SSgA Institutional Money Market Prospectus 12.14.2011 - CME Group by xiangpeng

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									                                                SSgA FUNDS
                                 SUPPLEMENT DATED AUGUST 1, 2012
                                              TO
                                         PROSPECTUS
                                       DATED DECEMBER 14, 2011


                     SSgA U.S. TREASURY MONEY         SSgA PRIME MONEY M ARKET
                            M ARKET FUND                        FUND
                       (TICKER SYMBOL: SVTXX)          (TICKER SYMBOL: SVPXX)



Information appearing in the Prospectus with regard to the SSgA U.S. Treasury Money Market Fund and the
SSgA Prime Money Market Fund (each, a “fund” or collectively, the “funds”) is hereby amended as follows:

1.     The footnote to the table entitled “Annual Fund Operating Expenses” regarding the SSgA U.S.
Treasury Money Market Fund on page 2 is deleted and replaced in its entirety with the following:

       * The fund’s investment advisor is contractually obligated until December 31, 2012 to waive
       0.05% of its 0.15% management fee. Additionally, the fund’s investment advisor is further
       contractually obligated until December 31, 2012 to waive its management fee and to reimburse
       the fund for all expenses to the extent that total expenses (exclusive of non-recurring account
       fees, extraordinary expenses and acquired fund fees) exceed 0.20% of average daily net assets on
       an annual basis. The fund’s investment advisor may also reduce all or a portion of its fees and/or
       reimburse expenses of the fund to the extent necessary to maintain a minimum net yield for the
       fund (the “Voluntary Reduction”) which may vary from time to time in the investment advisor’s
       sole discretion. The fund has agreed, subject to certain limitations, to reimburse its investment
       advisor for the full dollar amount of any Voluntary Reduction incurred after August 1, 2012. The
       investment advisor may, in its sole discretion, irrevocably waive receipt of any or all
       reimbursement amounts due from the fund, without limitation.

2.    The footnote to the table entitled “Annual Fund Operating Expenses” regarding the SSgA Prime
Money Market Fund on page 4 is deleted and replaced in its entirety with the following:

       * The fund’s investment advisor is contractually obligated until December 31, 2012 to waive
       0.05% of its 0.15% management fee. Additionally, the fund’s investment advisor is further
       contractually obligated until December 31, 2012 to waive its management fee and to reimburse
       the fund for all expenses to the extent that total expenses (exclusive of non-recurring account
       fees, extraordinary expenses and acquired fund fees) exceed 0.20% of average daily net assets on
       an annual basis. The fund’s investment advisor may also reduce all or a portion of its fees and/or
       reimburse expenses of the fund to the extent necessary to maintain a minimum net yield for the
       fund (the “Voluntary Reduction”) which may vary from time to time in the investment advisor’s
       sole discretion. The fund has agreed, subject to certain limitations, to reimburse its investment
       advisor for the full dollar amount of any Voluntary Reduction incurred after August 1, 2012. The
       investment advisor may, in its sole discretion, irrevocably waive receipt of any or all
       reimbursement amounts due from the fund, without limitation.
3.      The second paragraph under the “Investment Management Fees” section on page 11 is deleted and
replaced in its entirety with the following:

In addition to any contractual expense limitation for a fund which is described in the Fund Summary
section, the Advisor also may voluntarily reduce all or a portion of its fees and/or reimburse expenses to
the extent necessary to maintain a minimum net yield for a money market fund (the “Voluntary
Reduction”) which may vary from time to time and from fund to fund in the Advisor’s sole discretion.
Under an agreement with SSgA Funds relating to the Voluntary Reduction, the SSgA U.S. Treasury
Money Market Fund and the SSgA Prime Money Market Fund, respectively, have agreed to reimburse
the Advisor for the full dollar amount of any Voluntary Reduction beginning on August 1, 2012, subject
to certain limitations. A fund will not be obligated to reimburse the Advisor: more than three years after
the end of the fiscal year for the fund in which the Advisor provided a Voluntary Reduction; in respect of
any business day for which the net annualized one-day yield is less than 0.00%; to the extent that the
amount of the reimbursement to the Advisor on any day exceeds fifty percent of the yield (net of all
expenses, exclusive of the reimbursement) of the fund on that day; to the extent that the amount of such
reimbursement would cause the fund’s net yield to fall below the fund’s minimum net yield; or in respect
of any fee waivers and/or expense reimbursements that are necessary to maintain a fund’s contractual
total expense limit which is effective at the time of such fee waivers and/or expense reimbursements. A
reimbursement to the Advisor could negatively impact the SSgA U.S. Treasury Money Market Fund’s
and the SSgA Prime Money Market Fund’s future yield. There is no guarantee that either the SSgA U.S.
Treasury Money Market Fund or the SSgA Prime Money Market Fund will be able to avoid a negative
yield. The Advisor may, in its sole discretion, irrevocably waive receipt of any or all reimbursement
amounts due from a Fund, without limitation.

The remainder of the Prospectus remains unchanged.

                     PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE


                                                                                             IMMSTATPROSUP1
                                             State Street Financial Center
                                                   One Lincoln Street
                                           Boston, Massachusetts 02111-2900
                                                    (800) 997-7327
                                                  www.ssgafunds.com

                                                PROSPECTUS
                                              DECEMBER 14, 2011
                                      SSgA U.S. TREASURY MONEY MARKET FUND
                                              (TICKER SYMBOL: SVTXX)
                                          SSgA PRIME MONEY MARKET FUND
                                              (TICKER SYMBOL: SVPXX)

Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange
Commission, and the Securities and Exchange Commission has not determined if this Prospectus is accurate and
complete. Any representation to the contrary is a criminal offense.
                                                              TABLE OF CONTENTS
  SSgA U.S. TREASURY MONEY MARKET FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            1
  SSgA PRIME MONEY MARKET FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                      4
FUND OBJECTIVES, STRATEGIES AND RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                     7
  SSgA U.S. TREASURY MONEY MARKET FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            7
  SSgA PRIME MONEY MARKET FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                      8
  RISKS COMMON           TO THE    SSgA MONEY MARKET FUNDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                    10
  PORTFOLIO HOLDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            10
FUND MANAGEMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  11
  INVESTMENT ADVISOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          11
  INVESTMENT MANAGEMENT FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  11
SHAREHOLDER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           11
  PRICING     OF   FUND SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        11
  PURCHASE       OF   FUND SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         11
  EXCHANGES        AND   TRANSFERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        12
  REDEMPTION        OF   FUND SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        12
  DIVIDENDS      AND   DISTRIBUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        13
  TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13
DISTRIBUTION ARRANGEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           15
FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  16
ADDITIONAL INFORMATION ABOUT THE SSgA FUNDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Back Cover
SSgA U.S. TREASURY
MONEY MARKET FUND                                     FUND SUMMARY                                         TICKER SYMBOL:         SVTXX

