State Street Income Fund SSASX

Important Risk Information

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.

NAV

NAV

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

$12.23

as of Sep 15 2021

Base Currency

USD

Assets Under Management

$1,933.51 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.

0.17%

1 Day Nav Change

-$0.01 (-0.08%)

as of Sep 15 2021


Fund Objective

Fund Objective

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


Investment Strategy

Investment Strategy

The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in bonds and other 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 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 Sep 16 2021

Fund Information as of Sep 16 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 Aggregate Investment Grade Bloomberg Barclays U.S. Aggregate Bond Index Jan 03 1980 0.17% USD SSGA Funds Management, Inc. Fixed Income, Currency & Cash Investments Team
Investment Style Fixed Income Aggregate Investment Grade
Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
Inception Date Jan 03 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.

0.17%
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

Matthew Nest, CFA

Global Head of Macro Strategies


James F Palmieri, CFA

Senior Portfolio Manager


Listing Information as of Sep 16 2021

Listing Information as of Sep 16 2021

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

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 (%)
1,456 8.18 6.68 years 1.70 161.09
Number of Holdings 1,456
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.

8.18
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.

6.68 years
Nominal Yield (%)

Average of security level nominal yield weighted by market notional

1.70
Annual Portfolio Turnover (%) 161.09

Index Characteristics as of Aug 31 2021

Index Characteristics as of Aug 31 2021
Number of Holdings Average Maturity in Years Duration Nominal Yield (%)
12,160 8.40 6.68 years 1.40
Number of Holdings 12,160
Average Maturity in Years 8.40
Duration 6.68 years
Nominal Yield (%) 1.40

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.

1.78%
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.

1.78%

Fund Net Asset Value as of Sep 15 2021

Fund Net Asset Value as of Sep 15 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
$12.23 -0.08% -$0.01 $12.23 $12.44(Nov 30 2020) $11.93(Mar 19 2021)
NAV

NAV

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

$12.23
Percent Change -0.08%
Price Change -$0.01
Offer Price $12.23
NAV 52 Week High $12.44(Nov 30 2020)
NAV 52 Week Low $11.93(Mar 19 2021)

Fund Performance

Fund Performance

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 -0.14% 1.84% 1.99% 0.97% -0.05%
Bloomberg Barclays U.S. Aggregate Bond Index Aug 31 2021 -0.19% 1.63% 1.49% 0.93% -0.69%
As Of 1 Month 3 Month 6 Month QTD YTD
Fund at NAV Jun 30 2021 0.87% 2.14% -1.00% 2.14% -1.00%
Bloomberg Barclays U.S. Aggregate Bond Index Jun 30 2021 0.70% 1.83% -1.60% 1.83% -1.60%

as of Aug 31 2021

as of Jun 30 2021

As Of 1 Year 3 Year 5 Year 10 Year
Fund at NAV Aug 31 2021 1.52% 5.89% 3.47% 3.70%
Bloomberg Barclays U.S. Aggregate Bond Index Aug 31 2021 -0.08% 5.43% 3.11% 3.18%
As Of 1 Year 3 Year 5 Year 10 Year
Fund at NAV Jun 30 2021 1.79% 5.87% 3.52% 3.85%
Bloomberg Barclays U.S. Aggregate Bond Index Jun 30 2021 -0.33% 5.34% 3.03% 3.39%

as of Aug 31 2021

2015 2016 2017 2018 2019 2020
Fund at NAV 0.34% 3.50% 3.99% -0.75% 9.38% 8.20%
Bloomberg Barclays U.S. Aggregate Bond Index 0.55% 2.65% 3.54% 0.01% 8.72% 7.51%

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: 0.17%


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 0.50% 0.37%
Beta 0.98 0.99
Std Deviation 3.67% 3.38%
Information Ratio 0.32 0.33
R-squared 85.16% 89.00%
Sharpe Ratio 1.32 0.70
Tracking Error 1.41% 1.12%

Quarter End as of Jun 30 2021

Risk Factor 3 Years 5 Years
Alpha 0.57% 0.49%
Beta 0.98 0.99
Std Deviation 3.63% 3.38%
Information Ratio 0.37 0.43
R-squared 84.81% 88.63%
Sharpe Ratio 1.29 0.71
Tracking Error 1.42% 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

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
UNITED STATES TREASURY 24.37%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 14.12%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 6.46%
UNIFORM MBS 2.87%
FEDERAL HOME LOAN MORTGAGE CORPORATION 1.87%
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 1.21%
BANK BANK_17-BNK7 1.15%
BANK OF AMERICA CORP 0.76%
GS MORTGAGE SECURITIES TRUST GSMS_19-GC42 0.72%
CITIGROUP INC 0.68%

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
MBS Passthrough 34.33%
Treasuries 24.42%
Industrial 22.65%
Financial Institutions 10.53%
Futures 6.01%
Utility 3.11%
Sovereign 1.35%
ABS 1.31%
Cash Equivalents & Other 0.94%
Agencies 0.62%
Revenue 0.40%
OTHER 0.19%
GO 0.16%

Index Sector Allocation as of Aug 31 2021

Sector Weight
MBS Passthrough 28.23%
Treasuries 38.10%
Industrial 16.09%
Financial Institutions 8.12%
Futures 0.00%
Utility 2.15%
Sovereign 1.06%
ABS 0.30%
Cash Equivalents & Other 0.10%
Agencies 3.39%
Revenue 0.52%
OTHER 0.00%
GO 0.22%

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 58.34%
Aa1 0.31%
Aa2 0.66%
Aa3 1.42%
A1 2.07%
A2 4.37%
A3 4.17%
Baa1 7.08%
Baa2 9.03%
Baa3 8.64%
Ba1 2.08%
Ba2 0.38%
Ba3 0.19%
B1 0.03%
N/A 1.22%

Index Quality Breakdown as of Aug 31 2021

Quality Weight
Aaa 50.23%
Aa1 0.76%
Aa2 0.77%
Aa3 1.69%
A1 2.30%
A2 4.98%
A3 3.97%
Baa1 5.06%
Baa2 5.71%
Baa3 3.62%
Ba1 0.00%
Ba2 0.00%
Ba3 0.00%
B1 0.00%
N/A 20.92%

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 23.49%
3-5 Years 29.17%
5-8 Years 30.53%
More than 8 Years 22.82%

Index Duration Breakdown as of Aug 31 2021

Duration Weight
Up to 3 Years 22.83%
3-5 Years 29.92%
5-8 Years 23.56%
More than 8 Years 23.69%

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.


Fund Footnotes

Bloomberg Barclays U.S. Aggregate Bond Index (BC Agg Bond) is an unmanaged, market value weighted index of investment-grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of more than 1 year.