Elfun Tax-Exempt Income Fund ELFTX

Important Risk Information

Considering the risks: 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.

NAV

NAV

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

$11.53

as of Sep 24 2021

Base Currency

USD

Assets Under Management

$1,300.54 M

as of Aug 31 2021

Gross Expense Ratio

Gross Expense Ratio

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

0.21%

1 Day Nav Change

-$0.01 (-0.09%)

as of Sep 24 2021


Fund Objective

Fund Objective

As high a level of current interest income exempt from federal income taxation as is available from a concentration of investments in municipal bonds consistent with prudent investment management and the preservation of capital.


Investment Strategy

Investment Strategy

The Fund seeks to achieve its investment objective by investing primarily in investment-grade municipal obligations. Under normal circumstances, the portfolio manager manages the Fund so that at least 80% of the Fund's income is exempt from both regular federal income taxes and the federal alternative minimum tax.


Fund Information as of Sep 24 2021

Fund Information as of Sep 24 2021
Investment Style Benchmark Inception Date Gross Expense Ratio

Gross Expense Ratio

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

Base Currency Investment Manager Management Team
Fixed Income Municipal Investment Grade Bloomberg Barclays U.S. Municipal Bond Index Jan 01 1980 0.21% USD SSGA Funds Management, Inc. Fixed Income, Currency & Cash Investments Team
Investment Style Fixed Income Municipal Investment Grade
Benchmark Bloomberg Barclays U.S. Municipal Bond Index
Inception Date Jan 01 1980
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.

0.21%
Base Currency USD
Investment Manager SSGA Funds Management, Inc.
Management Team Fixed Income, Currency & Cash Investments Team
Distributor Distribution Frequency
State Street Global Advisors Funds Distributors, LLC Monthly
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Investment Team

Investment Team

Arthur H Aaronson, CPA

Portfolio Manager


Stella V DeLucia


Listing Information as of Sep 24 2021

Listing Information as of Sep 24 2021

Exchange Trading Currency Listing Date Ticker CUSIP
NASDAQ REGULAR MARKET USD Jan 01 1980 ELFTX 286279104
Exchange NASDAQ REGULAR MARKET
Trading Currency USD
Listing Date Jan 01 1980
Ticker ELFTX
CUSIP 286279104

Fund Characteristics as of Aug 31 2021

Fund Characteristics as of Aug 31 2021
Number of Holdings 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.

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.

Nominal Yield (%)

Average of security level nominal yield weighted by market notional

Annual Portfolio Turnover (%)
382 5.39 6.70 years 0.96 48.07
Number of Holdings 382
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.

5.39
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.

6.70 years
Nominal Yield (%)

Average of security level nominal yield weighted by market notional

0.96
Annual Portfolio Turnover (%) 48.07

Index Characteristics as of Aug 31 2021

Index Characteristics as of Aug 31 2021
Number of Holdings Average Maturity in Years Duration Nominal Yield (%)
- 5.48 6.55 years 0.93
Number of Holdings -
Average Maturity in Years 5.48
Duration 6.55 years
Nominal Yield (%) 0.93

Yields as of Aug 31 2021

Yields as of Aug 31 2021
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.

2.76%
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.

2.76%

Fund Net Asset Value as of Sep 24 2021

Fund Net Asset Value as of Sep 24 2021
NAV

NAV

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

Percent Change Price Change Offer Price NAV 52 Week High NAV 52 Week Low
$11.53 -0.09% -$0.01 $11.53 $11.73(Feb 12 2021) $11.45(Feb 26 2021)
NAV

NAV

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

$11.53
Percent Change -0.09%
Price Change -$0.01
Offer Price $11.53
NAV 52 Week High $11.73(Feb 12 2021)
NAV 52 Week Low $11.45(Feb 26 2021)

Fund Performance

Fund Performance

  • Fund Inception Date: Jan 01 1980

as of Aug 31 2021

as of Jun 30 2021

As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Aug 31 2021 -0.43% 0.60% 2.75% 0.34% 1.36%
Bloomberg Barclays U.S. Municipal Bond Index Aug 31 2021 -0.37% 0.74% 2.51% 0.46% 1.53%
As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Jun 30 2021 0.26% 1.68% 1.01% 1.68% 1.01%
Bloomberg Barclays U.S. Municipal Bond Index Jun 30 2021 0.27% 1.42% 1.06% 1.42% 1.06%