INVESTMENT OBJECTIVE                                                      higher or lower, based on these assumptions, your costs would
SSgA U.S. Treasury Money Market Fund seeks to maximize                    be:
current income, to the extent consistent with the preservation                1 year         3 years         5 years         10 years
of capital and liquidity and the maintenance of a stable $1.00                 $20             $75            $136            $313
per share net asset value, by investing in obligations that are
issued or guaranteed as to principal and interest by the U.S.             PRINCIPAL INVESTMENT STRATEGIES
government and repurchase agreements backed by such                       SSgA U.S. Treasury Money Market Fund attempts to meet its
securities.                                                               investment objective by investing principally in U.S. Treasury
                                                                          bills, notes and bonds (which are direct obligations of the U.S.
FEES AND EXPENSES OF THE FUND
                                                                          government) and repurchase agreements backed by such
This table describes the fees and expenses that you may pay if            securities. The fund also may invest in shares of other money
you buy and hold shares of the fund.                                      market funds, including funds advised by the fund’s invest-
Shareholder Fees                                                          ment advisor.
  (fees paid directly from your investment)             None              The fund follows a disciplined investment process in which
Annual Fund Operating Expenses                                            the fund’s investment advisor bases its decisions on the
  (expenses that you pay each year as a                                   relative attractiveness of different money market instruments.
  percentage of the value of your investment)                             In the advisor’s opinion, the attractiveness of an instrument
Management Fee                                            0.15%           may vary depending on the general level of interest rates, as
Distribution and Shareholder Service (12b-1)                              well as imbalances of supply and demand in the market. The
  Fees                                                    0.04%           fund invests in accordance with regulatory requirements
Other Expenses                                            0.06%           applicable to money market funds, which impose strict con-
Total Annual Fund Operating Expenses                      0.25%           ditions on the quality of portfolio securities, the maturity of
Less Fee Waivers and/or Expense                                           individual securities and the portfolio as a whole, and port-
  Reimbursements                                         (0.05)%*         folio diversification.
Total Annual Fund Operating Expenses After
  Fee Waivers and Expense Reimbursements                  0.20%*          PRINCIPAL RISKS
* The fund’s investment advisor is contractually obligated until
                                                                          An investment in the fund is not insured or guaranteed by the
  December 31, 2012 to waive 0.05% of its 0.15% management                Federal Deposit Insurance Corporation or any other govern-
  fee. Additionally, the advisor is further contractually obligated       ment agency. Although the fund seeks to preserve the value of
  until December 31, 2012 to waive its management fee and to              your investment at $1.00 per share, it is possible to lose
  reimburse the fund for all expenses to the extent that total            money by investing in the fund.
  expenses (exclusive of non-recurring account fees, extraordinary        • Risks Common to Funds Investing Principally in Debt
  expenses and acquired fund fees) exceed 0.20% of average daily            Instruments.
  net assets on an annual basis.
                                                                            • Interest Rate Risk—The risk that interest rates will rise,
Total Annual Fund Operating Expenses may be higher than                       causing the value of the fund’s assets to fall.
the fund’s ratio of expenses to average net assets shown in the             • Credit Risk—The risk that an issuer, guarantor or liquid-
Financial Highlights, which reflect the operating expenses of                 ity provider of an instrument held by the fund will fail to
the fund including voluntary waivers.                                         make scheduled interest or principal payments, which
                                                                              may reduce the fund’s income and the market value of
EXAMPLE
                                                                              the instrument.
This example is intended to help you compare the cost of
                                                                            • Prepayment Risk (when repayment of principal occurs
investing in the fund with the cost of investing in other mutual
                                                                              before scheduled maturity) and Extension Risk (when
funds.
                                                                              rates of repayment of principal are slower than
The example assumes that you invest $10,000 in the fund for                   expected)—Applicable primarily to mortgage-related
the time periods indicated, and then redeem all of your shares                securities, the risks that the underlying loan obligations
at the end of those periods. The example also assumes that                    may be refinanced (repaid) faster or slower than
your investment has a 5% return each year, that all dividends                 expected, causing the fund to invest repayment proceeds
and distributions are reinvested, and that the fund’s operating               in, or continue to hold, lower yielding securities, as the
expenses remain the same. Although your actual costs may be                   case may be.
                                                                            • Liquidity Risk—The risk that the fund may not be able to
                                                                              sell some or all of its securities at desired prices or may

                                                                      1
SSgA U.S. TREASURY
MONEY MARKET FUND                                        FUND SUMMARY                                                                   TICKER SYMBOL:                  SVTXX

       be unable to sell the securities at all, because of a lack of
                                                                                     Annual Total Returns - SSgA U.S. Treasury Money Market Fund
       demand in the market for such securities, or a liquidity
       provider defaults on its obligation to purchase the secu-                    6%
       rities when properly tendered by the fund.
                                                                                                                                 4.87% 4.80%
•   Risk Associated with Maintaining a Stable Share Price. To                       5%

    the extent that the aggregate market value of the fund’s                        4%
                                                                                         3.78%

    assets materially varies from the aggregate of the acquisi-
                                                                                                                         3.02%
    tion prices of those assets, the fund may not be able to                        3%

    maintain a stable share price of $1.00. This risk typically is
                                                                                    2%
    higher during periods of rapidly changing interest rates or                                  1.55%
                                                                                                                 1.14%
                                                                                                                                               1.50%

                                                                                                         0.94%
    when issuer credit quality generally is falling, and is made                    1%

    worse when the fund experiences significant redemption                                                                                             0.00% 0.00%
                                                                                    0%
    requests.
                                                                                         2001    2002    2003    2004    2005    2006   2007   2008     2009   2010
•   Concentrated Exposure to Financial Institutions. Many
    instruments in which the fund invests, including repurchase
                                                                           Highest Quarterly                 Lowest Quarterly
    agreements, are issued or guaranteed by financial institu-             Results (2001-2010)              Results (2001-2010)                       Year-to-Date Ended
    tions, such as banks and brokers, or are collateralized by
    securities issued or guaranteed by financial institutions.              March 31, 2001:                 December 31, 2010:                        September 30, 2011:
                                                                                 1.34%                           0.00%                                      0.00%
    Changes in the credit worthiness of any of these institutions
    may adversely affect the value of instruments held by the                           Average Annual Total Returns
    fund.                                                                         For the Periods Ending December 31, 2010:
•   Rapid Changes in Interest Rates. Rapid changes in interest                                                                  1 Year*        5 Years*               10 Years*
    rates may cause significant requests to redeem fund shares,
                                                                           SSgA U.S. Treasury Money
    and possibly cause the fund to sell portfolio securities at a
                                                                             Market Fund                                        0.00%           2.21%                  2.15%
    loss to satisfy those requests.
•   Low Short-Term Interest Rates. As short-term interest rates            Citigroup 3-month Treasury
                                                                             Bill Index               0.13%                                     2.30%                  2.26%
    approach 0%, the fund may maintain substantial cash bal-
    ances. The fund typically does not receive any income from             * The returns would have been lower without the contractual and
    uninvested cash. In addition, if the fund generates insuffi-             voluntary management fee waiver and/or expense reimbursement.
    cient income to pay its expenses, it may not pay a daily               To obtain the fund’s current yield, please call (877) 521-4083.
    dividend.
                                                                           INVESTMENT ADVISOR
Please refer to “Fund Objectives, Strategies and Risks” in the
Prospectus for further details.                                            SSgA Funds Management, Inc. serves as the investment
                                                                           advisor to the fund.
PERFORMANCE                                                                For important information about investment advisor, please
The following bar chart shows how the fund’s performance                   turn to “Fund Management” beginning on page 11.
has varied from year to year, and the table immediately below
the chart shows the performance of the fund over the past 1-,              PURCHASE AND SALE OF FUND SHARES
5- and 10-year periods, and over the life of the fund, and                 Purchase Minimums
compares the fund’s performance to the performance of a                    To establish an account                                                      $10,000,000
broad-based securities market index. The bar chart and the                 To add to an existing account                                               No minimum
table provide some indication of the risks of investing in the
fund. Index returns do not reflect deductions for fees, taxes or           Written Requests and Wire Transfers. You may purchase or
expenses associated with investment in a fund. A fund’s past               redeem fund shares by written request or wire transfer.
performance (both before and after taxes) is not necessarily               Written requests should be sent to:
an indication of how the fund will perform in the future.                                                                                      Registered, Express,
Current performance information for the fund is available toll                   Regular mail                                                    Certified Mail
free by calling (877) 521-4083 or by visiting our website at                   SSgA Funds                                                     SSgA Funds
www.ssgafunds.com.                                                            P.O. Box 8317                                                   30 Dan Road
                                                                           Boston, Massachusetts                                          Canton, Massachusetts
                                                                                02266-8317                                                        02021

                                                                       2
SSgA U.S. TREASURY
MONEY MARKET FUND                                   FUND SUMMARY                                          TICKER SYMBOL:     SVTXX

