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SSgA High Yield Bond Fund (SSHYX)
Fund Objective  
The Fund's primary investment objective is to maximize total return, with a secondary focus on a high level of current income generated by investing primarily in fixed income securities, including but not limited to those represented by the Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index.
  Net Asset Value
  As of 07/03/2008
  Price $7.62  
  Price Change $-0.02  
  Percent Change -0.26%  
  30 Day Average Yield (subsidized) 9.00%  
  30 Day Average Yield 1 9.00%  
  Shares Outstanding 4,696,940  
  Total Net Assets $35,801,820.25  
  Performance  
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.
Month End Performance
Total Return * Fund Index
  As of 05/31/2008 As of 05/31/2008
3 Months 3.91%   4.29%  
YTD 0.88%   1.42%  
Annualized    
1 Year -1.83%   -1.08%  
3 Year 4.86%   5.98%  
5 Year 6.45%   7.99%  
10 Year 5.56%   5.31%  
Quarter End Performance
Total Return Fund Index
  As of 03/31/2008 As of 03/31/2008
3 Months -2.57%   -2.97%  
YTD -2.57%   -2.97%  
Annualized    
1 Year -3.06%   -3.47%  
3 Year 4.00%   4.70%  
5 Year 6.58%   8.50%  
Since Inception 5.30%   4.92%  
Fund Inception Date: 05/04/1998
Top Holdings  
As of 06/30/2008
Security Name Fund
Weight
DJ CDX HY 5.52%
Energy Future Holdings Corp 2.41%
BE Aerospace Inc 2.10%
Sprint Capital Corp 1.77%
Bausch & Lomb Inc 1.43%
Arco Chemical Co 1.36%
Rogers Communications Inc 1.31%
Qwest Communications International 1.26%
Caesars Entertainment Inc 1.14%
Sungard Data Systems Inc 1.13%
View/Download All Holdings
  Fund Composition
  As of 06/30/2008
  Top Sectors
  As of 06/30/2008
        View/Download All Holdings  
  Fund Characteristics
  As of 06/30/2008
  Average Credit Quality B-  
  Effective Average Maturity N/A years  
  Number of Holdings 138  
  Portfolio Duration 4.55 years  
  Fund Information
  As of 07/03/2008
  Ticker Symbol SSHYX  
  CUSIP 784924664  
  Marginable Not Applicable  
  Short Selling Allowed Not Applicable  
  Gross Expense Ratio 0.99%  
  Net Expense Ratio♦ 0.75%  
  Inception Date 05/04/1998  
  Primary Benchmark Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index  
  Investment Manager SSgA Funds Management, Inc.  
  Management Team High Yield Management Team  
  Distributor State Street Global Markets, LLC  
  Distribution Frequency Monthly  
  Fund Documents
  Quarterly Fund Fact Sheet (.pdf)
  Fund Prospectus (.pdf)
  Statement of Additional Information (.pdf)
  Fund Semi-Annual Report (.pdf)
  Fund Annual Report (.pdf)
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♦ The Advisor has contractually agreed to waive up to the full amount of the Management Fee and to reimburse the High Yield Bond Fund for all expenses to the extent that total expenses (exclusive of non-recurring account fees and extraordinary expenses) exceed .75% of average daily net assets on an annual basis until December 31, 2008.

 Average annual total return and total return are historical and include change in share value and reinvestment of dividends and capital gains , if any.

Performance data reflects an expense limitation currently in effect, without which returns would have been lower.

Shares of the SSgA® funds are not insured by the FDIC or by another governmental agency: they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. The SSgA funds pay State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSgA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services.

Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Investing in bond funds poses interest rate risks. As interest rates rise, bond prices will fall.

Duration estimates how much a bond’s price fluctuates with changes in comparable interest rates. If rates rise 1.00%, for example, a fund with a 5-year duration is likely to lose about 5.00% of its value. Other factors also can influence a bond fund’s performance and share price. A bond fund’s performance may differ.

The Lehman Index names are trademarks of Lehman Brothers Inc.