as of Aug 31 2021

as of Jun 30 2021

As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Jan 01 1980
Fund at NAV Aug 31 2021 3.32% 4.68% 2.93% 3.85% 7.42%
Bloomberg Barclays U.S. Municipal Bond Index Aug 31 2021 3.40% 5.09% 3.30% 4.05% 6.46%
As Of 1 Year 3 Year 5 Year 10 Year Since Inception
Jan 01 1980
Fund at NAV Jun 30 2021 4.12% 4.67% 2.88% 4.09% 7.45%
Bloomberg Barclays U.S. Municipal Bond Index Jun 30 2021 4.17% 5.10% 3.25% 4.29% 6.48%

as of Aug 31 2021

2015 2016 2017 2018 2019 2020
Fund at NAV 3.21% 0.42% 4.71% 0.90% 7.13% 4.77%
Bloomberg Barclays U.S. Municipal Bond Index 3.30% 0.25% 5.45% 1.28% 7.54% 5.21%

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: 0.21%


Risk Analysis

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

Month End as of Aug 31 2021

Risk Factor 3 Years 5 Years
Alpha -0.41% -0.27%
Beta 1.01 0.95
Std Deviation 4.04% 3.77%
Information Ratio -0.88 -0.74
R-squared 98.71% 98.39%
Sharpe Ratio 0.89 0.48
Tracking Error 0.46% 0.51%

Quarter End as of Jun 30 2021

Risk Factor 3 Years 5 Years
Alpha -0.43% -0.26%
Beta 1.01 0.95
Std Deviation 4.01% 3.75%
Information Ratio -0.90 -0.71
R-squared 98.64% 98.38%
Sharpe Ratio 0.87 0.47
Tracking Error 0.47% 0.51%

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

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

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

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

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

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

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


Top Holdings

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

Top Holdings

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

Fund Top Holdingsas of Aug 31 2021

Fund Top Holdings as of Aug 31 2021

Name Weight
NEW YORK CITY TRANSITIONAL FIN AUTH 3.36%
CONNECTICUT (STATE OF) 3.10%
PHILADELPHIA PA CITY OF 2.63%
MASSACHUSETTS (COMMONWEALTH OF) 2.62%
DORMITORY AUTHORITY OF STATE OF NEW YORK 2.20%
NEW JERSEY ST TURNPIKE AUTHORITY 2.13%
CALIFORNIA (STATE OF) 2.11%
BALTIMORE MD 2.11%
ATLANTA GA (CITY OF) 1.95%
NORTHEAST OHIO REGIONAL SEWER DISTRICT 1.80%

Sector Allocation

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

Fund Sector Allocation as of Aug 31 2021

Sector Weight
Revenue 79.80%
GO 20.63%

Index Sector Allocation as of Aug 31 2021

Sector Weight
Revenue 0.00%
GO 0.00%

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

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

Fund Quality Breakdownas of Aug 31 2021
Index Quality Breakdownas of Aug 31 2021

Fund Quality Breakdown as of Aug 31 2021

Quality Weight
Aaa 14.94%
Aa1 11.59%
Aa2 19.28%
Aa3 16.22%
A1 14.72%
A2 11.78%
A3 4.25%
Baa1 4.42%
Baa2 1.93%
Baa3 0.04%
Ba1 0.29%
N/A 0.55%

Index Quality Breakdown as of Aug 31 2021

Quality Weight
Aaa 0.00%
Aa1 0.00%
Aa2 0.00%
Aa3 0.00%
A1 0.00%
A2 0.00%
A3 0.00%
Baa1 0.00%
Baa2 0.00%
Baa3 0.00%
Ba1 0.00%
N/A 0.00%

Duration Breakdown

Duration Breakdown
Fund Duration Breakdownas of Aug 31 2021
Index Duration Breakdownas of Aug 31 2021

Fund Duration Breakdown as of Aug 31 2021

Duration Weight
Up to 3 Years 16.51%
3-5 Years 12.18%
5-8 Years 25.76%
More than 8 Years 45.54%

Index Duration Breakdown as of Aug 31 2021

Duration Weight
Up to 3 Years 0.00%
3-5 Years 0.00%
5-8 Years 0.00%
More than 8 Years 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.


Fund Footnotes

Barclays U.S. Municipal Bond Index 10 Year - an unmanaged index comprised of investment-grade, fixed rate security that includes investment grade, tax-exempt, and fixed-rate securities with maturities of at least eight years and less than twelve years. The returns of each index do not reflect the actual cost of investing in the instruments that comprise it.