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SSHGX

SSGA High Yield Bond Fund - Class A

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 Bloomberg Barclays U.S. Corporate High-Yield Bond Index.

Fund Information

As of   09/22/2017
Ticker Symbol SSHGX
Primary Benchmark Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index
CUSIP 784924235
Gross Expense Ratio

Gross Expense Ratio

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.

1.28%
Net Expense Ratio

^The Adviser is contractually obligated until December 31, 2017 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. This waiver and/or reimbursement may not be terminated prior to December 31, 2017 except with the approval of the Fund’s Board of Trustees. SSGA FM has contractually agreed to waive 0.01% of its administration fee. This waiver may not be terminated or modified except with the approval of the Fund’s Board of Trustees.

0.96%
Inception Date 07/07/2014
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NASDAQ REGULAR MARKET

Fund Characteristics

As of   08/31/2017
Average Yield To Worst

The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

5.02%
Effective Average Maturity 4.59 years
Number of Holdings 380
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.

3.82 years

Yields

As of   09/21/2017
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

4.25%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

3.32%

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   09/21/2017
NAV $7.67
Percent Change 0.00%
Price Change $0.00
Shares Outstanding 10,179
Total Net Assets $78,033.22

Fund Documents

Fund Performance

Month End
As of  08/31/2017
Quarter End
As of  06/30/2017
At NAV At POP At NAV At POP
1 Month -0.09% -3.84% 0.04% -3.73%
QTD 1.00% -2.81% 1.90% -1.97%
YTD 5.20% 1.29% 4.16% 0.28%
1 Year 7.36% 3.37% 10.33% 6.25%
3 Year 3.18% 1.86% 2.86% 1.55%
5 Year 5.26% 4.45% 5.60% 4.80%
10 Year 6.93% 6.52% 6.65% 6.24%
Inception 
6.27% 6.06% 6.27% 6.06%

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. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

POP Performance shown for the periods prior to the inception of Class A shares on July 7, 2014 reflects the historical performance of the fund’s Class N shares adjusted to reflect the higher expenses of Class A shares, estimated for their first year of operations, including applicable 12b-1 fees and the maximum sales load of Class A (5.25% for Equity Funds and 3.75% for Fixed Income Funds). NAV Performance shown for the periods prior to the inception of Class A shares on July 7, 2014 reflects the historical performance of the fund’s Class N shares adjusted to reflect the higher expenses of Class A shares, estimated for their first year of operations,including applicable 12b-1 fees.

Purchase Information

Minimum Investments
Initial $2,000.00
Initial AIP $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 - Class A)
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 of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
05/04/1998
Month End
Fund at NAV 08/31/2017 -0.09% 1.00% 5.20% 7.36% 3.18% 5.26% 6.93% 6.27%
Fund at POP 08/31/2017 -3.84% -2.81% 1.29% 3.37% 1.86% 4.45% 6.52% 6.06%
Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index 08/31/2017 -0.04% 1.07% 6.05% 8.62% 4.79% 6.47% 8.09% 6.96%
Quarter End
Fund at NAV 06/30/2017 0.04% 1.90% 4.16% 10.33% 2.86% 5.60% 6.65% 6.27%
Fund at POP 06/30/2017 -3.73% -1.97% 0.28% 6.25% 1.55% 4.80% 6.24% 6.06%
Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index 06/30/2017 0.14% 2.17% 4.92% 12.69% 4.50% 6.90% 7.77% 6.96%

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. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

POP Performance shown for the periods prior to the inception of Class A shares on July 7, 2014 reflects the historical performance of the fund’s Class N shares adjusted to reflect the higher expenses of Class A shares, estimated for their first year of operations, including applicable 12b-1 fees and the maximum sales load of Class A (5.25% for Equity Funds and 3.75% for Fixed Income Funds). NAV Performance shown for the periods prior to the inception of Class A shares on July 7, 2014 reflects the historical performance of the fund’s Class N shares adjusted to reflect the higher expenses of Class A shares, estimated for their first year of operations,including applicable 12b-1 fees.

Gross Expense Ratio: 1.28%

Net Expense Ratio: 0.96%

Performance Graphs

Quarter End as of 06/30/2017

Fund Inception Date: 05/04/1998

Index Inception Date: 01/01/1993

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Fund Top Holdings

Subject to change.

Subject to change.

As of   08/31/2017
Name Weight
SPRINT CORP 7.875 9/15/2023 1.32 %
CCO HLDGS LLC/CAP CORP 5.875 4/1/2024 1.24 %
HCA HOLDINGS INC 6.25 2/15/2021 1.02 %
NEPTUNE FINCO CORP 10.125 1/15/2023 0.93 %
FRONTIER COMMUNICATIONS 10.50 9/15/2022 0.91 %
VALEANT PHARMACEUTICALS INT 7.00 3/15/2024 0.79 %
SIRIUS SATELLITE RADIO INC 6.00 7/15/2024 0.75 %
ALTICE FINCO SA 8.125 1/15/2024 0.71 %
LEVEL 3 FINANCING INC 1/15/2024 0.71 %
THC ESCROW CORP III 5.125 5/1/2025 0.70 %
Download All Holdings XLS

Fund Sector Allocation

As of  08/31/2017
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Public Offering Price (POP) - POP is equal to a Fund’s Net Asset Value plus sales charges, if any. As with the Net Asset Value, the public offering price (POP) will typically change on a day to day basis. The Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) is 5.25% for Equity Funds, 3.75% for Fixed Income Funds and 4.50% for Target Retirement Funds.

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

The Bloomberg 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 Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index is maintained by Bloomberg Barclays.

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

Global Fixed Income, Cash and Currency

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.

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

The Bloomberg 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.

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.