SSgA High Yield Bond Fund (SSHYX)

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

The Barclays Capital 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.

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Important Risk Information

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. 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.

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After Tax Returns

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. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

High Yield Management Team

	NAME	TITLE	RESPONSIBLITY	HIRE DATE	INDUSTRY START	SCHOOL	DEGREE*
	William H. Cunningham	Senior Managing Director	Head of Global Credit Strategies	2008	1983	Columbia University	Master of Business Administration
William is a Senior Managing Director and Head of Global Credit Strategies and Fixed Income Research for State Street Global Advisors. Prior to moving to SSgA, he was the Head of Global Fixed Income Research for State Street Global Markets, the broker-dealer arm of State Street, where he helped build the overall fixed income business. Before joining State Street, William served as Chief Investment Officer for Connecticut-based Breakaway Capital Advisors, LLC, a start-up credit hedge fund and independent research firm that he founded and managed. He has built and led several major Wall Street credit research and strategy efforts, including Merrill Lynch & Co., J.P. Morgan Securities Corporation, and FTN Financial Securities Corporation. His highly successful strategy and research products have earned him a number of top rankings in Institutional Investors' annual fixed income research surveys. Prior to moving to Wall Street, William was a Senior Portfolio Manager with Neuberger Berman, a large New York investment manager, and also served as a Manager in General Motor's Treasurer's Office. He started his career with Towers Perrin as a Senior Actuarial Analyst. William holds a Bachelor of Science degree in applied mathematics and economics from Brown University and a Masters of Business Administration in Finance from Columbia University Business School.
	Jeff Megar	Vice President	Senior Portfolio Manager	2007	1996	Northeastern University	Master of Business Administration
Jeff is a Vice President of State Street Global Advisors. He is a Senior Portfolio Manager in the Active Fixed Income group responsible for SSgA's Active High Yield Bond portfolios. Prior to joining SSgA, Jeff was a Senior Portfolio Manager and Head of US Corporate Credit Research for Fortis Investments, where he built Fortis' leveraged loan platform and managed its CLOs. Prior to Fortis, Jeff was the leveraged loan trader/assistant portfolio manager at CypressTree Investment Management. In addition, Jeff spent five years as a high yield credit analyst with Prospect Street Investment Mgmt Co. Jeff received his BA in Economics from Framingham State College and his MBA from Northeastern University. He has earned his Chartered Financial Analyst designation and is a member of both the Boston Security Analysts' Society and the CFA Institute.