0000855630 2022-04-30 2022-04-30 0000855630 egmmf:S000011834Member 2022-04-30 2022-04-30 0000855630 egmmf:S000011834Member egmmf:C000032336Member 2022-04-30 2022-04-30 pure iso4217:USD false 2021-12-31 485BPOS 0000855630 0.0000 0.0000 0.0004 0.0005 0.0008 0.0006 0.0058 0.0155 0.0199 0.0032 2022-04-27 N-1A ELFUN GOVERNMENT MONEY MARKET FUND 2022-04-30 2022-04-30 Elfun Government Money Market Fund 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 Government Money Market Fund (the “Fund”) seeks a high level of current income consistent with prudent investment management and the preservation of capital.</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) 0.0010 0.0016 0.0026 May 1, 2020 Example <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;">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> 27 27 84 84 146 146 331 331 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 Elfun Government Money Market Fund is a government money market fund and invests only in obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities, as well as repurchase agreements secured by such instruments. The Fund may hold a portion of its assets in cash pending investment, to satisfy redemption requests or to meet the Fund's other cash management needs.</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 follows a disciplined investment process that attempts to provide stability of principal, liquidity and current income, by investing in U.S. government securities. Among other things, SSGA FM, the investment adviser to the Fund, conducts its own credit analyses of potential investments and portfolio holdings, and relies substantially on a dedicated short-term credit research team. The Fund invests in accordance with regulatory requirements applicable to money market funds. Regulations require, among other things, a money market fund to invest only in short-term, high quality debt obligations (generally, securities that have remaining maturities of 397 calendar days or less, with the exception of cer- </div> <div style="color: #000000; font-family: arial; font-size: 10.02pt; font-style: normal; font-weight: normal; line-height: 13.02pt; text-align: justify; text-decoration: none; text-transform: none;">tain floating rate securities that may have final maturities longer than 397 days but use maturity shortening provisions to meet the 397 day requirement, and that the Fund believes present minimal credit risk), to maintain a maximum dollar-weighted average maturity and dollar-weighted average life of 60 days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity. All securities held by the Fund are U.S. dollar-denominated, and they may have fixed, variable or floating interest rates. </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 Fund attempts to meet its investment objective by investing in: </div> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 2.86%; margin-top: 2pt; 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: justify; text-decoration: none; text-transform: none; vertical-align: top; width: 98.24%;">Obligations issued or guaranteed as to principal and/or interest, as applicable, by the U.S. government or its agencies and instrumentalities, such as U.S. Treasury securities and securities issued by the Government National Mortgage Association (“Ginnie Mae”), which are backed by the full faith and credit of the United States; obligations issued or guaranteed by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”); and</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%;">U.S. government-sponsored entities such as the Federal Home Loan Bank, and the Federal Farm Credit Banks Funding Corporation, which are not backed by the full faith and credit of the United States; and</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%;">Repurchase agreements collateralized by U.S. government securities. </td> </tr> </table> 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 risks. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. <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's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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.</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;">Money Market Risk:<span style="font-weight: normal;"> An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Although a money market fund generally seeks to preserve the value of its shares at $1.00 per share, there can be no assurance that it will do so, and it is possible to lose money by investing in a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause a money market fund's share price to fall below $1.00.</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;">U.S. Government Securities Risk:<span style="font-weight: normal;"> Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”) may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.</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;">Repurchase Agreement Risk:<span style="font-weight: normal;"> Repurchase agreements may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. If the Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.</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;">Stable Share Price Risk:<span style="font-weight: normal;"> If the market value of one or more of the Fund's investments changes substantially, the Fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the Fund experiences significant redemption requests.</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;">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;">Low Short-Term Interest Rates:<span style="font-weight: normal;"> During market conditions in which short-term interest rates are at low levels, the Fund's yield can be very low. During these conditions, it is possible that the Fund will generate an insufficient amount of income to pay its expenses, and that it will not be able to pay a daily dividend and may have a negative yield (i.e., it may lose money on an operating basis). It is possible that the Fund would, during these conditions, maintain a substantial portion of its assets in cash, on which it may earn little, if any, income.</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;">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;">Income Risk:<span style="font-weight: normal;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates.</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;">Mortgage-Related and Other Asset-Backed Securities Risk:<span style="font-weight: normal;"> Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.</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: left; text-decoration: none; text-transform: none;">Rapid Changes in Interest Rates Risk:<span style="font-weight: normal;"> Rapid changes in interest rates may cause significant requests to redeem Fund Shares, and possibly cause the Fund to sell portfolio securities at a loss to satisfy those requests.</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;">Significant Exposure to U.S. Government Agencies or Instrumentalities Risk:<span style="font-weight: normal;"> To the extent the Fund focuses its investments in securities issued or guaranteed by U.S. government agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the U.S. government agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund's performance. Events that would adversely affect the market prices of securities issued or guaranteed by one government agency or instrumentality may adversely affect the market price of securities issued or guaranteed by other government agencies or instrumentalities.</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;">U.S. Treasury Obligations Risk:<span style="font-weight: normal;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</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;">Variable and Floating Rate Securities Risk:<span style="font-weight: normal;"> During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. In addition, investment in derivative variable rate securities, such as inverse floaters, whose rates vary inversely with market rates of interest, or range floaters or capped floaters, whose rates are subject to periodic or lifetime caps, or in securities that pay a rate of interest determined by applying a multiple to the variable rate involves special risks as compared to investment in a fixed-rate security and may involve leverage. Floating rate notes are generally subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities.</span> </div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. 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. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Highest Quarterly Return: 0.54% (Q2, 2019)<br/>Lowest Quarterly Return: 0.00% (Q4, 2021) </div> Highest Quarterly Return: 0.0054 2019-06-30 Lowest Quarterly Return: 0.0000 2021-12-31 Average Annual Total Returns (for periods ended 12/31/21) 0.0000 0.0089 0.0046 1990-06-13 <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;">To obtain the Fund's current yield, please call (800)-242-0134.</div> (800)-242-0134 The Fund's investment adviser, SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), and its affiliates, may voluntarily reduce all or a portion of their fees and/or reimburse expenses of the Fund to the extent necessary to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a “Voluntary Reduction”), or a yield below a specified level, which may vary from time to time in the Adviser's sole discretion. The Fund has agreed, subject to certain limitations, to reimburse the Adviser and its affiliates for the full dollar amount of any Voluntary Reduction incurred beginning on May 1, 2020. During the fiscal year ended December 31, 2021, the Adviser and its affiliates waived fees and/or reimbursed expenses under the Voluntary Reduction. Each of the Adviser and its affiliates may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Fund. Any future reimbursement by the Fund of the Voluntary Reduction would increase the Fund's expenses and may reduce the Fund's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Fund will be able to avoid a negative yield.