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SSHYX

SSgA High Yield Bond Fund

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 04/16/2014
Ticker SymbolSSHYX
Primary BenchmarkBarclays U.S. High-Yield 2% Issuer Capped Bond Index
CUSIP784924664
Gross Expense Ratio0.77%
Net Expense Ratio
The fund’s investment advisor is contractually obligated until December 31, 2014 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 0.75% of average daily net assets on an annual basis.
0.76%
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 03/31/2014
Effective Average Maturity4.26 years
Number of Holdings221
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.

3.62 years

Fund Net Asset Value

NAV

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

As of 04/15/2014
1 Day Average Yield (subsidized)0.00%
30 Day Average Yield4.20%
30 Day Average Yield (subsidized)4.20%
Percent Change0.00%
Price$8.36
Price Change$0.00
Shares Outstanding12.66 M
Total Net Assets$105.87 M

Fund Documents

Fund Performance

Month End
As of 03/31/2014
Quarter End
As of 03/31/2014
1 Month 0.40% 0.40%
QTD 2.99% 2.99%
YTD 2.99% 2.99%
1 Year 7.18% 7.18%
3 Year 8.08% 8.08%
5 Year 16.71% 16.71%
10 Year 7.87% 7.87%
Inception 
05/04/1998
7.13% 7.13%

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
DDA#9904-631-0
Attn: SSGA (SSgA High Yield Bond Fund)
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
1-800-647-7327

Performance Chart

Annualized
As of1 MonthQTDYTD1 Year3 Year5 Year10 YearSince
Inception
05/04/1998
Month End
SSgA High Yield Bond Fund03/31/20140.40%2.99%2.99%7.18%8.08%16.71%7.87%7.13%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index03/31/20140.18%2.94%2.94%6.80%8.84%15.68%7.95%6.78%
Quarter End
SSgA High Yield Bond Fund03/31/20140.40%2.99%2.99%7.18%8.08%16.71%7.87%7.13%
Barclays U.S. High-Yield 2% Issuer Capped Bond Index03/31/20140.18%2.94%2.94%6.80%8.84%15.68%7.95%6.78%

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:0.77%

Net Expense Ratio:0.76%

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 05/04/1998

Index Inception Date: 01/01/1993

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Quarter End as of 03/31/2014

Fund Inception Date: 05/04/1998

Index Inception Date: 01/01/1993

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Fund Top Holdings
Subject to change.

As of  03/31/2014
Name Weight
ARCELORMITTAL 10.35 6/1/2019 1.67%
SLM CORP 8.00 3/25/2020 1.44%
SPRINT CORP 7.25 9/15/2021 1.25%
CHESAPEAKE ENERGY CORP 5.375 6/15/2021 1.11%
VIASYSTEMS INC 7.875 5/1/2019 1.01%
REYNOLDS GRP ISS REYNOLD 9.875 8/15/2019 0.99%
US COAT ACQ/FLASH DUTCH2 7.375 5/1/2021 0.90%
NAI ENTERTAINMENT HOLDINGS 5.00 8/1/2018 0.87%
HALCON RESOURCES CORP 8.875 5/15/2021 0.85%
CCO HLDGS LLC/CAP CORP 7.25 10/30/2017 0.78%
Download All Holdings XLS

Fund Sector Allocation

As of 03/31/2014
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Not FDIC Insured - No Bank Guarantee - May Lose Value

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

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

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.

Global Head of Rates and Sector Strategy Catherine Ann Powers Managing Director Show Bio

Cathy is a Managing Director and Global Head of Rates and Sector Strategy. Leading a team of portfolio managers. Cathy is responsible for developing and coordinating alpha strategies across actively managed fixed income portfolios in North America and EMEA.

Prior to joining SSgA, Cathy worked at Standish for 23 years. More recently, she led the insurance effort at Standish focusing on customized fixed income solutions. Cathy was also a senior portfolio manager for over 10 years and headed the Structured Finance Research team for several years prior to portfolio management.

Cathy earned her B.A. at the College of the Holy Cross, holds a CFA designation and has 30 years of investment experience.

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.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

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.