25
Investment Team		29

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Small-Cap Equity V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance page relates to the State Street Small-Cap Equity V.I.S. Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The Russell 2000^® Index is an unmanaged market capitalization-weighted index consisting of 2,000 of the smallest U.S.-domiciled publicly traded common stocks that are included in the Russell 3000^® Index. The Russell 3000^® Index is comprised of the 3,000 largest U.S. domiciled companies.

Russell Investment Group owns the Russell Index data, including all applicable trademarks and copyrights, used by SSGA Funds Management, Inc. (“SSGA FM”) in these materials. Any unauthorized use or redistribution of such Russell Index data is strictly prohibited. Russell Investment Group is not responsible for the configuration of this material or for any inaccuracy in SSGA FM’s presentation thereof.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street Small-Cap Equity V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street Small-Cap Equity V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the State Street Small-Cap Equity V.I.S. Fund returned 12.71%. The Russell 2000^® Index, the Fund’s benchmark, returned 14.65% and the Fund’s Morningstar peer group of 135 U.S. Insurance Small Blend Funds returned an average of 12.74% over the same period.

Q. What market conditions affected the Fund’s performance?

A. A strong rally in small cap growth stocks, particularly in biotechnology companies, adversely impacted the Fund’s performance. The Fund had a modest growth bias, but remained underweight to biotechnology. Some positive drivers of performance were companies that were acquired during the course of the previous year, as well as a tailwind from technology stocks with an overweight relative to the Russell 2000 Index, and strong stock selection.

Q. What were the primary drivers of the Fund’s performance?

A. The largest driver of the underperformance was Champlain Investment Partners, whose modest growth bias was not rewarded as the higher beta growth names rallied, leaving Champlain’s price-disciplined style underperforming relative to the Russell 2000 Index. While their portfolio did benefit from several take-outs, including Whole Foods, Snyder’s-Lance, and Buffalo Wild Wings among others, those were not enough to offset the weakness. Palisade Capital Management was in a similar situation where the lack of biotech caused healthcare performance to suffer and the rest of the holdings did not make up for it relative to the Russell 200 Index. However, this market environment was a positive for GlobeFlex Capital, where their growth style benefitted the technical backdrop as they achieved strong relative and absolute performance mitigating some of the weakness. Also, SouthernSun Asset Management had strong security selection in their portfolio including The Brink’s Company, Centene Corporation and Polaris Industries, Inc., propelling them to substantial outperformance relative to the Russell 2000 Index. The relatively smaller weightings to GlobeFlex and SouthernSun versus the core oriented managers of Palisade and Champlain led to the overall underperformance relative to the Russell 2000 Index.

2 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period July 1, 2017	$	1,000.00	$	1,000.00
Account value at the end of the period December 31, 2017	$	1,072.70	$	1,019.31
Expenses paid during the period*	$	6.11	$	5.96

* Expenses are equal to the Fund’s annualized expense ratio of 1.17%** (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Small-Cap Equity V.I.S. Fund 3

State Street Small-Cap Equity V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		135			128			116
Peer group average annual total return		12.74	%		13.77	%		8.52	%
Morningstar Category in peer group: U.S. Insurance Fund Small Blend

Top Ten Largest Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

John Wiley & Sons Inc., Class A	1.45	%
Blackbaud Inc.	1.22	%
Actuant Corp., Class A	1.07	%
Ritchie Bros Auctioneers Inc.	1.01	%
Wolverine World Wide Inc.	0.96	%
Darling Ingredients Inc.	0.94	%
Snyder’s-Lance Inc.	0.89	%
Integra LifeSciences Holdings Corp.	0.88	%
Qualys Inc.	0.82	%
HB fuller Co.	0.81	%

Sector Allocation as of December 31, 2017

Portfolio composition as a % of Fair Value of $40,844 (in thousands) as of December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception Date 4/28/00)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Small-Cap Equity V.I.S. Fund		12.71	%		13.69	%		8.86	%	$	23,372
Russell 2000® Index		14.65	%		14.12	%		8.71	%	$	23,054

4 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Small-Cap Equity V.I.S. Fund 5

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Common Stock - 93.9%†
Aerospace & Defense - 0.7%
Esterline Technologies Corp. (a)		287		21,439
Teledyne Technologies Inc. (a)		1,390		251,798
				273,237
Agricultural & Farm Machinery - 0.5%
AGCO Corp. (b)		3,099		221,362
Agricultural Products - 0.9%
Darling Ingredients Inc. (a)		21,136		383,196
Air Freight & Logistics - 0.1%
Hub Group Inc., Class A (a)		668		31,997
Airlines - 0.0%*
Hawaiian Holdings Inc.		450		17,933
Alternative Carriers - 0.1%
Vonage Holdings Corp. (a)		2,537		25,801
Aluminum - 0.1%
Kaiser Aluminum Corp.		201		21,477
Apparel Retail - 0.7%
American Eagle Outfitters Inc.		808		15,190
Burlington Stores Inc. (a)		972		119,585
Francesca’s Holdings Corp. (a)		1,400		10,234
The Buckle Inc.		4,016		95,380
The Children’s Place Inc.		250		36,338
				276,727
Apparel, Accessories & Luxury Goods - 0.5%
G-III Apparel Group Ltd. (a)		4,974		183,491
Application Software - 3.9%
ACI Worldwide Inc. (a)(b)		10,304		233,592
Blackbaud Inc.		5,276		498,529
Guidewire Software Inc. (a)		2,350		174,511
Paylocity Holding Corp. (a)		1,680		79,229
PTC Inc. (a)		1,427		86,719
RealPage Inc. (a)		6,167		273,198
SS&C Technologies Holdings Inc.		5,267		213,208
Zix Corp. (a)		4,900		21,462
				1,580,448
Asset Management & Custody Banks - 0.7%
Cohen & Steers Inc.		788		37,264
Financial Engines Inc.		7,700		233,310
OM Asset Management PLC		1,581		26,482
				297,056

	Number of Shares		Fair Value $
Auto Parts & Equipment - 1.4%
American Axle & Manufacturing Holdings Inc. (a)		1,226		20,879
Cooper-Standard Holdings Inc. (a)		389		47,653
Gentherm Inc. (a)		716		22,733
LCI Industries		624		81,120
Standard Motor Products Inc.		1,408		63,233
Stoneridge Inc. (a)		2,019		46,154
Tenneco Inc.		4,433		259,508
Tower International Inc.		820		25,051
				566,331
Automobile Manufacturers - 0.8%
Thor Industries Inc.		1,720		259,239
Winnebago Industries Inc.		1,319		73,336
				332,575
Automotive Retail - 1.1%
America’s Car-Mart Inc. (a)		721		32,193
Asbury Automotive Group Inc. (a)		357		22,848
Group 1 Automotive Inc.		1,519		107,803
Murphy USA Inc. (a)		3,768		302,797
				465,641
Biotechnology - 0.7%
Eagle Pharmaceuticals Inc. (a)		700		37,394
MiMedx Group Inc. (a)		1,400		17,654
Repligen Corp. (a)		6,234		226,170
				281,218
Brewers - 0.4%
Craft Brew Alliance Inc. (a)		1,041		19,987
The Boston Beer Company Inc., Class A (a)		825		157,658
				177,645
Building Products - 0.8%
American Woodmark Corp. (a)		324		42,201
Apogee Enterprises Inc.		408		18,658
Builders FirstSource Inc. (a)		3,308		72,081
Continental Building Products Inc. (a)		633		17,819
Masonite International Corp. (a)		198		14,682
NCI Building Systems Inc. (a)		1,385		26,730
Patrick Industries Inc. (a)		300		20,835
Ply Gem Holdings Inc. (a)		1,314		24,309
Trex Company Inc. (a)		369		39,996
Universal Forest Products Inc.		1,646		61,923
				339,234

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Commercial Printing - 0.2%
Brady Corp., Class A		1,700		64,430
Deluxe Corp.		338		25,972
LSC Communications Inc.		513		7,772
				98,174
Commodity Chemicals - 0.3%
AdvanSix Inc. (a)		962		40,471
Koppers Holdings Inc. (a)		532		27,079
Trinseo S.A.		530		38,478
				106,028
Communications Equipment - 0.3%
ADTRAN Inc.		1,372		26,548
Ciena Corp. (a)		965		20,198
Extreme Networks Inc. (a)		2,800		35,056
Lumentum Holdings Inc. (a)		437		21,369
				103,171
Construction & Engineering - 0.9%
Aegion Corp. (a)		5,362		136,356
Argan Inc.		406		18,270
Dycom Industries Inc. (a)		1,307		145,639
EMCOR Group Inc.		327		26,732
MasTec Inc. (a)		576		28,195
				355,192
Construction Machinery & Heavy Trucks - 1.9%
Alamo Group Inc.		449		50,679
Astec Industries Inc.		968		56,628
Federal Signal Corp.		14,049		282,244
The Greenbrier Companies Inc.		423		22,546
Trinity Industries Inc.		8,718		326,576
Wabash National Corp.		1,917		41,599
				780,272
Construction Materials - 0.1%
Summit Materials Inc., Class A (a)		1,074		33,761
Consumer Finance - 0.1%
Enova International Inc. (a)		2,185		33,212
Data Processing & Outsourced Services - 2.1%
Broadridge Financial Solutions Inc.		2,823		255,707
Cardtronics PLC, Class A (a)		450		8,334
Cass Information Systems Inc.		256		14,902
CoreLogic Inc. (a)		4,197		193,944
EVERTEC Inc.		1,268		17,308
MAXIMUS Inc.		381		27,272
Travelport Worldwide Ltd.		1,576		20,598
WEX Inc. (a)		2,100		296,583
				834,648

	Number of Shares		Fair Value $
Distributors - 0.7%
LKQ Corp. (a)		6,594		268,178
Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		1,599		115,528
Materion Corp.		267		12,976
				128,504
Diversified Real Estate Activities - 0.1%
The RMR Group Inc., Class A		350		20,755
Diversified REITs - 0.1%
American Assets Trust Inc.		528		20,191
Gramercy Property Trust		1,231		32,818
				53,009
Diversified Support Services - 1.8%
Healthcare Services Group Inc.		5,236		276,042
Ritchie Bros Auctioneers Inc.		13,740		411,238
UniFirst Corp.		199		32,815
Viad Corp.		488		27,035
				747,130
Education Services - 0.5%
Grand Canyon Education Inc. (a)		300		26,859
K12 Inc. (a)		10,282		163,484
				190,343
Electric Utilities - 0.9%
ALLETE Inc.		393		29,223
IDACORP Inc.		3,339		305,051
PNM Resources Inc.		737		29,812
Spark Energy Inc., Class A		1,300		16,120
				380,206
Electrical Components & Equipment - 0.2%
Atkore International Group Inc. (a)		890		19,091
EnerSys		369		25,693
Regal Beloit Corp.		458		35,083
				79,867
Electronic Components - 0.7%
Belden Inc.		539		41,594
Littelfuse Inc.		1,173		232,043
Vishay Intertechnology Inc.		1,421		29,486
				303,123
Electronic Equipment & Instruments - 0.8%
Control4 Corp. (a)		1,781		53,002
National Instruments Corp.		1,449		60,322

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Small-Cap Equity V.I.S. Fund 7

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
VeriFone Systems Inc. (a)		7,169		126,963
Zebra Technologies Corp., Class A (a)		971		100,790
				341,077
Electronic Manufacturing Services - 0.3%
Benchmark Electronics Inc. (a)		382		11,116
KEMET Corp. (a)		1,231		18,539
Methode Electronics Inc.		477		19,128
Plexus Corp. (a)		702		42,625
TTM Technologies Inc. (a)		1,864		29,209
				120,617
Environmental & Facilities Services - 0.8%
Clean Harbors Inc. (a)		5,951		322,544
Food Distributors - 0.8%
Performance Food Group Co. (a)		5,149		170,432
SpartanNash Co.		6,490		173,153
				343,585
Food Retail - 0.1%
Casey’s General Stores Inc.		227		25,410
Sprouts Farmers Market Inc. (a)		1,400		34,090
				59,500
Footwear - 1.5%
Deckers Outdoor Corp. (a)		2,233		179,198
Skechers U.S.A. Inc., Class A (a)		1,077		40,754
Wolverine World Wide Inc.		12,297		392,028
				611,980
Forest Products - 0.1%
Boise Cascade Co.		878		35,032
Louisiana-Pacific Corp. (a)		982		25,788
				60,820
Gas Utilities - 0.1%
South Jersey Industries Inc.		700		21,861
General Merchandise Stores - 0.1%
Big Lots Inc.		446		25,043
Health Care REITs - 0.0%*
CareTrust REIT Inc.		912		15,285
Healthcare Distributors - 0.0%*
Owens & Minor Inc.		212		4,003
Healthcare Equipment - 4.8%
Cantel Medical Corp.		900		92,583
Cardiovascular Systems Inc. (a)		6,900		163,461

	Number of Shares		Fair Value $
CONMED Corp.		4,500		229,365
Hill-Rom Holdings Inc.		3,806		320,808
Insulet Corp. (a)		3,300		227,700
Integra LifeSciences Holdings Corp. (a)		7,500		358,950
LivaNova PLC (a)		288		23,017
Masimo Corp. (a)		880		74,624
Natus Medical Inc. (a)		314		11,995
NuVasive Inc. (a)		5,000		292,450
Orthofix International N.V. (a)		439		24,013
Penumbra Inc. (a)		1,250		117,625
				1,936,591
Healthcare Facilities - 0.4%
Acadia Healthcare Company Inc. (a)(b)		2,927		95,508
Encompass Health Corp.		422		20,851
Select Medical Holdings Corp. (a)		1,511		26,669
				143,028
Healthcare Services - 1.3%
Addus HomeCare Corp. (a)		400		13,920
Amedisys Inc. (a)		600		31,626
AMN Healthcare Services Inc. (a)		626		30,831
BioTelemetry Inc. (a)		2,807		83,929
Diplomat Pharmacy Inc. (a)		3,351		67,255
LHC Group Inc. (a)		400		24,500
MEDNAX Inc. (a)		4,576		244,541
RadNet Inc. (a)		2,400		24,240
				520,842
Healthcare Supplies - 0.8%
Endologix Inc. (a)		10,534		56,357
ICU Medical Inc. (a)		1,000		216,000
Lantheus Holdings Inc. (a)		1,600		32,720
Merit Medical Systems Inc. (a)		747		32,270
				337,347
Healthcare Technology - 1.7%
HMS Holdings Corp. (a)		10,728		181,840
Medidata Solutions Inc. (a)		3,200		202,784
Omnicell Inc. (a)		4,909		238,086
Teladoc Inc. (a)		2,500		87,125
				709,835
Home Building - 0.4%
Installed Building Products Inc. (a)		337		25,595
LGI Homes Inc. (a)		517		38,791
Taylor Morrison Home Corp., Class A (a)		1,056		25,840
TopBuild Corp. (a)		1,150		87,101
				177,327

See Notes to Schedule of Investments and Notes to Financial Statements.

8 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Home Furnishing Retail - 0.5%
Aaron’s Inc. (b)		4,061		161,831
RH (a)		330		28,449
Sleep Number Corp. (a)		700		26,313
				216,593
Home Furnishings - 0.1%
Tempur Sealy International Inc. (a)		448		28,085
Hotel & Resort REITs - 0.5%
Ashford Hospitality Trust Inc.		1,799		12,107
Chatham Lodging Trust		912		20,757
LaSalle Hotel Properties		614		17,235
RLJ Lodging Trust		6,190		135,995
				186,094
Hotels, Resorts & Cruise Lines - 0.5%
Extended Stay America Inc.		6,247		118,693
ILG Inc.		3,488		99,338
				218,031
Household Appliances - 0.6%
Helen of Troy Ltd. (a)		2,388		230,084
Household Products - 0.0%*
Energizer Holdings Inc.		203		9,740
Housewares & Specialties - 0.0%*
Tupperware Brands Corp.		254		15,926
Human Resource & Employment Services - 0.3%
Insperity Inc.		818		46,912
Kforce Inc.		900		22,725
TriNet Group Inc. (a)		687		30,462
TrueBlue Inc. (a)		833		22,907
				123,006
Industrial Machinery - 7.5%
Actuant Corp., Class A (b)		17,298		437,639
Altra Industrial Motion Corp.		851		42,890
Barnes Group Inc.		3,449		218,218
Crane Co.		1,512		134,901
Franklin Electric Company Inc.		680		31,212
John Bean Technologies Corp.		1,300		144,040
Kennametal Inc.		673		32,580
LB Foster Co., Class A (a)		801		21,747
Lydall Inc. (a)		4,200		213,150
Mueller Industries Inc.		4,639		164,360
Nordson Corp.		919		134,542
Standex International Corp.		2,150		218,977
The Gorman-Rupp Co.		1,000		31,210
The Timken Co.		5,658		278,091

	Number of Shares		Fair Value $
TriMas Corp. (a)		6,600		176,550
Watts Water Technologies Inc., Class A		1,888		143,394
Welbilt Inc. (a)		13,200		310,332
Woodward Inc.		4,099		313,737
				3,047,570
Industrial REITs - 0.2%
Rexford Industrial Realty Inc.		1,357		39,570
STAG Industrial Inc.		1,376		37,606
				77,176
Internet & Direct Marketing Retail - 0.1%
Nutrisystem Inc.		500		26,300
Internet Software & Services - 3.1%
AutoWeb Inc. (a)		1,800		16,218
Care.com Inc. (a)		1,518		27,385
Cornerstone OnDemand Inc. (a)		5,506		194,527
LogMeIn Inc.		2,600		297,700
New Relic Inc. (a)		4,950		285,961
NIC Inc.		10,068		167,129
Okta Inc. (a)		4,850		124,209
Q2 Holdings Inc. (a)		2,000		73,700
Stamps.com Inc. (a)		145		27,260
The Meet Group Inc. (a)		2,500		7,050
Web.com Group Inc. (a)		1,300		28,340
				1,249,479
Investment Banking & Brokerage - 1.3%
Evercore Inc., Class A		282		25,380
Greenhill & Company Inc.		1,711		33,364
Houlihan Lokey Inc.		965		43,840
Moelis & Co., Class A		595		28,858
Piper Jaffray Cos.		636		54,855
Raymond James Financial Inc.		3,178		283,795
Stifel Financial Corp.		755		44,968
				515,060
IT Consulting & Other Services - 0.2%
Perficient Inc. (a)		1,087		20,729
Science Applications International Corp.		299		22,895
The Hackett Group Inc.		1,300		20,423
				64,047
Leisure Products - 0.9%
Brunswick Corp.		588		32,469
Malibu Boats Inc., Class A (a)		600		17,838
MCBC Holdings Inc. (a)		1,200		26,664
Polaris Industries Inc.		2,411		298,940
				375,911

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Small-Cap Equity V.I.S. Fund 9

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Life Sciences Tools & Services - 1.9%
Bruker Corp.		4,367		149,876
Cambrex Corp. (a)		755		36,240
Charles River Laboratories International Inc. (a)		292		31,959
ICON PLC (a)		2,181		244,599
INC Research Holdings Inc., Class A (a)		5,864		255,670
PRA Health Sciences Inc. (a)		450		40,982
				759,326
Managed Healthcare - 0.9%
Centene Corp. (a)		2,308		232,831
Magellan Health Inc. (a)		569		54,937
Molina Healthcare Inc. (a)		931		71,389
				359,157
Marine - 0.1%
Kirby Corp. (a)		440		29,392
Multi-Line Insurance - 0.3%
Horace Mann Educators Corp.		2,522		111,220
National General Holdings Corp.		1,000		19,640
				130,860
Multi-Utilities - 0.1%
Black Hills Corp.		692		41,596
Office REITs - 0.7%
Brandywine Realty Trust		2,162		39,327
Corporate Office Properties Trust		600		17,520
Cousins Properties Inc.		25,292		233,951
				290,798
Office Services & Supplies - 0.5%
Herman Miller Inc.		700		28,035
HNI Corp.		519		20,018
Knoll Inc.		836		19,261
MSA Safety Inc.		1,300		100,776
Steelcase Inc., Class A		1,344		20,429
				188,519
Oil & Gas Drilling - 0.0%*
Nabors Industries Ltd.		2,918		19,930
Oil & Gas Equipment & Services - 1.0%
C&J Energy Services Inc. (a)		1,095		36,650
Dril-Quip Inc. (a)		1,309		62,439
Forum Energy Technologies Inc. (a)		5,262		81,824
Natural Gas Services Group Inc. (a)		834		21,851
Oil States International Inc. (a)		6,792		192,213
				394,977

	Number of Shares		Fair Value $
Oil & Gas Exploration & Production - 1.6%
Callon Petroleum Co. (a)		3,966		48,187
Carrizo Oil & Gas Inc. (a)		4,440		94,483
Newfield Exploration Co. (a)		9,551		301,143
PDC Energy Inc. (a)		440		22,678
Ring Energy Inc. (a)		2,465		34,263
SM Energy Co.		7,637		168,625
				669,379
Oil & Gas Refining & Marketing - 0.1%
Par Pacific Holdings Inc. (a)		1,700		32,776
Packaged Foods & Meats - 3.2%
Amplify Snack Brands Inc. (a)		6,400		76,864
B&G Foods Inc.		7,300		256,595
Cal-Maine Foods Inc. (a)		654		29,071
J&J Snack Foods Corp.		500		75,915
Sanderson Farms Inc.		1,467		203,590
Snyder’s-Lance Inc.		7,300		365,584
The Simply Good Foods Co. (a)		3,500		49,910
TreeHouse Foods Inc. (a)		4,700		232,462
				1,289,991
Paper Packaging - 0.2%
Packaging Corporation of America		824		99,333
Paper Products - 0.1%
Neenah Paper Inc.		484		43,875
Personal Products - 0.5%
elf Beauty Inc. (a)		8,400		187,404
USANA Health Sciences Inc. (a)		332		24,585
				211,989
Pharmaceuticals - 2.0%
ANI Pharmaceuticals Inc. (a)		600		38,670
Catalent Inc. (a)		4,900		201,292
Corcept Therapeutics Inc. (a)		2,500		45,150
Depomed Inc. (a)		1,000		8,050
Horizon Pharma PLC (a)		1,700		24,820
Innoviva Inc. (a)		1,600		22,704
Phibro Animal Health Corp., Class A		700		23,450
Prestige Brands Holdings Inc. (a)		5,637		250,339
Sucampo Pharmaceuticals Inc., Class A (a)		1,700		30,515
Supernus Pharmaceuticals Inc. (a)		3,900		155,415
				800,405
Property & Casualty Insurance - 1.9%
AMERISAFE Inc.		2,396		147,593
Argo Group International Holdings Ltd.		4,368		269,287
Atlas Financial Holdings Inc. (a)		600		12,330

See Notes to Schedule of Investments and Notes to Financial Statements.

10 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
RLI Corp.		1,939		117,620
The Navigators Group Inc.		4,450		216,715
Universal Insurance Holdings Inc.		416		11,378
				774,923
Publishing - 1.5%
John Wiley & Sons Inc., Class A		8,983		590,632
Railroads - 0.6%
Genesee & Wyoming Inc., Class A (a)		3,103		244,299
Regional Banks - 8.8%
1st Source Corp.		505		24,972
BankUnited Inc.		287		11,687
Banner Corp.		329		18,134
Bryn Mawr Bank Corp.		2,800		123,760
Camden National Corp.		581		24,478
Chemical Financial Corp.		764		40,851
Columbia Banking System Inc.		623		27,063
Community Bank System Inc.		2,400		129,000
Cullen/Frost Bankers Inc.		1,675		158,539
CVB Financial Corp.		7,200		169,632
Enterprise Financial Services Corp.		681		30,747
Equity Bancshares Inc., Class A (a)		469		16,607
FCB Financial Holdings Inc., Class A (a)		390		19,812
First Financial Bankshares Inc.		2,300		103,615
First Interstate BancSystem Inc., Class A		507		20,305
Fulton Financial Corp.		10,701		191,548
German American Bancorp Inc.		2,700		95,391
Great Southern Bancorp Inc.		422		21,796
Home BancShares Inc.		1,751		40,711
Hope Bancorp Inc.		766		13,979
IBERIABANK Corp.		2,869		222,347
Independent Bank Corp.		2,000		139,700
Lakeland Financial Corp.		332		16,099
LegacyTexas Financial Group Inc.		1,270		53,607
Pinnacle Financial Partners Inc.		592		39,250
Prosperity Bancshares Inc.		4,531		317,487
Renasant Corp.		7,034		287,620
Simmons First National Corp., Class A		556		31,748
South State Corp.		194		16,907
Stock Yards Bancorp Inc.		2,650		99,905
SVB Financial Group (a)		410		95,846
Texas Capital Bancshares Inc. (a)		444		39,472
UMB Financial Corp.		3,200		230,144
Umpqua Holdings Corp.		2,058		42,806
Union Bankshares Corp.		882		31,902
United Community Banks Inc.		708		19,923
Washington Trust Bancorp Inc.		2,700		143,775
Westamerica Bancorporation		2,831		168,586

	Number of Shares		Fair Value $
Western Alliance Bancorp (a)		4,380		247,996
Wintrust Financial Corp.		610		50,246
				3,577,993
Reinsurance - 0.0%*
Maiden Holdings Ltd.		1,690		11,154
Research & Consulting Services - 0.3%
Huron Consulting Group Inc. (a)		200		8,090
Resources Connection Inc.		8,283		127,972
				136,062
Residential REITs - 0.5%
Education Realty Trust Inc.		6,317		220,590
Restaurants - 1.5%
BJ’s Restaurants Inc.		600		21,840
Brinker International Inc.		610		23,692
Buffalo Wild Wings Inc. (a)		800		125,080
Cracker Barrel Old Country Store Inc.		592		94,063
Dave & Buster’s Entertainment Inc. (a)		400		22,068
El Pollo Loco Holdings Inc. (a)		4,300		42,570
Red Robin Gourmet Burgers Inc. (a)		285		16,074
Ruth’s Hospitality Group Inc.		1,788		38,710
Texas Roadhouse Inc.		2,623		138,180
The Cheesecake Factory Inc.		1,590		76,606
				598,883
Retail REITs - 0.0%*
Retail Opportunity Investments Corp.		971		19,371
Security & Alarm Services - 0.7%
The Brink’s Co.		3,828		301,264
Semiconductor Equipment - 0.7%
Advanced Energy Industries Inc. (a)		550		37,114
Amkor Technology Inc. (a)		2,300		23,115
Brooks Automation Inc.		1,043		24,876
FormFactor Inc. (a)		1,600		25,040
Ichor Holdings Ltd. (a)		600		14,760
MKS Instruments Inc.		400		37,800
Rudolph Technologies Inc. (a)		3,299		78,846
Ultra Clean Holdings Inc. (a)		1,100		25,399
Versum Materials Inc.		504		19,076
				286,026
Semiconductors - 0.8%
Cirrus Logic Inc. (a)		400		20,744

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Small-Cap Equity V.I.S. Fund 11

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Microsemi Corp. (a)		3,600		185,940
Semtech Corp. (a)		2,097		71,717
SMART Global Holdings Inc. (a)		900		30,330
				308,731
Specialized REITs - 0.4%
CoreSite Realty Corp.		1,003		114,242
Potlatch Corp.		831		41,467
				155,709
Specialty Chemicals - 3.4%
Ferro Corp. (a)		1,336		31,516
HB Fuller Co.		6,166		332,162
Ingevity Corp. (a)		1,498		105,564
Innospec Inc.		2,400		169,440
KMG Chemicals Inc.		746		49,296
Minerals Technologies Inc.		191		13,150
PolyOne Corp.		5,599		243,557
Quaker Chemical Corp.		1,577		237,796
Sensient Technologies Corp.		2,627		192,165
				1,374,646
Specialty Stores - 0.1%
Hibbett Sports Inc. (a)		2,500		51,000
Steel - 0.4%
Carpenter Technology Corp.		800		40,792
Commercial Metals Co.		5,121		109,180
Worthington Industries Inc.		567		24,982
				174,954
Systems Software - 1.7%
CommVault Systems Inc. (a)		4,600		241,500
Progress Software Corp.		700		29,799
Qualys Inc. (a)		5,650		335,328
Talend S.A. ADR (a)		1,800		67,464
				674,091
Technology Distributors - 0.3%
ePlus Inc. (a)		320		24,064
SYNNEX Corp.		250		33,987
Tech Data Corp. (a)		606		59,370
				117,421

	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 0.7%
Diebold Nixdorf Inc.		13,807		225,744
Pure Storage Inc., Class A (a)		4,700		74,542
				300,286
Thrifts & Mortgage Finance - 0.3%
Dime Community Bancshares Inc.		909		19,044
Essent Group Ltd. (a)		675		29,308
HomeStreet Inc. (a)		1,123		32,511
Washington Federal Inc.		623		21,338
				102,201
Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		842		29,765
Trading Companies & Distributors - 0.8%
Applied Industrial Technologies Inc.		4,093		278,733
BMC Stock Holdings Inc. (a)		1,100		27,830
GMS Inc. (a)		691		26,009
				332,572
Trucking - 0.8%
Marten Transport Ltd.		486		9,866
Old Dominion Freight Line Inc.		2,047		269,283
Saia Inc. (a)		823		58,227
				337,376
Water Utilities - 0.0%*
SJW Group		275		17,553
Total Common Stock (Cost $27,956,070)				38,225,134
Short-Term Investments - 6.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $2,619,140) (c)(d)		2,619,140		2,619,140
Total Investments (Cost $30,575,210)				40,844,274
Liabilities in Excess of Other Assets, net - (0.3)%				(132,904	)
NET ASSETS - 100.0%				40,711,370

Other Information:

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation
CME E-mini Russell 2000 Index Futures		March 2018		9		685,725	$	691,425	$	5,700

During the year ended December 31, 2017, average notional value related to long futures contracts was $694,515, respectively.

See Notes to Schedule of Investments and Notes to Financial Statements.

12 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures.

(c) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2017.

* Less than 0.05%.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	38,225,134	$	—	$	—	$	38,225,134
Short-Term Investments		2,619,140		—		—		2,619,140
Total Investments in Securities	$	40,844,274	$	—	$	—	$	40,844,274
Other Financial Instruments
Long Futures Contracts - Unrealized Appreciation	$	5,700	$	—	$	—	$	5,700

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,575,438	$	2,575,438	$	19,137,740	$	19,094,038		2,619,140	$	2,619,140	$	18,993

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Small-Cap Equity V.I.S. Fund 13

State Street Small-Cap Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date													4/28/00
Net asset value, beginning of period	$	14.40		$	12.20		$	14.39		$	16.26		$	13.37
Income/(loss) from investment operations:
Net investment loss		(0.02	)(a)		(0.03	)		(0.04	)		(0.06	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		1.86			2.93			(0.52	)		0.67			4.96
Total income/(loss) from investment operations		1.84			2.90			(0.56	)		0.61			4.93
Less distributions from:
Net investment income		—			—			—			—			—
Net realized gains		1.51			0.70			1.63			2.48			2.04
Total distributions		1.51			0.70			1.63			2.48			2.04
Net asset value, end of period	$	14.73		$	14.40		$	12.20		$	14.39		$	16.26
Total return(b)		12.71	%		23.77	%		(4.12	)%		3.77	%		36.89	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	40,711		$	42,320		$	38,359		$	43,460		$	50,248
Ratios to average net assets:
Net expenses		1.25	%		1.40	%		1.36	%		1.33	%(c)		1.27	%(c)(d)
Gross expenses		1.25	%		1.40	%		1.36	%		1.33	%		1.28	%
Net investment loss		(0.13	)%		(0.22	)%		(0.30	)%		(0.35	)%		(0.23	)%
Portfolio turnover rate		32	%		36	%		42	%		37	%		39	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(d) Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

14 Financial Highlights

State Street Small-Cap Equity V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $27,956,070)	$	38,225,134
Short-term affiliated investments, at fair value		2,619,140
Cash		4
Restricted cash(1)		80,000
Receivable for investments sold		5,416
Income receivables		29,981
Income receivable from affiliated investments		2,545
Other assets		736
Total assets		40,962,956
Liabilities
Payable for investments purchased		160,451
Payable for fund shares redeemed		4,944
Payable for variation margin on open futures contracts		6,002
Payable to the Adviser (Note 4)		32,773
Payable to the Custodian (Note 4)		7,623
Accrued other expenses		39,793
Total liabilities		251,586
Net Assets	$	40,711,370
Net Assets Consist of:
Capital paid in	$	30,360,522
Accumulated net realized gain		76,084
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		10,269,064
Futures		5,700
Net Assets	$	40,711,370
Shares outstanding ($0.01 par value; unlimited shares authorized)		2,763,013
Net asset value per share	$	14.73
(1)  Deposits at broker for futures contracts.

The accompanying Notes are an integral part of these financial statements.

Statement of Assets and Liabilities 15

State Street Small-Cap Equity V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	438,447
Income from affiliated investments		18,993
Less: Foreign taxes withheld		(1,237	)
Total income		456,203
Expenses
Advisory and administration fees (Note 4)		388,539
Directors’ fees (Note 6)		2,971
Custody and accounting expenses — net (Note 4)		61,493
Professional fees		33,708
Other expenses		21,644
Total Expenses		508,355
Net investment loss	$	(52,152	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	3,489,601
Futures		26,987
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		1,410,656
Futures		23,833
Net realized and unrealized gain (loss) on investments		4,951,077
Net Increase in Net Assets Resulting from Operations	$	4,898,925

The accompanying Notes are an integral part of these financial statements.

16 Statement of Operations

State Street Small-Cap Equity V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(52,152	)	$	(82,782	)
Net realized gain (loss) on investments and futures		3,516,588			2,449,395
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		1,434,489			5,649,152
Net increase (decrease) from operations		4,898,925			8,015,765
Distributions to shareholders from:
Net realized gains		(3,784,875	)		(1,956,940	)
Total distributions		(3,784,875	)		(1,956,940	)
Increase (decrease) in assets from operations and distributions		1,114,050			6,058,825
Share transactions:
Proceeds from sale of shares		1,538,799			3,283,066
Value of distributions reinvested		3,784,875			1,956,940
Cost of shares redeemed		(8,046,695	)		(7,337,373	)
Net increase (decrease) from share transactions		(2,723,021	)		(2,097,367	)
Total increase (decrease) in net assets		(1,608,971	)		3,961,458
Net Assets
Beginning of year		42,320,341			38,358,883
End of year	$	40,711,370		$	42,320,341
Changes in Fund Shares
Shares sold		103,389			229,534
Issued for distributions reinvested		255,908			135,616
Shares redeemed		(535,089	)		(570,268	)
Net decrease in fund shares		(175,792	)		(205,118	)

The accompanying Notes are an integral part of these financial statements.

Statements of Changes in Net Assets 17

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund (the “Fund”), State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

18 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.‘s (“SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Notes to Financial Statements 19

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended December 31, 2017 the Fund entered into futures contracts for equitization of cash.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Small-Cap Equity V.I.S. Fund
Futures Contracts(a)	$	—	$	—	$	—	$	5,700	$	—	$	5,700

(a) Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Small-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	26,987	$	—	$	26,987

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Small-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	23,833	$	—	$	23,833

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

20 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Schedule of Investments.

5. Sub-advisors

Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) GlobeFlex Capital, L.P.; (iv) Kennedy Capital Management, Inc. and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended December 31, 2017 were as follows:

Purchases			Sales
	$	12,248,099		$	18,404,369

8. Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, futures contracts, REITs, return of capital distributions received, non-taxable dividends, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	378,098		$	3,406,777		$	3,784,875

Notes to Financial Statements 21

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	—		$	1,956,940		$	1,956,940

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	413		$	—		$	509,742		$	9,840,693		$	—		$	10,350,848

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
State Street Small-Cap Equity V.I.S. Fund	$	31,009,281	$	10,856,702	$	1,016,009	$	9,840,693

9. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

10. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

22 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and

Shareholders of State Street Small-Cap Equity V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Small-Cap Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street Small-Cap Equity V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

Report of Independent Registered Public Accounting Firm 23

State Street Small-Cap Equity V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gains

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $3,406,777.

24 Tax Information

State Street Small-Cap Equity V.I.S. Fund

Additional Information (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A

Advisory Agreement 25

State Street Small-Cap Equity V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A

26 Additional Information

State Street Small-Cap Equity V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

Additional Information 27

State Street Small-Cap Equity V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

28 Additional Information

State Street Small-Cap Equity V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

Investment Team 29

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		11
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Tax Information		22
Additional Information		23
Investment Team		27

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street U.S. Equity V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance pages relates to the State Street U.S. Equity V.I.S. Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance. The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street U.S. Equity V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street U.S. Equity V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the Fund returned 19.91%. The S&P 500^® Index (S&P 500 Index), the Fund’s benchmark, returned 21.83% and the Fund’s Morningstar peer group of 278 U.S. Insurance Large Blend Funds returned an average of 21.11% over the same period.

Q. What market factors affected the Fund’s performance?

A. A variety of factors drove the strong equity market return. Economic growth strengthened, earnings growth accelerated (S&P 500 operating earnings grew about 12% for the year), and dividend growth picked up. The recovery in energy prices resulted in an increase in U.S. drilling activity. The new political administration rolled back regulation and supported certain initiatives which the market viewed as supportive of business, culminating in a cut in the corporate tax rate at year-end. It was the most favorable environment for equities since the end of the recession of 2008-09. It’s also notable that every month of 2017 had a positive return for the S&P 500 — a very rare occurrence in stock market history.

Q. What were the primary drivers of Fund performance?

A. While the Fund put up double-digit returns, it failed to capture all of the upside of the broad market, due primarily to a handful of individual stock selections. On the positive side, the Fund’s holdings in industrials outperformed those of the S&P 500 Index (driven by strength in equipment rental company United Rentals +62.8% in the Fund). Within the S&P 500 benchmark, Technology was a top performing sector, advancing 38.8%. Tech bellwethers such as Apple (+48.5%), Google (+35.6%), Facebook (+53.4%), and Microsoft (+40.7%) helped drive the S&P 500 Tech sector return. Amazon, which is in the Consumer Discretionary sector was also a strong performer (+56.0%). The Fund owned all of these tech bellwethers to varying degrees, and at year-end the Fund maintained a sector overweight in Technology relative to the S&P 500 Index. Underweights in the lagging Real Estate and Telecommunications sectors also bolstered results relative to the S&P 500 Index.

The primary detractors from performance included holdings in the Energy, Consumer Discretionary and Health Care sectors. Energy was the best performing S&P 500 sector in 2016 with a 27.3% return, but lagged significantly last year. While the Fund reduced its Energy exposure over the course of the year, Noble, Antero, Schlumberger and Pioneer underperformed within the Fund, with pullbacks ranging from -22.4% to -4.0% within the Fund. Within Consumer Discretionary, Newell Brands (-29.4% in the Fund) suffered as hurricane-related input shortages and a tough back-to-school season pressured the stock. The Fund maintained an overweight in the Health Care sector. Unfortunately, the Fund’s holdings in pharma/biotech lagged the market, including Allergan and Alexion (-21.1% and -2.3% within the Fund, respectively).

Q. Were there any significant changes in the Fund during the period?

A. The investment philosophy did not change in any material way during the period. During the year, the Fund’s portfolio was rebalanced to ensure continued alignment with its principal investment strategies, which resulted in higher portfolio turnover.

2 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,086.40	$	1,020.82
Expenses paid during the period*	$	4.58	$	4.43

* Expenses are equal to the Fund’s annualized expense ratio of 0.87%** (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street U.S. Equity V.I.S. Fund 3

State Street U.S. Equity V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		278			255			234
Peer group average annual total return		21.11	%		14.84	%		7.66	%
Morningstar Category in peer group: U.S. Insurance Large Blend

Top Ten Largest Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

Apple Inc.	3.70	%
Microsoft Corp.	3.44	%
JPMorgan Chase & Co.	3.33	%
Visa Inc., Class A	2.92	%
Pfizer Inc.	2.69	%
PepsiCo Inc.	2.58	%
Facebook Inc., Class A	2.41	%
Alphabet Inc., Class A	2.26	%
Amazon.com Inc.	2.19	%
The Goldman Sachs Group Inc.	1.93	%

Sector Allocation as of December 31, 2017

Portfolio composition as a % of Investments of $28,332 (in thousands) on December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class I Shares (Inception date 1/3/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street U.S. Equity V.I.S. Fund		19.91	%		14.10	%		7.27	%	$	20,179
S&P 500® Index		21.83	%		15.79	%		8.50	%	$	22,603

4 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street U.S. Equity V.I.S. Fund 5

State Street U.S. Equity V.I.S. Fund

Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Common Stock - 96.4%†
Aerospace & Defense - 1.4%
General Dynamics Corp.		757		154,012
Hexcel Corp.		1,157		71,560
Raytheon Co.		884		166,059
				391,631
Air Freight & Logistics - 0.5%
FedEx Corp.		214		53,402
United Parcel Service Inc., Class B		728		86,741
				140,143
Airlines - 0.4%
Alaska Air Group Inc.		1,387		101,958
Aluminum - 0.1%
Alcoa Corp. (a)		426		22,949
Application Software - 1.9%
Adobe Systems Inc. (a)		427		74,827
Intuit Inc.		627		98,928
salesforce.com Inc. (a)		3,576		365,575
				539,330
Asset Management & Custody Banks - 0.7%
Ameriprise Financial Inc.		569		96,428
BlackRock Inc.		215		110,448
				206,876
Auto Parts & Equipment - 0.2%
Aptiv PLC		692		58,702
Automobile Manufacturers - 0.2%
General Motors Co.		1,322		54,189
Automotive Retail - 1.1%
AutoZone Inc. (a)		449		319,405
Biotechnology - 4.9%
Alexion Pharmaceuticals Inc. (a)		3,352		400,866
Amgen Inc.		2,348		408,317
Biogen Inc. (a)		1,350		430,069
Vertex Pharmaceuticals Inc. (a)		994		148,961
				1,388,213
Building Products - 0.4%
Allegion PLC		1,251		99,530
Cable & Satellite - 2.1%
Charter Communications Inc., Class A (a)		934		313,786
Comcast Corp., Class A		5,557		222,558

	Number of Shares		Fair Value $
Liberty Global PLC, Class C (a)		2,126		71,944
				608,288
Communications Equipment - 0.6%
Cisco Systems Inc.		4,205		161,051
Consumer Finance - 0.6%
American Express Co.		1,014		100,700
Discover Financial Services		801		61,613
				162,313
Data Processing & Outsourced Services - 3.2%
PayPal Holdings Inc. (a)		1,068		78,626
Visa Inc., Class A		7,252		826,873
				905,499
Diversified Banks - 4.9%
Bank of America Corp.		11,478		338,830
JPMorgan Chase & Co.		8,836		944,922
U.S. Bancorp		1,670		89,479
				1,373,231
Diversified Chemicals - 0.5%
DowDuPont Inc.		2,123		151,200
Electric Utilities - 1.5%
American Electric Power Company Inc.		943		69,376
Duke Energy Corp.		521		43,821
Edison International		530		33,517
Exelon Corp.		2,348		92,535
NextEra Energy Inc.		926		144,632
PG&E Corp.		785		35,192
				419,073
Electrical Components & Equipment - 0.4%
Acuity Brands Inc.		371		65,296
Rockwell Automation Inc.		313		61,458
				126,754
Environmental & Facilities Services - 0.4%
Republic Services Inc.		1,816		122,780
Fertilizers & Agricultural Chemicals - 0.1%
Monsanto Co.		342		39,939
Financial Exchanges & Data - 1.8%
CME Group Inc.		2,311		337,522
S&P Global Inc.		945		160,083
				497,605

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Footwear - 1.0%
NIKE Inc., Class B		4,658		291,358
Gold - 0.0%*
B2Gold Corp. (a)		3,594		11,141
Healthcare Equipment - 2.0%
Abbott Laboratories		2,573		146,841
Boston Scientific Corp. (a)		7,330		181,711
Medtronic PLC		3,047		246,045
				574,597
Healthcare Supplies - 0.5%
The Cooper Companies Inc.		630		137,264
Home Entertainment Software - 0.4%
Activision Blizzard Inc.		947		59,964
Electronic Arts Inc. (a)		448		47,067
				107,031
Home Improvement Retail - 1.0%
Lowe’s Companies Inc.		229		21,283
The Home Depot Inc.		1,318		249,801
				271,084
Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		676		91,753
Housewares & Specialties - 0.9%
Newell Brands Inc.		8,274		255,667
Hypermarkets & Super Centers - 0.4%
Wal-Mart Stores Inc.		1,204		118,895
Independent Power Producers & Energy Traders - 0.0%*
Calpine Corp. (a)		852		12,891
Industrial Conglomerates - 1.1%
Honeywell International Inc.		1,191		182,652
Roper Technologies Inc.		511		132,349
				315,001
Industrial Machinery - 2.3%
Ingersoll-Rand PLC		3,748		334,284
Xylem Inc.		4,501		306,968
				641,252
Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		898		73,088

	Number of Shares		Fair Value $
Integrated Oil & Gas - 2.7%
Chevron Corp.		3,860		483,234
Exxon Mobil Corp.		3,260		272,666
				755,900
Integrated Telecommunication Services - 0.5%
Verizon Communications Inc.		2,540		134,442
Internet & Direct Marketing Retail - 3.0%
Amazon.com Inc. (a)		530		619,819
Netflix Inc. (a)		210		40,312
The Priceline Group Inc. (a)		107		185,938
				846,069
Internet Software & Services - 6.0%
Alphabet Inc., Class A (a)		607		639,414
Alphabet Inc., Class C (a)(b)		358		374,611
Facebook Inc., Class A (a)		3,869		682,724
				1,696,749
Investment Banking & Brokerage - 3.4%
The Charles Schwab Corp.		8,132		417,741
The Goldman Sachs Group Inc.		2,152		548,243
				965,984
IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		536		82,056
International Business Machines Corp.		737		113,071
				195,127
Life & Health Insurance - 0.4%
Prudential Financial Inc.		864		99,343
Life Sciences Tools & Services - 1.5%
Illumina Inc. (a)		616		134,590
IQVIA Holdings Inc. (a)		1,682		164,668
Thermo Fisher Scientific Inc.		675		128,169
				427,427
Managed Healthcare - 1.4%
Humana Inc.		508		126,019
UnitedHealth Group Inc.		1,271		280,205
				406,224
Metal & Glass Containers - 0.2%
Ball Corp.		1,417		53,633
Movies & Entertainment - 1.9%
The Walt Disney Co.		3,744		402,517
Time Warner Inc.		1,376		125,863
				528,380

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street U.S. Equity V.I.S. Fund 7

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Multi-Line Insurance - 0.2%
The Hartford Financial Services Group Inc.		1,159		65,229
Multi-Sector Holdings - 1.1%
Berkshire Hathaway Inc., Class B (a)		1,524		302,087
Multi-Utilities - 0.9%
Dominion Energy Inc.		652		52,851
Sempra Energy		1,846		197,374
				250,225
Oil & Gas Equipment & Services - 1.1%
Schlumberger Ltd.		4,834		325,763
Oil & Gas Exploration & Production - 1.9%
Concho Resources Inc. (a)		474		71,204
ConocoPhillips		1,486		81,567
Diamondback Energy Inc. (a)		992		125,240
EOG Resources Inc.		923		99,601
Pioneer Natural Resources Co.		1,005		173,714
				551,326
Oil & Gas Refining & Marketing - 0.3%
Valero Energy Corp.		894		82,168
Packaged Foods & Meats - 1.4%
Mondelez International Inc., Class A		5,754		246,271
The Kraft Heinz Co.		1,842		143,234
				389,505
Paper Packaging - 0.3%
Packaging Corporation of America		600		72,330
Pharmaceuticals - 4.3%
Allergan PLC		2,812		459,987
Pfizer Inc.		21,028		761,634
				1,221,621
Property & Casualty Insurance - 0.7%
Chubb Ltd.		731		106,821
The Allstate Corp.		902		94,448
				201,269
Railroads - 0.4%
Union Pacific Corp.		901		120,824
Regional Banks - 1.6%
First Republic Bank		4,674		404,955

	Number of Shares		Fair Value $
The PNC Financial Services Group Inc.		329		47,472
				452,427
Restaurants - 0.9%
McDonald’s Corp.		842		144,925
Starbucks Corp.		2,115		121,464
				266,389
Semiconductor Equipment - 2.0%
Applied Materials Inc.		9,681		494,893
Lam Research Corp.		348		64,056
				558,949
Semiconductors - 2.4%
Broadcom Ltd.		1,943		499,157
Intel Corp.		2,231		102,983
QUALCOMM Inc.		1,301		83,290
				685,430
Soft Drinks - 2.6%
PepsiCo Inc.		6,085		729,713
Specialized REITs - 2.8%
American Tower Corp. (b)		3,071		438,140
Equinix Inc.		615		278,730
Extra Space Storage Inc.		821		71,796
				788,666
Specialty Chemicals - 0.8%
Albemarle Corp.		885		113,183
GCP Applied Technologies Inc. (a)		1,168		37,259
The Sherwin-Williams Co.		205		84,058
				234,500
Specialty Stores - 0.2%
Signet Jewelers Ltd.		411		23,242
Ulta Salon Cosmetics & Fragrance Inc. (a)		177		39,588
				62,830
Steel - 0.1%
ArcelorMittal (a)		1,222		39,483
Systems Software - 4.3%
Microsoft Corp.		11,401		975,242
Oracle Corp.		3,534		167,087
Proofpoint Inc. (a)		765		67,940
				1,210,269

See Notes to Schedule of Investments and Notes to Financial Statements.

8 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 3.8%
Apple Inc.		6,201		1,049,395
Hewlett Packard Enterprise Co.		1,448		20,794
				1,070,189
Tobacco - 1.1%
Philip Morris International Inc.		2,907		307,125
Trading Companies & Distributors - 1.2%
United Rentals Inc. (a)		2,057		353,619
Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		866		55,000
Total Common Stock (Cost $21,593,184)				27,297,895

	Number of Shares		Fair Value $
Short-Term Investments - 3.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $1,034,501) (c)(d)		1,034,501		1,034,501
Total Investments (Cost $22,627,685)				28,332,396
Liabilities in Excess of Other Assets, net - (0.1)%				(24,480	)
NET ASSETS - 100.0%				28,307,916

Other Information:

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation
S&P 500 Emini Index Futures		March 2018		5	$	668,529	$	669,000	$	471

During the year ended December 31, 2017, average notional value related to long futures contracts and short futures contracts was $216,103 and $67,712, respectively.

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street U.S. Equity V.I.S. Fund 9

State Street U.S. Equity V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures.

(c) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2017.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

The following tables present the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities†
Common Stock	$	27,297,895	$	—	$	—	$	27,297,895
Short-Term Investments		1,034,501		—		—		1,034,501
Total Investments in Securities	$	28,332,396	$	—	$	—	$	28,332,396
Other Financial Instruments*
Long Futures Contracts — Unrealized Appreciation	$	471	$	—	$	—	$	471

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		938,819	$	938,819	$	6,904,243	$	6,808,561		1,034,501	$	1,034,501	$	5,796

10 Notes to Schedule of Investments

State Street U.S. Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date														1/3/95
Net asset value, beginning of period	$	42.02		$	42.25		$	48.44		$	46.63		$	35.14
Income/(loss) from investment operations:
Net investment income		0.35	(a)		0.55			0.53			0.50			0.42
Net realized and unrealized gains/(losses) on investments		8.03			3.41			(1.56	)		5.48			11.49
Total income/(loss) from investment operations		8.38			3.96			(1.03	)		5.98			11.91
Less distributions from:
Net investment income		0.38			0.54			0.53			0.46			0.42
Net realized gains		5.82			3.65			4.63			3.71			—
Total distributions		6.20			4.19			5.16			4.17			0.42
Net asset value, end of period	$	44.20		$	42.02		$	42.25		$	48.44		$	46.63
Total return(b)		19.91	%		9.31	%		(2.30	)%		12.77	%		33.91	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	28,308		$	27,336		$	31,405		$	35,178		$	34,234
Ratios to average net assets:
Net expenses		0.85	%		0.83	%		0.76	%		0.77	%(c)		0.80	%(c)
Gross expenses		0.85	%		0.83	%		0.76	%		0.77	%		0.80	%
Net investment income		0.75	%		1.16	%		1.04	%		0.99	%		0.95	%
Portfolio turnover rate		80	%		37	%		37	%		43	%		40	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

Financial Highlights 11

State Street U.S. Equity V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $21,593,184)	$	27,297,895
Short-term affiliated investments, at fair value		1,034,501
Cash		1,935
Income receivables		33,902
Income receivable from affiliated investments		789
Other assets		521
Total assets		28,369,543
Liabilities
Payable for fund shares redeemed		5,954
Payable for variation margin on open futures contracts		2,425
Payable to the Adviser (Note 4)		13,180
Payable to the Custodian (Note 4)		5,426
Accrued other expenses		34,642
Total liabilities		61,627
Net Assets	$	28,307,916
Net Assets Consist of:
Capital paid in	$	22,393,773
Accumulated net realized gain		208,961
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		5,704,711
Futures		471
Net Assets	$	28,307,916
Shares outstanding ($0.01 par value; unlimited shares authorized)		640,430
Net asset value per share	$	44.20

The accompanying Notes are an integral part of these financial statements.

12 Statement of Assets and Liabilities

State Street U.S. Equity V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	450,373
Income from affiliated investments		5,796
Less: Foreign taxes withheld		(18	)
Total income		456,151
Expenses
Advisory and administration fees (Note 4)		157,747
Directors’ fees (Note 5)		1,945
Custody and accounting expenses — net (Note 5)		32,429
Professional fees		29,096
Other expenses		22,463
Total Expenses		243,680
Net investment income	$	212,471
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	3,472,811
Futures		22,253
Foreign currency transactions		2
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		1,428,904
Futures		3,680
Net realized and unrealized gain (loss) on investments		4,927,650
Net Increase in Net Assets Resulting from Operations	$	5,140,121

The accompanying Notes are an integral part of these financial statements.

Statement of Operations 13

State Street U.S. Equity V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	212,471		$	325,303
Net realized gain (loss) on investments and futures transactions		3,495,066			1,816,355
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		1,432,584			210,333
Net increase (decrease) from operations		5,140,121			2,351,991
Distributions to shareholders from:
Net investment income		(212,881	)		(320,358	)
Net realized gains		(3,271,930	)		(2,161,189	)
Total distributions		(3,484,811	)		(2,481,547	)
Increase (decrease) in assets from operations and distributions		1,655,310			(129,556	)
Share transactions:
Proceeds from sale of shares		272,095			100,913
Value of distributions reinvested		3,484,811			2,481,547
Cost of shares redeemed		(4,440,611	)		(6,521,940	)
Net increase (decrease) from share transactions		(683,705	)		(3,939,480	)
Total increase (decrease) in net assets		971,605			(4,069,036	)
Net Assets
Beginning of year		27,336,311			31,405,347
End of year	$	28,307,916		$	27,336,311
Undistributed (distributions in excess of) net investment income, end of year	$	—		$	2,483
Changes in Fund Shares
Shares sold		5,950			2,392
Issued for distributions reinvested		78,699			58,707
Shares redeemed		(94,827	)		(153,785	)
Net decrease in fund shares		(10,178	)		(92,686	)

The accompanying Notes are an integral part of these financial statements.

14 Statements of Changes in Net Assets

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S (the “Fund”), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit.

Notes to Financial Statements 15

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are

16 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

recorded in accordance with SSGA Funds Management, Inc.‘s (“SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended December 31, 2017 the Fund entered into futures contracts for equitization of cash.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet U.S. Equity V.I.S. Fund
Futures Contracts(a)	$	—	$	—	$	—	$	471	$	—	$	471

(a) Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	22,253	$	—	$	22,253

Notes to Financial Statements 17

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	3,680	$	—	$	3,680

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.55%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Schedule of Investments.

5. Directors’ Fees

The fees and expenses of the Company’s Directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Funds. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2017 were as follows:

Purchases			Sales
	$	22,082,015		$	26,043,770

7. Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax

18 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

differences are primarily due to differing treatments for character of distributions, foreign currency gains and losses, futures contracts, post-october loss deferrals, return of capital distributions received, non-taxable dividends, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	906,431		$	2,578,380		$	3,484,811

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	320,358		$	2,161,189		$	2,481,547

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**				Total
	$	—		$	—		$	356,086		$	5,579,720		$	(21,663	)		$	5,914,143

*   A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

**   The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	22,753,147		$	6,051,867		$	472,147		$	5,579,720

8. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Notes to Financial Statements 19

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

20 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and

Shareholders of State Street U.S. Equity V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street U.S. Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street U.S. Equity V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

Report of Independent Registered Public Accounting Firm 21

State Street U.S. Equity V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gains Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $2,578,380.

22 Tax Information

State Street U.S. Equity V.I.S. Fund

Additional Information — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A

Additional Information 23

State Street U.S. Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A

24 Additional Information

State Street U.S. Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).

Additional Information 25

State Street U.S. Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS (continued)
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

26 Additional Information

State Street U.S. Equity V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

Investment Team 27

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		9
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Notes to Financial Statements		13
Report of Independent Registered Public Accounting Firm		18
Tax Information		19
Additional Information		20
Investment Team		24

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Premier Growth Equity V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance pages relates to the State Street Premier Growth Equity V.I.S. Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those companies in the Russell 1000^® Index (which measures the entire U.S. equity large-cap segment) with higher price-to-book ratios and higher forecasted growth values. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street Premier Growth Equity V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street Premier Growth Equity V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the Fund returned 28.34%. The Fund’s broad based benchmarks, the S&P 500^® Index (S&P 500 Index) and the Russell 1000 Growth Index returned 21.83% and 30.21%, respectively. The Fund’s Morningstar peer group of 319 U.S. Insurance Large Growth Funds returned an average of 29.75% over the same period.

Q. What market factors affected the Fund’s performance?

A. A variety of factors drove the strong equity market return. Economic growth strengthened, earnings growth accelerated (S&P 500 operating earnings grew about 12% for the year), and dividend growth picked up. The recovery in energy prices resulted in an increase in U.S. drilling activity. The new political administration rolled back regulation and undertook initiatives which the market viewed as supportive of business, culminating in a cut in the corporate tax rate at year-end. It was the most favorable environment for equities since the end of the recession of 2008-09. It’s also notable that every month of 2017 had a positive return for the S&P 500 – a very rare occurrence in stock market history.

Q. What were the primary drivers of Fund performance?

A. The Fund had strong absolute returns, outperforming the broad market, as measured by the S&P 500 Index yet modestly lagging the Russell 1000 Growth Index. Within the benchmarks, Technology was a top performing sector, returning 41.5% within the Russell 1000 Growth Index and 38.8% within the S&P 500 Index, with Tech bellwethers such as Apple (+48.5%), Google (+35.6%), Facebook (+53.4%), and Microsoft (+40.7%) helped driving the sector return. Amazon, which is in the Consumer Discretionary sector was also a strong performer (+56.0%). The Fund owned all of these tech bellwethers to varying degrees. At year-end the technology sector was about 38% of the Russell 1000 Growth Index, 24% of the S&P 500 Index and 37% of the Fund.

The energy sector lagged with declines in both the S&P 500 Index and Russell 1000 Growth Index. Despite a modest 2% allocation to the sector, the Fund’s sole holding in Schlumberger (-17.4%) detracted from returns. The Fund maintained an overweight to both the Russell 1000 Growth and the S&P 500 Healthcare sectors and remained overweight at year-end. Unfortunately, the Fund’s holdings in pharma/biotech lagged the market, including Allergan and Alexion (-21.1% and -2.3% within the Fund, respectively).

Q. Were there any significant changes to the Fund during the period?

A. We added a co-portfolio manager to the team this year. William Sandow, a senior research analyst on the U.S. Growth portfolio management team since 2012, joined Dave Carlson as a Co-Portfolio Manager on the U.S. Premier Growth Equity strategy effective September 1, 2017. Dave remains lead portfolio manager for the Fund.

Turnover remained relatively low in keeping with the Fund’s long-term investment horizon, but did result in some changes in positioning — for example, the Fund modestly reduced its exposure to consumer discretionary. The Fund’s underweight in consumer staples (vs. both the S&P 500 and the Russell 1000 Growth Index) was reduced somewhat over the last year due to outperformance in our sole holding within the sector, a beverage company. Information technology and health care remained the largest market weightings within the Fund at year end. Financials remained another key overweight against the Russell 1000 Growth Index benchmark.

2 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

July 1, 2017 – December 31, 2017

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,101.60	$	1,020.92
Expenses paid during the period*	$	4.50	$	4.33

* Expenses are equal to the Fund’s annualized expense ratio of 0.85% (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

State Street Premier Growth Equity V.I.S. Fund 3

State Street Premier Growth Equity V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		319			310			285
Peer group average annual total return		29.75	%		16.26	%		8.71	%
Morningstar Category in peer group: U.S. Insurance Large Growth

Top Ten Largest Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

Apple Inc.	6.10	%
Alphabet Inc., Class C	5.24	%
Visa Inc., Class A	4.99	%
The Charles Schwab Corp.	4.50	%
Facebook Inc., Class A	4.42	%
United Rentals Inc.	4.23	%
Amazon.com Inc.	4.16	%
CME Group Inc.	3.88	%
PepsiCo Inc.	3.60	%
Microsoft Corp.	3.60	%

Sector Allocation as of December 31, 2017

Portfolio composition as a % of Fair Value of $36,399 December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception date: 12/12/97)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Premier Growth Equity V.I.S. Fund		28.34	%		15.88	%		9.55	%	$	24,894
S&P 500® Index		21.83	%		15.79	%		8.50	%	$	22,603
Russell 1000® Growth Index		30.21	%		17.33	%		10.00	%	$	25,930

4 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Premier Growth Equity V.I.S. Fund 5

State Street Premier Growth Equity V.I.S. Fund

Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Common Stock - 97.0%†
Application Software - 4.5%
Intuit Inc.		2,788		439,890
salesforce.com Inc. (a)		11,747		1,200,896
				1,640,786
Biotechnology - 9.1%
Alexion Pharmaceuticals Inc. (a)		8,661		1,035,769
Amgen Inc.		5,575		969,492
Biogen Inc. (a)		1,856		591,266
Vertex Pharmaceuticals Inc. (a)		4,759		713,184
				3,309,711
Cable & Satellite - 7.8%
Charter Communications Inc., Class A (a)		2,886		969,580
Comcast Corp., Class A		14,733		590,057
Liberty Global PLC, Class C (a)		32,454		1,098,243
Sirius XM Holdings Inc.		31,858		170,759
				2,828,639
Data Processing & Outsourced Services - 6.0%
PayPal Holdings Inc. (a)(b)		4,878		359,118
Visa Inc., Class A		15,928		1,816,111
				2,175,229
Financial Exchanges & Data - 6.6%
CME Group Inc.		9,657		1,410,405
S&P Global Inc.		5,973		1,011,826
				2,422,231
Healthcare Equipment - 4.5%
Boston Scientific Corp. (a)		31,658		784,802
Medtronic PLC		10,752		868,224
				1,653,026
Healthcare Supplies - 1.4%
The Cooper Companies Inc.		2,350		512,018
Internet & Direct Marketing Retail - 4.2%
Amazon.com Inc. (a)		1,294		1,513,294
Internet Software & Services - 12.3%
Alibaba Group Holding Ltd. ADR (a)		3,186		549,362
Alphabet Inc., Class A (a)		378		398,185
Alphabet Inc., Class C (a)		1,823		1,907,587
Facebook Inc., Class A (a)		9,115		1,608,433
				4,463,567

	Number of Shares		Fair Value $
Investment Banking & Brokerage - 4.5%
The Charles Schwab Corp.		31,856		1,636,443
Movies & Entertainment - 2.2%
The Walt Disney Co.		7,438		799,659
Oil & Gas Equipment & Services - 1.7%
Schlumberger Ltd.		9,159		617,225
Pharmaceuticals - 2.8%
Allergan PLC		6,331		1,035,625
Regional Banks - 1.7%
First Republic Bank		7,068		612,372
Restaurants - 0.9%
Starbucks Corp.		5,475		314,429
Semiconductor Equipment - 2.5%
Applied Materials Inc. (b)		17,920		916,070
Semiconductors - 2.5%
Broadcom Ltd.		3,584		920,730
Soft Drinks - 3.6%
PepsiCo Inc.		10,938		1,311,685
Specialized REITs - 3.3%
American Tower Corp.		8,362		1,193,007
Specialty Chemicals - 1.0%
Albemarle Corp.		2,787		356,429
Systems Software - 3.6%
Microsoft Corp.		15,331		1,311,414
Technology Hardware, Storage & Peripherals - 6.1%
Apple Inc.		13,125		2,221,144
Trading Companies & Distributors - 4.2%
United Rentals Inc. (a)		8,960		1,540,314
Total Common Stock (Cost $21,911,969)				35,305,047
Short-Term Investments - 3.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $1,093,520) (c)(d)		1,093,520		1,093,520
Total Investments (Cost $23,005,489)				36,398,567
Other Assets and Liabilities, net - 0.0%				5,380
NET ASSETS - 100.0%				36,403,947

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

Other Information:

The Fund had the following short futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
S&P 500 Emini Index Futures		March 2018		1	$	(133,629	)	$	(133,800	)	$	(171	)

During the year ended December 31, 2017, the Fund had average notional values of $207,503 and $191,917 on long and short futures contracts, respectively.

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Premier Growth Equity V.I.S. Fund 7

State Street Premier Growth Equity V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures.

(c) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2017.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	35,305,047		$	—	$	—	$	35,305,047
Short-Term Investments		1,093,520			—		—		1,093,520
Total Investments in Securities	$	36,398,567		$	—	$	—	$	36,398,567
Other Financial Instruments
Short Futures Contracts — Unrealized Depreciation	$	(171	)	$	—	$	—	$	(171	)

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		535,474	$	535,474	$	10,335,208	$	9,777,162		1,093,520	$	1,093,520	$	8,665

See Notes to Schedule of Investments and Notes to Financial Statements.

8 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date													12/12/97
Net asset value, beginning of period	$	86.08		$	94.07		$	106.58		$	107.84		$	85.99
Income/(loss) from investment operations:
Net investment income		0.32	(a)		0.50			0.52			0.63			0.58
Net realized and unrealized gains/(losses) on investments		24.10			1.90			3.25			14.71			29.35
Total income from investment operations		24.42			2.40			3.77			15.34			29.93
Less distributions from:
Net investment income		0.34			0.48			0.53			0.58			0.58
Net realized gains		10.93			9.91			15.75			16.02			7.50
Total distributions		11.27			10.39			16.28			16.60			8.08
Net asset value, end of period	$	99.23		$	86.08		$	94.07		$	106.58		$	107.84
Total return(b)		28.34	%		2.47	%		3.30	%		14.05	%		34.88	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	36,404		$	33,219		$	36,858		$	39,944		$	40,852
Ratios to average net assets:
Net expenses		0.85	%		0.84	%		0.81	%		0.81	%(c)		0.83	%(c)
Gross expenses		0.85	%		0.84	%		0.81	%		0.81	%		0.83	%
Net investment income		0.31	%		0.52	%		0.46	%		0.52	%		0.54	%
Portfolio turnover rate		21	%		22	%		19	%		19	%		21	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

Financial Highlights 9

State Street Premier Growth Equity V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $21,911,969)	$	35,305,047
Short-term affiliated investments, at fair value		1,093,520
Income receivables		65,191
Income receivable from affiliated investments		1,134
Receivable for variation margin on open futures contracts		475
Other assets		644
Total assets		36,466,011
Liabilities
Payable for fund shares redeemed		9,270
Payable to the Adviser (Note 4)		19,212
Payable to the Custodian (Note 4)		1,916
Accrued other expenses		31,666
Total liabilities		62,064
Net Assets	$	36,403,947
Net Assets Consist of:
Capital paid in	$	22,916,484
Accumulated net realized gain		94,556
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		13,393,078
Futures		(171	)
Net Assets	$	36,403,947
Shares outstanding ($0.01 par value; unlimited shares authorized)		366,880
Net asset value per share	$	99.23

The accompanying Notes are an integral part of these financial statements.

