Skip to main content

Elfun Income Fund EINFX

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

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

NAV

NAV

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

$9.47
as of May 24 2024
Base Currency
USD
Assets Under Management
$141.43 M
as of Apr 30 2024
Gross Expense Ratio

Gross Expense Ratio

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

0.35%
Net Expense Ratio

The Fund's investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until April 30, 2025 to waive its management fee and/or reimburse certain expenses for the Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from the Fund's holdings in acquired funds for cash management purpose, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2025 except with approval of the Fund's Board of Trustees.

0.34%
1 Day Nav Change
+$0.01 (0.11%)
as of May 24 2024

Fund Objective

The Elfun Income Fund seeks a high level of income consistent with prudent investment management and the preservation of capital.

Investment Strategy

The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in debt securities. The Fund invests primarily in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments. The Fund normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.

Fund Information as of May 25 2024

Investment Style Fixed Income Aggregate Investment Grade
Benchmark Bloomberg U.S. Aggregate Bond Index
Inception Date Dec 31 1983
Gross Expense Ratio

Gross Expense Ratio

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

0.35%
Net Expense Ratio

The Fund's investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), is contractually obligated until April 30, 2025 to waive its management fee and/or reimburse certain expenses for the Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from the Fund's holdings in acquired funds for cash management purpose, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to April 30, 2025 except with approval of the Fund's Board of Trustees.

0.34%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Management Team Fixed Income, Currency & Cash Investments Team
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Investment Team

Matthew Nest, CFA

Global Head of Active Fixed Income

James F Palmieri, CFA

Senior Portfolio Manager

Listing Information as of May 25 2024

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD Dec 31 1983 EINFX 286273107

Fund Characteristics as of Apr 30 2024

Number of Holdings 1,221
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

8.11
Duration

Portfolio Duration

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

7.16 years
Nominal Yield (%)

Average of security level nominal yield weighted by market notional

5.53
Annual Portfolio Turnover (%) 269.52

Index Characteristics as of Apr 30 2024

Number of Holdings 13,530
Average Maturity in Years 8.51
Duration 6.05 years
Nominal Yield (%) 5.30

Yields as of Apr 30 2024

30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

4.76%

Fund Net Asset Value as of May 24 2024

NAV

NAV

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

$9.47
Percent Change 0.11%
Price Change $0.01
Offer Price $9.47
NAV 52 Week High $9.90(Dec 27 2023)
NAV 52 Week Low $8.95(Oct 19 2023)

Fund Performance

  • Fund Inception Date: Dec 31 1983

as of Apr 30 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Dec 31 1983
Fund at NAV Apr 30 2024 -2.47% -3.92% -0.25% 1.20% 6.06%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Apr 30 2024 -1.47% -3.54% -0.16% 1.20% 6.08%

as of Mar 31 2024

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Dec 31 1983
Fund at NAV Mar 31 2024 1.35% -2.66% 0.42% 1.60% 6.16%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Mar 31 2024 1.70% -2.46% 0.36% 1.54% 6.17%

as of Apr 30 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Apr 30 2024 -3.09% -3.93% 5.29% -3.09% -4.20%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Apr 30 2024 -2.53% -3.02% 4.97% -2.53% -3.28%

as of Mar 31 2024

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Mar 31 2024 0.96% -1.14% 6.43% -1.14% -1.14%
Benchmark
Bloomberg U.S. Aggregate Bond Index
Mar 31 2024 0.92% -0.78% 5.99% -0.78% -0.78%

as of Apr 30 2024

2018 2019 2020 2021 2022 2023
Fund at NAV -0.80% 9.50% 8.03% -1.19% -13.47% 5.78%
Benchmark
Bloomberg U.S. Aggregate Bond Index
0.01% 8.72% 7.51% -1.54% -13.01% 5.53%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. Upon redemption, shares may be worth more or less than the original cost. The current performance may be higher or lower than the quoted performance. To view SEC standardized performance select the most recent quarterly period ending March, June, September or December. All other periods shown are non-standardized performance and are not valid without SEC standardized performance.

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

The list of holdings should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

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

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

Gross Expense Ratio: 0.35%

Net Expense Ratio: 0.34%

Risk Analysis

as of Apr 30 2024
as of Mar 31 2024

Month End as of Apr 30 2024

Risk Factor 3 Years 5 Years
Alpha 0.21% 0.09%
Beta 1.10 1.08
Std Deviation 7.96% 6.80%
Information Ratio -0.40 -0.07
R-squared 99.34% 97.01%
Sharpe Ratio -0.84 -0.33
Tracking Error 0.95% 1.28%

Quarter End as of Mar 31 2024

Risk Factor 3 Years 5 Years
Alpha 0.25% 0.18%
Beta 1.09 1.08
Std Deviation 7.81% 6.66%
Information Ratio -0.22 0.04
R-squared 99.37% 96.93%
Sharpe Ratio -0.68 -0.23
Tracking Error 0.90% 1.26%

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

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

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

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

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

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

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

Top Holdings

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

Fund Top Holdings as of Apr 30 2024

Name Weight
UNITED STATES TREASURY 32.13%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 13.37%
UNIFORM MBS 7.17%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2 4.18%
BANK BANK_17-BNK7 1.56%
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.51%
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 1.06%
HSBC HOLDINGS PLC 1.06%
GS MORTGAGE SECURITIES TRUST GSMS_19-GC42 0.93%
BANK_18-BN15 0.67%

Sector Allocation

as of Apr 30 2024
as of Apr 30 2024

Fund Sector Allocation as of Apr 30 2024

Sector Weight
MBS Passthrough 34.13%
Treasuries 32.33%
Industrial 19.31%
Financial Institutions 9.08%
Utility 2.67%
Cash Equivalents & Other 0.99%
Sovereign 0.88%
Revenue 0.42%
GO 0.20%
ABS 0.03%

Index Sector Allocation as of Apr 30 2024

Sector Weight
MBS Passthrough 9.62%
Treasuries 42.13%
Industrial 14.39%
Financial Institutions 8.31%
Utility 2.24%
Cash Equivalents & Other 0.09%
Sovereign 1.01%
Revenue 0.41%
GO 0.17%
ABS 0.49%

Quality Breakdown

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

as of Apr 30 2024
as of Apr 30 2024

Fund Quality Breakdown as of Apr 30 2024

Quality Weight
Aaa 24.71%
Aa1 40.96%
Aa2 0.97%
Aa3 0.80%
A1 2.33%
A2 3.46%
A3 4.93%
Baa1 4.62%
Baa2 7.88%
Baa3 6.93%
Ba1 0.51%
Ba2 0.43%
B1 0.11%
B2 0.30%
N/A 1.05%

Index Quality Breakdown as of Apr 30 2024

Quality Weight
Aaa 4.00%
Aa1 43.89%
Aa2 0.64%
Aa3 1.55%
A1 3.80%
A2 3.43%
A3 4.68%
Baa1 3.96%
Baa2 5.70%
Baa3 2.77%
Ba1 0.01%
Ba2 0.00%
B1 0.00%
B2 0.00%
N/A 25.41%

Duration Breakdown

as of Apr 30 2024
as of Apr 30 2024

Fund Duration Breakdown as of Apr 30 2024

Duration Weight
Up to 3 Years 29.47%
3-5 Years 20.67%
5-8 Years 34.17%
More than 8 Years 14.41%
Unclassified 1.28%

Index Duration Breakdown as of Apr 30 2024

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

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

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

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

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