SSgA Funds

INSTITUTIONAL LEADERSHIP. INDIVIDUAL SERVICE. SSgAFUNDS.COM

A risk-managed investing approach that spans our entire portfolio

State Street Global Advisors (SSgA) portfolio management expertise in domestic, inter national and emerging markets results in a world-class family of risk-managed mutual funds that covers nearly every investment style and market capitalization. In addition to an array of active, enhanced, passive, and lifestyle equity funds, SSgA Funds comprise a complete line of incom e, high yield and money market funds. SSgA adheres to a risk-managed investment philosophy that strives for consistency and sustained, positive long-term performance. Designed to meet the diverse goals of investors, SSgA Funds seek to enhance a clients portfolio of investments over time.
Domestic Equity Funds State Street Global Advisors offers five robust domestic equity funds that leverage SSgAs deep research and asset management experience in US equity markets together with advanced quantitative tools and portfolio analytics.
NASDAQ Symbol Expense Ratio (%)

Fixed Income Funds State Street Global Advisors offers one fixed income funds that leverage rigorous credit research with advanced investment tech nol o gies to help investors capture opportunities in the global bond markets.
NASDAQ Symbol Expense Ratio (%)

Fund Name

Fund Name

SSgA Enhanced Small Cap SSgA IAM SHARES SSgA S&P 500 Index SSgA Dynamic Small Cap SSgA Clarion Real Estate International Equity Funds

SESPX SIAMX SVSPX SVSCX SSREX

0.75 0.51 0.18 1.25 1.00

SSgA High Yield Bond Money Market Funds

SSHYX

0.77

State Street Global Advisors offers four money market funds that seek to maximize current income for investors while preserving capital and liquidity.
NASDAQ Symbol Expense Ratio (%)

Fund Name

State Street Global Advisors offers two dynamic international and emerging market equity funds that seek to provide investors with long-term capital appreciation through risk-managed exposure to non-US markets.
NASDAQ Symbol Expense Ratio (%)

SSgA Money Market SSgA Prime Money Market SSgA US Government Money Market SSgA US Treasury Money Market
1

SSMXX SVPXX SSGXX SVTXX

0.39 0.20 0.39 0.20

Fund Name

SSgA Emerging Markets1 SSgA International Stock Selection

SSEMX SSAIX

1.25 1.00

Available in Select Class Shares After contractual expense reduction

SSgA FUNDS

Who we are...
SSgA Funds is a family of no-load mutual funds with over $26 billion6 in assets managed by SSgA Funds Management, Inc. SSgA Funds Management, Inc., along with all other investment management affiliates of State Street Corporation, composes StateStreet Global Advisors (SSgA). StateStreet Global Advisors is one of the largest institutional asset managers in the world.7 Our size and experience allow us to design customized, cost-effective, riskmanaged investment services for discerning investors. We maintain a global presence while managing virtually every asset class across all investment disciplines. State Street Global Advisors clients include some of the most sophisticated institutional investors in the world, as well as astute financial advisors, affluent individuals and defined contribution plan participants.

SEEKING TO MAXIMIZE TOTAL RETURNS THROUGH US EQUITIES

Employing a variety of investment approaches, from passive to enhanced to active (fundamental and quantitative), State Street Global Advisors domestic equity funds cover a full range of styles and market capitalizations.
Domestic Equity Funds SSgA Enhanced Small Cap Fund SESPX

SEEKING TO ACHIEVE CAPITAL GROWTH THROUGH NON-US SECURITIES

By employing rigorous decision-making, highly systematic portfolio construction, and careful attention to risk management, our international and emerging markets funds seek long-term capital growth through sensible exposure to non-US markets.
International Equity Funds SSEMX SSgA Emerging Markets Fund* The Fund seeks to provide maximum total return, primarily through capital appreciation, by investing primarily in securities of foreign issuers (emerging markets). International Equity Funds SSAIX SSgA International Stock Selection Fund The Fund seeks to provide long-term capital growth by investing primarily in securities of foreign issuers.
* Available in Select Class Shares

The Funds investment objective is to maximize total return through investment primarily in small capitalization equity securities. Domestic Equity Funds SSgA IAMSHARES Fund The Fund seeks to maximize total return primarily through investments in equity securities of IAM companies. IAM companies are companies that either (1) have entered into collective bargaining agreements with the International Association of Machinists and Aerospace Workers (IAM) or affiliated labor unions or have not been identified by IAM as having non-union sentiment. Domestic Equity Funds SSgA S&P500 Index Fund The Fund seeks to replicate the total return of the S&P 500 Index. Domestic Equity Funds SSgA Dynamic Small Cap Fund SVSCX SVSPX SIAMX

Morningstar Style Box: Understanding the Grid

VALUE LARGE CAP MID CAP SMALL CAP CORE GROWTH Each fund corresponds to a position on the grid that is consistent with its investment objective, returns and holdings.