For wire transfer instructions, please call (800) 647-7327           and whether you were paid in cash or additional shares.
between 8 a.m. and 5 p.m. Eastern time. Redemptions by               Dividend and capital gains distributions that you receive,
telephone are permitted only if you previously have been             as well as your gains or losses from any sale or exchange of
authorized for these transactions.                                   fund shares, may be subject to state and local income taxes.
Through Brokers, Banks and Other Financial Intermediaries.           For important tax information, please turn to “Taxes” on
If you wish to purchase, exchange or redeem fund shares              page 13.
through a broker, bank or other financial intermediary, please
contact that broker, bank or financial intermediary directly.        PAYMENTS TO BROKERS, BANKS AND OTHER FINANCIAL
                                                                     INTERMEDIARIES
For important information about the purchase and sale of
                                                                     If you purchase the fund through a broker, bank or other
fund shares, please turn to “Shareholder Information” on
                                                                     financial intermediary, the fund and its affiliates may pay the
page 11.
                                                                     intermediary for the sale of fund shares and related services.
TAX INFORMATION                                                      These payments may create a conflict of interest by influ-
For mutual funds generally, dividends from net investment            encing the broker, bank or other intermediary and your
income (other than qualified dividend income) and distribu-          salesperson to recommend the fund over another investment.
tions of net short-term capital gains are taxable to you as          Ask your salesperson or visit your financial intermediary’s
ordinary income under U.S. federal income tax laws whether           website for more information.
paid in cash or in additional shares. Distributions from net         For important information about financial intermediary com-
long-term gains are taxable as long-term taxable gains               pensation, please turn to “Distribution Arrangements” on
regardless of the length of time you have held the shares            page 15.




                                                                 3
SSgA PRIME
MONEY MARKET FUND                                     FUND SUMMARY                                          TICKER SYMBOL:         SVPXX

INVESTMENT OBJECTIVE                                                      bases its decisions on the relative attractiveness of different
SSgA Prime Money Market Fund seeks to maximize current                    money market instruments. In the advisor’s opinion, the
income, to the extent consistent with the preservation of                 attractiveness of an instrument may vary depending on the
capital and liquidity and the maintenance of a stable $1.00               general level of interest rates, as well as imbalances of supply
per share net asset value, by investing in dollar denominated             and demand in the market. The fund invests in accordance
securities.                                                               with regulatory requirements applicable to money market
                                                                          funds, which impose strict conditions on the quality of port-
FEES AND EXPENSES OF THE FUND                                             folio securities, liquidity of portfolio holdings, the maturity of
This table describes the fees and expenses that you may pay if            individual securities and the portfolio as a whole, and port-
you buy and hold shares of the fund.                                      folio diversification.
Shareholder Fees                                                          The fund attempts to meet its investment objective by invest-
  (fees paid directly from your investment)             None              ing in a broad range of money market instruments. The fund
Annual Fund Operating Expenses                                            considers the following instruments or investment strategies
  (expenses that you pay each year as a                                   to be principal to the achievement of its investment objective:
  percentage of the value of your investment)                             U.S. government securities, including U.S. Treasury bills,
Management Fee                                            0.15%           notes and bonds and securities issued or guaranteed by U.S.
Distribution and Shareholder Service (12b-1)                              government agencies; certificates of deposits and time depos-
  Fees                                                    0.05%           its of U.S. and foreign banks; commercial paper and other
Other Expenses                                            0.05%           high quality obligations of U.S. or foreign companies; asset-
Total Annual Fund Operating Expenses                      0.25%           backed securities, including asset-backed commercial paper;
                                                                          and repurchase agreements. These instruments may bear
Less Fee Waivers and/or Expense
  Reimbursements                                         (0.05)%*         fixed, variable or floating rates of interest or may be zero
Total Annual Fund Operating Expenses After                                coupon securities. The fund also may invest in shares of other
  Fee Waivers and Expense Reimbursements                  0.20%*          money market funds, including funds advised by the fund’s
                                                                          investment advisor.
* The fund’s investment advisor is contractually obligated until
  December 31, 2012 to waive 0.05% of its 0.15% management                PRINCIPAL RISKS
  fee. Additionally, the advisor is further contractually obligated
                                                                          An investment in the fund is not insured or guaranteed by the
  until December 31, 2012 to waive its management fee and to
  reimburse the fund for all expenses to the extent that total
                                                                          Federal Deposit Insurance Corporation or any other govern-
  expenses (exclusive of non-recurring account fees, extraordinary        ment agency. Although the fund seeks to preserve the value of
  expenses and acquired fund fees) exceed 0.20% of average daily          your investment at $1.00 per share, it is possible to lose
  net assets on an annual basis.                                          money by investing in the fund.
                                                                          • Risks Common to Funds Investing Principally in Debt
EXAMPLE                                                                     Instruments.
This example is intended to help you compare the cost of                    • Interest Rate Risk—The risk that interest rates will rise,
investing in the fund with the cost of investing in other mutual              causing the value of the fund’s assets to fall.
funds.
                                                                            • Credit Risk—The risk that an issuer, guarantor or liquid-
The example assumes that you invest $10,000 in the fund for                   ity provider of an instrument held by the fund will fail to
the time periods indicated, and then redeem all of your shares                make scheduled interest or principal payments, which
at the end of those periods. The example also assumes that                    may reduce the fund’s income and the market value of
your investment has a 5% return each year, that all dividends                 the instrument.
and distributions are reinvested, and that the fund’s operating             • Prepayment Risk (when repayment of principal occurs
expenses remain the same. Although your actual costs may be                   before scheduled maturity) and Extension Risk (when
higher or lower, based on these assumptions, your costs would                 rates of repayment of principal are slower than
be:                                                                           expected)—Applicable primarily to mortgage-related
    1 year          3 years          5 years          10 years                securities, the risks that the underlying loan obligations
     $20              $75             $136             $313                   may be refinanced (repaid) faster or slower than
                                                                              expected, causing the fund to invest repayment proceeds
PRINCIPAL INVESTMENT STRATEGIES                                               in, or continue to hold, lower yielding securities, as the
SSgA Prime Money Market Fund follows a disciplined                            case may be.
investment process in which the fund’s investment advisor

                                                                      4
SSgA PRIME
MONEY MARKET FUND                                        FUND SUMMARY                                                                    TICKER SYMBOL:                   SVPXX

     • Liquidity Risk—The risk that the fund may not be able to            Please refer to “Fund Objectives, Strategies and Risks” in the
       sell some or all of its securities at desired prices or may         Prospectus for further details.
       be unable to sell the securities at all, because of a lack of
       demand in the market for such securities, or a liquidity            PERFORMANCE
       provider defaults on its obligation to purchase the secu-           The following bar chart shows how the fund’s performance
       rities when properly tendered by the fund.                          has varied from year to year, and the table immediately below
•   Risk Associated with Maintaining a Stable Share Price. To              the chart shows the performance of the fund over the past 1-,
    the extent that the aggregate market value of the fund’s               5- and 10-year periods, and over the life of the fund, and
    assets materially varies from the aggregate of the acquisi-            compares the fund’s performance to the performance of a
    tion prices of those assets, the fund may not be able to               broad-based securities market index. The bar chart and the
    maintain a stable share price of $1.00. This risk typically is         table provide some indication of the risks of investing in the
    higher during periods of rapidly changing interest rates or            fund. Index returns do not reflect deductions for fees, taxes or
    when issuer credit quality generally is falling, and is made           expenses associated with investment in a fund. A fund’s past
    worse when the fund experiences significant redemption                 performance (both before and after taxes) is not necessarily
    requests.                                                              an indication of how the fund will perform in the future.
                                                                           Current performance information for the fund is available toll
•   Rapid Changes in Interest Rates. Rapid changes in interest
                                                                           free by calling (877) 521-4083 or by visiting our website at
    rates may cause significant requests to redeem fund shares,
                                                                           www.ssgafunds.com.
    and possibly cause the fund to sell portfolio securities at a
    loss to satisfy those requests.
                                                                                         Annual Total Returns - SSgA Prime Money Market Fund
•   Low Short-Term Interest Rates. As short-term interest rates
    approach 0%, the fund may maintain substantial cash bal-                        6%
    ances. The fund typically does not receive any income from                                                                           5.20%
                                                                                                                                 4.97%
    uninvested cash. In addition, if the fund generates insuffi-                    5%

