Home   »   Target Retirement Funds :  State Street Target Retirement Fund - Class K (SSFOX)

State Street Target Retirement Fund - Class K

Fund Objective

The investment objective of the State Street Target Retirement Fund is to seek current income and, secondarily, capital growth.

Fund Information

As of   12/10/2018
Ticker Symbol SSFOX
Primary Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
Secondary Benchmark State Street Target Retirement Composite Index
CUSIP 85749R495
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.

Net Expense Ratio

^The Fund's investment adviser, SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), is contractually obligated until April 30, 2019 (i) to waive up to the full amount of the advisory fee payable by the Fund, and/or (ii) to reimburse the Fund to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees, extraordinary expenses, and distribution, shareholder servicing, and sub-transfer agency fees) exceed 0.09% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to April 30, 2019 except with approval of the Fund's Board of Trustees.

Inception Date 09/30/2014
Investment Manager SSGA Funds Management, Inc.
Management Team Investment Solutions Group (ISG)
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Annually

Fund Characteristics

As of   11/30/2018
Dividend Yield 2.98%
Number of Holdings 11
Weighted Average Market Cap $2,229.89 M


As of   12/07/2018
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.

30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

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 that does not account for expense ratio waivers.


Fund Net Asset Value


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

As of   12/06/2018
NAV $10.62
Shares Outstanding 19.03 M
Total Net Assets $202.14 M

Fund Documents

Fund Performance

NAV Month End
As of  11/30/2018
NAV Quarter End
As of  09/30/2018
1 Month 0.85% -0.28%
QTD -2.02% 1.68%
YTD -0.47% 1.59%
1 Year 0.20% 3.59%
3 Year 4.17% 5.69%
5 Year N/A N/A
10 Year N/A N/A
3.26% 3.93%

Performance quoted represents past performance, which is no guarantee of future results.  Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.  Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Purchase Information

Minimum Investments
Initial $10,000,000.00
Initial AIP $100.00
Additional AIP $100.00

Brokerage Availability
SSGA Funds are available through most major broker/dealer and supermarket platforms. If you are an investment advisor and have questions regarding platform availability, please call 800-997-7327. Otherwise, please call 877-521-4083.

To Purchase by wire
You may make initial or subsequent investments by wiring federal funds to State Street, as Transfer Agent by:

1. Telephoning the Customer Service Department at 1-800-647-7327 between 8:00 a.m. and 4:00 p.m., Eastern Time, and stating: (a) your account registration number, address and social security or tax identification number, (b) the name of the fund in which the investment is to be made and the account number, and (c) the exact amount being wired.

2. Instructing the wiring bank to wire federal funds to:
State Street Bank and Trust Co.
Boston, MA 02110
ABA# 0110-0002-8
Attn: State Street Target Retirement Fund - Class K
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

Correspondence Information
SSGA Funds
1 Iron Street
Boston, MA 02210

Performance Chart

As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Month End
Fund at NAV 11/30/2018 0.85% -2.02% -0.47% 0.20% 4.17% N/A N/A 3.26%
Bloomberg Barclays U.S. Aggregate Bond Index 11/30/2018 0.60% -0.20% -1.79% -1.34% 1.33% N/A N/A 1.60%
State Street Target Retirement Composite Index 11/30/2018 0.85% -2.03% -0.52% 0.17% 4.28% N/A N/A 3.50%
Quarter End
Fund at NAV 09/30/2018 -0.28% 1.68% 1.59% 3.59% 5.69% N/A N/A 3.93%
Bloomberg Barclays U.S. Aggregate Bond Index 09/30/2018 -0.64% 0.02% -1.60% -1.22% 1.31% N/A N/A 1.72%
State Street Target Retirement Composite Index 09/30/2018 -0.27% 1.64% 1.54% 3.65% 5.80% N/A N/A 4.18%

Performance quoted represents past performance, which is no guarantee of future results.  Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.  Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Gross Expense Ratio: 0.51%

Net Expense Ratio: 0.09%

Performance Graphs

Quarter End as of 09/30/2018

Fund Inception Date: 09/30/2014

Inception Date of Primary Index: 01/01/1986

Inception Date of Secondary Index: 09/30/2014

<performance fundPerfNavName="Fund at NAV" bmarkName="Bloomberg Barclays U.S. Aggregate Bond Index" secondBmarkName="State Street Target Retirement Composite Index"><funds><field>1 Month</field><fund>-0.28</fund><index>-0.64</index><secondIndex>-0.27</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.68</fund><index>0.02</index><secondIndex>1.64</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>1.59</fund><index>-1.60</index><secondIndex>1.54</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>3.59</fund><index>-1.22</index><secondIndex>3.65</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>5.69</fund><index>1.31</index><secondIndex>5.80</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>3.93</fund><index>1.72</index><secondIndex>4.18</secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Holdings

Subject to change.

Subject to change.

