Home   »   Mutual Funds : SSGA High Yield Bond Fund - Class N (SSHYX)

SSGA High Yield Bond Fund - Class N

Closed on 07 August 2014

This fund is closed to new investors.

Fund Objective

The Fund's primary investment objective is to maximize total return, by investing primarily in fixed income securities, including but not limited to those represented by the Barclays U.S. Corporate High-Yield Bond Index.

Fund Information

As of 03/27/2015
Ticker SymbolSSHYX
Primary BenchmarkBarclays U.S. High-Yield 2% Issuer Capped Bond Index
Gross Expense Ratio

The gross expense ratio is 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 advisor is contractually obligated until December 31, 2015 to waive its management fee and/or to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses, acquired fund fees, and distribution, shareholder servicing, and sub-transfer agency fees) exceed 0.50% of average daily net assets on an annual basis.

Inception Date05/04/1998
Investment ManagerSSgA Funds Management, Inc.
Management TeamHigh Yield Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly

Fund Characteristics

As of 02/28/2015
Effective Average Maturity4.92 years
Number of Holdings345
Portfolio Duration

Portfolio Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates.  Calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps.  Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

4.03 years


As of 03/26/2015
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.


Fund Net Asset Value


Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding

As of 03/26/2015
30 Day Average Yield4.58%
30 Day Average Yield (subsidized)4.82%
Percent Change0.00%
Price Change$0.00
Shares Outstanding12.11 M
Total Net Assets$94.63 M

Fund Documents

Fund Performance

NAV Month End
As of 02/28/2015
NAV Quarter End
As of 12/31/2014
1 Month 2.13% -1.51%
QTD 2.92% -1.43%
YTD 2.92% 1.59%
1 Year 1.94% 1.59%
3 Year 6.85% 7.71%
5 Year 8.83% 8.34%
10 Year 7.11% 6.94%
6.83% 6.71%

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.

Purchase Information

Minimum Investments
Initial $1,000.00
Additional $100.00
Initial IRA $250.00
Additional IRA $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.
225 Franklin Street, Boston, MA 02110
ABA# 0110-0002-8
Attn: SSGA (SSGA High Yield Bond Fund - Class N)
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

Correspondence Information
SSGA Funds
One Lincoln Street
Boston, MA 02111-2900

Performance Chart

As of1 MonthQTDYTD1 Year3 Year5 Year10 YearSince
Month End
Fund at NAV02/28/20152.13%2.92%2.92%1.94%6.85%8.83%7.11%6.83%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index02/28/20152.41%3.08%3.08%2.81%7.59%9.33%7.78%7.13%
Quarter End
Fund at NAV12/31/2014-1.51%-1.43%1.59%1.59%7.71%8.34%6.94%6.71%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index12/31/2014-1.44%-1.00%2.46%2.46%8.42%8.98%7.60%7.01%

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.

Gross Expense Ratio: 0.83%

Net Expense Ratio: 0.76%

Performance Graphs

Month End as of 02/28/2015

Fund Inception Date: 05/04/1998

Index Inception Date: 01/01/1993

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Quarter End as of 12/31/2014

Fund Inception Date: 05/04/1998

Index Inception Date: 01/01/1993

<performance fundPerfNavName="Fund at NAV" bmarkName="Barclays U.S. High-Yield 2% Issuer Capped Bond Index"><funds><field>1 Month</field><fund>-1.51</fund><index>-1.44</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-1.43</fund><index>-1.00</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>1.59</fund><index>2.46</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>1.59</fund><index>2.46</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>7.71</fund><index>8.42</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>8.34</fund><index>8.98</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>6.94</fund><index>7.60</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>6.71</fund><index>7.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of  02/28/2015
Name Weight
SPRINT CORP 7.25 9/15/2021 1.68 %
ARCELORMITTAL 10.60 6/1/2019 1.27 %
CHESAPEAKE ENERGY CORP 5.375 6/15/2021 1.13 %
HCA HOLDINGS INC 6.25 2/15/2021 1.11 %
TENET HEALTHCARE CORP 5.00 3/1/2019 1.04 %
T-MOBILE USA INC 6.633 4/28/2021 1.01 %
REYNOLDS GRP ISS REYNOLD 9.875 8/15/2019 1.00 %
HCA INC 4.25 10/15/2019 0.96 %
CCO HLDGS LLC/CAP CORP 7.25 10/30/2017 0.81 %
RR DONNELLEY & SONS CO 7.875 3/15/2021 0.80 %
Download All Holdings XLS

Fund Sector Allocation

As of 02/28/2015
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Not FDIC Insured * No Bank Guarantee * May Lose Value

Prior to June 20, 2014, the SSgA High Yield Bond Fund - Class N was known as SSgA High Yield Bond Fund.

Unless otherwise noted all information contained herein is that of the High Yield Bond Fund - Class N.

The Barclays U.S. High-Yield 2% Issuer Capped Bond Index is an index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least 1 year to maturity. The Index has a maximum exposure of 2% per issuer. The index is unmanaged and can not be invested in directly. The Barclays U.S. High-Yield 2% Issuer Capped Bond Index is maintained by Barclays.

The Barclays Index names are trademarks of Barclays Inc.

High Yield Management Team

Global Head of High Yield Chuck Moon Vice President Show Bio

Chuck is Global Head of High Yield and a member of the Fixed Income, Cash and Currency (FICC) management team. In this capacity he is responsible for the management and business for all Active High Yield strategies at the firm.

He has over 20 years of industry experience. He began his career in the industry as a credit analyst and credit portfolio manager for Miller Andersen & Sherred (Morgan Stanley Investment Management). He has held leadership positions including Head of Credit at OppenheimerFunds and Hartford Investment Management (The Hartford) as well as CIO at Morley Financial. In these capacities he has lead teams managing credit assets across ratings spectrum and directed asset allocation strategies across multisector fixed income mandates.

Portfolio Manager Chris Ingle Vice President Show Bio

Chris is a Vice President of State Street Global Advisors and a Portfolio Manager in the US High Yield team. He is responsible for management of assets in the US High Yield market.

Chris has 20 years of investing experience working across various asset classes, including equities, investment grade and high yield bonds. Chris began his investment career in 1995 as a credit analyst with Fidelity Investments and previously held this role with INVESCO Funds, Morley and Loomis Sayles. Prior to joining SSGA, Chris spent four years as a Portfolio Manager with Wells Fargo Bank.

Chris has a BBA in Finance from Texas Christian University and an MBA from the University of Texas. He earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Security Analysts Society.

Barclays U.S. High-Yield 2% Issuer Capped Bond Index

The Barclays U.S. High-Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the USD denominated, non-investment grade, fixed-rate, taxable corporate bond market. The U.S. HY 2% Issuer Capped Index follows the same index construction rules as the uncapped index but limits issuer exposures to a maximum 2% and redistributes the excess market value index-wide on a prorate basis. The index was incepted in 2004 with history from January 1, 1993.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 State Street Corporation. All Rights Reserved.

Important Risk Information

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond values and yields usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

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

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

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.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

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.

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.