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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

GE Asset Management - Elfun Tax Exempt Income Fund USD

ELFTX | Fund

$10.07

$1.11 B

4.00%

$0.40

0.21%

Vitals

YTD Return

1.7%

1 yr return

5.3%

3 Yr Avg Return

-0.5%

5 Yr Avg Return

0.8%

Net Assets

$1.11 B

Holdings in Top 10

11.8%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.21%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 42.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$500

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

GE Asset Management - Elfun Tax Exempt Income Fund USD

ELFTX | Fund

$10.07

$1.11 B

4.00%

$0.40

0.21%

ELFTX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return -0.5%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.65%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    GE Asset Management - Elfun Tax Exempt Income Fund USD
  • Fund Family Name
    State Street Global Advisors
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Arthur Aaronson

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in investment-grade municipal obligations. Under normal circumstances, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, 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.
The Adviser seeks to identify debt securities that they believe have desirable characteristics for the Fund such as: 
• attractive yields and prices;
• the potential for income generation;
• the potential for capital appreciation; and/or
• reasonable credit quality. 
The Adviser may consider selling a security when one of these characteristics no longer applies, when valuation becomes excessive, or when more attractive alternatives are identified. 
The Fund generally will have an effective duration of 75% to 125% of the duration of the Bloomberg U.S. Municipal Bond Index. As of February 28, 2022, the effective duration of the Bloomberg U.S. Municipal Bond Index was 5.14 years. Duration is a measure of a bond price's sensitivity to a given change in interest rates. 
The Fund also may invest to a lesser extent in tax-free or taxable money market instruments and may hold cash. The Fund also may invest up to 10% of its net assets in high yield securities (also known as below investment-grade bonds or “junk bonds”). The Fund considers a bond to be “high yield” if the middle rating of Fitch Ratings, Inc. (“Fitch”), Moody's Investor Services, Inc. (“Moody's”) and S& P Global Ratings (“S&P”) (each, an “NRSRO”) is below investment-grade. If fewer than three of these NRSROs have rated the bond, the Fund will consider the bond to be “high yield” if it is rated below investment-grade by at least one of these NRSROs, or if unrated, determined to be of comparable quality by the Adviser. 
The Adviser may also use various types of derivative instruments (such as options, futures and options on futures) to manage yield, duration and exposure to credit quality, and to gain or hedge exposure to certain securities, indices or market segments. 
The Fund may also invest in repurchase agreements, reverse repurchase agreements, when-issued and delayed delivery securities, municipal obligations, floating rate and variable rate instruments, zero-coupon obligations, mortgage-related securities, and may hold securities that are restricted as to resale. The Fund may invest in other investment companies (including those advised by the Adviser), including exchange-traded funds (“ETFs”), to the extent permitted by applicable law. The Fund also may lend its securities. 
The Bloomberg U.S. Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. 
Read More

ELFTX - Performance

Return Ranking - Trailing

Period ELFTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -5.9% 32.8% 73.75%
1 Yr 5.3% -0.7% 37.0% 63.36%
3 Yr -0.5%* -10.7% 3.6% 53.36%
5 Yr 0.8%* -6.8% 1103.7% 55.48%
10 Yr 1.9%* -0.9% 248.8% 41.45%

* Annualized

Return Ranking - Calendar

Period ELFTX Return Category Return Low Category Return High Rank in Category (%)
2023 1.3% -1.4% 41.0% 91.32%
2022 -11.7% -39.7% 0.3% 51.63%
2021 -1.7% -5.6% 6.9% 95.63%
2020 1.1% -2.6% 310.0% 77.62%
2019 3.1% 0.0% 26.0% 75.36%

Total Return Ranking - Trailing

Period ELFTX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -5.9% 32.8% 73.75%
1 Yr 5.3% -0.7% 37.0% 63.36%
3 Yr -0.5%* -10.7% 3.6% 53.36%
5 Yr 0.8%* -6.8% 1103.7% 55.48%
10 Yr 1.9%* -0.9% 248.8% 41.45%

* Annualized

Total Return Ranking - Calendar

Period ELFTX Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -1.3% 41.0% 51.17%
2022 -8.5% -39.7% 1.1% 40.38%
2021 1.4% -4.8% 23761504.0% 53.89%
2020 4.8% -1.5% 17057.9% 20.64%
2019 5.2% 0.2% 3514.6% 78.14%