10 Statement of Assets and Liabilities

State Street Premier Growth Equity V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	407,637
Income from affiliated investments		8,665
Total income		416,302
Expenses
Advisory and administration fees (Note 4)		233,179
Directors’ fees (Note 5)		2,391
Custody and accounting expenses — net (Note 5)		18,814
Professional fees		29,433
Other expenses		20,383
Total expenses		304,200
Net investment income	$	112,102
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	3,707,231
Futures		38,322
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		4,970,009
Futures		(2,067	)
Net realized and unrealized gain (loss) on investments		8,713,495
Net Increase in Net Assets Resulting from Operations	$	8,825,597

The accompanying Notes are an integral part of these financial statements.

Statement of Operations 11

State Street Premier Growth Equity V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	112,102		$	177,205
Net realized gain (loss) on investments and futures		3,745,553			3,050,197
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		4,967,942			(2,504,266	)
Net increase (decrease) from operations		8,825,597			723,136
Distributions to shareholders from:
Net investment income		(112,086	)		(166,977	)
Net realized gains		(3,610,073	)		(3,430,576	)
Total distributions		(3,722,159	)		(3,597,553	)
Increase (decrease) in assets from operations and distributions		5,103,438			(2,874,417	)
Share transactions:
Proceeds from sale of shares		664,651			435,151
Value of distributions reinvested		3,722,159			3,597,553
Cost of shares redeemed		(6,305,076	)		(4,797,192	)
Net increase (decrease) from share transactions		(1,918,266	)		(764,488	)
Total increase (decrease) in net assets		3,185,172			(3,638,905	)
Net Assets
Beginning of year		33,218,775			36,857,680
End of year	$	36,403,947		$	33,218,775
Changes in Fund Shares
Shares sold		6,781			4,745
Issued for distributions reinvested		37,435			41,480
Shares redeemed		(63,263	)		(52,106	)
Net decrease in fund shares		(19,047	)		(5,881	)

The accompanying Notes are an integral part of these financial statements.

12 Statements of Changes in Net Assets

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the “Fund”), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

Notes to Financial Statements 13

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering

14 Notes to Financial Statements

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the period ended December 31, 2017 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Liability Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Premier Growth Equity V.I.S. Fund
Futures Contracts(a)	$	—	$	—	$	—	$	(171	)	$	—	$	(171	)

(a) Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	38,322	$	—	$	38,322

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(2,067	)	$	—	$	(2,067	)

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Notes to Financial Statements 15

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended, December 31, 2017 were as follows:

Purchases			Sales
	$	7,228,637		$	13,262,675

7. Income Taxes

The Fund has qualified and intends to continue to qualify as regulated investment companies Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, return of capital distributions received, non-taxable dividends, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	159,229		$	3,562,930		$	3,722,159

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	202,315		$	3,395,238		$	3,597,553

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	—		$	—		$	314,834		$	13,172,629		$	—		$	13,487,463

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	23,225,768		$	13,860,406		$	687,777		$	13,172,629

16 Notes to Financial Statements

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

8. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Notes to Financial Statements 17

State Street Premier Growth Equity V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and Shareholders of State Street Premier Growth Equity V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Premier Growth Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street Premier Growth Equity V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

18 Report of Independent Registered Public Accounting Firm

State Street Premier Growth Equity V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $3,562,930.

Tax Information 19

State Street Premier Growth Equity V.I.S. Fund

Additional Information — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).	18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).

20 Additional Information

State Street Premier Growth Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A

Additional Information 21

State Street Premier Growth Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

22 Additional Information

State Street Premier Growth Equity V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 - February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

Additional Information 23

State Street Premier Growth Equity V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

24 Investment Team

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Reviews and Schedule of Investments		2
Financial Statements
Financial Highlights		21
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Notes to Financial Statements		25
Report of Independent Registered Public Accounting Firm		33
Additional Information		34
Investment Team		38

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Income V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance pages relates to the State Street Income V.I.S. Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street Income V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street Income V.I.S. Fund (the “Fund”) perform compared to its benchmark for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the State Street Income V.I.S. Fund returned 3.25%. The Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s benchmark, returned 3.54% and the Fund’s Morningstar peer group of 230 U.S. Insurance Intermediate-Term Bond funds returned an average of 3.80% over the same period.

Q. What market factors affected the Fund’s performance?

A. The most significant market factor that affected the Fund’s performance was a continuation of credit spread tightening over the last twelve months. Investment grade and high yield credit spreads tightened approximately -30 and -55 bps respectively driven by stronger economic fundamentals. This generated returns of +335 bps from U.S. investment grade credit and +610 bps from U.S. high yield credit. The U.S. Treasury yield curve flattened during the year. Short-term rates moved higher as the Federal Reserve (the “Fed”) hiked its Fed Funds target 3 times to 1.25-1.5% and long-term rates moved lower due to moderate inflation expectations, demand for duration and low non-U.S. rates. The U.S. Treasury 2-year note yield ended the year at 1.88%, up +70bps. While the 30-year bond yield fell -33 bps to 2.74%.

Q. What were the primary drivers of Fund performance?

A. The most significant positive contributors to the Fund’s performance was strong security selection in investment grade credit and commercial mortgage-backed securities. The non-index exposure to high yield and overweight in investment grade credit also benefited the Fund’s return. A spread widening trade taking advantage of the richness of treasury swaps versus cash treasuries due to past regulation added value in the fourth quarter. Yield curve positioning biased to a steeper yield curve, adverse security selection in residential mortgage-backed securities and a position in CDXHY (high yield credit swap) as a hedge against cash positions all negatively impacted the Fund’s performance.

Q. Were there any significant changes to the Fund’s portfolio during the period?

A. The most significant change to the Fund’s portfolio during the period was the reduction in exposure to residential mortgage-backed securities. The active spread duration in this sector was reduced from neutral to -1.0 years as the Fed announced the rollback of its buying program. The allocation to investment grade credit was gradually increased from +0.35 years active spread duration to +0.50 years by the end of September, then reduced to +0.25 years by yearend as credit spreads continued to tighten and valuations richen. Exposure to asset backed securities was initiated in the fourth quarter to a slight overweight versus the index.

2 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

July 1, 2017 - December 31, 2017

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,006.80	$	1,018.00
Expenses paid during the period*	$	7.23	$	7.27

* Expenses are equal to the Fund’s annualized expense ratio of 1.43%** (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Income V.I.S. Fund 3

State Street Income V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		230			213			173
Peer group average annual total return		3.80	%		2.07	%		3.81	%
Morningstar Category in peer group: U.S. Insurance Intermediate-Term Bond

Quality Ratings

as of December 31, 2017 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		9.0	%
Aa / AA		54.7	%
A / A		7.8	%
Baa / BBB		20.4	%
Ba / BB and lower		7.9	%
NR / Other		0.2	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $22,242 (in thousands) as of December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception date: 1/03/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Income V.I.S. Fund		3.25	%		1.89	%		3.20	%	$	13,700
Bloomberg Barclays U.S. Aggregate Bond Index		3.54	%		2.10	%		4.01	%	$	14,810

4 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

* Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Income V.I.S. Fund 5

State Street Income V.I.S. Fund

Schedule of Investments — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Bonds and Notes - 99.0%†
U.S. Treasuries - 40.7%
U.S. Treasury Bonds
2.75%, 08/15/47		684,500		685,458
3.75%, 11/15/43		149,000		177,551
4.50%, 02/15/36		221,400		285,130
U.S. Treasury Notes
0.88%, 03/31/18 - 10/15/18 (a)		2,217,500		2,204,536
1.25%, 12/31/18 (a)		524,500		521,631
1.25%, 08/31/19		501,000		495,925
1.38%, 12/15/19 (a)		805,200		797,309
1.50%, 08/15/20		567,000		560,786
1.63%, 10/15/20 - 08/31/22		1,015,000		1,000,010
1.88%, 10/31/22 - 08/31/24		459,000		448,828
2.00%, 02/15/25		756,800		739,817
2.13%, 05/15/25		348,500		343,192
2.25%, 08/15/27		503,300		496,294
2.38%, 05/15/27 (a)		124,000		123,660
				8,880,127
Agency Mortgage Backed - 12.5%
Federal Home Loan Mortgage Corp.
4.50%, 06/01/33 - 02/01/35 (a)		4,424		4,725
5.00%, 07/01/35 - 06/01/41 (a)		148,783		161,678
5.50%, 05/01/20 - 01/01/38 (a)		54,935		60,229
6.00%, 07/01/19 - 11/01/37 (a)		135,068		150,697
6.50%, 02/01/29 (a)		69		77
6.93%, 06/01/26 (a)(b)		60,000		79,411
7.00%, 06/01/29 - 08/01/36 (a)		28,486		30,892
7.50%, 01/01/30 - 09/01/33 (a)		4,324		4,555
8.00%, 11/01/30 (a)		5,347		5,908
8.50%, 04/01/30 (a)		6,069		7,116
Federal National Mortgage Assoc.
3.50%, 11/01/42 - 08/01/45 (a)		72,245		74,488
4.00%, 05/01/19 - 03/01/41 (a)		179,478		188,853
4.50%, 05/01/18 - 01/01/41 (a)		341,731		365,635
5.00%, 03/01/34 - 08/01/35 (a)		58,337		63,761
5.50%, 06/01/20 - 01/01/39 (a)		200,743		220,471
6.00%, 10/01/19 - 07/01/35 (a)		213,539		236,855
6.50%, 01/01/19 - 08/01/34 (a)		30,128		33,394
7.00%, 01/01/30 - 02/01/34 (a)		8,203		8,694
7.50%, 11/01/22 - 12/01/33 (a)		22,381		23,511
8.00%, 08/01/25 - 10/01/31 (a)		10,026		10,948
9.00%, 12/01/22 (a)		451		477
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (a)(c)		972		999
Federal National Mortgage Assoc. TBA
3.00%, TBA (d)		218,232		222,282
3.50%, TBA (d)		249,084		257,035

	Principal Amount ($) or Number of Shares		Fair Value ($)
Government National Mortgage Assoc.
4.00%, 01/20/41 - 04/20/43 (a)		161,948		170,803
4.50%, 08/15/33 - 03/20/41 (a)		121,041		128,865
6.00%, 04/15/27 - 04/15/34 (a)		105,401		120,015
6.50%, 04/15/19 - 08/15/34 (a)		48,070		53,230
7.00%, 01/15/28 - 10/15/36 (a)		32,839		34,968
7.50%, 11/15/31 (a)		269		271
9.00%, 12/15/21 (a)		228		244
Government National Mortgage Assoc. 1.50% + 1 year CMT 2.25%, 12/20/24 (a)(c)		966		990
2.38%, 02/20/23 - 02/20/26 (a)(c)		3,108		3,144
				2,725,221
Agency Collateralized Mortgage Obligations - 0.4%
Federal Home Loan Mortgage Corp. 0.08%, 09/25/43 (c)(e)		510,801		1,071
Federal Home Loan Mortgage Corp. REMIC
3.50%, 09/15/29 - 11/15/30 (e)		63,352		4,853
5.50%, 06/15/33 (e)		23,363		4,659
7.50%, 07/15/27 (e)		2,305		351
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 5.12%, 08/15/25 (c)(e)		30,155		2,264
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (f)(g)		283		261
8.00%, 02/01/23 - 07/01/24 (e)		893		141
Federal National Mortgage Assoc. REMIC
0.51%, 12/25/22 (f)(g)		29		29
1.19%, 12/25/42 (c)(e)		28,700		1,162
5.00%, 09/25/40 (e)		29,518		3,158
7.00%, 09/25/20		98		101
8.00%, 05/25/22 (e)		1		11
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 4.45%, 07/25/38 - 12/25/41 (c)(e)		82,900		14,084
Federal National Mortgage Assoc. REMIC 6.60% - 1 month USD LIBOR 5.05%, 10/25/43 (c)(e)		135,985		28,632
Federal National Mortgage Assoc. REMIC 7.50% - 1 month USD LIBOR 5.95%, 05/25/18 (c)(e)(**)		93		—

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Federal National Mortgage Assoc. STRIPS
1.87%, 12/25/34 (f)(g)		20,233		17,360
4.50%, 08/25/35 - 01/25/36 (e)		25,731		4,707
5.00%, 03/25/38 - 05/25/38 (e)		14,209		2,703
5.50%, 12/25/33 (e)		6,095		1,342
6.00%, 01/25/35 (e)		10,258		2,028
7.50%, 11/25/23 (e)		4,456		655
8.00%, 08/25/23 - 07/25/24 (e)		1,762		329
8.50%, 07/25/22 (e)		28		3
8.50%, 07/25/22 (e)(**)		1		—
9.00%, 05/25/22 (e)		28		3
Government National Mortgage Assoc. REMIC
4.50%, 02/20/38 - 08/16/39 (e)		24,368		1,636
5.00%, 01/20/38 - 09/20/38 (e)		10,440		338
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 5.31%, 01/16/40 (c)(e)		29,386		4,862
				96,743
Asset Backed - 2.5%
American Express Credit Account Master Trust 2017-6 2.04%, 05/15/23		124,437		123,764
BA Credit Card Trust 2017-A2 1.84%, 01/17/23		126,000		124,693
Citibank Credit Card Issuance Trust 2014-A6 2.15%, 07/15/21		100,000		100,100
Citibank Credit Card Issuance Trust 2016-A1 1.75%, 11/19/21		200,000		198,631
				547,188
Corporate Notes - 38.0%
21st Century Fox America Inc.
3.38%, 11/15/26		7,000		7,144
4.75%, 11/15/46		4,000		4,617
6.65%, 11/15/37		13,000		17,898
Abbott Laboratories
2.90%, 11/30/21		17,000		17,176
3.75%, 11/30/26		27,000		27,723
4.90%, 11/30/46		8,000		9,190
AbbVie Inc.
2.00%, 11/06/18		25,000		24,990
3.20%, 05/14/26		8,000		7,980
4.45%, 05/14/46		8,000		8,683
Acadia Healthcare Company Inc. 6.50%, 03/01/24		17,000		17,765

	Principal Amount ($) or Number of Shares		Fair Value ($)
AES Corp. 4.88%, 05/15/23		31,000		31,659
Aetna Inc. 3.50%, 11/15/24		25,000		25,427
Aflac Inc. 4.00%, 10/15/46		8,000		8,369
Agrium Inc. 4.90%, 06/01/43		6,000		6,693
Alimentation Couche-Tard Inc.
2.70%, 07/26/22 (h)		16,000		15,843
3.55%, 07/26/27 (h)		16,000		15,970
4.50%, 07/26/47 (h)		6,000		6,281
Allergan Funding SCS
3.00%, 03/12/20 (a)		17,000		17,153
3.45%, 03/15/22 (a)		17,000		17,267
3.80%, 03/15/25 (a)		9,000		9,160
4.55%, 03/15/35 (a)		7,000		7,368
4.75%, 03/15/45 (a)		6,000		6,398
Altria Group Inc. 2.95%, 05/02/23 (a)		17,000		17,121
4.50%, 05/02/43 (a)		3,000		3,261
Amazon.com Inc. 2.80%, 08/22/24 (h)		15,000		14,958
3.15%, 08/22/27 (h)		8,000		8,034
3.88%, 08/22/37 (h)		9,000		9,553
4.05%, 08/22/47 (h)		7,000		7,515
4.25%, 08/22/57 (h)		10,000		10,941
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (a)(h)		16,000		16,840
6.50%, 04/01/27 (a)(h)		8,000		8,440
6.63%, 10/15/22 (a)		9,000		9,332
American Campus Communities Operating Partnership LP 4.13%, 07/01/24 (a)		10,000		10,405
American Electric Power Company Inc. 2.95%, 12/15/22 (a)		36,000		36,503
American Express Co. 3.00%, 10/30/24		9,000		8,972
American International Group Inc. 4.50%, 07/16/44 (a)		15,000		16,238
American Tower Corp. (REIT) 3.38%, 10/15/26 (a)		9,000		8,844
3.40%, 02/15/19 (a)		38,000		38,421
American Water Capital Corp. 2.95%, 09/01/27		15,000		14,847
Amgen Inc. 2.20%, 05/22/19 (a)		40,000		40,006
2.65%, 05/11/22		19,000		18,940
3.20%, 11/02/27		33,000		32,983
4.56%, 06/15/48 (a)		8,000		8,942
Amkor Technology Inc. 6.63%, 06/01/21 (a)		21,000		21,223

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 7

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Anadarko Petroleum Corp. 4.85%, 03/15/21 (a)		3,000		3,170
6.20%, 03/15/40 (a)		9,000		10,866
6.60%, 03/15/46 (a)		3,000		3,844
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 4.25%, 12/01/27		17,000		17,158
5.20%, 12/01/47		5,000		5,193
5.25%, 01/15/25		52,000		54,697
Anheuser-Busch InBev Finance Inc. 3.65%, 02/01/26 (a)		4,000		4,127
4.70%, 02/01/36		9,000		10,089
4.90%, 02/01/46 (a)		13,000		15,065
Anheuser-Busch InBev Worldwide Inc. 2.50%, 07/15/22 (a)		33,000		32,753
Anthem Inc. 3.30%, 01/15/23		18,000		18,266
Apache Corp. 5.10%, 09/01/40 (a)		9,000		9,666
Apple Inc. 2.50%, 02/09/22 (a)		9,000		9,011
2.85%, 05/11/24		19,000		19,069
3.35%, 02/09/27 (a)		13,000		13,304
3.45%, 02/09/45 (a)		9,000		8,790
3.85%, 08/04/46		13,000		13,534
4.25%, 02/09/47 (a)		7,000		7,768
Applied Materials Inc. 3.30%, 04/01/27		2,000		2,032
4.35%, 04/01/47		7,000		7,853
Aptiv PLC 4.40%, 10/01/46		11,000		11,398
Aramark Services Inc. 5.13%, 01/15/24 (a)		21,000		22,011
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (a)		23,000		21,899
Arconic Inc. 6.15%, 08/15/20		5,000		5,381
Ascension Health 4.85%, 11/15/53 (a)		10,000		11,673
AstraZeneca PLC 2.38%, 11/16/20 (a)		8,000		7,983
3.13%, 06/12/27		6,000		5,959
3.38%, 11/16/25 (a)		10,000		10,187
AT&T Inc. 2.85%, 02/14/23		9,000		9,031
3.00%, 06/30/22 (a)		14,000		14,023
3.40%, 08/14/24		8,000		8,039
4.45%, 04/01/24 (a)		19,000		20,077
4.50%, 05/15/35 (a)		19,000		18,861
4.75%, 05/15/46		10,000		9,782
4.80%, 06/15/44 (a)		13,000		12,803

	Principal Amount ($) or Number of Shares		Fair Value ($)
4.90%, 08/14/37		13,000		13,152
5.15%, 02/14/50		24,000		24,206
5.25%, 03/01/37 (a)		15,000		15,881
5.30%, 08/14/58		8,000		8,032
5.45%, 03/01/47 (a)		12,000		12,857
Avangrid Inc. 3.15%, 12/01/24		24,000		23,921
Bank of America Corp. 2.65%, 04/01/19		23,000		23,152
3.95%, 04/21/25 (a)		23,000		23,774
4.25%, 10/22/26 (a)		12,000		12,645
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37%, 07/21/21 (c)		14,000		13,969
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12%, 01/20/23 (a)(c)		30,000		30,414
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42%, 12/20/28 (c)(h)		21,000		20,973
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24%, 04/24/38 (a)(c)		25,000		27,100
Bank of America Corp. (8.00% fixed rate until 01/30/18; 3.63% + 3 month USD LIBOR thereafter) 8.00%, 12/31/49 (c)		34,000		34,148
Barrick North America Finance LLC 5.70%, 05/30/41		5,000		6,115
BAT Capital Corp. 2.30%, 08/14/20 (h)		13,000		12,925
2.76%, 08/15/22 (h)		15,000		14,900
3.56%, 08/15/27 (h)		8,000		8,008
4.39%, 08/15/37 (h)		7,000		7,345
4.54%, 08/15/47 (h)		11,000		11,611
Baxalta Inc. 2.88%, 06/23/20		18,000		18,106
Becton Dickinson and Co. 2.89%, 06/06/22 (a)		16,000		15,905
3.70%, 06/06/27 (a)		28,000		28,203
3.73%, 12/15/24 (a)		2,000		2,044
4.67%, 06/06/47 (a)		5,000		5,396

See Notes to Schedule of Investments and Notes to Financial Statements.

8 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Berkshire Hathaway Energy Co. 6.13%, 04/01/36		9,000		12,070
Berry Global Inc. 5.13%, 07/15/23		25,000		26,000
Biogen Inc. 2.90%, 09/15/20		7,000		7,101
BP Capital Markets PLC 1.38%, 05/10/18 (a)		23,000		22,965
3.22%, 11/28/23 (a)		24,000		24,549
3.28%, 09/19/27		22,000		22,270
Brighthouse Financial Inc. 3.70%, 06/22/27 (a)(h)		2,000		1,964
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.20%, 01/15/21 (h)		7,000		6,839
2.65%, 01/15/23 (h)		5,000		4,818
3.13%, 01/15/25 (h)		7,000		6,693
3.88%, 01/15/27 (a)(h)		6,000		5,919
Buckeye Partners LP 5.60%, 10/15/44 (a)		11,000		11,563
Bunge Limited Finance Corp. 3.75%, 09/25/27		14,000		13,789
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (a)		5,000		5,098
4.95%, 06/01/47 (a)		4,000		4,488
Capital One Financial Corp. 4.20%, 10/29/25 (a)		18,000		18,518
Cardinal Health Inc.
2.62%, 06/15/22 (a)		6,000		5,898
3.08%, 06/15/24 (a)		8,000		7,877
3.41%, 06/15/27 (a)		3,000		2,942
4.37%, 06/15/47 (a)		4,000		3,985
Caterpillar Financial Services Corp. 2.55%, 11/29/22		23,000		22,893
Caterpillar Inc. 4.30%, 05/15/44 (a)		10,000		11,425
Catholic Health Initiatives
2.60%, 08/01/18		15,000		15,048
4.35%, 11/01/42		16,000		15,225
CBL & Associates LP 5.95%, 12/15/26 (a)		3,000		2,794
CBS Corp.
2.50%, 02/15/23 (a)		9,000		8,770
2.90%, 01/15/27 (a)		11,000		10,318
CCO Holdings LLC/CCO Holdings Capital Corp. 5.88%, 04/01/24 (a)(h)		15,000		15,638
Celgene Corp.
3.45%, 11/15/27		16,000		16,007
4.35%, 11/15/47		5,000		5,208
5.00%, 08/15/45 (a)		10,000		11,374

	Principal Amount ($) or Number of Shares		Fair Value ($)
Cenovus Energy Inc. 5.40%, 06/15/47		3,000		3,155
CenterPoint Energy Inc. 2.50%, 09/01/22		14,000		13,819
CenturyLink Inc. 5.80%, 03/15/22 (a)		30,000		29,337
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13%, 12/15/21 (a)(h)		22,000		22,055
CF Industries Inc. 7.13%, 05/01/20		16,000		17,440
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20		26,000		26,403
4.91%, 07/23/25		26,000		27,617
5.38%, 05/01/47		6,000		6,189
6.38%, 10/23/35		5,000		5,852
6.48%, 10/23/45		7,000		8,199
Chevron Corp. 3.19%, 06/24/23		16,000		16,430
Church & Dwight Company Inc.
2.45%, 08/01/22		7,000		6,905
3.15%, 08/01/27		9,000		8,848
Cigna Corp.
3.25%, 04/15/25		24,000		24,091
3.88%, 10/15/47		8,000		8,004
Cimarex Energy Co. 3.90%, 05/15/27		8,000		8,192
Cinemark USA Inc. 4.88%, 06/01/23		18,000		18,225
Cisco Systems Inc. 2.50%, 09/20/26		18,000		17,417
Citigroup Inc.
1.75%, 05/01/18 (a)		29,000		28,976
2.05%, 12/07/18 (a)		41,000		40,958
2.70%, 10/27/22		14,000		13,869
2.90%, 12/08/21		16,000		16,083
4.45%, 09/29/27		6,000		6,337
4.75%, 05/18/46		9,000		9,958
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88%, 07/24/23 (c)		20,000		19,887
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28%, 04/24/48 (a)(c)		17,000		18,478
CMS Energy Corp. 4.88%, 03/01/44		21,000		24,555

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 9

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
CNA Financial Corp.
3.45%, 08/15/27		9,000		8,866
5.88%, 08/15/20		34,000		36,615
Columbia Pipeline Group Inc. 3.30%, 06/01/20		11,000		11,149
Comcast Corp.
3.38%, 08/15/25		15,000		15,386
3.97%, 11/01/47		6,000		6,169
4.20%, 08/15/34		16,000		17,127
4.60%, 08/15/45		6,000		6,760
Concho Resources Inc.
3.75%, 10/01/27		5,000		5,053
4.88%, 10/01/47		6,000		6,546
ConocoPhillips Co. 5.95%, 03/15/46		5,000		6,744
Consolidated Edison Company of New York Inc. 2.90%, 12/01/26		14,000		13,719
Constellation Brands Inc.
2.70%, 05/09/22		9,000		8,939
4.50%, 05/09/47		5,000		5,465
Continental Resources Inc. 5.00%, 09/15/22		8,000		8,120
Corning Inc. 4.38%, 11/15/57		8,000		7,941
Corporation Andina de Fomento
2.20%, 07/18/20		16,000		15,887
4.38%, 06/15/22 (a)		71,000		75,648
Costco Wholesale Corp. 3.00%, 05/18/27		9,000		9,013
CSX Corp. 4.50%, 08/01/54		12,000		12,815
CVS Health Corp. 3.88%, 07/20/25		11,000		11,331
D.R. Horton Inc. 2.55%, 12/01/20		16,000		15,981
Daimler Finance North America LLC 2.38%, 08/01/18 (a)(h)		150,000		150,317
Dana Financing Luxembourg Sarl 6.50%, 06/01/26 (h)		15,000		16,256
Danaher Corp. 4.38%, 09/15/45		9,000		10,157
Dell International LLC/EMC Corp.
3.48%, 06/01/19 (h)		32,000		32,396
5.45%, 06/15/23 (h)		13,000		14,034
6.02%, 06/15/26 (h)		9,000		9,919
8.35%, 07/15/46 (h)		8,000		10,317
Deutsche Bank AG
2.70%, 07/13/20		16,000		15,932
3.70%, 05/30/24		9,000		9,062

	Principal Amount ($) or Number of Shares		Fair Value ($)
Devon Energy Corp.
5.00%, 06/15/45		8,000		8,951
5.85%, 12/15/25		8,000		9,340
Diageo Investment Corp. 2.88%, 05/11/22		21,000		21,292
Discovery Communications LLC
2.20%, 09/20/19		15,000		14,931
3.95%, 03/20/28		15,000		14,882
5.00%, 09/20/37		5,000		5,173
5.20%, 09/20/47		5,000		5,210
Dollar General Corp. 1.88%, 04/15/18		41,000		40,976
Dominion Energy Inc.
2.58%, 07/01/20		11,000		10,997
3.63%, 12/01/24		14,000		14,481
DTE Energy Co. 2.85%, 10/01/26		14,000		13,448
Duke Energy Corp. 3.75%, 09/01/46		8,000		7,926
Duke Energy Progress LLC 4.15%, 12/01/44		14,000		15,323
Duke Realty LP 3.38%, 12/15/27		15,000		15,053
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (h)		13,000		12,989
Eastman Chemical Co. 3.60%, 08/15/22		9,000		9,276
Eaton Corp. 3.10%, 09/15/27		14,000		13,749
Ecolab Inc.
3.25%, 12/01/27 (h)		10,000		9,987
3.95%, 12/01/47 (h)		6,000		6,140
Ecopetrol S.A. 5.88%, 05/28/45		18,000		18,496
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 1.91%, 05/01/20 (c)		13,000		13,082
Electricite de France S.A. 2.15%, 01/22/19 (h)		46,000		46,006
Eli Lilly & Co.
3.10%, 05/15/27		8,000		8,120
3.70%, 03/01/45		4,000		4,127
3.95%, 05/15/47		5,000		5,380
EMC Corp. 2.65%, 06/01/20		39,000		38,464
Emera US Finance LP 4.75%, 06/15/46		5,000		5,492
Enbridge Energy Partners LP 5.50%, 09/15/40		6,000		6,572
Encana Corp. 3.90%, 11/15/21		18,000		18,461

See Notes to Schedule of Investments and Notes to Financial Statements.

10 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Energy Transfer Equity LP 5.88%, 01/15/24		46,000		48,357
Energy Transfer LP
5.30%, 04/15/47		7,000		6,943
6.50%, 02/01/42		21,000		23,723
Energy Transfer LP/Regency Energy Finance Corp. 4.50%, 11/01/23 (a)		14,000		14,465
Entergy Louisiana LLC 3.05%, 06/01/31		13,000		12,589
Enterprise Products Operating LLC 3.95%, 02/15/27		14,000		14,574
Envision Healthcare Corp. 6.25%, 12/01/24 (h)		23,000		23,776
EQT Corp.
3.00%, 10/01/22		6,000		5,936
3.90%, 10/01/27		8,000		7,973
ERP Operating LP 4.50%, 07/01/44		9,000		9,864
Exelon Corp.
3.50%, 06/01/22		13,000		13,238
4.45%, 04/15/46		9,000		9,755
Express Scripts Holding Co.
3.40%, 03/01/27		9,000		8,821
4.80%, 07/15/46		6,000		6,381
Exxon Mobil Corp.
2.22%, 03/01/21		13,000		12,989
3.04%, 03/01/26		6,000		6,090
FedEx Corp. 4.10%, 02/01/45		2,000		2,037
FirstEnergy Corp. 3.90%, 07/15/27		9,000		9,227
4.85%, 07/15/47		4,000		4,442
Florida Power & Light Co. 4.13%, 02/01/42		21,000		23,160
Ford Motor Co. 4.35%, 12/08/26		23,000		24,026
Freeport-McMoRan Inc. 3.10%, 03/15/20		24,000		23,851
Frontier Communications Corp. 7.13%, 03/15/19		26,000		24,895
General Dynamics Corp. 2.13%, 08/15/26		9,000		8,436
General Motors Co. 5.20%, 04/01/45		5,000		5,280
General Motors Financial Company Inc.
3.15%, 01/15/20		24,000		24,254
5.25%, 03/01/26		24,000		26,350
Georgia-Pacific LLC 3.60%, 03/01/25 (h)		5,000		5,139

	Principal Amount ($) or Number of Shares		Fair Value ($)
Gilead Sciences Inc.
1.95%, 03/01/22		9,000		8,784
2.95%, 03/01/27		6,000		5,900
3.65%, 03/01/26		6,000		6,227
4.15%, 03/01/47		10,000		10,641
Glencore Finance Canada Ltd. 5.55%, 10/25/42 (h)		6,000		6,630
Glencore Funding LLC
3.88%, 10/27/27 (h)		8,000		7,923
4.00%, 03/27/27 (h)		11,000		11,044
Halliburton Co.
3.80%, 11/15/25		17,000		17,631
5.00%, 11/15/45		10,000		11,471
HCA Inc. 4.75%, 05/01/23		40,000		41,400
Hess Corp.
4.30%, 04/01/27		7,000		6,998
5.60%, 02/15/41		6,000		6,453
5.80%, 04/01/47		4,000		4,447
Hewlett Packard Enterprise Co. 6.35%, 10/15/45		7,000		7,464
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25 (h)		16,000		16,400
Honeywell International Inc. 2.50%, 11/01/26 (a)		6,000		5,811
Hyundai Capital America 3.10%, 04/05/22 (h)		7,000		6,963
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00%, 08/01/20		24,000		24,638
Ingersoll-Rand Luxembourg Finance S.A. 3.55%, 11/01/24 (a)		24,000		24,772
Intel Corp.
2.60%, 05/19/26 (a)		25,000		24,435
2.88%, 05/11/24		7,000		7,062
International Paper Co. 4.40%, 08/15/47 (a)		9,000		9,457
Interstate Power & Light Co. 3.40%, 08/15/25 (a)		9,000		9,134
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00%, 07/15/25 (h)		14,000		14,735
JB Poindexter & Company Inc. 9.00%, 04/01/22 (a)(h)		10,000		10,375
Jefferies Group LLC
5.13%, 01/20/23 (a)		15,000		16,222
6.50%, 01/20/43 (a)		16,000		18,751
Johnson & Johnson
2.63%, 01/15/25		31,000		30,900
3.63%, 03/03/37 (a)		11,000		11,612

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 11

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Johnson Controls International PLC 4.50%, 02/15/47		7,000		7,665
JPMorgan Chase & Co.
2.30%, 08/15/21 (a)		31,000		30,706
2.55%, 10/29/20 (a)		20,000		20,051
3.30%, 04/01/26 (a)		20,000		20,140
3.63%, 12/01/27 (a)		11,000		11,118
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88%, 07/24/38 (c)		12,000		12,321
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03%, 07/24/48 (c)		7,000		7,276
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter) 4.63%, 12/31/99 (c)		16,000		15,663
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10%, 10/29/49 (a)(c)		55,000		60,434
JPMorgan Chase & Co. (7.90% fixed rate until 04/30/18; 3.47% + 3 month USD LIBOR thereafter) 7.90%, 12/29/49 (c)		16,000		16,214
Kinder Morgan Energy Partners LP
3.50%, 09/01/23 (a)		14,000		14,045
6.38%, 03/01/41 (a)		9,000		10,445
Kinder Morgan Inc.
3.05%, 12/01/19		8,000		8,070
5.05%, 02/15/46		9,000		9,312
5.55%, 06/01/45		16,000		17,484
Kraft Heinz Foods Co. 4.38%, 06/01/46		14,000		13,867
Kreditanstalt fuer Wiederaufbau 4.50%, 07/16/18 (a)		85,000		86,234
Lee Enterprises Inc. 9.50%, 03/15/22 (h)		35,000		36,159
Lennar Corp.
4.50%, 11/15/19		8,000		8,174
4.75%, 05/30/25		11,000		11,413
4.75%, 11/29/27 (h)		15,000		15,375
Levi Strauss & Co. 5.00%, 05/01/25		26,000		27,040

	Principal Amount ($) or Number of Shares		Fair Value ($)
Lincoln National Corp. 3.63%, 12/12/26		12,000		12,260
Lithia Motors Inc. 5.25%, 08/01/25 (h)		3,000		3,128
Lowe’s Companies Inc. 3.70%, 04/15/46		2,000		2,008
LYB International Finance BV 4.88%, 03/15/44		7,000		7,835
LYB International Finance II BV 3.50%, 03/02/27		5,000		5,022
Macy’s Retail Holdings Inc. 4.30%, 02/15/43		6,000		4,824
Marathon Oil Corp. 3.85%, 06/01/25		10,000		10,173
Marathon Petroleum Corp. 3.63%, 09/15/24		15,000		15,323
Marsh & McLennan Companies Inc. 3.50%, 03/10/25		19,000		19,566
Masco Corp. 3.50%, 11/15/27		6,000		5,920
McDonald’s Corp.
3.70%, 01/30/26		7,000		7,290
4.88%, 12/09/45		8,000		9,254
Medtronic Inc. 4.63%, 03/15/45		7,000		8,145
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		20,000		21,140
Merck & Company Inc. 2.75%, 02/10/25		22,000		21,933
MetLife Inc. 4.72%, 12/15/44		12,000		13,899
MGM Resorts International
4.63%, 09/01/26		16,000		16,200
6.63%, 12/15/21		33,000		36,208
Microsoft Corp. 1.55%, 08/08/21 (a)		18,000		17,531
2.40%, 08/08/26 (a)		23,000		22,170
3.45%, 08/08/36 (a)		9,000		9,273
4.00%, 02/12/55 (a)		9,000		9,694
4.10%, 02/06/37 (a)		8,000		8,931
4.25%, 02/06/47 (a)		9,000		10,294
4.50%, 02/06/57		5,000		5,907
Molina Healthcare Inc. 4.88%, 06/15/25 (h)		16,000		15,960
Molson Coors Brewing Co.
2.10%, 07/15/21		11,000		10,777
3.00%, 07/15/26		8,000		7,828
4.20%, 07/15/46		8,000		8,163
Monsanto Co. 4.70%, 07/15/64		5,000		5,211

See Notes to Schedule of Investments and Notes to Financial Statements.

12 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Morgan Stanley
2.45%, 02/01/19 (a)		54,000		54,115
2.63%, 11/17/21 (a)		26,000		25,873
2.65%, 01/27/20 (a)		25,000		25,111
2.75%, 05/19/22		16,000		15,936
3.70%, 10/23/24 (a)		10,000		10,330
3.95%, 04/23/27 (a)		29,000		29,523
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (c)		9,000		9,291
MPLX LP 5.20%, 03/01/47		4,000		4,364
Murphy Oil Corp. 5.75%, 08/15/25		28,000		28,613
Mylan N.V.
3.15%, 06/15/21		9,000		9,046
3.95%, 06/15/26		8,000		8,063
National Retail Properties Inc. 4.00%, 11/15/25		18,000		18,427
Navient Corp. 8.00%, 03/25/20		31,000		33,519
Newell Brands Inc.
3.85%, 04/01/23		20,000		20,704
4.20%, 04/01/26		8,000		8,363
5.50%, 04/01/46		7,000		8,356
Newmont Mining Corp. 4.88%, 03/15/42		15,000		16,600
Nexen Energy ULC 6.40%, 05/15/37		9,000		11,775
NGPL PipeCo LLC 4.88%, 08/15/27 (h)		2,000		2,073
Noble Energy Inc. 3.90%, 11/15/24		19,000		19,627
Nordstrom Inc. 5.00%, 01/15/44		2,000		1,929
Northern States Power Co. 2.20%, 08/15/20		45,000		44,942
Northrop Grumman Corp.
2.08%, 10/15/20		7,000		6,943
2.55%, 10/15/22		14,000		13,895
2.93%, 01/15/25		14,000		13,905
3.25%, 01/15/28		17,000		17,029
3.85%, 04/15/45		6,000		6,075
4.03%, 10/15/47		8,000		8,350
Novartis Capital Corp. 3.00%, 11/20/25		3,000		3,031
NRG Energy Inc. 6.25%, 07/15/22		26,000		27,040
Nucor Corp. 4.13%, 09/15/22		8,000		8,453
NuStar Logistics LP 4.80%, 09/01/20		16,000		16,210

	Principal Amount ($) or Number of Shares		Fair Value ($)
Occidental Petroleum Corp. 4.10%, 02/15/47		8,000		8,486
Omnicom Group Inc. 3.63%, 05/01/22		17,000		17,575
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (h)		2,000		2,079
Oracle Corp.
1.90%, 09/15/21		18,000		17,703
2.40%, 09/15/23		12,000		11,855
3.25%, 11/15/27		13,000		13,221
3.80%, 11/15/37		5,000		5,252
4.00%, 07/15/46 - 11/15/47		14,000		14,893
Pacific Gas & Electric Co. 3.40%, 08/15/24		68,000		69,246
PacifiCorp 6.25%, 10/15/37		10,000		13,731
Packaging Corporation of America 3.40%, 12/15/27		15,000		15,072
Parker-Hannifin Corp. 3.25%, 03/01/27		46,000		46,369
Penske Automotive Group Inc. 5.38%, 12/01/24		10,000		10,150
PepsiCo Inc. 3.45%, 10/06/46		6,000		5,820
Petroleos Mexicanos
5.63%, 01/23/46 (a)		10,000		9,297
6.38%, 01/23/45 (a)		12,000		12,114
6.50%, 03/13/27 (h)		25,000		27,411
6.75%, 09/21/47		20,000		20,947
PetSmart Inc. 5.88%, 06/01/25 (h)		20,000		15,200
Pfizer Inc. 3.00%, 12/15/26		14,000		14,095
4.13%, 12/15/46		9,000		9,968
4.40%, 05/15/44		6,000		6,876
Philip Morris International Inc. 4.13%, 03/04/43		13,000		13,418
Phillips 66 Partners LP 3.75%, 03/01/28		14,000		13,987
4.68%, 02/15/45		8,000		8,202
Plains All American Pipeline LP/PAA Finance Corp. 4.70%, 06/15/44		8,000		7,488
5.75%, 01/15/20		8,000		8,428
Potash Corporation of Saskatchewan Inc. 4.00%, 12/15/26 (a)		5,000		5,197
PPL Capital Funding Inc. 3.10%, 05/15/26 (a)		32,000		31,410
Precision Castparts Corp. 4.38%, 06/15/45 (a)		12,000		13,506

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 13

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Prudential Financial Inc. (4.50% fixed rate until 09/15/27; 2.38% + 3 month USD LIBOR thereafter) 4.50%, 09/15/47 (c)		8,000		8,105
Prudential Financial Inc. (5.38% fixed rate until 05/15/25; 3.03% + 3 month USD LIBOR thereafter) 5.38%, 05/15/45 (a)(c)		19,000		20,420
Public Service Electric & Gas Co. 2.38%, 05/15/23 (a)		48,000		47,211
PulteGroup Inc. 4.25%, 03/01/21 (a)		10,000		10,294
5.50%, 03/01/26 (a)		20,000		21,700
QUALCOMM Inc. 2.90%, 05/20/24		2,000		1,952
3.00%, 05/20/22		8,000		8,015
3.25%, 05/20/27		5,000		4,879
4.30%, 05/20/47		5,000		5,042
Realty Income Corp. 3.00%, 01/15/27 (a)		15,000		14,364
Republic Services Inc. 3.38%, 11/15/27		6,000		6,053
Reynolds American Inc. 4.45%, 06/12/25 (a)		8,000		8,531
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (a)		10,000		10,820
Rogers Communications Inc. 5.00%, 03/15/44 (a)		6,000		6,915
RPM International Inc. 3.75%, 03/15/27 (a)		11,000		11,146
Ryder System Inc. 2.45%, 09/03/19 (a)		53,000		52,964
Sabine Pass Liquefaction LLC 4.20%, 03/15/28		12,000		12,183
5.00%, 03/15/27		6,000		6,414
Santander Holdings USA Inc. 2.65%, 04/17/20		29,000		28,964
3.70%, 03/28/22 (a)(h)		27,000		27,358
4.40%, 07/13/27 (h)		10,000		10,234
Schlumberger Holdings Corp. 3.00%, 12/21/20 (a)(h)		12,000		12,155
Select Income REIT 4.25%, 05/15/24 (a)		17,000		16,859
Shell International Finance BV 2.88%, 05/10/26 (a)		24,000		23,938
3.40%, 08/12/23 (a)		9,000		9,332
3.75%, 09/12/46 (a)		7,000		7,141
4.13%, 05/11/35 (a)		9,000		9,862
Shire Acquisitions Investments Ireland DAC 2.40%, 09/23/21 (a)		7,000		6,887

	Principal Amount ($) or Number of Shares		Fair Value ($)
2.88%, 09/23/23 (a)		7,000		6,871
3.20%, 09/23/26 (a)		5,000		4,885
Simon Property Group LP 3.38%, 06/15/27		16,000		16,113
Sinclair Television Group Inc. 5.38%, 04/01/21 (a)		45,000		45,787
Smithfield Foods Inc. 2.70%, 01/31/20 (a)(h)		8,000		7,948
4.25%, 02/01/27 (a)(h)		13,000		13,341
Southern California Edison Co. 2.40%, 02/01/22 (a)		20,000		19,821
Southern Copper Corp. 5.88%, 04/23/45 (a)		8,000		9,681
Spectra Energy Partners LP 3.38%, 10/15/26 (a)		2,000		1,974
4.50%, 03/15/45 (a)		5,000		5,158
Sprint Corp. 7.63%, 02/15/25		42,000		43,890
Standard Industries Inc. 5.38%, 11/15/24 (h)		52,000		54,340
Statoil ASA 3.95%, 05/15/43		11,000		11,491
Suncor Energy Inc. 4.00%, 11/15/47		3,000		3,068
Sunoco Logistics Partners Operations LP 5.40%, 10/01/47		13,000		13,122
Sysco Corp. 3.25%, 07/15/27		10,000		10,004
T-Mobile USA Inc. 6.63%, 04/01/23 (a)		27,000		28,013
Tampa Electric Co. 4.35%, 05/15/44 (a)		19,000		20,628
Target Corp. 2.50%, 04/15/26 (a)		17,000		16,340
Teachers Insurance & Annuity Association of America 4.90%, 09/15/44 (a)(h)		11,000		12,583
Teck Resources Ltd. 4.75%, 01/15/22		14,000		14,543
Tenet Healthcare Corp. 4.75%, 06/01/20 (a)		16,000		16,340
6.00%, 10/01/20 (a)		44,000		46,420
Teva Pharmaceutical Finance Netherlands III BV 1.40%, 07/20/18		27,000		26,810
1.70%, 07/19/19		37,000		35,950
3.15%, 10/01/26 (a)		15,000		12,387
4.10%, 10/01/46 (a)		5,000		3,816
The Allstate Corp. 4.20%, 12/15/46		8,000		8,737

See Notes to Schedule of Investments and Notes to Financial Statements.

14 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75%, 08/15/53 (c)		25,000		27,287
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter) 2.66%, 05/16/23 (a)(c)		18,000		17,951
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63%, 12/29/49 (a)(c)		50,000		50,812
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65%, 12/31/99 (c)		22,000		21,874
The Dow Chemical Co. 4.25%, 10/01/34		20,000		21,007
The Goldman Sachs Group Inc. 2.30%, 12/13/19		51,000		50,893
2.35%, 11/15/21 (a)		24,000		23,628
2.38%, 01/22/18 (a)		56,000		56,011
2.63%, 04/25/21		26,000		25,986
2.90%, 07/19/18 (a)		30,000		30,127
3.85%, 01/26/27 (a)		14,000		14,374
4.25%, 10/21/25		7,000		7,312
4.80%, 07/08/44		19,000		21,732
5.15%, 05/22/45		19,000		22,058
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91%, 06/05/23 (c)		33,000		32,756
The Goldman Sachs Group Inc. (3.27% fixed rate until 09/29/24; 1.20% + 3 month USD LIBOR thereafter) 3.27%, 09/29/25 (c)		16,000		15,925
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) 4.02%, 10/31/38 (c)		8,000		8,231
The Home Depot Inc.
3.35%, 09/15/25 (a)		4,000		4,129
3.50%, 09/15/56		11,000		10,573
3.90%, 06/15/47		9,000		9,494

	Principal Amount ($) or Number of Shares		Fair Value ($)
The Kroger Co.
2.95%, 11/01/21		26,000		26,263
4.65%, 01/15/48		9,000		9,251
The Mosaic Co. 5.63%, 11/15/43		5,000		5,412
The Nielsen Company Luxembourg Sarl 5.00%, 02/01/25 (h)		16,000		16,560
The Sherwin-Williams Co.
2.25%, 05/15/20 (a)		13,000		12,962
2.75%, 06/01/22 (a)		7,000		6,979
4.50%, 06/01/47 (a)		4,000		4,389
The Southern Co. 4.40%, 07/01/46 (a)		8,000		8,549
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter) 5.50%, 03/15/57 (a)(c)		16,000		16,949
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) 3.63%, 09/15/31 (a)(c)		36,000		35,884
The Walt Disney Co. 4.13%, 06/01/44		8,000		8,639
Time Warner Cable LLC
4.50%, 09/15/42 (a)		5,000		4,672
6.55%, 05/01/37 (a)		11,000		12,864
Time Warner Inc. 5.35%, 12/15/43 (a)		20,000		22,152
Tyco Electronics Group S.A.
2.35%, 08/01/19 (a)		35,000		34,970
3.13%, 08/15/27		13,000		12,935
Tyson Foods Inc.
2.65%, 08/15/19 (a)		7,000		7,032
4.55%, 06/02/47		6,000		6,553
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13%, 12/29/49 (a)(c)		45,000		46,800
Union Pacific Corp.
3.60%, 09/15/37		4,000		4,119
4.10%, 09/15/67		6,000		6,276
United Technologies Corp.
2.65%, 11/01/26 (a)		18,000		17,351
3.75%, 11/01/46 (a)		6,000		5,985
UnitedHealth Group Inc. 4.75%, 07/15/45 (a)		12,000		14,140
Vale Overseas Ltd.
4.38%, 01/11/22 (a)		12,000		12,426
5.88%, 06/10/21 (a)		24,000		26,179
6.25%, 08/10/26 (a)		15,000		17,402
6.88%, 11/10/39 (a)		8,000		9,824

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 15

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
Valeant Pharmaceuticals International Inc. 7.00%, 03/15/24 (h)		28,000		30,100
Valvoline Inc. 4.38%, 08/15/25		13,000		13,096
Ventas Realty LP 3.25%, 10/15/26 (a)		25,000		24,393
Verizon Communications Inc.
3.38%, 02/15/25 (h)		8,000		8,043
4.40%, 11/01/34 (a)		17,000		17,302
4.67%, 03/15/55 (a)		10,000		9,696
4.86%, 08/21/46 (a)		24,000		24,994
5.01%, 04/15/49		7,000		7,338
5.25%, 03/16/37 (a)		9,000		9,899
Viacom Inc.
3.45%, 10/04/26 (a)		11,000		10,507
5.25%, 04/01/44		3,000		2,958
Virginia Electric & Power Co. 4.00%, 11/15/46 (a)		13,000		13,916
Visa Inc.
3.15%, 12/14/25 (a)		10,000		10,220
4.30%, 12/14/45 (a)		9,000		10,251
Vornado Realty LP 3.50%, 01/15/25		10,000		9,996
Vulcan Materials Co. 3.90%, 04/01/27		8,000		8,180
Wabtec Corp. 3.45%, 11/15/26		2,000		1,956
Wal-Mart Stores Inc. 3.63%, 12/15/47		8,000		8,387
Walgreens Boots Alliance Inc. 4.65%, 06/01/46		6,000		6,336
WEC Energy Group Inc. 3.55%, 06/15/25		19,000		19,477
WellCare Health Plans Inc. 5.25%, 04/01/25		19,000		20,093
Wells Fargo & Co.
2.63%, 07/22/22		28,000		27,837
3.90%, 05/01/45 (a)		11,000		11,391
4.75%, 12/07/46 (a)		10,000		11,153
Wells Fargo & Co. (3.58% fixed rate until 05/22/27; 1.31% + 3 month USD LIBOR thereafter) 3.58%, 05/22/28 (a)(c)		14,000		14,263
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88%, 12/29/49 (a)(c)		32,000		35,442
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90%, 12/29/49 (c)		29,000		31,021

	Principal Amount ($) or Number of Shares		Fair Value ($)
Wells Fargo & Co. (7.98% fixed rate until 03/15/18; 3.77% + 3 month USD LIBOR thereafter) 7.98%, 03/29/49 (c)		16,000		16,164
Western Digital Corp. 7.38%, 04/01/23 (h)		5,000		5,388
Western Gas Partners LP 5.38%, 06/01/21		9,000		9,536
Westlake Chemical Corp.
3.60%, 08/15/26		7,000		7,058
4.38%, 11/15/47		2,000		2,068
5.00%, 08/15/46		7,000		7,856
WestRock Co. 3.00%, 09/15/24 (h)		10,000		9,897
Williams Partners LP
3.75%, 06/15/27		7,000		7,013
4.90%, 01/15/45		7,000		7,427
5.40%, 03/04/44		4,000		4,510
Willis North America Inc. 3.60%, 05/15/24		16,000		16,248
WPP Finance 2010 3.75%, 09/19/24		17,000		17,377
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/27 (h)		18,000		18,236
Xilinx Inc. 2.95%, 06/01/24		9,000		8,943
XLIT Ltd. 5.25%, 12/15/43		6,000		6,840
XPO Logistics Inc. 6.50%, 06/15/22 (h)		17,000		17,744
Yamana Gold Inc. 4.63%, 12/15/27 (h)		10,000		10,059
Zoetis Inc. 3.00%, 09/12/27		7,000		6,841
				8,309,887
Non-Agency Collateralized Mortgage Obligations - 3.9%
American Tower Trust I (REIT) 1.55%, 03/15/43 (h)		72,000		71,902
BXP Trust 2017-GM 3.38%, 06/13/39 (h)		61,000		62,314
Citigroup Commercial Mortgage Trust 2016-P6
3.72%, 12/10/49 (c)		98,309		102,774
4.03%, 12/10/49 (c)		31,273		32,661
COMM 2014-CR14 Mortgage Trust 4.53%, 02/10/47 (c)		25,000		26,684
GS Mortgage Securities Corp. II 3.47%, 11/10/50		63,977		65,520
GS Mortgage Securities Trust 2016-GS3 2.85%, 10/10/49		68,000		66,734

See Notes to Schedule of Investments and Notes to Financial Statements.

16 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

	Principal Amount ($) or Number of Shares		Fair Value ($)
GS Mortgage Securities Trust 2017-GS5 3.67%, 03/10/50		73,990		77,589
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.03%, 07/15/45 (c)		15,000		15,661
LB-UBS Commercial Mortgage Trust 2007-C6
6.11%, 07/15/40 (c)		7,946		7,942
6.11%, 07/15/40 (h)		15,824		15,821
MASTR Alternative Loan Trust 2003-5 5.00%, 08/25/18 (e)		1,508		13
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.38%, 02/15/48 (c)(e)		321,152		21,766
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 0.96%, 03/15/48 (c)(e)		384,289		19,316
Morgan Stanley Capital I Trust 2006-IQ11 6.25%, 10/15/42 (c)		50,000		52,095
Morgan Stanley Capital I Trust 2006-T21 5.27%, 10/12/52 (c)		11,142		11,133
Morgan Stanley Capital I Trust 2007-IQ16 6.12%, 12/12/49 (c)		978		978
Morgan Stanley Capital I Trust 2008-T29 6.31%, 01/11/43 (c)		2,925		2,923
Morgan Stanley Capital I Trust 2016-UBS9 1.24%, 03/15/49 (c)(e)		308,155		21,531
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64%, 03/15/50		43,392		45,037
WFRBS Commercial Mortgage Trust 2013-C17 4.26%, 12/15/46		25,000		26,327
WFRBS Commercial Mortgage Trust 2014-C25 3.80%, 11/15/47 (c)(h)		10,000		7,563
WFRBS Commercial Mortgage Trust 2014-LC14
4.35%, 03/15/47 (c)		58,000		61,375
4.59%, 03/15/47 (c)(h)		44,980		35,800
				851,459
Sovereign Bonds - 0.3%
Government of Mexico
4.00%, 10/02/23		14,000		14,670
4.75%, 03/08/44		24,000		24,277

	Principal Amount ($) or Number of Shares		Fair Value ($)
Government of Peru 5.63%, 11/18/50		13,000		16,705
Government of Uruguay 5.10%, 06/18/50		14,499		16,157
				71,809
Municipal Bonds and Notes - 0.7%
American Municipal Power Inc. 6.27%, 02/15/50		15,000		19,625
New Jersey Transportation Trust Fund Authority 6.88%, 12/15/39		15,000		15,582
Port Authority of New York & New Jersey 4.46%, 10/01/62		40,000		46,189
State of California 5.70%, 11/01/21		40,000		44,602
State of Illinois 5.10%, 06/01/33		10,000		9,983
The University of Texas System 3.35%, 08/15/47		10,000		10,056
				146,037
FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (i)(j)		50,705		1,095
Total Bonds and Notes (Cost $21,362,059)				21,629,566
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR(Cost $23,300) (c)		932		25,164
Total Investments in Securities (Cost $21,385,359)				21,654,730
Short-Term Investments - 2.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25%(Cost $587,481) (a)(f)(k)		587,481		587,481
Total Investments (Cost $21,972,840)				22,242,211
Liabilities in Excess of Other Assets, net - (1.8)%				(395,199	)
NET ASSETS - 100.0%				21,847,012

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 17

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2017

Other Information:

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate		Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Depreciation
Markit CDX North America Investment Grade Index	CME Group Inc.	$	570		1.00%		Quarterly		12/20/22	$	(13,592	)	$	(12,177	)	$	(1,415	)

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Received Fixed Rate/ Payment Frequency		Floating Rate		Contract annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group Inc.	$	160		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.62%		10/16/43	$	(1,464	)	$	—	$	(1,464	)
CME Group Inc.		48		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.65%		10/10/43		(694	)		1		(695	)
CME Group Inc.		61		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.65%		11/07/43		(854	)		—		(854	)
CME Group Inc.		98		Receives/ Quarterly		3 month U.S. Dollar LIBOR		2.67%		10/24/43		(1,865	)		—		(1,865	)
																$	(4,878	)
																$	(6,293	)

During the fiscal year ended December 31, 2017, the Fund had an average notional value of $1,207,612 on swap contracts.

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation (Depreciation)
Ultra Long-Term U.S. Treasury Bond Futures		March 2018		5		834,024	$	838,281	$	4,256
5 Yr. U.S. Treasury Notes Futures		March 2018		18		2,101,434		2,090,953		(10,481	)
10 Yr. U.S. Treasury Notes Futures		March 2018		11		1,366,987		1,364,516		(2,471	)
									$	(8,696	)

The Fund had the following short futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount			Current Notional Value			Unrealized Appreciation
U.S. Long Bond Futures		March 2018		4		(612,846	)	$	(612,000	)	$	846
2 Yr. U.S. Treasury Notes Futures		March 2018		6		(1,287,614	)		(1,284,656	)		2,958
10 Yr. U.S. Treasury Ultra Futures		March 2018		4		(536,034	)		(534,250	)		1,784
											$	5,588
											$	(3,108	)

During the fiscal year ended December 31, 2017, the Fund had average notional values of $3,555,039 and $2,242,093 on long futures contracts and short futures contracts, respectively.

See Notes to Schedule of Investments and Notes to Financial Statements.

18 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures, swaps, and/or TBA’s.

(b) Step coupon bond.

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2017.

(d) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.

(e) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(f) Coupon amount represents effective yield.

(g) Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(h) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions

exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to $1,230,180 or 5.63% of the net assets of the State Street Income V.I.S. Fund. These securities have been determined to be liquid using procedures established by State Street Variable Insurance Series Funds, Inc.’s Board of Directors (the “Board”).

(i) Security is in default.

(j) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the Board. Security value is determined based on level 3 inputs.

(k) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

† Percentages are based on net assets as of December 31, 2017.

** Amount is less than $0.50.

* Less than 0.05%.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasuries	$	—	$	8,880,127	$	—	$	8,880,127
Agency Mortgage Backed		—		2,725,221		—		2,725,221
Agency Collateralized Mortgage Obligations		—		96,743		—		96,743
Asset Backed		—		547,188		—		547,188
Corporate Notes		—		8,309,887		—		8,309,887
Non-Agency Collateralized Mortgage Obligations		—		851,459		—		851,459
Sovereign Bonds		—		71,809		—		71,809
Municipal Bonds and Notes		—		146,037		—		146,037
FNMA (TBA)		—		—		1,095		1,095
Preferred Stock		25,164		—		—		25,164
Short-Term Investments		587,481		—		—		587,481
Total Investments in Securities	$	612,645	$	21,628,471	$	1,095	$	22,242,211

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Income V.I.S. Fund 19

State Street Income V.I.S. Fund

Notes to Schedule of Investments, continued — December 31, 2017

Investments	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Credit Default Swap Contracts - Unrealized Depreciation	$	—		$	(1,415	)	$	—	$	(1,415	)
Interest Rate Swap Contracts - Unrealized Depreciation		—			(4,878	)		—		(4,878	)
Long Futures Contracts - Unrealized Appreciation		4,256			—			—		4,256
Long Futures Contracts - Unrealized Depreciation		(12,952	)		—			—		(12,952	)
Short Futures Contracts - Unrealized Appreciation		5,588			—			—		5,588
Total Other Financial Instruments	$	(3,108	)	$	(6,293	)	$	—	$	(9,401	)

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		3,403,695	$	3,403,695	$	11,063,374	$	13,879,588		587,481	$	587,481	$	15,871

See Notes to Schedule of Investments and Notes to Financial Statements.

20 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date														1/3/95
Net asset value, beginning of period	$	11.37		$	11.25		$	11.56		$	11.25		$	11.71
Income/(loss) from investment operations:
Net investment income		0.19	(a)		0.24			0.25			0.27			0.30
Net realized and unrealized gains/(losses) on investments		0.18			0.09			(0.30	)		0.31			(0.46	)
Total income/(loss) from investment operations		0.37			0.33			(0.05	)		0.58			(0.16	)
Less distributions from:
Net investment income		0.25			0.21			0.26			0.27			0.30
Total distributions		0.25			0.21			0.26			0.27			0.30
Net asset value, end of period	$	11.49		$	11.37		$	11.25		$	11.56		$	11.25
Total Return(b)		3.25	%		2.98	%		(0.42	)%		5.12	%		(1.34	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	21,847		$	25,582		$	28,375		$	32,668		$	34,788
Ratios to average net assets:
Net expenses		1.36	%		1.15	%		1.06	%(c)		0.91	%(d)		0.79	%(d)
Gross expenses		1.36	%		1.15	%		1.11	%		0.91	%		0.80	%
Net investment income		1.62	%		1.98	%		2.06	%		2.14	%		2.41	%
Portfolio turnover rate		255	%		220	%		241	%		282	%		256	%

Notes to Financial Highlights

^(a) Per share values have been calculated using the average share method.

^(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

^(c) Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

^(d) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

^* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

Financial Highlights 21

State Street Income V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $21,385,359)	$	21,654,730
Short-term affiliated investments, at fair value		587,481
Cash		9,397
Receivable for investments sold		8,234
Income receivables		144,539
Receivable for fund shares sold		399
Income receivable from affiliated investments		601
Variation margin receivable on open futures contracts		3,262
Other assets		416
Total assets		22,409,059
Liabilities
Payable for investments purchased		496,509
Payable for fund shares redeemed		652
Payable for variation margin on open centrally cleared swap contracts		3,693
Payable to the Adviser (Note 4)		9,273
Payable to the Custodian (Note 4)		12,786
Accrued other expenses		39,134
Total liabilities		562,047
Net Assets	$	21,847,012
Net Assets Consist of:
Capital paid in	$	21,727,598
Undistributed (distributions in excess of) net investment income		8,327
Accumulated net realized loss		(148,883	)
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		269,371
Futures		(3,108	)
Swap contracts		(6,293	)
Net Assets	$	21,847,012
Shares outstanding ($0.01 par value; unlimited shares authorized)		1,901,901
Net asset value per share	$	11.49

The accompanying Notes are an integral part of these financial statements.

22 Statement of Assets and Liabilities

State Street Income V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	6,506
Interest		672,744
Income from affiliated investments		15,871
Total income		695,121
Expenses
Advisory and administration fees (Note 5)		117,643
Directors’ fees (Note 6)		1,793
Custody and accounting expenses — net (Note 5)		143,484
Professional fees		32,960
Other expenses		20,916
Total expenses		316,796
Net investment income	$	378,325
Net Realized and Unrealized Gain (loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	214,499
Futures		(22,381	)
Written options		6,766
Swap contracts		(69,931	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		246,733
Futures		3,849
Swap contracts		15,909
Net realized and unrealized gain (loss) on investments		395,444
Net Increase in Net Assets Resulting from Operations	$	773,769

The accompanying Notes are an integral part of these financial statements.

Statement of Operations 23

State Street Income V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	378,325		$	541,644
Net realized gain (loss) on investments, futures, options and swap contracts		128,953			55,048
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		266,491			256,314
Net increase (decrease) from operations		773,769			853,006
Distributions to shareholders from:
Net investment income		(460,900	)		(475,102	)
Total distributions		(460,900	)		(475,102	)
Increase (decrease) in assets from operations and distributions		312,869			377,904
Share transactions:
Proceeds from sale of shares		352,577			818,231
Value of distributions reinvested		460,900			475,102
Cost of shares redeemed		(4,860,905	)		(4,465,035	)
Net increase (decrease) from share transactions		(4,047,428	)		(3,171,702	)
Total increase (decrease) in net assets		(3,734,559	)		(2,793,798	)
Net Assets
Beginning of year		25,581,571			28,375,369
End of year	$	21,847,012		$	25,581,571
Undistributed (distributions in excess of) net investment income, end of year	$	8,327		$	—
Changes in Fund Shares
Shares sold		30,432			70,408
Issued for distributions reinvested		40,253			41,970
Shares redeemed		(419,395	)		(384,334	)
Net decrease in fund shares		(348,710	)		(271,956	)

The accompanying Notes are an integral part of these financial statements.

24 Statement of Changes in Net Assets

State Street Income V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the “Fund”) and State Street Real Estate Securities V.I.S. Fund. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation  The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

Notes to Financial Statements 25

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

• Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event the advisor is unable to obtain an independent, third–party valuation the agreements will be fair valued.

• Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with valuation policy and procedures approved by the Board.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

26 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Manangement, Inc.’s (“SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities  During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions  The Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a “TBA roll” the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Notes to Financial Statements 27

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

4. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended December 31, 2017 the Fund entered into futures contracts to manage interest rate exposure.

Options on Futures Contracts  The Fund may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A fund will not enter into a transaction involving options for speculative purposes. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When the Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

For the year ended December 31, 2017, the Fund purchased and wrote options in order to hedge against changes in market conditions and interest rates.

Credit Default Swaps  During the year ended December 31, 2017, the Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is

28 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps  Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the year ended December 31, 2017, the Fund entered into interest rate swaps in order to manage exposure to interest rates.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Income V.I.S. Fund
Futures Contracts(a)	$	9,844	$	—	$	—	$	—	$	—	$	9,844

(a) Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Liability Derivatives

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Income V.I.S. Fund
Futures Contracts(a)	$	(12,952	)	$	—	$	—		$	—	$	—	$	(12,952	)
Swap Contracts(b)		(4,878	)		—		(1,415	)		—		—		(6,293	)

(a) Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

(b) Unrealized depreciation on swap contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Notes to Financial Statements 29

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Net Realized Gain (Loss)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total
StateStreet Income V.I.S. Fund
Futures Contracts	$	(22,381	)	$	—	$	—		$	—		$	—	$	(22,381	)
Swap Contracts		(693	)		—		(69,238	)		—			—		(69,931	)
Purchased Option Contracts(a)		—			—		—			(9,433	)		—		(9,433	)
Written Option Contracts		—			—		—			6,766			—		6,766

(a) Options purchased are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Income V.I.S. Fund
Futures Contracts	$	3,849		$	—	$	—	$	—	$	—	$	3,849
Swap Contracts		(4,878	)		—		20,787		—		—		15,909

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Schedule of Investments.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2017 were as follows:

U.S. Government Securities
Purchases			Sales
	$	52,511,672		$	53,079,459

Non-U.S. Government Securities
Purchases			Sales
	$	6,422,011		$	9,362,699

30 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

8. Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for swap contracts, futures contracts, paydown losses, straddle loss deferrals, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	460,900		$	—		$	460,900

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	475,102		$	—		$	475,102

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*				Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	8,327		$	(128,067	)		$	—		$	239,154		$	—		$	119,414

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non-Expiring Short-Term*			Non-Expiring Long-Term*
	$	72,179		$	55,888

* Must be utilized prior to losses subject to expiration.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
	$	21,976,308		$437,477		$(180,975)		$256,502

9. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

Notes to Financial Statements 31

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

10. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.

