0000032339 2022-04-30 2022-04-30 0000032339 et:S000011821Member 2022-04-30 2022-04-30 0000032339 et:S000011821Member et:C000032303Member 2022-04-30 2022-04-30 0000032339 et:S000011821Member rr:AfterTaxesOnDistributionsAndSalesMember et:C000032303Member 2022-04-30 2022-04-30 0000032339 et:S000011821Member rr:AfterTaxesOnDistributionsMember et:C000032303Member 2022-04-30 2022-04-30 0000032339 et:S000011821Member et:SAndP500IndexMember 2022-04-30 2022-04-30 pure iso4217:USD false 2021-12-31 485BPOS 0000032339 0.2127 0.3498 0.1313 0.0170 0.0608 0.2561 -0.0339 0.3557 0.2507 0.2428 2022-04-27 N-1A ELFUN TRUSTS 2022-04-30 2022-04-30 Elfun Trusts Investment Objective <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Elfun Trusts (the “Fund”) seeks long-term growth of capital and future income rather than current income.</div> Fees and Expenses of the Fund <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Fund Shares”). <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0014 0.0004 0.0018 Example <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 18 18 58 58 101 101 230 230 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-bottom:2pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.</div> </div> 0.26 Principal Investment Strategies <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund seeks to achieve its investment objectives by investing in equity securities of U.S. companies. The Fund considers a company to be a U.S. company if it generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S. or has the principal trading market for its securities in the U.S. The Fund also may invest, generally to a lesser extent, in securities of foreign (non-U.S.) issuers, including securities of issuers located in emerging markets.</div><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, selects equity securities from a number of industries based on the merits of individual companies. In seeking to achieve the Fund's investment objective with respect to future income, the Adviser will also consider companies that have the potential to pay dividends in the future. While the Fund may invest in companies of any market capitalization, it expects to primarily invest in large capitalization companies. The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time.</div><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Adviser seeks to identify securities of issuers that they believe have desirable characteristics for the Fund such as: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:2.86%;margin-top:4pt;width:97.14%"> <tr style="page-break-inside:avoid"> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:1.76%;">• </td> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:98.24%;">above-average annual growth rates; </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:2.86%;margin-top:0pt;width:97.14%"> <tr style="page-break-inside:avoid"> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:1.76%;">• </td> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:98.24%;">appropriate capital structures; </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:1.76%;">• </td> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:98.24%;">leadership in their respective industries; and/or </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:1.76%;">• </td> <td style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:Normal;font-weight:Normal;line-height:13.02pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.24%;">high quality management focused on generating shareholder value. </td> </tr> </table><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Adviser may consider selling a security when one of these characteristics no longer applies, when valuation has become excessive, or when more attractive alternatives are identified. </div><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Equity securities may include common stocks, preferred stocks, other securities convertible into common stock or rights and warrants. Equity securities held by the Fund may be denominated in non-U.S. currencies and may be held outside the United States. </div><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund may invest to a lesser extent in debt securities. The Fund is permitted to invest up to 5% of its total assets (including any borrowings) in high yield securities (also known as below investment-grade bonds or “junk bonds”). The Fund is subject to no limitation with respect to the maturities of the debt instruments in which it may invest. The Adviser may also use various types of derivative instruments (such as options, futures and options on futures) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling securities. </div><div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund may invest in depositary receipts, repurchase agreements, when-issued and delayed delivery securities, mortgage-related securities, and may hold securities that are restricted as to resale. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted by applicable law (including those advised by SSGA FM). The Fund also may lend its securities. </div> Principal Risks <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund is subject to the following principal risks. You could lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.<span style="font-weight:bold"> An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </span>The Fund may not achieve its investment objective. The Fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investors should consult their own advisers as to the role of the Fund in their overall investment programs.</div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Market Risk:<span style="font-weight:normal"> 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.</span></div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Equity Investing Risk:<span style="font-weight:normal"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span></div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Growth Stock Risk:<span style="font-weight:normal"> The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Counterparty Risk:<span style="font-weight:normal"> The Fund will be subject to credit risk with respect to the counterparties with which the Fund enters into derivatives contracts, repurchase agreements, reverse repurchase agreements, and other transactions. If a counterparty fails to meet its contractual obligations, the Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If the Fund holds collateral posted by its counterparty, it may be delayed or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Currency Risk:<span style="font-weight:normal"> The value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and delays, restrictions or prohibitions on the repatriation of foreign currencies. Foreign currency exchange rates may have significant volatility, and changes in the values of foreign currencies against the U.S. dollar may result in substantial declines in the values of the Fund's assets denominated in foreign currencies.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Debt Securities Risk:<span style="font-weight:normal"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. The current low interest rate environment heightens the risks associated with rising interest rates. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Derivatives Risk:<span style="font-weight:normal"> Derivative transactions can create investment leverage and may have significant volatility. It is possible that a derivative transaction will result in a much greater loss than the principal amount invested, that changes in the value of a derivative transaction may not correlate perfectly with the underlying asset, and that the Fund may not be able to close out a derivative transaction at a favorable time or price. The counterparty to a derivatives contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations. A derivatives transaction may not behave in the manner anticipated by the Adviser or may not have the effect on the Fund anticipated by the Adviser.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Emerging Markets Risk:<span style="font-weight:normal"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, less stringent investor protection and disclosure standards, less developed public health systems, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargo, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Hedging Risk:<span style="font-weight:normal"> The success of the Fund's hedging strategies will depend, in part, upon the Adviser's ability to assess correctly the degree of correlation between the performance of the instruments used in a hedging strategy and the performance of the investments being hedged. There is no guarantee that any hedging strategy used by the</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Fund will be successful in hedging the subject risks. It is possible that the Fund will lose money on a hedging transaction and on the asset of the Fund that was the subject of the hedge. Hedging transactions may have the effect of creating investment leverage in the Fund. </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-bottom:2pt;margin-top:2pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Information Technology Sector Risk:<span style="font-weight:normal"> Market or economic factors impacting information technology companies could have a major effect on the value of the Fund's investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Large-Capitalization Securities Risk:<span style="font-weight:normal"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Management Risk:<span style="font-weight:normal"> The Fund is actively managed. The Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy or as to a hedging strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Non-U.S. Securities Risk:<span style="font-weight:normal"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-bottom:2pt;margin-top:2pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Preferred Securities Risk:<span style="font-weight:normal"> Generally, preferred security holders have no or limited voting rights with respect to the issuing company. In addition, preferred securities are subordinated to bonds and other debt instruments in a company's capital structure and therefore will be subject to greater credit risk than those debt instruments. Dividend payments on a preferred security typically must be declared by the issuer's board of directors. An issuer's board of directors is generally not under any obligation to pay a dividend (even if such dividends have accrued), and may suspend payment of dividends on preferred securities at any time. In the event an issuer of preferred securities experiences economic difficulties, the issuer's preferred securities may lose substantial value due to the reduced likelihood that the issuer's board of directors will declare a dividend and the fact that the preferred security may be subordinated to other securities of the same issuer. Further, because many preferred securities pay dividends at a fixed rate, their market price can be sensitive to changes in interest rates in a manner similar to bonds — that is, as interest rates rise, the value of the preferred securities held by the Fund are likely to decline. Therefore, to the extent that the Fund invests a substantial portion of its assets in fixed rate preferred securities, rising interest rates may cause the value of the Fund's investments to decline significantly. In addition, because many preferred securities allow holders to convert the preferred securities into common stock of the issuer, their market price can be sensitive</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:13pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">to changes in the value of the issuer's common stock and, therefore, declining common stock values may also cause the value of the Fund's investments to decline. Preferred securities often have call features which allow the issuer to redeem the security at its discretion. The redemption of a preferred security having a higher than average yield may cause a decrease in the Fund's yield. </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-bottom:2pt;margin-top:2pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Small-, Mid- and Micro Capitalization Securities Risk:<span style="font-weight:normal"> The securities of small-, mid- and micro-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-, mid- and micro-capitalization companies could trail the returns on investments in securities of larger companies.</span> </div><div style="color:#000000;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:3.43%;text-align:justify;text-decoration:none;text-transform:none;">Unconstrained Sector Risk:<span style="font-weight:normal"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> </div> You could lose money by investing in the Fund. An investment in the Fund is subject to investment risks, including possible loss of principal, is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="-sec-ix-redline:true;"> <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-bottom:2pt;margin-top:2pt;padding-right:0.19%;text-align:justify;text-decoration:none;text-transform:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad measure of market performance. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. Current performance information for the Fund is available toll free by calling (800)-242-0134 or by visiting our website at www.ssga.com.</div> </div> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns from year-to-year and by showing how the Fund's average annual returns for the periods indicated compared with those of a broad measure of market performance. The Fund's past performance does not necessarily indicate how the Fund will perform in the future. (800)-242-0134 www.ssga.com Annual Total Returns (years ended 12/31) <div style="color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Highest Quarterly Return: 22.90% (Q2, 2020)<br/> Lowest Quarterly Return: -16.96% (Q1, 2020) </div> Highest Quarterly Return: 0.2290 2020-06-30 Lowest Quarterly Return: -0.1696 2020-03-31 Average Annual Total Returns (for periods ended 12/31/21) 1935-05-27 1935-05-27 1935-05-27 1935-05-27 0.2428 0.2066 0.1771 0.2119 0.1762 0.1502 0.1655 0.1598 0.1398 0.2871 0.1847 0.1655 <div style="clear:both;color:#000000;font-family:arial;font-size:10.02pt;font-style:normal;font-weight:normal;line-height:13.02pt;margin-bottom:2pt;margin-top:2pt;text-align:justify;text-decoration:none;text-transform:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown above, and after-tax returns are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown above, and after-tax returns are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). The returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund shares.