NAV & Total Return History

ELFTX - Holdings

Concentration Analysis

ELFTX Category Low Category High ELFTX % Rank
Net Assets 1.11 B 3.22 M 71.9 B 29.13%
Number of Holdings 369 4 13418 33.78%
Net Assets in Top 10 123 M -317 M 3.09 B 36.51%
Weighting of Top 10 11.77% 1.8% 100.3% 75.67%

Top 10 Holdings

  1. OHIO ST TPK COMMN TPK REV 5.25% 1.69%
  2. COLUMBUS OHIO 5% 1.41%
  3. BALTIMORE MD PROJ REV 5% 1.36%
  4. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  5. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  6. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  7. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  8. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  9. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%
  10. State Str Instl Invt Tr Treasury Plus Fd Instl Cl 1.33%

Asset Allocation

Weighting Return Low Return High ELFTX % Rank
Bonds 		98.78% 0.00% 150.86% 55.19%
Cash 		1.22% -50.86% 44.62% 44.77%
Stocks 		0.00% 0.00% 99.78% 69.57%
Preferred Stocks 		0.00% 0.00% 0.07% 64.82%
Other 		0.00% -3.69% 51.88% 65.49%
Convertible Bonds 		0.00% 0.00% 0.93% 64.62%

Bond Sector Breakdown

Weighting Return Low Return High ELFTX % Rank
Municipal 		98.78% 44.39% 100.00% 43.34%
Cash & Equivalents 		1.22% 0.00% 44.41% 27.12%
Derivative 		0.00% -3.69% 51.88% 63.96%
Securitized 		0.00% 0.00% 5.93% 65.22%
Corporate 		0.00% 0.00% 9.41% 70.70%
Government 		0.00% 0.00% 52.02% 67.69%

Bond Geographic Breakdown

Weighting Return Low Return High ELFTX % Rank
US 		98.78% 0.00% 142.23% 52.96%
Non US 		0.00% 0.00% 23.89% 66.82%

ELFTX - Expenses

Operational Fees

ELFTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.21% 0.01% 8.02% 96.93%
Management Fee 0.16% 0.00% 1.20% 4.39%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

ELFTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

ELFTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ELFTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 42.00% 0.00% 283.00% 89.69%

ELFTX - Distributions

Dividend Yield Analysis

ELFTX Category Low Category High ELFTX % Rank
Dividend Yield 4.00% 0.00% 14.51% 2.86%

Dividend Distribution Analysis

ELFTX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ELFTX Category Low Category High ELFTX % Rank
Net Income Ratio 2.65% -0.53% 5.33% 14.03%

Capital Gain Distribution Analysis

ELFTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

ELFTX - Fund Manager Analysis

Managers

Arthur Aaronson

Start Date

Tenure

Tenure Rank

Jan 09, 2019

3.39

3.4%

Arthur Aaronson is a Vice President of SSGA and the Adviser and a Portfolio Manager in the Global Fixed Income Solutions group focusing on Tax Exempt and Taxable Municipal securities. Mr. Aaronson joined SSGA in July 2016 through its acquisition of GE Asset Management (“GEAM”). He was a Portfolio Manager in the Insurance Asset Management Group prior to assuming his role on the Municipal team. He joined GEAM in 2002 as an Assistant Portfolio Manager. Prior to GEAM, he spent 11 years at the Princeton Insurance Companies as Vice President of Investments. Previous to his tenure at Princeton, he was Chief Financial Officer for Propac Underwriters and spent several years at Pannell Kerr Forster, a national public accounting firm. Mr. Aaronson has a Bachelor of Science in Accounting and Law from Clarkson University and is a Certified Public Accountant and a member of the Pennsylvania Institute of Certified Public Accountants.

Stella DeLucia

Start Date

Tenure

Tenure Rank

Oct 15, 2019

2.63

2.6%

Stella DeLucia is a Managing Director of SSGA and SSGA Funds Management, Inc. and a Senior Portfolio Manager in the Fixed Income Insurance Team. Ms. DeLucia joined SSGA in July 2016 through its acquisition of GEAM. Ms. DeLucia started managing municipal portfolios in 1989 when she worked at Alliance Bernstein managing national and state specific municipal mutual funds. Upon joining GEAM in 1994, she managed total return municipal portfolios for multiple insurance clients. Ms. DeLucia holds a Bachelor of Science from Cornell University and a Master of Business Administration from the Stern School of Business at New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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