Foreign and Emerging Markets Risk  Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

32 Notes to Financial Statements

State Street Income V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and Shareholders of State Street Income V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Income V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street Income V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

Report of Independent Registered Public Accounting Firm 33

State Street Income V.I.S. Fund

Additional Information — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).

34 Additional Information

State Street Income V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A

Additional Information 35

State Street Income V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*	N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).	N/A	N/A
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).	N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).	N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

36 Additional Information

State Street Income V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

Additional Information 37

State Street Income V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

38 Investment Team

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		8
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Notes to Financial Statements		12
Report of Independent Registered Public Accounting Firm		17
Tax Information		18
Additional Information		19
Sub-Advisory Agreement Approval		23
Investment Team		26

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Real Estate Securities V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance page relates to the State Street Real Estate Securities V.I.S Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free
(800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

FTSE NAREIT Equity REITs Index is an unmanaged index of all tax-qualified equity real estate investment trusts (“REITs”) (except Timber REITs or Infrastructure REITs) listed on the New York Stock Exchange, American Stock Exchange and NASDAQ which have 75% or more of their gross invested book assets invested directly or indirectly in the equity ownership of real estate. The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street Real Estate Securities V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street Real Estate Securities V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the Fund returned 5.84%. The FTSE NAREIT Equity REITs Index, the Fund’s benchmark, returned 5.23% and the Fund’s Morningstar peer group of 47 U.S. Insurance Real Estate funds returned an average of 5.43% over the same period.

Q. What market factors affected the Fund’s performance?

A. Considering the market’s optimism for faster economic growth and tax reform, it is not surprising that more cyclically sensitive stocks outperformed defensive, yield-oriented stocks over 2017. The 10-year U.S. Treasury yield was generally range bound all year, bouncing back and forth based on the market’s expectation for near-term Fed policy. The REIT market too was generally range bound all year. REIT share prices were flat, but thanks to the high dividend component REITs generated an overall positive total return for the year. There was generally wide dispersion in property-type performance all year. Those property-types with a secular growth theme like data centers, industrial or single-family residential and those with shorter lease durations like hotels and apartments fared the best. Property types with longer-lease durations which are unable to immediately enjoy the benefit of faster economic growth and those sectors with a negative secular trend like retail performed relatively poorly all year.

Q. What were the primary drivers of Fund performance?

A. On a net-of-fees basis, the Fund outperformed its benchmark by 61 bps in 2017. The positive contribution from stock selection was broad-based with exposure to hotels, alternative housing, regional malls, infill office, and self-storage generating strong alpha, somewhat offset by negative alpha by exposure to suburban office and diversified. Sector selection outperformance was driven by overweights to industrial and data centers relative to the Index, though the underweight to specialty did detract somewhat to relative performance.

2 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

July 1, 2017 — December 31, 2017

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,040.70	$	1,020.01
Expenses paid during the period*	$	5.30	$	5.24

* Expenses are equal to the Fund’s annualized expense ratio of 1.03%** (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Real Estate Securities V.I.S. Fund 3

State Street Real Estate Securities V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		47			45			39
Peer group average annual total return		5.43	%		8.50	%		6.97	%
Morningstar Category in peer group: U.S. Insurance Real Estate

Top Ten Largest Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

Simon Property Group Inc.	6.68	%
Equinix Inc.	6.08	%
Prologis Inc. REIT	5.28	%
AvalonBay Communities Inc.	5.08	%
Boston Properties Inc.	3.23	%
Healthcare Trust of America Inc., Class A	2.98	%
CubeSmart	2.97	%
Iron Mountain Inc.	2.86	%
HCP Inc.	2.68	%
Alexandria Real Estate Equities Inc.	2.51	%

Sector Allocation as of December 31, 2017

Portfolio composition as a % of Fair Value of $61,288 (in thousands) as of December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception date: 5/01/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Real Estate Securities V.I.S. Fund		5.84	%		10.09	%		8.80	%	$	23,239
FTSE NAREIT Equity REITs Index		5.23	%		9.46	%		7.44	%	$	20,490

4 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Real Estate Securities V.I.S. Fund 5

State Street Real Estate Securities V.I.S. Fund

Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Common Stock (REITs) - 98.8%†
Alternate Housing - 6.4%
American Homes 4 Rent, Class A		63,240		1,381,161
Invitation Homes Inc.		51,810		1,221,162
Sun Communities Inc.		14,720		1,365,722
				3,968,045
Diversified - 5.1%
JBG SMITH Properties		17,980		624,445
VEREIT Inc.		165,350		1,288,077
Vornado Realty Trust		15,500		1,211,790
				3,124,312
Freestanding - 2.8%
Realty Income Corp.		15,450		880,959
STORE Capital Corp.		33,320		867,653
				1,748,612
Healthcare - 8.7%
HCP Inc.		62,950		1,641,736
Healthcare Trust of America Inc., Class A		60,868		1,828,475
Medical Properties Trust Inc.		40,047		551,848
Welltower Inc.		20,850		1,329,604
				5,351,663
Hotel - 6.2%
Chesapeake Lodging Trust		16,300		441,567
Hilton Worldwide Holdings Inc.		10,640		849,710
Host Hotels & Resorts Inc.		28,070		557,189
LaSalle Hotel Properties		29,670		832,837
Park Hotels & Resorts Inc.		22,389		643,684
Sunstone Hotel Investors Inc.		30,160		498,545
				3,823,532
Industrial - 9.5%
DCT Industrial Trust Inc.		11,890		698,894
Duke Realty Corp.		42,985		1,169,622
Prologis Inc. REIT		50,130		3,233,886
STAG Industrial Inc.		28,970		791,750
				5,894,152
Multifamily - 12.2%
Apartment Investment & Management Co., Class A		21,060		920,533
AvalonBay Communities Inc.		17,440		3,111,470
Camden Property Trust		10,670		982,280
Essex Property Trust Inc.		4,910		1,185,127
UDR Inc.		34,320		1,322,006
				7,521,416

	Number of Shares		Fair Value $
Office - 15.4%
Alexandria Real Estate Equities Inc.		11,780		1,538,350
Boston Properties Inc.		15,220		1,979,056
Columbia Property Trust Inc.		22,460		515,457
Corporate Office Properties Trust		24,790		723,868
Cousins Properties Inc.		60,160		556,480
Douglas Emmett Inc.		15,880		652,033
Highwoods Properties Inc.		17,940		913,325
Hudson Pacific Properties Inc.		20,607		705,790
Kilroy Realty Corp.		11,220		837,573
Mack-Cali Realty Corp.		49,130		1,059,243
				9,481,175
Regional Malls - 9.5%
GGP Inc.		57,780		1,351,474
Simon Property Group Inc.		23,860		4,097,717
Taubman Centers Inc.		5,900		386,037
				5,835,228
Self Storage - 5.3%
CubeSmart		62,885		1,818,634
Extra Space Storage Inc.		8,080		706,596
Public Storage		3,640		760,760
				3,285,990
Shopping Centers - 6.2%
DDR Corp.		49,730		445,581
Kimco Realty Corp.		32,930		597,680
Regency Centers Corp.		18,630		1,288,823
Urban Edge Properties		25,553		651,346
Weingarten Realty Investors		25,923		852,089
				3,835,519
Specialty - 11.5%
CyrusOne Inc.		18,790		1,118,569
Equinix Inc.		8,230		3,730,001
Iron Mountain Inc.		46,413		1,751,162
QTS Realty Trust Inc., Class A		9,070		491,231
				7,090,963
Total Common Stock (REITs) (Cost $56,716,142)				60,960,607
Short-Term Investments - 0.6%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $327,393) (a)(b)		327,393		327,393
Total Investments (Cost $57,043,535)				61,288,000
Other Assets and Liabilities, net - 0.6%				396,898
NET ASSETS - 100.0%				61,684,898

See Notes to Schedule of Investments and Notes to Financial Statements.

6 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Notes to Schedule of Investments — December 31, 2017

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Coupon amount represents effective yield.

(b) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

† Percentages are based on net assets as of December 31, 2017.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	60,960,607	$	—	$	—	$	60,960,607
Short-Term Investments		327,393		—		—		327,393
Total Investments in Securities	$	61,288,000	$	—	$	—	$	61,288,000

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		741,322	$	741,322	$	16,589,698	$	17,003,627		327,393	$	327,393	$	2,994

See Notes to Schedule of Investments and Notes to Financial Statements.

State Street Real Estate Securities V.I.S. Fund 7

State Street Real Estate Securities V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date														5/1/95
Net asset value, beginning of period	$	12.37		$	13.30		$	14.74		$	12.68		$	13.27
Income/(loss) from investment operations:
Net investment income		0.15	(a)		0.31			0.29			0.28			0.19
Net realized and unrealized gains/(losses) on investments		0.57			0.71			0.41			3.79			0.16
Total income from investment operations		0.72			1.02			0.70			4.07			0.35
Less distributions from:
Net investment income		0.22			0.35			0.28			0.29			0.20
Net realized gains		0.55			1.60			1.86			1.72			0.74
Total distributions		0.77			1.95			2.14			2.01			0.94
Net asset value, end of period	$	12.32		$	12.37		$	13.30		$	14.74		$	12.68
Total return(b)		5.84	%		8.00	%		4.56	%		31.90	%		2.60	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	61,685		$	72,483		$	78,912		$	91,007		$	102,603
Ratios to average net assets:
Net expenses		1.01	%		0.97	%		0.95	%		0.94	%(c)		0.96	%(c)
Gross expenses		1.01	%		0.97	%		0.95	%		0.94	%		0.96	%
Net investment income		1.16	%		1.95	%		1.80	%		1.57	%		1.50	%
Portfolio turnover rate		73	%		67	%		57	%		53	%		82	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

8 Financial Highlights

State Street Real Estate Securities V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $56,716,142)	$	60,960,607
Short-term affiliated investments, at fair value		327,393
Receivable for investments sold		125,429
Income receivables		324,366
Income receivables from affiliated investments		252
Receivable for fund shares sold		32,075
Other assets		1,231
Total assets		61,771,353
Liabilities
Payable for fund shares redeemed		738
Payable to the Adviser (Note 3)		44,301
Payable to the Custodian (Note 3)		2,373
Accrued other expenses		39,043
Total liabilities		86,455
Net Assets	$	61,684,898
Net Assets Consist of:
Capital paid in	$	57,190,973
Accumulated net realized gain		249,460
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		4,244,465
Net Assets	$	61,684,898
Shares outstanding ($0.01 par value; unlimited shares authorized)		5,006,497
Net asset value per share	$	12.32

The accompanying Notes are an integral part of these financial statements.

Statement of Assets and Liabilities 9

State Street Real Estate Securities V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	1,449,867
Income from affiliated investments		2,994
Total income		1,452,861
Expenses
Advisory and administration fees (Note 3)		570,958
Directors’ fees (Note 4)		5,095
Custody and accounting expenses — net (Note 3)		32,197
Professional fees		30,878
Other expenses		35,310
Total Expenses		674,438
Net investment income	$	778,423
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on investments	$	2,190,292
Increase (decrease) in unrealized appreciation/(depreciation) on investments		873,041
Net realized and unrealized gain (loss) on investments		3,063,333
Net increase in net assets resulting from operations	$	3,841,756

The accompanying Notes are an integral part of these financial statements.

10 Statement of Operations

State Street Real Estate Securities V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	778,423		$	1,474,630
Net realized gain (loss) on investments		2,190,292			7,834,371
Net increase (decrease) in unrealized appreciation/depreciation on investments		873,041			(3,629,734	)
Net increase (decrease) from operations		3,841,756			5,679,267
Distributions to shareholders from:
Net investment income		(1,040,860	)		(1,747,854	)
Net realized gains		(2,570,772	)		(8,094,477	)
Total distributions		(3,611,632	)		(9,842,331	)
Increase (decrease) in assets from operations and distributions		230,124			(4,163,064	)
Share transactions:
Proceeds from sale of shares		1,252,390			7,409,090
Value of distributions reinvested		3,611,632			9,842,331
Cost of shares redeemed		(15,891,981	)		(19,518,072	)
Net increase (decrease) from share transactions		(11,027,959	)		(2,266,651	)
Total increase (decrease) in net assets		(10,797,835	)		(6,429,715	)
Net Assets
Beginning of year		72,482,733			78,912,448
End of year	$	61,684,898		$	72,482,733
Changes in Fund Shares
Shares sold		100,497			500,614
Issued for distributions reinvested		295,551			814,763
Shares redeemed		(1,250,950	)		(1,385,424	)
Net decrease in fund shares		(854,902	)		(70,047	)

The accompanying Notes are an integral part of these financial statements.

Statements of Changes in Net Assets 11

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the “Fund”) and State Street Real Estate Securities V.I.S. Fund (the “Fund”). Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

12 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (“SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Notes to Financial Statements 13

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund. The Management Fee is stated in the following schedule:

Average Daily Net Assets of the Fund			Management Fees
	First $	100 million		0.85	%
	Next $	100 million		0.80	%
	Over $	200 million		0.75	%

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Schedule of Investments.

4. Sub-Advisor

Pursuant to an investment sub-advisory agreement with SSGA FM, CenterSquare Management, Inc. (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of SSGA FM and the Board. For its services, SSGA FM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended, December 31, 2017 were as follows:

Purchases			Sales
	$	48,072,682		$	60,846,119

7. Income Taxes

The Fund has qualified and intends to continue to qualify as regulated investment companies Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

14 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, REITs, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	1,040,860		$	2,570,772		$	3,611,632

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	3,258,333		$	6,583,998		$	9,842,331

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	60,033		$	—		$	623,149		$	3,810,747		$	—		$	4,493,929

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	57,477,253		$	5,113,652		$	1,302,905		$	3,810,747

8. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

Notes to Financial Statements 15

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

16 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and Shareholders of State Street Real Estate Securities V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Real Estate Securities V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street Real Estate Securities V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

Report of Independent Registered Public Accounting Firm 17

State Street Real Estate Securities V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $2,570,772.

18 Tax Information

State Street Real Estate Securities V.I.S. Fund

Additional Information — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 – February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).

Additional Information 19

State Street Real Estate Securities V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A

20 Additional Information

State Street Real Estate Securities V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 - 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

Additional Information 21

State Street Real Estate Securities V.I.S. Fund

Additional Information, continued — December 31, 2017 (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 - February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

22 Additional Information

State Street Real Estate Securities V.I.S. Fund

Sub-Advisory Agreement Approval (Unaudited)

Disclosure for the Board of Directors’ Consideration of the Approval of a New Sub-Advisory Agreement with CSIM Investment Management LLC

At a meeting of the Board of Directors (the “Board”) of the State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on December 14, 2017 (the “Board Meeting”), members of the Board, including a majority of the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (“Independent Board Members”) who were present at the Board Meeting, considered and unanimously approved a new sub-advisory agreement by and among SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the V.I.S. Funds on behalf of the State Street Real Estate Securities V.I.S. Fund (the “Real Estate Securities V.I.S. Fund”) and CSIM Investment Management LLC (“CSIM”) (the “New Sub-Advisory Agreement”).

CSIM is a newly-formed entity owned by members of the existing management team of CenterSquare Investment Management, Inc. (“CenterSquare”), the Real Estate Securities V.I.S. Fund’s current sub-adviser, private funds sponsored by Lovell Minnick Partners LLC, a private equity firm, and certain co-investors.

At the Board Meeting, the Board considered that the definitive agreement entered into by The Bank of New York Mellon Corporation to sell the assets of CenterSquare to CSIM (the “Transaction”), would result in a change of control of CenterSquare, and, consequently, the assignment and automatic termination of the current sub-advisory agreement with CenterSquare (the “Existing Sub-Advisory Agreement”) pursuant to the terms of said agreement and provisions of the 1940 Act.

In advance of the Board Meeting, the Board received materials from SSGA FM and CenterSquare, and had the opportunity to ask questions and request additional information in connection with its consideration. The materials detailed, among other things, information about CenterSquare and its professional staff and CenterSquare’s experience, expertise, and historical performance in managing similar funds and in servicing institutional clients. At the Board Meeting, the Board discussed the Transaction with representatives of SSGA FM and CenterSquare, as well as the terms of the New Sub-Advisory Agreement and the implications, if any, that the closing of the Transaction would have for CenterSquare’s performance as the investment sub-adviser to the Real Estate Securities V.I.S. Fund. At the Board Meeting, representatives of SSGA FM and CenterSquare confirmed that there would be no change in CenterSquare’s investment process or personnel who have been principally responsible for the portfolio management of the Real Estate Securities V.I.S. Fund as a result of the Transaction. In addition, representatives of SSGA FM confirmed that the terms of the New Sub-Advisory Agreement were substantially the same in all material respects as those of the Existing Sub-Advisory Agreement.

In order for CSIM to provide uninterrupted investment sub-advisory services to the Real Estate Securities V.I.S. Fund after consummation of the Transaction, the Board, including a majority of the Independent Board Members, approved CSIM as the sub-adviser for the Real Estate Securities V.I.S. Fund and the New Sub-Advisory Agreement with CSIM, effective upon consummation of the Transaction. In approving the New Sub-Advisory Agreement with CSIM, the Directors considered those factors they deemed relevant, including the nature, quality and extent of services expected to be provided by CSIM. In its deliberations, the Board did not identify any single factor that was dispositive, and each Director may have attributed different weights to the various factors. The Directors evaluated this information and all other information made available to them by SSGA FM and CenterSquare, as well as the presentations and discussions that occurred at the Board Meeting.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the New Sub-Advisory Agreement with CSIM are discussed below.

The Nature, Extent and Quality of Services Expected to be Provided.

The Directors reviewed the services expected to be provided to the Real Estate Securities V.I.S. Fund by CSIM under the New Sub-Advisory Agreement. The Board noted that, as a result of the Transaction, there was not expected to be any material changes in the nature, extent or quality of the sub-advisory services currently provided by CenterSquare, or in the portfolio management of the Real Estate Securities V.I.S. Fund. The Board focused on its experiences with CenterSquare in connection with its prior and current service as sub-adviser to the Real Estate Securities V.I.S. Fund. The Board considered CenterSquare’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by CenterSquare to the Real Estate Securities V.I.S. Fund, and expected to be provided by CSIM after consummation of the Transaction.

Sub-Advisory Agreement Approval 23

State Street Real Estate Securities V.I.S. Fund

Sub-Advisory Agreement Approval (Unaudited), continued

In light of the foregoing, the Board, including the Independent Board Members, concluded that the breadth and quality of services to be provided by CSIM was expected to be satisfactory, particularly given that there would be no change in the investment process or personnel who have been principally responsible for the portfolio management of the Real Estate Securities V.I.S. Fund as a result of the Transaction.

Investment Performance of CenterSquare.

The Board members considered the investment performance of the Real Estate Securities V.I.S. Fund for various periods. The Board members reviewed detailed information provided by CenterSquare comparing their performance to that of relevant securities indices and peer groupings over these periods at the Board Meeting. On this basis, the Board, including the Independent Board Members, concluded that CenterSquare’s historical performance record in managing CenterSquare’s investment portfolio, when viewed together with the other factors considered by the Board, supported a decision to approve the New Sub-Advisory Agreement.

Cost of the Services to be Provided to the Real Estate Securities V.I.S. Fund.

The Board considered the proposed fees payable under the New Sub-Advisory Agreement, noting that the fees would be paid by SSGA FM, and not the Real Estate Securities V.I.S. Fund. The Board considered that the proposed fee rates to be paid to CSIM by SSGA FM under the New Sub-Advisory Agreement were the same as the fees paid to CenterSquare under the Existing Sub-Advisory Agreement and have been negotiated at arm’s-length. The Board concluded that the fees payable to CSIM by SSGA FM under the New Sub-Advisory Agreement, considered in relation to the services expected to be provided, supported the Board’s approval of the New Sub-Advisory Agreement.

In addition, the Board recognized that, because the fee rates payable to CSIM were the same as the fee rates paid to CenterSquare under the Existing Sub-Advisory Agreement and would be paid by SSGA FM, the Transaction had no impact on the profitability of the Real Estate Securities V.I.S. Fund to SSGA FM, and an analysis of profitability was more appropriate in the context of the Board’s consideration of the investment advisory and administration agreement with SSGA FM. Accordingly, considerations of profitability with respect to approval of the New Sub-Advisory Agreement with CSIM were not relevant to the Board’s determination to approve the New Sub-Advisory Agreement.

The Extent to Which Economies of Scale Would be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board members considered the extent to which economies of scale would be realized as the Real Estate Securities V.I.S. Fund grows, and whether fee levels reflect these economies of scale for the benefit of Real Estate Securities V.I.S. Fund investors. The Board recognized that this consideration is less relevant with respect to the proposed sub-advisory fees, because SSGA FM will pay CSIM out of its advisory fees received from the Real Estate Securities V.I.S. Fund, and noted that the Board considered economies of scale for the Real Estate Securities V.I.S. Fund in connection with the investment advisory and administration agreement with SSGA FM.

Comparison of Services to be Rendered and Fees to be Paid.

The Board reviewed and discussed the services expected to be provided to the Real Estate Securities V.I.S. Fund by CSIM, and the proposed fee rates to be charged to SSGA FM for those services. The Board members reviewed comparative mutual fund and/or other account fee information provided by CenterSquare.

The Board, including the Independent Board Members, concluded that, based on this information, the proposed sub-advisory fees, considered in relation to the services expected to be provided, supported the Board’s approval of the New Sub-Advisory Agreement.

Fall-Out Benefits.

The Board considered that there may be financial benefits that CSIM may derive from its relationship with SSGA FM and the Real Estate Securities V.I.S. Fund, including soft dollar commission benefits generated through the Real Estate Securities V.I.S. Fund’s portfolio transactions. The Board noted, however, that the Real Estate Securities V.I.S. Fund should benefit from the resources expected to be made available through CSIM, and that the Real Estate Securities V.I.S. Fund represents only a small portion of the assets managed by CSIM.

24 Sub-Advisory Agreement Approval

State Street Real Estate Securities V.I.S. Fund

Sub-Advisory Agreement Approval (Unaudited), continued

The Board did not view this consideration as having a material effect on its overall view of the reasonableness of the proposed fees under the New Sub-Advisory Agreement.

Conclusion.

No single factor was determinative to the Board’s decision. Based on the Directors’ discussion and such other matters as were deemed relevant, the Board, including the Independent Board Members, determined to approve the New Sub-Advisory Agreement.

Sub-Advisory Agreement Approval 25

State Street Real Estate Securities V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

26 Investment Team

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Annual Report

December 31, 2017

State Street Total Return V.I.S. Fund

State Street Total Return V.I.S Fund

Annual Report

December 31, 2017

Table of Contents

	Page
Notes to Performance		1
Manager Review and Summary Schedule of Investments		2
Financial Statements
Financial Highlights		16
Statement of Assets and Liabilities		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Notes to Financial Statements		21
Report of Independent Registered Public Accounting Firm		28
Tax Information		29
Additional Information		30
Investment Team		34

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Total Return V.I.S. Fund

Notes to Performance — December 31, 2017 (Unaudited)

The information provided on the performance page relates to the State Street Total Return V.I.S Fund (the “Fund”).

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Fund’s website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The MSCI All Country World Index ex-U.S. (“MSCI^® ACWI ex-U.S.”) is a market-capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI^® ACWI ex-U.S. Index includes both developed and emerging markets.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The peer universe of the underlying annuity funds used for the peer group average annual total return calculation is based on a blend of Morningstar peer categories, as shown. Morningstar is an independent mutual fund rating service. The Fund’s performance may be compared to or ranked within a universe of mutual funds with investment objectives and policies similar but not necessarily identical to that of the Fund.

^©2018 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses relating from any use of this information. Past performance is no guarantee of future results.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

Notes to Performance 1

State Street Total Return V.I.S. Fund

Portfolio Management Discussion and Analysis — December 31, 2017 (Unaudited)

Q. How did the State Street Total Return V.I.S. Fund (the “Fund”) perform compared to its benchmark and Morningstar peer group for the twelve-month period ended December 31, 2017?

A. For the twelve-month period ended December 31, 2017, the Fund returned 15.58% for Class 1 shares and 15.26% for Class 3 shares. The Fund’s broad based benchmarks, the S&P 500^® Index (S&P 500 Index), the MSCI All Country World ex-U.S. Index, and the Bloomberg Barclays U.S. Aggregate Bond Index returned 21.83%, 27.19% and 3.54%, respectively. The Fund’s Morningstar peer group of 358 U.S. Insurance Allocation — 50%-70% Equity funds returned an average of 14.47% over the same period.

Q. What market factors affected the Fund’s performance?

A. Throughout 2017 we witnessed a synchronized global growth cycle where solid growth, coupled with low rates, inflation, and volatility, became the catalyst for solid returns across all asset classes. For the S&P 500 Index, it was the strongest annual performance since 2013. Emerging market equities saw their best year since 2009. International equities were bolstered by a persistently weaker dollar which saw the Euro outperform the U.S. dollar by over 14%. The CBOE Volatility Index fell to all-time lows and episodic spikes in volatility were short lived.

In the U.S., at the start of the year the market was pricing in two rate hikes but the Federal Reserve (the “Fed”) delivered three. This had little effect on lifting long term rates with the 10 year staying essentially flat on the year. Improving credit quality aided fixed income through tighter spreads. Tax reform was a focus early in the year but took the entire year to get a bill passed. Earnings and valuations boosted returns driving the S&P 500 Index to its first ever “perfect” year in which the index gained in every month.

The risk of a fractured Europe faded with pro-European candidates elected in France, Germany, and the Netherlands. The European Central Bank remained on pace with Quantitative Easing keeping rates anchored. Fundamentals and the prospects for continued growth across the region appeared to improve. In the United Kingdom, Brexit dominated the macro discussion with much of the timing and logistics still being negotiated. The discussion continued to create short term spikes in volatility.

Q. What were the primary drivers of Fund performance?

A. The biggest driver of the Fund’s performance was its position in equities throughout the course of 2017 which was up over 20% for the year. The Fund increased its exposure to international equities in the first quarter of the year, which benefited the Fund as international equity returns improved. Fixed income markets produced modest gains for the Fund with spreads grinding tighter throughout the year.

Within tactical overlay positions, a short U.S. equity futures position, to protect against market volatility, was closed at the early part of the year as our optimism for U.S. equities increased. Meanwhile a tactical position to U.S. high yield bonds yielded a positive contribution for the year.

2 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2017.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.

July 1, 2017 — December 2017

Class 1	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the
beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,073.30	$	1,022.10
Expenses paid during the period*	$	3.19	$	3.11

Class 3
Account value at the
beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,071.80	$	1,020.87
Expenses paid during the period*	$	4.49	$	4.38

* Expenses are equal to the Fund’s annualized net expense ratio of 0.61%** for Class 1 and 0.86%** for Class 3 (for the period July 1, 2017-December 31, 2017), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Total Return V.I.S. Fund 3

State Street Total Return V.I.S. Fund

Performance Summary — December 31, 2017 (Unaudited)

Morningstar Performance Comparison

Based on average annual returns for periods ended 12/31/17

	One Year			Five Year			Ten Year
Number of funds in peer group		358			303			204
Peer group average annual total return		14.47	%		8.57	%		5.72	%
Morningstar Category in peer group: U.S. Insurance Allocation — 50% to 70% Equity

Top Ten Largest Equity Holdings

as of December 31, 2017 (as a % of Fair Value) ^(a)(b)

Apple Inc.	1.32	%
Microsoft Corp.	1.00	%
Amazon.com Inc.	0.71	%
Facebook Inc., Class A	0.64	%
Berkshire Hathaway Inc., Class B	0.58	%
Johnson & Johnson	0.57	%
JPMorgan Chase & Co.	0.57	%
Exxon Mobil Corp.	0.54	%
Alphabet Inc., Class C	0.48	%
Alphabet Inc., Class A	0.48	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $2,322,307 (in thousands) as of December 31, 2017 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2017

Class 1 Shares (Inception date: 7/01/85)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Total Return V.I.S Fund		15.58	%		8.02	%		4.18	%	$	15,065
S&P 500® Index		21.83	%		15.79	%		8.50	%	$	22,603
Bloomberg Barclays U.S. Aggregate Bond Index		3.54	%		2.10	%		4.01	%	$	14,811
MSCI All Country World ex.-U.S.		27.19	%		6.80	%		1.84	%	$	11,999

Class 3 Shares (Inception date: 5/01/06)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Total Return V.I.S Fund		15.26	%		7.76	%		3.94	%	$	14,721
S&P 500® Index		21.83	%		15.79	%		8.50	%	$	22,603
Bloomberg Barclays U.S. Aggregate Bond Index		3.54	%		2.10	%		4.01	%	$	14,811
MSCI All Country World ex-U.S.		27.19	%		6.80	%		1.84	%	$	11,999

4 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Performance Summary, continued — December 31, 2017 (Unaudited)

Class 1 Shares

Class 3 Shares

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Class G Shares.

(b) The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

See Notes to Performance beginning on page 1 for further information, including an explanation of Morningstar peer categories.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Total Return V.I.S. Fund 5

State Street Total Return V.I.S. Fund

Summary Schedule of Investments — December 31, 2017

	Number of Shares		Fair Value $
Equity Securities - 63.7%†
Consumer Discretionary - 7.6%
Amazon.com Inc. (a)		14,115		16,507,069
Comcast Corp., Class A		164,089		6,571,764
The Home Depot Inc.		41,247		7,817,544
The Walt Disney Co.		53,135		5,712,544
Other Securities		6,953,194		138,915,658
				175,524,579
Consumer Staples - 5.5%
Nestle S.A.		88,904		7,645,105
PepsiCo Inc.		50,308		6,032,935
Philip Morris International Inc.		54,935		5,803,883
The Coca-Cola Co.		135,311		6,208,069
The Procter & Gamble Co.		89,902		8,260,196
Wal-Mart Stores Inc.		51,922		5,127,298
Other Securities		5,028,464		88,372,636
				127,450,122
Energy - 4.0%
Chevron Corp.		66,988		8,386,228
Exxon Mobil Corp.		149,607		12,513,129
Other Securities		6,794,180		71,694,445
				92,593,802
Financials - 11.8%
Bank of America Corp.		342,498		10,110,541
Berkshire Hathaway Inc., Class B (a)		68,043		13,487,483
Citigroup Inc.		93,032		6,922,511
HSBC Holdings PLC		573,673		5,951,420
JPMorgan Chase & Co.		122,578		13,108,491
State Street Corp. (b)		13,036		1,272,444
Wells Fargo & Co.		156,406		9,489,152
Other Securities		39,468,434		212,678,668
				273,020,710
Healthcare - 7.1%
AbbVie Inc. (c)		56,120		5,427,365
Johnson & Johnson		94,893		13,258,450
Merck & Company Inc.		96,712		5,441,984
Novartis AG		63,477		5,367,373
Pfizer Inc.		210,879		7,638,037
Roche Holding AG		20,039		5,068,870
UnitedHealth Group Inc.		34,211		7,542,157
Other Securities		3,506,578		114,993,828
				164,738,064
Industrials - 7.1%
3M Co. (c)		21,163		4,981,135

	Number of Shares		Fair Value $
General Electric Co.		307,011		5,357,342
The Boeing Co.		19,629		5,788,788
Other Securities		7,308,200		148,690,958
				164,818,223
Information Technology - 11.6%
Alibaba Group Holding Ltd. ADR (a)		32,813		5,657,946
Alphabet Inc., Class A (a)		10,534		11,096,516
Alphabet Inc., Class C (a)		10,663		11,157,763
Apple Inc.		181,087		30,645,353
Cisco Systems Inc.		174,334		6,676,992
Facebook Inc., Class A (a)		84,272		14,870,637
Intel Corp.		164,740		7,604,398
Mastercard Inc., Class A		32,752		4,957,343
Microsoft Corp.		272,085		23,274,151
Oracle Corp.		107,086		5,063,026
Samsung Electronics Company Ltd.		2,780		6,616,636
Taiwan Semiconductor Manufacturing Company Ltd.		703,000		5,421,594
Tencent Holdings Ltd.		162,800		8,455,196
Visa Inc., Class A		63,957		7,292,377
Other Securities		6,069,352		121,901,072
				270,691,000
Materials - 3.3%
DowDuPont Inc.		82,254		5,858,130
Other Securities		5,371,211		71,586,306
				77,444,436
Real Estate - 2.0%
Other Securities		5,177,640		46,993,508
				46,993,508
Telecommunication Services - 1.8%
AT&T Inc.		216,980		8,436,182
Verizon Communications Inc.		144,140		7,629,330
Other Securities		7,542,897		25,795,968
				41,861,480
Utilities - 1.9%
Other Securities		6,569,926		43,979,452
				43,979,452
Total Equity Securities (Cost $996,650,175)				1,479,115,376

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

6 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — December 31, 2017

	Principal Amount ($)		Fair Value $
Bonds and Notes - 29.2%
U.S. Treasuries - 10.2%
U.S. Treasury Bonds
2.25%, 08/15/46		1,600,000		1,443,296
2.50%, 02/15/45 - 05/15/46		4,510,000		4,294,342
2.75%, 11/15/42		650,000		654,180
2.88%, 08/15/45 - 11/15/46		1,800,000		1,846,614
3.00%, 05/15/42 - 05/15/47		14,300,000		15,038,104
3.13%, 08/15/44		3,000,000		3,224,310
3.38%, 05/15/44		2,900,000		3,254,467
3.63%, 08/15/43 - 02/15/44		1,740,000		2,033,136
3.75%, 11/15/43		1,400,000		1,668,268
4.38%, 02/15/38 - 11/15/39		2,000,000		2,561,085
4.50%, 02/15/36		2,000,000		2,575,700
4.63%, 02/15/40		500,000		664,905
5.25%, 02/15/29		200,000		254,744
5.50%, 08/15/28		1,450,000		1,866,078
6.00%, 02/15/26		1,827,000		2,315,942
6.38%, 08/15/27		200,000		268,366
7.63%, 11/15/22 - 02/15/25		500,000		644,987
7.88%, 02/15/21		2,000,000		2,356,680
8.75%, 05/15/20		3,000,000		3,479,880
U.S. Treasury Notes
1.00%, 10/15/19		3,500,000		3,446,520
1.13%, 01/31/19 - 09/30/21		8,500,000		8,290,477
1.25%, 06/30/19 - 10/31/21		12,500,000		12,281,370
1.38%, 02/28/19 - 05/31/21		17,800,000		17,576,999
1.50%, 11/30/19 - 08/15/26		10,400,000		10,192,797
1.63%, 04/30/19 - 05/15/26		22,240,000		21,782,183
1.75%, 10/31/20 - 09/30/22		11,600,000		11,461,680
1.88%, 12/15/20 - 09/30/22		20,000,000		19,781,870
2.00%, 07/31/20 - 11/15/26		33,844,000		33,480,100
2.13%, 08/31/20 - 11/30/23		8,100,000		8,096,025
2.13%, 12/31/22 (d)		1,500,000		1,494,015
2.25%, 03/31/21 - 08/15/27		18,190,000		18,073,154
2.38%, 12/31/20 - 05/15/27		9,000,000		9,042,080
2.50%, 05/15/24		2,500,000		2,528,500
2.63%, 08/15/20 - 11/15/20		3,885,000		3,954,317
3.13%, 05/15/21		4,000,000		4,139,480
3.63%, 02/15/21		700,000		734,111
				236,800,762
U.S. Government Sponsored Agency - 0.1%
Tennessee Valley Authority
3.50%, 12/15/42		1,000,000		1,070,330
Agency Collateralized Mortgage Obligations - 0.2%
Federal Home Loan Mortgage Corp.
2.37%, 05/25/22		600,000		598,689
2.60%, 10/25/23		112,255		113,000
2.75%, 01/25/26		300,000		299,514

	Principal Amount ($)		Fair Value $
2.79%, 10/25/20		26,544		26,679
2.87%, 12/25/21		800,000		812,758
3.06%, 07/25/23 (e)		600,000		615,957
3.30%, 04/25/23 (e)		100,000		103,866
3.39%, 03/25/24		200,000		208,802
3.49%, 01/25/24		300,000		314,657
3.53%, 07/25/23 (e)		800,000		839,947
3.97%, 01/25/21 (e)		200,000		208,865
4.25%, 01/25/20		100,000		103,061
4.33%, 10/25/20 (e)		450,000		472,102
5.09%, 03/25/19		100,000		102,126
Federal National Mortgage Assoc. 2.78%, 06/25/21 (e)		374,775		378,923
				5,198,946
Agency Mortgage Backed - 8.8%
Federal Home Loan Banks 1.25%, 01/16/19		1,800,000		1,788,750
1.38%, 05/28/19 - 11/15/19		2,020,000		2,001,887
1.50%, 10/21/19		1,000,000		992,610
Federal Home Loan Mortgage Corp. 1.13%, 08/12/21		1,137,000		1,096,978
1.25%, 10/02/19		1,500,000		1,480,530
2.38%, 01/13/22		2,100,000		2,116,842
2.50%, 07/01/28 - 02/01/32		3,828,839		3,833,438
2.51%, 11/25/22		300,000		300,653
3.00%, 05/01/30 - 03/01/47		14,718,974		14,829,455
3.50%, 03/01/26 - 11/01/47		13,322,910		13,703,513
4.00%, 06/01/42 - 08/01/47		6,968,745		7,300,145
4.50%, 05/01/42 - 01/01/45		97,758		104,529
5.00%, 12/01/22 - 06/01/41		2,200,159		2,354,091
5.50%, 01/01/38 - 04/01/39		439,283		484,397
6.00%, 06/01/37 - 11/01/37		405,454		452,059
6.25%, 07/15/32		250,000		350,348
Federal Home Loan Mortgage Corp. 1.50% + 12 month USD LIBOR 1.74%, 06/01/43 (e)		155,306		159,575
Federal Home Loan Mortgage Corp. 1.60% + 12 month USD LIBOR 2.51%, 08/01/43 (e)		225,984		226,816
Federal Home Loan Mortgage Corp. 1.65% + 12 month USD LIBOR 2.46%, 05/01/43 (e)		580,325		582,515
Federal National Mortgage Assoc. 1.50%, 07/30/20		500,000		493,680
1.88%, 09/24/26		1,000,000		943,360

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 7

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — December 31, 2017

	Principal Amount ($)		Fair Value $
2.13%, 04/24/26		700,000		677,467
2.50%, 02/01/28 - 11/01/31		6,328,490		6,344,804
2.68%, 05/25/21 (e)		99,265		100,149
3.00%, 01/01/28 - 05/01/47		27,856,015		28,055,365
3.50%, 01/01/27 - 11/01/47		28,573,954		29,412,358
4.00%, 10/01/41 - 03/01/47		12,209,614		12,797,925
4.50%, 11/01/18 - 03/01/46		7,991,068		8,563,290
5.00%, 12/01/39 - 06/01/41		2,000,846		2,167,344
5.50%, 12/01/35 - 04/01/38		2,840,064		3,142,149
6.00%, 03/01/34 - 08/01/37		1,990,387		2,217,780
6.63%, 11/15/30		100,000		140,546
Federal National Mortgage Assoc. 1.53% + 12 month USD LIBOR 1.86%, 04/01/43 (e)		273,749		281,864
Government National Mortgage Assoc. 2.50%, 05/20/45		286,647		280,820
3.00%, 10/15/42 - 06/20/47		17,406,601		17,583,804
3.50%, 03/20/45 - 05/20/47		18,042,343		18,673,844
4.00%, 12/20/40 - 09/20/47		12,119,066		12,697,140
4.50%, 05/20/40		1,523,697		1,625,576
5.00%, 08/15/41		2,416,771		2,622,216
				202,980,612
Asset Backed - 0.2%
Other Securities		4,360,000		4,324,050
Corporate Notes - 8.7%
Apple Inc. 1.10%, 08/02/19		250,000		246,424
1.70%, 02/22/19		200,000		199,440
1.80%, 11/13/19		50,000		49,795
2.00%, 11/13/20		50,000		49,682
2.25%, 02/23/21		200,000		199,668
2.40%, 01/13/23		50,000		49,610
2.50%, 02/09/22		300,000		300,357
2.75%, 01/13/25		50,000		49,592
3.00%, 11/13/27		100,000		99,553
3.25%, 02/23/26		160,000		163,226
3.75%, 11/13/47		50,000		51,406
4.38%, 05/13/45		465,000		523,953
4.50%, 02/23/36		300,000		343,797
4.65%, 02/23/46		185,000		216,563
Microsoft Corp. 1.10%, 08/08/19		200,000		197,328
1.55%, 08/08/21		300,000		292,185

	Principal Amount ($)		Fair Value $
2.40%, 02/06/22 - 08/08/26		500,000		492,786
2.88%, 02/06/24		300,000		304,335
3.45%, 08/08/36		200,000		206,070
3.50%, 02/12/35		65,000		67,592
3.75%, 05/01/43		300,000		314,703
4.45%, 11/03/45		425,000		498,074
Other Securities		187,712,081		196,523,605
				201,439,744
Non-Agency Collateralized Mortgage Obligations - 0.3%
Other Securities		7,228,360		7,476,797
Sovereign Bonds - 0.5%
Other Securities		10,527,000		11,252,667
Municipal Bonds and Notes - 0.2%
Other Securities		4,180,000		5,320,818
FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (f)(g)		378,353		8,172
Total Bonds and Notes (Cost $672,173,284)				675,872,898
Exchange Traded Funds - 3.2%
Exchange Traded & Mutual Funds - 3.2%
SPDR Bloomberg Barclays High Yield Bond ETF(Cost $72,005,250) (h)		2,022,863		74,279,529
Total Investments in Securities (Cost $1,740,828,709)				2,229,267,803
Short-Term Investments - 4.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $93,039,371) (h)(i)		93,039,371		93,039,371
Total Investments (Cost $1,833,868,080)				2,322,307,174
Liabilities in Excess of Other Assets, net - (0.1)%				(1,581,550	)
NET ASSETS - 100.0%				2,320,725,624

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

8 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — December 31, 2017

Other Information:

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Appreciation
CME E-mini Russell 2000 Index Futures		March 2018		10	$	768,250	$	9,712
MSCI EAFE Mini Index Futures		March 2018		1		102,275		2,443
MSCI Emerging Markets Index Futures		March 2018		87		5,062,095		276,458
S&P 500 Emini Index Futures		March 2018		41		5,485,800		45,530
S&P Mid 400 Emini Index Futures		March 2018		2		380,480		1,650
							$	335,793

During the fiscal year ended December 31, 2017, the Fund had an average notional value of $14,303,130 and $4,042,326 on long and short futures contracts, respectively.

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 9

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments — December 31, 2017

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 242-0134; and ii) on the SEC’s website at http://www.sec.gov.

(a) Non-income producing security.

(b) State Street Corp. is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(c) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s.

(d) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.

(e) Variable or floating rate security. The stated rate represents the rate at December 31, 2017.

(f) Security is in default.

(g) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the State Street Variable Insurance Series Funds, Inc.’s Board of Directors. Security value is determined based on level 3 inputs

(h) Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(i) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2017.

* Less than 0.05%.

** Less than 0.005%.

Abbreviations:

ADR - American Depositary Receipt

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2017:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Domestic Equity	$	834,887,046	$	11,161	$	—	$	834,898,207
Foreign Equity		644,217,169		—		—		644,217,169
U.S. Treasuries		—		236,800,762		—		236,800,762
U.S. Government Sponsored Agencies		—		1,070,330		—		1,070,330
Agency Collateralized Mortgage Obligations		—		5,198,946		—		5,198,946
Agency Mortgage Backed		—		202,980,612		—		202,980,612
Asset Backed		—		4,324,050		—		4,324,050
Corporate Notes		—		201,439,744		—		201,439,744
Non-Agency Collateralized Mortgage Obligations		—		7,476,797		—		7,476,797
Sovereign Bonds		—		11,252,667		—		11,252,667
Municipal Bonds and Notes		—		5,320,818		—		5,320,818
FNMA (TBA)		—		—		8,172		8,172
Exchange Traded & Mutual Funds		74,279,529		—		—		74,279,529
Short-Term Investments		93,039,371		—		—		93,039,371
Total Investments in Securities	$	1,646,423,115	$	675,875,887	$	8,172	$	2,322,307,174
Other Financial Instruments
Long Futures Contracts — Unrealized Appreciation	$	335,793	$	—	$	—	$	335,793

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

10 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2017

The Fund was invested in the following countries/territories at December 31, 2017 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		69.61%
Japan		4.58%
United Kingdom		3.69%
Canada		2.14%
Germany		2.05%
France		1.98%
China		1.92%
Switzerland		1.84%
Australia		1.40%
South Korea		1.02%
Netherlands		0.84%
Taiwan		0.75%
Hong Kong		0.69%
Spain		0.64%
India		0.54%
Sweden		0.51%
Ireland		0.50%
Supranational		0.49%
Brazil		0.48%
South Africa		0.48%
Italy		0.41%
Singapore		0.41%
Mexico		0.39%
Denmark		0.34%
Belgium		0.20%
Russian Federation		0.20%
Finland		0.17%
Norway		0.16%
Indonesia		0.15%
Malaysia		0.15%
Thailand		0.14%

Country/Territory	Percentage (based on Fair Value)
Philippines		0.14%
Poland		0.12%
Chile		0.11%
Colombia		0.09%
Israel		0.08%
Turkey		0.07%
Austria		0.07%
Luxembourg		0.05%
Peru		0.04%
Bermuda		0.04%
New Zealand		0.04%
United Arab Emirates		0.04%
Qatar		0.04%
Hungary		0.04%
Cayman Islands		0.03%
Portugal		0.03%
Uruguay		0.02%
Greece		0.02%
Panama		0.01%
Guernsey		0.01%
Iraq		0.01%
Czech Republic		0.01%
Romania		0.01%
Egypt		0.01%
Malta		0.00%
Puerto Rico		0.00%
Jersey		0.00%
United States Virgin Islands		0.00%
Monaco		0.00%
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2017 (unaudited):

Industry	Domestic		Foreign		Total
Diversified Banks		1.84%		3.76%		5.60%
Exchange Traded Funds		3.20%		0.00%		3.20%
Pharmaceuticals		1.59%		1.47%		3.06%
Internet Software & Services		1.69%		0.88%		2.57%
Integrated Oil & Gas		0.99%		1.11%		2.10%
Technology Hardware, Storage & Peripherals		1.47%		0.54%		2.01%
Semiconductors		1.03%		0.68%		1.71%
Systems Software		1.30%		0.05%		1.35%
Biotechnology		0.95%		0.28%		1.23%
Integrated Telecommunication Services		0.69%		0.54%		1.23%
Aerospace & Defense		0.91%		0.28%		1.19%
Healthcare Equipment		0.72%		0.37%		1.09%
Internet & Direct Marketing Retail		1.00%		0.08%		1.08%
Packaged Foods & Meats		0.41%		0.67%		1.08%
Electric Utilities		0.64%		0.41%		1.05%
Data Processing & Outsourced Services		0.93%		0.12%		1.05%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 11

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2017

Industry	Domestic		Foreign		Total
Industrial Conglomerates		0.66%		0.39%		1.05%
Life & Health Insurance		0.33%		0.66%		0.99%
Automobile Manufacturers		0.15%		0.84%		0.99%
Tobacco		0.46%		0.34%		0.80%
Oil & Gas Exploration & Production		0.51%		0.28%		0.79%
Industrial Machinery		0.29%		0.48%		0.77%
Household Products		0.58%		0.19%		0.77%
Regional Banks		0.46%		0.30%		0.76%
Multi-Sector Holdings		0.59%		0.13%		0.72%
Application Software		0.43%		0.25%		0.68%
IT Consulting & Other Services		0.33%		0.35%		0.68%
Managed Healthcare		0.66%		0.01%		0.67%
Soft Drinks		0.60%		0.06%		0.66%
Railroads		0.31%		0.30%		0.61%
Cable & Satellite		0.40%		0.21%		0.61%
Multi-Line Insurance		0.14%		0.44%		0.58%
Asset Management & Custody Banks		0.40%		0.18%		0.58%
Multi-Utilities		0.34%		0.22%		0.56%
Restaurants		0.42%		0.14%		0.56%
Wireless Telecommunication Services		0.00%		0.53%		0.53%
Specialty Chemicals		0.19%		0.34%		0.53%
Property & Casualty Insurance		0.19%		0.34%		0.53%
Diversified Chemicals		0.27%		0.24%		0.51%
Movies & Entertainment		0.45%		0.05%		0.50%
Apparel, Accessories & Luxury Goods		0.11%		0.38%		0.49%
Diversified Metals & Mining		0.00%		0.49%		0.49%
Personal Products		0.06%		0.41%		0.47%
Home Improvement Retail		0.46%		0.01%		0.47%
Investment Banking & Brokerage		0.38%		0.09%		0.47%
Hypermarkets & Super Centers		0.34%		0.12%		0.46%
Financial Exchanges & Data		0.28%		0.16%		0.44%
Communications Equipment		0.34%		0.09%		0.43%
Electrical Components & Equipment		0.20%		0.23%		0.43%
Specialized REITs		0.42%		0.00%		0.42%
Oil & Gas Refining & Marketing		0.20%		0.19%		0.39%
Construction Machinery & Heavy Trucks		0.22%		0.15%		0.37%
Retail REITs		0.18%		0.18%		0.36%
Trading Companies & Distributors		0.06%		0.30%		0.36%
Oil & Gas Storage & Transportation		0.12%		0.22%		0.34%
Life Sciences Tools & Services		0.27%		0.07%		0.34%
Air Freight & Logistics		0.25%		0.09%		0.34%
Food Retail		0.04%		0.29%		0.33%
Auto Parts & Equipment		0.03%		0.29%		0.32%
Semiconductor Equipment		0.17%		0.15%		0.32%
Consumer Finance		0.27%		0.04%		0.31%
Oil & Gas Equipment & Services		0.24%		0.07%		0.31%
Construction & Engineering		0.04%		0.26%		0.30%
Apparel Retail		0.16%		0.14%		0.30%
Electronic Components		0.08%		0.22%		0.30%
Brewers		0.02%		0.28%		0.30%
Building Products		0.10%		0.19%		0.29%
Steel		0.03%		0.26%		0.29%
Commodity Chemicals		0.05%		0.22%		0.27%
Hotels, Resorts & Cruise Lines		0.18%		0.08%		0.26%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

12 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2017

Industry	Domestic		Foreign		Total
Distillers & Vintners		0.08%		0.18%		0.26%
Airlines		0.17%		0.09%		0.26%
Research & Consulting Services		0.06%		0.19%		0.25%
Diversified Real Estate Activities		0.00%		0.25%		0.25%
Industrial Gases		0.12%		0.13%		0.25%
Construction Materials		0.04%		0.21%		0.25%
Diversified Capital Markets		0.00%		0.24%		0.24%
Drug Retail		0.21%		0.02%		0.23%
Healthcare Services		0.13%		0.09%		0.22%
Home Entertainment Software		0.12%		0.09%		0.21%
Fertilizers & Agricultural Chemicals		0.13%		0.07%		0.20%
Electronic Equipment & Instruments		0.01%		0.18%		0.19%
Casinos & Gaming		0.05%		0.14%		0.19%
General Merchandise Stores		0.13%		0.06%		0.19%
Insurance Brokers		0.08%		0.08%		0.16%
Healthcare Supplies		0.06%		0.10%		0.16%
Home Building		0.06%		0.10%		0.16%
Footwear		0.12%		0.04%		0.16%
Residential REITs		0.15%		0.00%		0.15%
Gold		0.03%		0.12%		0.15%
Consumer Electronics		0.00%		0.15%		0.15%
Healthcare Distributors		0.12%		0.03%		0.15%
Electronic Manufacturing Services		0.00%		0.14%		0.14%
Real Estate Operating Companies		0.00%		0.14%		0.14%
Real Estate Development		0.00%		0.14%		0.14%
Paper Packaging		0.12%		0.02%		0.14%
Office REITs		0.08%		0.05%		0.13%
Gas Utilities		0.00%		0.13%		0.13%
Agricultural & Farm Machinery		0.08%		0.04%		0.12%
Reinsurance		0.00%		0.12%		0.12%
Diversified REITs		0.00%		0.12%		0.12%
Industrial REITs		0.07%		0.05%		0.12%
Other Diversified Financial Services		0.00%		0.12%		0.12%
Department Stores		0.03%		0.08%		0.11%
Health Care REITs		0.11%		0.00%		0.11%
Tires & Rubber		0.01%		0.10%		0.11%
Advertising		0.04%		0.07%		0.11%
Automotive Retail		0.09%		0.02%		0.11%
Broadcasting		0.06%		0.05%		0.11%
Healthcare Facilities		0.06%		0.04%		0.10%
Environmental & Facilities Services		0.08%		0.02%		0.10%
Thrifts & Mortgage Finance		0.00%		0.10%		0.10%
Human Resource & Employment Services		0.01%		0.09%		0.10%
Highways & Railtracks		0.00%		0.09%		0.09%
Paper Products		0.00%		0.08%		0.08%
Airport Services		0.00%		0.08%		0.08%
Specialty Stores		0.05%		0.03%		0.08%
Copper		0.04%		0.03%		0.07%
Leisure Products		0.03%		0.04%		0.07%
Trucking		0.02%		0.05%		0.07%
Household Appliances		0.02%		0.05%		0.07%
Heavy Electrical Equipment		0.00%		0.07%		0.07%
Water Utilities		0.03%		0.04%		0.07%
Diversified Support Services		0.02%		0.05%		0.07%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 13

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2017

Industry	Domestic		Foreign		Total
Independent Power Producers & Energy Traders		0.02%		0.05%		0.07%
Food Distributors		0.04%		0.03%		0.07%
Agricultural Products		0.03%		0.04%		0.07%
Healthcare Technology		0.03%		0.02%		0.05%
Publishing		0.01%		0.04%		0.05%
Education Services		0.00%		0.05%		0.05%
Distributors		0.04%		0.01%		0.05%
Marine		0.00%		0.05%		0.05%
Hotel & Resort REITs		0.05%		0.00%		0.05%
Security & Alarm Services		0.00%		0.04%		0.04%
Home Furnishings		0.04%		0.00%		0.04%
Alternative Carriers		0.02%		0.02%		0.04%
Metal & Glass Containers		0.02%		0.02%		0.04%
Computer & Electronics Retail		0.03%		0.01%		0.04%
Coal & Consumable Fuels		0.00%		0.04%		0.04%
Leisure Facilities		0.00%		0.04%		0.04%
Motorcycle Manufacturers		0.01%		0.03%		0.04%
Aluminum		0.00%		0.03%		0.03%
Marine Ports & Services		0.00%		0.03%		0.03%
Oil & Gas Drilling		0.01%		0.02%		0.03%
Real Estate Services		0.02%		0.01%		0.03%
Housewares & Specialties		0.03%		0.00%		0.03%
Technology Distributors		0.00%		0.02%		0.02%
Commercial Printing		0.00%		0.02%		0.02%
Home Furnishing Retail		0.00%		0.02%		0.02%
Office Services & Supplies		0.00%		0.02%		0.02%
Specialized Finance		0.00%		0.02%		0.02%
Specialized Consumer Services		0.02%		0.00%		0.02%
Mortgage REITs		0.01%		0.00%		0.01%
Renewable Electricity		0.00%		0.01%		0.01%
Silver		0.00%		0.01%		0.01%
Forest Products		0.00%		0.01%		0.01%
Precious Metals & Minerals		0.00%		0.01%		0.01%
Textiles		0.00%		0.01%		0.01%
						66.89%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

14 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2017

Sector	Percentage (based on Fair Value)
U.S. Treasuries		10.20%
Agency Mortgage Backed		8.74%
Corporate Notes		8.67%
Sovereign Bonds		0.48%
Non-Agency Collateralized Mortgage Obligations		0.32%
Municipal Bonds and Notes		0.23%
Agency Collateralized Mortgage Obligations		0.22%
Asset Backed		0.19%
U.S. Government Sponsored Agencies		0.05%
FNMA (TBA)		0.00%
		29.10%
Short-Term Investments
Short-Term Investments		4.01%
		4.01%
		100.00%

Affiliate Table

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		2,022,863	$	73,733,356	$	—	$	—	$	—	$	546,173		2,022,863	$	74,279,529	$	4,157,950
State Street Corp.		16,264		1,264,038		—		268,791		136,010		141,187		13,036		1,272,444		21,525
State Street Institutional U.S. Government Money Market Fund - Class G Shares		72,119,782		72,119,782		686,534,912		665,615,323		—		—		93,039,371		93,039,371		633,490
TOTAL			$	147,117,176	$	686,534,912	$	665,884,114	$	136,010	$	687,360			$	168,591,344	$	4,812,965

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 15

State Street Total Return V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	Class 1
	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date														7/1/85
Net asset value, beginning of period	$	18.08		$	17.66		$	18.81		$	18.71		$	17.35
Income/(loss) from investment operations:
Net investment income		0.36	(a)		0.35			0.31			0.35			0.29
Net realized and unrealized gains/(losses) on investments		2.46			0.77			(0.52	)		0.65			2.29
Total income/(loss) from investment operations		2.82			1.12			(0.21	)		1.00			2.58
Less distributions from:
Net investment income		0.41			0.35			0.34			0.34			0.29
Net realized gains		0.55			0.35			0.60			0.56			0.93
Total distributions		0.96			0.70			0.94			0.90			1.22
Net asset value, end of period	$	19.94		$	18.08		$	17.66		$	18.81		$	18.71
Total Return(b)		15.58	%		6.35	%		(1.13	)%		5.32	%		14.93	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	856,665		$	797,448		$	807,584		$	941,344		$	1,046,388
Ratios to average net assets:
Net expenses		0.62	%		0.60	%		0.61	%		0.62	%(c)		0.60	%(c)
Gross expenses		0.62	%		0.60	%		0.61	%		0.62	%		0.61	%
Net investment income		1.83	%		1.85	%		1.56	%		1.66	%		1.50	%
Portfolio turnover rate		15	%		45	%		70	%		78	%		175	%

	Class 3
	12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			5/1/06
Net asset value, beginning of period	$	18.03		$	17.61		$	18.75		$	18.65		$	17.30
Income/(loss) from investment operations:
Net investment income		0.31	(a)		0.30			0.27			0.28			0.24
Net realized and unrealized gains/(losses) on investments		2.44			0.77			(0.51	)		0.67			2.28
Total income/(loss) from investment operations		2.75			1.07			(0.24	)		0.95			2.52
Less distributions from:
Net investment income		0.35			0.30			0.30			0.29			0.24
Net realized gains		0.55			0.35			0.60			0.56			0.93
Total distributions		0.90			0.65			0.90			0.85			1.17
Net asset value, end of period	$	19.88		$	18.03		$	17.61		$	18.75		$	18.65
Total Return(b)		15.26	%		6.08	%		(1.34	)%		5.07	%		14.64	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,464,061		$	1,508,428		$	1,633,723		$	1,842,997		$	1,937,910
Ratios to average net assets:
Net Expenses		0.87	%		0.85	%		0.86	%		0.87	%(c)		0.85	%(c)
Gross Expenses		0.87	%		0.85	%		0.86	%		0.87	%		0.86	%
Net investment income		1.59	%		1.60	%		1.31	%		1.40	%		1.25	%
Portfolio turnover rate		15	%		45	%		70	%		78	%		175	%

The accompanying Notes are an integral part of these financial statements.

16 Financial Highlights

State Street Total Return V.I.S. Fund

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

The accompanying Notes are an integral part of these financial statements.

Financial Highlights 17

State Street Total Return V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2017

Assets
Investments in securities, at fair value (cost $1,668,298,653)	$	2,153,715,830
Investments in affiliated securities, at fair value (cost $72,530,056)		75,551,973
Short-term affiliated investments, at fair value		93,039,371
Cash		13,919
Restricted cash(1)		308,154
Foreign currency (cost $3,169,604)		3,176,926
Receivable for investments sold		2,744,287
Income receivables		5,848,179
Receivable for fund shares sold		685
Income receivable from affiliated investments		96,827
Receivable for variation margin on open futures contracts		250,350
Other assets		41,900
Total assets		2,334,788,401
Liabilities
Payable for investments purchased		11,259,288
Payable for fund shares redeemed		360,951
Payable to the Adviser (Note 5)		687,408
Payable to the Custodian (Note 5)		77,654
Accrued other expenses		1,311,703
Distribution and service fees (Note 5)		309,795
Accrued foreign capital gains tax		55,978
Total liabilities		14,062,777
Net Assets	$	2,320,725,624
Net Assets Consist of:
Capital paid in	$	1,837,505,230
Undistributed (distributions in excess of) net investment income		(2,525,960	)
Accumulated net realized loss		(3,062,454	)
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		485,417,177
Affiliated investments		3,021,917
Futures		335,793
Foreign currency related transactions		33,921
Net Assets	$	2,320,725,624
Class 1
Net Assets	$	856,664,670
Shares outstanding ($0.01 par value, unlimited shares authorized)		42,968,160
Net asset value per share	$	19.94
Class 3
Net Assets	$	1,464,060,954
Shares outstanding ($0.01 par value, unlimited shares authorized)		73,656,522
Net asset value per share	$	19.88
(1)  Deposits at broker for futures contracts.

The accompanying Notes are an integral part of these financial statements.

18 Statement of Assets and Liabilities

State Street Total Return V.I.S. Fund

Statement of Operations — For the year ended December 31, 2017

Investment Income
Income
Dividend	$	40,654,498
Interest		13,600,231
Income from affiliated investments		4,812,965
Less: Foreign taxes withheld		(2,141,725	)
Total income		56,925,969
Expenses
Advisory and administration fees (Note 5)		8,193,519
Distribution and service fees (Note 5):
Class 1		1,665,690
Class 3		6,691,590
Directors’ fees (Note 6)		162,781
Custody and accounting expenses — net (Note 5)		886,868
Professional fees		137,469
Other expenses		314,063
Total Expenses		18,051,980
Net investment income	$	38,873,989
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	67,050,750	*
Affiliated investments		136,010
Futures		2,354,325
Foreign currency transactions		220,519
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		222,303,959	**
Affiliated investments		687,360
Futures		46,574
Foreign currency translations		108,239
Net realized and unrealized gain (loss) on investments		292,907,736
Net increase in net assets resulting from operations	$	331,781,725

* Includes change in accrued foreign capital gains tax of $55,978.

** Includes $13,911 of net realized gains from foreign capital tax gain.

The accompanying Notes are an integral part of these financial statements.

Statement of Operations 19

State Street Total Return V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	38,873,989		$	39,680,270
Net realized gain (loss) on investments, futures, and foreign currency related transactions		69,761,604			32,711,371
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency transactions		223,146,132			67,038,360
Net increase (decrease) from operations		331,781,725			139,430,001
Distributions to shareholders from:
Net investment income
Class 1		(16,742,272	)		(14,840,025	)
Class 3		(24,919,903	)		(24,277,209	)
Net realized gains
Class 1		(22,419,435	)		(14,759,944	)
Class 3		(38,500,904	)		(28,143,917	)
Total distributions		(102,582,514	)		(82,021,095	)
Increase (decrease) in assets from operations and distributions		229,199,211			57,408,906
Share transactions:
Proceeds from sale of shares
Class 1		24,414,624			24,722,908
Class 3		14,991,248			14,430,513
Value of distributions reinvested
Class 1		39,161,707			29,599,969
Class 3		63,420,807			52,421,126
Cost of shares redeemed
Class 1		(85,382,636	)		(83,008,379	)
Class 3		(270,955,830	)		(231,006,331	)
Net increase (decrease) from share transactions		(214,350,080	)		(192,840,194	)
Total increase (decrease) in net assets		14,849,131			(135,431,288	)
Net Assets
Beginning of year		2,305,876,493			2,441,307,781
End of year	$	2,320,725,624		$	2,305,876,493
Undistributed (distributions in excess of) net investment income, end of year	$	(2,525,960	)	$	(2,090,380	)
Changes in Fund Shares
Class 1
Shares sold		1,257,149			1,379,965
Issued for distributions reinvested		1,970,896			1,641,707
Shares redeemed		(4,366,225	)		(4,633,537	)
Net increase (decrease) in fund shares		(1,138,180	)		(1,611,865	)
Class 3
Shares sold		760,162			800,556
Issued for distributions reinvested		3,201,454			2,915,525
Shares redeemed		(13,986,760	)		(12,806,048	)
Net decrease in fund shares		(10,025,144	)		(9,089,967	)

The accompanying Notes are an integral part of these financial statements.

20 Statements of Changes in Net Assets

State Street Total Return V.I.S. Fund

Notes to Financial Statements — December 31, 2017

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the “Fund”), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers two share classes of the Fund as investment options for variable life insurance and variable annuity contracts – Class 1 and Class 3. Class 3 shares were first offered on May 1, 2006, and Fund shares outstanding prior to May 1, 2006 were designated as Class 1 shares. Each class of shares has different fees and expenses, and as a result, each class of shares will have different share price and performance. Not all variable contracts offer every class of the Fund’s shares.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation  The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation

Notes to Financial Statements 21

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2017 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the year ended December 31, 2017.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars

22 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.‘s (“SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2017, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities  During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions  The Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a “TBA roll” the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

4. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum

Notes to Financial Statements 23

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended December 31, 2017 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2017 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Total Return V.I.S. Fund
Futures Contracts(a)	$	—	$	—	$	—	$	335,793	$	—	$	335,793

(a) Unrealized appreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	2,354,325	$	—	$	2,354,325

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
StateStreet Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	46,574	$	—	$	46,574

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.35%.

Investor Service Plan — Class 1 and Class 3 Shares  The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the Total Return Fund Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the Total Return Fund attributable to each such class shares.

24 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

Distribution and Shareholder Service (12b-1) Fees  The Company has adopted a Distribution and Service (12b-1) Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may have compensated State Street Global Advisors Funds Distributors, LLC (“SSGA FD”, formerly known as State Street Global Markets, LLC), the distributor of the shares of the Fund for certain sales services provided by SSGA FD or other broker dealers and investor services provided by SSGA FD or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan for Class 3 shares may not exceed 0.25%, of the average daily net assets of the Fund attributable to such share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board, including by those Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2017 are disclosed in the Summary Schedule of Investments.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended December 31, 2017 were as follows:

U.S. Government Securities
Purchases			Sales
	$	226,676,488		$	243,232,858

Non-U.S. Government Securities
Purchases			Sales
	$	111,315,123		$	401,387,052

8. Income Taxes

The Fund has qualified and intends to continue to qualify as a regulated investment company Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

Notes to Financial Statements 25

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, foreign currency gains and losses, passive foreign investment company gains and losses, partnerships, corporate actions, paydown losses, futures contracts, REITs, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	41,662,175		$	60,920,339		$	102,582,514

The tax character of distributions paid during the year ended December 31, 2016 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	42,729,607		$	39,291,488		$	82,021,095

At December 31, 2017 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards*			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses**			Total
	$	194,015		$	—		$	5,376,260		$	477,650,119		$	—		$	483,220,394

* A portion of the Fund’s Capital Loss Carryover may be subject to limitations.

** The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	1,844,359,012		$	544,805,311		$	66,521,356		$	478,283,955

9. Line of Credit

The Fund and other affiliated Funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017 the Fund and other affiliated Funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of December 31, 2017.

26 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2017

10. Risks

Concentration Risk

As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Notes to Financial Statements 27

State Street Total Return V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Board of Directors of State Street Variable Insurance Series Funds, Inc. and Shareholders of State Street Total Return V.I.S. Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Total Return V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of State Street Total Return V.I.S. Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 16, 2018

28 Report of Independent Registered Public Accounting Firm

State Street Total Return V.I.S. Fund

Tax Information — December 31, 2017 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2017.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2017 in the amount of $60,920,339.

Tax Information 29

State Street Total Return V.I.S. Fund

Additional Information (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS
Jeanne M. La Porta SSGA FM 1600 Summer St. Stamford, CT 06905 Age 52	Director and President	Term: Until successor is elected and qualified Served: Since 2014	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee of GEAM’s UCITs Funds (March 2014 – November 2014); Senior Vice President and Commercial Administrative Officer at GEAM (April 2010 – March 2014); Vice President of State Street Institutional Funds (July 2003 – present); Vice President of Elfun Funds and GE Retirement Savings Plan Funds (October 2003 – July 2016); Secretary of GE Funds (July 2007 – September 2010) and Vice President (July 2007 –February 2011); Senior Vice President and Deputy General Counsel of GEAM (October 2007 – April 2010); Vice President and Assistant Secretary of Elfun Funds and GE Retirement Savings Plan Funds (July 2003 – June 2010); and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM (May 1997 – October 2007).		18	Trustee and President of State Street Institutional Funds (2014 – present); Trustee of Elfun Funds (2014 – present).

30 Additional Information

State Street Total Return V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Arthur A. Jensen SSGA FM 1600 Summer St. Stamford, CT 06905 Age 51	Treasurer	Term: Until successor is elected and qualified Served: Since June 2011	Vice President at State Street Global Advisors (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GEAM (April 2011 – July 2016).		N/A	N/A
Robert Herlihy SSGA FM 1600 Summer St. Stamford, CT 06905 Age 50	Chief Compliance Officer	Term: Until successor is elected and qualified Served: Since July 2005	Managing Director at State Street Global Advisors (July 2016 – present); Deputy Chief Compliance Officer of Elfun Funds (July 2016 – present); Chief Compliance Officer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (July 2005 – present); Chief Compliance Officer of GEAM and Elfun Funds (July 2005 – July 2016).		N/A	N/A
Brian Harris SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 44	Deputy Chief Compliance Officer and Anti-Money Laundering Officer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 – present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 – 2013).		N/A	N/A
Bruce S. Rosenberg SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 56	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).		N/A	N/A

Additional Information 31

State Street Total Return V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
INTERESTED DIRECTOR AND EXECUTIVE OFFICERS (continued)
Ann M. Carpenter SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 51	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Chief Operating Officer, SSGA Funds Management, Inc. (2005 – present)*; Managing Director, State Street Global Advisors (2005 – present).*		N/A	N/A
Chad C. Hallett SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 48	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).		N/A	N/A
Darlene Anderson-Vasquez SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 49	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).		N/A	N/A
Daniel G. Plourde SSGA FM State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Age 38	Assistant Treasurer	Term: Until successor is elected and qualified Served: Since June 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, Floor 7 Mail Stop SUM0703 Boston, MA 02111 Age 41	Secretary	Term: Until successor is elected and qualified Served: Since March 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).		N/A	N/A

* Served in various capacities and/or with various affiliated entities during noted time period.

32 Additional Information

State Street Total Return V.I.S. Fund

Additional Information, continued (Unaudited)

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Director		Other Directorships Held by Director
NON-INTERESTED DIRECTORS
John R. Costantino c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Chairman of the Board	Term: Until successor is elected and qualified Served: Since 1997	General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		12	Trustee of State Street Institutional Funds (1997 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
R. Sheldon Johnson c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 71	Director	Term: Until successor is elected and qualified Served: Since April 2011	Retired (2006 – present); Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. (2002 – 2006); and Managing Director at Morgan Stanley & Co., Inc. (1988 – 2006).		12	Trustee of State Street Institutional Funds (April 2011 – present) and Trustee of St. Lawrence University (2003 – present).
Donna M. Rapaccioli c/o SSGA FM 1600 Summer St. Stamford, CT 06905 Age 55	Director	Term: Until successor is elected and qualified Served: Since January 2012	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		12	Trustee of State Street Institutional Funds (January 2012 – present) and Trustee of Emmanuel College (2010 – present).

Additional Information 33

State Street Total Return V.I.S. Fund

Investment Team (Unaudited)

Investment Adviser and Administrator

SSGA Funds Management, Inc.

Board of Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Jeanne M. La Porta

Donna M. Rapaccioli

Secretary

Jesse Hallee

Chief Compliance Officer

Robert Herlihy

Deputy Chief Compliance Officer

Brian Harris

Treasurer

Arthur A. Jensen

Assistant Treasurers

Bruce S. Rosenberg

Ann M. Carpenter

Chad C. Hallett

Darlene Anderson-Vasquez

Daniel G. Plourde

Distributor

State Street Global Advisors Funds Distributor, LLC

Member FINRA and SIPC

Custodian

State Street Bank and Trust Company

34 Investment Team

Investment Adviser

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

or at:

P.O. Box 7900

Stamford, CT 06904-7900

Distributor

State Street Global Advisors Funds Distributors, LLC

Member FINRA and SIPC

State Street Financial Center

One Lincoln Street

Boston, MA 02111

www.ssga.com/geam

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-242-0134; (ii) on the Fund’s website at http://www.ssga.com/geam; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC — information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.ssga.com/geam; and (ii) on the Commission’s website at http://www.sec.gov.

Item 2. Code of Ethics.

As of the end of the period covered by this report, State Street Variable Insurance Series Funds, Inc. (the “Company” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to 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. 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 the covered 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 13(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Company’s Board of Directors (the “Board”) has determined that the Company has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. John R. Costantino 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 December 31, 2017 and December 31, 2016, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Company’s principal accountant, for the audit of the Company’s annual financial statements or services normally provided by E&Y in connection with the Company’s statutory and regulatory filings and engagements were $195,570 and $214,300, respectively.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2017 and December 31, 2016, there were no fees for assurance and related services by E&Y reasonably related to the performance of the audit of the Company’s financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees

For the fiscal years ended December 31, 2017 and December 31, 2016, the aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns were $52,947 and $53,172, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2017 and December 31, 2016, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Company, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2017 and December 31, 2016, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Company that (i) relate directly to the operations and financial reporting of the Company and (ii) were pre-approved by the Audit Committee were approximately $7,777,372 and $7,722,372, respectively.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The Audit Committee is responsible for, among other things, the appointment, compensation and oversight of the work of the Funds’ Auditor. As part of this responsibility and to ensure that the Auditor’s independence is not impaired, the Audit Committee (1) pre-approves the audit and non-audit services provided to the Funds by the Auditor, and (2) all non-audit services provided to the Funds’ investment adviser and Covered Affiliates (as defined in the Audit Committee Charter) that provide ongoing services to the Funds if the services directly impact the Funds’ operations or financial reporting, in accordance with the Audit Committee Charter. The following excerpt from the Audit Committee Charter sets forth the pre-approval policies and procedures:

Pre-Approval of Audit Related Services and Permissible Non-Audit Services. The Audit Committee shall pre-approve both audit (including audit, review, and attest) services and permissible non-audit services provided to the Fund and, if the nature of the engagement relates directly to the operations and financial reporting of the Fund, permissible non-audit services provided to any Covered Affiliate.

The Audit Committee may determine to delegate the authority to grant pre-approvals to one or more Audit Committee members, each acting on behalf of the Audit Committee. In this event, the member of the Audit Committee so delegated shall report each delegated pre-approval to the Audit Committee at its next regularly scheduled meeting. The Audit Committee may also adopt and follow, in lieu of explicit pre-approval described above, written policies and procedures detailed as to the particular service, designed to safeguard the continued independence of the Auditor, consistent with the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), and SEC regulations.

Notwithstanding the foregoing, the pre-approval requirement concerning permissible non-audit services provided to the Fund or any Covered Affiliate is waived if: (1) the aggregate amount of all such non-audit services provided constitutes no more than five percent (5%) of the total amount of revenues paid to the Auditor by the Fund and the Covered Affiliates during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee, (2) the non-audit services were not recognized as non-audit services at the time of the engagement, and (3) such non-audit services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or one or more designated members of the Audit Committee prior to the completion of the audit.

(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 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) Total Fees Paid By Adviser and Certain Affiliates

For the fiscal years ended December 31, 2017 and December 31, 2016, the aggregate non-audit fees billed by E&Y for services rendered to the Company and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Company were approximately $28,718,894 and $25,696,758, respectively.

(h) E&Y notified the Company’s Audit Committee of all non-audit services 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 Company, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Company’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Schedule of Investments.

(a) The Schedule of Investments for the State Street Total Return V.I.S. Fund is listed below. The Schedules of Investments for the State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund and a Summary Schedule of Investments for the State Street Total Return V.I.S. Fund are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

State Street Total Return V.I.S. Fund

Schedule of Investments December 31, 2017

State Street Total Return V.I.S. Fund
	Number of Shares		Fair Value
Domestic Equity – 36.0% †
Common Stock – 36.0%
Advertising – 0.0%*
Clear Channel Outdoor Holdings Inc., Class A		823	$	3,786
Emerald Expositions Events Inc.		297		6,041
MDC Partners Inc., Class A		1,024		9,984	(a)
National CineMedia Inc.		1,224		8,396
Omnicom Group Inc.		7,999		582,567
The Interpublic Group of Companies Inc.		14,824		298,852
				909,626
Aerospace & Defense – 0.9%
AAR Corp.		609		23,928
Aerojet Rocketdyne Holdings Inc.		1,305		40,716	(a)
Aerovironment Inc.		410		23,026	(a)
Arconic Inc.		14,123		384,852
Astronics Corp.		430		17,832	(a)
Axon Enterprise Inc.		934		24,751	(a)
Cubic Corp.		436		25,702
Curtiss-Wright Corp.		1,127		137,325
Ducommun Inc.		204		5,804	(a)
Engility Holdings Inc.		359		10,185	(a)
Esterline Technologies Corp.		678		50,647	(a)
General Dynamics Corp.		9,909		2,015,986
Harris Corp.		4,142		586,714
Huntington Ingalls Industries Inc.		328		77,310
KLX Inc.		1,322		90,226	(a)
Kratos Defense & Security Solutions Inc.		1,357		14,371	(a)
L3 Technologies Inc.		2,692		532,612
Lockheed Martin Corp.		8,834		2,836,156
Mercury Systems Inc.		854		43,853	(a)
Moog Inc., Class A		568		49,331	(a)
National Presto Industries Inc.		99		9,845
Northrop Grumman Corp.		6,187		1,898,852
Orbital ATK Inc.		415		54,572
Raytheon Co.		10,301		1,935,043
Rockwell Collins Inc.		5,802		786,867
Sparton Corp.		188		4,335	(a)
Teledyne Technologies Inc.		253		45,831	(a)
Textron Inc.		9,098		514,856
The Boeing Co.		19,629		5,788,788
The KeyW Holding Corp.		721		4,232	(a)
TransDigm Group Inc.		1,764		484,430
Triumph Group Inc.		925		25,160
United Technologies Corp.		26,082		3,327,281
Vectrus Inc.		210		6,478	(a)
Wesco Aircraft Holdings Inc.		1,112		8,229	(a)
				21,886,126
Agricultural & Farm Machinery – 0.1%
AGCO Corp.		466		33,286
Deere & Co.		11,373		1,779,988
Lindsay Corp.		186		16,405
The Toro Co.		765		49,901
Titan International Inc.		888		11,438
				1,891,018
Agricultural Products – 0.0%*
Alico Inc.		66		1,947
Archer-Daniels-Midland Co.		19,404		777,712
Darling Ingredients Inc.		2,971		53,864	(a)
Fresh Del Monte Produce Inc.		608		28,984
Ingredion Inc.		517		72,277
Limoneira Co.		240		5,376
				940,160
Air Freight & Logistics – 0.3%
Air Transport Services Group Inc.		1,090		25,223	(a)
Atlas Air Worldwide Holdings Inc.		441		25,865	(a)
CH Robinson Worldwide Inc.		4,808		428,345
Echo Global Logistics Inc.		423		11,844	(a)

	Number of Shares		Fair Value
Expeditors International of Washington Inc.		6,050	$	391,374
FedEx Corp.		8,761		2,186,220
Forward Air Corp.		543		31,190
Hub Group Inc., Class A		582		27,878	(a)
Radiant Logistics Inc.		505		2,323	(a)
United Parcel Service Inc., Class B		24,243		2,888,553
				6,018,815
Airlines – 0.2%
Alaska Air Group Inc.		4,666		342,998
Allegiant Travel Co.		229		35,438
American Airlines Group Inc.		14,928		776,704
Delta Air Lines Inc.		23,537		1,318,072
Hawaiian Holdings Inc.		952		37,937
JetBlue Airways Corp.		2,280		50,935	(a)
SkyWest Inc.		945		50,179
Southwest Airlines Co.		19,233		1,258,800
United Continental Holdings Inc.		8,561		577,011	(a)
				4,448,074
Alternative Carriers – 0.0%*
CenturyLink Inc.		33,823		564,168
Cogent Communications Holdings Inc.		750		33,975
Globalstar Inc.		7,534		9,869	(a)
Iridium Communications Inc.		1,646		19,423	(a)
ORBCOMM Inc.		1,307		13,305	(a)
pdvWireless Inc.		200		6,420	(a)
Straight Path Communications Inc., Class B		186		33,813	(a)
Vonage Holdings Corp.		3,845		39,104	(a)
				720,077
Aluminum – 0.0%*
Century Aluminum Co.		999		19,620	(a)
Kaiser Aluminum Corp.		306		32,696
				52,316
Apparel Retail – 0.2%
Abercrombie & Fitch Co., Class A		1,266		22,066
American Eagle Outfitters Inc.		4,199		78,941
Ascena Retail Group Inc.		3,466		8,145	(a)
Boot Barn Holdings Inc.		265		4,402	(a)
Caleres Inc.		797		26,684
Chico’s FAS Inc.		2,499		22,041
Citi Trends Inc.		286		7,568
DSW Inc., Class A		1,217		26,056
Express Inc.		1,496		15,184	(a)
Foot Locker Inc.		3,938		184,613
Francesca’s Holdings Corp.		734		5,365	(a)
Genesco Inc.		370		12,025	(a)
Guess? Inc.		1,045		17,640
L Brands Inc.		9,058		545,473
Ross Stores Inc.		13,316		1,068,609
Shoe Carnival Inc.		216		5,778
Tailored Brands Inc.		884		19,298
The Buckle Inc.		577		13,704
The Cato Corp., Class A		510		8,119
The Children’s Place Inc.		313		45,495
The Finish Line Inc., Class A		669		9,721
The Gap Inc.		8,207		279,530
The TJX Companies Inc.		22,570		1,725,702
Tilly’s Inc., Class A		209		3,085
Urban Outfitters Inc.		560		19,634	(a)
Zumiez Inc.		363		7,559	(a)
				4,182,437
Apparel, Accessories & Luxury Goods – 0.1%
Carter’s Inc.		344		40,417
Columbia Sportswear Co.		518		37,234
Delta Apparel Inc.		140		2,828	(a)
Fossil Group Inc.		824		6,403	(a)
G-III Apparel Group Ltd.		778		28,700	(a)
Hanesbrands Inc.		13,680		286,049
Iconix Brand Group Inc.		856		1,104	(a)
Michael Kors Holdings Ltd.		5,440		342,448	(a)
Movado Group Inc.		312		10,046
Oxford Industries Inc.		305		22,933
Perry Ellis International Inc.		249		6,235	(a)
PVH Corp.		2,888		396,263

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Ralph Lauren Corp.		2,118	$	219,615
Sequential Brands Group Inc.		787		1,401	(a)
Superior Uniform Group Inc.		159		4,247
Tapestry Inc.		10,309		455,967
Under Armour Inc., Class A		6,888		99,394	(a)
Under Armour Inc., Class C		6,931		92,321	(a)
Vera Bradley Inc.		408		4,969	(a)
VF Corp.		11,809		873,866
				2,932,440
Application Software – 0.5%
8x8 Inc.		1,583		22,320	(a)
ACI Worldwide Inc.		3,030		68,690	(a)
Adobe Systems Inc.		17,442		3,056,536	(a,b)
Agilysys Inc.		301		3,696	(a)
American Software Inc., Class A		521		6,059
ANSYS Inc.		2,900		428,011	(a)
Aspen Technology Inc.		1,339		88,642	(a)
Autodesk Inc.		7,723		809,602	(a)
Blackbaud Inc.		1,221		115,372
Blackline Inc.		313		10,266	(a)
Bottomline Technologies de Inc.		687		23,825	(a)
BroadSoft Inc.		588		32,281	(a)
Cadence Design Systems Inc.		10,200		426,564	(a)
Callidus Software Inc.		1,171		33,549	(a)
CDK Global Inc.		940		67,003
Citrix Systems Inc.		5,278		464,464	(a)
Digimarc Corp.		187		6,760	(a)
Ebix Inc.		434		34,395
Ellie Mae Inc.		621		55,517	(a)
Everbridge Inc.		321		9,540	(a)
Fair Isaac Corp.		759		116,279
Glu Mobile Inc.		2,085		7,589	(a)
HubSpot Inc.		622		54,985	(a)
Intuit Inc.		8,681		1,369,688
Manhattan Associates Inc.		490		24,275	(a)
MicroStrategy Inc., Class A		179		23,503	(a)
Mitek Systems Inc.		595		5,325	(a)
MobileIron Inc.		892		3,479	(a)
Model N Inc.		444		6,993	(a)
Monotype Imaging Holdings Inc.		813		19,593
Park City Group Inc.		224		2,139	(a)
Paycom Software Inc.		901		72,377	(a)
Paylocity Holding Corp.		510		24,052	(a)
Pegasystems Inc.		655		30,883
PROS Holdings Inc.		506		13,384	(a)
PTC Inc.		836		50,804	(a)
QAD Inc., Class A		189		7,343
RealNetworks Inc.		415		1,419	(a)
RealPage Inc.		1,080		47,844	(a)
RingCentral Inc., Class A		1,174		56,822	(a)
salesforce.com Inc.		24,205		2,474,477	(a)
Silver Spring Networks Inc.		763		12,391	(a)
Synchronoss Technologies Inc.		775		6,929	(a)
Synopsys Inc.		5,400		460,296	(a)
Telenav Inc.		652		3,586	(a)
The Ultimate Software Group Inc.		202		44,083	(a)
Tyler Technologies Inc.		248		43,908	(a)
Upland Software Inc.		170		3,682	(a)
Verint Systems Inc.		1,192		49,885	(a)
VirnetX Holding Corp.		988		3,656	(a)
Workiva Inc.		439		9,395	(a)
Zendesk Inc.		1,840		62,266	(a)
Zix Corp.		1,087		4,761	(a)
				10,881,183
Asset Management & Custody Banks – 0.4%
Affiliated Managers Group Inc.		1,905		391,001
Ameriprise Financial Inc.		5,293		897,005
Arlington Asset Investment Corp., Class A		390		4,594
Artisan Partners Asset Management Inc., Class A		844		33,338
Associated Capital Group Inc., Class A		101		3,444
BlackRock Inc.		4,337		2,227,960
Cohen & Steers Inc.		401		18,963
Diamond Hill Investment Group Inc.		65		13,433
Eaton Vance Corp.		841		47,424

	Number of Shares		Fair Value
Federated Investors Inc., Class B		680	$	24,534
Financial Engines Inc.		1,046		31,694
Franklin Resources Inc.		11,386		493,355
GAMCO Investors Inc., Class A		102		3,024
Hamilton Lane Inc., Class A		261		9,237
Invesco Ltd.		14,964		546,785
Legg Mason Inc.		629		26,406
Medley Management Inc., Class A		167		1,086
Northern Trust Corp.		7,728		771,950
Pzena Investment Management Inc., Class A		243		2,593
Safeguard Scientifics Inc.		435		4,872	(a)
SEI Investments Co.		935		67,189
Silvercrest Asset Management Group Inc., Class A		195		3,130
State Street Corp.		13,036		1,272,444	(c)
T Rowe Price Group Inc.		8,437		885,294
The Bank of New York Mellon Corp.		35,754		1,925,711
Virtus Investment Partners Inc.		127		14,611
Waddell & Reed Financial Inc., Class A		1,555		34,739
Westwood Holdings Group Inc.		172		11,388
WisdomTree Investments Inc.		1,977		24,811
				9,792,015
Auto Parts & Equipment – 0.0%*
American Axle & Manufacturing Holdings Inc.		1,879		31,999	(a)
BorgWarner Inc.		6,803		347,565
Cooper-Standard Holdings Inc.		313		38,343	(a)
Dana Inc.		3,729		119,365
Dorman Products Inc.		505		30,876	(a)
Fox Factory Holding Corp.		664		25,797	(a)
Gentex Corp.		2,040		42,738
Gentherm Inc.		700		22,225	(a)
Horizon Global Corp.		368		5,159	(a)
LCI Industries		454		59,020
Modine Manufacturing Co.		946		19,109	(a)
Motorcar Parts of America Inc.		367		9,171	(a)
Shiloh Industries Inc.		381		3,124	(a)
Standard Motor Products Inc.		399		17,919
Stoneridge Inc.		539		12,322	(a)
Superior Industries International Inc.		503		7,470
Tenneco Inc.		930		54,442
Tower International Inc.		306		9,348
VOXX International Corp.		459		2,571	(a)
				858,563
Automobile Manufacturers – 0.2%
Ford Motor Co.		136,710		1,707,508
General Motors Co.		44,723		1,833,196
Thor Industries Inc.		350		52,752
Winnebago Industries Inc.		541		30,079
				3,623,535
Automotive Retail – 0.1%
Advance Auto Parts Inc.		2,729		272,054
America’s Car-Mart Inc.		158		7,055	(a)
Asbury Automotive Group Inc.		355		22,720	(a)
AutoNation Inc.		426		21,867	(a)
AutoZone Inc.		921		655,172	(a)
Camping World Holdings Inc., Class A		562		25,138
CarMax Inc.		6,328		405,815	(a)
Carvana Co.		287		5,487	(a)
Group 1 Automotive Inc.		357		25,336
Lithia Motors Inc., Class A		428		48,616
Monro Inc.		596		33,942
Murphy USA Inc.		225		18,081	(a)
O’Reilly Automotive Inc.		2,921		702,617	(a)
Sonic Automotive Inc., Class A		477		8,801
				2,252,701
Biotechnology – 1.1%
AbbVie Inc.		56,120		5,427,365	(b)
Abeona Therapeutics Inc.		457		7,243	(a)
Acceleron Pharma Inc.		689		29,241	(a)
Achaogen Inc.		549		5,896	(a)
Achillion Pharmaceuticals Inc.		2,351		6,771	(a)
Acorda Therapeutics Inc.		735		15,766	(a)
Adamas Pharmaceuticals Inc.		275		9,320	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Aduro Biotech Inc.		716	$	5,370	(a)
Advaxis Inc.		737		2,093	(a)
Agenus Inc.		1,467		4,782	(a)
Aimmune Therapeutics Inc.		665		25,150	(a)
Akebia Therapeutics Inc.		825		12,268	(a)
Alder Biopharmaceuticals Inc.		1,179		13,500	(a)
Alexion Pharmaceuticals Inc.		7,696		920,365	(a)
AMAG Pharmaceuticals Inc.		701		9,288	(a)
Amgen Inc.		25,458		4,427,146
Amicus Therapeutics Inc.		3,064		44,091	(a)
AnaptysBio Inc.		327		32,935	(a)
Anavex Life Sciences Corp.		655		2,109	(a)
Apellis Pharmaceuticals Inc.		200		4,340	(a)
Ardelyx Inc.		639		4,217	(a)
Arena Pharmaceuticals Inc.		729		24,764	(a)
Array BioPharma Inc.		3,671		46,989	(a)
Asterias Biotherapeutics Inc.		449		1,010	(a)
Atara Biotherapeutics Inc.		466		8,435	(a)
Athenex Inc.		130		2,067	(a)
Athersys Inc.		1,530		2,769	(a)
Audentes Therapeutics Inc.		289		9,031	(a)
Avexis Inc.		465		51,462	(a)
Bellicum Pharmaceuticals Inc.		423		3,557	(a)
BioCryst Pharmaceuticals Inc.		1,493		7,331	(a)
Biogen Inc.		7,508		2,391,824	(a)
Biohaven Pharmaceutical Holding Company Ltd.		189		5,099	(a)
BioSpecifics Technologies Corp.		109		4,723	(a)
BioTime Inc.		1,269		2,728	(a)
Bioverativ Inc.		767		41,357	(a)
Bluebird Bio Inc.		898		159,934	(a)
Blueprint Medicines Corp.		784		59,121	(a)
Calithera Biosciences Inc.		580		4,843	(a)
Calyxt Inc.		151		3,327	(a)
Cara Therapeutics Inc.		451		5,520	(a)
Cascadian Therapeutics Inc.		648		2,398	(a)
Catalyst Pharmaceuticals Inc.		1,641		6,416	(a)
Celgene Corp.		27,620		2,882,423	(a)
Celldex Therapeutics Inc.		1,930		5,481	(a)
ChemoCentryx Inc.		422		2,511	(a)
Chimerix Inc.		862		3,991	(a)
Clovis Oncology Inc.		819		55,692	(a)
Coherus Biosciences Inc.		591		5,201	(a)
Conatus Pharmaceuticals Inc.		483		2,231	(a)
Concert Pharmaceuticals Inc.		333		8,615	(a)
Corbus Pharmaceuticals Holdings Inc.		839		5,957	(a)
Corvus Pharmaceuticals Inc.		90		932	(a)
Curis Inc.		2,270		1,589	(a)
Cytokinetics Inc.		675		5,501	(a)
CytomX Therapeutics Inc.		541		11,420	(a)
Deciphera Pharmaceuticals Inc.		152		3,446	(a)
Dyax Corp.		4,362		10,687
Dynavax Technologies Corp.		1,128		21,094	(a)
Eagle Pharmaceuticals Inc.		141		7,532	(a)
Edge Therapeutics Inc.		327		3,064	(a)
Editas Medicine Inc.		640		19,667	(a)
Emergent BioSolutions Inc.		607		28,207	(a)
Enanta Pharmaceuticals Inc.		278		16,313	(a)
Epizyme Inc.		812		10,191	(a)
Esperion Therapeutics Inc.		292		19,225	(a)
Exact Sciences Corp.		2,120		111,385	(a)
Fate Therapeutics Inc.		709		4,332	(a)
FibroGen Inc.		1,285		60,909	(a)
Five Prime Therapeutics Inc.		541		11,859	(a)
Flexion Therapeutics Inc.		604		15,124	(a)
Fortress Biotech Inc.		629		2,510	(a)
Foundation Medicine Inc.		270		18,414	(a)
G1 Therapeutics Inc.		146		2,897	(a)
Genocea Biosciences Inc.		541		628	(a)
Genomic Health Inc.		374		12,791	(a)
Geron Corp.		3,050		5,490	(a)
Gilead Sciences Inc.		46,127		3,304,538
Global Blood Therapeutics Inc.		699		27,506	(a)
Halozyme Therapeutics Inc.		2,220		44,977	(a)
Heron Therapeutics Inc.		909		16,453	(a)
Idera Pharmaceuticals Inc.		1,813		3,825	(a)

	Number of Shares		Fair Value
Ignyta Inc.		1,020	$	27,234	(a)
Immune Design Corp.		226		881	(a)
ImmunoGen Inc.		1,713		10,980	(a)
Immunomedics Inc.		1,766		28,539	(a)
Incyte Corp.		6,100		577,731	(a)
Inovio Pharmaceuticals Inc.		1,336		5,518	(a)
Insmed Inc.		1,391		43,371	(a)
Insys Therapeutics Inc.		475		4,569	(a)
Intellia Therapeutics Inc.		264		5,074	(a)
Invitae Corp.		735		6,674	(a)
Iovance Biotherapeutics Inc.		1,018		8,144	(a)
Ironwood Pharmaceuticals Inc.		2,435		36,501	(a)
Jounce Therapeutics Inc.		269		3,430	(a)
Karyopharm Therapeutics Inc.		478		4,589	(a)
Keryx Biopharmaceuticals Inc.		1,588		7,384	(a)
Kindred Biosciences Inc.		398		3,761	(a)
Kura Oncology Inc.		361		5,523	(a)
La Jolla Pharmaceutical Co.		279		8,978	(a)
Lexicon Pharmaceuticals Inc.		843		8,329	(a)
Ligand Pharmaceuticals Inc.		374		51,212	(a)
Loxo Oncology Inc.		425		35,776	(a)
MacroGenics Inc.		640		12,160	(a)
Madrigal Pharmaceuticals Inc.		93		8,536	(a)
Matinas BioPharma Holdings Inc.		997		1,157	(a)
MediciNova Inc.		593		3,837	(a)
Merrimack Pharmaceuticals Inc.		245		2,511
Mersana Therapeutics Inc.		93		1,528	(a)
MiMedx Group Inc.		1,829		23,064	(a)
Minerva Neurosciences Inc.		371		2,245	(a)
Miragen Therapeutics Inc.		239		2,493	(a)
Momenta Pharmaceuticals Inc.		1,309		18,261	(a)
Myriad Genetics Inc.		1,170		40,184	(a)
NantKwest Inc.		332		1,491	(a)
Natera Inc.		525		4,720	(a)
NewLink Genetics Corp.		438		3,552	(a)
Novavax Inc.		5,417		6,717	(a)
Organovo Holdings Inc.		1,876		2,514	(a)
Otonomy Inc.		534		2,964	(a)
PDL BioPharma Inc.		2,959		8,108	(a)
Pieris Pharmaceuticals Inc.		649		4,900	(a)
Portola Pharmaceuticals Inc.		1,023		49,800	(a)
Progenics Pharmaceuticals Inc.		1,405		8,360	(a)
Protagonist Therapeutics Inc.		151		3,141	(a)
PTC Therapeutics Inc.		649		10,825	(a)
Puma Biotechnology Inc.		520		51,402	(a)
Ra Pharmaceuticals Inc.		158		1,343	(a)
Radius Health Inc.		721		22,906	(a)
Recro Pharma Inc.		253		2,340	(a)
Regeneron Pharmaceuticals Inc.		2,712		1,019,603	(a)
REGENXBIO Inc.		512		17,024	(a)
Repligen Corp.		678		24,598	(a)
Retrophin Inc.		726		15,297	(a)
Rhythm Pharmaceuticals Inc.		151		4,388	(a)
Rigel Pharmaceuticals Inc.		2,728		10,585	(a)
Sage Therapeutics Inc.		693		114,144	(a)
Sangamo Therapeutics Inc.		1,594		26,142	(a)
Sarepta Therapeutics Inc.		1,110		61,760	(a)
Selecta Biosciences Inc.		265		2,600	(a)
Seres Therapeutics Inc.		358		3,630	(a)
Spark Therapeutics Inc.		500		25,710	(a)
Spectrum Pharmaceuticals Inc.		1,602		30,358	(a)
Stemline Therapeutics Inc.		333		5,195	(a)
Strongbridge Biopharma PLC		408		2,958	(a)
Syndax Pharmaceuticals Inc.		130		1,139	(a)
Synergy Pharmaceuticals Inc.		4,284		9,553	(a)
Syros Pharmaceuticals Inc.		278		2,705	(a)
TG Therapeutics Inc.		947		7,765	(a)
Tocagen Inc.		328		3,362	(a)
Trevena Inc.		893		1,429	(a)
Ultragenyx Pharmaceutical Inc.		740		34,321	(a)
United Therapeutics Corp.		310		45,864	(a)
Vanda Pharmaceuticals Inc.		738		11,218	(a)
VBI Vaccines Inc.		637		2,720	(a)
Veracyte Inc.		223		1,456	(a)
Versartis Inc.		550		1,210	(a)
Vertex Pharmaceuticals Inc.		9,054		1,356,832	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Voyager Therapeutics Inc.		238	$	3,951	(a)
vTv Therapeutics Inc., Class A		106		637	(a)
Xencor Inc.		647		14,182	(a)
ZIOPHARM Oncology Inc.		2,449		10,139	(a)
				24,686,301
Brewers – 0.0%*
Craft Brew Alliance Inc.		250		4,800	(a)
Molson Coors Brewing Co., Class B		6,569		539,118
The Boston Beer Company Inc., Class A		215		41,086	(a)
				585,004
Broadcasting – 0.1%
AMC Networks Inc., Class A		351		18,982	(a)
CBS Corp., Class B		11,553		681,627
Discovery Communications Inc., Class A		5,819		130,229	(a)
Discovery Communications Inc., Class C		7,936		168,005	(a)
Entercom Communications Corp., Class A		2,426		26,201
Entravision Communications Corp., Class A		1,320		9,438
Gray Television Inc.		1,131		18,944	(a)
Hemisphere Media Group Inc.		122		1,409	(a)
Media General Inc.		2,076		208
Nexstar Media Group Inc.		780		60,996
Saga Communications Inc., Class A		76		3,074
Salem Media Group Inc.		191		860
Scripps Networks Interactive Inc., Class A		3,603		307,624
Sinclair Broadcast Group Inc., Class A		1,330		50,340
TEGNA Inc.		1,504		21,176
The EW Scripps Co., Class A		1,071		16,740	(a)
Townsquare Media Inc., Class A		207		1,590	(a)
				1,517,443
Building Products – 0.1%
AAON Inc.		717		26,314
Advanced Drainage Systems Inc.		695		16,576
American Woodmark Corp.		265		34,516	(a)
AO Smith Corp.		5,500		337,040
Apogee Enterprises Inc.		533		24,374
Armstrong Flooring Inc.		470		7,952	(a)
Builders FirstSource Inc.		2,025		44,125	(a)
Continental Building Products Inc.		708		19,930	(a)
CSW Industrials Inc.		290		13,325	(a)
Fortune Brands Home & Security Inc.		5,769		394,830
Gibraltar Industries Inc.		629		20,757	(a)
Griffon Corp.		601		12,230
Insteel Industries Inc.		351		9,940
JELD-WEN Holding Inc.		1,254		49,370	(a)
Johnson Controls International PLC		32,152		1,225,313
Lennox International Inc.		269		56,022
Masco Corp.		10,923		479,957
Masonite International Corp.		516		38,261	(a)
NCI Building Systems Inc.		800		15,440	(a)
Patrick Industries Inc.		435		30,211	(a)
PGT Innovations Inc.		974		16,412	(a)
Ply Gem Holdings Inc.		438		8,103	(a)
Quanex Building Products Corp.		689		16,123
Simpson Manufacturing Company Inc.		781		44,837
Trex Company Inc.		540		58,531	(a)
Universal Forest Products Inc.		1,122		42,210
				3,042,699
Cable & Satellite – 0.4%
Cable One Inc.		34		23,914
Charter Communications Inc., Class A		6,879		2,311,069	(a)
Comcast Corp., Class A		164,089		6,571,764
DISH Network Corp., Class A		7,700		367,675	(a)
Loral Space & Communications Inc.		261		11,497	(a)
MSG Networks Inc., Class A		1,142		23,126	(a)
WideOpenWest Inc.		393		4,154	(a)
				9,313,199
Casinos & Gaming – 0.1%
Boyd Gaming Corp.		1,565		54,853
Caesars Entertainment Corp.		2,390		30,234	(a)

	Number of Shares		Fair Value
Century Casinos Inc.		441	$	4,026	(a)
Churchill Downs Inc.		343		79,816
Eldorado Resorts Inc.		881		29,205	(a)
Empire Resorts Inc.		39		1,053	(a)
Golden Entertainment Inc.		197		6,432	(a)
MGM Resorts International		17,900		597,681
Monarch Casino & Resort Inc.		216		9,681	(a)
Penn National Gaming Inc.		1,494		46,807	(a)
Pinnacle Entertainment Inc.		938		30,701	(a)
Red Rock Resorts Inc., Class A		1,287		43,424
Scientific Games Corp., Class A		973		49,915	(a)
Wynn Resorts Ltd.		2,687		453,001
				1,436,829
Coal & Consumable Fuels – 0.0%*
Arch Coal Inc., Class A		353		32,885
Cloud Peak Energy Inc.		1,400		6,230	(a)
NACCO Industries Inc., Class A		76		2,861
Peabody Energy Corp.		1,224		48,189	(a)
Westmoreland Coal Co.		365		442	(a)
				90,607
Commercial Printing – 0.0%*
Brady Corp., Class A		878		33,276
Deluxe Corp.		1,240		95,282
Ennis Inc.		518		10,749
InnerWorkings Inc.		764		7,663	(a)
LSC Communications Inc.		633		9,590
Multi-Color Corp.		271		20,284
Quad/Graphics Inc.		579		13,085
RR Donnelley & Sons Co.		1,328		12,350
				202,279
Commodity Chemicals – 0.1%
AdvanSix Inc.		567		23,854	(a)
Cabot Corp.		443		27,284
Calgon Carbon Corp.		852		18,148
Core Molding Technologies Inc.		190		4,123
Hawkins Inc.		192		6,758
Koppers Holdings Inc.		406		20,665	(a)
Kronos Worldwide Inc.		464		11,957
LyondellBasell Industries N.V., Class A		11,465		1,264,819
Olin Corp.		1,207		42,945
Trecora Resources		399		5,386	(a)
Tredegar Corp.		513		9,850
Trinseo S.A.		811		58,879
Tronox Ltd., Class A		1,537		31,524
Valvoline Inc.		1,432		35,886
				1,562,078
Communications Equipment – 0.4%
Acacia Communications Inc.		350		12,680	(a)
ADTRAN Inc.		867		16,776
Aerohive Networks Inc.		476		2,775	(a)
Applied Optoelectronics Inc.		335		12,670	(a)
CalAmp Corp.		560		12,001	(a)
Calix Inc.		830		4,938	(a)
Ciena Corp.		3,641		76,206	(a)
Cisco Systems Inc.		174,334		6,676,992
Clearfield Inc.		229		2,805	(a)
Comtech Telecommunications Corp.		451		9,976
Digi International Inc.		520		4,966	(a)
EMCORE Corp.		471		3,038	(a)
Extreme Networks Inc.		2,073		25,954	(a)
F5 Networks Inc.		2,012		264,015	(a)
Finisar Corp.		2,042		41,555	(a)
Harmonic Inc.		1,543		6,481	(a)
Infinera Corp.		2,823		17,870	(a)
InterDigital Inc.		878		66,860
Juniper Networks Inc.		12,803		364,885
KVH Industries Inc.		306		3,167	(a)
Lumentum Holdings Inc.		1,154		56,431	(a)
Motorola Solutions Inc.		5,834		527,044
NETGEAR Inc.		568		33,370	(a)
NetScout Systems Inc.		2,215		67,447	(a)
Oclaro Inc.		3,137		21,143	(a)
Plantronics Inc.		851		42,873
Quantenna Communications Inc.		400		4,880	(a)
Ribbon Communications Inc.		960		7,421	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Ubiquiti Networks Inc.		406	$	28,834	(a)
ViaSat Inc.		1,363		102,021	(a)
Viavi Solutions Inc.		4,171		36,454	(a)
				8,554,528
Computer & Electronics Retail – 0.0%*
Best Buy Company Inc.		9,068		620,886
Conn’s Inc.		296		10,523	(a)
GameStop Corp., Class A		760		13,642
Rent-A-Center Inc.		811		9,002
				654,053
Construction & Engineering – 0.1%
AECOM		1,133		42,091	(a)
Aegion Corp.		574		14,597	(a)
Ameresco Inc., Class A		412		3,543	(a)
Argan Inc.		270		12,150
Comfort Systems USA Inc.		638		27,849
Dycom Industries Inc.		772		86,024	(a)
EMCOR Group Inc.		1,487		121,562
Fluor Corp.		5,233		270,284
Granite Construction Inc.		976		61,908
Great Lakes Dredge & Dock Corp.		1,192		6,437	(a)
HC2 Holdings Inc.		645		3,838	(a)
IES Holdings Inc.		156		2,691	(a)
Jacobs Engineering Group Inc.		4,490		296,160
KBR Inc.		3,568		70,753
Layne Christensen Co.		358		4,493	(a)
MasTec Inc.		1,193		58,397	(a)
MYR Group Inc.		279		9,969	(a)
Northwest Pipe Co.		217		4,153	(a)
NV5 Global Inc.		147		7,960	(a)
Orion Group Holdings Inc.		522		4,087	(a)
Primoris Services Corp.		677		18,408
Quanta Services Inc.		5,528		216,200	(a)
Sterling Construction Company Inc.		489		7,961	(a)
Tutor Perini Corp.		630		15,971	(a)
Valmont Industries Inc.		160		26,536
				1,394,022
Construction Machinery & Heavy Trucks – 0.2%
Alamo Group Inc.		157		17,721
American Railcar Industries Inc.		157		6,537
Astec Industries Inc.		387		22,639
Blue Bird Corp.		119		2,368	(a)
Caterpillar Inc.		20,815		3,280,028
Commercial Vehicle Group Inc.		566		6,050	(a)
Cummins Inc.		5,386		951,383
Douglas Dynamics Inc.		446		16,859
Federal Signal Corp.		1,052		21,135
FreightCar America Inc.		248		4,236
Meritor Inc.		1,552		36,410	(a)
Miller Industries Inc.		220		5,676
Navistar International Corp.		900		38,592	(a)
Oshkosh Corp.		536		48,717
PACCAR Inc.		12,347		877,625
REV Group Inc.		422		13,728
Spartan Motors Inc.		666		10,489
Terex Corp.		576		27,775
The Greenbrier Companies Inc.		523		27,876
The Manitowoc Company Inc.		544		21,401	(a)
Trinity Industries Inc.		1,106		41,431
Twin Disc Inc.		199		5,287	(a)
Wabash National Corp.		1,146		24,868
Wabtec Corp.		611		49,754
				5,558,585
Construction Materials – 0.1%
Eagle Materials Inc.		347		39,315
Forterra Inc.		361		4,007	(a)
Martin Marietta Materials Inc.		2,255		498,445
Summit Materials Inc., Class A		1,973		62,039	(a)
United States Lime & Minerals Inc.		38		2,930
US Concrete Inc.		286		23,924	(a)
Vulcan Materials Co.		4,476		574,584
				1,205,244
Consumer Electronics – 0.0%*
GoPro Inc., Class A		2,032		15,382	(a)

	Number of Shares		Fair Value
Universal Electronics Inc.		262	$	12,379	(a)
ZAGG Inc.		406		7,491	(a)
				35,252
Consumer Finance – 0.3%
American Express Co.		25,285		2,511,053
Capital One Financial Corp.		17,175		1,710,287
Discover Financial Services		13,082		1,006,267
Encore Capital Group Inc.		433		18,229	(a)
Enova International Inc.		538		8,178	(a)
EZCORP Inc., Class A		1,014		12,371	(a)
FirstCash Inc.		861		58,074
Green Dot Corp., Class A		854		51,462	(a)
LendingClub Corp.		5,689		23,496	(a)
Navient Corp.		10,529		140,246
Nelnet Inc., Class A		339		18,570
PRA Group Inc.		810		26,892	(a)
Regional Management Corp.		214		5,630	(a)
SLM Corp.		3,086		34,872	(a)
Synchrony Financial		26,121		1,008,532
World Acceptance Corp.		123		9,929	(a)
				6,644,088
Copper – 0.0%*
Freeport-McMoRan Inc.		46,448		880,654	(a)
Southern Copper Corp.		1,879		89,159
				969,813
Data Processing & Outsourced Services – 1.0%
Alliance Data Systems Corp.		1,759		445,871
Automatic Data Processing Inc.		15,821		1,854,063
Blackhawk Network Holdings Inc.		1,034		36,862	(a)
Broadridge Financial Solutions Inc.		841		76,178
Cardtronics PLC, Class A		861		15,946	(a)
Cass Information Systems Inc.		237		13,796
Convergys Corp.		2,354		55,319
CoreLogic Inc.		579		26,756	(a)
CSG Systems International Inc.		638		27,957
DST Systems Inc.		435		27,000
Everi Holdings Inc.		1,206		9,093	(a)
ExlService Holdings Inc.		597		36,029	(a)
Fidelity National Information Services Inc.		11,678		1,098,783
Fiserv Inc.		7,443		976,001	(a)
Global Payments Inc.		5,303		531,573
Information Services Group Inc.		600		2,502	(a)
Jack Henry & Associates Inc.		551		64,445
Mastercard Inc., Class A		32,752		4,957,343
MAXIMUS Inc.		1,651		118,178
MoneyGram International Inc.		597		7,868	(a)
Paychex Inc.		11,462		780,333
PayPal Holdings Inc.		40,013		2,945,757	(a)
Sabre Corp.		1,498		30,709
Sykes Enterprises Inc.		767		24,122	(a)
Syntel Inc.		641		14,737	(a)
TeleTech Holdings Inc.		263		10,586
The Western Union Co.		15,645		297,411
Total System Services Inc.		6,181		488,855
Visa Inc., Class A		63,957		7,292,377
WEX Inc.		290		40,957	(a)
				22,307,407
Department Stores – 0.0%*
Dillard’s Inc., Class A		408		24,501
JC Penney Company Inc.		5,875		18,565	(a)
Kohl’s Corp.		5,518		299,241
Macy’s Inc.		11,375		286,536
Nordstrom Inc.		4,154		196,817
Sears Holdings Corp.		223		798	(a)
				826,458
Distillers & Vintners – 0.1%
Brown-Forman Corp., Class B		6,646		456,381
Constellation Brands Inc., Class A		6,008		1,373,249
MGP Ingredients Inc.		249		19,143
				1,848,773
Distributors – 0.0%*
Core-Mark Holding Company Inc.		820		25,896
Genuine Parts Co.		5,037		478,565
LKQ Corp.		10,450		425,002	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Pool Corp.		285	$	36,950
Weyco Group Inc.		129		3,834
				970,247
Diversified Banks – 1.8%
Bank of America Corp.		342,498		10,110,541
Citigroup Inc.		93,032		6,922,511
JPMorgan Chase & Co.		122,578		13,108,491
U.S. Bancorp		55,811		2,990,354
Wells Fargo & Co.		156,406		9,489,152
				42,621,049
Diversified Chemicals – 0.3%
DowDuPont Inc.		82,254		5,858,130
Eastman Chemical Co.		4,968		460,236
LSB Industries Inc.		420		3,679	(a)
The Chemours Co.		1,340		67,080
				6,389,125
Diversified Metals & Mining – 0.0%*
Compass Minerals International Inc.		882		63,724
Materion Corp.		358		17,399
				81,123
Diversified Real Estate Activities – 0.0%*
Consolidated-Tomoka Land Co.		80		5,080
Tejon Ranch Co.		336		6,975	(a)
The RMR Group Inc., Class A		135		8,005
The St Joe Co.		832		15,018	(a)
				35,078
Diversified REITs – 0.0%*
Alexander & Baldwin Inc.		1,203		33,371
American Assets Trust Inc.		777		29,712
Armada Hoffler Properties Inc.		847		13,154
Gladstone Commercial Corp.		448		9,435
Global Net Lease Inc.		1,288		26,507
Gramercy Property Trust		2,938		78,327
Investors Real Estate Trust		2,456		13,950
iStar Inc.		1,279		14,453	(a)
Lexington Realty Trust		3,944		38,060
Liberty Property Trust		1,064		45,763
One Liberty Properties Inc.		273		7,076
PS Business Parks Inc.		355		44,407
RAIT Financial Trust		1,861		698
Select Income REIT		1,110		27,894
Washington Real Estate Investment Trust		1,402		43,630
				426,437
Diversified Support Services – 0.0%*
Cintas Corp.		2,869		447,076
Copart Inc.		1,451		62,669	(a)
Healthcare Services Group Inc.		1,306		68,852
Matthews International Corp., Class A		572		30,202
McGrath RentCorp.		395		18,557
Mobile Mini Inc.		792		27,324
UniFirst Corp.		285		46,996
Viad Corp.		374		20,720
VSE Corp.		166		8,039
				730,435
Drug Retail – 0.2%
CVS Health Corp.		35,498		2,573,605
Walgreens Boots Alliance Inc.		30,863		2,241,271
				4,814,876
Education Services – 0.0%*
Adtalem Global Education Inc.		1,582		66,523
American Public Education Inc.		312		7,816	(a)
Bridgepoint Education Inc.		363		3,013	(a)
Cambium Learning Group Inc.		198		1,125	(a)
Capella Education Co.		228		17,647
Career Education Corp.		1,342		16,211	(a)
Chegg Inc.		1,625		26,520	(a)
Graham Holdings Co., Class B		34		18,984
Grand Canyon Education Inc.		865		77,444	(a)
Houghton Mifflin Harcourt Co.		1,959		18,219	(a)
K12 Inc.		679		10,796	(a)
Laureate Education Inc., Class A		1,015		13,763	(a)
Strayer Education Inc.		197		17,647
				295,708

	Number of Shares		Fair Value
Electric Utilities – 0.7%
ALLETE Inc.		939	$	69,824
Alliant Energy Corp.		8,571		365,210
American Electric Power Company Inc.		17,232		1,267,758
Duke Energy Corp.		24,944		2,098,040
Edison International		11,728		741,679
El Paso Electric Co.		760		42,066
Entergy Corp.		6,194		504,130
Eversource Energy		11,333		716,019
Exelon Corp.		33,716		1,328,747
FirstEnergy Corp.		16,322		499,780
Genie Energy Ltd., Class B		237		1,033
Great Plains Energy Inc.		1,552		50,036
Hawaiian Electric Industries Inc.		779		28,161
IDACORP Inc.		1,308		119,499
MGE Energy Inc.		636		40,132
NextEra Energy Inc.		16,481		2,574,167
OGE Energy Corp.		1,436		47,259
Otter Tail Corp.		715		31,782
PG&E Corp.		18,535		830,924
Pinnacle West Capital Corp.		4,126		351,453
PNM Resources Inc.		2,036		82,356
Portland General Electric Co.		1,673		76,255
PPL Corp.		24,637		762,515
Spark Energy Inc., Class A		198		2,455
The Southern Co.		35,536		1,708,926
Westar Energy Inc.		1,011		53,381
Xcel Energy Inc.		18,233		877,190
				15,270,777
Electrical Components & Equipment – 0.2%
Acuity Brands Inc.		1,366		240,416
Allied Motion Technologies Inc.		124		4,103
AMETEK Inc.		8,423		610,415
Atkore International Group Inc.		621		13,321	(a)
Eaton Corporation PLC		15,755		1,244,803
Emerson Electric Co.		22,895		1,595,553
Encore Wire Corp.		404		19,655
Energous Corp.		298		5,796	(a)
EnerSys		1,103		76,802
Generac Holdings Inc.		1,124		55,661	(a)
General Cable Corp.		849		25,130
Hubbell Inc.		392		53,053
LSI Industries Inc.		481		3,309
Plug Power Inc.		3,634		8,576	(a)
Powell Industries Inc.		173		4,956
Preformed Line Products Co.		47		3,339
Regal Beloit Corp.		316		24,206
Rockwell Automation Inc.		4,649		912,831
Sunrun Inc.		1,606		9,475	(a)
Thermon Group Holdings Inc.		642		15,196	(a)
Vicor Corp.		332		6,939	(a)
Vivint Solar Inc.		358		1,450	(a)
				4,934,985
Electronic Components – 0.1%
Amphenol Corp., Class A		11,008		966,502
AVX Corp.		927		16,037
Bel Fuse Inc., Class B		184		4,632
Belden Inc.		1,072		82,726
Corning Inc.		30,093		962,675
II-VI Inc.		1,123		52,725	(a)
Knowles Corp.		2,192		32,135	(a)
Littelfuse Inc.		575		113,747
Rogers Corp.		324		52,462	(a)
Vishay Intertechnology Inc.		3,358		69,679
				2,353,320
Electronic Equipment & Instruments – 0.0%*
Badger Meter Inc.		504		24,091
Cognex Corp.		1,235		75,533
Coherent Inc.		177		49,953	(a)
Control4 Corp.		403		11,993	(a)
Daktronics Inc.		742		6,774
Electro Scientific Industries Inc.		523		11,208	(a)
FARO Technologies Inc.		333		15,651	(a)
Fitbit Inc., Class A		3,308		18,889	(a)
FLIR Systems Inc.		5,085		237,063

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Iteris Inc.		554	$	3,861	(a)
Itron Inc.		631		43,034	(a)
Keysight Technologies Inc.		1,326		55,162	(a)
Mesa Laboratories Inc.		60		7,458
MicroVision Inc.		1,431		2,333	(a)
MTS Systems Corp.		335		17,989
National Instruments Corp.		777		32,346
Novanta Inc.		558		27,900	(a)
OSI Systems Inc.		314		20,215	(a)
Trimble Inc.		1,801		73,193	(a)
VeriFone Systems Inc.		2,928		51,855	(a)
Vishay Precision Group Inc.		239		6,011	(a)
Zebra Technologies Corp., Class A		385		39,963	(a)
				832,475
Electronic Manufacturing Services – 0.0%*
Benchmark Electronics Inc.		904		26,306	(a)
CTS Corp.		627		16,145
IPG Photonics Corp.		272		58,243	(a)
Jabil Inc.		1,252		32,865
KEMET Corp.		865		13,027	(a)
Kimball Electronics Inc.		561		10,238	(a)
Maxwell Technologies Inc.		632		3,640	(a)
Methode Electronics Inc.		630		25,263
Park Electrochemical Corp.		391		7,683
Plexus Corp.		595		36,129	(a)
Radisys Corp.		716		720	(a)
Sanmina Corp.		1,303		42,999	(a)
TTM Technologies Inc.		1,750		27,423	(a)
				300,681
Environmental & Facilities Services – 0.1%
ABM Industries Inc.		1,019		38,437
Advanced Disposal Services Inc.		811		19,415	(a)
Aqua Metals Inc.		218		464	(a)
Casella Waste Systems Inc., Class A		768		17,679	(a)
CECO Environmental Corp.		591		3,032
Clean Harbors Inc.		370		20,054	(a)
Covanta Holding Corp.		2,220		37,518
Heritage-Crystal Clean Inc.		258		5,612	(a)
Hudson Technologies Inc.		694		4,213	(a)
Republic Services Inc.		7,746		523,707
Rollins Inc.		695		32,338
SP Plus Corp.		343		12,725	(a)
Stericycle Inc.		3,242		220,424	(a)
Team Inc.		581		8,657	(a)
Tetra Tech Inc.		1,044		50,269
US Ecology Inc.		367		18,717
Waste Management Inc.		13,875		1,197,412
				2,210,673
Fertilizers & Agricultural Chemicals – 0.1%
AgroFresh Solutions Inc.		436		3,226	(a)
American Vanguard Corp.		568		11,161
CF Industries Holdings Inc.		8,739		371,757
FMC Corp.		4,966		470,082
Intrepid Potash Inc.		1,283		6,107	(a)
Monsanto Co.		15,341		1,791,522
The Mosaic Co.		13,137		337,096
The Scotts Miracle-Gro Co., Class A		299		31,990
				3,022,941
Financial Exchanges & Data – 0.3%
Cboe Global Markets Inc.		4,000		498,360
CME Group Inc.		12,069		1,762,677
Donnelley Financial Solutions Inc.		680		13,253	(a)
FactSet Research Systems Inc.		281		54,166
Intercontinental Exchange Inc.		20,930		1,476,821
MarketAxess Holdings Inc.		272		54,876
Moody’s Corp.		5,962		880,051
MSCI Inc.		644		81,492
Nasdaq Inc.		4,260		327,296
S&P Global Inc.		8,908		1,509,015
				6,658,007
Food Distributors – 0.1%
Performance Food Group Co.		1,582		52,364	(a)
SpartanNash Co.		659		17,582
Sysco Corp.		16,977		1,031,013
The Andersons Inc.		537		16,728

	Number of Shares		Fair Value
The Chefs’ Warehouse Inc.		390	$	7,995	(a)
United Natural Foods Inc.		1,266		62,376	(a)
				1,188,058
Food Retail – 0.0%*
Casey’s General Stores Inc.		278		31,119
Ingles Markets Inc., Class A		277		9,584
Natural Grocers by Vitamin Cottage Inc.		188		1,679	(a)
Smart & Final Stores Inc.		456		3,899	(a)
Sprouts Farmers Market Inc.		867		21,112	(a)
SUPERVALU Inc.		764		16,502	(a)
The Kroger Co.		31,068		852,817
Village Super Market Inc., Class A		143		3,279
Weis Markets Inc.		188		7,781
				947,772
Footwear – 0.1%
Crocs Inc.		1,245		15,737	(a)
Deckers Outdoor Corp.		827		66,367	(a)
NIKE Inc., Class B		46,272		2,894,313
Skechers U.S.A. Inc., Class A		956		36,175	(a)
Steven Madden Ltd.		1,111		51,884	(a)
Wolverine World Wide Inc.		1,721		54,865
				3,119,341
Forest Products – 0.0%*
Boise Cascade Co.		666		26,574
Deltic Timber Corp.		211		19,317
Louisiana-Pacific Corp.		3,659		96,085	(a)
				141,976
Gas Utilities – 0.0%*
Atmos Energy Corp.		792		68,025
Chesapeake Utilities Corp.		295		23,172
National Fuel Gas Co.		615		33,770
New Jersey Resources Corp.		2,214		89,003
Northwest Natural Gas Co.		543		32,390
ONE Gas Inc.		1,343		98,388
RGC Resources Inc.		154		4,170
South Jersey Industries Inc.		1,460		45,596
Southwest Gas Holdings Inc.		1,224		98,508
Spire Inc.		861		64,704
UGI Corp.		1,255		58,922
WGL Holdings Inc.		1,311		112,536
				729,184
General Merchandise Stores – 0.1%
Big Lots Inc.		1,103		61,933
Dollar General Corp.		9,016		838,578
Dollar Tree Inc.		8,248		885,093	(a)
Fred’s Inc., Class A		706		2,859
Ollie’s Bargain Outlet Holdings Inc.		902		48,032	(a)
Target Corp.		19,290		1,258,673
				3,095,168
Gold – 0.0%*
Gold Resource Corp.		1,024		4,506
Newmont Mining Corp.		19,025		713,818
Royal Gold Inc.		466		38,268
				756,592
Health Care REITs – 0.1%
CareTrust REIT Inc.		1,402		23,498
Community Healthcare Trust Inc.		257		7,222
Global Medical REIT Inc.		302		2,476
HCP Inc.		17,238		449,567
Healthcare Realty Trust Inc.		3,164		101,628
LTC Properties Inc.		708		30,833
MedEquities Realty Trust Inc.		402		4,510
Medical Properties Trust Inc.		2,618		36,076
National Health Investors Inc.		752		56,686
New Senior Investment Group Inc.		1,540		11,642
Omega Healthcare Investors Inc.		1,404		38,666
Physicians Realty Trust		3,300		59,367
Quality Care Properties Inc.		2,454		33,890	(a)
Sabra Health Care REIT Inc.		4,569		85,760
Senior Housing Properties Trust		1,697		32,498
Universal Health Realty Income Trust REIT		248		18,627

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Ventas Inc.		12,752	$	765,247
Welltower Inc.		12,780		814,981
				2,573,174
Healthcare Distributors – 0.1%
Aceto Corp.		584		6,033
AmerisourceBergen Corp.		5,650		518,783
Cardinal Health Inc.		10,918		668,946
Henry Schein Inc.		5,818		406,562	(a)
McKesson Corp.		7,477		1,166,038
Owens & Minor Inc.		1,570		29,642
Patterson Companies Inc.		3,015		108,932
PetIQ Inc.		135		2,948	(a)
				2,907,884
Healthcare Equipment – 0.8%
Abaxis Inc.		405		20,056
Abbott Laboratories		61,832		3,528,752	(b)
ABIOMED Inc.		304		56,973	(a)
Accuray Inc.		1,606		6,906	(a)
Analogic Corp.		208		17,420
AngioDynamics Inc.		690		11,475	(a)
AtriCure Inc.		633		11,546	(a)
AxoGen Inc.		476		13,471	(a)
Baxter International Inc.		17,971		1,161,645
Becton Dickinson and Co.		9,396		2,011,240
Boston Scientific Corp.		48,618		1,205,240	(a)
Cantel Medical Corp.		664		68,306
Cardiovascular Systems Inc.		641		15,185	(a)
ConforMIS Inc.		723		1,721	(a)
CONMED Corp.		479		24,415
Corindus Vascular Robotics Inc.		922		931	(a)
CryoLife Inc.		638		12,218	(a)
Cutera Inc.		215		9,750	(a)
Danaher Corp.		21,470		1,992,845
Edwards Lifesciences Corp.		7,323		825,375	(a)
Entellus Medical Inc.		169		4,122	(a)
Exactech Inc.		209		10,335	(a)
FONAR Corp.		141		3,433	(a)
GenMark Diagnostics Inc.		807		3,365	(a)
Glaukos Corp.		542		13,902	(a)
Globus Medical Inc., Class A		1,834		75,377	(a)
Heska Corp.		121		9,705	(a)
Hill-Rom Holdings Inc.		470		39,616
Hologic Inc.		10,041		429,253	(a)
IDEXX Laboratories Inc.		3,000		469,140	(a)
Inogen Inc.		310		36,915	(a)
Insulet Corp.		1,088		75,072	(a)
Integer Holdings Corp.		559		25,323	(a)
Integra LifeSciences Holdings Corp.		1,154		55,230	(a)
Intuitive Surgical Inc.		3,917		1,429,470	(a)
Invacare Corp.		640		10,784
iRhythm Technologies Inc.		261		14,629	(a)
K2M Group Holdings Inc.		768		13,824	(a)
LeMaitre Vascular Inc.		275		8,756
Masimo Corp.		1,164		98,707	(a)
Natus Medical Inc.		580		22,156	(a)
Nevro Corp.		525		36,246	(a)
NuVasive Inc.		1,297		75,862	(a)
NxStage Medical Inc.		1,196		28,979	(a)
Orthofix International N.V.		318		17,395	(a)
Penumbra Inc.		531		49,967	(a)
Pulse Biosciences Inc.		173		4,083	(a)
ResMed Inc.		4,800		406,512
Rockwell Medical Inc.		970		5,645	(a)
Stryker Corp.		11,456		1,773,847
Surmodics Inc.		261		7,308	(a)
Tactile Systems Technology Inc.		239		6,926	(a)
Teleflex Inc.		322		80,120
Varex Imaging Corp.		713		28,641	(a)
Varian Medical Systems Inc.		3,063		340,453	(a)
ViewRay Inc.		666		6,167	(a)
Viveve Medical Inc.		283		1,407	(a)
Zimmer Biomet Holdings Inc.		7,143		861,946
				17,576,088
Healthcare Facilities – 0.1%
AAC Holdings Inc.		202		1,818	(a)
Acadia Healthcare Company Inc.		571		18,632	(a)

	Number of Shares		Fair Value
Capital Senior Living Corp.		504	$	6,799	(a)
Community Health Systems Inc.		1,800		7,668	(a)
Encompass Health Corp.		2,542		125,600
Genesis Healthcare Inc.		651		497	(a)
HCA Healthcare Inc.		10,245		899,921	(a)
Kindred Healthcare Inc.		1,691		16,403
LifePoint Health Inc.		280		13,944	(a)
National HealthCare Corp.		223		13,590
Select Medical Holdings Corp.		1,935		34,153	(a)
Surgery Partners Inc.		372		4,501	(a)
Tenet Healthcare Corp.		2,153		32,639	(a)
The Ensign Group Inc.		868		19,269
Universal Health Services Inc., Class B		2,949		334,269
US Physical Therapy Inc.		243		17,544
				1,547,247
Healthcare Services – 0.2%
Addus HomeCare Corp.		151		5,255	(a)
Almost Family Inc.		242		13,395	(a)
Amedisys Inc.		543		28,622	(a)
American Renal Associates Holdings Inc.		175		3,045	(a)
AMN Healthcare Services Inc.		889		43,783	(a)
BioScrip Inc.		1,987		5,782	(a)
BioTelemetry Inc.		541		16,176	(a)
Chemed Corp.		292		70,962
Civitas Solutions Inc.		301		5,147	(a)
CorVel Corp.		198		10,474	(a)
Cross Country Healthcare Inc.		643		8,205	(a)
DaVita Inc.		5,106		368,908	(a)
Diplomat Pharmacy Inc.		915		18,364	(a)
Envision Healthcare Corp.		4,383		151,476	(a)
Express Scripts Holding Co.		19,729		1,472,573	(a)
Laboratory Corporation of America Holdings		3,624		578,064	(a)
LHC Group Inc.		299		18,314	(a)
MEDNAX Inc.		677		36,179	(a)
National Research Corp., Class A		159		5,931
Quest Diagnostics Inc.		5,052		497,571
R1 RCM Inc.		1,899		8,375	(a)
RadNet Inc.		744		7,514	(a)
The Providence Service Corp.		188		11,156	(a)
Tivity Health Inc.		636		23,246	(a)
				3,408,517
Healthcare Supplies – 0.1%
Align Technology Inc.		2,600		577,694	(a)
Anika Therapeutics Inc.		281		15,149	(a)
Antares Pharma Inc.		2,720		5,413	(a)
Atrion Corp.		27		17,026
Cerus Corp.		2,029		6,858	(a)
DENTSPLY SIRONA Inc.		8,434		555,210
Endologix Inc.		1,626		8,699	(a)
Haemonetics Corp.		974		56,570	(a)
Halyard Health Inc.		1,210		55,878	(a)
ICU Medical Inc.		277		59,832	(a)
Lantheus Holdings Inc.		493		10,082	(a)
Meridian Bioscience Inc.		841		11,774
Merit Medical Systems Inc.		863		37,281	(a)
Neogen Corp.		695		57,136	(a)
OraSure Technologies Inc.		1,042		19,652	(a)
Quidel Corp.		539		23,366	(a)
RTI Surgical Inc.		1,167		4,785	(a)
Sientra Inc.		270		3,796	(a)
STAAR Surgical Co.		816		12,648	(a)
The Cooper Companies Inc.		1,802		392,620
Utah Medical Products Inc.		69		5,617
West Pharmaceutical Services Inc.		535		52,788
				1,989,874
Healthcare Technology – 0.0%*
Allscripts Healthcare Solutions Inc.		4,468		65,010	(a)
Castlight Health Inc., Class B		806		3,023	(a)
Cerner Corp.		10,486		706,652	(a)
Computer Programs & Systems Inc.		227		6,821
Cotiviti Holdings Inc.		691		22,257	(a)
Evolent Health Inc. Class A		977		12,017	(a)
HealthStream Inc.		513		11,881	(a)
HMS Holdings Corp.		1,476		25,018	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Inovalon Holdings Inc., Class A		1,187	$	17,805	(a)
Medidata Solutions Inc.		1,476		93,534	(a)
Omnicell Inc.		684		33,174	(a)
Quality Systems Inc.		1,030		13,987	(a)
Simulations Plus Inc.		252		4,057
Tabula Rasa HealthCare Inc.		176		4,937	(a)
Teladoc Inc.		1,019		35,512	(a)
Vocera Communications Inc.		498		15,050	(a)
				1,070,735
Heavy Electrical Equipment – 0.0%*
AZZ Inc.		467		23,864
Babcock & Wilcox Enterprises Inc.		919		5,220	(a)
TPI Composites Inc.		120		2,455	(a)
				31,539
Home Building – 0.1%
AV Homes Inc.		240		3,996	(a)
Beazer Homes USA Inc.		640		12,294	(a)
CalAtlantic Group Inc.		551		31,071
Cavco Industries Inc.		158		24,111	(a)
Century Communities Inc.		304		9,454	(a)
DR Horton Inc.		11,715		598,285
Green Brick Partners Inc.		472		5,334	(a)
Hovnanian Enterprises Inc., Class A		2,473		8,285	(a)
Installed Building Products Inc.		401		30,456	(a)
KB Home		2,190		69,971
Lennar Corp., Class A		6,891		435,787
LGI Homes Inc.		309		23,184	(a)
M/I Homes Inc.		473		16,271	(a)
MDC Holdings Inc.		861		27,449
Meritage Homes Corp.		734		37,581	(a)
NVR Inc.		25		87,705	(a)
PICO Holdings Inc.		421		5,389	(a)
PulteGroup Inc.		9,281		308,593
Taylor Morrison Home Corp., Class A		1,360		33,279	(a)
The New Home Company Inc.		290		3,634	(a)
Toll Brothers Inc.		1,050		50,421
TopBuild Corp.		646		48,928	(a)
TRI Pointe Group Inc.		3,882		69,565	(a)
William Lyon Homes, Class A		483		14,046	(a)
				1,955,089
Home Entertainment Software – 0.1%
Activision Blizzard Inc.		26,722		1,692,037	(b)
Electronic Arts Inc.		10,902		1,145,364	(a)
Rosetta Stone Inc.		383		4,776	(a)
Take-Two Interactive Software Inc.		816		89,581	(a)
				2,931,758
Home Furnishing Retail – 0.0%*
Aaron’s Inc.		1,652		65,832
Bed Bath & Beyond Inc.		1,038		22,826
Haverty Furniture Companies Inc.		344		7,792
Kirkland’s Inc.		300		3,590	(a)
Pier 1 Imports Inc.		1,653		6,843
RH		373		32,156	(a)
Sleep Number Corp.		712		26,764	(a)
Williams-Sonoma Inc.		549		28,383
				194,186
Home Furnishings – 0.0%*
Bassett Furniture Industries Inc.		206		7,746
Ethan Allen Interiors Inc.		496		14,186
Flexsteel Industries Inc.		129		6,035
Hooker Furniture Corp.		228		9,679
La-Z-Boy Inc.		929		28,985
Leggett & Platt Inc.		4,943		235,929
Mohawk Industries Inc.		2,156		594,840	(a)
Tempur Sealy International Inc.		321		20,123	(a)
				917,523
Home Improvement Retail – 0.5%
Lowe’s Companies Inc.		29,236		2,717,194
Lumber Liquidators Holdings Inc.		532		16,699	(a)
The Home Depot Inc.		41,247		7,817,544
Tile Shop Holdings Inc.		650		6,240
				10,557,677
Hotel & Resort REITs – 0.1%
Ashford Hospitality Prime Inc.		450		4,378
Ashford Hospitality Trust Inc.		1,574		10,593