                                                                                         4.14%
    cient income to pay its expenses, it may not pay a daily                        4%
    dividend.                                                                                                            3.13%
                                                                                                                                                 2.76%
•   Concentrated Exposure to Financial Institutions. Many                           3%

    instruments in which the fund invests, including repurchase                     2%
                                                                                                 1.74%

    agreements, are issued or guaranteed by financial institu-                                                   1.22%
                                                                                                         1.03%
    tions, such as banks and brokers, or are collateralized by                      1%
                                                                                                                                                         0.42%
    securities issued or guaranteed by financial institutions.                                                                                                   0.12%
                                                                                    0%
    Changes in the credit worthiness of any of these institutions
                                                                                          2001   2002    2003    2004    2005    2006    2007    2008     2009   2010
    may adversely affect the value of instruments held by the
    fund.
                                                                           Highest Quarterly                 Lowest Quarterly
•   Asset-Backed Securities Risk. Defaults on the underlying               Results (2001-2010)              Results (2001-2010)                         Year-to-Date Ended
    assets of the asset-backed securities held by the fund may
                                                                            March 31, 2001:                       June 30, 2010:                        September 30, 2011:
    impair the value of the securities, and there may be lim-
                                                                                 1.43%                                0.02%                                   0.06%
    itations on the enforceability of any security interest
    granted with respect to those assets. These securities also                         Average Annual Total Returns
    present a higher degree of prepayment risk (when repay-                       For the Periods Ending December 31, 2010:
    ment of principal occurs before scheduled maturity) and                                                                     1 Year*          5 Years*               10 Years*
    extension risk (when rates of repayment of principal are
    slower than expected) than do other types of fixed income              SSgA Prime Money Market
                                                                             Fund                                               0.12%             2.67%                  2.46%
    securities.
•   Foreign Securities. The fund may invest in U.S. dollar                 Citigroup 3-month Treasury
    denominated instruments issued by foreign governments,                   Bill Index               0.13%                                       2.30%                  2.26%
    corporations and financial institutions. Financial informa-            * The returns would have been lower without the contractual and
    tion relating to foreign issuers may be more limited than                voluntary management fee waiver and/or expense reimbursement.
    financial information generally available for domestic issu-           To obtain the fund’s current yield, please call (877) 521-4083.
    ers. In addition, the value of instruments of foreign issuers
    may be adversely affected by local or regional political and
    economic developments.

                                                                       5
SSgA PRIME
MONEY MARKET FUND                                    FUND SUMMARY                                         TICKER SYMBOL:     SVPXX

INVESTMENT ADVISOR                                                   TAX INFORMATION
SSgA Funds Management, Inc. serves as the investment                 For mutual funds generally, dividends from net investment
advisor to the fund.                                                 income (other than qualified dividend income) and distribu-
For important information about investment advisor, please           tions of net short-term capital gains are taxable to you as
turn to “Fund Management” beginning on page 11.                      ordinary income under U.S. federal income tax laws whether
                                                                     paid in cash or in additional shares. Distributions from net
PURCHASE AND SALE OF FUND SHARES                                     long-term gains are taxable as long-term taxable gains
Purchase Minimums                                                    regardless of the length of time you have held the shares
To establish an account                       $10,000,000            and whether you were paid in cash or additional shares.
To add to an existing account                No minimum              Dividend and capital gains distributions that you receive,
                                                                     as well as your gains or losses from any sale or exchange of
Written Requests and Wire Transfers. You may purchase or             fund shares, may be subject to state and local income taxes.
redeem fund shares by written request or wire transfer.
                                                                     For important tax information, please turn to “Taxes” on
Written requests should be sent to:                                  page 13.
                                         Registered, Express,
     Regular mail                          Certified Mail            PAYMENTS TO BROKERS, BANKS AND OTHER FINANCIAL
                                                                     INTERMEDIARIES
    SSgA Funds                            SSgA Funds
   P.O. Box 8317                          30 Dan Road                If you purchase the fund through a broker, bank or other
Boston, Massachusetts                 Canton, Massachusetts          financial intermediary, the fund and its affiliates may pay the
     02266-8317                               02021                  intermediary for the sale of fund shares and related services.
                                                                     These payments may create a conflict of interest by influ-
For wire transfer instructions, please call (800) 647-7327           encing the broker, bank or other intermediary and your
between 8 a.m. and 5 p.m. Eastern time. Redemptions by               salesperson to recommend the fund over another investment.
telephone are permitted only if you previously have been             Ask your salesperson or visit your financial intermediary’s
authorized for these transactions.                                   website for more information.
Through Brokers, Banks and Other Financial Intermediaries.           For important information about financial intermediary com-
If you wish to purchase, exchange or redeem fund shares              pensation, please turn to “Distribution Arrangements” on
through a broker, bank or other financial intermediary, please       page 15.
contact that broker, bank or financial intermediary directly.
For important information about purchase and sale of fund
shares, please turn to “Shareholder Information” on page 11.




                                                                 6
              FUND OBJECTIVES,                                        Principal Risks
            STRATEGIES AND RISKS                                      Generally. The fund invests exclusively in money market
                                                                      instruments. As a result, the principal risks of investing in the
SSgA U.S. TREASURY MONEY MARKET FUND                                  fund are those described in “Risks Common to the SSgA
INVESTMENT OBJECTIVE                                                  Money Market Funds,” below.
SSgA U.S. Treasury Money Market Fund seeks to maximize                In addition, the fund is subject to the following risks:
current income, to the extent consistent with the preservation           Risk Associated with Maintaining a Stable Share Price.
of capital and liquidity and the maintenance of a stable $1.00        The ability of the fund to maintain a stable share price of
per share net asset value, by investing in obligations that are       $1.00 largely depends on the aggregate market value of the
issued or guaranteed as to principal and interest by the U.S.         fund’s securities being substantially similar to the aggregate
government and repurchase agreements backed by such                   of the acquisition prices of those securities to the fund. To the
securities.                                                           extent that that aggregate market value materially varies from
There is no guarantee that the fund will achieve its objective.       the aggregate of those acquisition prices, the fund may not be
                                                                      able to maintain a stable share price of $1.00. This risk
INVESTMENT STRATEGIES      AND   RISKS                                typically is higher during periods of rapidly changing interest
Investment Principal Investment Strategies                            rates or when issuer credit quality generally is falling, and is
SSgA U.S. Treasury Money Market Fund follows a disci-                 made worse when the fund experiences significant redemp-
plined investment process in which the fund’s advisor bases           tion requests.
its decisions on the relative attractiveness of different money          Concentrated Exposure to Financial Institutions. Many
market instruments. The attractiveness of an instrument may           instruments in which the fund invests, including repurchase
vary depending on the general level of interest rates, as well        agreements, are issued or guaranteed as to principal or inter-
as imbalances of supply and demand in the market. Among               est by banks, brokers and other financial institutions, or are
other things, the fund’s investment manager typically con-            collateralized by securities issued or guaranteed by those
ducts its own credit analyses of potential investments and            institutions. Although the fund attempts to invest only with
portfolio holdings, and relies substantially on a dedicated           high quality financial institutions, most financial institutions
short-term credit research team. In addition, the fund follows        are dependent on other institutions to fulfill their obligations
regulatory requirements applicable to money market funds.             in the financial markets. Events that would adversely affect
Those requirements are intended to limit the risks of invest-         one financial institution or financial institutions generally
ing in a money market fund by requiring the fund generally to         also may have an adverse effect on the financial institution in
invest in high quality securities with short-term remaining           which the fund invests or that serve as counterparties in
maturities, and be diversified as to issuers, guarantors and          transactions with the fund. Changes in the credit worthiness
other liquidity providers. All securities held by the fund are        of any of these institutions may cause the fund a loss that
U.S. dollar-denominated, and they may have fixed, variable or         affects its share price.
floating interest rates. The fund’s weighted average maturity            Low Short-Term Interest Rates. As short-term interest rates
may not exceed 60 days, and is typically much shorter.                approach 0%, the fund may maintain substantial cash bal-
The fund attempts to meet its investment objective by invest-         ances. The fund typically does not receive any income from
ing in:                                                               uninvested cash. In addition, if instruments held by the fund
• Obligations issued or guaranteed as to principal and interest       pay interest at very low rates, the fund may generate insuf-
  by the U.S. Treasury; and                                           ficient income to pay its expenses. At such times, the fund
                                                                      may pay some or all of its expenses from fund assets, and
• Repurchase agreements collateralized with obligations               generally the fund would not pay a daily dividend.
  issued or guaranteed as to principal and interest by the
  U.S. Treasury.                                                         Rapid Changes in Interest Rates. The values of most
                                                                      instruments held by the fund are adversely affected by
The fund also may invest in securities of other money market          changes in interests rates generally, especially increases in
funds, including funds advised by the fund’s investment               interest rates. Rapid changes in interest rates may cause
advisor. The Fund typically will be 100% invested in U.S.             significant requests to redeem funds shares, and possibly
Treasury securities, but in no event less than 80%, and will          cause the fund to sell portfolio securities at a loss to satisfy
invest no more than 5% of its net assets (taken at current            those requests. Significant losses could impair the fund’s
market value) in repurchase agreements maturing in more               ability to maintain a stable share price of $1.00.
than seven days.




                                                                  7
SSgA PRIME MONEY MARKET FUND                                          These instruments may bear fixed, variable or floating rates
INVESTMENT OBJECTIVE                                                  of interest or may be zero coupon securities. The fund also
                                                                      may invest in securities of other investment companies with
SSgA Prime Money Market Fund seeks to maximize current                similar investment guidelines.
income, to the extent consistent with the preservation of
capital and liquidity and the maintenance of a stable $1.00           Principal Risks
per share net asset value, by investing in dollar denominated         Generally. The fund invests exclusively in money market
securities.                                                           instruments. As a result, the principal risks of investing in the
There is no guarantee that the fund will achieve its objective.       fund are those described in “Risks Common to the SSgA
                                                                      Money Market Funds,” below.
INVESTMENT STRATEGIES      AND   RISKS
                                                                      In addition, the fund is subject to the following risks:
Principal Investment Strategies
                                                                         Risk Associated with Maintaining a Stable Share Price.
SSgA Prime Money Market Fund follows a disciplined                    The ability of the fund to maintain a stable share price of
investment process in which the fund’s advisor bases its              $1.00 largely depends on the aggregate market value of the
decisions on the relative attractiveness of different money           fund’s securities being substantially similar to the aggregate
market instruments. The attractiveness of an instrument may           of the acquisition prices of those securities to the fund. To the
vary depending on the general level of interest rates, as well        extent that that aggregate market value materially varies from
as imbalances of supply and demand in the market. Among               the aggregate of those acquisition prices, the fund may not be
other things, the fund’s investment manager conducts its own          able to maintain a stable share price of $1.00. This risk
credit analyses of potential investments and portfolio hold-          typically is higher during periods of rapidly changing interest
ings, and relies substantially on a dedicated short-term credit       rates or when issuer credit quality generally is falling, and is
research team. In addition, the fund follows regulatory               made worse when the fund experiences significant redemp-
requirements applicable to money market funds. Those                  tion requests.
requirements are intended to limit the risks of investing in
a money market fund by requiring the fund generally to invest            Rapid Changes in Interest Rates. The values of most
in high quality securities with short-term remaining maturi-          instruments held by the fund are adversely affected by
ties, and be diversified as to issuers, guarantors and other          changes in interests rates generally, especially increases in
liquidity providers. All securities held by the fund are U.S.         interest rates. Rapid changes in interest rates may cause
dollar-denominated, and they may have fixed, variable or              significant requests to redeem funds shares, and possibly
floating interest rates. The fund’s weighted average maturity         cause the fund to sell portfolio securities at a loss to satisfy
may not exceed 60 days, and is typically much shorter.                those requests. Significant losses could impair the fund’s
                                                                      ability to maintain a stable share price of $1.00.
The fund attempts to meet its investment objective by invest-
ing in a broad range of money market instruments. The fund               Low Short-Term Interest Rates. As short-term interest rates
considers the following instruments or investment strategies          approach 0%, the fund may maintain substantial cash bal-
to be principal to the achievement of its investment objective:       ances. The fund typically does not receive any income from
                                                                      uninvested cash. In addition, if instruments held by the fund
• U.S. Treasury bills, notes and bonds;                               pay interest at very low rates, the fund may generate insuf-
• Obligations issued or guaranteed as to interest and principal       ficient income to pay its expenses. At such times, the fund
  by the U.S. government, its agencies, or instrumentalities          may pay some or all of its expenses from fund assets, and
  and other such obligations that are neither insured nor             generally the fund would not pay a daily dividend.
  guaranteed by the U.S. Treasury, such as the Federal Home              Concentrated Exposure to Financial Institutions. Many
  Loan Mortgage Corporation, the Federal National Mort-               instruments in which the fund invests, including repurchase
  gage Association and the Federal Home Loan Bank;                    agreements, are issued or guaranteed as to principal or inter-
• Instruments of U.S. and foreign banks, including Eurodol-           est by banks, brokers and other financial institutions, or are
  lar Certificates of Deposit (U.S. dollar-denominated cer-           collateralized by securities issued or guaranteed by those
  tificates of deposit issued by a bank outside of the United         institutions. Although the fund attempts to invest only with
  States), Eurodollar Time Deposits (U.S. dollar-denomi-              high quality financial institutions, most financial institutions
  nated deposits in foreign branches of U.S. banks and for-           are dependent on other institutions to fulfill their obligations
  eign banks), and Yankee Certificates of Deposit (U.S.               in the financial markets. Events that would adversely affect
  dollar-denominated certificates of deposit issued by U.S.           one financial institution or financial institutions generally
  branches of foreign banks);                                         also may have an adverse effect on the financial institution in
• Commercial paper of U.S. and foreign companies;                     which the fund invests or that serve as counterparties in
                                                                      transactions with the fund. Changes in the credit worthiness
• Asset-backed securities, including asset-backed commer-             of any of these institutions may cause the fund a loss that
  cial paper;                                                         affects its share price.
• Corporate obligations of U.S. and foreign companies; and              Asset-Backed Securities Risk. The fund’s investments in
• Repurchase agreements.                                              asset-backed securities, which are obligations whose

                                                                  8
principal and interest payments are supported or collateral-          instruments may be issued, guaranteed or otherwise sup-
ized by pools of other assets, such as automobile loans, credit       ported by foreign governments, corporations or financial
card receivables and leases. Defaults on the underlying assets        institutions. Dollar-denominated instruments issued by enti-
may impair the value of an asset-backed security. Further-            ties located in foreign countries could lose value as a result of
more, there may be legal and practical limitations on the             political, financial and economic events in foreign countries.
enforceability of any security interest granted with respect to       Issuers of these instruments are not necessarily subject to the
those underlying assets. These securities also present a higher       same regulatory requirements that apply to U.S. banks and
degree of prepayment risk (when repayment of principal                corporations, although the information available for dollar-
occurs before scheduled maturity) and extension risk (when            denominated instruments may be subject to the accounting,
rates of repayment of principal are slower than expected) than        auditing and financial reporting standards of the U.S. domes-
do other types of fixed income securities.                            tic market or exchange on which they are traded, which
  Foreign Securities. Although the fund only will invest in           standards may be more uniform and more exacting than
U.S. dollar-denominated instruments, some of those                    those to which many foreign issuers are subject.




                                                                  9
RISKS COMMON      TO THE   SSgA MONEY MARKET FUNDS                       anticipated yield-to-maturity. Repayment of loans underlying
The following are risks that are common to most money                    certain securities tends to accelerate during periods of declin-
market funds, including the SSgA money market funds:                     ing interest rates.

Interest Rate Risk. During periods of rising interest rates, a           Extension risk is the risk than an issuer will exercise its right
fund’s yield generally is lower than prevailing market rates,            to repay principal on an obligation held by a fund later than
causing the value of the fund to fall. In periods of falling             expected. This may happen when there is a rise in interest
interest rates, a fund’s yield generally is higher than prevail-         rates. Under these circumstances, the value of the obligation
ing market rates, causing the value of the fund to rise.                 will decrease, thus preventing the fund from investing
Typically, the more distant the expected cash flow that the              expected repayment proceeds in securities paying yields
fund is to receive from a security, the more sensitive the               higher than the yields paid by the securities that were
market price of the security is to movements in interest rates.          expected to be repaid.
If a fund owns securities that have variable or floating interest        Liquidity Risk. Adverse market or economic conditions or
rates, as interest rates fall, the income the fund receives from         investor perceptions may result in little or no trading activity
those securities also will fall.                                         in one or more particular securities, thus, making it difficult
Credit Risk. Credit risk is the risk that an issuer, guarantor or        for a fund holding the securities to determine their values. A
liquidity provider of a fixed-income security held by a fund             fund holding those securities may have to value them at prices
may default on its obligation to pay scheduled interest and              that reflect unrealized losses, or if it elects to sell them, it may
repay principal. It includes the risk that one or more of the            have to accept lower prices than the prices at which it is then
securities will be downgraded by a credit rating agency;                 valuing them. The fund also may not be able to sell the
generally, lower rated issuers have higher credit risks. Credit          securities at any price.
risk also includes the risk that an issuer or guarantor of a             PORTFOLIO HOLDINGS
security, or a bank or other financial institution that has
entered into a repurchase agreement with the fund, may                   Information about each fund’s 10 largest holdings generally is
default on its payment or repurchase obligation, as the case             posted on the SSgA Funds’ website, www.ssgafunds.com,
may be. Credit risk generally is inversely related to credit             within 30 days following the end of each month. Additional
quality.                                                                 information is included in the SSgA Funds’ periodic filings
                                                                         with the Securities and Exchange Commission. Those reports
Prepayment Risk and Extension Risk. Prepayment risk and                  are available free of charge on the Securities and Exchange
extension risk apply primarily to asset-backed and mortgage-             Commission’s EDGAR database or the Securities and
related securities and certain municipal securities.                     Exchange Commission’s website at www.sec.gov. A descrip-
Prepayment risk is the risk that principal on mortgages or               tion of the SSgA Funds’ policies with respect to the disclo-
other loan obligations underlying a security may be repaid               sure of its portfolio securities is available in the Statement of
prior to the stated maturity date. If the fund has purchased a           Additional Information and on the SSgA Funds’ website at
security at a premium, any repayment that is faster than                 www.ssgafunds.com.
expected reduces the market value of the security and the




                                                                    10
                    FUND MANAGEMENT                                      The Advisor may reimburse expenses to or waive the man-
                                                                         agement fee of an SSgA money market fund in order to avoid
INVESTMENT ADVISOR                                                       a negative yield. Any such waiver or reimbursement would be
SSgA Funds’ Investment Advisor. SSgA Funds Management,                   voluntary and may be revised or cancelled at any time without
Inc. (the “Advisor” or “SSgA FM”), State Street Financial                notice. There is no guarantee that any of the SSgA money
Center, One Lincoln Street, Boston, Massachusetts                        market funds will be able to avoid a negative yield.
02111-2900, serves as the investment advisor to each fund                A discussion of the basis for the Board of Trustees of the
and as such, directs the management of each fund’s invest-               SSgA Funds approval of the investment advisory agreement
ment portfolio as well as its business affairs. As of October 31,        is contained in the SSgA Funds’ Annual Report to share-
2011, SSgA FM had assets under management of over                        holders for the fiscal year ended August 31, 2011.
$222.7 billion. SSgA FM is a subsidiary of State Street
                                                                         For its services as the Advisor, each fund in this Prospectus
Corporation (“State Street Corp.”), and together with other
                                                                         pays an annual management fee, calculated daily and paid
subsidiaries, comprise State Street Global Advisors
                                                                         monthly, that is equal to a certain percentage of its average
(“SSgA”), the investment management arm of State Street
                                                                         daily net assets (see the table below). For the year ended
Corp.
                                                                         August 31, 2011, the effective management fee paid, reflect-
SSgA provides complete global investment management                      ing certain fee waivers and expense reimbursements, is
services from offices in North America, South America,                   shown below for each fund.
Europe, Asia, Australia and the Middle East, and as of                                                          Annual Management Fees
October 31, 2011, has over $2.0 trillion under management.                                                   (% of Average Daily Net Assets):
State Street Bank and Trust Company, also a subsidiary of                                                Management Fee         Management Fee
                                                                                                          Before Waivers          After Waivers
State Street Corp., is a 200-year old pioneer and leader in the          SSgA Fund                      or Reimbursements     or Reimbursements(1)
world of financial services, and one of the largest providers of
securities processing and record keeping services for U.S.               SSgA U.S. Treasury
                                                                           Money Market Fund                 0.15%                  0.02%
mutual funds and pension funds.
                                                                         SSgA Prime Money
INVESTMENT MANAGEMENT FEES                                                 Market Fund                       0.15%                  0.10%
                                                                         (1)
                                                                               Includes waivers and reimbursements that the fund’s investment
The total management fee paid by each fund, as a percentage
                                                                               advisor is contractually obligated to make as well as any vol-
of average net assets, for the previous fiscal year appears in                 untary waivers and reimbursements that may be revised or
the “Annual Fund Operating Expenses” table included in the                     cancelled at any time without notice.
“Fees and Expenses of the Fund” section for that fund. The
management fee rates shown do not reflect the effects of any
waivers or reimbursements by the Advisor.

                                            SHAREHOLDER INFORMATION
PRICING   OF   FUND SHARES
The price of each SSgA Fund share is based on the net asset value (“NAV”) of the fund and the method or methods used to value
fund assets as described in the following table. Share prices are determined each day that the New York Stock Exchange is open
for regular trading at times also described in the following table.
                                                                                                                     Time Fund’s Share Price
SSgA Fund                                         Valuation Method(s) Used                                           Determined (Eastern time)

SSgA U.S. Treasury Money Market Fund*             Amortized Cost                                                     5 p.m.
SSgA Prime Money Market Fund*

PURCHASE       OF   FUND SHARES                                          and take any action they deem reasonable or required by
The SSgA Funds and their service providers have a legal                  law. The SSgA Funds reserve the right to reject any
obligation to collect from you certain personal informa-                 purchase order.
tion about you at the time you open an account to verify                 Minimum Investments. The funds require minimum amounts
your identity and the source of your payment. If you do                  of initial investments, but no minimum amount for subse-
not provide this information, you may not be able to open                quent investments. Please see the “Fund Summaries” and the
an account with the SSgA Funds. If the SSgA Funds                        section “Purchase and Sale of Fund Shares” for the relevant
believe that it has uncovered criminal activity, the SSgA                minimum amount of your initial or additional investment.
Funds and their service providers may close your account                 Holdings of related customer accounts may be aggregated for

* The SSgA money market funds reserve the right to accept orders to purchase or redeem shares on any day that is not a business day and the
  Federal Reserve or National Securities Clearing Corporation remains open. These funds also may establish special hours on those days to
  determine each fund’s NAV.
                                                                    11
purposes of determining the minimum investment amount.                  Telephone Exchanges. SSgA Fund shares are exchanged on
“Related customer accounts” include accounts held by the                the basis of relative NAV per share on the business day on
same investment or retirement plan, financial institution,              which the call is placed or upon written receipt of instructions
broker, dealer or intermediary. The funds reserve the right             in good form by the Transfer Agent. See “Redemption and
to increase or decrease the minimum amount required to open             Exchange Requests in Writing.” Exchanges may be made
or maintain an account.                                                 over the phone if the registrations of the two accounts are
Purchase Dates and Times. Fund shares may be purchased on               identical.
any business day at the NAV next determined after the receipt           Account Transfers. To effect a change in account registration
of the purchase order. A business day is one on which the New           (for example, to add a new joint owner), a shareholder of an
York Stock Exchange is open. The Federal Reserve is closed              SSgA Fund may request to open a new account in the same
on certain holidays on which the New York Stock Exchange is             SSgA Fund (referred to as a “transfer”). To effect a transfer,
open. These holidays are Columbus Day and Veteran’s Day.                the fund’s transfer agent will require a completed and signed
On these holidays, you will not be able to purchase shares by           new account application, including all necessary additional
wiring federal funds because federal funds wiring does not              documents, and a letter of instruction. The letter of instruc-
occur on these holidays.                                                tion must include the name of the SSgA Fund and the original
Order and Payment Procedures. There are several ways to                 account number, and must be signed by all registered owners
invest in the SSgA Funds. The SSgA Funds require a pur-                 of the original account and include a medallion guarantee.
chase order in good form, which consists of a completed and             Excessive Trading. SSgA U.S. Treasury Money Market Fund
signed application for each new account, unless the account is          and SSgA Prime Money Market Fund may take any reason-
opened through a third party which has a signed agreement               able action that they deem necessary or appropriate to prevent
with the fund’s distributor or the SSgA Funds and does not              excessive trading in fund shares without providing prior
require a completed application to be submitted to the SSgA             notification to the account holder. Such action may include
Funds. For additional information, including the IRA pack-              rejecting any purchase, in whole or part, including, without
age, additional applications or other forms, call the Customer          limitation, by a person whose trading activity in fund shares
Service Department at (800) 647-7327, or write: SSgA                    may be deemed harmful to the fund. While the funds attempt
Funds, P.O. Box 8317, Boston, MA 02266-8317. You may                    to discourage such excessive trading, there can be no guar-
also access this information online at www.ssgafunds.com.               antee that they will be able to identify investors who are
Large Transactions in the fund. To assist SSgA FM in man-               engaging in excessive trading or limit their trading practices.
aging the fund, shareholders are strongly urged to initiate all         Additionally, frequent trades of small amounts may not be
trades (investments, exchanges or redemptions of shares) as             detected. The funds recognize that they may not always be
early in the day as possible. Please notify the fund’s transfer         able to detect or prevent excessive trading or other activity
agent at least one day in advance of transactions in excess of          that may disadvantage the funds or their shareholders.
$25 million in the fund. The fund reserves the right to reject          REDEMPTION    OF   FUND SHARES
purchase orders in the absence of adequate notification of a
purchase order in excess of the amounts stated above.                   The following is in addition to “Fund Summaries” and the
                                                                        section “Purchase and Sale of Fund Shares.”
Form of Purchase Payments. All purchases made by check or
wire must be in U.S. dollars. All purchases made by check               Redemption Proceeds by Wire. Upon request, redemption
shall be from a U.S. bank. Third-party checks for initial               proceeds of $1,000 or more will be wire transferred to your
purchases and/or checks drawn on credit card accounts will              account at a U.S. bank that is a member of the Federal Reserve
not be accepted.                                                        System. You must indicate this option on your application or
                                                                        letter of instruction. If bank instructions are not indicated on
In-Kind Purchase of Securities. The SSgA Funds may, in their            the account, a medallion guaranteed letter of instruction is
sole discretion, permit you to purchase shares through the              required to add the bank information to send proceeds via
exchange of other securities that you own. The market value             wire. The SSgA Funds do not provide wire transfer service
of any securities exchanged, plus any cash, must be at least            for redemption proceeds of less than $1,000. For SSgA Prime
$25 million. Please contact the Customer Service Department             Money Market Fund only, the shares are redeemed and
at (800) 647-7327 for more information, including additional            payment for the redeemed shares are sent no later than the
restrictions.                                                           next business day.
EXCHANGES    AND   TRANSFERS                                            Redemption Proceeds by Check. Telephone redemption
Generally. Subject to satisfying the minimum investment                 requests for proceeds less than $50,000 may be sent by check
requirement, investors may have $100 or more of their SSgA              and to the address shown on the SSgA Funds registration
Fund shares exchanged for shares of any other SSgA Fund on              record, provided that the address has not been changed within
a business day. There is no charge for this service. To use this        60 days of the redemption request. All proceeds by check will
option, contact the Customer Service Department at                      normally be sent the following business day. Requests for
(800) 647-7327.                                                         redemptions over $50,000 must be in writing and bear a
                                                                        medallion guarantee.


                                                                   12
Telephone and Other Electronic Redemptions. Shareholders                DIVIDENDS   AND   DISTRIBUTIONS
may normally redeem SSgA Fund shares by telephoning the                 Each SSgA Fund intends to declare and pay dividends as
Customer Service Department at (800) 647-7327 between                   noted in the following table:
8 a.m. and 5 p.m. Eastern time. You must complete the
                                                                                                      Dividends
appropriate section of the application and attach a voided                      SSgA Fund             Declared       Dividends Paid
check to code your account correctly with the bank infor-
mation before utilizing this feature. The SSgA Funds and                SSgA U.S. Treasury
                                                                          Money Market Fund           Daily       Last business day
their transfer agent will employ reasonable procedures to                                                         of each month
confirm that instructions communicated by telephone are                                                           or at the time a
properly authorized. Neither the SSgA Funds, nor their dis-                                                       full redemption is
tributor or transfer agent will be responsible for any loss or                                                    requested.
expense for executing instructions that are deemed to be
                                                                        SSgA Prime Money
authorized and genuine after following reasonable proce-
                                                                          Market Fund                 Daily       Last business day
dures. Please note that if the address of record has been                                                         of each month or at
changed within 60 days of the redemption request, the request                                                     the time a full
must be in writing and bear a medallion guarantee. During                                                         redemption is
periods of significant or unusual economic or market                                                              requested.
activity, shareholders giving instructions by phone may
encounter delays.                                                       Capital gains, if any, are usually distributed in October.
                                                                        Excess dividends and capital gains, if any, generally are
Redemption and Exchange Requests in Writing. In certain                 distributed in December.
circumstances, an SSgA Fund shareholder will need to
request to sell or exchange shares in writing. Use the                  Distribution Options. You can choose from four different
addresses for purchases by mail listed under “Purchase of               distribution options as indicated on the application:
Fund Shares.” In order for a redemption or exchange request             • Reinvestment Option—Dividends and capital gain distri-
to be received by the Transfer Agent in good form, the                    butions will be automatically reinvested in additional
shareholder may need to include additional items with the                 shares of the fund. If you do not indicate a choice on the
request, including a medallion guarantee if NAVof the shares              application, this option will be automatically assigned.
being redeemed is more than $50,000. (Please check with the             • Income-Earned Option—Capital gain distributions will be
institution prior to signing to ensure that they are an accept-           automatically reinvested, but a check, direct deposit or wire
able medallion guarantor. A notary public cannot provide a                will be sent for each dividend distribution.
medallion guarantee.) Please contact the Customer Service
Department at (800) 647-7327 for questions and further                  • Cash Option—A check, wire or direct deposit will be sent
instructions.                                                             for each dividend and capital gain distribution.

