State Street Income Fund SSASX

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.

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

$10.09

as of Mar 24 2023

Base Currency

USD

Assets Under Management

$1,407.57 M

as of Feb 28 2023

Gross Expense Ratio

0.20%

1 Day Nav Change

+$0.00 (0.00%)

as of Mar 24 2023

Quick Links

Fund Objective

The investment objective of the State Street Income Fund is to seek high current income and preservation of capital.

Investment Strategy

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets in debt securities. The Fund invests significantly in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, municipal obligations, Government securities and money market instruments. The Fund normally has a weighted average effective 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 Mar 27 2023

Investment Style	Fixed Income Aggregate Investment Grade
Benchmark	Bloomberg U.S. Aggregate Bond Index
Inception Date	Jan 03 1980
Gross Expense Ratio	0.20%
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

Head of Active Global Fixed Income

Read Bio

James F Palmieri, CFA

Senior Portfolio Manager

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Listing Information as of Mar 27 2023

Exchange	Trading Currency	Listing Date	Ticker	CUSIP
NASDAQ REGULAR MARKET	USD	Jan 03 1980	SSASX	85749T749

Fund Characteristics as of Feb 28 2023

Number of Holdings	1,386
Average Maturity in Years	9.03
Duration	7.15 years
Nominal Yield (%)	5.10
Annual Portfolio Turnover (%)	196.70

Index Characteristics as of Feb 28 2023

Number of Holdings	13,192
Average Maturity in Years	9.02
Duration	6.64 years
Nominal Yield (%)	4.71

Yields as of Feb 28 2023

30 Day SEC Yield

4.54%

Fund Net Asset Value as of Mar 24 2023

NAV	$10.09
Percent Change	0.00%
Price Change	$0.00
Offer Price	$10.09
NAV 52 Week High	$10.88(Mar 31 2022)
NAV 52 Week Low	$9.43(Oct 24 2022)

Fund Performance

as of Feb 28 2023

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Feb 28 2023	-2.67%	0.05%	-1.69%	0.57%	0.57%
Benchmark	Feb 28 2023	-2.59%	-0.04%	-2.13%	0.41%	0.41%

as of Dec 31 2022

	As Of	1 Month	3 Month	6 Month	QTD	YTD
Fund at NAV	Dec 31 2022	-0.51%	2.33%	-2.65%	2.33%	-13.39%
Benchmark	Dec 31 2022	-0.45%	1.87%	-2.97%	1.87%	-13.01%

as of Feb 28 2023

	As Of	1 Year	3 Year	5 Year	10 Year
Fund at NAV	Feb 28 2023	-9.65%	-3.13%	0.66%	1.39%
Benchmark	Feb 28 2023	-9.72%	-3.77%	0.53%	1.12%

as of Dec 31 2022

	As Of	1 Year	3 Year	5 Year	10 Year
Fund at NAV	Dec 31 2022	-13.39%	-2.49%	0.13%	1.32%
Benchmark	Dec 31 2022	-13.01%	-2.71%	0.02%	1.06%

as of Feb 28 2023

	2017	2018	2019	2020	2021	2022
Fund at NAV	3.99%	-0.75%	9.38%	8.20%	-1.08%	-13.39%
Benchmark	3.54%	0.01%	8.72%	7.51%	-1.54%	-13.01%

Returns shown reflect the past performance of the General Electric RSP Income Fund, the performance predecessor of the Fund. The General Electric RSP Income Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated (“GEAM”) served as the Fund’s investment adviser until 2016, when State Street Corporation (“State Street”), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM.

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.

The Total Annual Fund Operating Expenses shown reflects the total annual operating expenses of the Fund prior to any fee waivers or expense reimbursements, as provided in the most recent Prospectus. Actual Fund operating expenses will change over time based on Fund asset levels and other factors and may be higher or lower than those estimated for the current fiscal year.