	Number of Shares		Fair Value
Chatham Lodging Trust		758	$	17,252
Chesapeake Lodging Trust		1,114		30,178
DiamondRock Hospitality Co.		3,640		41,096
Hersha Hospitality Trust		653		11,362
Hospitality Properties Trust		1,181		35,253
Host Hotels & Resorts Inc.		27,169		539,305
LaSalle Hotel Properties		2,910		81,684
Pebblebrook Hotel Trust		1,244		46,239
RLJ Lodging Trust		3,165		69,535
Ryman Hospitality Properties Inc.		808		55,768
Summit Hotel Properties Inc.		1,975		30,079
Sunstone Hotel Investors Inc.		4,024		66,517
Xenia Hotels & Resorts Inc.		1,976		42,662
				1,081,901
Hotels, Resorts & Cruise Lines – 0.2%
Carnival Corp.		14,469		960,308
Hilton Worldwide Holdings Inc.		6,900		551,034
ILG Inc.		2,721		77,494
La Quinta Holdings Inc.		1,464		27,025	(a)
Lindblad Expeditions Holdings Inc.		299		2,927	(a)
Marriott International Inc., Class A		10,952		1,486,515
Marriott Vacations Worldwide Corp.		391		52,867
Norwegian Cruise Line Holdings Ltd.		6,500		346,125	(a)
Red Lion Hotels Corp.		265		2,610	(a)
Royal Caribbean Cruises Ltd.		6,154		734,049
The Marcus Corp.		370		10,120
Wyndham Worldwide Corp.		3,453		400,099
				4,651,173
Household Appliances – 0.0%*
Hamilton Beach Brands Holding Co., Class A		38		976
Helen of Troy Ltd.		713		68,697	(a)
iRobot Corp.		504		38,657	(a)
Whirlpool Corp.		2,631		443,692
				552,022
Household Products – 0.6%
Central Garden & Pet Co.		194		7,550	(a)
Central Garden & Pet Co., Class A		642		24,210	(a)
Church & Dwight Company Inc.		8,442		423,535
Colgate-Palmolive Co.		31,102		2,346,646
Energizer Holdings Inc.		442		21,207
HRG Group Inc.		2,237		37,917	(a)
Kimberly-Clark Corp.		12,619		1,522,609
Oil-Dri Corporation of America		99		4,109
Orchids Paper Products Co.		51		653
The Clorox Co.		4,426		658,323
The Procter & Gamble Co.		89,902		8,260,196
WD-40 Co.		246		29,028
				13,335,983
Housewares & Specialties – 0.0%*
CSS Industries Inc.		171		4,759
Libbey Inc.		448		3,369
Lifetime Brands Inc.		220		3,630
Newell Brands Inc.		17,778		549,340
Tupperware Brands Corp.		370		23,199
				584,297
Human Resource & Employment Services – 0.0%*
Barrett Business Services Inc.		142		9,158
GP Strategies Corp.		257		5,962	(a)
Heidrick & Struggles International Inc.		371		9,108
Insperity Inc.		628		36,016
Kelly Services Inc., Class A		582		15,871
Kforce Inc.		416		10,504
Korn/Ferry International		969		40,097
ManpowerGroup Inc.		479		60,407
On Assignment Inc.		926		59,514	(a)
Robert Half International Inc.		4,783		265,648
TriNet Group Inc.		774		34,319	(a)
TrueBlue Inc.		734		20,185	(a)
WageWorks Inc.		712		44,144	(a)
				610,933
Hypermarkets & Super Centers – 0.4%
Costco Wholesale Corp.		15,450		2,875,554

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
PriceSmart Inc.		410	$	35,301
Wal-Mart Stores Inc.		51,922		5,127,298
				8,038,153
Independent Power Producers & Energy Traders – 0.0%*
AES Corp.		24,766		268,216
Atlantic Power Corp.		2,442		5,739	(a)
Dynegy Inc.		1,917		22,716	(a)
NRG Energy Inc.		10,124		288,331
NRG Yield Inc., Class A		688		12,969
NRG Yield Inc., Class C		1,100		20,790
				618,761
Industrial Conglomerates – 0.7%
3M Co.		21,163		4,981,135	(b)
Carlisle Companies Inc.		441		50,120
General Electric Co.		307,011		5,357,342
Honeywell International Inc.		26,989		4,139,033
Raven Industries Inc.		648		22,259
Roper Technologies Inc.		3,557		921,263
				15,471,152
Industrial Gases – 0.1%
Air Products & Chemicals Inc.		7,587		1,244,875
Praxair Inc.		10,126		1,566,290
				2,811,165
Industrial Machinery – 0.4%
Actuant Corp., Class A		1,128		28,538
Albany International Corp., Class A		520		31,954
Altra Industrial Motion Corp.		505		25,452
Barnes Group Inc.		920		58,208
Briggs & Stratton Corp.		740		18,774
Chart Industries Inc.		526		24,648	(a)
CIRCOR International Inc.		331		16,113
Columbus McKinnon Corp.		393		15,712
Crane Co.		356		31,762
DMC Global Inc.		281		7,039
Donaldson Company Inc.		928		45,426
Dover Corp.		5,413		546,659
Energy Recovery Inc.		693		6,064	(a)
EnPro Industries Inc.		370		34,599
ESCO Technologies Inc.		459		27,655
Flowserve Corp.		4,891		206,058
Fortive Corp.		10,526		761,556
Franklin Electric Company Inc.		867		39,795
Gencor Industries Inc.		118		1,953	(a)
Global Brass & Copper Holdings Inc.		420		13,902
Graco Inc.		1,203		54,400
Graham Corp.		195		4,081
Hardinge Inc.		228		3,972
Harsco Corp.		1,442		26,893	(a)
Hillenbrand Inc.		1,125		50,287
Hurco Companies Inc.		128		5,402
Hyster-Yale Materials Handling Inc.		189		16,095
IDEX Corp.		550		72,583
Illinois Tool Works Inc.		10,882		1,815,662
Ingersoll-Rand PLC		8,977		800,659
ITT Inc.		634		33,837
John Bean Technologies Corp.		574		63,599
Kadant Inc.		180		18,072
Kennametal Inc.		2,027		98,127
LB Foster Co., Class A		188		5,104	(a)
Lincoln Electric Holdings Inc.		442		40,478
Lydall Inc.		332		16,849	(a)
Milacron Holdings Corp.		978		18,719	(a)
Mueller Industries Inc.		1,081		38,300
Mueller Water Products Inc., Class A		2,803		35,122
NN Inc.		530		14,628
Nordson Corp.		365		53,436
Omega Flex Inc.		58		4,142
Park-Ohio Holdings Corp.		172		7,903
Parker-Hannifin Corp.		4,695		937,028
Proto Labs Inc.		452		46,556	(a)
RBC Bearings Inc.		428		54,099	(a)
Rexnord Corp.		1,835		47,747	(a)
Snap-on Inc.		2,126		370,562
SPX Corp.		719		22,569	(a)
SPX FLOW Inc.		725		34,474	(a)

	Number of Shares		Fair Value
Standex International Corp.		226	$	23,018
Stanley Black & Decker Inc.		5,501		933,465
Sun Hydraulics Corp.		406		26,264
Tennant Co.		301		21,868
The Eastern Co.		130		3,399
The ExOne Co.		197		1,655	(a)
The Gorman-Rupp Co.		355		11,080
The Timken Co.		489		24,034
TriMas Corp.		822		21,988	(a)
Watts Water Technologies Inc., Class A		507		38,507
Woodward Inc.		1,367		104,630
Xylem Inc.		6,099		415,952
				8,379,112
Industrial REITs – 0.1%
DCT Industrial Trust Inc.		665		39,089
Duke Realty Corp.		13,200		359,172
EastGroup Properties Inc.		603		53,293
First Industrial Realty Trust Inc.		3,097		97,463
Monmouth Real Estate Investment Corp.		1,271		22,624
Prologis Inc. REIT		18,845		1,215,691
Rexford Industrial Realty Inc.		1,306		38,083
STAG Industrial Inc.		1,732		47,335
Terreno Realty Corp.		993		34,814
				1,907,564
Insurance Brokers – 0.1%
Arthur J Gallagher & Co.		6,123		387,464
Brown & Brown Inc.		839		43,175
Crawford & Co., Class B		241		2,318
eHealth Inc.		218		3,787	(a)
Health Insurance Innovations Inc., Class A		212		5,289	(a)
Marsh & McLennan Companies Inc.		17,758		1,445,324
				1,887,357
Integrated Oil & Gas – 1.0%
Chevron Corp.		66,988		8,386,228
Exxon Mobil Corp.		149,607		12,513,129
Occidental Petroleum Corp.		26,854		1,978,066
				22,877,423
Integrated Telecommunication Services – 0.7%
AT&T Inc.		216,980		8,436,182
ATN International Inc.		208		11,494
Cincinnati Bell Inc.		678		14,136	(a)
Consolidated Communications Holdings Inc.		1,301		15,859
Frontier Communications Corp.		1,489		10,066
General Communication Inc., Class A		473		18,456	(a)
Hawaiian Telcom Holdco Inc.		118		3,642	(a)
IDT Corp., Class B		352		3,731	(a)
Ooma Inc.		385		4,601	(a)
Verizon Communications Inc.		144,140		7,629,330
Windstream Holdings Inc.		3,642		6,738
				16,154,235
Internet & Direct Marketing Retail – 1.0%
1-800-Flowers.com Inc., Class A		571		6,110	(a)
Amazon.com Inc.		14,115		16,507,069	(a)
Duluth Holdings Inc.		194		3,463	(a)
Expedia Inc.		4,447		532,617
FTD Companies Inc.		345		2,480	(a)
Gaia Inc.		99		1,228	(a)
Groupon Inc.		6,433		32,808	(a)
Lands’ End Inc.		298		5,826	(a)
Liberty TripAdvisor Holdings Inc., Class A		1,346		12,686	(a)
Netflix Inc.		15,198		2,917,408	(a)
Nutrisystem Inc.		559		29,403
Overstock.com Inc.		254		16,231	(a)
PetMed Express Inc.		354		16,107
Shutterfly Inc.		624		31,044	(a)
The Priceline Group Inc.		1,711		2,973,273	(a)
TripAdvisor Inc.		4,184		144,181	(a)
				23,231,934
Internet Software & Services – 1.7%
2U Inc.		829		53,479	(a)
Actua Corp.		447		6,973	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Akamai Technologies Inc.		5,839	$	379,769	(a)
Alarm.com Holdings Inc.		385		14,534	(a)
Alphabet Inc., Class A		10,534		11,096,516	(a)
Alphabet Inc., Class C		10,663		11,157,763	(a)
Alteryx Inc., Class A		431		10,891	(a)
Amber Road Inc.		359		2,635	(a)
Appfolio Inc. Class A		150		6,225	(a)
Apptio Inc., Class A		336		7,903	(a)
Bazaarvoice Inc.		1,658		9,036	(a)
Benefitfocus Inc.		257		6,939	(a)
Blucora Inc.		787		17,393	(a)
Box Inc., Class A		1,487		31,405	(a)
Brightcove Inc.		606		4,303	(a)
Carbonite Inc.		361		9,061	(a)
Care.com Inc.		232		4,185	(a)
Cars.com Inc.		1,872		53,989	(a)
ChannelAdvisor Corp.		467		4,203	(a)
Cloudera Inc.		1,790		29,571	(a)
CommerceHub Inc., Series A		260		5,717	(a)
CommerceHub Inc., Series C		550		11,325	(a)
Cornerstone OnDemand Inc.		948		33,493	(a)
Coupa Software Inc.		564		17,608	(a)
DHI Group Inc.		1,018		1,934	(a)
eBay Inc.		33,814		1,276,140	(a)
Endurance International Group Holdings Inc.		1,207		10,139	(a)
Envestnet Inc.		763		38,036	(a)
Etsy Inc.		2,111		43,170	(a)
Facebook Inc., Class A		84,272		14,870,637	(a)
Five9 Inc.		987		24,557	(a)
Gogo Inc.		1,134		12,792	(a)
GrubHub Inc.		1,578		113,300	(a)
GTT Communications Inc.		527		24,743	(a)
Hortonworks Inc.		811		16,309	(a)
Instructure Inc.		402		13,306	(a)
Internap Corp.		378		5,938	(a)
j2 Global Inc.		1,171		87,860
Limelight Networks Inc.		1,267		5,587	(a)
Liquidity Services Inc.		496		2,406	(a)
LivePerson Inc.		1,079		12,409	(a)
LogMeIn Inc.		378		43,281
MINDBODY Inc., Class A		726		22,107	(a)
MuleSoft Inc., Class A		489		11,374	(a)
New Relic Inc.		555		32,062	(a)
NIC Inc.		1,158		19,223
Nutanix Inc., Class A		1,967		69,396	(a)
Okta Inc.		358		9,168	(a)
Q2 Holdings Inc.		613		22,589	(a)
QuinStreet Inc.		753		6,310	(a)
Quotient Technology Inc.		1,287		15,122	(a)
Reis Inc.		170		3,511
SendGrid Inc.		152		3,643	(a)
Shutterstock Inc.		344		14,802	(a)
SPS Commerce Inc.		331		16,083	(a)
Stamps.com Inc.		291		54,708	(a)
TechTarget Inc.		214		2,979	(a)
The Meet Group Inc.		837		2,360	(a)
The Trade Desk Inc., Class A		439		20,075	(a)
TrueCar Inc.		1,370		15,344	(a)
Twilio Inc., Class A		1,177		27,777	(a)
VeriSign Inc.		2,852		326,383	(a)
Web.com Group Inc.		680		14,824	(a)
XO Group Inc.		509		9,396	(a)
Yelp Inc.		1,471		61,723	(a)
Yext Inc.		290		3,489	(a)
				40,361,908
Investment Banking & Brokerage – 0.4%
B. Riley Financial Inc.		394		7,131
Cowen Inc.		531		7,248	(a)
E*TRADE Financial Corp.		9,525		472,154	(a)
Evercore Inc., Class A		715		64,350
GAIN Capital Holdings Inc.		758		7,580
Greenhill & Company Inc.		426		8,307
Houlihan Lokey Inc.		469		21,307
Interactive Brokers Group Inc., Class A		513		30,375
INTL. FCStone Inc.		288		12,249	(a)

	Number of Shares		Fair Value
Investment Technology Group Inc.		531	$	10,222
Ladenburg Thalmann Financial Services Inc.		2,143		6,772
Moelis & Co., Class A		578		28,033
Morgan Stanley		48,741		2,557,440
Oppenheimer Holdings Inc., Class A		229		6,137
Piper Jaffray Cos.		281		24,236
PJT Partners Inc., Class A		341		15,549
Raymond James Financial Inc.		4,300		383,990
Stifel Financial Corp.		1,715		102,145
The Charles Schwab Corp.		41,853		2,149,989
The Goldman Sachs Group Inc.		12,347		3,145,522
Virtu Financial Inc., Class A		539		9,864
				9,070,600
IT Consulting & Other Services – 0.4%
Acxiom Corp.		2,028		55,892	(a)
CACI International Inc., Class A		447		59,160	(a)
Cognizant Technology Solutions Corp., Class A		20,882		1,483,040
CSRA Inc.		5,414		161,987
DXC Technology Co.		10,135		961,812
EPAM Systems Inc.		903		97,009	(a)
Gartner Inc.		3,000		369,450	(a)
International Business Machines Corp.		30,337		4,654,303
Leidos Holdings Inc.		1,018		65,732
ManTech International Corp., Class A		493		24,744
Perficient Inc.		706		13,463	(a)
Presidio Inc.		360		6,901	(a)
Science Applications International Corp.		1,108		84,840
ServiceSource International Inc.		1,215		3,754	(a)
Teradata Corp.		858		32,999	(a)
The Hackett Group Inc.		447		7,022
Unisys Corp.		1,013		8,256	(a)
Virtusa Corp.		481		21,202	(a)
				8,111,566
Leisure Facilities – 0.0%*
Drive Shack Inc.		843		4,662
International Speedway Corp., Class A		655		26,102
Planet Fitness Inc., Class A		1,596		55,269	(a)
RCI Hospitality Holdings Inc.		205		5,736
SeaWorld Entertainment Inc.		1,284		17,424	(a)
Six Flags Entertainment Corp.		566		37,679
Speedway Motorsports Inc.		234		4,415
				151,287
Leisure Products – 0.0%*
Acushnet Holdings Corp.		436		9,191
American Outdoor Brands Corp.		996		12,789	(a)
Brunswick Corp.		620		34,236
Callaway Golf Co.		1,771		24,670
Clarus Corp.		534		4,192	(a)
Escalade Inc.		203		2,497
Hasbro Inc.		4,203		382,011
Johnson Outdoors Inc., Class A		98		6,085
Malibu Boats Inc., Class A		367		10,911	(a)
Marine Products Corp.		125		1,592
Mattel Inc.		12,599		193,773
MCBC Holdings Inc.		387		8,599	(a)
Nautilus Inc.		617		8,237	(a)
Polaris Industries Inc.		419		51,952
Sturm Ruger & Company Inc.		325		18,151
Vista Outdoor Inc.		1,083		15,779	(a)
				784,665
Life & Health Insurance – 0.3%
Aflac Inc.		13,915		1,221,459
American Equity Investment Life Holding Co.		1,611		49,506
Brighthouse Financial Inc.		3,624		212,511	(a)
Citizens Inc.		936		6,880	(a)
CNO Financial Group Inc.		4,325		106,784
FBL Financial Group Inc., Class A		194		13,512
Genworth Financial Inc., Class A		13,127		40,825	(a)
Independence Holding Co.		139		3,815
Lincoln National Corp.		7,718		593,283
MetLife Inc.		37,373		1,889,579

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
National Western Life Group Inc., Class A		43	$	14,234
Primerica Inc.		1,134		115,158
Principal Financial Group Inc.		9,604		677,658
Prudential Financial Inc.		15,152		1,742,177
Torchmark Corp.		4,056		367,920
Trupanion Inc.		416		12,176	(a)
Unum Group		7,647		419,744
				7,487,221
Life Sciences Tools & Services – 0.3%
Accelerate Diagnostics Inc.		464		12,157	(a)
Agilent Technologies Inc.		11,195		749,729
Bio-Rad Laboratories Inc., Class A		144		34,369	(a)
Bio-Techne Corp.		268		34,719
Cambrex Corp.		598		28,704	(a)
Charles River Laboratories International Inc.		338		36,994	(a)
Enzo Biochem Inc.		798		6,504	(a)
Fluidigm Corp.		587		3,457	(a)
Illumina Inc.		5,128		1,120,417	(a)
INC Research Holdings Inc., Class A		1,449		63,176	(a)
IQVIA Holdings Inc.		5,000		489,500	(a)
Luminex Corp.		793		15,622
Medpace Holdings Inc.		162		5,874	(a)
Mettler-Toledo International Inc.		854		529,070	(a)
NanoString Technologies Inc.		296		2,211	(a)
NeoGenomics Inc.		1,061		9,401	(a)
Pacific Biosciences of California Inc.		1,928		5,090	(a)
PerkinElmer Inc.		4,146		303,156
PRA Health Sciences Inc.		920		83,784	(a)
Thermo Fisher Scientific Inc.		14,242		2,704,271
Waters Corp.		2,862		552,910	(a)
				6,791,115
Managed Healthcare – 0.7%
Aetna Inc.		11,455		2,066,367
Anthem Inc.		9,042		2,034,540
Centene Corp.		5,928		598,017	(a)
Cigna Corp.		8,600		1,746,574
HealthEquity Inc.		944		44,047	(a)
Humana Inc.		5,037		1,249,529
Magellan Health Inc.		443		42,772	(a)
Molina Healthcare Inc.		1,117		85,651	(a)
UnitedHealth Group Inc.		34,211		7,542,157
WellCare Health Plans Inc.		318		63,953	(a)
				15,473,607
Marine – 0.0%*
Eagle Bulk Shipping Inc.		895		4,010	(a)
Kirby Corp.		387		25,851	(a)
Matson Inc.		769		22,947
Scorpio Bulkers Inc.		1,043		7,718
				60,526
Metal & Glass Containers – 0.0%*
AptarGroup Inc.		443		38,222
Ball Corp.		12,852		486,448
Greif Inc., Class A		662		40,104
Greif Inc., Class B		112		7,767
Myers Industries Inc.		439		8,561
Owens-Illinois Inc.		1,145		25,385	(a)
Silgan Holdings Inc.		514		15,106
				621,593
Mortgage REITs – 0.0%*
AG Mortgage Investment Trust Inc.		510		9,695
Anworth Mortgage Asset Corp.		2,001		10,886
Apollo Commercial Real Estate Finance Inc.		1,974		36,420
Ares Commercial Real Estate Corp.		547		7,056
ARMOUR Residential REIT Inc.		699		17,978
Capstead Mortgage Corp.		1,767		15,285
Cherry Hill Mortgage Investment Corp.		222		3,994
CYS Investments Inc.		2,818		22,629
Dynex Capital Inc.		967		6,779
Granite Point Mortgage Trust Inc.		787		13,961
Great Ajax Corp.		272		3,759
Hannon Armstrong Sustainable Infrastructure Capital Inc.		936		22,520

	Number of Shares		Fair Value
Invesco Mortgage Capital Inc.		2,137	$	38,103
KKR Real Estate Finance Trust Inc.		196		3,922
Ladder Capital Corp.		1,337		18,223
MTGE Investment Corp.		848		15,688
New York Mortgage Trust Inc.		2,225		13,728
Orchid Island Capital Inc.		597		5,540
Owens Realty Mortgage Inc.		185		2,962
PennyMac Mortgage Investment Trust		1,187		19,075
Redwood Trust Inc.		1,374		20,363
Resource Capital Corp.		613		5,744
Sutherland Asset Management Corp.		320		4,848
TPG RE Finance Trust Inc.		207		3,943
Western Asset Mortgage Capital Corp.		844		8,398
				331,499
Motorcycle Manufacturers – 0.0%*
Harley-Davidson Inc.		5,762		293,171
Movies & Entertainment – 0.5%
AMC Entertainment Holdings Inc., Class A		1,031		15,568
Cinemark Holdings Inc.		745		25,941
Global Eagle Entertainment Inc.		944		2,162	(a)
Liberty Media Corp.-Liberty Braves, Class A		189		4,167	(a)
Liberty Media Corp.-Liberty Braves, Class C		635		14,110	(a)
Live Nation Entertainment Inc.		974		41,463	(a)
Reading International Inc., Class A		333		5,561	(a)
The Walt Disney Co.		53,135		5,712,544
Time Warner Inc.		27,265		2,493,930
Twenty-First Century Fox Inc., Class A		36,694		1,267,044
Twenty-First Century Fox Inc., Class B		16,014		546,398
Viacom Inc., Class B		13,203		406,784
World Wrestling Entertainment Inc., Class A		730		22,323
				10,557,995
Multi-Line Insurance – 0.2%
American Financial Group Inc.		498		54,053
American International Group Inc.		32,071		1,910,790
Assurant Inc.		2,069		208,638
Horace Mann Educators Corp.		761		33,560
Kemper Corp.		1,094		75,377
Loews Corp.		10,197		510,156
National General Holdings Corp.		969		19,031
The Hartford Financial Services Group Inc.		12,246		689,205
				3,500,810
Multi-Sector Holdings – 0.6%
Berkshire Hathaway Inc., Class B		68,043		13,487,483	(a)
Cannae Holdings Inc.		1,101		18,750	(a)
Leucadia National Corp.		10,667		282,569
				13,788,802
Multi-Utilities – 0.4%
Ameren Corp.		8,249		486,609
Avista Corp.		1,156		59,522
Black Hills Corp.		1,365		82,050
CenterPoint Energy Inc.		14,767		418,792
CMS Energy Corp.		9,613		454,695
Consolidated Edison Inc.		10,960		931,052
Dominion Energy Inc.		22,588		1,830,983
DTE Energy Co.		6,359		696,056
MDU Resources Group Inc.		1,390		37,363
NiSource Inc.		12,114		310,966
NorthWestern Corp.		1,240		74,028
Public Service Enterprise Group Inc.		17,761		914,692
SCANA Corp.		5,359		213,181
Sempra Energy		8,691		929,242
Unitil Corp.		278		12,682
Vectren Corp.		600		39,012
WEC Energy Group Inc.		11,278		749,198
				8,240,123
Office REITs – 0.1%
Alexandria Real Estate Equities Inc.		3,400		444,006
Boston Properties Inc.		5,364		697,481
Corporate Office Properties Trust		710		20,732
Cousins Properties Inc.		10,753		99,465

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Douglas Emmett Inc.		1,154	$	47,383
Easterly Government Properties Inc.		637		13,594
Franklin Street Properties Corp.		1,965		21,104
Government Properties Income Trust		1,790		33,187
Highwoods Properties Inc.		739		37,623
JBG SMITH Properties		665		23,095
Kilroy Realty Corp.		714		53,300
Mack-Cali Realty Corp.		2,345		50,558
NorthStar Realty Europe Corp.		1,010		13,564
SL Green Realty Corp.		3,335		336,602
Tier REIT Inc.		857		17,474
Vornado Realty Trust		5,867		458,682
				2,367,850
Office Services & Supplies – 0.0%*
ACCO Brands Corp.		1,861		22,704	(a)
ARC Document Solutions Inc.		849		2,165	(a)
Essendant Inc.		742		6,878
Herman Miller Inc.		1,564		62,638
HNI Corp.		1,121		43,237
Interface Inc.		1,078		27,112
Kimball International Inc., Class B		741		13,835
Knoll Inc.		871		20,068
MSA Safety Inc.		843		65,349
NL Industries Inc.		176		2,508	(a)
Pitney Bowes Inc.		1,383		15,462
Steelcase Inc., Class A		1,652		25,110
				307,066
Oil & Gas Drilling – 0.0%*
Diamond Offshore Drilling Inc.		1,694		31,492	(a)
Helmerich & Payne Inc.		4,084		263,990
Independence Contract Drilling Inc.		607		2,416	(a)
Nabors Industries Ltd.		2,151		14,691
Parker Drilling Co.		2,400		2,400	(a)
Patterson-UTI Energy Inc.		1,540		35,435
Pioneer Energy Services Corp.		1,279		3,901	(a)
Rowan Companies PLC, Class A		3,049		47,747	(a)
Unit Corp.		1,014		22,308	(a)
				424,380
Oil & Gas Equipment & Services – 0.3%
Archrock Inc.		1,401		14,711
Baker Hughes a GE Co.		15,041		475,897
Basic Energy Services Inc.		330		7,745	(a)
Bristow Group Inc.		682		9,187
C&J Energy Services Inc.		886		29,654	(a)
CARBO Ceramics Inc.		394		4,011	(a)
Dril-Quip Inc.		995		47,461	(a)
Era Group Inc.		402		4,322	(a)
Exterran Corp.		630		19,807	(a)
Fairmount Santrol Holdings Inc.		2,938		15,366	(a)
Forum Energy Technologies Inc.		1,202		18,691	(a)
Geospace Technologies Corp.		263		3,411	(a)
Gulf Island Fabrication Inc.		258		3,464
Halliburton Co.		30,734		1,501,971
Helix Energy Solutions Group Inc.		2,658		20,041	(a)
Keane Group Inc.		596		11,330	(a)
Key Energy Services Inc.		236		2,782	(a)
Mammoth Energy Services Inc.		152		2,984	(a)
Matrix Service Co.		535		9,523	(a)
McDermott International Inc.		5,364		35,295	(a)
National Oilwell Varco Inc.		13,065		470,601
Natural Gas Services Group Inc.		245		6,419	(a)
NCS Multistage Holdings Inc.		209		3,081	(a)
Newpark Resources Inc.		1,666		14,328	(a)
Oceaneering International Inc.		683		14,439
Oil States International Inc.		974		27,564	(a)
PHI Inc.		19		220	(a)
ProPetro Holding Corp.		1,046		21,087	(a)
RigNet Inc.		255		3,812	(a)
Schlumberger Ltd.		48,633		3,277,378
SEACOR Holdings Inc.		315		14,559	(a)
SEACOR Marine Holdings Inc.		316		3,697	(a)
Select Energy Services Inc., Class A		246		4,487	(a)
Smart Sand Inc.		228		1,974	(a)
Solaris Oilfield Infrastructure Inc., Class A		236		5,053	(a)
Superior Energy Services Inc.		4,006		38,578	(a)

	Number of Shares		Fair Value
TETRA Technologies Inc.		1,871	$	7,989	(a)
U.S. Silica Holdings Inc.		1,455		47,375
Willbros Group Inc.		851		1,208	(a)
				6,201,502
Oil & Gas Exploration & Production – 0.6%
Abraxas Petroleum Corp.		2,099		5,164	(a)
Anadarko Petroleum Corp.		18,960		1,017,014
Apache Corp.		13,963		589,518
Bill Barrett Corp.		986		5,058	(a)
Bonanza Creek Energy Inc.		341		9,408	(a)
Cabot Oil & Gas Corp.		17,127		489,832
California Resources Corp.		639		12,422	(a)
Callon Petroleum Co.		5,261		63,921	(a)
Carrizo Oil & Gas Inc.		1,435		30,537	(a)
Chesapeake Energy Corp.		29,503		116,832	(a)
Cimarex Energy Co.		3,293		401,779
CNX Resources Corp.		1,475		21,579	(a)
Concho Resources Inc.		5,126		770,028	(a)
ConocoPhillips		41,925		2,301,263
Contango Oil & Gas Co.		449		2,115	(a)
Denbury Resources Inc.		7,062		15,607	(a)
Devon Energy Corp.		18,364		760,270
Earthstone Energy Inc., Class A		427		4,539	(a)
Eclipse Resources Corp.		1,210		2,904	(a)
Energen Corp.		708		40,760	(a)
Energy XXI Gulf Coast Inc.		560		3,214	(a)
EOG Resources Inc.		20,217		2,181,617
EP Energy Corp., Class A		772		1,822	(a)
EQT Corp.		8,600		489,512
Evolution Petroleum Corp.		511		3,500
Gastar Exploration Inc.		4,063		4,266	(a)
Gulfport Energy Corp.		1,171		14,942	(a)
Halcon Resources Corp.		2,397		18,145	(a)
Hess Corp.		9,270		440,047
Isramco Inc.		13		1,360	(a)
Jagged Peak Energy Inc.		1,063		16,774	(a)
Jones Energy Inc., Class A		1,098		1,208	(a)
Lilis Energy Inc.		955		4,880	(a)
Marathon Oil Corp.		29,352		496,929
Matador Resources Co.		2,367		73,685	(a)
Midstates Petroleum Company Inc.		211		3,498	(a)
Murphy Oil Corp.		1,159		35,987
Newfield Exploration Co.		7,511		236,822	(a)
Noble Energy Inc.		17,120		498,877
Oasis Petroleum Inc.		4,475		37,635	(a)
Panhandle Oil and Gas Inc., Class A		297		6,103
PDC Energy Inc.		1,207		62,209	(a)
Penn Virginia Corp.		270		10,560	(a)
Pioneer Natural Resources Co.		5,967		1,031,396
QEP Resources Inc.		1,751		16,757	(a)
Range Resources Corp.		7,096		121,058
Resolute Energy Corp.		411		12,934	(a)
Ring Energy Inc.		1,016		14,122	(a)
Sanchez Energy Corp.		1,125		5,974	(a)
SandRidge Energy Inc.		661		13,927	(a)
SilverBow Resources Inc.		159		4,726	(a)
SM Energy Co.		735		16,229
Southwestern Energy Co.		3,781		21,098	(a)
SRC Energy Inc.		4,377		37,336	(a)
Stone Energy Corp.		369		11,867	(a)
Tellurian Inc.		1,050		10,227	(a)
Ultra Petroleum Corp.		3,510		31,801	(a)
W&T Offshore Inc.		1,772		5,865	(a)
WildHorse Resource Development Corp.		893		16,440	(a)
WPX Energy Inc.		2,848		40,071	(a)
				12,715,970
Oil & Gas Refining & Marketing – 0.2%
Adams Resources & Energy Inc.		39		1,696
Andeavor		4,904		560,723
Clean Energy Fuels Corp.		1,753		3,559	(a)
CVR Energy Inc.		324		12,066
Delek US Holdings Inc.		1,399		48,881
Green Plains Inc.		727		12,250
HollyFrontier Corp.		1,277		65,408
Marathon Petroleum Corp.		17,003		1,121,858

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Pacific Ethanol Inc.		556	$	2,530	(a)
Par Pacific Holdings Inc.		602		11,607	(a)
PBF Energy Inc., Class A		786		27,864
Phillips 66		15,390		1,556,698
Renewable Energy Group Inc.		729		8,602	(a)
REX American Resources Corp.		114		9,438	(a)
Valero Energy Corp.		15,225		1,399,330
World Fuel Services Corp.		499		14,042
				4,856,552
Oil & Gas Storage & Transportation – 0.1%
Dorian LPG Ltd.		557		4,579	(a)
GasLog Ltd.		823		18,312
Gener8 Maritime Inc.		799		5,289	(a)
International Seaways Inc.		557		10,282	(a)
Kinder Morgan Inc.		67,688		1,223,122
Nordic American Tankers Ltd.		1,750		4,305
ONEOK Inc.		13,557		724,622
Overseas Shipholding Group Inc., Class A		385		1,055	(a)
SemGroup Corp., Class A		1,254		37,871
Ship Finance International Ltd.		1,073		16,631
The Williams Companies Inc.		29,700		905,553
				2,951,621
Other Diversified Financial Services – 0.0%*
Tiptree Inc.		455		2,707
Packaged Foods & Meats – 0.4%
Amplify Snack Brands Inc.		588		7,062	(a)
B&G Foods Inc.		1,247		43,832
Bob Evans Farms Inc.		381		30,030
Cal-Maine Foods Inc.		557		24,759	(a)
Calavo Growers Inc.		310		26,164
Campbell Soup Co.		7,185		345,670
Conagra Brands Inc.		13,942		525,195
Dean Foods Co.		2,371		27,409
Farmer Brothers Co.		161		5,176	(a)
Flowers Foods Inc.		1,349		26,049
Freshpet Inc.		458		8,679	(a)
General Mills Inc.		20,188		1,196,947
Hormel Foods Corp.		10,108		367,830
Hostess Brands Inc.		1,516		22,452	(a)
J&J Snack Foods Corp.		283		42,968
John B Sanfilippo & Son Inc.		171		10,816
Kellogg Co.		8,602		584,764
Lamb Weston Holdings Inc.		1,053		59,442
Lancaster Colony Corp.		481		62,150
Landec Corp.		537		6,766	(a)
Lifeway Foods Inc.		73		584	(a)
McCormick & Company Inc.		4,191		427,105
Mondelez International Inc., Class A		53,206		2,277,217
Post Holdings Inc.		472		37,397	(a)
Sanderson Farms Inc.		521		72,304
Seneca Foods Corp., Class A		129		3,967	(a)
Snyder’s-Lance Inc.		2,172		108,774
The Hain Celestial Group Inc.		737		31,241	(a)
The Hershey Co.		5,172		587,074
The JM Smucker Co.		4,064		504,911
The Kraft Heinz Co.		20,940		1,628,294
Tootsie Roll Industries Inc.		443		16,125
TreeHouse Foods Inc.		424		20,971	(a)
Tyson Foods Inc., Class A		10,247		830,724
				9,970,848
Paper Packaging – 0.1%
Avery Dennison Corp.		3,316		380,876
Bemis Company Inc.		653		31,207
International Paper Co.		14,829		859,192
Packaging Corporation of America		3,500		421,925
Sealed Air Corp.		6,291		310,146
Sonoco Products Co.		715		37,995
UFP Technologies Inc.		127		3,531	(a)
WestRock Co.		9,233		583,618
				2,628,490
Paper Products – 0.0%*
Clearwater Paper Corp.		284		12,894	(a)
Domtar Corp.		455		22,532
KapStone Paper and Packaging Corp.		1,623		36,826

	Number of Shares		Fair Value
Neenah Paper Inc.		299	$	27,104
PH Glatfelter Co.		705		15,115
Schweitzer-Mauduit International Inc.		545		24,721
Verso Corp., Class A		478		8,398	(a)
				147,590
Personal Products – 0.1%
Avon Products Inc.		3,035		6,525	(a)
Coty Inc., Class A		17,701		352,073
Edgewell Personal Care Co.		413		24,528	(a)
elf Beauty Inc.		392		8,746	(a)
Inter Parfums Inc.		320		13,904
Medifast Inc.		210		14,660
Natural Health Trends Corp.		150		2,278
Nature’s Sunshine Products Inc.		183		2,114
Nu Skin Enterprises Inc., Class A		353		24,085
Revlon Inc., Class A		232		5,058	(a)
The Estee Lauder Companies Inc., Class A		7,887		1,003,542
USANA Health Sciences Inc.		208		15,402	(a)
				1,472,915
Pharmaceuticals – 1.6%
Aclaris Therapeutics Inc.		382		9,420	(a)
Aerie Pharmaceuticals Inc.		609		36,388	(a)
Akcea Therapeutics Inc.		278		4,826	(a)
Akorn Inc.		693		22,335	(a)
Allergan PLC		11,890		1,944,966
Amphastar Pharmaceuticals Inc.		712		13,699	(a)
ANI Pharmaceuticals Inc.		159		10,248	(a)
Aratana Therapeutics Inc.		671		3,529	(a)
Assembly Biosciences Inc.		266		12,037	(a)
Bristol-Myers Squibb Co.		58,138		3,562,697
Catalent Inc.		3,406		139,919	(a)
Clearside Biomedical Inc.		164		1,148	(a)
Collegium Pharmaceutical Inc.		466		8,602	(a)
Corcept Therapeutics Inc.		1,722		31,099	(a)
Corium International Inc.		376		3,613	(a)
Depomed Inc.		1,223		9,845	(a)
Dermira Inc.		722		20,079	(a)
Dova Pharmaceuticals Inc.		95		2,736	(a)
Durect Corp.		2,560		2,360	(a)
Eli Lilly & Co.		33,918		2,864,714
Horizon Pharma PLC		2,960		43,216	(a)
Impax Laboratories Inc.		1,289		21,462	(a)
Innoviva Inc.		1,290		18,305	(a)
Intersect ENT Inc.		515		16,686	(a)
Intra-Cellular Therapies Inc.		686		9,933	(a)
Johnson & Johnson		94,893		13,258,450
Kala Pharmaceuticals Inc.		152		2,811	(a)
Lannett Company Inc.		560		12,992	(a)
Mallinckrodt PLC		674		15,205	(a)
Melinta Therapeutics Inc.		173		2,733	(a)
Merck & Company Inc.		96,712		5,441,984
Mylan N.V.		19,590		828,853	(a)
MyoKardia Inc.		324		13,640	(a)
Nektar Therapeutics		2,717		162,259	(a)
Neos Therapeutics Inc.		456		4,651	(a)
Ocular Therapeutix Inc.		319		1,420	(a)
Omeros Corp.		777		15,097	(a)
Optinose Inc.		100		1,890	(a)
Pacira Pharmaceuticals Inc.		701		32,001	(a)
Paratek Pharmaceuticals Inc.		362		6,480	(a)
Pfizer Inc.		210,879		7,638,037
Phibro Animal Health Corp., Class A		379		12,697
Prestige Brands Holdings Inc.		1,340		59,509	(a)
Reata Pharmaceuticals Inc., Class A		211		5,976	(a)
Revance Therapeutics Inc.		413		14,765	(a)
Sienna Biopharmaceuticals Inc.		94		1,706	(a)
Sucampo Pharmaceuticals Inc., Class A		472		8,472	(a)
Supernus Pharmaceuticals Inc.		858		34,191	(a)
Teligent Inc.		826		2,998	(a)
Tetraphase Pharmaceuticals Inc.		738		4,649	(a)
The Medicines Co.		1,285		35,132	(a)
TherapeuticsMD Inc.		3,005		18,150	(a)
WaVe Life Sciences Ltd.		246		8,635	(a)
Zoetis Inc.		16,966		1,222,231

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Zogenix Inc.		631	$	25,272	(a)
Zynerba Pharmaceuticals Inc.		255		3,193	(a)
				37,709,941
Property & Casualty Insurance – 0.2%
Ambac Financial Group Inc.		904		14,446	(a)
AMERISAFE Inc.		326		20,082
AmtTust Financial Services Inc.		1,615		16,263
Atlas Financial Holdings Inc.		214		4,398	(a)
Baldwin & Lyons Inc., Class B		179		4,287
Cincinnati Financial Corp.		5,471		410,161
Donegal Group Inc., Class A		163		2,820
EMC Insurance Group Inc.		168		4,820
Employers Holdings Inc.		565		25,086
Federated National Holding Co.		257		4,258
First American Financial Corp.		790		44,272
Hallmark Financial Services Inc.		283		2,952	(a)
HCI Group Inc.		185		5,532
Heritage Insurance Holdings Inc.		375		6,757
Infinity Property & Casualty Corp.		182		19,292
Investors Title Co.		28		5,554
Kingstone Companies Inc.		240		4,512
Kinsale Capital Group Inc.		274		12,330
MBIA Inc.		1,632		11,946	(a)
Mercury General Corp.		274		14,643
NI Holdings Inc.		236		4,007	(a)
Old Republic International Corp.		1,764		37,714
RLI Corp.		731		44,342
Safety Insurance Group Inc.		264		21,226
Selective Insurance Group Inc.		1,051		61,694
State Auto Financial Corp.		310		9,027
Stewart Information Services Corp.		374		15,820
The Allstate Corp.		12,816		1,341,963
The Hanover Insurance Group Inc.		306		33,072
The Navigators Group Inc.		369		17,970
The Progressive Corp.		20,972		1,181,143
The Travelers Companies Inc.		9,736		1,320,591
United Fire Group Inc.		357		16,272
United Insurance Holdings Corp.		350		6,037
Universal Insurance Holdings Inc.		553		15,125
WR Berkley Corp.		686		49,152
				4,809,566
Publishing – 0.0%*
Daily Journal Corp.		22		5,065	(a)
Gannett Company Inc.		2,164		25,081
John Wiley & Sons Inc., Class A		320		21,040
Meredith Corp.		1,001		66,116
New Media Investment Group Inc.		829		13,911
News Corp., Class A		14,300		231,803
News Corp., Class B		4,475		74,285
Scholastic Corp.		536		21,499
The New York Times Co., Class A		3,247		60,069
Time Inc.		1,754		32,361
tronc Inc.		370		6,508	(a)
				557,738
Railroads – 0.3%
CSX Corp.		31,255		1,719,337
Genesee & Wyoming Inc., Class A		438		34,484	(a)
Kansas City Southern		3,546		373,110
Norfolk Southern Corp.		10,274		1,488,703
Union Pacific Corp.		27,647		3,707,463
				7,323,097
Real Estate Development – 0.0%*
Forestar Group Inc.		74		1,628	(a)
Stratus Properties Inc.		122		3,623
				5,251
Real Estate Operating Companies – 0.0%*
FRP Holdings Inc.		127		5,620	(a)
Kennedy-Wilson Holdings Inc.		2,257		39,159
Trinity Place Holdings Inc.		367		2,550	(a)
				47,329
Real Estate Services – 0.0%*
CBRE Group Inc., Class A		10,780		466,882	(a)
HFF Inc. REIT, Class A		681		33,124
Jones Lang LaSalle Inc.		326		48,551
Marcus & Millichap Inc.		308		10,044	(a)

	Number of Shares		Fair Value
RE/MAX Holdings Inc., Class A		330	$	16,005
Redfin Corp.		199		6,232	(a)
				580,838
Regional Banks – 0.7%
1st Source Corp.		314		15,527
Access National Corp.		290		8,074
ACNB Corp.		119		3,516
Allegiance Bancshares Inc.		220		8,283	(a)
American National Bankshares Inc.		166		6,358
Ameris Bancorp.		681		32,824
Ames National Corp.		174		4,846
Arrow Financial Corp.		233		7,910
Associated Banc-Corp.		1,069		27,153
Atlantic Capital Bancshares Inc.		346		6,090	(a)
Banc of California Inc.		770		15,900
BancFirst Corp.		314		16,061
BancorpSouth Bank		2,156		67,806
Bank of Commerce Holdings		360		4,140
Bank of Hawaii Corp.		298		25,539
Bank of Marin Bancorp.		119		8,092
Bank of the Ozarks Inc.		865		41,909
Bankwell Financial Group Inc.		110		3,777
Banner Corp.		600		33,072
Bar Harbor Bankshares		289		7,806
BB&T Corp.		27,454		1,365,013
BCB Bancorp Inc.		177		2,567
Berkshire Hills Bancorp Inc.		745		27,267
Blue Hills Bancorp Inc.		487		9,789
Boston Private Financial Holdings Inc.		1,529		23,623
Bridge Bancorp Inc.		335		11,725
Brookline Bancorp Inc.		1,394		21,886
Bryn Mawr Bank Corp.		334		14,763
Byline Bancorp Inc.		124		2,848	(a)
C&F Financial Corp.		62		3,596
Cadence BanCorp		362		9,817	(a)
Camden National Corp.		304		12,808
Capital City Bank Group Inc.		221		5,070
Capstar Financial Holdings Inc.		163		3,386	(a)
Carolina Financial Corp.		269		9,993
Cathay General Bancorp		1,939		81,768
CenterState Bank Corp.		931		23,955
Central Pacific Financial Corp.		492		14,676
Central Valley Community Bancorp		178		3,592
Century Bancorp Inc., Class A		55		4,304
Chemical Financial Corp.		1,802		96,353
Chemung Financial Corp.		55		2,646
Citizens & Northern Corp.		239		5,736
Citizens Financial Group Inc.		17,485		734,020
City Holding Co.		295		19,904
Civista Bancshares Inc.		224		4,928
CNB Financial Corp.		281		7,373
CoBiz Financial Inc.		753		15,052
Codorus Valley Bancorp Inc.		166		4,570
Columbia Banking System Inc.		1,317		57,210
Comerica Inc.		6,104		529,888
Commerce Bancshares Inc.		671		37,469
Community Bank System Inc.		906		48,697
Community Bankers Trust Corp.		495		4,034	(a)
Community Trust Bancorp Inc.		306		14,413
ConnectOne Bancorp Inc.		572		14,729
County Bancorp Inc.		84		2,500
Cullen/Frost Bankers Inc.		409		38,712
Customers Bancorp Inc.		487		12,657	(a)
CVB Financial Corp.		1,887		44,458
Eagle Bancorp Inc.		576		33,350	(a)
East West Bancorp Inc.		1,030		62,655
Enterprise Bancorp Inc.		170		5,789
Enterprise Financial Services Corp.		384		17,338
Equity Bancshares Inc., Class A		224		7,932	(a)
Evans Bancorp Inc.		105		4,400
Farmers & Merchants Bancorp Inc./Archbold		168		6,854
Farmers Capital Bank Corp.		144		5,544
Farmers National Banc Corp.		506		7,464
FB Financial Corp.		243		10,204	(a)
FCB Financial Holdings Inc., Class A		682		34,646	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Fidelity Southern Corp.		420	$	9,156
Fifth Third Bancorp		24,250		735,745
Financial Institutions Inc.		280		8,708
First Bancorp Inc.		207		5,637
First Bancorp/Southern Pines NC		559		19,738
First Busey Corp.		729		21,826
First Business Financial Services Inc.		163		3,606
First Citizens BancShares Inc., Class A		134		54,002
First Commonwealth Financial Corp.		1,786		25,576
First Community Bancshares Inc.		315		9,050
First Connecticut Bancorp Inc.		275		7,191
First Financial Bancorp.		1,151		30,329
First Financial Bankshares Inc.		1,157		52,123
First Financial Corp.		201		9,115
First Financial Northwest Inc.		175		2,714
First Foundation Inc.		516		9,567	(a)
First Horizon National Corp.		2,303		46,037
First Internet Bancorp		105		4,006
First Interstate BancSystem Inc., Class A		486		19,464
First Merchants Corp.		723		30,409
First Mid-Illinois Bancshares Inc.		139		5,357
First Midwest Bancorp Inc.		1,934		46,435
First Northwest Bancorp		210		3,423	(a)
Flushing Financial Corp.		557		15,317
FNB Bancorp		98		3,576
FNB Corp.		2,280		31,510
Franklin Financial Network Inc.		187		6,377	(a)
Fulton Financial Corp.		4,408		78,903
German American Bancorp Inc.		427		15,086
Glacier Bancorp Inc.		1,429		56,288
Great Southern Bancorp Inc.		216		11,156
Great Western Bancorp Inc.		1,079		42,944
Green Bancorp Inc.		425		8,627	(a)
Guaranty Bancorp		473		13,078
Hancock Holding Co.		2,154		106,623
Hanmi Financial Corp.		566		17,178
HarborOne Bancorp Inc.		291		5,576	(a)
Heartland Financial USA Inc.		440		23,606
Heritage Commerce Corp.		525		8,043
Heritage Financial Corp.		529		16,293
Hilltop Holdings Inc.		1,328		33,638
Home BancShares Inc.		4,055		94,279
HomeTrust Bancshares Inc.		322		8,292	(a)
Hope Bancorp Inc.		2,303		42,030
Horizon Bancorp		358		9,952
Howard Bancorp Inc.		167		3,674	(a)
Huntington Bancshares Inc.		36,760		535,226
IBERIABANK Corp.		928		71,920
Independent Bank Corp.		484		33,807
Independent Bank Corp.		404		9,029
Independent Bank Group Inc.		334		22,578
International Bancshares Corp.		1,341		53,238
Investar Holding Corp.		186		4,483
Investors Bancorp Inc.		4,739		65,777
KeyCorp		37,795		762,325
Lakeland Bancorp Inc.		788		15,169
Lakeland Financial Corp.		448		21,724
LCNB Corp.		180		3,681
LegacyTexas Financial Group Inc.		835		35,245
Live Oak Bancshares Inc.		398		9,492
M&T Bank Corp.		5,361		916,677
Macatawa Bank Corp.		536		5,360
MainSource Financial Group Inc.		464		16,848
MB Financial Inc.		2,080		92,602
MBT Financial Corp.		362		3,837
Mercantile Bank Corp.		320		11,318
Midland States Bancorp Inc.		290		9,419
MidSouth Bancorp Inc.		270		3,578
MidWestOne Financial Group Inc.		166		5,566
MutualFirst Financial Inc.		105		4,048
National Bank Holdings Corp., Class A		463		15,015
National Bankshares Inc.		137		6,227
National Commerce Corp.		167		6,722	(a)
NBT Bancorp Inc.		797		29,330
Nicolet Bankshares Inc.		151		8,266	(a)

	Number of Shares		Fair Value
Northeast Bancorp		134	$	3,102
Northrim BanCorp Inc.		136		4,604
Norwood Financial Corp.		133		4,389
OFG Bancorp		880		8,272
Ohio Valley Banc Corp.		108		4,363
Old Line Bancshares Inc.		166		4,887
Old National Bancorp		2,447		42,700
Old Second Bancorp Inc.		574		7,835
Opus Bank		333		9,091	(a)
Orrstown Financial Services Inc.		172		4,343
Pacific Mercantile Bancorp		415		3,631	(a)
Pacific Premier Bancorp Inc.		682		27,280	(a)
PacWest Bancorp		921		46,418
Paragon Commercial Corp.		80		4,257	(a)
Park National Corp.		240		24,960
Peapack Gladstone Financial Corp.		317		11,101
Penns Woods Bancorp Inc.		95		4,425
People’s United Financial Inc.		12,949		242,146
People’s Utah Bancorp		262		7,939
Peoples Bancorp Inc.		321		10,471
Peoples Bancorp of North Carolina Inc.		121		3,713
Peoples Financial Services Corp.		138		6,428
Pinnacle Financial Partners Inc.		537		35,603
Preferred Bank		242		14,225
Premier Financial Bancorp Inc.		191		3,835
Prosperity Bancshares Inc.		502		35,175
QCR Holdings Inc.		235		10,070
Regions Financial Corp.		41,575		718,416
Reliant Bancorp Inc.		162		4,154
Renasant Corp.		817		33,407
Republic Bancorp Inc., Class A		191		7,262
Republic First Bancorp Inc.		678		5,729	(a)
S&T Bancorp Inc.		617		24,563
Sandy Spring Bancorp Inc.		472		18,417
Seacoast Banking Corporation of Florida		787		19,840	(a)
ServisFirst Bancshares Inc.		866		35,939
Shore Bancshares Inc.		250		4,175
Sierra Bancorp		237		6,295
Signature Bank		383		52,571	(a)
Simmons First National Corp., Class A		691		39,456
SmartFinancial Inc.		166		3,602	(a)
South State Corp.		648		56,473
Southern First Bancshares Inc.		112		4,620	(a)
Southern National Bancorp of Virginia Inc.		469		7,518
Southside Bancshares Inc.		503		16,941
State Bank Financial Corp.		703		20,978
Sterling Bancorp		5,507		135,472
Stock Yards Bancorp Inc.		428		16,136
Summit Financial Group Inc.		166		4,369
Sun Bancorp Inc.		209		5,079
Sunshine Bancorp Inc.		140		3,212	(a)
SunTrust Banks Inc.		17,098		1,104,360
SVB Financial Group		377		88,131	(a)
Synovus Financial Corp.		854		40,941
TCF Financial Corp.		1,218		24,969
Texas Capital Bancshares Inc.		1,270		112,903	(a)
The Bancorp Inc.		713		7,044	(a)
The Community Financial Corp.		74		2,834
The First Bancshares Inc.		161		5,506
The First of Long Island Corp.		429		12,226
The PNC Financial Services Group Inc.		16,869		2,434,028
Tompkins Financial Corp.		249		20,256
TowneBank		1,051		32,318
Trico Bancshares		405		15,333
TriState Capital Holdings Inc.		439		10,097	(a)
Triumph Bancorp Inc.		309		9,733	(a)
Trustmark Corp.		1,731		55,150
Two River Bancorp		135		2,448
UMB Financial Corp.		1,139		81,917
Umpqua Holdings Corp.		5,641		117,333
Union Bankshares Corp.		753		27,236
Union Bankshares Inc.		78		4,130
United Bankshares Inc.		2,583		89,759
United Community Banks Inc.		1,323		37,229

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Unity Bancorp Inc.		203	$	4,009
Univest Corporation of Pennsylvania		499		13,997
Valley National Bancorp		6,700		75,174
Veritex Holdings Inc.		299		8,249	(a)
Washington Trust Bancorp Inc.		300		15,975
WashingtonFirst Bankshares Inc.		165		5,653
Webster Financial Corp.		657		36,897
WesBanco Inc.		800		32,520
West Bancorporation Inc.		325		8,174
Westamerica Bancorporation		461		27,453
Wintrust Financial Corp.		1,426		117,460
Xenith Bankshares Inc.		129		4,364	(a)
Zions Bancorporation		6,671		339,087
				15,333,201
Reinsurance – 0.0%*
Alleghany Corp.		111		66,166	(a)
Enstar Group Ltd.		205		41,154	(a)
Greenlight Capital Re Ltd., Class A		583		11,718	(a)
Maiden Holdings Ltd.		1,195		7,887
Reinsurance Group of America Inc.		464		72,352
WMIH Corp.		4,068		3,454	(a)
				202,731
Renewable Electricity – 0.0%*
Ormat Technologies Inc.		708		45,284
Pattern Energy Group Inc.		1,274		27,378
TerraForm Power Inc., Class A		897		10,728
				83,390
Research & Consulting Services – 0.1%
Acacia Research Corp.		1,007		4,078	(a)
CBIZ Inc.		981		15,156	(a)
Cogint Inc.		233		1,025	(a)
CRA International Inc.		170		7,642
Equifax Inc.		4,405		519,438
Exponent Inc.		454		32,279
Forrester Research Inc.		194		8,575
Franklin Covey Co.		207		4,295	(a)
FTI Consulting Inc.		709		30,459	(a)
Hill International Inc.		639		3,483	(a)
Huron Consulting Group Inc.		429		17,353	(a)
ICF International Inc.		356		18,690	(a)
Mistras Group Inc.		343		8,050	(a)
Navigant Consulting Inc.		822		15,955	(a)
Nielsen Holdings PLC		11,589		421,840
Resources Connection Inc.		510		7,880
RPX Corp.		855		11,491
The Dun & Bradstreet Corp.		266		31,497
Verisk Analytics Inc.		5,704		547,584	(a)
Willdan Group Inc.		143		3,423	(a)
				1,710,193
Residential REITs – 0.2%
Altisource Residential Corp.		920		10,911
American Campus Communities Inc.		974		39,963
Apartment Investment & Management Co., Class A		5,870		256,578
AvalonBay Communities Inc.		4,907		875,458
Bluerock Residential Growth REIT Inc.		381		3,852
Camden Property Trust		666		61,312
Clipper Realty Inc.		342		3,417
Education Realty Trust Inc.		1,871		65,335
Equity Residential		12,903		822,824
Essex Property Trust Inc.		2,359		569,392
Independence Realty Trust Inc.		1,539		15,528
Mid-America Apartment Communities Inc.		4,200		422,352
NexPoint Residential Trust Inc.		358		10,002
Preferred Apartment Communities Inc., Class A		643		13,021
UDR Inc.		9,582		369,099
UMH Properties Inc.		493		7,346
				3,546,390
Restaurants – 0.5%
Biglari Holdings Inc.		20		8,288	(a)
BJ’s Restaurants Inc.		406		14,778
Bloomin’ Brands Inc.		1,677		35,787
Bojangles’ Inc.		197		2,325	(a)

	Number of Shares		Fair Value
Brinker International Inc.		1,193	$	46,336
Buffalo Wild Wings Inc.		390		60,977	(a)
Carrols Restaurant Group Inc.		676		8,213	(a)
Chipotle Mexican Grill Inc.		866		250,300	(a)
Chuy’s Holdings Inc.		327		9,172	(a)
Cracker Barrel Old Country Store Inc.		524		83,258
Darden Restaurants Inc.		4,605		442,172
Dave & Buster’s Entertainment Inc.		769		42,426	(a)
Del Frisco’s Restaurant Group Inc.		392		5,978	(a)
Del Taco Restaurants Inc.		463		5,612	(a)
Denny’s Corp.		1,220		16,153	(a)
DineEquity Inc.		319		16,183
Domino’s Pizza Inc.		311		58,767
Dunkin’ Brands Group Inc.		640		41,261
El Pollo Loco Holdings Inc.		410		4,059	(a)
Fiesta Restaurant Group Inc.		537		10,203	(a)
Fogo De Chao Inc.		121		1,404	(a)
J. Alexander’s Holdings Inc.		273		2,648	(a)
Jack in the Box Inc.		756		74,171
McDonald’s Corp.		28,077		4,832,613
Nathan’s Famous Inc.		58		4,379
Noodles & Co.		224		1,176	(a)
Papa John’s International Inc.		661		37,089
Potbelly Corp.		479		5,892	(a)
Red Robin Gourmet Burgers Inc.		236		13,310	(a)
Ruth’s Hospitality Group Inc.		578		12,514
Shake Shack Inc., Class A		435		18,792	(a)
Sonic Corp.		703		19,318
Starbucks Corp.		49,992		2,871,041
Texas Roadhouse Inc.		1,701		89,609
The Cheesecake Factory Inc.		1,074		51,745
The Habit Restaurants Inc., Class A		276		2,636	(a)
The Wendy’s Co.		1,306		21,445
Wingstop Inc.		550		21,439
Yum China Holdings Inc.		10,767		430,895
Yum! Brands Inc.		12,168		993,030
Zoe’s Kitchen Inc.		384		6,420	(a)
				10,673,814
Retail REITs – 0.2%
Acadia Realty Trust		1,546		42,298
Agree Realty Corp.		514		26,440
Alexander’s Inc.		42		16,626
CBL & Associates Properties Inc.		3,125		17,687
Cedar Realty Trust Inc.		1,656		10,068
Federal Realty Investment Trust		2,658		353,009
Getty Realty Corp.		530		14,395
GGP Inc.		21,430		501,248
Kimco Realty Corp.		15,987		290,164
Kite Realty Group Trust		1,558		30,537
National Retail Properties Inc.		1,095		47,227
Pennsylvania Real Estate Investment Trust		1,370		16,289
Ramco-Gershenson Properties Trust		1,457		21,462
Realty Income Corp.		10,097		575,731
Regency Centers Corp.		5,500		380,490
Retail Opportunity Investments Corp.		2,007		40,040
Saul Centers Inc.		185		11,424
Seritage Growth Properties REIT, Class A		465		18,814
Simon Property Group Inc.		11,034		1,894,979
Tanger Factory Outlet Centers Inc.		666		17,656
Taubman Centers Inc.		441		28,855
The Macerich Co.		3,553		233,361
Urban Edge Properties		2,557		65,178
Urstadt Biddle Properties Inc., Class A		522		11,348
Washington Prime Group Inc.		4,706		33,507
Weingarten Realty Investors		866		28,465
Whitestone REIT		546		7,868
				4,735,166
Security & Alarm Services – 0.0%*
The Brink’s Co.		1,212		95,384
Semiconductor Equipment – 0.2%
Advanced Energy Industries Inc.		744		50,205	(a)
Amkor Technology Inc.		1,943		19,527	(a)
Applied Materials Inc.		37,546		1,919,352
Axcelis Technologies Inc.		551		15,814	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
AXT Inc.		705	$	6,134	(a)
Brooks Automation Inc.		1,222		29,145
Cabot Microelectronics Corp.		442		41,583
Cohu Inc.		530		11,633
CyberOptics Corp.		160		2,400	(a)
Entegris Inc.		2,606		79,353
FormFactor Inc.		1,340		20,971	(a)
Ichor Holdings Ltd.		363		8,930	(a)
KLA-Tencor Corp.		5,733		602,366
Lam Research Corp.		5,743		1,057,114
MKS Instruments Inc.		1,376		130,032
Nanometrics Inc.		473		11,787	(a)
PDF Solutions Inc.		397		6,233	(a)
Photronics Inc.		1,258		10,724	(a)
Rudolph Technologies Inc.		600		14,340	(a)
Teradyne Inc.		1,416		59,288
Ultra Clean Holdings Inc.		556		12,838	(a)
Veeco Instruments Inc.		885		13,142	(a)
Versum Materials Inc.		772		29,220
Xcerra Corp.		1,063		10,407	(a)
Xperi Corp.		822		20,057
				4,182,595
Semiconductors – 1.1%
Advanced Micro Devices Inc.		29,100		299,148	(a)
Alpha & Omega Semiconductor Ltd.		384		6,282	(a)
Ambarella Inc.		586		34,427	(a)
Analog Devices Inc.		13,020		1,159,171
CEVA Inc.		394		18,183	(a)
Cirrus Logic Inc.		1,663		86,243	(a)
Cree Inc.		2,497		92,739	(a)
Cypress Semiconductor Corp.		2,424		36,942
Diodes Inc.		655		18,779	(a)
DSP Group Inc.		475		5,937	(a)
First Solar Inc.		590		39,837	(a)
Impinj Inc.		341		7,683	(a)
Inphi Corp.		795		29,097	(a)
Integrated Device Technology Inc.		3,430		101,974	(a)
Intel Corp.		164,740		7,604,398
IXYS Corp.		464		11,113	(a)
Kopin Corp.		1,142		3,654	(a)
Lattice Semiconductor Corp.		2,357		13,623	(a)
MACOM Technology Solutions Holdings Inc.		768		24,991	(a)
MaxLinear Inc.		1,106		29,221	(a)
Microchip Technology Inc.		8,462		743,641
Micron Technology Inc.		39,478		1,623,335	(a)
Microsemi Corp.		825		42,611	(a)
Monolithic Power Systems Inc.		1,014		113,933
NeoPhotonics Corp.		622		4,093	(a)
NVE Corp.		97		8,342
NVIDIA Corp.		21,281		4,117,873
Pixelworks Inc.		760		4,811	(a)
Power Integrations Inc.		521		38,320
Qorvo Inc.		4,667		310,822	(a)
QUALCOMM Inc.		51,975		3,327,439
Rambus Inc.		1,954		27,786	(a)
Semtech Corp.		1,217		41,621	(a)
Sigma Designs Inc.		683		4,747	(a)
Silicon Laboratories Inc.		1,078		95,187	(a)
Skyworks Solutions Inc.		6,384		606,161
SMART Global Holdings Inc.		114		3,842	(a)
SunPower Corp.		1,132		9,543	(a)
Synaptics Inc.		866		34,588	(a)
Texas Instruments Inc.		34,788		3,633,259
Xilinx Inc.		8,559		577,048
				24,992,444
Silver – 0.0%*
Coeur Mining Inc.		3,191		23,932	(a)
Hecla Mining Co.		6,938		27,544
				51,476
Soft Drinks – 0.6%
Coca-Cola Bottling Company Consolidated		85		18,297
Dr Pepper Snapple Group Inc.		6,276		609,148
Monster Beverage Corp.		14,433		913,465	(a)
National Beverage Corp.		212		20,657