As of   10/31/2018
Name Weight
State Street Aggregate Bond Index Portfolio 20.44 %
SPDR Bloomberg Barclays 1-10 Year TIPS ETF 18.37 %
SPDR Portfolio Short Term Treasury ETF 16.28 %
State Street Equity 500 Index II Portfolio 16.07 %
State Street Global Equity ex-U.S. Index Portfolio 9.51 %
SPDR Bloomberg Barclays High Yield Bond ETF 7.08 %
SPDR Dow Jones Global Real Estate ETF 4.97 %
SPDR Portfolio Short Term Corporate Bond ETF 4.13 %
State Street Small/Mid Cap Equity Index Portfolio 2.93 %
U.S. Dollar 0.03 %
Download All Holdings XLS

Asset Class Breakdown

As of  11/30/2018
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>11/30/2018</asOfDate><code>ASSET_CLASS_BREAKDOWN</code><attributes><attribute><rawValue>66.1</rawValue><value>66.10%</value><label>Fixed Income</label><order>1</order></attribute><attribute><rawValue>28.75</rawValue><value>28.75%</value><label>Equity</label><order>2</order></attribute><attribute><rawValue>5.1</rawValue><value>5.10%</value><label>Alternatives</label><order>3</order></attribute><attribute><rawValue>0.05</rawValue><value>0.05%</value><label>Cash</label><order>4</order></attribute></attributes></component>

Unless otherwise noted all information contained herein is that of the State Street Target Retirement Fund - Class K

Intellectual Property Information: BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc.

Investment Solutions Group (ISG)

Portfolio Manager Chuck McGinn Principal Show Bio

Chuck is a Portfolio Manager and a member of the Investment Strategies Group (ISG), where he manages a variety of portfolios. As a member of the Exposure Management team within ISG he is responsible for the oversight of over $20 billion worth of client assets with exposure to equities and fixed income invested globally. As a result, Chuck has extensive experience in trading derivatives. In addition to managing several of the group's separate accounts, Chuck is part of the team responsible for managing the Target Retirement series of portfolios as well as being the lead portfolio manager of the group's Country Selection strategy. As the lead portfolio manager of the country selection strategy Chuck is responsible for recommending all of the investment calls. He is also an active participant in making tactical calls in all of the portfolios where the ISG team has been given discretion. Chuck is also responsible for the management of the SEI Dynamic Asset Allocation funds registered in the United Sates, and the United Kingdom.

Prior to his current role, Chuck was an Operations Analyst as SSGA, where he specialized in developed in and emerging market equity funds. He has been working in the investment management field since 1988.

Chuck is a graduate of Salem State College, where he earned a BS in Business Administration.

Portfolio Manager Michael Narkiewicz Assistant Vice President Show Bio

Mike is a Principal of State Street Global Advisors and a Portfolio Manager in the Investment Solutions Group (ISG). He is responsible for managing a variety of customized multi-asset class portfolios, including strategic, tactical, and real asset strategies. Prior to his current role, Mike was a Portfolio Specialist within the Global Equity Beta Solutions group. In that role, Mike focused on supporting index equity products as a subject matter expert and a liaison between the portfolio management team and the client-facing functions at SSGA. His responsibilities included investment research and analysis as well as product positioning and messaging across multiple investment strategies. Before joining SSGA in 2013, Mike was a Senior Portfolio Analyst at Shepherd Kaplan and an Equity Trader at Congress Asset Management.

Mike holds a Bachelor of Science degree in Finance from Bentley University, and a Master degree in Business Administration with a concentration in Finance from the D'Amore-McKim School of Business at Northeastern University.

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investor Service, Inc., Standard & Poor's, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The securities in the Bloomberg Barclays U.S. Aggregate Bond Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the index. In addition, the securities must be U.S. dollar denominated, fixed rate, non convertible, and taxable. Certain types of securities, such as flower bonds, TINs, and state and local government series bonds are excluded from the Bloomberg Barclays U.S. Aggregate Bond Index. Also excluded from the Bloomberg Barclays U.S. Aggregate Bond Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds. The Bloomberg Barclays U.S. Aggregate Bond Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month.

State Street Target Retirement Composite Index

The State Street Target Retirement Composite Index consists of several different indexes, and is designed to provide exposure to a variety of asset classes.

Important Risk Information

Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss.

Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged.

The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.

The Fund is subject to substantially the same risks as those associated with the direct ownership of the securities or other assets represented by the exchange-traded products ("ETPs") in which the Fund invests. The shares of certain ETPs may trade at a premium or discount to their net asset value.

Increase in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations

The use of leverage, as part of the investment process, can multiply market movements into greater changes in an investment's value, thus resulting in increased volatility of returns.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

Investments in asset backed and mortgage backed securities are subject to prepayment risk which can limit the potential for gain during a declining interest rate environment and increases the potential for loss in a rising interest rate environment.

Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline).

Investments in small/mid-sized companies may involve greater risks than in those of larger, better known companies.

Assumptions and forecasts used by SSgA FM in developing the Fund's asset allocation glide path may not be in line with future capital market returns and participant savings activities, which could result in losses near, at or after the target date year or could result in the Fund not providing adequate income at and through retirement.

Investing in high yield fixed income securities, otherwise known as "junk bonds", is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

SSgA Target Date Fund are designed for investors expecting to retire around the year indicated in each fund's name. When choosing a Fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations relevant to fund selection and investors should select the fund that best meets their individual circumstances and investment goals. The funds' asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. The investment risks of each Fund change over time as its asset allocation changes.

International Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Derivative investments may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

International markets entail different risks than those typically associated with domestic markets, including foreign currency fluctuation, political and economic instability, accounting changes and foreign taxation. These risks can be increased when investing in emerging markets securities.

Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions.