State Street Target Retirement 2015 Fund
Data updated: 2020-03-13
C000143860 — State Street Target Retirement 2015 Fund. Target Date / Glide Path Allocation · $280.57M AUM. Holdings, fees, performance and SEC filings.
C000143860 Fund Overview
State Street Target Retirement 2015 Fund is a US mutual fund managed by State Street Institutional Investment Trust, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: State Street Institutional Investment Trust
- Category: Target Date / Glide Path Allocation
- Assets under management: $280.57M
- SEC CIK: 0001107414
- SEC series ID: S000046034
- Share class ID: C000143860
C000143860 Investment Objective and Strategy
State Street Target Retirement 2015 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by State Street Institutional Investment Trust.
Investment objective
The investment objective of the State Street Target Retirement 2015 Fund (the “Target Retirement 2015 Fund” or the “Fund”) is to seek capital growth and income over the long term.
Principal investment strategy
SSGA Funds Management, Inc. (SSGA FM or the Adviser), the investment adviser to the Fund, manages the Target Retirement 2015 Fund using a proprietary asset allocation strategy. The Fund is a fund of funds that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates (the Underlying Funds). The Underlying Funds may invest in a wide variety of asset classes, including equity and fixed-income securities of issuers anywhere in the world, including emerging markets investments, and including, among others, high yield, commodity, and real estate investments. The Underlying Funds may invest in obligations of domestic U.S. issuers, non-U.S. issuers, or both. The Fund is intended for investors who have retired or who expected to retire around the year 2015 and who were likely to stop making new investments in the Fund around that time.
The Fund is designed for an investor who plans to withdraw the value of the investor's account gradually following that date. The Adviser seeks to optimize the Fund's glide path for the wealth accumulation, wealth preservation, and income generation phases of retirement planning and includes adjustments in the critical years immediately preceding and following the retirement date. For example, a Fund with a target retirement date far into the future will typically invest a greater portion of its assets in asset classes with higher risk profiles and the potential for higher returns. As the target date for a Fund approaches, the Adviser will adjust the asset allocation and risk profile of the Fund its glide path to what is generally seen to be a more conservative approach to reduce (but not to eliminate) risk by increasing the allocation to asset classes that have historically been subject to lower levels of volatility.
A fund intended for investors who have already achieved retirement age would typically invest a greater portion of its assets in bonds and cash items, with a relatively smaller allocation to equity securities. The Underlying Funds employ a wide array of investment styles. For example, the Underlying Funds can buy and sell common stocks of companies of any size, corporate bonds of varying credit quality, U.S. government and agency bonds, mortgage- and asset-backed securities, commodities, real estate and money market instruments. They may hold U.S. or non-U.S. investments. The Underlying Funds may use derivative instruments of any kind, including futures contracts, forward currency contracts, credit default swaps, interest rate swaps and commodities-related derivatives. Derivatives may be used by an Underlying Fund for hedging or risk management purposes, as a substitute for direct investment, or otherwise to seek to enhance the Underlying Fund's total return.
The glide path depicted in the chart below shows how the Fund's strategic target allocations among asset classes are expected generally to place more emphasis on fixed income investments and less on equity investments as the target retirement date approaches. The glide path shows the Fund's long term strategic target allocations. The Fund's actual allocations may differ. The Adviser periodically reviews the Fund's target asset allocations and may, at any time, in its discretion, change the target asset allocations or deviate from the target asset allocations. The glide path is presented only as an illustration of how the process of re-allocation occurs as the Fund approaches its target date. The following table shows the Fund's strategic target allocations to the Underlying Funds as of the date of this Prospectus.
Underlying Funds Target Retirement 2015 Fund State Street Equity 500 Index II Portfolio 19.713% State Street Small/Mid Cap Equity Index Portfolio 3.187% State Street Global Equity ex-U.S. Index Portfolio 12.100% State Street Aggregate Bond Index Portfolio 22.000% SPDR Bloomberg Barclays TIPS ETF 0.000% SPDR Bloomberg Barclays 1-10 Year TIPS ETF 21.000% SPDR Bloomberg Barclays High Yield Bond ETF 7.000% SPDR Dow Jones Global Real Estate ETF 5.000% SPDR Portfolio Long Term Treasury ETF 0.000% SPDR Portfolio Short Term Treasury ETF 8.000% SPDR Portfolio Short Term Corporate Bond ETF 2.000% The Fund's actual allocations are expected to differ over time. The Adviser periodically reviews the Fund's target allocations to underlying investment options and may, at any time, in its discretion, change the target allocations or deviate from the target allocations.
The Adviser may modify the selection of Underlying Funds from time to time, and may invest in other Underlying Funds, including any Underlying Funds that may be created in the future. The table is presented for illustrative purposes only. More current information regarding the Fund's allocations may be available on its website: www.ssgafunds.com.
C000143860 Costs and Fees
C000143860 costs about $9 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.09%
- Gross expense ratio: 0.33%
- Portfolio turnover: 29%
- Brokerage commissions: 1.11 bps of average net assets (SEC N-CEN)
C000143860 Cashflows
Over the 12 months to 2019-12, State Street Target Retirement 2015 Fund had net inflows of $3.71M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2019-12 | $13.24M |
| 2019-11 | −$2.43M |
| 2019-10 | −$2.03M |
| 2019-09 | −$2.98M |
| 2019-08 | −$2.44M |
| 2019-07 | $352.04K |
C000143860 Debt Constituents
No individual debt constituents are reported in State Street Target Retirement 2015 Fund's latest SEC N-PORT filing.
C000143860 Prospectus and SEC Filings
Official State Street Target Retirement 2015 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.