	Number of Shares		Fair Value
PepsiCo Inc.		50,308	$	6,032,935
Primo Water Corp.		424		5,330	(a)
The Coca-Cola Co.		135,311		6,208,069
				13,807,901
Specialized Consumer Services – 0.0%*
Ascent Capital Group Inc., Class A		203		2,333	(a)
Carriage Services Inc.		295		7,584
Collectors Universe Inc.		149		4,267
H&R Block Inc.		7,788		204,201
Liberty Tax Inc.		107		1,177
Regis Corp.		542		8,325	(a)
Service Corporation International		1,346		50,233
Sotheby’s		981		50,620	(a)
Weight Watchers International Inc.		487		21,564	(a)
				350,304
Specialized Finance – 0.0%*
Marlin Business Services Corp.		174		3,897
NewStar Financial Inc.		492		266
On Deck Capital Inc.		923		5,298	(a)
				9,461
Specialized REITs – 0.4%
American Tower Corp.		15,130		2,158,597
CatchMark Timber Trust Inc., Class A		789		10,360
CoreCivic Inc.		840		18,900
CorEnergy Infrastructure Trust Inc.		246		9,397
CoreSite Realty Corp.		247		28,133
Crown Castle International Corp.		14,295		1,586,888
CyrusOne Inc.		652		38,814
Digital Realty Trust Inc.		7,039		801,742
EPR Properties		469		30,701
Equinix Inc.		2,713		1,229,586
Extra Space Storage Inc.		4,549		397,810
Farmland Partners Inc.		684		5,937
Four Corners Property Trust Inc.		1,179		30,300
InfraREIT Inc.		810		15,050	(a)
Iron Mountain Inc.		9,170		345,984
Jernigan Capital Inc.		175		3,327
Lamar Advertising Co., Class A		598		44,396
Life Storage Inc.		341		30,373
National Storage Affiliates Trust		839		22,871
Potlatch Corp.		1,047		52,245
Public Storage		5,340		1,116,060
QTS Realty Trust Inc., Class A		885		47,932
Rayonier Inc.		934		29,542
Safety Income and Growth Inc.		192		3,379
SBA Communications Corp.		4,200		686,112	(a)
The GEO Group Inc.		3,147		74,269
Uniti Group Inc.		1,209		21,508	(a)
Weyerhaeuser Co.		27,139		956,921
				9,797,134
Specialty Chemicals – 0.2%
A Schulman Inc.		482		17,955
Advanced Emissions Solutions Inc.		473		4,569
Albemarle Corp.		4,074		521,024
Ashland Global Holdings Inc.		454		32,325
Balchem Corp.		578		46,587
Chase Corp.		141		16,991
Codexis Inc.		675		5,636	(a)
Ecolab Inc.		9,326		1,251,363
Ferro Corp.		1,478		34,866	(a)
Flotek Industries Inc.		1,049		4,888	(a)
FutureFuel Corp.		511		7,200
GCP Applied Technologies Inc.		1,350		43,065	(a)
HB Fuller Co.		901		48,537
Ingevity Corp.		776		54,685	(a)
Innophos Holdings Inc.		313		14,626
Innospec Inc.		443		31,276
International Flavors & Fragrances Inc.		2,867		437,533
KMG Chemicals Inc.		181		11,960
Kraton Corp.		518		24,952	(a)
Minerals Technologies Inc.		881		60,657
NewMarket Corp.		65		25,830
OMNOVA Solutions Inc.		854		8,540	(a)
PolyOne Corp.		2,047		89,044
PPG Industries Inc.		8,939		1,044,254

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
PQ Group Holdings Inc.		538	$	8,850	(a)
Quaker Chemical Corp.		243		36,642
Rayonier Advanced Materials Inc.		768		15,706
RPM International Inc.		954		50,009
Sensient Technologies Corp.		1,130		82,659
Stepan Co.		361		28,508
The Sherwin-Williams Co.		2,924		1,198,957
Valhi Inc.		555		3,424
				5,263,118
Specialty Stores – 0.1%
Barnes & Noble Education Inc.		802		6,609	(a)
Barnes & Noble Inc.		1,102		7,383
Big 5 Sporting Goods Corp.		360		2,736
Build-A-Bear Workshop Inc.		274		2,521	(a)
Dick’s Sporting Goods Inc.		592		17,014
Five Below Inc.		987		65,458	(a)
GNC Holdings Inc., Class A		1,348		4,974
Hibbett Sports Inc.		290		5,916	(a)
MarineMax Inc.		400		7,560	(a)
National Vision Holdings Inc.		337		13,686	(a)
Office Depot Inc.		13,309		47,114
Party City Holdco Inc.		541		7,547	(a)
Sally Beauty Holdings Inc.		892		16,734	(a)
Signet Jewelers Ltd.		1,847		104,448
Sportsman’s Warehouse Holdings Inc.		518		3,424	(a)
The Container Store Group Inc.		311		1,474	(a)
The Michaels Companies Inc.		796		19,255	(a)
Tiffany & Co.		3,442		357,796
Tractor Supply Co.		4,579		342,280
Ulta Salon Cosmetics & Fragrance Inc.		1,970		440,610	(a)
Vitamin Shoppe Inc.		485		2,134	(a)
Winmark Corp.		43		5,564
				1,482,237
Steel – 0.1%
AK Steel Holding Corp.		6,046		34,220	(a)
Allegheny Technologies Inc.		3,228		77,924	(a)
Ampco-Pittsburgh Corp.		164		2,034
Carpenter Technology Corp.		1,199		61,137
Cleveland-Cliffs Inc.		5,413		39,028	(a)
Commercial Metals Co.		2,910		62,041
Haynes International Inc.		251		8,045
Nucor Corp.		11,375		723,222
Olympic Steel Inc.		182		3,911
Reliance Steel & Aluminum Co.		520		44,611
Ryerson Holding Corp.		218		2,267	(a)
Schnitzer Steel Industries Inc., Class A		521		17,454
Steel Dynamics Inc.		1,695		73,105
SunCoke Energy Inc.		1,301		15,599	(a)
TimkenSteel Corp.		798		12,122	(a)
United States Steel Corp.		1,270		44,691
Warrior Met Coal Inc.		607		15,266
Worthington Industries Inc.		1,136		50,052
				1,286,729
Systems Software – 1.3%
A10 Networks Inc.		886		6,840	(a)
Barracuda Networks Inc.		445		12,237	(a)
CA Inc.		11,805		392,870
CommVault Systems Inc.		1,029		54,022	(a)
Fortinet Inc.		1,066		46,574	(a)
Imperva Inc.		576		22,867	(a)
Microsoft Corp.		272,085		23,274,151
Oracle Corp.		107,086		5,063,026
Progress Software Corp.		866		36,866
Proofpoint Inc.		813		72,203	(a)
Qualys Inc.		546		32,405	(a)
Rapid7 Inc.		400		7,464	(a)
Red Hat Inc.		6,196		744,140	(a)
SecureWorks Corp., Class A		103		914	(a)
Symantec Corp.		22,392		628,320
The Rubicon Project Inc.		747		1,397	(a)
TiVo Corp.		2,124		33,134
Varonis Systems Inc.		362		17,575	(a)
VASCO Data Security International Inc.		609		8,465	(a)
				30,455,470

	Number of Shares		Fair Value
Technology Distributors – 0.0%*
Anixter International Inc.		553	$	42,028	(a)
Arrow Electronics Inc.		629		50,578	(a)
Avnet Inc.		881		34,905
ePlus Inc.		252		18,950	(a)
Insight Enterprises Inc.		628		24,046	(a)
PC Connection Inc.		218		5,714
PCM Inc.		229		2,267	(a)
ScanSource Inc.		417		14,929	(a)
SYNNEX Corp.		747		101,555
Systemax Inc.		220		7,319
Tech Data Corp.		894		87,585	(a)
				389,876
Technology Hardware, Storage & Peripherals – 1.5%
3D Systems Corp.		2,773		23,959	(a)
Apple Inc.		181,087		30,645,353
Avid Technology Inc.		661		3,563	(a)
CPI Card Group Inc.		79		290
Cray Inc.		721		17,448	(a)
Diebold Nixdorf Inc.		2,040		33,354
Eastman Kodak Co.		343		1,063	(a)
Electronics for Imaging Inc.		887		26,193	(a)
Hewlett Packard Enterprise Co.		54,910		788,508
HP Inc.		59,628		1,252,784
Immersion Corp.		589		4,158	(a)
Intevac Inc.		368		2,521	(a)
NCR Corp.		871		29,605	(a)
NetApp Inc.		9,203		509,110
Pure Storage Inc., Class A		1,762		27,945	(a)
Quantum Corp.		630		3,547	(a)
Stratasys Ltd.		982		19,601	(a)
Super Micro Computer Inc.		774		16,196	(a)
USA Technologies Inc.		724		7,059	(a)
Western Digital Corp.		10,222		812,956
Xerox Corp.		7,942		231,509
				34,456,722
Textiles – 0.0%*
Culp Inc.		217		7,270
Unifi Inc.		314		11,263	(a)
				18,533
Thrifts & Mortgage Finance – 0.0%*
Bank Mutual Corp.		825		8,786
BankFinancial Corp.		310		4,755
Bear State Financial Inc.		359		3,673
Beneficial Bancorp Inc.		1,236		20,332
BofI Holding Inc.		1,126		33,667	(a)
BSB Bancorp Inc.		153		4,475	(a)
Capitol Federal Financial Inc.		2,404		32,238
Charter Financial Corp.		269		4,718
Clifton Bancorp Inc.		434		7,421
Dime Community Bancshares Inc.		630		13,199
Entegra Financial Corp.		165		4,826	(a)
ESSA Bancorp Inc.		149		2,335
Federal Agricultural Mortgage Corp., Class C		170		13,301
First Defiance Financial Corp.		175		9,095
Flagstar Bancorp Inc.		413		15,454	(a)
Greene County Bancorp Inc.		77		2,510
Hingham Institution for Savings		25		5,175
Home Bancorp Inc.		113		4,884
HomeStreet Inc.		467		13,520	(a)
Impac Mortgage Holdings Inc.		161		1,636	(a)
Kearny Financial Corp.		1,437		20,765
LendingTree Inc.		112		38,130	(a)
Malvern Bancorp Inc.		148		3,878	(a)
Meridian Bancorp Inc.		860		17,716
Meta Financial Group Inc.		164		15,195
MGIC Investment Corp.		6,800		95,948	(a)
Nationstar Mortgage Holdings Inc.		618		11,433	(a)
New York Community Bancorp Inc.		3,501		45,583
NMI Holdings Inc., Class A		998		16,966	(a)
Northfield Bancorp Inc.		841		14,364
Northwest Bancshares Inc.		1,668		27,906
OceanFirst Financial Corp.		597		15,671
Ocwen Financial Corp.		2,018		6,316	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Oritani Financial Corp.		742	$	12,169
PCSB Financial Corp.		343		6,534	(a)
PennyMac Financial Services Inc., Class A		223		4,984	(a)
PHH Corp.		554		5,706	(a)
Provident Financial Holdings Inc.		127		2,337
Provident Financial Services Inc.		1,114		30,045
Prudential Bancorp Inc.		215		3,784
Radian Group Inc.		3,927		80,935
Riverview Bancorp Inc.		396		3,433
SI Financial Group Inc.		213		3,131
Southern Missouri Bancorp Inc.		117		4,398
Territorial Bancorp Inc.		149		4,600
Timberland Bancorp Inc.		115		3,053
TrustCo Bank Corp.		1,687		15,520
United Community Financial Corp.		912		8,327
United Financial Bancorp Inc.		1,003		17,693
Walker & Dunlop Inc.		514		24,415	(a)
Washington Federal Inc.		2,242		76,788
Waterstone Financial Inc.		497		8,474
Western New England Bancorp Inc.		301		3,281
WSFS Financial Corp.		576		27,562
				883,040
Tires & Rubber – 0.0%*
Cooper Tire & Rubber Co.		1,287		45,496
The Goodyear Tire & Rubber Co.		9,401		303,746
				349,242
Tobacco – 0.5%
Altria Group Inc.		67,039		4,787,255
ris International Inc.		54,935		5,803,883
Turning Point Brands Inc.		96		2,028
Universal Corp.		441		23,153
Vector Group Ltd.		1,838		41,134
				10,657,453
Trading Companies & Distributors – 0.1%
Aircastle Ltd.		803		18,782
Applied Industrial Technologies Inc.		692		47,125
Beacon Roofing Supply Inc.		1,238		78,935	(a)
BMC Stock Holdings Inc.		1,131		28,614	(a)
CAI International Inc.		316		8,949	(a)
DXP Enterprises Inc.		258		7,629	(a)
Fastenal Co.		9,835		537,876
Foundation Building Materials Inc.		298		4,407	(a)
GATX Corp.		963		59,860
GMS Inc.		446		16,787	(a)
H&E Equipment Services Inc.		528		21,463
Herc Holdings Inc.		459		28,738	(a)
Huttig Building Products Inc.		557		3,704	(a)
Kaman Corp.		501		29,479
Lawson Products Inc.		125		3,094	(a)
MRC Global Inc.		1,614		27,309	(a)
MSC Industrial Direct Company Inc., Class A		325		31,415
Nexeo Solutions Inc.		585		5,324	(a)
NOW Inc.		2,829		31,204	(a)
Rush Enterprises Inc., Class A		516		26,218	(a)
Rush Enterprises Inc., Class B		55		2,652	(a)
SiteOne Landscape Supply Inc.		643		49,318	(a)
Textainer Group Holdings Ltd.		467		10,041	(a)
Titan Machinery Inc.		349		7,388	(a)
United Rentals Inc.		2,851		490,115	(a)
Veritiv Corp.		160		4,624	(a)
Watsco Inc.		218		37,069
Willis Lease Finance Corp.		81		2,023	(a)
WW Grainger Inc.		1,712		404,460
				2,024,602
Trucking – 0.0%*
ArcBest Corp.		491		17,553
Avis Budget Group Inc.		1,838		80,651	(a)
Covenant Transportation Group Inc., Class A		237		6,809	(a)
Daseke Inc.		458		6,545	(a)
Heartland Express Inc.		916		21,379
Hertz Global Holdings Inc.		1,036		22,896	(a)
JB Hunt Transport Services Inc.		2,827		325,048

	Number of Shares		Fair Value
Knight-Swift Transportation Holdings Inc.		3,214	$	140,516
Landstar System Inc.		301		31,334
Marten Transport Ltd.		760		15,428
Old Dominion Freight Line Inc.		487		64,065
Roadrunner Transportation Systems Inc.		615		4,742	(a)
Ryder System Inc.		376		31,648
Saia Inc.		443		31,342	(a)
Schneider National Inc., Class B		767		21,906
Universal Logistics Holdings Inc.		169		4,014
Werner Enterprises Inc.		1,229		47,501
YRC Worldwide Inc.		655		9,419	(a)
				882,796
Water Utilities – 0.0%*
American States Water Co.		685		39,668
American Water Works Company Inc.		6,398		585,353
Aqua America Inc.		1,262		49,508
AquaVenture Holdings Ltd.		266		4,128	(a)
Artesian Resources Corp., Class A		156		6,015
Cadiz Inc.		396		5,643	(a)
California Water Service Group		902		40,906
Connecticut Water Service Inc.		216		12,401
Evoqua Water Technologies Corp.		592		14,036	(a)
Middlesex Water Co.		318		12,692
SJW Group		274		17,490
The York Water Co.		260		8,814
				796,654
Wireless Telecommunication Services – 0.0%*
Boingo Wireless Inc.		716		16,110	(a)
Shenandoah Telecommunications Co.		822		27,783
Spok Holdings Inc.		415		6,495
Telephone & Data Systems Inc.		640		17,792
				68,180
Total Domestic Equity (Cost $478,557,656)				834,898,207
Foreign Equity – 27.7%
Common Stock – 27.4%
Advertising – 0.1%
Cheil Worldwide Inc.		2,021		40,022	(a)
Dentsu Inc.		6,700		283,999
Hakuhodo DY Holdings Inc.		8,600		111,689
JCDecaux S.A.		2,402		96,927
Publicis Groupe S.A.		5,956		405,159
WPP PLC		36,223		657,099
				1,594,895
Aerospace & Defense – 0.3%
Airbus SE		16,747		1,669,114
AviChina Industry & Technology Company Ltd., Class H		76,000		40,444
BAE Systems PLC		90,705		703,078
Bombardier Inc., Class B		51,880		125,461	(a)
CAE Inc.		8,733		162,748
Cobham PLC		61,159		104,492	(a)
Dassault Aviation S.A.		89		138,708
Embraer S.A.		22,900		138,072
Korea Aerospace Industries Ltd.		1,660		73,576
Leonardo S.p.A.		11,422		136,058
Meggitt PLC		20,323		132,566
MTU Aero Engines AG		1,383		248,110
Rolls-Royce Holdings PLC		46,946		537,897	(a)
Safran S.A.		8,953		923,598
Singapore Technologies Engineering Ltd.		44,000		107,333
Thales S.A.		3,301		356,270
Zodiac Aerospace		6,277		187,908
				5,785,433
Agricultural & Farm Machinery – 0.1%
CNH Industrial N.V.		29,906		401,127
Kubota Corp.		29,900		586,454
				987,581

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Agricultural Products – 0.0%*
Charoen Pokphand Indonesia Tbk PT		289,500	$	64,013
Felda Global Ventures Holdings Bhd		47,900		20,003
Genting Plantations Bhd		8,500		22,053
Golden Agri-Resources Ltd.		218,900		60,605
IOI Corporation Bhd		60,300		67,646
Kuala Lumpur Kepong Bhd		18,200		112,429
Sime Darby Plantation Bhd		71,462		105,948	(a)
Wilmar International Ltd.		55,800		129,020
				581,717
Air Freight & Logistics – 0.1%
Bollore S.A.		182		994	(a)
Bollore S.A.		21,261		115,601
Deutsche Post AG		27,914		1,332,386
Hyundai Glovis Company Ltd.		540		68,600
Royal Mail PLC		25,601		156,709
Yamato Holdings Company Ltd.		10,800		217,390
				1,891,680
Airlines – 0.1%
Air China Ltd., Class H		70,000		84,889
AirAsia Bhd		48,500		40,147
ANA Holdings Inc.		3,200		133,681
China Airlines Ltd.		104,000		40,715	(a)
China Southern Airlines Company Ltd., H Shares		52,000		53,681
Deutsche Lufthansa AG		6,810		251,211
easyJet PLC		5,802		114,904
Eva Airways Corp.		80,650		42,956
International Consolidated Airlines Group S.A.		18,877		164,022
Japan Airlines Company Ltd.		4,100		160,433
Korean Air Lines Company Ltd.		1,954		61,784	(a)
Latam Airlines Group S.A.		11,360		161,038
Singapore Airlines Ltd.		13,700		109,383
Turk Hava Yollari AO		23,896		98,884	(a)
				1,517,728
Airport Services – 0.1%
Aena SME S.A.		1,879		381,315	(d)
Aeroports de Paris		773		147,123
Airports of Thailand PCL NVDR		124,100		258,938
Auckland International Airport Ltd.		33,299		153,461
Beijing Capital International Airport Company Ltd., Class H		64,000		96,442
Fraport AG Frankfurt Airport Services Worldwide		1,434		158,178
Grupo Aeroportuario del Pacifico SAB de C.V., Class B		10,700		110,519
Grupo Aeroportuario del Sureste SAB de C.V., Class B		7,500		137,258
Japan Airport Terminal Company Ltd.		1,400		51,949
Malaysia Airports Holdings Bhd		36,000		78,191
SATS Ltd.		27,200		105,837
Sydney Airport		31,381		173,040
TAV Havalimanlari Holding AS		6,264		37,106
				1,889,357
Alternative Carriers – 0.0%*
Iliad S.A.		770		184,692
Intelsat S.A.		516		1,749	(a)
				186,441
Aluminum – 0.0%*
Alumina Ltd.		63,034		119,804
Aluminum Corporation of China Ltd., Class H		152,000		108,692	(a)
Hindalco Industries Ltd.		39,321		168,521
Norsk Hydro ASA		39,840		303,695
				700,712
Apparel Retail – 0.1%
ABC-Mart Inc.		1,000		57,434
Fast Retailing Company Ltd.		1,500		598,003
Hennes & Mauritz AB, Class B		28,929		598,190
Industria de Diseno Textil S.A.		31,323		1,092,460
Mr Price Group Ltd.		8,676		171,607
Shimamura Company Ltd.		800		88,060

	Number of Shares		Fair Value
The Foschini Group Ltd.		7,946	$	126,655
Truworths International Ltd.		16,496		125,878
				2,858,287
Apparel, Accessories & Luxury Goods – 0.4%
Adidas AG		5,410		1,085,861
Burberry Group PLC		13,020		315,621
Cie Financiere Richemont S.A.		15,021		1,361,061
Gildan Activewear Inc.		6,442		208,795
Hermes International		948		507,993
HUGO BOSS AG		2,221		189,195
Kering		2,169		1,023,583
Li & Fung Ltd.		134,000		73,537
LPP S.A.		33		84,618
Luxottica Group S.p.A.		5,110		313,861
LVMH Moet Hennessy Louis Vuitton SE		7,932		2,337,373
Pandora A/S		3,199		348,514
Shenzhou International Group Holdings Ltd.		16,000		152,278
The Swatch Group AG		924		376,806
The Swatch Group AG		1,876		143,419
				8,522,515
Application Software – 0.2%
Constellation Software Inc.		573		348,487
Dassault Systemes SE		3,508		373,177
LINE Corp.		500		20,395	(a)
Micro Focus International PLC ADR		12,240		411,142	(a)
Nice Ltd.		1,516		137,336
Open Text Corp.		7,724		275,622
SAP SE		27,956		3,137,076
The Sage Group PLC		29,849		322,218
				5,025,453
Asset Management & Custody Banks – 0.2%
3i Group PLC		26,863		331,956
Amundi S.A.		1,515		128,527	(d)
Brait SE		13,049		43,911	(a)
Brookfield Asset Management Inc., Class A		23,639		1,032,385
China Cinda Asset Management Company Ltd., Class H		246,000		90,000
China Huarong Asset Management Company Ltd.		248,000		117,063	(d)
CI Financial Corp.		7,514		178,532
Coronation Fund Managers Ltd.		10,031		59,878
Hargreaves Lansdown PLC		6,626		161,519
IGM Financial Inc.		2,320		81,750
Janus Henderson Group PLC		1,289		49,317
Julius Baer Group Ltd.		6,717		410,809	(a)
OM Asset Management PLC		1,405		23,534
Partners Group Holding AG		519		355,764
SBI Holdings Inc.		4,900		102,480
Schroders PLC		4,311		205,043
St. James’s Place PLC		14,401		238,837
				3,611,305
Auto Parts & Equipment – 0.3%
Aisin Seiki Company Ltd.		5,200		292,197
Aptiv PLC		9,648		818,440
Bharat Forge Ltd.		8,872		101,678
Bosch Ltd.		136		42,968
Continental AG		3,140		848,554
Delphi Technologies PLC		646		33,896	(a)
Denso Corp.		13,600		816,483
Faurecia		1,920		150,160
GKN PLC		46,306		200,074
Hanon Systems		6,000		77,904
Hyundai Mobis Company Ltd.		1,811		444,905
Hyundai Wia Corp.		332		20,158
Koito Manufacturing Company Ltd.		3,300		232,011
Linamar Corp.		2,000		116,860
Magna International Inc.		9,681		550,440
Minth Group Ltd.		22,000		132,693
Motherson Sumi Systems Ltd.		9,738		57,861
NGK Spark Plug Company Ltd.		5,000		121,571
NOK Corp.		4,000		93,422
Stanley Electric Company Ltd.		4,000		162,450
Sumitomo Electric Industries Ltd.		22,700		383,875

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Toyoda Gosei Company Ltd.		2,500	$	63,626
Toyota Industries Corp.		4,900		314,922
Valeo S.A.		6,560		490,516
				6,567,664
Automobile Manufacturers – 0.8%
Astra International Tbk PT		607,000		371,336
Bayerische Motoren Werke AG		9,485		988,958
Brilliance China Automotive Holdings Ltd.		90,000		240,620
BYD Company Ltd., Class H		19,500		169,873
Daimler AG		27,389		2,328,521
Dongfeng Motor Group Company Ltd., Class H		74,000		89,550
Ferrari N.V.		3,488		366,275
Fiat Chrysler Automobiles N.V.		27,307		488,903	(a)
Ford Otomotiv Sanayi AS		2,547		40,473
Geely Automobile Holdings Ltd.		138,000		478,400
Great Wall Motor Company Ltd., Class H		86,000		98,461
Guangzhou Automobile Group Company Ltd., Class H		60,000		142,146
Honda Motor Company Ltd.		49,600		1,700,446
Hyundai Motor Co.		4,288		624,845
Isuzu Motors Ltd.		14,900		249,590
Kia Motors Corp.		8,487		265,578
Mahindra & Mahindra Ltd.		22,838		268,750
Maruti Suzuki India Ltd.		3,287		501,054
Mazda Motor Corp.		15,400		206,632
Mitsubishi Motors Corp.		21,900		158,248
Nissan Motor Company Ltd.		66,000		658,242
Peugeot S.A.		15,358		312,682
Renault S.A.		5,007		504,501
Subaru Corp.		17,400		553,433
Suzuki Motor Corp.		9,300		539,425
Tata Motors Ltd.		33,690		227,943	(a)
Tofas Turk Otomobil Fabrikasi AS		4,588		39,956
Toyota Motor Corp.		74,500		4,770,249
UMW Holdings Bhd		21,300		27,368	(a)
Volkswagen AG		856		173,404
				17,585,862
Automotive Retail – 0.0%*
Hotai Motor Company Ltd.		9,000		107,062
USS Company Ltd.		4,800		101,667
				208,729
Biotechnology – 0.2%
Axovant Sciences Ltd.		603		3,178	(a)
Celltrion Inc.		2,414		498,562	(a)
CSL Ltd.		13,066		1,444,025
Genmab A/S		1,609		267,025	(a)
Grifols S.A.		8,144		238,860
Nymox Pharmaceutical Corp.		566		1,868	(a)
Prothena Corporation PLC		737		27,630	(a)
Shire PLC		26,097		1,376,805
SillaJen Inc.		1,318		115,112	(a)
XBiotech Inc.		351		1,383	(a)
				3,974,448
Brewers – 0.3%
AMBEV S.A.		136,211		873,827
Anadolu Efes Biracilik Ve Malt Sanayii AS		8,317		53,083
Anheuser-Busch InBev S.A.		21,660		2,422,249
Asahi Group Holdings Ltd.		11,000		545,850
Carlsberg A/S, Class B		3,189		383,170
China Resources Beer Holdings Company Ltd.		48,000		172,233
Cia Cervecerias Unidas S.A.		3,906		58,608
Heineken Holding N.V.		3,509		347,580
Heineken N.V.		7,091		740,198
Kirin Holdings Company Ltd.		24,600		620,296
Tsingtao Brewery Company Ltd., Class H		14,000		72,173
				6,289,267
Broadcasting – 0.0%*
Astro Malaysia Holdings Bhd		30,600		20,037

	Number of Shares		Fair Value
Central European Media Enterprises Ltd., Class A		1,533	$	7,128	(a)
Grupo Televisa SAB		73,124		274,998
ITV PLC		94,573		211,730
ProSiebenSat.1 Media SE		6,341		218,568
RTL Group S.A.		1,073		86,417	(a)
Zee Entertainment Enterprises Ltd.		13,471		122,791
				941,669
Building Products – 0.2%
Allegion PLC		3,551		282,518
Asahi Glass Company Ltd.		6,000		259,920
Assa Abloy AB, Class B		28,444		591,983
Caesarstone Ltd.		396		8,712	(a)
Cie de Saint-Gobain		14,287		788,825
Daikin Industries Ltd.		7,100		840,466
Geberit AG		1,124		494,929
KCC Corp.		194		69,043
LIXIL Group Corp.		7,200		194,940
TOTO Ltd.		4,500		265,646
				3,796,982
Cable & Satellite – 0.2%
Altice N.V., Class A		12,813		134,565	(a)
Cyfrowy Polsat S.A.		6,693		47,884
Eutelsat Communications S.A.		5,802		134,429
Naspers Ltd., Class N		12,484		3,479,990
SES S.A.		9,814		153,318
Shaw Communications Inc., Class B		12,497		286,156
Sky PLC		30,693		420,182	(a)
Telenet Group Holding N.V.		1,308		91,239	(a)
				4,747,763
Casinos & Gaming – 0.1%
Aristocrat Leisure Ltd.		14,952		277,165
Crown Resorts Ltd.		12,361		125,879
Galaxy Entertainment Group Ltd.		67,000		537,385
Genting Bhd		64,500		146,627
Genting Malaysia Bhd		109,600		152,470
Genting Singapore PLC		165,000		161,741
Kangwon Land Inc.		4,050		131,652
Melco Resorts & Entertainment Ltd. ADR		7,165		208,072
MGM China Holdings Ltd.		20,800		62,927
OPAP S.A.		4,860		61,277
Paddy Power Betfair PLC		2,176		259,204
Sands China Ltd.		74,400		384,025
SJM Holdings Ltd.		82,000		73,427
Tabcorp Holdings Ltd.		59,752		260,782
Wynn Macau Ltd.		42,000		132,974
				2,975,607
Coal & Consumable Fuels – 0.0%*
Adaro Energy Tbk PT		538,500		73,824
Banpu PCL NVDR		38,000		22,737
Cameco Corp.		8,409		77,919
China Shenhua Energy Company Ltd.		96,500		249,974
Coal India Ltd.		18,723		77,133
Exxaro Resources Ltd.		4,703		61,732
United Tractors Tbk PT		63,000		164,378
Uranium Energy Corp.		3,122		5,526	(a)
Yanzhou Coal Mining Company Ltd., Class H		38,000		44,430
				777,653
Commercial Printing – 0.0%*
Dai Nippon Printing Company Ltd.		7,400		165,079
Toppan Printing Company Ltd.		16,000		144,732
				309,811
Commodity Chemicals – 0.2%
Asahi Kasei Corp.		38,000		490,306
Formosa Chemicals & Fibre Corp.		80,540		278,765
Formosa Plastics Corp.		115,960		384,604
Hanwha Chemical Corp.		3,760		110,986	(a)
Hyosung Corp.		768		100,076
Indorama Ventures PCL NVDR		55,500		90,683
Kaneka Corp.		8,000		73,076
Kumho Petrochemical Company Ltd.		572		53,163
Kuraray Company Ltd.		10,600		200,050
LG Chem Ltd.		1,269		480,076	(a)

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Lotte Chemical Corp.		473	$	162,593
Methanex Corp.		2,427		147,524
Mexichem SAB de C.V.		42,640		105,982
Mitsui Chemicals Inc.		5,200		167,332
Nan Ya Plastics Corp.		128,850		337,296
Orica Ltd.		11,069		156,703
Petronas Chemicals Group Bhd		69,900		132,995
PTT Global Chemical PCL NVDR		62,900		164,053
Sinopec Shanghai Petrochemical Company Ltd., Class H		129,000		73,433
Teijin Ltd.		4,700		104,723
Toray Industries Inc.		44,400		418,775
Tosoh Corp.		9,500		215,384
				4,448,578
Communications Equipment – 0.1%
ARRIS International PLC		1,246		32,010	(a)
Nokia Oyj		166,570		778,867
Telefonaktiebolaget LM Ericsson, Class B		90,438		594,820
ZTE Corp., Class H		29,280		109,931	(a)
				1,515,628
Computer & Electronics Retail – 0.0%*
GOME Retail Holdings Ltd.		456,000		54,832
Hikari Tsushin Inc.		500		71,904
Yamada Denki Company Ltd.		17,200		94,818
				221,554
Construction & Engineering – 0.3%
ACS Actividades de Construccion y Servicios S.A.		6,921		271,096
Boskalis Westminster		3,596		135,717
Bouygues S.A.		6,436		334,715
Chicago Bridge & Iron Company N.V.		1,909		30,811
China Communications Construction Company Ltd., Class H		117,000		132,905
China Railway Construction Corporation Ltd., Class H		73,500		85,184
China Railway Group Ltd., Class H		149,000		110,168
China State Construction International Holdings Ltd.		74,250		103,910
CIMIC Group Ltd.		2,648		106,560
Daelim Industrial Company Ltd.		460		35,406
Daewoo Engineering & Construction Company Ltd.		5,220		28,866	(a)
Eiffage S.A.		2,147		235,485
Ferrovial S.A.		14,744		335,060
Gamuda Bhd		63,600		77,948
GS Engineering & Construction Corp.		2,019		53,372	(a)
HOCHTIEF AG		738		130,802
Hyundai Development Co-Engineering & Construction		2,420		87,143
Hyundai Engineering & Construction Company Ltd.		1,499		50,828
IJM Corporation Bhd		83,000		62,552
JGC Corp.		5,100		98,650
Kajima Corp.		27,000		259,814
Larsen & Toubro Ltd.		14,392		283,714
Obayashi Corp.		21,000		254,274
Shimizu Corp.		15,800		163,260
Skanska AB, Class B		10,011		207,862
SNC-Lavalin Group Inc.		4,467		203,394
Taisei Corp.		6,100		303,782
Vinci S.A.		14,494		1,481,984
				5,665,262
Construction Machinery & Heavy Trucks – 0.1%
Alstom S.A.		4,476		185,994
CRRC Corporation Ltd., Class H		103,950		111,167
Eicher Motors Ltd.		358		170,178
Hino Motors Ltd.		4,900		63,506
Hitachi Construction Machinery Company Ltd.		2,700		98,149
Hyundai Heavy Industries Company Ltd.		629		59,049	(a)
KION Group AG		1,793		154,976
Komatsu Ltd.		26,400		955,696
MAN SE		1,321		151,329

	Number of Shares		Fair Value
Samsung Heavy Industries Company Ltd.		5,036	$	34,481	(a)
Volvo AB, Class B		44,473		829,438
Weichai Power Company Ltd., Class H		72,000		78,841
Yangzijiang Shipbuilding Holdings Ltd.		42,700		46,969
				2,939,773
Construction Materials – 0.2%
ACC Ltd.		1,972		54,327
Ambuja Cements Ltd.		22,724		96,856
Anhui Conch Cement Company Ltd., Class H		30,500		143,384
Asia Cement Corp.		78,030		73,943
Boral Ltd.		34,115		207,861
Cementos Argos S.A.		13,625		52,592
Cemex SAB de C.V.		404,612		303,994	(a)
China National Building Material Company Ltd., Class H		62,000		55,439
CRH PLC		23,910		860,042
Fletcher Building Ltd.		25,315		136,831
Grasim Industries Ltd.		8,290		151,409
Grupo Argos S.A.		11,233		78,588
HeidelbergCement AG		4,568		495,044
Imerys S.A.		1,254		118,266
Indocement Tunggal Prakarsa Tbk PT		55,500		89,790
James Hardie Industries PLC		13,492		238,704
LafargeHolcim Ltd.		12,981		731,971	(a)
Semen Indonesia Persero Tbk PT		110,500		80,630
Taiheiyo Cement Corp.		3,400		146,835
Taiwan Cement Corp.		83,000		101,663
The Siam Cement PCL		7,500		112,765
The Siam Cement PCL NVDR		2,600		38,613
Titan Cement Company S.A.		1,510		41,522
UltraTech Cement Ltd.		1,319		89,286
				4,500,355
Consumer Electronics – 0.2%
Casio Computer Company Ltd.		5,100		73,387
Garmin Ltd.		4,007		238,697
LG Electronics Inc.		2,888		285,954	(a)
Nikon Corp.		10,100		203,524
Panasonic Corp.		63,200		925,419
Sharp Corp.		3,700		127,111	(a)
Sony Corp.		36,400		1,642,443
				3,496,535
Consumer Finance – 0.0%*
Acom Company Ltd.		16,000		67,466	(a)
AEON Financial Service Company Ltd.		2,900		67,551
Bajaj Finance Ltd.		4,737		130,375
Credit Saison Company Ltd.		6,100		111,007
Gentera SAB de C.V.		41,300		34,597
Mahindra & Mahindra Financial Services Ltd.		10,172		75,396
Samsung Card Company Ltd.		1,450		53,636
Shriram Transport Finance Company Ltd.		4,730		109,781
				649,809
Copper – 0.0%*
Antofagasta PLC		12,579		171,013
First Quantum Minerals Ltd.		21,644		304,203
Jiangxi Copper Company Ltd., Class H		29,000		46,001
KGHM Polska Miedz S.A.		3,476		111,238
Lundin Mining Corp.		16,300		108,758
				741,213
Data Processing & Outsourced Services – 0.1%
Amadeus IT Group S.A.		12,538		904,994
Cielo S.A.		35,804		253,869
Computershare Ltd.		12,912		164,616
EVERTEC Inc.		1,035		14,128
Travelport Worldwide Ltd.		2,170		28,362
Wirecard AG		3,185		355,951
Worldpay Group PLC		54,354		313,226	(d)
				2,035,146
Department Stores – 0.1%
El Puerto de Liverpool SAB de C.V.		6,900		43,836
Hyundai Department Store Company Ltd.		375		36,605

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Isetan Mitsukoshi Holdings Ltd.		9,800	$	121,532
J Front Retailing Company Ltd.		5,900		111,191
Lojas Renner S.A.		18,194		194,659
Lotte Shopping Company Ltd.		398		73,983
Marks & Spencer Group PLC		53,208		226,584
Marui Group Company Ltd.		5,300		97,061
Matahari Department Store Tbk PT		50,000		36,853
Next PLC		4,041		247,357
SACI Falabella		17,913		178,679
Shinsegae Inc.		309		86,591
Takashimaya Company Ltd.		10,000		105,282
Woolworths Holdings Ltd.		35,874		189,251
				1,749,464
Distillers & Vintners – 0.2%
Davide Campari-Milano S.p.A.		16,679		129,081
Diageo PLC		71,066		2,619,666
Pernod Ricard S.A.		6,078		963,032
Remy Cointreau S.A.		529		73,368
Treasury Wine Estates Ltd.		20,996		262,096
United Spirits Ltd.		1,532		88,061	(a)
				4,135,304
Distributors – 0.0%*
Imperial Holdings Ltd.		4,295		90,944
Jardine Cycle & Carriage Ltd.		2,744		83,507
				174,451
Diversified Banks – 3.7%
ABN AMRO Group N.V.		9,910		320,108	(d)
Abu Dhabi Commercial Bank PJSC		59,604		110,354
Agricultural Bank of China Ltd., Class H		654,000		304,525
AIB Group PLC		20,251		133,746
Akbank Turk AS		57,989		150,647
Alior Bank S.A.		1,742		39,855	(a)
Alliance Bank Malaysia Bhd		47,100		47,484
Alpha Bank AE		47,969		102,933	(a)
AMMB Holdings Bhd		71,600		78,022
Aozora Bank Ltd.		4,100		159,596
Australia & New Zealand Banking Group Ltd.		82,643		1,857,731
Axis Bank Ltd.		46,613		411,851
Banco Bilbao Vizcaya Argentaria S.A.		192,252		1,641,850
Banco Bradesco S.A.		26,312		254,307
Banco de Chile		420,853		67,476
Banco de Credito e Inversiones		1,123		78,120
Banco de Sabadell S.A.		147,393		293,095
Banco do Brasil S.A.		23,600		226,388
Banco Latinoamericano de Comercio Exterior S.A., Class E		607		16,328
Banco Santander Brasil S.A.		15,321		147,247
Banco Santander Chile		1,613,068		126,400
Banco Santander S.A.		459,923		3,025,918
Bangkok Bank PCL		3,000		20,160
Bangkok Bank PCL NVDR		1,300		8,058
Bank Central Asia Tbk PT		271,500		438,242
Bank Danamon Indonesia Tbk PT		138,000		70,691
Bank Handlowy w Warszawie S.A.		1,235		29,101
Bank Hapoalim BM		32,415		238,935
Bank Leumi Le-Israel BM		47,822		288,862
Bank Mandiri Persero Tbk PT		602,800		355,438
Bank Millennium S.A.		17,468		44,942	(a)
Bank Negara Indonesia Persero Tbk PT		189,400		138,202
Bank of China Ltd., Class H		2,282,000		1,120,960
Bank of Communications Company Ltd., Class H		277,000		205,519
Bank of Ireland Group PLC		24,711		210,530	(a)
Bank of Montreal		18,798		1,509,151
Bank of the Philippine Islands		28,542		61,807
Bank Pekao S.A.		5,497		204,864
Bank Rakyat Indonesia Persero Tbk PT		1,547,000		415,042
Bank Zachodni WBK S.A.		987		112,553
Bankia S.A.		29,006		138,869
Bankinter S.A.		17,977		170,622
Barclays Africa Group Ltd.		16,356		240,438
Barclays PLC		489,764		1,345,595
BDO Unibank Inc.		67,230		220,868
BNP Paribas S.A.		31,683		2,368,298
BOC Hong Kong Holdings Ltd.		101,500		514,167

	Number of Shares		Fair Value
CaixaBank S.A.		109,381	$	510,800
Canadian Imperial Bank of Commerce		12,348		1,207,649
Chang Hwa Commercial Bank Ltd.		140,805		78,308
China CITIC Bank Corporation Ltd., Class H		253,000		158,584
China Construction Bank Corp., Class H		2,431,000		2,239,034
China Development Financial Holding Corp.		406,000		138,478
China Merchants Bank Company Ltd., Class H		116,731		464,397
China Minsheng Banking Corporation Ltd., Class H		172,200		172,480
CIMB Group Holdings Bhd		131,456		212,434
Commercial International Bank Egypt SAE		34,995		152,478
Commerzbank AG		32,132		482,494	(a)
Commonwealth Bank of Australia		49,266		3,095,774
Credicorp Ltd.		1,951		404,696
Credit Agricole S.A.		32,280		534,913
CTBC Financial Holding Company Ltd.		486,661		335,250
Danske Bank A/S		21,418		834,557
DBS Group Holdings Ltd.		52,073		968,284
DNB ASA		29,698		552,252
Doha Bank QPSC		5,128		39,988
Dubai Islamic Bank PJSC		56,399		95,053
E.Sun Financial Holding Company Ltd.		257,132		163,308
Erste Group Bank AG		9,051		392,405	(a)
Eurobank Ergasias S.A.		2,173		2,218	(a)
First Abu Dhabi Bank PJSC		35,661		99,522
First Financial Holding Company Ltd.		298,166		195,882
Grupo Financiero Banorte SAB de C.V., Class O		75,700		417,200
Grupo Financiero Inbursa SAB de C.V., Class O		64,600		106,052
Grupo Financiero Santander Mexico SAB de C.V., Class B		68,900		101,173
Hana Financial Group Inc.		8,259		384,193
Hang Seng Bank Ltd.		21,600		536,042
Hong Leong Bank Bhd		22,500		94,514
Hong Leong Financial Group Bhd		8,200		36,228
HSBC Holdings PLC		573,673		5,951,420
Hua Nan Financial Holdings Company Ltd.		258,710		145,619
ICICI Bank Ltd.		51,903		255,337
Industrial & Commercial Bank of China Ltd., Class H		2,128,000		1,712,243
Industrial Bank of Korea		6,426		98,741	(a)
ING Groep N.V.		112,235		2,065,378
Intesa Sanpaolo S.p.A.		384,925		1,280,344
Intesa Sanpaolo S.p.A.		18,145		57,957
Itau CorpBanca		5,524,790		50,273
Japan Post Bank Company Ltd.		10,500		136,738
Kasikornbank PCL		38,000		278,674
Kasikornbank PCL NVDR		15,300		108,917
KB Financial Group Inc.		10,750		636,635	(a)
KBC Group N.V.		7,067		603,443
Komercni Banka AS		2,365		101,786
Krung Thai Bank PCL NVDR		138,400		81,537
Lloyds Banking Group PLC		2,071,007		1,906,738
Malayan Banking Bhd		72,151		174,717
Masraf Al Rayan QSC		10,608		108,061
mBank S.A.		587		78,553	(a)
Mega Financial Holding Company Ltd.		315,192		254,730
Metropolitan Bank & Trust Co.		17,411		35,366
Mitsubishi UFJ Financial Group Inc.		338,700		2,484,702
Mizrahi Tefahot Bank Ltd.		4,951		91,486
Mizuho Financial Group Inc.		693,200		1,259,021
National Australia Bank Ltd.		77,254		1,786,744
National Bank of Canada		9,663		483,709
National Bank of Greece S.A.		1,560		598	(a)
Nedbank Group Ltd.		5,488		113,528
Nordea Bank AB		87,225		1,057,886
OTP Bank PLC		7,068		293,301
Oversea-Chinese Banking Corporation Ltd.		89,675		831,393

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Piraeus Bank S.A.		42	$	155	(a)
Powszechna Kasa Oszczednosci Bank Polski S.A.		28,491		363,312	(a)
Public Bank Bhd		81,840		420,221
Qatar Islamic Bank SAQ		1,140		30,675
Qatar National Bank QPSC		6,256		218,135
Raiffeisen Bank International AG		5,172		187,558	(a)
RHB Bank Bhd		34,822		43,022
Royal Bank of Canada		41,113		3,368,251
Royal Bank of Scotland Group PLC		99,516		374,244	(a)
Sberbank of Russia PJSC ADR		72,140		1,221,330
Shinhan Financial Group Company Ltd.		11,463		528,954	(a)
SinoPac Financial Holdings Company Ltd.		335,791		109,115
Skandinaviska Enskilda Banken AB, Class A		46,511		547,055
Societe Generale S.A.		22,064		1,140,586
Standard Bank Group Ltd.		36,859		582,539
Standard Chartered PLC		94,261		994,718	(a)
State Bank of India		47,012		228,256
Sumitomo Mitsui Financial Group Inc.		38,700		1,672,362
Sumitomo Mitsui Trust Holdings Inc.		9,200		365,305
Svenska Handelsbanken AB, Class A		46,469		636,803
Swedbank AB, Class A		25,743		622,234
Taishin Financial Holding Company Ltd.		280,597		130,594
Taiwan Business Bank		168,187		47,418
Taiwan Cooperative Financial Holding Company Ltd.		289,699		161,601
The Bank of East Asia Ltd.		41,193		178,371
The Bank of Nova Scotia		33,659		2,179,192
The Bank of NT Butterfield & Son Ltd.		1,019		36,980
The Commercial Bank PQSC		4,833		38,484	(a)
The Siam Commercial Bank PCL NVDR		60,100		276,619
The Toronto-Dominion Bank		52,015		3,057,508
TMB Bank PCL NVDR		250,000		23,167
Turkiye Garanti Bankasi AS		68,113		192,576
Turkiye Halk Bankasi AS		25,730		73,154
Turkiye Is Bankasi, Class C		27,410		50,387
Turkiye Vakiflar Bankasi Tao, Class D		28,976		51,737
UniCredit S.p.A.		57,547		1,076,616	(a)
United Overseas Bank Ltd.		37,521		742,615
VTB Bank PJSC GDR		85,999		157,378
Westpac Banking Corp.		97,094		2,380,784
Woori Bank		10,759		158,287
Yapi ve Kredi Bankasi AS		34,531		39,525	(a)
Yes Bank Ltd.		46,710		230,632
				84,736,565
Diversified Capital Markets – 0.3%
China Everbright Ltd.		36,000		80,498
Credit Suisse Group AG		69,720		1,244,872	(a)
Deutsche Bank AG		59,257		1,129,599
Investec Ltd.		5,853		42,418
Investec PLC		23,800		172,246
Macquarie Group Ltd.		9,198		716,760
Mirae Asset Daewoo Company Ltd.		10,004		85,878
Natixis S.A.		27,108		214,708
UBS Group AG		105,599		1,944,018	(a)
				5,630,997
Diversified Chemicals – 0.2%
Arkema S.A.		2,022		246,565
BASF SE		26,126		2,878,077
Daicel Corp.		6,900		78,525
Incitec Pivot Ltd.		43,657		133,171
Lanxess AG		2,671		212,614
Mitsubishi Chemical Holdings Corp.		40,200		441,254
Mitsubishi Gas Chemical Company Inc.		5,100		146,458
Nissan Chemical Industries Ltd.		3,600		143,649
OCI Company Ltd.		643		81,685
Sasol Ltd.		16,878		583,750
Solvay S.A.		2,202		306,458
Sumitomo Chemical Company Ltd.		41,000		294,807
				5,547,013
Diversified Metals & Mining – 0.5%
Anglo American PLC		37,761		791,503
BHP Billiton Ltd.		90,436		2,091,620

	Number of Shares		Fair Value
BHP Billiton PLC		60,625	$	1,248,609
Boliden AB		8,207		281,268
Ferroglobe PLC		1,316		—	(**)
Glencore PLC		353,042		1,862,552	(a)
Grupo Mexico SAB de C.V., Class B		98,250		325,952
Korea Zinc Company Ltd.		215		99,010
Mitsubishi Materials Corp.		2,800		99,672
MMC Norilsk Nickel PJSC ADR		17,154		324,382
Rio Tinto Ltd.		11,984		710,589
Rio Tinto PLC		35,588		1,897,744
South32 Ltd.		148,425		405,156
Sumitomo Metal Mining Company Ltd.		7,200		330,951
Teck Resources Ltd., Class B		15,881		416,623
Turquoise Hill Resources Ltd.		29,112		99,677	(a)
Vedanta Ltd.		42,022		217,196
				11,202,504
Diversified Real Estate Activities – 0.3%
Aldar Properties PJSC		118,736		71,123
Ayala Land Inc.		254,600		227,467
Barwa Real Estate Co.		6,158		54,783
CapitaLand Ltd.		75,000		198,107
City Developments Ltd.		11,100		103,741
Daito Trust Construction Company Ltd.		1,900		387,506
Daiwa House Industry Company Ltd.		16,100		618,417
Ezdan Holding Group QSC		23,752		80,152
Hang Lung Properties Ltd.		57,000		139,268
Henderson Land Development Company Ltd.		38,849		255,935
Kerry Properties Ltd.		17,000		76,440
LendLease Group		16,540		211,516
Mitsubishi Estate Company Ltd.		35,600		619,405
Mitsui Fudosan Company Ltd.		25,300		567,088
New World Development Company Ltd.		168,341		252,814
Nomura Real Estate Holdings Inc.		2,200		49,332
Sime Darby Property Bhd		71,462		31,431	(a)
Sumitomo Realty & Development Company Ltd.		11,000		361,589
Sun Hung Kai Properties Ltd.		41,000		683,919
Swire Pacific Ltd., Class A		16,000		148,082
The Wharf Holdings Ltd.		36,000		124,340
Tokyo Tatemono Company Ltd.		4,900		66,203
Tokyu Fudosan Holdings Corp.		18,000		130,226
UOL Group Ltd.		18,416		122,231
Wheelock & Company Ltd.		24,000		171,312
				5,752,427
Diversified REITs – 0.1%
Daiwa House REIT Investment Corp.		54		128,325
Fibra Uno Administracion S.A. de C.V.		80,100		119,297
Fonciere Des Regions		1,038		117,763
Gecina S.A.		1,274		235,439
Growthpoint Properties Ltd.		62,646		139,967
H&R Real Estate Investment Trust		5,097		86,893
ICADE		1,137		111,860
Land Securities Group PLC		20,357		277,582
Mirvac Group		110,757		203,577
Nomura Real Estate Master Fund Inc.		120		149,028
Redefine Properties Ltd.		114,592		99,042
Stockland		68,792		241,049
Suntec Real Estate Investment Trust		65,800		105,859
The GPT Group		54,229		216,742
United Urban Investment Corp.		89		128,068
				2,360,491
Diversified Support Services – 0.0%*
Babcock International Group PLC		6,848		65,355
Brambles Ltd.		44,121		347,508
Edenred		7,490		217,475
ISS A/S		4,499		174,361
KEPCO Plant Service & Engineering Company Ltd.		1,248		47,330
				852,029
Drug Retail – 0.0%*
Raia Drogasil S.A.		7,400		204,793
Sundrug Company Ltd.		2,000		93,032

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
The Jean Coutu Group PJC Inc., Class A		3,800	$	74,062
Tsuruha Holdings Inc.		1,000		135,996
				507,883
Education Services – 0.0%*
Benesse Holdings Inc.		1,700		59,987
Kroton Educacional S.A.		39,716		220,305
New Oriental Education & Technology Group Inc. ADR		4,000		376,000
TAL Education Group ADR		8,400		249,564
				905,856
Electric Utilities – 0.4%
AusNet Services		64,560		91,145
CEZ AS		3,979		92,924
Chubu Electric Power Company Inc.		19,000		236,214
Cia Energetica de Minas Gerais		292		581	(a)
Cia Energetica de Minas Gerais		5,068		10,542	(a)
CK Infrastructure Holdings Ltd.		22,000		188,978
CLP Holdings Ltd.		49,500		506,252
EDP - Energias de Portugal S.A.		64,760		224,349
EDP - Energias do Brasil S.A.		9,400		39,673
Electricite de France S.A.		11,209		140,251
Emera Inc.		2,100		78,741
Endesa S.A.		8,555		183,422
Enel Americas S.A.		730,486		162,767
Enel Chile S.A.		730,486		86,485
Enel S.p.A.		234,185		1,442,604
Fortis Inc.		11,647		428,623
Fortum Oyj		12,194		241,602
HK Electric Investments & HK Electric Investments Ltd.		106,500		97,409	(d)
Hydro One Ltd.		6,800		121,569	(d)
Iberdrola S.A.		164,970		1,279,700
Interconexion Electrica S.A. ESP		12,838		61,082
Korea Electric Power Corp.		6,435		229,317	(a)
Kyushu Electric Power Company Inc.		12,500		131,048
Mercury NZ Ltd.		31,019		74,345
Orsted A/S		5,260		287,330	(d)
PGE Polska Grupa Energetyczna S.A.		27,532		95,476	(a)
Power Assets Holdings Ltd.		43,000		362,766
Red Electrica Corp. S.A.		11,878		266,863
RusHydro PJSC ADR		52,229		62,675
SSE PLC		27,276		487,048
Tauron Polska Energia S.A.		37,527		32,939	(a)
Tenaga Nasional Bhd		88,500		333,706
Terna Rete Elettrica Nazionale S.p.A.		43,285		251,775
The Chugoku Electric Power Company Inc.		7,600		81,701
The Kansai Electric Power Company Inc.		21,400		262,157
The Tata Power Company Ltd.		40,698		59,618
Tohoku Electric Power Company Inc.		13,200		168,852
Tokyo Electric Power Company Holdings Inc.		42,100		166,681	(a)
				9,069,210
Electrical Components & Equipment – 0.2%
ABB Ltd.		52,045		1,394,988
Fuji Electric Company Ltd.		14,000		105,513
Legrand S.A.		7,477		576,322
Mabuchi Motor Company Ltd.		1,800		97,630
Nidec Corp.		6,800		954,354
OSRAM Licht AG		2,597		233,667
Prysmian S.p.A.		5,426		177,158
Schneider Electric SE		16,202		1,378,607	(a)
Teco Electric and Machinery Company Ltd.		64,000		61,293
Zhuzhou CRRC Times Electric Company Ltd., Class H		17,000		110,582
				5,090,114
Electronic Components – 0.2%
Alps Electric Company Ltd.		5,800		165,788
AU Optronics Corp.		313,000		130,423
Delta Electronics Inc.		62,000		298,973
Hamamatsu Photonics KK		3,700		124,483
Hirose Electric Company Ltd.		800		116,964
Innolux Corp.		289,212		120,511

	Number of Shares		Fair Value
Kyocera Corp.		9,100	$	595,600
Largan Precision Company Ltd.		3,000		405,262
LG Display Company Ltd.		5,500		153,613	(a)
LG Innotek Company Ltd.		512		68,869
Murata Manufacturing Company Ltd.		5,500		738,216
Nippon Electric Glass Company Ltd.		2,800		106,880
Omron Corp.		5,300		316,165
Samsung Electro-Mechanics Company Ltd.		1,559		145,626
Samsung SDI Company Ltd.		1,484		283,479	(a)
Sunny Optical Technology Group Company Ltd.		21,000		268,366
TDK Corp.		3,300		263,355
Yaskawa Electric Corp.		6,600		290,892
Zhen Ding Technology Holding Ltd.		7,350		16,178
				4,609,643
Electronic Equipment & Instruments – 0.2%
Hexagon AB, Class B		7,213		361,993
Hitachi High-Technologies Corp.		2,400		101,198
Hitachi Ltd.		139,000		1,083,250
Ingenico Group S.A.		1,840		196,665
Keyence Corp.		2,800		1,568,895
Shimadzu Corp.		6,600		150,104
Yokogawa Electric Corp.		6,400		122,603
				3,584,708
Electronic Manufacturing Services – 0.1%
AAC Technologies Holdings Inc.		20,500		365,561
Fabrinet		697		20,004	(a)
Hon Hai Precision Industry Company Ltd.		449,844		1,439,089
TE Connectivity Ltd.		12,473		1,185,434
				3,010,088
Environmental & Facilities Services – 0.0%*
China Everbright International Ltd.		88,000		125,629
Park24 Company Ltd.		3,100		74,218
				199,847
Fertilizers & Agricultural Chemicals – 0.1%
Agrium Inc.		3,851		444,373
Grupa Azoty S.A.		816		16,345
Israel Chemicals Ltd.		18,673		75,840
K+S AG		6,950		173,212
Potash Corporation of Saskatchewan Inc.		22,338		459,614
UPL Ltd.		8,010		95,715
Yara International ASA		4,842		222,998
				1,488,097
Financial Exchanges & Data – 0.2%
ASX Ltd.		5,268		226,043
B3 S.A. - Brasil Bolsa Balcao		57,820		397,076
Deutsche Boerse AG		5,434		631,634
Hong Kong Exchanges & Clearing Ltd.		33,331		1,022,447
Japan Exchange Group Inc.		15,900		276,786
London Stock Exchange Group PLC		9,576		491,343
Singapore Exchange Ltd.		23,000		128,045
Thomson Reuters Corp.		7,493		327,660
				3,501,034
Food Distributors – 0.0%*
Bid Corporation Ltd.		11,502		279,644
The SPAR Group Ltd.		6,247		102,601
				382,245
Food Retail – 0.3%
Alimentation Couche-Tard Inc., Class B		11,352		594,260
BIM Birlesik Magazalar AS		7,874		162,190
Casino Guichard Perrachon S.A.		1,265		76,801
Colruyt S.A.		1,444		75,184
CP ALL PCL NVDR		136,400		322,271
Empire Company Ltd., Class A		3,981		77,812
FamilyMart UNY Holdings Company Ltd.		2,100		147,270
George Weston Ltd.		1,278		111,342
ICA Gruppen AB		2,095		76,226
J Sainsbury PLC		48,231		157,500
Jeronimo Martins SGPS S.A.		7,467		145,211
Koninklijke Ahold Delhaize N.V.		36,472		802,992
Lawson Inc.		1,900		126,329

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Loblaw Companies Ltd.		6,600	$	359,354
Magnit PJSC GDR		9,333		255,258
Metro Inc.		6,954		223,392
Pick n Pay Stores Ltd.		9,438		53,030
President Chain Store Corp.		15,000		143,152
Seven & I Holdings Company Ltd.		21,500		893,782
Shoprite Holdings Ltd.		11,567		206,664
Tesco PLC		232,009		656,731
WM Morrison Supermarkets PLC		66,803		198,719
Woolworths Group Ltd.		36,888		787,658
				6,653,128
Footwear – 0.0%*
ANTA Sports Products Ltd.		34,000		154,184
Asics Corp.		6,600		105,225
Feng TAY Enterprise Company Ltd.		12,320		56,097
Pou Chen Corp.		80,000		103,634
Yue Yuen Industrial Holdings Ltd.		17,500		68,726
				487,866
Forest Products – 0.0%*
West Fraser Timber Company Ltd.		1,858		115,029
Gas Utilities – 0.1%
APA Group		33,674		219,397
China Gas Holdings Ltd.		58,000		160,260
China Resources Gas Group Ltd.		34,000		123,303
ENN Energy Holdings Ltd.		22,000		156,896
GAIL India Ltd.		18,748		146,762
Gas Natural SDG S.A.		9,482		219,180
Hong Kong & China Gas Company Ltd.		235,856		462,220
Korea Gas Corp.		1,143		45,430	(a)
Osaka Gas Company Ltd.		11,400		219,601
Perusahaan Gas Negara Persero Tbk		436,000		56,237
Petronas Gas Bhd		24,000		103,662
Toho Gas Company Ltd.		3,000		82,290
Tokyo Gas Company Ltd.		11,500		263,229
				2,258,467
General Merchandise Stores – 0.1%
Canadian Tire Corporation Ltd., Class A		1,922		251,419
Dollarama Inc.		3,031		379,918
Don Quijote Holdings Company Ltd.		4,000		209,144
Harvey Norman Holdings Ltd.		20,526		66,947
Ryohin Keikaku Company Ltd.		700		218,109
				1,125,537
Gold – 0.1%
Agnico Eagle Mines Ltd.		5,834		270,246
AngloGold Ashanti Ltd.		14,863		154,417
Barrick Gold Corp.		35,539		515,662
Cia de Minas Buenaventura S.A. ADR		4,389		61,797
Franco-Nevada Corp.		5,022		402,658
Gold Fields Ltd.		31,089		135,857
Goldcorp Inc.		23,809		304,608
Kinross Gold Corp.		42,336		183,137	(a)
Klondex Mines Ltd.		3,331		8,694	(a)
Newcrest Mining Ltd.		23,333		416,463
Randgold Resources Ltd.		2,580		258,616
Zijin Mining Group Company Ltd., Class H		230,000		86,795
				2,798,950
Healthcare Distributors – 0.0%*
Alfresa Holdings Corp.		6,400		150,384
Medipal Holdings Corp.		5,400		105,795
Shanghai Pharmaceuticals Holding Company Ltd., Class H		22,700		61,416
Sinopharm Group Company Ltd., Class H		41,600		179,868
Suzuken Company Ltd.		2,800		115,206
				612,669
Healthcare Equipment – 0.3%
Cochlear Ltd.		1,696		227,141
CYBERDYNE Inc.		2,700		46,522	(a)
Fisher & Paykel Healthcare Corporation Ltd.		14,354		146,493
Getinge AB, Class B		5,853		85,070
Koninklijke Philips N.V.		26,671		1,010,117
LivaNova PLC		1,186		94,785	(a)
Medtronic PLC		48,063		3,881,087

	Number of Shares		Fair Value
Novocure Ltd.		1,017	$	20,543	(a)
Olympus Corp.		8,700		333,635
Oxford Immunotec Global PLC		448		6,259	(a)
Smith & Nephew PLC		24,417		425,428
Sonova Holding AG		1,436		224,278
STERIS PLC		608		53,182
Straumann Holding AG		307		216,900
Sysmex Corp.		4,300		338,580
Terumo Corp.		9,000		426,631
William Demant Holding A/S		2,839		79,441	(a)
Wright Medical Group N.V.		1,980		43,956	(a)
				7,660,048
Healthcare Facilities – 0.0%*
Bangkok Dusit Medical Services PCL NVDR		109,000		69,902
Bumrungrad Hospital PCL NVDR		13,000		75,391
Healthscope Ltd.		37,679		61,888
IHH Healthcare Bhd		53,000		76,743
Life Healthcare Group Holdings Ltd.		52,809		118,372
Mediclinic International PLC		10,371		91,121
Netcare Ltd.		33,031		67,103
Ramsay Health Care Ltd.		3,819		209,451
Ryman Healthcare Ltd.		15,299		115,226
				885,197
Healthcare Services – 0.1%
Fresenius Medical Care AG & Company KGaA		6,060		638,762
Fresenius SE & Company KGaA		11,902		929,975
Sonic Healthcare Ltd.		12,103		216,401
				1,785,138
Healthcare Supplies – 0.1%
Coloplast A/S, Class B		3,280		261,061
ConvaTec Group PLC		37,709		104,827	(d)
Essilor International Cie Generale d’Optique S.A.		5,914		816,321
Hoya Corp.		11,100		554,557
Quotient Ltd.		506		2,505	(a)
Shandong Weigao Group Medical Polymer Company Ltd., Class H		60,000		43,672
				1,782,943
Healthcare Technology – 0.0%*
Alibaba Health Information Technology Ltd.		44,000		22,233	(a)
M3 Inc.		5,100		179,507
				201,740
Heavy Electrical Equipment – 0.1%
Bharat Heavy Electricals Ltd.		33,360		48,346
Doosan Heavy Industries & Construction Company Ltd.		2,060		29,537
Mitsubishi Electric Corp.		55,300		918,721
Shanghai Electric Group Company Ltd., Class H		108,000		44,486	(a)
Siemens Gamesa Renewable Energy S.A.		7,678		105,382
Vestas Wind Systems A/S		6,607		456,919
				1,603,391
Highways & Railtracks – 0.1%
Abertis Infraestructuras S.A.		19,485		434,025
Atlantia S.p.A.		13,697		432,895
CCR S.A.		36,100		175,760
Getlink SE		12,314		158,513
Jasa Marga Persero Tbk PT		86,987		41,033
Jiangsu Expressway Company Ltd., Class H		44,000		66,980
Promotora y Operadora de Infraestructura SAB de C.V.		7,800		77,595
Transurban Group		62,827		610,812
Zhejiang Expressway Company Ltd., Class H		52,000		57,140
				2,054,753
Home Building – 0.1%
Barratt Developments PLC		32,674		286,193
Berkeley Group Holdings PLC		3,513		199,450
Iida Group Holdings Company Ltd.		5,300		99,978
Persimmon PLC		9,736		360,605

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Sekisui Chemical Company Ltd.		12,300	$	246,983
Sekisui House Ltd.		17,500		316,212
Taylor Wimpey PLC		88,609		247,403
				1,756,824
Home Entertainment Software – 0.1%
Kingsoft Corporation Ltd.		27,000		89,801
Konami Holdings Corp.		2,600		143,098
NCSoft Corp.		441		184,342
Nexon Company Ltd.		5,000		145,584	(a)
Nintendo Company Ltd.		3,300		1,206,631
UbiSoft Entertainment S.A.		1,569		120,843	(a)
				1,890,299
Home Furnishing Retail – 0.0%*
Nitori Holdings Company Ltd.		2,200		313,742
Home Furnishings – 0.0%*
Hanssem Company Ltd.		113		18,999
Steinhoff International Holdings N.V.		81,878		30,754
				49,753
Home Improvement Retail – 0.0%*
Home Product Center PCL NVDR		107,359		42,166
Kingfisher PLC		60,579		276,739
				318,905
Hotels, Resorts & Cruise Lines – 0.1%
Accor S.A.		5,072		261,890
Belmond Ltd., Class A		1,687		20,666	(a)
Carnival PLC		5,217		345,243
Flight Centre Travel Group Ltd.		2,032		70,312
InterContinental Hotels Group PLC		4,966		317,011
Minor International PCL NVDR		48,840		65,564
Shangri-La Asia Ltd.		34,000		77,157
TUI AG		11,841		246,676
				1,404,519
Household Appliances – 0.1%
Arcelik AS		8,562		48,595
Coway Company Ltd.		1,774		161,898
Electrolux AB, Class B		6,513		210,246
Haier Electronics Group Company Ltd.		31,000		84,863	(a)
Husqvarna AB, Class B		15,105		144,086
Rinnai Corp.		1,200		108,655
SEB S.A.		577		107,013
Techtronic Industries Company Ltd.		36,000		234,633
				1,099,989
Household Products – 0.2%
Essity AB, Class B		17,078		486,006	(a)
Henkel AG & Company KGaA		2,899		348,112
Hindustan Unilever Ltd.		19,404		415,836
Kimberly-Clark de Mexico SAB de C.V., Class A		58,300		103,248
Lion Corp.		7,000		132,667
Reckitt Benckiser Group PLC		19,257		1,802,393
Unicharm Corp.		11,900		309,463
Unilever Indonesia Tbk PT		40,100		165,218
				3,762,943
Human Resource & Employment Services – 0.1%
Adecco Group AG		4,533		346,778
Capita PLC		22,774		123,507
Persol Holdings Company Ltd.		5,100		127,851
Randstad Holding N.V.		3,215		197,816
Recruit Holdings Company Ltd.		31,400		780,471
Seek Ltd.		8,596		127,811
				1,704,234
Hypermarkets & Super Centers – 0.1%
Aeon Company Ltd.		15,500		261,773
Carrefour S.A.		15,763		341,465
Cencosud S.A.		43,221		127,692
E-MART Inc.		682		172,642
METRO AG		5,289		105,745	(a)
Sun Art Retail Group Ltd.		88,500		93,512
Wal-Mart de Mexico SAB de C.V.		166,324		409,658
Wesfarmers Ltd.		32,535		1,130,367
				2,642,854
Independent Power Producers & Energy Traders – 0.0%*
Aboitiz Power Corp.		66,300		55,184
AES Gener S.A.		82,891		27,456