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

Gross Expense Ratio: 0.20%

Risk Analysis

as of Feb 28 2023

as of Dec 31 2022

Month End as of Feb 28 2023

Risk Factor	3 Years	5 Years
Alpha	1.01%	0.15%
Beta	1.07	1.03
Std Deviation	6.54%	5.56%
Information Ratio	0.51	0.12
R-squared	96.81%	95.81%
Sharpe Ratio	-0.59	-0.11
Tracking Error	1.25%	1.15%

Quarter End as of Dec 31 2022

Risk Factor	3 Years	5 Years
Alpha	0.37%	0.13%
Beta	1.05	1.02
Std Deviation	6.18%	5.27%
Information Ratio	0.16	0.09
R-squared	95.37%	95.32%
Sharpe Ratio	-0.51	-0.20
Tracking Error	1.35%	1.14%

Risk Analysis shown reflect the historical holdings of the General Electric RSP Income Fund, the predecessor of the Fund. The General Electric RSP Income Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated (“GEAM”) served as the Fund’s investment adviser until 2016, when State Street Corporation (“State Street”), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM.

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

Fund Top Holdings as of Feb 28 2023

Name	Weight
UNITED STATES TREASURY	30.02%
UNIFORM MBS	10.49%
FEDERAL NATIONAL MORTGAGE ASSOCIATION	9.28%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 2	5.26%
FEDERAL HOME LOAN MORTGAGE CORPORATION	1.57%
BANK BANK_17-BNK7	1.33%
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD	1.09%
GS MORTGAGE SECURITIES TRUST GSMS_19-GC42	0.80%
BANK OF AMERICA CORP	0.76%
JPMORGAN CHASE & CO	0.63%

Sector Allocation

as of Feb 28 2023

Fund Sector Allocation as of Feb 28 2023

Sector	Weight
MBS Passthrough	34.31%
Treasuries	30.10%
Industrial	19.13%
Financial Institutions	10.83%
Utility	2.68%
Cash Equivalents & Other	1.02%
Sovereign	1.00%
Revenue	0.38%
Agencies	0.25%
GO	0.18%
ABS	0.13%

Index Sector Allocation as of Feb 28 2023

Sector	Weight
MBS Passthrough	8.01%
Treasuries	40.72%
Industrial	13.95%
Financial Institutions	8.35%
Utility	2.02%
Cash Equivalents & Other	0.09%
Sovereign	0.99%
Revenue	0.48%
Agencies	23.24%
GO	0.18%
ABS	0.44%

Quality Breakdown

as of Feb 28 2023

Fund Quality Breakdown as of Feb 28 2023

Quality	Weight
Aaa	61.85%
Aa1	0.23%
Aa2	0.71%
Aa3	0.88%
A1	2.29%
A2	3.82%
A3	4.08%
Baa1	5.98%
Baa2	8.48%
Baa3	7.65%
Ba1	0.34%
Ba2	0.31%
Ba3	0.24%
B1	0.09%
N/A	3.06%

Index Quality Breakdown as of Feb 28 2023

Quality	Weight
Aaa	46.48%
Aa1	0.66%
Aa2	0.66%
Aa3	1.50%
A1	3.20%
A2	3.91%
A3	3.99%
Baa1	4.09%
Baa2	5.39%
Baa3	3.17%
Ba1	0.00%
Ba2	0.00%
Ba3	0.00%
B1	0.00%
N/A	26.94%

Duration Breakdown

as of Feb 28 2023

Fund Duration Breakdown as of Feb 28 2023

Duration	Weight
Up to 3 Years	26.63%
3-5 Years	20.97%
5-8 Years	28.08%
More than 8 Years	24.31%

Index Duration Breakdown as of Feb 28 2023

Duration	Weight
Up to 3 Years	23.90%
3-5 Years	18.72%
5-8 Years	27.45%
More than 8 Years	29.93%

Holdings analytics shown reflect the historical holdings of the General Electric RSP Income Fund, the predecessor of the Fund. The General Electric RSP Income Fund was managed by using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. GE Asset Management Incorporated (“GEAM”) served as the Fund’s investment adviser until 2016, when State Street Corporation (“State Street”), the ultimate parent company of the Adviser, acquired substantially all of the assets of GEAM.

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.

Document

Fund Documents

Information & Schedules

2022 Elfun/SS (RSP) Tax Letter pdf

Forms

"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 State Street Income Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to State Street 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.