The Fund seeks to maximize total return through investments in equity securities; at least 80% of the assets will be invested in smaller capitalized securities. Domestic Equity Funds SSgA Clarion Real Estate Fund SSREX

The Fund seeks to provide income and capital growth by investing primarily in publicly traded securities issued by real estate investment trusts.
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March 31, 2013. Pensions & Investments, June 2013. Based on assets under management as of December 31, 2012.

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SSgA FUNDS

SEEKING TO CAPTURE BOND MARKET OPPORTUNITIES THROUGH RIGOROUS CREDIT ANALYSIS

Through a risk-managed investment process that utilizes targeted credit analysis, our fixed income fund seeks to maximize current income for a specified level of risk.
Fixed Income Funds SSgA High Yield Bond Fund SSHYX

SEEKING TO MAXIMIZE CURRENT INCOME WHILE PRESERVING CAPITAL

By investing in our money market funds, shareholders seek to benefit from the implementation and trading efficiencies that come with our being one of the largest institutional asset managers in the world.8
Money Market Funds SSgA Money Market Fund SSMXX Money Market Funds SSgA USTreasury Money Market Fund The Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable $1.00 per share net asset value, by investing in obligations that are issued or guaranteed as to principal and interest by the US Government and repurchase agreements backed by such securities. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or another governmen tal agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.
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SVTXX

The Funds 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.

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable $1.00 per share net asset value, by investing in dollar denominated securities. Money Market Funds SVPXX

Morningstar Style Box: Understanding the Grid

INTEREST RATE SENSITIVITY LOW MEDIUM HIGH CREDIT RATING HIGH MEDIUM LOW Each fund corresponds to a position on the grid that is consistent with its investment objective, returns and holdings.

SSgA Prime Money Market Fund The Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable $1.00 per share net asset value, by investing in dollar denominated securities. Money Market Funds SSGXX

P  ensions & Investments , June 2012. Based on assets under management as of December 31, 2011.

SSgA US Government Money Market Fund The Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable $1.00 per share net asset value, by investing in obligations of the US Government or its instrumentalities with remaining maturities of one year or less.

SSgA FUNDS

FOR PUBLIC USE.

IMPORTANT RISK INFORMATION Investments in mutual funds will fluctuate with market conditions. Any given fund may not achieve its goal and all funds have risk. Foreign investments involve greater risks than US investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. REIT funds may be subject to a high degree of market risk due to lack of industry diversification. REIT funds may be subject to other risks including, but not limited to, changes in real estate values or economic conditions, credit risk and interest rate fluctuations and changes in the value of the underlying property owned by the trust and defaults by borrowers. Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.Small company issues can be subject to increased volatility and considerable price fluctuations. Investments in small-sized companies may involve greater risks than in those of larger, better known companies. Bond funds contain interest rate risk (as interest rates rise bond prices usually fall). There are additional risks for funds that invest in mortgage-backed and asset-backed securities including the risk of issuer default; credit risk and inflation risk. Diversification does not ensure a profit or guarantee against loss. The Morningstar Style Box reveals the Funds investment style. For equity funds, the vertical axis shows the market capitalization, or size, of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bonds effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit www.sec. gov. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than BBB-; medium are those less than AA-, but greater or equal to BBB-; and high are those with a weighted-average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstars analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income funds interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBIs average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. Effective August 29, 2013, the SSgA Bond Market Fund, and the SSgA Intermediate Fund have closed. Effective July 31, 2012, the Class R Shares of the SSgA Bond Market Fund, SSgA Dynamic Small Cap Fund and SSgA International Stock Selection Fund have closed. Effective May 15, 2012, the SSgA Tax Free Money Market Fund, SSgA Disciplined Equity Fund, SSgA Directional Core Equity Fund, SSgA Life Solutions Balanced Fund, SSgA Life Solutions Growth Fund, and the SSgA Life Solutions Income and Growth Fund have closed. The use of short selling techniques may increase potential losses. Prior to January 1, 2013 the SSgA Clarion Real Estate Fund was known as the SSgA Tuckerman Active REIT Fund. 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. The Russell 1000 Index, Russell 2000 Index, Russell 3000 Index are trademarks of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. Standard & Poors (S&P) 500 is a registered trademark of Standard & Poors Financial Services LLC. The MSCI EM IndexSM, MSCI EAFE Index and MSCI EAFE Net Dividend Indexes are trademarks of Morgan Stanley Capital International. The financial products described herein are indexed to an MSCI Index. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (Barclays) and is used by State Street Global Advisors under license. Barclays compiles, maintains and owns rights in and to the Barclays U.S. Government Inflation-linked Bond Index. SSgA Funds is a service mark of State Street Corporation. Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates.

Before investing, consider the funds investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 800.997.7327 or visit www.ssgafunds.com. Read it carefully.

State Street Global Advisors is the investment management business of State Street Corporation (NYSE: STT), one of the worlds leading providers of financial services to institutional investors.
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www.ssgafunds.com

2013 State Street Corporation. All Rights Reserved.

ID2927-IBG-9062

EXP. DATE: 6/30/2014

IBG.MFCP.0613