	Number of Shares		Fair Value
CGN Power Company Ltd., Class H		390,000	$	105,765	(d)
China Resources Power Holdings Company Ltd.		50,000		93,127
Colbun S.A.		260,471		59,910
Electric Power Development Company Ltd.		4,300		115,850
Enel Generacion Chile S.A.		101,082		91,531
Glow Energy PCL NVDR		17,700		44,128
Huaneng Power International Inc., Class H		126,000		78,979
NTPC Ltd.		44,321		122,906
Uniper SE		5,110		159,538
				954,374
Industrial Conglomerates – 0.4%
Aboitiz Equity Ventures Inc.		66,580		98,696
Alfa SAB de C.V., Class A		80,824		89,311
Alliance Global Group Inc.		117,400		37,628	(a)
Beijing Enterprises Holdings Ltd.		19,500		115,743
CITIC Ltd.		91,000		131,309
CJ Corp.		242		41,028
CK Hutchison Holdings Ltd.		77,564		973,358
DCC PLC		2,414		243,772
DMCI Holdings Inc.		140,000		40,385
Far Eastern New Century Corp.		119,916		107,994
Fosun International Ltd.		84,500		187,218
Grupo Carso SAB de C.V.		22,000		73,009
Hanwha Corp.		2,100		81,407
Industries Qatar QSC		5,401		145,332
Jardine Matheson Holdings Ltd.		5,900		358,425
Jardine Strategic Holdings Ltd.		7,000		277,060
JG Summit Holdings Inc.		62,960		90,934
Keihan Holdings Company Ltd.		2,400		70,732
Keppel Corporation Ltd.		42,900		235,944
KOC Holding AS		23,474		114,411
LG Corp.		2,760		234,608
Lotte Corp.		1,125		68,411
NWS Holdings Ltd.		37,653		67,914
Samsung C&T Corp.		2,265		266,583
Seibu Holdings Inc.		5,300		100,260
Sembcorp Industries Ltd.		25,600		58,043
Shanghai Industrial Holdings Ltd.		20,000		57,309
Siemens AG		21,761		3,035,071
Siemens Ltd.		2,575		49,947
Sime Darby Bhd		71,462		39,024
SK Holdings Company Ltd.		875		231,306
SM Investments Corp.		6,891		136,660
Smiths Group PLC		10,758		216,838
The Bidvest Group Ltd.		11,502		202,623
Toshiba Corp.		179,000		503,711	(a)
Turkiye Sise ve Cam Fabrikalari A/S		25,511		31,623
				8,813,627
Industrial Gases – 0.1%
Air Liquide S.A.		12,335		1,555,987
Air Water Inc.		2,800		59,107
Linde AG		5,334		1,246,747	(a)
Taiyo Nippon Sanso Corp.		5,400		75,595
				2,937,436
Industrial Machinery – 0.4%
Alfa Laval AB		7,568		179,136
Amada Holdings Company Ltd.		8,600		117,110
Andritz AG		2,708		153,109
Atlas Copco AB, Class A		19,190		830,180
Atlas Copco AB, Class B		11,793		453,139
China Conch Venture Holdings Ltd.		53,500		123,873
Daifuku Company Ltd.		2,500		136,263
FANUC Corp.		5,600		1,345,193
GEA Group AG		5,847		280,913
Hiwin Technologies Corp.		7,956		86,087
Hoshizaki Corp.		1,500		133,023
Hyundai Robotics Company Ltd.		245		87,194	(a)
IHI Corp.		5,300		176,431
IMI PLC		6,929		124,945
JTEKT Corp.		5,600		96,241
Kawasaki Heavy Industries Ltd.		4,100		143,946
Kone Oyj, Class B		9,873		530,889
Kurita Water Industries Ltd.		2,800		90,972

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Makita Corp.		5,700	$	239,587
Metso Oyj		3,262		111,517
MINEBEA MITSUMI Inc.		10,300		216,058
Mitsubishi Heavy Industries Ltd.		8,900		332,614
Nabtesco Corp.		3,100		118,881
NGK Insulators Ltd.		7,700		145,456
NSK Ltd.		12,900		203,148
Pentair PLC		6,132		433,042
Sandvik AB		33,359		585,489
Schindler Holding AG		1,116		256,869
Schindler Holding AG		511		115,624
SKF AB, Class B		11,126		247,592
SMC Corp.		1,600		658,748
Sumitomo Heavy Industries Ltd.		3,000		127,031
The Weir Group PLC		6,436		184,835
THK Company Ltd.		3,300		123,915
Wartsila Oyj Abp		4,374		276,271
WEG S.A.		20,540		149,293
				9,614,614
Industrial REITs – 0.0%*
Ascendas Real Estate Investment Trust		68,150		138,707
Goodman Group		54,792		360,844
Nippon Prologis REIT Inc.		59		124,809
Segro PLC		26,744		212,364
				836,724
Insurance Brokers – 0.1%
Aon PLC		9,006		1,206,804
Willis Towers Watson PLC		4,663		702,667
				1,909,471
Integrated Oil & Gas – 1.1%
BP PLC		561,869		3,972,876
Cenovus Energy Inc.		26,809		245,634
China Petroleum & Chemical Corp., Class H		721,400		528,779
Ecopetrol S.A.		115,657		85,643
Eni S.p.A.		73,098		1,211,310
Galp Energia SGPS S.A.		13,729		252,645
Gazprom PJSC ADR		148,753		656,001
Husky Energy Inc.		9,854		139,597	(a)
Imperial Oil Ltd.		8,144		254,989
LUKOIL PJSC ADR		11,883		685,055
MOL Hungarian Oil & Gas PLC		12,112		140,891
OMV AG		4,339		275,259
Origin Energy Ltd.		53,651		395,293	(a)
PetroChina Company Ltd., Class H		618,000		430,852
Petroleo Brasileiro S.A.		84,800		432,296	(a)
Polskie Gornictwo Naftowe i Gazownictwo S.A.		63,407		114,778
PTT PCL NVDR		29,500		398,282
Repsol S.A.		35,018		620,022
Rosneft Oil Company PJSC GDR		33,380		166,566
Royal Dutch Shell PLC, Class A		128,306		4,304,435
Royal Dutch Shell PLC, Class B		106,541		3,615,333
Statoil ASA		32,776		702,055
Suncor Energy Inc.		48,147		1,773,402
Surgutneftegas OJSC ADR		3,950		19,394
Surgutneftegas OJSC ADR		17,768		83,689
Total S.A.		67,577		3,736,389
				25,241,465
Integrated Telecommunication Services – 0.5%
BCE Inc.		4,587		221,049
Bezeq The Israeli Telecommunication Corporation Ltd.		71,154		107,807
Bharti Infratel Ltd.		20,103		119,290
BT Group PLC		242,096		889,805
China Communications Services Corporation Ltd., Class H		84,000		56,306
China Telecom Corporation Ltd., Class H		442,000		210,333
China Unicom Hong Kong Ltd.		164,000		221,539	(a)
Chunghwa Telecom Company Ltd.		106,000		377,573
Deutsche Telekom AG		94,434		1,677,699
Elisa Oyj		3,759		147,692

	Number of Shares		Fair Value
Emirates Telecommunications Group Co. PJSC		34,000	$	162,002
Hellenic Telecommunications Organization S.A.		5,504		76,006
HKT Trust & HKT Ltd.		93,280		118,848
Koninklijke KPN N.V.		101,380		354,012
KT Corp.		1,110		31,365
Nippon Telegraph & Telephone Corp.		19,800		931,734
Ooredoo QPSC		3,023		75,533
Orange Polska S.A.		28,318		47,186	(a)
Orange S.A.		57,103		992,540
PCCW Ltd.		89,000		51,688
Proximus SADP		3,944		129,528
Singapore Telecommunications Ltd.		230,300		615,213
Spark New Zealand Ltd.		68,211		176,097
Swisscom AG		777		413,417
TDC A/S		28,766		176,899
Telecom Italia S.p.A.		350,948		303,632	(a)
Telecom Italia S.p.A.		190,334		136,218
Telefonica Deutschland Holding AG		18,390		92,438
Telefonica S.A.		130,470		1,272,931
Telekom Malaysia Bhd		42,600		66,316
Telekomunikasi Indonesia Persero Tbk PT		1,524,500		498,897
Telenor ASA		23,108		496,946
Telia Company AB		69,057		308,279
Telstra Corporation Ltd.		115,589		328,181
TELUS Corp.		5,760		218,916
TPG Telecom Ltd.		9,854		50,637
True Corporation PCL NVDR		237,369		45,158	(a)
Turk Telekomunikasyon AS		16,769		28,482	(a)
				12,228,192
Internet & Direct Marketing Retail – 0.1%
Ctrip.com International Ltd. ADR		11,426		503,887	(a)
JD.com Inc. ADR		18,658		772,814	(a)
Rakuten Inc.		25,700		235,555	(a)
Start Today Company Ltd.		4,400		133,777
Vipshop Holdings Ltd. ADR		7,000		82,040	(a)
Zalando SE		3,266		173,011	(a,d)
				1,901,084
Internet Software & Services – 0.8%
58.com Inc. ADR		2,400		171,768	(a)
Alibaba Group Holding Ltd. ADR		32,813		5,657,946	(a)
Auto Trader Group PLC		33,000		157,493	(d)
Baidu Inc. ADR		7,852		1,839,017	(a)
Cimpress N.V.		463		55,504	(a)
DeNA Company Ltd.		4,300		88,672
Kakaku.com Inc.		3,100		52,423
Kakao Corp.		954		122,085
Mixi Inc.		1,900		85,344
NAVER Corp.		780		633,880
NetEase Inc. ADR		2,271		783,654
REA Group Ltd.		1,262		75,659
Shopify Inc., Class A		2,600		263,766	(a)
SINA Corp.		1,700		170,527	(a)
Tencent Holdings Ltd.		162,800		8,455,196
Tucows Inc., Class A		170		11,908	(a)
United Internet AG		3,650		251,317
Weibo Corp. ADR		1,170		121,048	(a)
Yahoo Japan Corp.		38,200		175,316
YY Inc. ADR		1,100		124,366	(a)
				19,296,889
Investment Banking & Brokerage – 0.1%
China Galaxy Securities Company Ltd., Class H		108,000		79,577
CITIC Securities Company Ltd., Class H		76,500		157,750
Daiwa Securities Group Inc.		48,000		301,209
Haitong Securities Company Ltd., Class H		98,000		142,162
Korea Investment Holdings Company Ltd.		626		40,348
Mediobanca S.p.A.		15,176		172,393
NH Investment & Securities Company Ltd.		6,220		80,760
Nomura Holdings Inc.		102,800		606,944

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Samsung Securities Company Ltd.		1,372	$	46,906
Yuanta Financial Holding Company Ltd.		369,211		171,215
				1,799,264
IT Consulting & Other Services – 0.3%
Accenture PLC, Class A		21,967		3,362,928	(b)
Atos SE		2,821		411,068
Capgemini SE		4,515		536,143
CGI Group Inc., Class A		6,285		342,604	(a)
Fujitsu Ltd.		55,000		391,908
HCL Technologies Ltd.		17,282		241,113
Infosys Ltd.		47,028		767,781
Nomura Research Institute Ltd.		3,110		144,664
NTT Data Corp.		15,500		184,239
Obic Company Ltd.		1,800		132,304
Otsuka Corp.		1,800		138,056
Samsung SDS Company Ltd.		1,113		207,930
Tata Consultancy Services Ltd.		12,983		549,445
Tech Mahindra Ltd.		9,252		73,064
Wipro Ltd.		26,911		132,494
				7,615,741
Leisure Facilities – 0.0%*
Merlin Entertainments PLC		22,365		109,793	(d)
Oriental Land Company Ltd.		6,500		592,587
				702,380
Leisure Products – 0.0%*
Bandai Namco Holdings Inc.		6,600		215,899
Giant Manufacturing Company Ltd.		10,000		54,942
Sankyo Company Ltd.		2,000		62,938
Sega Sammy Holdings Inc.		7,400		91,835
Shimano Inc.		2,000		281,403
Yamaha Corp.		4,800		177,257
				884,274
Life & Health Insurance – 0.7%
Aegon N.V.		53,959		344,380
AIA Group Ltd.		343,800		2,931,226
Cathay Financial Holding Company Ltd.		205,417		369,300
China Life Insurance Company Ltd.		85,666		86,217
China Life Insurance Company Ltd., Class H		212,000		665,780
China Taiping Insurance Holdings Company Ltd.		40,488		151,753
CNP Assurances		5,764		133,272
Dai-ichi Life Holdings Inc.		29,400		606,530
Discovery Ltd.		11,285		169,549
Great-West Lifeco Inc.		8,127		227,669
Hanwha Life Insurance Company Ltd.		8,480		54,735
Industrial Alliance Insurance & Financial Services Inc.		2,375		113,391
Japan Post Holdings Company Ltd.		44,500		510,377
Legal & General Group PLC		167,728		620,101
Liberty Holdings Ltd.		4,059		40,797
Manulife Financial Corp.		56,793		1,188,485
Medibank Private Ltd.		73,749		189,776
MMI Holdings Ltd.		36,164		61,345
New China Life Insurance Company Ltd., Class H		23,300		159,162
NN Group N.V.		8,311		360,472
Old Mutual PLC		137,462		430,850
Ping An Insurance Group Company of China Ltd., Class H		150,000		1,560,961
Poste Italiane S.p.A.		19,682		148,304	(d)
Power Corporation of Canada		9,624		248,636
Power Financial Corp.		7,564		208,516
Prudential PLC		74,624		1,923,557
Rand Merchant Investment Holdings Ltd.		22,550		83,606
Samsung Life Insurance Company Ltd.		2,185		254,105
Sanlam Ltd.		42,288		297,177
Shin Kong Financial Holding Company Ltd.		265,751		93,768
Sony Financial Holdings Inc.		6,500		115,171
Sun Life Financial Inc.		16,723		692,437

	Number of Shares		Fair Value
Swiss Life Holding AG		902	$	319,333	(a)
T&D Holdings Inc.		13,800		236,064
				15,596,802
Life Sciences Tools & Services – 0.1%
Eurofins Scientific SE		326		198,706
Lonza Group AG		2,276		614,952	(a)
QIAGEN N.V.		5,790		182,089	(a)
Samsung Biologics Company Ltd.		423		146,591	(a,d)
				1,142,338
Managed Healthcare – 0.0%*
Odontoprev S.A.		10,100		48,443
Qualicorp S.A.		8,200		76,633
Triple-S Management Corp., Class B		465		11,556	(a)
				136,632
Marine – 0.1%
AP Moller - Maersk A/S, Class A		101		168,757
AP Moller - Maersk A/S, Class B		195		340,913
Costamare Inc.		543		3,133
Evergreen Marine Corporation Taiwan Ltd.		72,001		39,559	(a)
Kuehne + Nagel International AG		1,482		262,334
MISC Bhd		11,500		21,085
Mitsui OSK Lines Ltd.		2,800		93,458
Navios Maritime Holdings Inc.		2,366		2,839	(a)
Nippon Yusen KK		4,500		109,814	(a)
Safe Bulkers Inc.		336		1,085	(a)
				1,042,977
Marine Ports & Services – 0.0%*
Adani Ports & Special Economic Zone Ltd.		26,135		166,099
China Merchants Port Holdings Company Ltd.		47,398		123,993
COSCO SHIPPING Ports Ltd.		63,292		65,824
DP World Ltd.		6,267		156,675
Hutchison Port Holdings Trust, Class U		135,800		56,357
International Container Terminal Services Inc.		26,800		56,638
Kamigumi Company Ltd.		4,000		88,522
				714,108
Metal & Glass Containers – 0.0%*
CCL Industries Inc., Class B		3,800		176,148
Toyo Seikan Group Holdings Ltd.		5,800		93,191
				269,339
Motorcycle Manufacturers – 0.0%*
Bajaj Auto Ltd.		3,146		164,310
Hero MotoCorp Ltd.		1,341		79,525
Yamaha Motor Company Ltd.		8,500		278,806
				522,641
Movies & Entertainment – 0.1%
Alibaba Pictures Group Ltd.		360,000		48,354	(a)
Eros International PLC		411		3,966	(a)
IMAX Corp.		1,004		23,243	(a)
Toho Company Ltd.		3,100		107,461
Vivendi S.A.		29,333		789,701
				972,725
Multi-Line Insurance – 0.4%
Ageas		5,540		270,854
Allianz SE		12,794		2,942,022
Assicurazioni Generali S.p.A.		35,530		648,499
Aviva PLC		116,014		794,890
AXA S.A.		55,982		1,662,766
Baloise Holding AG		1,357		211,244
BB Seguridade Participacoes S.A.		19,900		170,918
China Pacific Insurance Group Company Ltd., Class H		79,200		380,433
Fairfax Financial Holdings Ltd.		773		412,945
Gjensidige Forsikring ASA		7,732		146,428
Mapfre S.A.		40,470		130,141
Porto Seguro S.A.		4,400		48,190
Powszechny Zaklad Ubezpieczen S.A.		10,589		128,477
Sampo Oyj, Class A		12,631		694,663
Sul America S.A.		5,783		32,532

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
UnipolSai Assicurazioni S.p.A.		22,208	$	51,921
Zurich Insurance Group AG		4,352		1,324,580
				10,051,503
Multi-Sector Holdings – 0.1%
Ayala Corp.		7,150		145,378
Eurazeo S.A.		1,030		95,236
EXOR N.V.		3,417		209,670
First Pacific Company Ltd.		94,000		63,730
Groupe Bruxelles Lambert S.A.		2,203		238,056
Grupo de Inversiones Suramericana S.A.		8,633		116,572
GT Capital Holdings Inc.		2,225		57,586
Haci Omer Sabanci Holding AS		34,397		100,880
Industrivarden AB, Class C		4,939		122,155
Investor AB, Class B		12,949		591,661
Kinnevik AB, Class B		6,884		233,152
L E Lundbergforetagen AB, B Shares		1,510		113,054
Metro Pacific Investments Corp.		129,200		17,729
Onex Corp.		2,466		181,444
Pargesa Holding S.A.		1,294		112,204
Remgro Ltd.		15,705		299,385
Wendel S.A.		781		135,422
				2,833,314
Multi-Utilities – 0.2%
AGL Energy Ltd.		18,361		349,835
Atco Ltd., Class I		2,398		86,125
Canadian Utilities Ltd., Class A		4,562		136,210
Centrica PLC		169,924		315,604
E.ON SE		62,754		682,792
Engie S.A.		52,820		909,216
Innogy SE		4,122		161,731	(d)
National Grid PLC		98,756		1,169,065
RWE AG		16,339		333,538	(a)
Suez		11,414		200,997
Veolia Environnement S.A.		14,239		363,764
YTL Corporation Bhd		204,408		69,197
YTL Power International Bhd		88,785		28,301
				4,806,375
Office REITs – 0.0%*
CapitaLand Commercial Trust		63,313		91,435
City Office REIT Inc.		452		5,881
Dexus		31,181		237,785
Japan Prime Realty Investment Corp.		22		69,916
Japan Real Estate Investment Corp.		36		170,972
Nippon Building Fund Inc.		32		156,520
				732,509
Office Services & Supplies – 0.0%*
Societe BIC S.A.		1,095		120,522
Oil & Gas Drilling – 0.0%*
China Oilfield Services Ltd., Class H		58,000		56,462
Ensco PLC, Class A		10,787		63,751
Noble Corporation PLC		4,625		20,905	(a)
Transocean Ltd.		2,836		30,289	(a)
				171,407
Oil & Gas Equipment & Services – 0.0%*
Core Laboratories N.V.		320		35,056
Frank’s International N.V.		944		6,277
John Wood Group PLC		17,318		152,275
Sapura Energy Bhd		127,700		22,403
TechnipFMC PLC		15,999		500,929
Tenaris S.A.		13,599		214,899
				931,839
Oil & Gas Exploration & Production – 0.2%
ARC Resources Ltd.		11,975		140,972
Canadian Natural Resources Ltd.		31,995		1,147,065
CNOOC Ltd.		508,000		729,121
Crescent Point Energy Corp.		17,845		136,442
Encana Corp.		26,924		360,362
Inpex Corp.		28,900		361,475
Lundin Petroleum AB		5,364		123,036	(a)
Novatek PJSC GDR GDR		2,695		323,939
Oil & Natural Gas Corporation Ltd.		43,306		132,440
Oil Search Ltd.		37,134		226,256
PrairieSky Royalty Ltd.		6,224		159,257

	Number of Shares		Fair Value
PTT Exploration & Production PCL NVDR		52,000	$	159,558
Santos Ltd.		50,308		214,449	(a)
Seven Generations Energy Ltd., Class A		7,200		102,172	(a)
Tatneft PJSC ADR		7,219		357,052
Tourmaline Oil Corp.		6,249		113,614	(a)
Vermilion Energy Inc.		4,105		149,660
Woodside Petroleum Ltd.		22,997		595,013
				5,531,883
Oil & Gas Refining & Marketing – 0.2%
Bharat Petroleum Corporation Ltd.		19,440		157,676
Caltex Australia Ltd.		7,005		186,559
Cosan S.A. Industria e Comercio		5,500		68,810
Empresas COPEC S.A.		11,610		183,418
Formosa Petrochemical Corp.		43,000		166,893
Grupa Lotos S.A.		2,254		37,428
GS Holdings Corp.		895		52,000
Idemitsu Kosan Company Ltd.		3,200		128,540
IRPC PCL NVDR		378,600		81,900
JXTG Holdings Inc.		86,750		559,851
Keyera Corp.		4,876		137,841
Neste Oyj		3,682		235,879
Petronas Dagangan Bhd		8,900		53,352
Polski Koncern Naftowy ORLEN S.A.		9,561		291,662
Reliance Industries Ltd.		74,629		1,076,919
S-Oil Corp.		1,258		137,486
Showa Shell Sekiyu KK		7,600		103,222
SK Innovation Company Ltd.		1,937		370,012
Thai Oil PCL NVDR		30,500		96,863
Tupras Turkiye Petrol Rafinerileri AS		3,135		100,460
				4,226,771
Oil & Gas Storage & Transportation – 0.2%
AltaGas Ltd.		4,683		106,970
Ardmore Shipping Corp.		614		4,912	(a)
DHT Holdings Inc.		1,868		6,706
Enagas S.A.		6,056		173,584
Enbridge Inc.		47,307		1,856,109
Frontline Ltd.		1,321		6,064
Golar LNG Ltd.		1,783		53,151
Inter Pipeline Ltd.		11,848		246,142
Koninklijke Vopak N.V.		2,713		119,137
Kunlun Energy Company Ltd.		82,000		85,385
Navios Maritime Acquisition Corp.		1,649		1,830
Pembina Pipeline Corp.		14,748		535,681
Scorpio Tankers Inc.		3,299		10,062
Snam S.p.A.		63,134		309,310
Teekay Corp.		991		9,236
Teekay Tankers Ltd., Class A		2,370		3,318
TransCanada Corp.		25,006		1,221,012
Ultrapar Participacoes S.A.		11,400		257,755
				5,006,364
Other Diversified Financial Services – 0.1%
AMP Ltd.		83,017		336,996
Challenger Ltd.		16,883		185,267
FirstRand Ltd.		103,606		562,803
Fubon Financial Holding Company Ltd.		201,000		342,447
ORIX Corp.		37,600		635,679
RMB Holdings Ltd.		26,636		170,337
Standard Life Aberdeen PLC		81,106		479,020
				2,712,549
Packaged Foods & Meats – 0.7%
Ajinomoto Company Inc.		16,500		310,666
Associated British Foods PLC		11,143		425,078
Barry Callebaut AG		54		112,655	(a)
BRF S.A.		12,000		132,405	(a)
Calbee Inc.		2,400		78,083
Charoen Pokphand Foods PCL NVDR		115,100		84,762
China Huishan Dairy Holdings Company Ltd.		55,000		—	(a,**)
China Mengniu Dairy Company Ltd.		77,000		229,011	(a)
Chocoladefabriken Lindt & Spruengli AG		33		201,488
Chocoladefabriken Lindt & Spruengli AG		3		216,988

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
CJ CheilJedang Corp.		140	$	47,863
Danone S.A.		16,991		1,427,176
Gruma SAB de C.V., Class B		8,900		113,402
Grupo Bimbo SAB de C.V., Class A		35,400		78,723
Indofood CBP Sukses Makmur Tbk PT		64,000		41,983
Indofood Sukses Makmur Tbk PT		165,000		92,731
JBS S.A.		25,900		76,597
Kerry Group PLC, Class A		4,904		550,596
Kikkoman Corp.		4,000		161,917
M Dias Branco S.A.		3,600		56,543
Marine Harvest ASA		13,598		231,085	(a)
MEIJI Holdings Company Ltd.		3,400		289,445
Nestle India Ltd.		845		104,201
Nestle S.A.		88,904		7,645,105
NH Foods Ltd.		5,000		121,971
Nisshin Seifun Group Inc.		5,400		109,102
Nissin Foods Holdings Company Ltd.		1,600		116,893
Orion Corp./Republic of Korea		338		32,993	(a)
Orkla ASA		23,958		254,977
Pioneer Foods Group Ltd.		4,038		44,712
PPB Group Bhd		17,800		75,827
Saputo Inc.		6,496		234,239
Standard Foods Corp.		15,916		39,578
Tiger Brands Ltd.		4,749		176,457
Tingyi Cayman Islands Holding Corp.		46,000		89,443
Toyo Suisan Kaisha Ltd.		2,500		106,857
Ulker Biskuvi Sanayi AS		3,012		15,626
Uni-President Enterprises Corp.		141,303		313,389
Universal Robina Corp.		30,200		91,350
Want Want China Holdings Ltd.		141,000		118,142
WH Group Ltd.		197,500		222,833	(d)
Yakult Honsha Company Ltd.		2,500		188,637
Yamazaki Baking Company Ltd.		4,000		78,011
				15,139,540
Paper Packaging – 0.0%*
Amcor Ltd.		35,213		424,695
Klabin S.A.		19,600		103,995
				528,690
Paper Products – 0.1%
Empresas CMPC S.A.		31,429		106,872
Fibria Celulose S.A.		9,300		134,155
Mondi Ltd.		2,641		68,109
Mondi PLC		9,702		253,432
Nine Dragons Paper Holdings Ltd.		63,000		100,899
Oji Holdings Corp.		22,000		146,471
Sappi Ltd.		19,577		141,530
Stora Enso Oyj, Class R		15,040		238,754
Suzano Papel e Celulose S.A.		9,200		51,837
UPM-Kymmene Oyj		16,069		499,951
				1,742,010
Personal Products – 0.4%
AMOREPACIFIC Corp.		813		231,244
AMOREPACIFIC Group		712		93,776
Beiersdorf AG		3,049		358,435
Dabur India Ltd.		13,803		75,624
Godrej Consumer Products Ltd.		9,418		147,473
Hengan International Group Company Ltd.		19,500		216,395
Kao Corp.		14,200		960,407
Kose Corp.		900		140,533
L’Oreal S.A.		7,250		1,610,138
LG Household & Health Care Ltd.		277		307,648
Marico Ltd.		10,808		54,609
Natura Cosmeticos S.A.		7,200		71,759
Pola Orbis Holdings Inc.		1,800		63,196
Shiseido Company Ltd.		10,700		517,285
Unilever N.V.		47,132		2,657,471
Unilever PLC		35,826		1,999,367
				9,505,360
Pharmaceuticals – 1.4%
Aspen Pharmacare Holdings Ltd.		11,107		248,965
Astellas Pharma Inc.		58,800		750,072
AstraZeneca PLC		35,690		2,472,400
Aurobindo Pharma Ltd.		9,370		100,992
Bayer AG		23,523		2,937,628

	Number of Shares		Fair Value
Chugai Pharmaceutical Company Ltd.		6,700	$	343,178
Cipla Ltd.		12,861		122,610
CSPC Pharmaceutical Group Ltd.		134,000		270,492
Daiichi Sankyo Company Ltd.		15,800		411,936
Dr Reddy’s Laboratories Ltd.		3,837		145,130
Eisai Company Ltd.		7,500		427,164
Endo International PLC		1,388		10,757	(a)
GlaxoSmithKline PLC		138,722		2,481,753
Glenmark Pharmaceuticals Ltd.		5,757		53,644
Hanmi Pharm Company Ltd.		120		65,462	(a)
Hisamitsu Pharmaceutical Company Inc.		1,500		90,945
Hypermarcas S.A.		12,800		138,916
Ipsen S.A.		1,211		144,792
Kalbe Farma Tbk PT		854,500		106,439
Kyowa Hakko Kirin Company Ltd.		8,000		154,745
Lupin Ltd.		6,036		83,702
Merck KGaA		3,996		430,656
Mitsubishi Tanabe Pharma Corp.		5,900		122,138
Novartis AG		63,477		5,367,373
Novo Nordisk A/S, Class B		53,084		2,863,783
Ono Pharmaceutical Company Ltd.		12,300		286,727
Orion Oyj, Class B		2,832		105,693
Otsuka Holdings Company Ltd.		11,100		487,553
Perrigo Company PLC		4,833		421,244
Piramal Enterprises Ltd.		2,159		96,986
Recordati S.p.A.		3,367		149,837
Richter Gedeon Nyrt		2,156		56,585
Roche Holding AG		20,039		5,068,870
Sanofi		32,320		2,788,489
Santen Pharmaceutical Company Ltd.		10,600		166,645
Shionogi & Company Ltd.		8,300		449,224
Sino Biopharmaceutical Ltd.		118,000		209,213
Sumitomo Dainippon Pharma Company Ltd.		6,100		90,647
Sun Pharmaceutical Industries Ltd.		26,058		233,176
Taisho Pharmaceutical Holdings Company Ltd.		700		55,925
Takeda Pharmaceutical Company Ltd.		20,400		1,159,169
Teva Pharmaceutical Industries Ltd.		13,271		250,959
Teva Pharmaceutical Industries Ltd. ADR		15,371		291,280
Theravance Biopharma Inc.		789		22,005	(a)
UCB S.A.		3,463		275,201
Valeant Pharmaceuticals International Inc.		7,948		166,198	(a)
Vifor Pharma AG		1,400		179,436
Yuhan Corp.		190		38,868
				33,395,602
Precious Metals & Minerals – 0.0%*
Anglo American Platinum Ltd.		1,523		43,483	(a)
Fresnillo PLC		8,137		157,295
Industrias Penoles SAB de C.V.		2,630		55,065
				255,843
Property & Casualty Insurance – 0.3%
Admiral Group PLC		6,199		167,882
Argo Group International Holdings Ltd.		543		33,476
Aspen Insurance Holdings Ltd.		436		17,702
Chubb Ltd.		16,374		2,392,733
DB Insurance Company Ltd.		1,106		73,558
Direct Line Insurance Group PLC		40,658		209,935
Global Indemnity Ltd.		165		6,933	(a)
Hyundai Marine & Fire Insurance Company Ltd.		1,762		77,357
Insurance Australia Group Ltd.		70,318		398,194
Intact Financial Corp.		3,974		332,998
James River Group Holdings Ltd.		417		16,684
MS&AD Insurance Group Holdings Inc.		13,400		453,685
PICC Property & Casualty Company Ltd., Class H		122,600		235,561
Qatar Insurance Co. SAQ		4,917		72,499
QBE Insurance Group Ltd.		37,854		316,208
RSA Insurance Group PLC		27,906		238,768
Samsung Fire & Marine Insurance Company Ltd.		977		243,668
Sompo Holdings Inc.		9,900		383,521

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Suncorp Group Ltd.		36,168	$	392,083
The People’s Insurance Company Group of China Ltd., Class H		224,000		110,319
Tokio Marine Holdings Inc.		19,400		885,356
Tryg A/S		4,681		117,169
XL Group Ltd.		8,729		306,912
				7,483,201
Publishing – 0.0%*
Axel Springer SE		1,610		125,915
Lagardere SCA		2,779		89,199
Pearson PLC		26,187		260,724
Schibsted ASA, B Shares		3,679		98,054
Singapore Press Holdings Ltd.		45,337		89,901
				663,793
Railroads – 0.3%
Aurizon Holdings Ltd.		55,818		216,544
BTS Group Holdings PCL NVDR		100,000		25,468
Canadian National Railway Co.		21,028		1,739,536
Canadian Pacific Railway Ltd.		4,192		768,374
Central Japan Railway Co.		4,100		734,470
Container Corporation of India Ltd.		1,518		32,805
East Japan Railway Co.		9,500		927,230
Hankyu Hanshin Holdings Inc.		7,000		281,491
Keikyu Corp.		7,000		134,532
Keio Corp.		3,400		149,552
Keisei Electric Railway Company Ltd.		3,000		96,405
Kintetsu Group Holdings Company Ltd.		4,400		168,735
Kyushu Railway Co.		5,000		155,126
MTR Corporation Ltd.		43,500		254,858
Nagoya Railroad Company Ltd.		6,400		161,179
Odakyu Electric Railway Company Ltd.		8,900		190,404
Tobu Railway Company Ltd.		6,400		206,800
Tokyu Corp.		15,500		247,395
West Japan Railway Co.		5,000		365,157
				6,856,061
Real Estate Development – 0.1%
Bumi Serpong Damai Tbk PT		185,500		23,243
China Evergrande Group		97,000		334,406	(a)
China Jinmao Holdings Group Ltd.		114,000		50,166
China Overseas Land & Investment Ltd.		118,000		379,632
China Resources Land Ltd.		89,777		264,141
China Vanke Company Ltd., Class H		32,800		130,910
CK Asset Holdings Ltd.		74,064		647,099
Country Garden Holdings Company Ltd.		146,333		278,915
Emaar Properties PJSC		105,792		199,901
Guangzhou R&F Properties Company Ltd., Class H		33,600		75,734
Highwealth Construction Corp.		23,400		33,262
IOI Properties Group Bhd		93,258		42,631
Longfor Properties Company Ltd.		50,000		125,235
Ruentex Development Company Ltd.		33,448		35,911	(a)
Shimao Property Holdings Ltd.		27,500		59,803
Sino Land Company Ltd.		85,597		151,544
Sino-Ocean Group Holding Ltd.		104,500		72,052
SOHO China Ltd.		76,000		44,430
Sunac China Holdings Ltd.		51,000		211,051
				3,160,066
Real Estate Operating Companies – 0.1%
Aeon Mall Company Ltd.		4,000		78,260
BR Malls Participacoes S.A.		31,383		120,438
Central Pattana PCL NVDR		44,200		115,620
Deutsche Wohnen SE		10,724		469,509
First Capital Realty Inc.		5,563		91,995
Global Logistic Properties Ltd.		88,600		223,423
Hang Lung Group Ltd.		33,000		121,365
Hongkong Land Holdings Ltd.		36,000		253,440
Hulic Company Ltd.		10,000		112,384
Hysan Development Company Ltd.		15,000		79,535
Multiplan Empreendimentos Imobiliarios S.A.		3,375		72,138
NEPI Rockcastle PLC		9,520		164,232
SM Prime Holdings Inc.		245,000		184,044
Swire Properties Ltd.		30,800		99,287

	Number of Shares		Fair Value
Swiss Prime Site AG		1,899	$	175,382	(a)
Vonovia SE		13,290		660,528
Wharf Real Estate Investment Company Ltd.		36,000		239,469	(a)
				3,261,049
Real Estate Services – 0.0%*
Altisource Portfolio Solutions S.A.		231		6,468	(a)
Regional Banks – 0.1%
Bank of Queensland Ltd.		12,433		123,695
Bendigo & Adelaide Bank Ltd.		16,281		148,608
BNK Financial Group Inc.		7,204		63,390
Chongqing Rural Commercial Bank Company Ltd., Class H		92,000		64,964
Concordia Financial Group Ltd.		32,500		196,183
DGB Financial Group Inc.		3,207		31,604
First BanCorp		3,232		16,483	(a)
Fukuoka Financial Group Inc.		19,000		106,764
Kyushu Financial Group Inc.		14,200		85,969
Mebuki Financial Group Inc.		29,250		123,855
Resona Holdings Inc.		68,000		406,310
Seven Bank Ltd.		22,000		75,384
Shinsei Bank Ltd.		6,400		110,729
Suruga Bank Ltd.		4,900		105,134
The Bank of Kyoto Ltd.		1,600		83,373
The Chiba Bank Ltd.		20,000		166,533
The Hachijuni Bank Ltd.		15,000		86,152
The Shizuoka Bank Ltd.		15,000		154,993
Yamaguchi Financial Group Inc.		8,000		95,091
				2,245,214
Reinsurance – 0.1%
Blue Capital Reinsurance Holdings Ltd.		114		1,374
Everest Re Group Ltd.		1,500		331,890
Hannover Rueck SE		1,797		226,357
Muenchener Rueckversicherungs-Gesellschaft AG		4,441		963,895
RenaissanceRe Holdings Ltd.		284		35,668
SCOR SE		4,658		187,628
Swiss Re AG		9,264		867,460
Third Point Reinsurance Ltd.		1,706		24,993	(a)
				2,639,265
Renewable Electricity – 0.0%*
China Longyuan Power Group Corporation Ltd., Class H		101,000		71,836
Engie Brasil Energia S.A.		6,100		65,301
Meridian Energy Ltd.		50,908		105,902
				243,039
Research & Consulting Services – 0.2%
Bureau Veritas S.A.		8,532		233,489
Experian PLC		25,768		570,271
IHS Markit Ltd.		11,700		528,255	(a)
Intertek Group PLC		4,471		313,899
RELX N.V.		27,408		630,749
RELX PLC		30,494		717,351
SGS S.A.		153		398,946
Teleperformance		1,526		218,883
Wolters Kluwer N.V.		9,077		473,917
				4,085,760
Residential REITs – 0.0%*
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		58,985		43,714	(a)
Restaurants – 0.1%
Compass Group PLC		45,278		979,997
Domino’s Pizza Enterprises Ltd.		2,444		89,271
Jollibee Foods Corp.		15,290		77,491
McDonald’s Holdings Company Japan Ltd.		2,600		114,363
Restaurant Brands International Inc.		6,711		413,870
Sodexo SA		2,757		370,953
Whitbread PLC		5,025		271,903
				2,317,848
Retail REITs – 0.2%
CapitaLand Mall Trust		82,400		131,332
Hammerson PLC		20,726		153,363
Hyprop Investments Ltd.		6,628		62,800

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Japan Retail Fund Investment Corp.		77	$	141,218
Klepierre S.A.		6,776		298,329
Link REIT		62,500		579,244
Resilient REIT Ltd.		11,324		138,266
RioCan Real Estate Investment Trust		5,179		100,691
Scentre Group		150,056		491,765
SmartCentres Real Estate Investment Trust		2,900		71,542
The British Land Company PLC		26,538		248,244
Unibail-Rodamco SE		2,839		715,905
Vicinity Centres		96,787		205,909
Westfield Corp.		53,531		397,340
				3,735,948
Security & Alarm Services – 0.0%*
G4S PLC		40,283		145,496
S-1 Corp.		405		40,479	(a)
Secom Company Ltd.		5,900		445,551
Securitas AB, Class B		8,224		143,838
Sohgo Security Services Company Ltd.		1,800		97,950
				873,314
Semiconductor Equipment – 0.1%
ASM Pacific Technology Ltd.		9,300		129,555
ASML Holding N.V.		10,778		1,878,564
Disco Corp.		900		200,293
GCL-Poly Energy Holdings Ltd.		394,000		70,561	(a)
Hanergy Thin Film Power Group Ltd.		64,000		—	(a,**)
SUMCO Corp.		6,000		153,822
Tokyo Electron Ltd.		4,500		814,913
				3,247,708
Semiconductors – 0.6%
Advanced Semiconductor Engineering Inc.		155,716		199,626
Broadcom Ltd.		14,279		3,668,275
Infineon Technologies AG		32,470		890,336
MediaTek Inc.		44,352		438,177
Novatek Microelectronics Corp.		22,000		83,909
NXP Semiconductors N.V.		9,900		1,159,191	(a)
Phison Electronics Corp.		5,000		49,062
Powertech Technology Inc.		27,000		79,843
Realtek Semiconductor Corp.		16,160		59,191
Renesas Electronics Corp.		12,900		150,357	(a)
Rohm Company Ltd.		2,600		288,043
Semiconductor Manufacturing International Corp.		99,200		171,566	(a)
Siliconware Precision Industries Company Ltd.		76,848		129,894
SK Hynix Inc.		16,737		1,196,002	(a)
STMicroelectronics N.V.		19,103		417,602
Taiwan Semiconductor Manufacturing Company Ltd.		703,000		5,421,594
United Microelectronics Corp.		344,000		164,148
Vanguard International Semiconductor Corp.		19,000		42,139
				14,608,955
Silver – 0.0%*
Wheaton Precious Metals Corp.		12,144		269,350
Soft Drinks – 0.1%
Arca Continental SAB de C.V.		14,500		100,738
Coca-Cola Amatil Ltd.		15,783		105,053
Coca-Cola Bottlers Japan Inc.		3,100		113,240
Coca-Cola European Partners PLC		5,957		237,700
Coca-Cola Femsa SAB de C.V., Class L		16,500		115,493
Coca-Cola HBC AG		5,186		169,771	(a)
Coca-Cola Icecek AS		2,227		20,099
Fomento Economico Mexicano SAB de C.V.		59,128		558,929
Suntory Beverage & Food Ltd.		3,900		173,449
				1,594,472
Specialized Finance – 0.0%*
Chailease Holding Company Ltd.		32,718		95,212
Element Fleet Management Corp.		14,500		109,941
Far East Horizon Ltd.		53,000		45,222

	Number of Shares		Fair Value
Mitsubishi UFJ Lease & Finance Company Ltd.		12,200	$	72,669
Power Finance Corporation Ltd.		21,642		41,282
				364,326
Specialty Chemicals – 0.3%
Akzo Nobel N.V.		7,224		633,418
Asian Paints Ltd.		7,557		137,163
Chr Hansen Holding A/S		2,697		253,154
Clariant AG		5,968		166,884	(a)
Covestro AG		3,210		331,609	(d)
Croda International PLC		3,878		232,081
EMS-Chemie Holding AG		214		142,850
Evonik Industries AG		4,312		162,429
Givaudan S.A.		281		649,371
Hitachi Chemical Company Ltd.		4,000		102,761
Johnson Matthey PLC		5,286		219,882
JSR Corp.		6,700		131,918
Kansai Paint Company Ltd.		6,000		155,952
Koninklijke DSM N.V.		5,476		523,877
Nippon Paint Holdings Company Ltd.		4,700		148,739
Nitto Denko Corp.		5,000		444,296
Novozymes A/S, Class B		6,768		386,952
Shin-Etsu Chemical Company Ltd.		11,200		1,138,393
Sika AG		65		516,265
Symrise AG		3,381		290,770
Umicore S.A.		5,594		265,030
				7,033,794
Specialty Stores – 0.0%*
Dufry AG		1,056		157,019	(a)
FF Group		1,860		42,436	(a)
Hotel Shilla Company Ltd.		1,000		79,305
JUMBO S.A.		4,127		73,840
				352,600
Steel – 0.2%
ArcelorMittal		18,825		612,936	(a)
BlueScope Steel Ltd.		14,355		172,571
China Steel Corp.		381,796		317,538
Cia Siderurgica Nacional S.A.		27,400		69,221	(a)
Eregli Demir ve Celik Fabrikalari TAS		38,107		100,705
Fortescue Metals Group Ltd.		41,355		157,848
Hitachi Metals Ltd.		8,000		114,905
Hyundai Steel Co.		2,772		151,734
JFE Holdings Inc.		15,900		381,939
JSW Steel Ltd.		28,960		122,414
Kobe Steel Ltd.		9,500		88,127	(a)
Maruichi Steel Tube Ltd.		2,400		70,306
Nippon Steel & Sumitomo Metal Corp.		21,500		551,767
POSCO		2,011		624,592
Severstal PJSC GDR		7,140		109,813
Tata Steel Ltd.		11,358		130,329
ThyssenKrupp AG		12,709		369,544
Vale S.A.		76,900		933,344
Voestalpine AG		3,277		196,141
				5,275,774
Systems Software – 0.0%*
BlackBerry Ltd.		11,499		128,853	(a)
Check Point Software Technologies Ltd.		3,980		412,407	(a)
Oracle Corporation Japan		1,400		116,076
Trend Micro Inc.		2,900		164,501	(a)
				821,837
Technology Distributors – 0.0%*
Synnex Technology International Corp.		50,400		68,677
WPG Holdings Ltd.		51,000		67,523
				136,200
Technology Hardware, Storage & Peripherals – 0.5%
Acer Inc.		102,084		82,845	(a)
Advantech Company Ltd.		12,093		85,541
Asustek Computer Inc.		19,000		178,453
Brother Industries Ltd.		6,800		167,812
Canon Inc.		30,600		1,140,879
Catcher Technology Company Ltd.		19,000		209,419
Chicony Electronics Company Ltd.		17,514		44,140
Compal Electronics Inc.		158,000		113,090
Foxconn Technology Company Ltd.		32,561		93,224

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
FUJIFILM Holdings Corp.		12,400	$	506,898
HTC Corp.		30,000		73,693	(a)
Inventec Corp.		80,000		63,847
Konica Minolta Inc.		16,700		160,700
Lenovo Group Ltd.		248,000		139,905
Lite-On Technology Corp.		84,669		115,515
NEC Corp.		7,600		205,095
Pegatron Corp.		59,000		142,749
Quanta Computer Inc.		79,000		164,326
Ricoh Company Ltd.		22,400		208,192
Samsung Electronics Company Ltd.		2,780		6,616,636
Seagate Technology PLC		9,795		409,823
Seiko Epson Corp.		8,200		193,554
Wistron Corp.		92,479		74,428
				11,190,764
Textiles – 0.0%*
Eclat Textile Company Ltd.		5,304		53,025
Formosa Taffeta Company Ltd.		25,000		26,295
Ruentex Industries Ltd.		19,711		33,516	(a)
				112,836
Thrifts & Mortgage Finance – 0.1%
Essent Group Ltd.		1,506		65,390	(a)
Housing Development Finance Corporation Ltd.		43,361		1,161,955
Indiabulls Housing Finance Ltd.		9,083		170,283
LIC Housing Finance Ltd.		11,981		105,774
				1,503,402
Tires & Rubber – 0.1%
Bridgestone Corp.		18,600		864,863
Cheng Shin Rubber Industry Company Ltd.		65,550		115,644
Cie Generale des Etablissements Michelin		4,872		699,403
Hankook Tire Company Ltd.		1,864		95,067
Nokian Renkaat Oyj		3,864		175,388
Sumitomo Rubber Industries Ltd.		6,400		119,080
The Yokohama Rubber Company Ltd.		3,500		85,846
				2,155,291
Tobacco – 0.3%
British American Tobacco Malaysia Bhd		4,300		42,501
British American Tobacco PLC		58,941		4,000,973
British American Tobacco PLC ADR		6,419		430,009
Gudang Garam Tbk PT		18,500		114,266
Hanjaya Mandala Sampoerna Tbk PT		190,000		66,239
Imperial Brands PLC		27,526		1,178,885
ITC Ltd.		105,621		435,623
Japan Tobacco Inc.		31,600		1,018,549
KT&G Corp.		3,177		342,762
Swedish Match AB		4,864		192,005
				7,821,812
Trading Companies & Distributors – 0.3%
AerCap Holdings N.V.		4,234		222,751	(a)
Ashtead Group PLC		13,914		374,937
Brenntag AG		4,792		303,651
Bunzl PLC		10,462		293,239
Ferguson PLC		7,668		552,875
Finning International Inc.		4,230		107,088
ITOCHU Corp.		42,700		797,142
Marubeni Corp.		45,600		330,352
MISUMI Group Inc.		8,200		238,757
Mitsubishi Corp.		43,300		1,196,564
Mitsui & Company Ltd.		48,600		790,370
Posco Daewoo Corp.		2,030		34,416
Rexel S.A.		7,899		143,415
SK Networks Company Ltd.		6,600		40,998
Sumitomo Corp.		32,000		543,986
Toyota Tsusho Corp.		6,800		273,751
Travis Perkins PLC		6,480		137,360
Triton International Ltd.		766		28,687	(a)
				6,410,339
Trucking – 0.0%*
ComfortDelGro Corporation Ltd.		50,000		74,080
DSV A/S		5,711		450,034

	Number of Shares		Fair Value
Localiza Rent a Car S.A.		16,206	$	107,776
Nippon Express Company Ltd.		2,300		152,925
				784,815
Water Utilities – 0.0%*
Aguas Andinas S.A., Class A		77,578		51,392
Beijing Enterprises Water Group Ltd.		130,000		100,610	(a)
Cia de Saneamento Basico do Estado de Sao Paulo		9,700		100,389
Consolidated Water Company Ltd.		301		3,793
Guangdong Investment Ltd.		92,000		123,101
Severn Trent PLC		7,131		208,557
United Utilities Group PLC		18,428		206,782
				794,624
Wireless Telecommunication Services – 0.5%
Advanced Info Service PCL NVDR		29,800		174,649
America Movil SAB de C.V., Class L		983,589		852,104
Axiata Group Bhd		99,282		134,682
Bharti Airtel Ltd.		29,526		245,011
China Mobile Ltd.		177,000		1,794,385
DiGi.Com Bhd		96,300		121,356
Empresa Nacional de Telecomunicaciones S.A.		4,152		46,675
Far EasTone Telecommunications Company Ltd.		32,000		79,036
Global Telecom Holding SAE		1,382		577	(a)
Globe Telecom Inc.		1,235		47,005
Idea Cellular Ltd.		24,304		41,181	(a)
KDDI Corp.		52,100		1,297,066
Maxis Bhd		48,900		72,619
Millicom International Cellular S.A.		1,697		114,826
Mobile TeleSystems PJSC ADR		13,956		142,212
MTN Group Ltd.		50,951		562,189
NTT DOCOMO Inc.		39,100		923,614
PLDT Inc.		1,920		56,923
Rogers Communications Inc., Class B		10,999		562,262
SK Telecom Company Ltd.		72		17,957
SoftBank Group Corp.		23,500		1,860,808
StarHub Ltd.		26,000		55,447
Taiwan Mobile Company Ltd.		43,000		155,334
Tele2 AB, Class B		11,746		144,610
TIM Participacoes S.A.		31,600		124,796
Turkcell Iletisim Hizmetleri AS		31,681		129,344
Vodacom Group Ltd.		9,090		106,965
Vodafone Group PLC		769,402		2,445,900
XL Axiata Tbk PT		93,500		20,399	(a)
				12,329,932
Total Common Stock (Cost $510,475,776)				636,250,049
Preferred Stock – 0.3%
Auto Parts & Equipment – 0.0%*
Schaeffler AG		6,455		114,601
Automobile Manufacturers – 0.1%
Bayerische Motoren Werke AG		1,658		148,603
Hyundai Motor Co.		746		71,077
Hyundai Motor Co.		666		58,292
Porsche Automobil Holding SE		4,233		354,691
Volkswagen AG		5,311		1,061,525
				1,694,188
Commodity Chemicals – 0.0%*
Braskem S.A., Class A		6,100		78,836
FUCHS PETROLUB SE		2,446		129,969
LG Chem Ltd.		274		63,730
				272,535
Diversified Banks – 0.1%
Banco Bradesco S.A.		89,154		909,789
Bancolombia S.A.		12,485		125,164
Grupo Aval Acciones y Valores S.A.		128,800		55,672
Itau Unibanco Holding S.A.		94,297		1,210,445
Itausa - Investimentos Itau S.A.		118,910		387,871
				2,688,941

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

	Number of Shares		Fair Value
Electric Utilities – 0.0%*
Centrais Eletricas Brasileiras S.A., Class B		8,100	$	55,431
Cia Energetica de Minas Gerais		28,508		59,043
				114,474
Fertilizers & Agricultural Chemicals – 0.0%*
Sociedad Quimica y Minera de Chile S.A., Class B		3,310		196,712
General Merchandise Stores – 0.0%*
Lojas Americanas S.A.		26,586		136,653
Household Products – 0.0%*
Henkel AG & Company KGaA		5,073		672,215
Hypermarkets & Super Centers – 0.0%*
Cia Brasileira de Distribuicao		4,800		114,215
Integrated Oil & Gas – 0.0%*
Petroleo Brasileiro S.A.		117,938		572,428	(a)
Integrated Telecommunication Services – 0.0%*
Telefonica Brasil S.A.		11,900		174,423
Multi-Sector Holdings – 0.0%*
Grupo de Inversiones Suramericana S.A.		3,183		41,594
Soft Drinks – 0.0%*
Embotelladora Andina S.A., Class B		7,865		39,271
Steel – 0.0%*
Gerdau S.A.		34,600		129,133
Technology Hardware, Storage & Peripherals – 0.1%
Samsung Electronics Company Ltd.		507		989,800
Total Preferred Stock (Cost $7,611,466)				7,951,183
Rights – 0.0%*
Highways & Railtracks – 0.0%*
Transurban Group		4,712		—	(a,**)
Integrated Oil & Gas – 0.0%*
Repsol S.A.		35,018		15,937	(a)
Total Rights (Cost $16,050)				15,937
Total Foreign Equity (Cost $518,103,292)				644,217,169

		Principal Amount		Fair Value
Bonds and Notes – 29.2%
U.S. Treasuries – 10.2%
U.S. Treasury Bonds
2.25%	08/15/46	$	1,600,000		1,443,296
2.50%	02/15/45 - 05/15/46		4,510,000		4,294,342
2.75%	11/15/42		650,000		654,180
2.88%	08/15/45 - 11/15/46		1,800,000		1,846,614
3.00%	05/15/42 - 05/15/47		14,300,000		15,038,104
3.13%	08/15/44		3,000,000		3,224,310
3.38%	05/15/44		2,900,000		3,254,467
3.63%	08/15/43 - 02/15/44		1,740,000		2,033,136
3.75%	11/15/43		1,400,000		1,668,268
4.38%	02/15/38 - 11/15/39		2,000,000		2,561,085
4.50%	02/15/36		2,000,000		2,575,700
4.63%	02/15/40		500,000		664,905
5.25%	02/15/29		200,000		254,744
5.50%	08/15/28		1,450,000		1,866,078
6.00%	02/15/26		1,827,000		2,315,942
6.38%	08/15/27		200,000		268,366
7.63%	11/15/22 - 02/15/25		500,000		644,987
7.88%	02/15/21		2,000,000		2,356,680
8.75%	05/15/20		3,000,000		3,479,880
U.S. Treasury Notes
1.00%	10/15/19		3,500,000		3,446,520
1.13%	01/31/19 - 09/30/21		8,500,000		8,290,477
1.25%	06/30/19 - 10/31/21		12,500,000		12,281,370
1.38%	02/28/19 - 05/31/21		17,800,000		17,576,999
1.50%	11/30/19 - 08/15/26		10,400,000		10,192,797
1.63%	04/30/19 - 05/15/26		22,240,000		21,782,183

		Principal Amount		Fair Value
1.75%	10/31/20 - 09/30/22	$	11,600,000	$	11,461,680
1.88%	12/15/20 - 09/30/22		20,000,000		19,781,870
2.00%	07/31/20 - 11/15/26		33,844,000		33,480,100
2.13%	08/31/20 - 11/30/23		8,100,000		8,096,025
2.13%	12/31/22		1,500,000		1,494,015	(e)
2.25%	03/31/21 - 08/15/27		18,190,000		18,073,154
2.38%	12/31/20 - 05/15/27		9,000,000		9,042,080
2.50%	05/15/24		2,500,000		2,528,500
2.63%	08/15/20 - 11/15/20		3,885,000		3,954,317
3.13%	05/15/21		4,000,000		4,139,480
3.63%	02/15/21		700,000		734,111
					236,800,762
U.S. Government Sponsored Agency – 0.1%
Tennessee Valley Authority
3.50%	12/15/42		1,000,000		1,070,330
Agency Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp.
2.37%	05/25/22		600,000		598,689
2.60%	10/25/23		112,255		113,000
2.75%	01/25/26		300,000		299,514
2.79%	10/25/20		26,544		26,679
2.87%	12/25/21		800,000		812,758
3.06%	07/25/23		600,000		615,957	(f)
3.30%	04/25/23		100,000		103,866	(f)
3.39%	03/25/24		200,000		208,802
3.49%	01/25/24		300,000		314,657
3.53%	07/25/23		800,000		839,947	(f)
3.97%	01/25/21		200,000		208,865	(f)
4.25%	01/25/20		100,000		103,061
4.33%	10/25/20		450,000		472,102	(f)
5.09%	03/25/19		100,000		102,126
Federal National Mortgage Assoc.
2.78%	06/25/21		374,775		378,923	(f)
					5,198,946
Agency Mortgage Backed – 8.8%
Federal Home Loan Banks
1.25%	01/16/19		1,800,000		1,788,750
1.38%	05/28/19 - 11/15/19		2,020,000		2,001,887
1.50%	10/21/19		1,000,000		992,610
Federal Home Loan Mortgage Corp.
1.13%	08/12/21		1,137,000		1,096,978
1.25%	10/02/19		1,500,000		1,480,530
2.38%	01/13/22		2,100,000		2,116,842
2.50%	07/01/28 - 02/01/32		3,828,839		3,833,438
2.51%	11/25/22		300,000		300,653
3.00%	05/01/30 - 03/01/47		14,718,974		14,829,455
3.50%	03/01/26 - 11/01/47		13,322,910		13,703,513
4.00%	06/01/42 - 08/01/47		6,968,745		7,300,145
4.50%	05/01/42 - 01/01/45		97,758		104,529
5.00%	12/01/22 - 06/01/41		2,200,159		2,354,091
5.50%	01/01/38 - 04/01/39		439,283		484,397
6.00%	06/01/37 - 11/01/37		405,454		452,059
6.25%	07/15/32		250,000		350,348
Federal Home Loan Mortgage Corp. 1.50% + 12 month USD LIBOR
1.74%	06/01/43		155,306		159,575	(f)
Federal Home Loan Mortgage Corp. 1.60% + 12 month USD LIBOR
2.51%	08/01/43		225,984		226,816	(f)
Federal Home Loan Mortgage Corp. 1.65% + 12 month USD LIBOR
2.46%	05/01/43		580,325		582,515	(f)
Federal National Mortgage Assoc.
1.50%	07/30/20		500,000		493,680
1.88%	09/24/26		1,000,000		943,360
2.13%	04/24/26		700,000		677,467
2.50%	02/01/28 - 11/01/31		6,328,490		6,344,804
2.68%	05/25/21		99,265		100,149	(f)
3.00%	01/01/28 - 05/01/47		27,856,015		28,055,365
3.50%	01/01/27 - 11/01/47		28,573,954		29,412,358
4.00%	10/01/41 - 03/01/47		12,209,614		12,797,925
4.50%	11/01/18 - 03/01/46		7,991,068		8,563,290
5.00%	12/01/39 - 06/01/41		2,000,846		2,167,344
5.50%	12/01/35 - 04/01/38		2,840,064		3,142,149
6.00%	03/01/34 - 08/01/37		1,990,387		2,217,780
6.63%	11/15/30		100,000		140,546
Federal National Mortgage Assoc. 1.53% + 12 month USD LIBOR
1.86%	04/01/43		273,749		281,864	(f)
Government National Mortgage Assoc.

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
2.50%	05/20/45	$	286,647	$	280,820
3.00%	10/15/42 - 06/20/47		17,406,601		17,583,804
3.50%	03/20/45 - 05/20/47		18,042,343		18,673,844
4.00%	12/20/40 - 09/20/47		12,119,066		12,697,140
4.50%	05/20/40		1,523,697		1,625,576
5.00%	08/15/41		2,416,771		2,622,216
					202,980,612
Asset Backed – 0.2%
American Express Credit Account Master Trust
1.93%	09/15/22		500,000		497,572
Chase Issuance Trust 2016-A5
1.27%	07/15/21		500,000		492,933
Citibank Credit Card Issuance Trust
1.92%	04/07/22		500,000		496,915
Discover Card Execution Note Trust 2015-A2
1.90%	10/17/22		1,000,000		993,627
Ford Credit Auto Owner Trust 2016-C
1.22%	03/15/21		1,000,000		988,348
Ford Credit Floorplan Master Owner Trust A
2.16%	09/15/22		250,000		248,878
Nissan Auto Receivables 2016-B Owner Trust
1.32%	01/15/21		510,000		506,403
Synchrony Credit Card Master Note Trust 2016-2
2.21%	05/15/24		100,000		99,374
					4,324,050
Corporate Notes – 8.7%
21st Century Fox America Inc.
3.38%	11/15/26		200,000		204,120
4.75%	11/15/46		200,000		230,842
6.65%	11/15/37		279,000		384,127
3M Co.
3.00%	08/07/25		250,000		253,375
Abbott Laboratories
2.55%	03/15/22		230,000		227,948
2.90%	11/30/21		200,000		202,068
3.75%	11/30/26		200,000		205,358
4.75%	11/30/36		200,000		224,484
4.90%	11/30/46		200,000		229,760
AbbVie Inc.
2.30%	05/14/21		200,000		198,632
4.30%	05/14/36		200,000		215,242
4.40%	11/06/42		250,000		268,137
4.50%	05/14/35		70,000		76,839
4.70%	05/14/45		250,000		280,385
Actavis Inc.
3.25%	10/01/22		500,000		502,155
Adobe Systems Inc.
3.25%	02/01/25		70,000		71,831
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%	02/01/22		500,000		515,500
Aetna Inc.
2.75%	11/15/22		500,000		495,020
Aflac Inc.
3.63%	11/15/24		250,000		261,355
Agrium Inc.
6.75%	01/15/19		300,000		312,747
Air Lease Corp.
3.88%	04/01/21		200,000		207,042
Alabama Power Co.
3.70%	12/01/47		100,000		101,966
Alexandria Real Estate Equities Inc.
3.45%	04/30/25		100,000		99,687
Alibaba Group Holding Ltd.
3.13%	11/28/21		200,000		203,170
4.20%	12/06/47		60,000		62,423
Allergan Funding SCS
4.75%	03/15/45		350,000		373,237
Alphabet Inc.
3.38%	02/25/24		225,000		235,343
Altria Group Inc.
2.63%	09/16/26		200,000		193,602
4.25%	08/09/42		413,000		432,328
5.38%	01/31/44		70,000		85,028
Amazon.com Inc.
1.90%	08/21/20		100,000		99,248	(d)
3.15%	08/22/27		100,000		100,428	(d)

		Principal Amount		Fair Value
3.88%	08/22/37	$	100,000	$	106,149	(d)
4.25%	08/22/57		100,000		109,414	(d)
4.80%	12/05/34		250,000		292,642
America Movil SAB de C.V.
3.13%	07/16/22		500,000		506,465
American Campus Communities Operating Partnership LP
3.63%	11/15/27		30,000		29,780
American Electric Power Company Inc.
3.20%	11/13/27		100,000		99,398
American Express Co.
2.20%	10/30/20		220,000		218,319
3.00%	10/30/24		200,000		199,380
3.63%	12/05/24		250,000		257,455
American Express Credit Corp.
1.88%	05/03/19		200,000		199,176
American Financial Group Inc.
3.50%	08/15/26		65,000		64,564
American Honda Finance Corp.
2.15%	03/13/20		200,000		199,532
2.60%	11/16/22		100,000		100,052
American International Group Inc.
4.50%	07/16/44		250,000		270,633
4.88%	06/01/22		500,000		543,480
American Tower Corp. (REIT)
3.50%	01/31/23		500,000		510,305
AmerisourceBergen Corp.
3.45%	12/15/27		100,000		99,116
Amgen Inc.
3.20%	11/02/27		200,000		199,894
4.66%	06/15/51		455,000		508,854
Anadarko Petroleum Corp.
6.20%	03/15/40		442,000		533,644
Analog Devices Inc.
2.50%	12/05/21		200,000		198,582
3.50%	12/05/26		200,000		202,386
Andeavor
3.80%	04/01/28		30,000		30,140
4.50%	04/01/48		25,000		25,335
4.75%	12/15/23		50,000		53,710	(d)
5.13%	12/15/26		50,000		54,738	(d)
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
4.25%	12/01/27		35,000		35,325
Anheuser-Busch InBev Finance Inc.
2.15%	02/01/19		200,000		200,100
2.65%	02/01/21		200,000		201,172
3.65%	02/01/26		200,000		206,360
3.70%	02/01/24		500,000		523,045
4.90%	02/01/46		420,000		486,725
Anheuser-Busch InBev Worldwide Inc.
2.50%	07/15/22		892,000		885,310
7.75%	01/15/19		200,000		211,160
Anthem Inc.
3.30%	01/15/23		500,000		507,385
3.70%	08/15/21		237,000		244,290
4.38%	12/01/47		65,000		69,145
Apache Corp.
5.10%	09/01/40		250,000		268,510
Apple Inc.
1.10%	08/02/19		250,000		246,422
1.70%	02/22/19		200,000		199,440
1.80%	11/13/19		50,000		49,795
2.00%	11/13/20		50,000		49,682
2.25%	02/23/21		200,000		199,668
2.40%	01/13/23		50,000		49,610
2.50%	02/09/22		300,000		300,357
2.75%	01/13/25		50,000		49,592
3.00%	11/13/27		100,000		99,553
3.25%	02/23/26		160,000		163,226
3.75%	11/13/47		50,000		51,406
4.38%	05/13/45		465,000		523,953
4.50%	02/23/36		300,000		343,797
4.65%	02/23/46		185,000		216,563
Applied Materials Inc.
3.90%	10/01/25		160,000		169,886
Arch Capital Finance LLC
4.01%	12/15/26		100,000		104,168

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
5.03%	12/15/46	$	200,000	$	232,154
Archer-Daniels-Midland Co.
4.02%	04/16/43		370,000		390,480
Arrow Electronics Inc.
4.00%	04/01/25		40,000		40,732
Ascension Health
3.95%	11/15/46		25,000		26,285
Asian Development Bank
1.38%	01/15/19		800,000		795,552
1.75%	01/10/20		200,000		198,950
2.13%	03/19/25		500,000		487,360
AstraZeneca PLC
6.45%	09/15/37		250,000		339,728
AT&T Inc.
2.30%	03/11/19		200,000		200,108
3.90%	08/14/27		200,000		201,122
4.10%	02/15/28		406,000		407,210	(d)
4.30%	02/15/30		520,000		520,525	(d)
4.35%	06/15/45		450,000		415,633
4.50%	05/15/35 - 03/09/48		395,000		375,082
4.75%	05/15/46		250,000		244,550
4.90%	08/14/37		200,000		202,346
5.15%	03/15/42		250,000		258,703
5.55%	08/15/41		454,000		492,926
Australia & New Zealand Banking Group Ltd.
2.05%	09/23/19		200,000		199,194
3.70%	11/16/25		250,000		262,370
AutoNation Inc.
3.80%	11/15/27		50,000		49,538
AvalonBay Communities Inc.
3.20%	01/15/28		40,000		39,841
3.45%	06/01/25		115,000		117,676
AXA S.A.
8.60%	12/15/30		100,000		144,043
Baker Hughes a GE Company LLC/Baker Hughes Co-Obligor Inc.
2.77%	12/15/22		50,000		49,994	(d)
3.34%	12/15/27		50,000		49,975	(d)
4.08%	12/15/47		50,000		51,052	(d)
Banco Santander S.A.
3.13%	02/23/23		200,000		198,904
3.80%	02/23/28		200,000		200,312
4.25%	04/11/27		300,000		311,565
Bank of America Corp.
2.15%	11/09/20		200,000		199,612
3.50%	04/19/26		145,000		148,396
3.88%	08/01/25		250,000		263,148
3.95%	04/21/25		155,000		160,219
4.00%	04/01/24		350,000		369,659
4.13%	01/22/24		500,000		531,815
4.18%	11/25/27		200,000		208,766
6.11%	01/29/37		250,000		319,495
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42%	12/20/28		1,207,000		1,205,431	(d,f)
Bank of Montreal
2.10%	12/12/19		200,000		199,338
Barclays PLC
3.65%	03/16/25		500,000		500,450
4.84%	05/09/28		200,000		207,942
BAT Capital Corp.
2.30%	08/14/20		100,000		99,422	(d)
2.76%	08/15/22		100,000		99,332	(d)
3.22%	08/15/24		100,000		99,919	(d)
3.56%	08/15/27		100,000		100,100	(d)
4.39%	08/15/37		100,000		104,935	(d)
Baxalta Inc.
4.00%	06/23/25		100,000		103,357
Baxter International Inc.
2.60%	08/15/26		230,000		219,558
BB&T Corp.
2.15%	02/01/21		200,000		198,058
2.85%	10/26/24		150,000		149,202
Becton Dickinson and Co.
3.70%	06/06/27		200,000		201,448
3.73%	12/15/24		50,000		51,111

		Principal Amount		Fair Value
Bed Bath & Beyond Inc.
3.75%	08/01/24	$	150,000	$	149,328
Berkshire Hathaway Energy Co.
6.13%	04/01/36		494,000		662,508
Berkshire Hathaway Finance Corp.
1.30%	08/15/19		350,000		345,824
3.00%	05/15/22		200,000		204,434
Biogen Inc.
4.05%	09/15/25		80,000		84,713
5.20%	09/15/45		150,000		178,336
Boeing Capital Corp.
4.70%	10/27/19		250,000		261,288
Boston Properties LP (REIT)
3.85%	02/01/23		250,000		260,832
Boston Scientific Corp.
4.13%	10/01/23		100,000		104,834
BP Capital Markets PLC
2.32%	02/13/20		250,000		250,827
2.50%	11/06/22		500,000		497,510
2.52%	01/15/20		115,000		115,795
3.06%	03/17/22		210,000		214,700
3.22%	11/28/23		200,000		204,572
BPCE S.A.
4.00%	04/15/24		250,000		264,730
Branch Banking & Trust Co.
2.10%	01/15/20		100,000		99,688
2.63%	01/15/22		100,000		100,236
Bristol-Myers Squibb Co.
2.00%	08/01/22		500,000		489,525
British Telecommunications PLC
9.13%	12/15/30		250,000		372,977
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%	01/15/20		400,000		397,244	(d)
2.65%	01/15/23		100,000		96,356	(d)
3.00%	01/15/22		100,000		99,136	(d)
3.13%	01/15/25		100,000		95,621	(d)
3.50%	01/15/28		100,000		95,425	(d)
Broadridge Financial Solutions Inc.
3.40%	06/27/26		80,000		79,175
Buckeye Partners LP
4.15%	07/01/23		250,000		257,337
Burlington Northern Santa Fe LLC
5.75%	05/01/40		500,000		649,995
Canadian Imperial Bank of Commerce
2.10%	10/05/20		100,000		99,148
Canadian National Railway Co.
2.95%	11/21/24		305,000		308,203
Canadian Natural Resources Ltd.
3.80%	04/15/24		250,000		257,385
3.85%	06/01/27		100,000		101,956
3.90%	02/01/25		250,000		257,397
Canadian Pacific Railway Co.
2.90%	02/01/25		250,000		247,855
Capital One Bank USA NA
2.30%	06/05/19		250,000		249,685
Capital One Financial Corp.
2.50%	05/12/20		200,000		199,854
3.75%	07/28/26 - 03/09/27		430,000		430,940
4.20%	10/29/25		90,000		92,591
Cardinal Health Inc.
3.20%	03/15/23		500,000		500,540
Caterpillar Financial Services Corp.
2.00%	11/29/19		25,000		24,921
2.10%	01/10/20		100,000		99,772
2.55%	11/29/22		50,000		49,767
3.25%	12/01/24		350,000		358,795
CBL & Associates LP
5.95%	12/15/26		200,000		186,238
CBS Corp.
3.38%	03/01/22		250,000		254,005
4.00%	01/15/26		250,000		255,572
Celgene Corp.
2.75%	02/15/23		50,000		49,545
3.45%	11/15/27		50,000		50,022
4.35%	11/15/47		50,000		52,080
5.00%	08/15/45		150,000		170,613

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal		Fair
		Amount		Value
5.25%	08/15/43	$	220,000	$	254,025
Celulosa Arauco y Constitucion S.A.
3.88%	11/02/27		200,000		198,374	(d)
Cenovus Energy Inc.
3.00%	08/15/22		35,000		34,694
4.25%	04/15/27		200,000		199,380
4.45%	09/15/42		75,000		69,747
5.70%	10/15/19		50,000		52,531
CenterPoint Energy Houston Electric LLC
4.50%	04/01/44		250,000		290,857
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%	07/23/20		200,000		203,100
4.46%	07/23/22		200,000		208,968
4.91%	07/23/25		235,000		249,615
6.48%	10/23/45		250,000		292,810
Chevron Corp.
2.19%	11/15/19		55,000		55,112
2.41%	03/03/22		145,000		144,851
2.43%	06/24/20		75,000		75,392
2.90%	03/03/24		300,000		302,676
2.95%	05/16/26		100,000		99,923
Chubb INA Holdings Inc.
2.70%	03/13/23		250,000		249,630
4.35%	11/03/45		200,000		225,796
Cintas Corporation No. 2
3.70%	04/01/27		200,000		208,094
Cisco Systems Inc.
2.13%	03/01/19		200,000		200,268
2.90%	03/04/21		125,000		127,161
5.90%	02/15/39		500,000		682,820
Citibank NA
2.13%	10/20/20		200,000		198,102
Citigroup Inc.
2.45%	01/10/20		100,000		100,046
2.65%	10/26/20		750,000		752,153
2.70%	10/27/22		100,000		99,066
2.90%	12/08/21		200,000		201,042
3.88%	03/26/25		250,000		255,795
4.30%	11/20/26		200,000		209,128
4.45%	09/29/27		250,000		264,050
4.75%	05/18/46		200,000		221,280
5.88%	01/30/42		272,000		358,265
6.13%	08/25/36		255,000		320,599
Citigroup Inc. (3.52% fixed rate until 10/27/27; 1.15% + 3 month USD LIBOR thereafter)
3.52%	10/27/28		200,000		200,400	(f)
Citizens Bank NA
2.25%	10/30/20		250,000		247,995
CME Group Inc.
3.00%	03/15/25		250,000		253,685
CNA Financial Corp.
5.88%	08/15/20		581,000		625,679
CNH Industrial Capital LLC
3.38%	07/15/19		15,000		15,147
3.88%	10/15/21		15,000		15,278
4.38%	11/06/20 - 04/05/22		35,000		36,281
4.88%	04/01/21		15,000		15,751
CNH Industrial N.V.
3.85%	11/15/27		15,000		14,947
Colgate-Palmolive Co.
3.25%	03/15/24		250,000		257,652
Comcast Corp.
3.15%	02/15/28		200,000		200,692
3.97%	11/01/47		100,000		102,820
4.00%	08/15/47 - 11/01/49		300,000		311,205
4.05%	11/01/52		100,000		102,379
4.25%	01/15/33		500,000		541,865
5.15%	03/01/20		300,000		318,342
Commonwealth Bank of Australia
2.30%	09/06/19		350,000		350,059
Commonwealth Edison Co.
4.60%	08/15/43		250,000		289,378
4.70%	01/15/44		175,000		206,080
Compass Bank
3.88%	04/10/25		250,000		250,477

		Principal		Fair
		Amount		Value
ConocoPhillips
6.50%	02/01/39	$	500,000	$	697,530
Consolidated Edison Company of New York Inc.
3.88%	06/15/47		200,000		209,788
3.95%	03/01/43		250,000		263,750
Constellation Brands Inc.
3.50%	05/09/27		100,000		101,328
3.88%	11/15/19		15,000		15,406
4.75%	11/15/24		200,000		219,088
6.00%	05/01/22		220,000		246,008
Cooperatieve Rabobank UA
2.25%	01/14/19		250,000		250,305
2.50%	01/19/21		250,000		250,883
2.75%	01/10/22		100,000		100,804
3.95%	11/09/22		500,000		521,265
4.63%	12/01/23		250,000		267,733
Corning Inc.
2.90%	05/15/22		255,000		256,058
Corporation Andina de Fomento
2.13%	09/27/21		300,000		293,901
4.38%	06/15/22		250,000		266,365
Costco Wholesale Corp.
2.25%	02/15/22		85,000		84,442
3.00%	05/18/27		100,000		100,143
Credit Suisse AG
2.30%	05/28/19		350,000		350,350
3.63%	09/09/24		250,000		258,568
5.30%	08/13/19		500,000		523,835
Credit Suisse Group Funding Guernsey Ltd.
4.88%	05/15/45		250,000		287,680
CSX Corp.
2.60%	11/01/26		200,000		191,042
4.10%	03/15/44		318,000		331,229
CVS Health Corp.
2.75%	12/01/22		500,000		492,355
3.38%	08/12/24		250,000		251,600
Deere & Co.
3.90%	06/09/42		171,000		184,952
Dell International LLC/EMC Corp.
3.48%	06/01/19		200,000		202,474	(d)
6.02%	06/15/26		190,000		209,393	(d)
8.10%	07/15/36		200,000		252,538	(d)
Delmarva Power & Light Co.
4.15%	05/15/45		200,000		218,152
Delphi Corp.
4.15%	03/15/24		150,000		158,655
Delta Air Lines Inc.
2.60%	12/04/20		45,000		44,801
Deutsche Bank AG
2.95%	08/20/20		250,000		250,430
3.30%	11/16/22		100,000		99,590
3.38%	05/12/21		250,000		252,250
Deutsche Telekom International Finance BV
8.75%	06/15/30		250,000		373,905
Devon Energy Corp.
3.25%	05/15/22		500,000		508,805
5.00%	06/15/45		100,000		111,892
Diageo Investment Corp.
2.88%	05/11/22		500,000		506,960
Discover Bank
4.20%	08/08/23		350,000		367,490
Discovery Communications LLC
3.25%	04/01/23		325,000		324,490
3.45%	03/15/25		135,000		132,782
Dominion Energy Inc.
2.58%	07/01/20		100,000		99,972
Dr Pepper Snapple Group Inc.
3.13%	12/15/23		200,000		202,118
3.43%	06/15/27		200,000		200,398
DTE Electric Co.
3.70%	03/15/45		145,000		149,427
DTE Energy Co.
3.85%	12/01/23		250,000		260,278
Duke Energy Carolinas LLC
3.70%	12/01/47		50,000		51,374

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
Duke Energy Corp.
3.05%	08/15/22	$	539,000	$	544,800
Duke Energy Florida LLC
2.10%	12/15/19		20,000		19,977
3.20%	01/15/27		300,000		303,306
3.40%	10/01/46		400,000		388,348
Duke Realty LP
3.38%	12/15/27		50,000		50,175
Eaton Vance Corp.
3.50%	04/06/27		300,000		307,029
eBay Inc.
3.80%	03/09/22		145,000		150,498
Ecolab Inc.
2.38%	08/10/22		100,000		98,807
3.25%	12/01/27		70,000		69,910	(d)
Ecopetrol S.A.
4.13%	01/16/25		250,000		252,262
7.63%	07/23/19		345,000		370,095
EI du Pont de Nemours & Co.
2.20%	05/01/20		100,000		99,866
Eli Lilly & Co.
2.75%	06/01/25		45,000		45,169
Emera US Finance LP
3.55%	06/15/26		60,000		60,153
Emerson Electric Co.
2.63%	02/15/23		500,000		497,145
Enbridge Energy Partners LP
5.88%	10/15/25		125,000		141,694
Enbridge Inc.
3.50%	06/10/24		65,000		65,684
Energy Transfer LP
6.50%	02/01/42		250,000		282,420
EnLink Midstream Partners LP
5.60%	04/01/44		150,000		157,805
Entergy Louisiana LLC
4.05%	09/01/23		250,000		264,832
Enterprise Products Operating LLC
3.70%	02/15/26		35,000		35,840
3.90%	02/15/24		175,000		182,207
4.45%	02/15/43		442,000		458,836
EOG Resources Inc.
2.45%	04/01/20		175,000		175,396
3.15%	04/01/25		80,000		79,891
EQT Corp.
3.90%	10/01/27		150,000		149,490
ERP Operating LP (REIT)
3.00%	04/15/23		250,000		252,807
Essex Portfolio LP
3.63%	05/01/27		300,000		301,662
European Bank for Reconstruction & Development
1.13%	08/24/20		200,000		194,944
1.63%	05/05/20		400,000		395,948
European Investment Bank
1.25%	05/15/19		300,000		297,108
1.38%	09/15/21		500,000		484,045
1.63%	12/15/20		1,000,000		984,910
2.00%	12/15/22		200,000		196,368
3.25%	01/29/24		1,000,000		1,043,610
Eversource Energy
2.90%	10/01/24		100,000		99,205
3.15%	01/15/25		125,000		125,466
Exelon Generation Company LLC
2.95%	01/15/20		250,000		252,647
Export-Import Bank of Korea
2.38%	08/12/19		500,000		497,865
Express Scripts Holding Co.
4.75%	11/15/21		474,000		504,142
Exxon Mobil Corp.
1.71%	03/01/19		200,000		199,452
2.71%	03/06/25		250,000		249,228
3.04%	03/01/26		50,000		50,749
3.18%	03/15/24		250,000		257,747
FedEx Corp.
4.75%	11/15/45		195,000		218,889
Fibria Overseas Finance Ltd.
4.00%	01/14/25		50,000		49,512

		Principal Amount		Fair Value
Fifth Third Bank
2.20%	10/30/20	$	200,000	$	198,674
2.88%	10/01/21		230,000		232,259
FirstEnergy Corp.
4.25%	03/15/23		30,000		31,608
7.38%	11/15/31		55,000		74,249
Florida Power & Light Co.
4.13%	02/01/42		500,000		551,435
FMS Wertmanagement AoeR
1.75%	01/24/20		200,000		198,754
2.00%	08/01/22		200,000		197,046
Ford Motor Co.
4.35%	12/08/26		200,000		208,924
4.75%	01/15/43		250,000		254,057
5.29%	12/08/46		300,000		326,409
Ford Motor Credit Company LLC
2.46%	03/27/20		250,000		249,185
2.60%	11/04/19		250,000		250,150
2.68%	01/09/20		100,000		100,204
3.22%	01/09/22		250,000		251,727
GATX Corp.
3.50%	03/15/28		100,000		98,709
GE Capital International Funding Company Unlimited Co.
2.34%	11/15/20		500,000		497,500
General Electric Co.
5.50%	01/08/20		500,000		530,905
6.75%	03/15/32		500,000		680,915
General Mills Inc.
3.65%	02/15/24		250,000		262,205
General Motors Co.
5.20%	04/01/45		250,000		264,002
General Motors Financial Company Inc.
2.45%	11/06/20		100,000		99,217
3.15%	01/15/20		150,000		151,589
3.45%	01/14/22		100,000		101,314
3.50%	11/07/24		100,000		99,811
3.70%	05/09/23		200,000		204,008
4.35%	01/17/27		100,000		104,031
4.38%	09/25/21		100,000		104,974
5.25%	03/01/26		155,000		170,178
Georgia Power Co.
4.30%	03/15/42		472,000		505,790
Georgia-Pacific LLC
8.88%	05/15/31		150,000		231,123
Gilead Sciences Inc.
3.70%	04/01/24		500,000		522,725
4.80%	04/01/44		250,000		289,675
Great Plains Energy Inc.
4.85%	06/01/21		504,000		531,135
Halliburton Co.
3.50%	08/01/23		400,000		412,012
Harris Corp.
3.83%	04/27/25		250,000		259,110
4.85%	04/27/35		40,000		44,856
HCP Inc. (REIT)
2.63%	02/01/20		500,000		501,865
Hewlett Packard Enterprise Co.
6.35%	10/15/45		250,000		266,585
Honeywell International Inc.
3.35%	12/01/23		300,000		312,687
Hospitality Properties Trust
4.65%	03/15/24		250,000		263,188
HP Inc.
6.00%	09/15/41		262,000		282,462
HSBC Bank USA NA
5.88%	11/01/34		500,000		643,075
HSBC Finance Corp.
6.68%	01/15/21		73,000		81,163
HSBC Holdings PLC
3.90%	05/25/26		250,000		258,907
5.10%	04/05/21		1,000,000		1,074,480
HSBC USA Inc.
2.38%	11/13/19		350,000		350,515
Humana Inc.
2.50%	12/15/20		50,000		50,001
2.90%	12/15/22		100,000		100,032

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
Huntington Bancshares Inc.
3.15%	03/14/21	$	250,000	$	254,002
Husky Energy Inc.
4.00%	04/15/24		100,000		104,132
Illinois Tool Works Inc.
2.65%	11/15/26		200,000		195,274
3.50%	03/01/24		250,000		261,460
ING Groep N.V.
3.95%	03/29/27		200,000		209,034
Ingersoll-Rand Global Holding Company Ltd.
4.25%	06/15/23		200,000		213,074
Intel Corp.
2.60%	05/19/26		250,000		244,352
4.10%	05/11/47		100,000		110,471
Inter-American Development Bank
1.00%	05/13/19		800,000		789,696
1.25%	09/14/21		400,000		385,888
2.13%	01/15/25		500,000		488,615
2.38%	07/07/27		200,000		196,626
3.00%	02/21/24		500,000		514,720
International Bank for Reconstruction & Development
0.88%	08/15/19		500,000		491,150
1.63%	09/04/20		400,000		395,044
1.88%	04/21/20		500,000		498,000
2.00%	01/26/22		500,000		494,620
2.25%	06/24/21		500,000		500,555
2.50%	07/29/25		500,000		498,885
International Business Machines Corp.
2.50%	01/27/22		300,000		300,501
4.00%	06/20/42		500,000		530,870
International Finance Corp.
2.00%	10/24/22		200,000		197,052
2.13%	04/07/26		300,000		290,736
International Paper Co.
3.65%	06/15/24		500,000		517,600
Intesa Sanpaolo S.p.A.
3.88%	01/15/19		200,000		202,756
Invesco Finance PLC
3.13%	11/30/22		500,000		505,225
Jabil Inc.
4.70%	09/15/22		223,000		234,788
Jefferies Group LLC
5.13%	01/20/23		250,000		270,365
Johnson & Johnson
1.95%	11/10/20		15,000		14,947
2.45%	12/05/21 - 03/01/26		425,000		425,932
2.90%	01/15/28		50,000		50,074
3.40%	01/15/38		25,000		25,614
3.50%	01/15/48		30,000		30,761
4.38%	12/05/33		250,000		286,800
Johnson Controls International PLC
3.63%	07/02/24		80,000		82,916	(g)
JPMorgan Chase & Co.
2.25%	01/23/20		250,000		249,818
2.75%	06/23/20		250,000		252,183
2.97%	01/15/23		200,000		201,324
3.13%	01/23/25		250,000		251,157
3.25%	09/23/22		436,000		445,801
3.38%	05/01/23		250,000		254,095
4.50%	01/24/22		703,000		752,168
6.30%	04/23/19		600,000		631,704
6.40%	05/15/38		500,000		688,380
Kaiser Foundation Hospitals
4.15%	05/01/47		100,000		107,958
Kansas City Power & Light Co.
4.20%	06/15/47		200,000		211,948
Kellogg Co.
2.65%	12/01/23		200,000		198,970
KeyCorp
2.90%	09/15/20		125,000		126,230
Kilroy Realty LP
3.45%	12/15/24		50,000		49,777
Kimberly-Clark Corp.
1.90%	05/22/19		220,000		219,252
3.20%	07/30/46		125,000		116,978
Kinder Morgan Energy Partners LP

		Principal Amount		Fair Value
2.65%	02/01/19	$	440,000	$	440,950
5.00%	08/15/42		442,000		448,431
Kinder Morgan Inc.
4.30%	06/01/25		115,000		119,584
5.05%	02/15/46		150,000		155,204
5.30%	12/01/34		300,000		319,677
KLA-Tencor Corp.
4.65%	11/01/24		215,000		233,206
Koninklijke Philips N.V.
3.75%	03/15/22		250,000		260,193
Kraft Heinz Foods Co.
5.00%	06/04/42		300,000		321,936
5.20%	07/15/45		150,000		165,039
Kreditanstalt fuer Wiederaufbau
1.50%	02/06/19 - 06/15/21		1,000,000		984,090
1.63%	05/29/20		300,000		296,658
1.75%	03/31/20 - 09/15/21		700,000		691,709
1.88%	12/15/20		150,000		148,761
2.00%	09/29/22 - 05/02/25		950,000		929,950
2.13%	03/07/22 - 06/15/22		600,000		595,272
L3 Technologies Inc.
3.85%	12/15/26		200,000		205,814
5.20%	10/15/19		300,000		314,256
Laboratory Corporation of America Holdings
4.00%	11/01/23		200,000		206,868
Lam Research Corp.
3.80%	03/15/25		115,000		119,484
Landwirtschaftliche Rentenbank
2.50%	11/15/27		200,000		198,252
Leggett & Platt Inc.
3.50%	11/15/27		50,000		49,572
Lincoln National Corp.
3.63%	12/12/26		200,000		204,340
4.20%	03/15/22		317,000		333,947
Lloyds Bank PLC
2.70%	08/17/20		250,000		251,247
Lloyds Banking Group PLC
3.00%	01/11/22		100,000		100,473
4.65%	03/24/26		250,000		264,035
Lockheed Martin Corp.
3.60%	03/01/35		55,000		55,402
4.25%	11/15/19		300,000		311,178
4.70%	05/15/46		250,000		291,985
Loews Corp.
2.63%	05/15/23		400,000		395,320
Lowe’s Companies Inc.
2.50%	04/15/26		230,000		221,375
3.12%	04/15/22		500,000		511,545
3.38%	09/15/25		30,000		30,918
4.05%	05/03/47		100,000		106,487
LYB International Finance II BV
3.50%	03/02/27		100,000		100,435
LyondellBasell Industries N.V.
6.00%	11/15/21		250,000		277,705
Macy’s Retail Holdings Inc.
3.88%	01/15/22		500,000		503,420
Markel Corp.
3.50%	11/01/27		50,000		49,536
Martin Marietta Materials Inc.
3.50%	12/15/27		50,000		49,683
Masco Corp.
3.50%	04/01/21		60,000		60,825
4.38%	04/01/26		40,000		42,157
Mastercard Inc.
2.00%	11/21/21		200,000		197,180
2.95%	11/21/26		200,000		199,990
McDonald’s Corp.
1.88%	05/29/19		500,000		498,105
3.70%	02/15/42		250,000		243,957
McKesson Corp.
3.80%	03/15/24		250,000		259,082
Mead Johnson Nutrition Co.
4.13%	11/15/25		110,000		117,252
Medtronic Inc.
3.63%	03/15/24		200,000		209,390
4.50%	03/15/42		250,000		278,983

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
4.63%	03/15/44 - 03/15/45	$	400,000	$	460,911
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		395,000		417,515
Merck & Company Inc.
2.40%	09/15/22		878,000		874,734
2.75%	02/10/25		70,000		69,787
MetLife Inc.
4.13%	08/13/42		250,000		264,533
6.50%	12/15/32		250,000		328,180
Microsoft Corp.
1.10%	08/08/19		200,000		197,328
1.55%	08/08/21		300,000		292,185
2.40%	02/06/22 - 08/08/26		500,000		492,786
2.88%	02/06/24		300,000		304,335
3.45%	08/08/36		200,000		206,070
3.50%	02/12/35		65,000		67,592
3.75%	05/01/43		300,000		314,703
4.45%	11/03/45		425,000		498,074
Mitsubishi UFJ Financial Group Inc.
2.76%	09/13/26		250,000		239,235
Molson Coors Brewing Co.
3.00%	07/15/26		95,000		92,958
Monsanto Co.
3.95%	04/15/45		150,000		146,985
4.20%	07/15/34		70,000		72,891
Moody’s Corp.
4.88%	02/15/24		250,000		274,438
Morgan Stanley
2.38%	07/23/19		350,000		350,199
2.63%	11/17/21		200,000		199,020
2.80%	06/16/20		230,000		231,955
3.13%	07/27/26		250,000		246,278
3.95%	04/23/27		250,000		254,512
4.00%	07/23/25		95,000		99,485
4.10%	05/22/23		250,000		260,788
4.35%	09/08/26		250,000		262,473
4.88%	11/01/22		250,000		269,682
5.50%	07/28/21		398,000		435,746
Motorola Solutions Inc.
3.50%	09/01/21		250,000		254,860
MUFG Americas Holdings Corp.
3.00%	02/10/25		250,000		246,707
National Australia Bank Ltd.
2.13%	05/22/20		250,000		248,522
2.25%	01/10/20		100,000		99,869
2.80%	01/10/22		100,000		100,499
National Retail Properties Inc.
3.60%	12/15/26		200,000		197,764
NetApp Inc.
3.38%	06/15/21		210,000		213,774
Newmont Mining Corp.
3.50%	03/15/22		250,000		255,080
Nexen Energy ULC
6.40%	05/15/37		500,000		654,165
NIKE Inc.
2.38%	11/01/26		250,000		237,965
NiSource Finance Corp.
2.65%	11/17/22		40,000		39,715
4.38%	05/15/47		100,000		109,532
Norfolk Southern Corp.
3.94%	11/01/47		160,000		164,915	(d)
Northrop Grumman Corp.
2.08%	10/15/20		160,000		158,686
2.55%	10/15/22		100,000		99,247
2.93%	01/15/25		150,000		148,983
3.25%	01/15/28		165,000		165,282
4.03%	10/15/47		175,000		182,649
Northwestern University
3.66%	12/01/57		10,000		10,145
Novartis Capital Corp.
2.40%	09/21/22		552,000		549,461
3.00%	11/20/25		250,000		252,605
NSTAR Electric Co.
3.20%	05/15/27		100,000		101,045
Occidental Petroleum Corp.
3.00%	02/15/27		200,000		198,732

		Principal Amount		Fair Value
3.40%	04/15/26	$	140,000	$	143,636
4.10%	02/15/47		200,000		212,158
Oesterreichische Kontrollbank AG
1.13%	04/26/19		200,000		197,650
1.75%	01/24/20		200,000		198,646
Omega Healthcare Investors Inc.
4.50%	04/01/27		200,000		195,676
Omnicom Group Inc.
3.63%	05/01/22		500,000		516,910
ONEOK Partners LP
6.13%	02/01/41		312,000		363,087
Oracle Corp.
1.90%	09/15/21		200,000		196,698
2.25%	10/08/19		250,000		251,010
2.65%	07/15/26		300,000		292,104
3.25%	05/15/30		250,000		253,137
3.63%	07/15/23		125,000		131,545
4.00%	07/15/46		200,000		212,826
4.30%	07/08/34		500,000		556,375
Orange S.A.
9.00%	03/01/31		250,000		377,095
Owens Corning
4.20%	12/15/22		250,000		262,213
PACCAR Financial Corp.
2.05%	11/13/20		50,000		49,683
Pacific Gas & Electric Co.
6.05%	03/01/34		611,000		770,508
PacifiCorp
6.25%	10/15/37		153,000		210,090
Packaging Corporation of America
2.45%	12/15/20		70,000		70,093
3.40%	12/15/27		35,000		35,168
Parker-Hannifin Corp.
4.20%	11/21/34		350,000		379,718
Pepsi-Cola Metropolitan Bottling Company Inc.
7.00%	03/01/29		150,000		202,150
PepsiCo Inc.
1.85%	04/30/20		250,000		248,235
2.00%	04/15/21		100,000		99,049
2.75%	03/01/23		250,000		252,252
3.00%	10/15/27		100,000		99,622
4.45%	04/14/46		250,000		283,925
Petroleos Mexicanos
4.50%	01/23/26		100,000		99,849
5.38%	03/13/22		300,000		318,579	(d)
5.50%	01/21/21 - 06/27/44		558,000		585,618
6.38%	01/23/45		250,000		252,383
6.50%	03/13/27		400,000		438,462	(d)
6.50%	06/02/41		167,000		172,631
6.75%	09/21/47		113,000		118,349
6.88%	08/04/26		250,000		283,208
Pfizer Inc.
1.70%	12/15/19		200,000		198,804
2.20%	12/15/21		200,000		198,934
3.00%	12/15/26		200,000		201,364
4.00%	12/15/36		100,000		109,792
4.13%	12/15/46		200,000		221,518
4.30%	06/15/43		350,000		391,304
Philip Morris International Inc.
2.00%	02/21/20		300,000		298,086
3.13%	03/02/28		50,000		49,817
3.88%	08/21/42		442,000		441,231
Phillips 66 Partners LP
3.75%	03/01/28		10,000		9,991
4.68%	02/15/45		10,000		10,252
Pinnacle West Capital Corp.
2.25%	11/30/20		45,000		44,788
Plains All American Pipeline LP/PAA Finance Corp.
3.85%	10/15/23		500,000		498,090
4.50%	12/15/26		200,000		203,378
PNC Bank NA
2.00%	05/19/20		200,000		198,250
2.55%	12/09/21		250,000		249,967
2.95%	02/23/25		400,000		399,136
3.10%	10/25/27		200,000		199,612
Potash Corporation of Saskatchewan Inc.

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
3.63%	03/15/24	$	250,000	$	256,142
4.00%	12/15/26		200,000		207,892
PPL Capital Funding Inc.
3.40%	06/01/23		500,000		509,900
President & Fellows of Harvard College
3.15%	07/15/46		50,000		48,833
Principal Financial Group Inc.
3.40%	05/15/25		250,000		253,808
Prologis LP (REIT)
4.25%	08/15/23		250,000		267,947
Prudential Financial Inc.
3.94%	12/07/49		290,000		296,406	(d)
7.38%	06/15/19		350,000		375,756
Public Service Electric & Gas Co.
2.38%	05/15/23		500,000		491,780
Puget Energy Inc.
3.65%	05/15/25		300,000		307,449
QUALCOMM Inc.
1.85%	05/20/19		200,000		199,176
4.30%	05/20/47		100,000		100,839
4.65%	05/20/35		150,000		161,748
Quest Diagnostics Inc.
3.50%	03/30/25		150,000		151,941
4.25%	04/01/24		250,000		265,058
Raytheon Co.
3.15%	12/15/24		90,000		91,918
Realty Income Corp. (REIT)
4.65%	08/01/23		500,000		538,160
Republic Services Inc.
5.50%	09/15/19		300,000		315,582
Reynolds American Inc.
4.45%	06/12/25		300,000		319,899
Rio Tinto Finance USA Ltd.
5.20%	11/02/40		450,000		551,956
Rogers Communications Inc.
2.90%	11/15/26		200,000		193,696
3.00%	03/15/23		250,000		249,085
3.63%	12/15/25		60,000		61,341
Roper Technologies Inc.
3.80%	12/15/26		200,000		206,084
Royal Bank of Canada
2.15%	03/06/20 - 10/26/20		475,000		472,489
2.75%	02/01/22		400,000		403,428
Royal Bank of Scotland Group PLC
3.88%	09/12/23		200,000		203,408
RPM International Inc.
4.25%	01/15/48		50,000		49,832
S&P Global Inc.
4.40%	02/15/26		250,000		270,002
Sabine Pass Liquefaction LLC
5.63%	02/01/21 - 03/01/25		310,000		336,375
5.75%	05/15/24		135,000		149,453
San Diego Gas & Electric Co.
3.60%	09/01/23		500,000		519,360
Santander Holdings USA Inc.
2.65%	04/17/20		150,000		149,816
3.40%	01/18/23		50,000		49,875	(d)
4.40%	07/13/27		50,000		51,169	(d)
Santander UK PLC
2.38%	03/16/20		250,000		250,055
Scripps Networks Interactive Inc.
3.90%	11/15/24		250,000		254,295
Seagate HDD Cayman
4.75%	06/01/23		250,000		255,202
Sempra Energy
4.05%	12/01/23		250,000		261,838
Shell International Finance BV
4.00%	05/10/46		250,000		265,783
4.13%	05/11/35		250,000		273,955
4.38%	03/25/20		500,000		523,245
Shire Acquisitions Investments Ireland DAC
3.20%	09/23/26		150,000		146,541
Simon Property Group LP (REIT)
2.75%	02/01/23		621,000		619,447
SL Green Operating Partnership LP
3.25%	10/15/22		30,000		29,897

		Principal Amount		Fair Value
South Carolina Electric & Gas Co.
5.10%	06/01/65	$	150,000	$	172,356
Southern California Edison Co.
3.60%	02/01/45		425,000		428,145
Southern Copper Corp.
5.88%	04/23/45		255,000		308,596
Southwest Airlines Co.
3.00%	11/15/26		200,000		194,506
Spectra Energy Capital LLC
3.30%	03/15/23		250,000		248,295
Spectra Energy Partners LP
3.50%	03/15/25		250,000		251,505
Stanley Black & Decker Inc.
2.90%	11/01/22		250,000		252,017
Starbucks Corp.
2.20%	11/22/20		20,000		19,987
3.75%	12/01/47		35,000		35,462
Statoil ASA
2.45%	01/17/23		750,000		744,375
Sumitomo Mitsui Banking Corp.
2.45%	01/16/20		250,000		250,257
Sumitomo Mitsui Financial Group Inc.
2.78%	10/18/22		200,000		198,704
3.01%	10/19/26		500,000		487,230
3.35%	10/18/27		50,000		49,924
Suncor Energy Inc.
6.85%	06/01/39		250,000		349,840
Sunoco Logistics Partners Operations LP
5.95%	12/01/25		250,000		279,142
SunTrust Bank
2.25%	01/31/20		100,000		99,829
Svensk Exportkredit AB
1.75%	05/18/20		200,000		198,134
Synchrony Financial
3.95%	12/01/27		300,000		298,731
Target Corp.
3.90%	11/15/47		50,000		50,921
4.00%	07/01/42		300,000		310,047
TC PipeLines LP
3.90%	05/25/27		100,000		100,377
TD Ameritrade Holding Corp.
2.95%	04/01/22		250,000		252,597
Telefonica Emisiones SAU
5.88%	07/15/19		500,000		525,585
Teva Pharmaceutical Finance Netherlands III BV
1.70%	07/19/19		300,000		291,486
3.15%	10/01/26		300,000		247,749
Texas Instruments Inc.
1.75%	05/01/20		250,000		247,735
The Allstate Corp.
3.28%	12/15/26		100,000		101,724
4.20%	12/15/46		100,000		109,212
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR
thereafter)
5.75%	08/15/53		250,000		272,868	(f)
The Bank of New York Mellon Corp.
2.20%	05/15/19		500,000		500,840
2.80%	05/04/26		30,000		29,322
3.00%	02/24/25		105,000		105,030
The Bank of Nova Scotia
1.95%	01/15/19		250,000		249,605
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD
LIBOR thereafter)
4.65%	12/31/99		200,000		198,858	(f)
The Board of Trustees of The Leland Stanford Junior University
3.65%	05/01/48		200,000		213,804
The Boeing Co.
3.38%	06/15/46		150,000		146,075
The Clorox Co.
3.50%	12/15/24		250,000		257,852
The Coca-Cola Co.
2.45%	11/01/20		300,000		302,394
The Dow Chemical Co.
3.00%	11/15/22		437,000		439,539
4.38%	11/15/42		437,000		459,108
The Goldman Sachs Group Inc.

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
2.30%	12/13/19	$	200,000	$	199,580
2.75%	09/15/20		750,000		753,248
3.00%	04/26/22		100,000		100,372
3.50%	11/16/26		250,000		251,037
3.85%	07/08/24		250,000		259,267
5.75%	01/24/22		500,000		554,075
6.25%	02/01/41		350,000		470,789
6.75%	10/01/37		700,000		936,852
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88%	10/31/22		200,000		199,296
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02%	10/31/38		200,000		205,780
The Home Depot Inc.
2.13%	09/15/26		245,000		229,376
2.63%	06/01/22		190,000		191,018
4.20%	04/01/43		250,000		274,720
4.40%	04/01/21		500,000		530,495
The JM Smucker Co.
3.38%	12/15/27		100,000		100,366
The Kroger Co.
3.85%	08/01/23		500,000		520,245
The Mosaic Co.
3.25%	11/15/22		50,000		49,598
4.05%	11/15/27		50,000		50,109
The Priceline Group Inc.
2.75%	03/15/23		100,000		99,009
3.55%	03/15/28		100,000		99,139
The Procter & Gamble Co.
1.70%	11/03/21		200,000		195,398
2.45%	11/03/26		200,000		192,912
The Progressive Corp.
4.35%	04/25/44		100,000		111,197
The Sherwin-Williams Co.
2.75%	06/01/22		100,000		99,707
3.45%	06/01/27		100,000		101,570
3.95%	01/15/26		100,000		103,566
4.20%	01/15/22		100,000		104,490
4.50%	06/01/47		100,000		109,723
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter)
5.50%	03/15/57		400,000		423,736
The Toronto-Dominion Bank
1.90%	10/24/19		200,000		198,894
2.25%	11/05/19		250,000		250,080
The Travelers Companies Inc.
4.00%	05/30/47		200,000		212,774
5.35%	11/01/40		150,000		189,274
The Walt Disney Co.
2.30%	02/12/21		130,000		129,944
3.00%	07/30/46		60,000		53,682
3.15%	09/17/25		165,000		168,036
The Western Union Co.
3.60%	03/15/22		300,000		304,404
Thermo Fisher Scientific Inc.
3.30%	02/15/22		80,000		81,903
4.15%	02/01/24		25,000		26,501
Thomson Reuters Corp.
4.50%	05/23/43		150,000		153,063
Time Warner Cable LLC
4.50%	09/15/42		500,000		467,195
Time Warner Inc.
6.10%	07/15/40		650,000		794,683
Total Capital International S.A.
2.75%	06/19/21		250,000		253,132
Toyota Motor Credit Corp.
1.70%	01/09/19		200,000		199,386
1.95%	04/17/20		200,000		198,758
2.10%	01/17/19		200,000		200,098
2.60%	01/11/22		100,000		100,415
TransAlta Corp.
4.50%	11/15/22		373,000		379,651
TransCanada PipeLines Ltd.
7.63%	01/15/39		350,000		528,500
Tyson Foods Inc.

		Principal Amount		Fair Value
2.65%	08/15/19	$	250,000	$	251,133
4.88%	08/15/34		70,000		78,679
U.S. Bancorp
2.63%	01/24/22		100,000		100,508
Unilever Capital Corp.
2.00%	07/28/26		250,000		230,770
2.20%	03/06/19		400,000		400,588
2.90%	05/05/27		100,000		98,734
Union Electric Co.
2.95%	06/15/27		200,000		197,848
3.65%	04/15/45		135,000		138,565
Union Pacific Corp.
3.00%	04/15/27		300,000		301,485
United Airlines 2013-1 Class A Pass Through Trust
4.30%	08/15/25		213,081		224,033
United Parcel Service Inc.
2.45%	10/01/22		625,000		622,837
3.05%	11/15/27		50,000		50,011
3.75%	11/15/47		50,000		51,607
United Technologies Corp.
4.50%	06/01/42		458,000		507,688
UnitedHealth Group Inc.
2.95%	10/15/27		200,000		199,410
3.10%	03/15/26		350,000		352,902
3.45%	01/15/27		200,000		206,918
3.75%	10/15/47		200,000		204,062
4.63%	07/15/35		45,000		52,730
6.88%	02/15/38		250,000		362,147
University of Notre Dame du Lac
3.39%	02/15/48		25,000		25,188
US Bank NA
2.05%	10/23/20		250,000		248,465
2.80%	01/27/25		350,000		347,211
Vale Overseas Ltd.
6.88%	11/10/39		400,000		491,220
Valero Energy Corp.
6.63%	06/15/37		500,000		662,500
Valero Energy Partners LP
4.38%	12/15/26		200,000		209,478
VEREIT Operating Partnership LP
3.00%	02/06/19		30,000		30,119
4.13%	06/01/21		15,000		15,557
4.60%	02/06/24		20,000		20,874
4.88%	06/01/26		25,000		26,468
Verizon Communications Inc.
3.85%	11/01/42		436,000		394,632
4.40%	11/01/34		250,000		254,445
4.52%	09/15/48		150,000		147,695
4.81%	03/15/39		539,000		564,004
5.01%	04/15/49		267,000		279,901
5.15%	09/15/23		750,000		833,963
Viacom Inc.
3.25%	03/15/23		78,000		76,021
5.85%	09/01/43		100,000		103,444
Virginia Electric & Power Co.
4.65%	08/15/43		500,000		581,255
Visa Inc.
4.30%	12/14/45		350,000		398,657
Vodafone Group PLC
2.50%	09/26/22		376,000		372,823
4.38%	02/19/43		250,000		257,138
Vornado Realty LP
3.50%	01/15/25		50,000		49,979
Wabtec Corp.
3.45%	11/15/26		200,000		195,588
Wal-Mart Stores Inc.
1.75%	10/09/19		100,000		99,626
1.90%	12/15/20		100,000		99,341
2.35%	12/15/22		100,000		99,586
2.65%	12/15/24		100,000		99,752
3.63%	12/15/47		125,000		131,043
Walgreens Boots Alliance Inc.
3.45%	06/01/26		55,000		54,365
4.50%	11/18/34		155,000		162,237
Waste Management Inc.
2.90%	09/15/22		500,000		503,460

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
Wells Fargo & Co.
2.15%	01/30/20	$	920,000	$	917,810
2.50%	03/04/21		240,000		239,868
4.13%	08/15/23		250,000		263,482
4.40%	06/14/46		250,000		263,855
4.65%	11/04/44		150,000		163,453
4.75%	12/07/46		200,000		223,054
5.61%	01/15/44		569,000		701,742
Wells Fargo Bank NA
2.15%	12/06/19		250,000		249,560
Western Gas Partners LP
5.45%	04/01/44		150,000		159,128
Westlake Chemical Corp.
4.38%	11/15/47		50,000		51,694
Westpac Banking Corp.
2.00%	08/19/21		500,000		490,810
2.80%	01/11/22		100,000		100,780
3.35%	03/08/27		200,000		201,920
Westpac Banking Corp. (4.32% fixed rate until 11/23/26; 2.24% + 5 Year US ISDA thereafter)
4.32%	11/23/31		100,000		102,922	(f)
Weyerhaeuser Co. (REIT)
7.38%	03/15/32		100,000		137,721
Whirlpool Corp.
3.70%	05/01/25		250,000		257,570
Williams Partners LP
5.10%	09/15/45		150,000		164,153
5.80%	11/15/43		250,000		294,980
Wisconsin Power & Light Co.
3.05%	10/15/27		100,000		99,699
WPP Finance 2010
5.13%	09/07/42		191,000		206,417
Wyndham Worldwide Corp.
4.25%	03/01/22		250,000		255,105
Xcel Energy Inc.
3.30%	06/01/25		250,000		253,095
Zoetis Inc.
4.70%	02/01/43		250,000		280,125
					201,439,744
Non-Agency Collateralized Mortgage Obligations – 0.3%
CD 2017-CD6 Mortgage Trust
3.46%	11/13/50		150,000		154,461
Citigroup Commercial Mortgage Trust 2014-GC25
4.02%	10/10/47		800,000		831,120
COMM 2012-CR1 Mortgage Trust
3.39%	05/15/45		473,360		485,257
COMM 2013-CCRE12 Mortgage Trust
4.05%	10/10/46		200,000		212,618
COMM 2013-CR11 Mortgage Trust
4.72%	08/10/50		1,000,000		1,076,520	(f)
COMM 2013-CR8 Mortgage Trust
3.61%	06/10/46		750,000		781,190	(f)
COMM 2015-PC1 Mortgage Trust
3.90%	07/10/50		500,000		526,056
JPMBB Commercial Mortgage Securities Trust 2013-C14
3.76%	08/15/46		750,000		775,906	(f)
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
3.14%	05/15/49		500,000		506,170
UBS Commercial Mortgage Trust 2017-C4
3.56%	10/15/50		185,000		190,559
Wells Fargo Commercial Mortgage Trust 2012-LC5
4.69%	10/15/45		220,000		224,067	(f)
Wells Fargo Commercial Mortgage Trust 2017-C41
3.47%	11/15/50		300,000		307,447
WF-RBS Commercial Mortgage Trust 2012-C10
3.24%	12/15/45		1,200,000		1,200,184
WF-RBS Commercial Mortgage Trust 2012-C7
3.43%	06/15/45		200,000		205,242
					7,476,797
Sovereign Bonds – 0.5%
Export Development Canada
1.63%	01/17/20		200,000		198,404
Government of Canada
2.00%	11/15/22		125,000		123,426
Government of Chile
3.63%	10/30/42		350,000		353,276

		Principal Amount		Fair Value
Government of Colombia
4.38%	07/12/21	$	300,000	$	316,197
5.00%	06/15/45		250,000		266,365
6.13%	01/18/41		250,000		303,875
Government of Hungary
5.38%	03/25/24		300,000		340,044
Government of Italy
5.38%	06/15/33		250,000		295,407
Government of Mexico
3.50%	01/21/21		250,000		258,543
4.35%	01/15/47		200,000		191,352
4.75%	03/08/44		702,000		710,101
5.75%	10/12/10		172,000		182,225
6.05%	01/11/40		130,000		153,477
Government of Panama
6.70%	01/26/36		250,000		333,745
Government of Peru
6.55%	03/14/37		297,000		403,204
7.35%	07/21/25		100,000		129,773
Government of Philippines
3.70%	03/01/41		200,000		199,220
4.00%	01/15/21		500,000		525,160
7.75%	01/14/31		500,000		714,050
Government of Poland
3.00%	03/17/23		147,000		149,667
3.25%	04/06/26		200,000		204,706
5.00%	03/23/22		500,000		547,760
6.38%	07/15/19		74,000		78,454
Government of Uruguay
4.50%	08/14/24		500,000		542,760
Iraq Government AID Bond
2.15%	01/18/22		280,000		279,051
Japan Bank for International Cooperation
1.50%	07/21/21		400,000		385,864
2.13%	07/21/20		400,000		397,400
2.38%	11/16/22		200,000		197,564
2.88%	07/21/27		200,000		201,226
Province of Manitoba Canada
2.13%	05/04/22		200,000		196,774
Province of Ontario Canada
1.25%	06/17/19		500,000		493,875
1.63%	01/18/19		300,000		298,860
2.25%	05/18/22		200,000		197,992
Province of Quebec Canada
2.50%	04/20/26		500,000		490,150
2.75%	04/12/27		200,000		198,356
The Korea Development Bank
2.63%	02/27/22		400,000		394,364
					11,252,667
Municipal Bonds and Notes – 0.2%
American Municipal Power Inc.
6.27%	02/15/50		200,000		261,662
Bay Area Toll Authority
6.26%	04/01/49		100,000		147,732
Chicago Transit Authority
6.90%	12/01/40		75,000		101,692
Commonwealth of Massachusetts
4.50%	08/01/31		200,000		229,558
Dallas Area Rapid Transit
5.02%	12/01/48		75,000		93,518
6.00%	12/01/44		100,000		137,984
East Bay Municipal Utility District
5.87%	06/01/40		100,000		133,955
Florida Hurricane Catastrophe Fund Finance Corp.
3.00%	07/01/20		100,000		101,309
Los Angeles Department of Water & Power
6.57%	07/01/45		100,000		150,502
6.60%	07/01/50		90,000		139,805
Los Angeles Unified School District
5.76%	07/01/29		110,000		134,624
Metropolitan Transportation Authority
6.81%	11/15/40		250,000		357,302
Municipal Electric Authority of Georgia
6.64%	04/01/57		125,000		160,230
New York City Water & Sewer System
6.01%	06/15/42		250,000		351,757

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

		Principal Amount		Fair Value
North Texas Tollway Authority
6.72%	01/01/49	$	100,000	$	152,129
Port Authority of New York & New Jersey
4.46%	10/01/62		100,000		115,473
5.31%	08/01/46		200,000		224,004
San Diego County Water Authority Financing Corp.
6.14%	05/01/49		100,000		141,271
South Carolina State Public Service Authority
6.45%	01/01/50		150,000		203,592
State of California
5.70%	11/01/21		605,000		674,599
7.55%	04/01/39		200,000		314,722
State of Illinois
5.10%	06/01/33		250,000		249,585
State of Texas
5.52%	04/01/39		200,000		262,560
University of California
4.60%	05/15/31		100,000		111,146
4.77%	05/15/15		100,000		109,339
6.58%	05/15/49		100,000		140,673
University of Texas System
4.79%	08/15/46		100,000		120,095
					5,320,818
FNMA (TBA) – 0.0% *
Lehman
5.50%	TBA		378,353		8,172	(h,i)
Total Bonds and Notes (Cost $672,173,284)					675,872,898

	Number of Shares		Fair Value
Exchange Traded & Mutual Funds – 3.2%
Exchange Traded & Mutual Funds – 3.2%
SPDR Bloomberg Barclays High Yield Bond ETF (Cost $72,005,250)		2,022,863		74,279,529	(j)
Total Investments in Securities (Cost $1,740,839,482)				2,229,267,803
Short-Term Investments – 4.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.25% (Cost $93,039,371)		93,039,371		93,039,371	(j,k)
Total Investments (Cost $1,833,878,853)				2,322,307,174
Liabilities in Excess of Other Assets, net – (0.1)%				(1,581,550	)
NET ASSETS – 100.0%			$	2,320,725,624

Other Information:

The Fund had the following long futures contracts open at December 31, 2017:

Description	Expiration date		Number of Contracts		Notional Amount		Current Notional Value		Unrealized Appreciation
CME E-mini Russell 2000 Index Futures		March 2018		10		758,618	$	768,250	$	9,712
MSCI EAFE Mini Index Futures		March 2018		1		99,832		102,275		2,443
MSCI Emerging Markets Index Futures		March 2018		87		4,785,637		5,062,095		276,458
The Fund had the following long futures contracts open at December 31, 2017:
S&P 500 Emini Index Futures		March 2018		41		5,440,270	$	5,485,800		45,530
S&P Mid 400 Emini Index Futures		March 2018		2		378,830		380,480		1,650
									$	335,793

During the fiscal year ended December 31, 2017, the Fund had an average notional value of $2,652,077and $1,226,594 on long and short futures contracts, respectively.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a) Non-income producing security.

(b) At December 31, 2017, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s.

(c) State Street Corp. is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, these securities amounted to $9,775,963 or 0.42% of the net assets of the State Street Total Return V.I.S. Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors .

(e) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.

(f) Variable or floating rate security. The stated rate represents the rate at December 31, 2017.

(g) Step coupon bond.

(h) Security is in default.

(i) Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors . Security value is determined based on level 3 inputs

(j) Sponsored by SSGA Funds Management, Inc., the Funds’ investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Funds’ sub-administrator, custodian and accounting agent.

(k) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2017.

* Less than 0.05%.

** Amount is less than $0.50.

*** Less than 0.005%.

Abbreviations:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
MBIA	Municipal Bond Investors Assurance Corporation
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard and Poor’s Depositary Receipt
TBA	To Be Announced

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities†
Domestic Equity	$	834,887,046	$	11,161	$	—	$	834,898,207
Foreign Equity		644,217,169		—		—		644,217,169
U.S. Treasuries		—		236,800,762		—		236,800,762
U.S. Government Sponsored Agencies		—		1,070,330		—		1,070,330
Agency Collateralized Mortgage Obligations		—		5,198,946		—		5,198,946
Agency Mortgage Backed		—		202,980,612		—		202,980,612
Asset Backed		—		4,324,050		—		4,324,050
Corporate Notes		—		201,439,744		—		201,439,744
Non-Agency Collateralized Mortgage Obligations		—		7,476,797		—		7,476,797
Sovereign Bonds		—		11,252,667		—		11,252,667
Municipal Bonds and Notes		—		5,320,818		—		5,320,818
FNMA (TBA)		—		—		8,172		8,172
Exchange Traded & Mutual Funds		74,279,529		—		—		74,279,529
Short-Term Investments		93,039,371		—		—		93,039,371
Total Investments in Securities	$	1,646,423,115	$	670,902,071	$	8,172	$	2,322,307,174
Other Financial Instruments*
Long Futures Contracts - Unrealized Appreciation	$	335,793	$	—	$	—	$	335,793

The Fund was invested in the following countries/territories at December 31, 2017 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		69.61	%
Japan		4.58	%
United Kingdom		3.69	%
Canada		2.14	%
Germany		2.05	%
France		1.98	%
China		1.92	%
Switzerland		1.84	%
Australia		1.40	%
South Korea		1.02	%
Netherlands		0.84	%
Taiwan		0.75	%
Hong Kong		0.69	%
Spain		0.64	%
India		0.54	%
Sweden		0.51	%
Ireland		0.50	%
Supranational		0.49	%
Brazil		0.48	%
South Africa		0.48	%
Italy		0.41	%
Singapore		0.41	%
Mexico		0.39	%
Denmark		0.34	%
Belgium		0.20	%
Russian Federation		0.20	%
Finland		0.17	%
Norway		0.16	%
Indonesia		0.15	%

Malaysia		0.15	%
Thailand		0.14	%
Philippines		0.14	%
Poland		0.12	%
Chile		0.11	%
Colombia		0.09	%
Israel		0.08	%
Turkey		0.07	%
Austria		0.07	%
Luxembourg		0.05	%
Peru		0.04	%
Bermuda		0.04	%
New Zealand		0.04	%
United Arab Emirates		0.04	%
Qatar		0.04	%
Hungary		0.04	%
Cayman Islands		0.03	%
Portugal		0.03	%
Uruguay		0.02	%
Country/Territory	Percentage (based on Fair Value)
Greece		0.02	%
Panama		0.01	%
Guernsey		0.01	%
Iraq		0.01	%
Czech Republic		0.01	%
Romania		0.01	%
Egypt		0.01	%
Malta		0.00	%***
Puerto Rico		0.00	%***
Jersey		0.00	%***
United States Virgin Islands		0.00	%***
Monaco		0.00	%***
		100.00	%

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2017 (unaudited):
Industry	Domestic			Foreign			Total
Diversified Banks		1.84	%		3.76	%		5.60	%
Exchange Traded Funds		3.20	%		0.00	%		3.20	%
Pharmaceuticals		1.59	%		1.47	%		3.06	%
Internet Software & Services		1.69	%		0.88	%		2.57	%
Integrated Oil & Gas		0.99	%		1.11	%		2.10	%
Technology Hardware, Storage & Peripherals		1.47	%		0.54	%		2.01	%
Semiconductors		1.03	%		0.68	%		1.71	%
Systems Software		1.30	%		0.05	%		1.35	%
Biotechnology		0.95	%		0.28	%		1.23	%
Integrated Telecommunication Services		0.69	%		0.54	%		1.23	%
Aerospace & Defense		0.91	%		0.28	%		1.19	%
Healthcare Equipment		0.72	%		0.37	%		1.09	%
Internet & Direct Marketing Retail		1.00	%		0.08	%		1.08	%
Packaged Foods & Meats		0.41	%		0.67	%		1.08	%
Electric Utilities		0.64	%		0.41	%		1.05	%
Data Processing & Outsourced Services		0.93	%		0.12	%		1.05	%
Industrial Conglomerates		0.66	%		0.39	%		1.05	%
Life & Health Insurance		0.33	%		0.66	%		0.99	%
Automobile Manufacturers		0.15	%		0.84	%		0.99	%
Tobacco		0.46	%		0.34	%		0.80	%
Oil & Gas Exploration & Production		0.51	%		0.28	%		0.79	%
Industrial Machinery		0.29	%		0.48	%		0.77	%
Household Products		0.58	%		0.19	%		0.77	%
Regional Banks		0.46	%		0.30	%		0.76	%
Multi-Sector Holdings		0.59	%		0.13	%		0.72	%
Application Software		0.43	%		0.25	%		0.68	%
IT Consulting & Other Services		0.33	%		0.35	%		0.68	%
Managed Healthcare		0.66	%		0.01	%		0.67	%
Soft Drinks		0.60	%		0.06	%		0.66	%
Railroads		0.31	%		0.30	%		0.61	%
Cable & Satellite		0.40	%		0.21	%		0.61	%
Multi-Line Insurance		0.14	%		0.44	%		0.58	%
Asset Management & Custody Banks		0.40	%		0.18	%		0.58	%
Industry	Domestic			Foreign			Total
Multi-Utilities		0.34	%		0.22	%		0.56	%
Restaurants		0.42	%		0.14	%		0.56	%
Wireless Telecommunication Services		0.00	%		0.53	%		0.53	%
Specialty Chemicals		0.19	%		0.34	%		0.53	%
Property & Casualty Insurance		0.19	%		0.34	%		0.53	%
Diversified Chemicals		0.27	%		0.24	%		0.51	%
Movies & Entertainment		0.45	%		0.05	%		0.50	%
Apparel, Accessories & Luxury Goods		0.11	%		0.38	%		0.49	%
Diversified Metals & Mining		0.00	%		0.49	%		0.49	%
Personal Products		0.06	%		0.41	%		0.47	%
Home Improvement Retail		0.46	%		0.01	%		0.47	%
Investment Banking & Brokerage		0.38	%		0.09	%		0.47	%
Hypermarkets & Super Centers		0.34	%		0.12	%		0.46	%
Financial Exchanges & Data		0.28	%		0.16	%		0.44	%
Communications Equipment		0.34	%		0.09	%		0.43	%
Electrical Components & Equipment		0.20	%		0.23	%		0.43	%
Specialized REITs		0.42	%		0.00	%		0.42	%
Oil & Gas Refining & Marketing		0.20	%		0.19	%		0.39	%
Construction Machinery & Heavy Trucks		0.22	%		0.15	%		0.37	%
Retail REITs		0.18	%		0.18	%		0.36	%
Trading Companies & Distributors		0.06	%		0.30	%		0.36	%
Oil & Gas Storage & Transportation		0.12	%		0.22	%		0.34	%
Life Sciences Tools & Services		0.27	%		0.07	%		0.34	%
Air Freight & Logistics		0.25	%		0.09	%		0.34	%
Food Retail		0.04	%		0.29	%		0.33	%
Auto Parts & Equipment		0.03	%		0.29	%		0.32	%
Semiconductor Equipment		0.17	%		0.15	%		0.32	%
Consumer Finance		0.27	%		0.04	%		0.31	%
Oil & Gas Equipment & Services		0.24	%		0.07	%		0.31	%
Construction & Engineering		0.04	%		0.26	%		0.30	%
Apparel Retail		0.16	%		0.14	%		0.30	%
Electronic Components		0.08	%		0.22	%		0.30	%
Brewers		0.02	%		0.28	%		0.30	%
Building Products		0.10	%		0.19	%		0.29	%
Steel		0.03	%		0.26	%		0.29	%
Commodity Chemicals		0.05	%		0.22	%		0.27	%
Hotels, Resorts & Cruise Lines		0.18	%		0.08	%		0.26	%
Distillers & Vintners		0.08	%		0.18	%		0.26	%

Airlines		0.17	%		0.09	%		0.26	%
Research & Consulting Services		0.06	%		0.19	%		0.25	%
Diversified Real Estate Activities		0.00	%		0.25	%		0.25	%
Industrial Gases		0.12	%		0.13	%		0.25	%
Construction Materials		0.04	%		0.21	%		0.25	%
Diversified Capital Markets		0.00	%		0.24	%		0.24	%
Drug Retail		0.21	%		0.02	%		0.23	%
Healthcare Services		0.13	%		0.09	%		0.22	%
Home Entertainment Software		0.12	%		0.09	%		0.21	%
Fertilizers & Agricultural Chemicals		0.13	%		0.07	%		0.20	%
Electronic Equipment & Instruments		0.01	%		0.18	%		0.19	%
Casinos & Gaming		0.05	%		0.14	%		0.19	%
General Merchandise Stores		0.13	%		0.06	%		0.19	%
Insurance Brokers		0.08	%		0.08	%		0.16	%
Healthcare Supplies		0.06	%		0.10	%		0.16	%
Home Building		0.06	%		0.10	%		0.16	%
Footwear		0.12	%		0.04	%		0.16	%
Residential REITs		0.15	%		0.00	%		0.15	%
Gold		0.03	%		0.12	%		0.15	%
Consumer Electronics		0.00	%		0.15	%		0.15	%
Healthcare Distributors		0.12	%		0.03	%		0.15	%
Electronic Manufacturing Services		0.00	%		0.14	%		0.14	%
Real Estate Operating Companies		0.00	%		0.14	%		0.14	%
Real Estate Development		0.00	%		0.14	%		0.14	%
Paper Packaging		0.12	%		0.02	%		0.14	%
Office REITs		0.08	%		0.05	%		0.13	%
Gas Utilities		0.00	%		0.13	%		0.13	%
Agricultural & Farm Machinery		0.08	%		0.04	%		0.12	%
Reinsurance		0.00	%		0.12	%		0.12	%
Diversified REITs		0.00	%		0.12	%		0.12	%
Industrial REITs		0.07	%		0.05	%		0.12	%
Other Diversified Financial Services		0.00	%		0.12	%		0.12	%
Department Stores		0.03	%		0.08	%		0.11	%
Health Care REITs		0.11	%		0.00	%		0.11	%
Tires & Rubber		0.01	%		0.10	%		0.11	%
Advertising		0.04	%		0.07	%		0.11	%
Automotive Retail		0.09	%		0.02	%		0.11	%
Industry	Domestic			Foreign			Total
Broadcasting		0.06	%		0.05	%		0.11	%
Healthcare Facilities		0.06	%		0.04	%		0.10	%
Environmental & Facilities Services		0.08	%		0.02	%		0.10	%
Thrifts & Mortgage Finance		0.00	%		0.10	%		0.10	%
Human Resource & Employment Services		0.01	%		0.09	%		0.10	%
Highways & Railtracks		0.00	%		0.09	%		0.09	%
Paper Products		0.00	%		0.08	%		0.08	%
Airport Services		0.00	%		0.08	%		0.08	%
Specialty Stores		0.05	%		0.03	%		0.08	%
Copper		0.04	%		0.03	%		0.07	%
Leisure Products		0.03	%		0.04	%		0.07	%
Trucking		0.02	%		0.05	%		0.07	%
Household Appliances		0.02	%		0.05	%		0.07	%
Heavy Electrical Equipment		0.00	%		0.07	%		0.07	%
Water Utilities		0.03	%		0.04	%		0.07	%
Diversified Support Services		0.02	%		0.05	%		0.07	%
Independent Power Producers & Energy Traders		0.02	%		0.05	%		0.07	%
Food Distributors		0.04	%		0.03	%		0.07	%
Agricultural Products		0.03	%		0.04	%		0.07	%
Healthcare Technology		0.03	%		0.02	%		0.05	%
Publishing		0.01	%		0.04	%		0.05	%
Education Services		0.00	%		0.05	%		0.05	%
Distributors		0.04	%		0.01	%		0.05	%
Marine		0.00	%		0.05	%		0.05	%
Hotel & Resort REITs		0.05	%		0.00	%		0.05	%
Security & Alarm Services		0.00	%		0.04	%		0.04	%
Home Furnishings		0.04	%		0.00	%		0.04	%
Alternative Carriers		0.02	%		0.02	%		0.04	%
Metal & Glass Containers		0.02	%		0.02	%		0.04	%
Computer & Electronics Retail		0.03	%		0.01	%		0.04	%
Coal & Consumable Fuels		0.00	%		0.04	%		0.04	%
Leisure Facilities		0.00	%		0.04	%		0.04	%
Motorcycle Manufacturers		0.01	%		0.03	%		0.04	%
Aluminum		0.00	%		0.03	%		0.03	%
Marine Ports & Services		0.00	%		0.03	%		0.03	%
Oil & Gas Drilling		0.01	%		0.02	%		0.03	%
Real Estate Services		0.02	%		0.01	%		0.03	%
Housewares & Specialties		0.03	%		0.00	%		0.03	%
Technology Distributors		0.00	%		0.02	%		0.02	%
Commercial Printing		0.00	%		0.02	%		0.02	%

See Notes to Schedules of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2017

Home Furnishing Retail	0.00	%		0.02	%	0.02	%
Office Services & Supplies	0.00	%		0.02	%	0.02	%
Specialized Finance	0.00	%		0.02	%	0.02	%
Specialized Consumer Services	0.02	%		0.00	%	0.02	%
Mortgage REITs	0.01	%		0.00	%	0.01	%
Renewable Electricity	0.00	%		0.01	%	0.01	%
Silver	0.00	%		0.01	%	0.01	%
Forest Products	0.00	%		0.01	%	0.01	%
Precious Metals & Minerals	0.00	%		0.01	%	0.01	%
Textiles	0.00	%		0.01	%	0.01	%
						66.89	%
Sector			Percentage (based on Fair Value)
U.S. Treasuries				10.20%
Agency Mortgage Backed				8.74%
Corporate Notes				8.67%
Affiliate Table

Sovereign Bonds	0.48	%
Non-Agency Collateralized Mortgage Obligations	0.32	%
Municipal Bonds and Notes	0.23	%
Agency Collateralized Mortgage Obligations	0.22	%
Asset Backed	0.19	%
U.S. Government Sponsored Agencies	0.05	%
FNMA (TBA)	0.00	%***
	29.10	%
Short-Term Investments
Short-Term Investments	4.01	%
	4.01	%
	100.00	%

	Number of Shares Held at 12/31/16		Value At 12/31/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/Depr eciation		Number of Shares Held at 12/31/17		Value at 12/31/17		Dividend Income		Capital Gains Distributions
SPDR Bloomberg Barclays High Yield Bond ETF		2,022,863	$	73,733,356		—		—		—	$	546,173		2,022,863	$	74,279,529	$	4,157,950	$	—
State Street Corp.		16,264		1,264,038		—		268,791		136,010		141,187		13,036		1,272,444		21,525		—
State Street Institutional U.S. Government Money Market Fund - Class G Shares		72,119,782		72,119,782		686,534,912		665,615,323		—		—		93,039,371		93,039,371		633,490		—
TOTAL			$	147,117,176	$	686,534,912	$	665,884,114	$	136,010	$	687,360			$	168,591,344	$	4,812,965	$	—

See Notes to Schedules of Investments and Notes to Financial Statements.

(b) Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. 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.

Item 11. Controls and Procedures.

(a) The Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, 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) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Company’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Company’s last fiscal quarter of the period covered by this Form N-CSR filing that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto.
(a)(2)	Certifications of principal executive officer and principal financial and accounting officer of the Company as required by Rule 30a-2(a) under the 1940 Act are attached hereto.
(a)(3)	Not applicable to the Registrant.
(b)	Certifications of principal executive officer and principal financial and accounting officer of the Company as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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:     STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.

By:	/s/ Jeanne M. La Porta
	Jeanne M. La Porta
	President
Date:	February 16, 2018

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/ Jeanne M. La Porta
	Jeanne M. La Porta
	President (Principal Executive Officer)
Date:	February 16, 2018
By:	/s/ Arthur A. Jensen
	Arthur A. Jensen
	Treasurer (Principal Financial and Accounting Officer)
Date:	February 16, 2018