In-Kind Redemptions. The SSgA Funds may pay any portion                 • Direct Dividends Option—Dividends and capital gain dis-
of the redemption amount in excess of $15 million by a                    tributions will be automatically invested in another iden-
distribution in-kind of readily marketable securities from the            tically registered SSgA Fund.
portfolio of the SSgA Fund in lieu of cash. You will incur              Dividend Policy Upon Purchase. Purchase orders in good
brokerage charges and may incur other fees on the sale of               form accepted by the fund’s transfer agent and payments
these portfolio securities. In addition, you will be subject to         received by 5 p.m. Eastern time will earn the dividend on the
the market risks associated with such securities until such             date of purchase. All other purchases (including by check or
time as you choose to dispose of the security.                          ACH) will earn dividends on the business day after the
Minimum Account Size. The minimum account size is                       payment has been is received.
$2 million. The fund or the fund’s distributor reserves the             Dividend Payment Policy Upon Redemption. Dividends will
right, each in its discretion, to close any account where the           not be paid on shares on the date of redemption if the
balance in any account has fallen below $2 million. In such             proceeds are sent the same day by wire. Dividends will be
cases, the transfer agent will give shareholders 60 days’ notice        paid on shares on the date of redemption if the proceeds are
that the account will be closed unless investment is made to            sent by any other form (including check or ACH).
increase the balance of an account to the required minimum.
Failure to bring the account’s balance to the required minimum          TAXES
may result in the fund closing the account at the NAV next              The tax discussion in this Prospectus is only a summary of
determined on the day the account is closed, and mailing the            certain U.S. federal income tax issues generally affecting the
proceeds to you at the address shown on the fund’s records.             SSgA Funds and their shareholders. The following assumes
Suspension of Shareholder Redemptions. The SSgA U.S.                    any fund shares will be capital assets in the hands of a
Treasury Money Market Fund reserves the right to suspend                shareholder. Circumstances among investors may vary, so
the right of shareholder redemption or postpone the date of             you are encouraged to discuss investment in the SSgA Funds
payment no more than seven days to the extent permitted by              with your tax advisor.
law.
                                                                   13
This document does not address considerations applicable to               also be advised of the percentage of the dividends from the
foreign shareholders. Foreign shareholders should consult                 fund, if any, that are exempt from federal income tax and the
their own tax advisors as to if and how U.S. federal income               portion, if any, of those dividends that is a tax preference item
taxes and U.S. federal withholding requirements apply to                  for purposes of the alternative minimum tax. If you purchase
them.                                                                     shares of the SSgA Funds through a financial intermediary,
For mutual funds generally, dividends from net investment                 that entity will provide this information to you.
income (other than qualified dividend income, as described                Each fund intends to qualify each year as a regulated invest-
below) and distributions of net short-term capital gains are              ment company. A regulated investment company generally is
taxable to you as ordinary income under federal income tax                not subject to tax at the fund level on income and gains from
laws whether paid in cash or in additional shares. Distribu-              investments that are distributed to shareholders. However, the
tions from net long-term gains are taxable as long-term                   fund’s failure to qualify as a regulated investment company
taxable gains regardless of the length of time you have held              would result in fund level taxation and therefore, a reduction
the shares and whether you were paid in cash or additional                in income available for distribution.
shares. For each SSgA Fund that invests primarily in debt                 Each fund is required to withhold a legally determined por-
instruments, including money market funds, the fund expects               tion, currently 28%, of all taxable dividends, distributions and
that distributions will consist primarily of ordinary income.             redemption proceeds payable to any noncorporate share-
Under current U.S. federal income tax law (in effect for                  holder that does not provide the fund with the shareholder’s
taxable years beginning on or before December 31, 2012),                  correct taxpayer identification number and certification that
distributions of earnings from qualifying dividends received              the shareholder is not subject to backup withholding in the
by any SSgA Funds from domestic corporations and qualified                manner prescribed by the Code and the Treasury Regulations
foreign corporations will be taxable to non-corporate share-              thereunder (as on a Form W-9). This is not an additional tax
holders at the same rate as long-term capital gains, which is             but can be credited against your tax liability. Shareholders
currently 15%, instead of at the ordinary income rate, pro-               that invest in a fund through a tax-deferred account, such as a
vided certain requirements are satisfied. For each SSgA Fund              qualified retirement plan, generally will not have to pay tax
that invests primarily in debt instruments, including money               on dividends until they are distributed from the account.
market funds, the fund does not expect a significant portion              These accounts are subject to complex tax rules, and you
of fund distributions to be derived from qualified dividend               should consult your tax advisor about investing through such
income.                                                                   an account.
Distributions, whether received as cash or reinvested in                  No capital gain or loss for a shareholder is anticipated
additional shares, may be subject to federal income taxes.                because the fund seeks to maintain a stable share price of
Dividends and distributions may also be subject to state or               $1.00. With that exception, if you buy shares when the fund
local taxes. Depending on the tax rules in the state in which             has realized but not yet distributed income or capital gains,
you live, a portion of the dividends paid by the fund attrib-             you will be “buying a dividend” by paying the full price for
utable to direct obligations of the U.S. Treasury and certain             the shares and then receiving a portion of the price back in the
agencies may be exempt from state and local taxes.                        form of a taxable distribution, which will also reduce the
Selling or exchanging your fund shares is a taxable event and             share price of the fund.
may result in capital gain or loss. A capital gain or capital loss        Foreign Income Taxes. Investment income received by the
may be realized from an ordinary redemption of shares or an               SSgA Funds from sources within foreign countries may be
exchange of shares between two mutual funds. Any capital                  subject to foreign income taxes withheld at the source. The
loss incurred on the sale or exchange of fund shares held for             U.S. has entered into tax treaties with many foreign countries
six months or less will be treated as a long-term loss to the             which would entitle the SSgA Funds to a reduced rate of such
extent of long-term capital gain dividends received with                  taxes or exemption from taxes on such income. It is impos-
respect to such shares. Additionally, any loss realized on a              sible to determine the effective rate of foreign tax for a fund in
sale, redemption or exchange of shares of a fund may be                   advance since the amount of the assets to be invested within
disallowed under “wash sale” rules to the extent the shares               various countries is not known.
disposed of are replaced with substantially identical shares              If more than 50% in value of a fund’s total assets at the close
within a period of 61 days beginning 30 days before and                   of any taxable year consists of securities of foreign corpora-
ending 30 days after the shares are disposed of, such as                  tions, the SSgA Funds may file an election with the Internal
pursuant to a dividend reinvestment in shares of the fund.                Revenue Service (the “Foreign Election”) that may permit
If disallowed, the loss will be reflected in an adjustment to the         you to take a credit (or a deduction) for foreign income taxes
tax basis of the shares acquired. You are responsible for any             paid by the funds. Such a fund may be subject to certain
tax liabilities generated by your transactions. The wash sale             holding period requirements with respect to securities held to
rules are not applicable with respect to money market fund                take advantage of this credit. If the Foreign Election is made
shares.                                                                   by a fund, you would be required to include in your gross
You will be notified after each calendar year of the amount of            income both dividends received from the fund and your share
income, dividends and net capital gains distributed. You will             of foreign income taxes paid by the fund. Provided certain

                                                                     14
requirements are satisfied, you would be entitled to treat the         out of its own resources and without additional cost to the
foreign income taxes paid by the funds as a credit against your        SSgA Funds or their shareholders, may make additional cash
U.S. federal income taxes, subject to the limitations set forth        payments, as described below, to financial intermediaries
in the Internal Revenue Code with respect to the foreign tax           who sell shares of the SSgA Funds. Such payments and
credit generally. Alternatively, you could treat the foreign           compensation may be in addition to the fees paid by the
income taxes withheld as an itemized deduction from                    SSgA Funds in accordance with the distribution plan. These
adjusted gross income in computing taxable income rather               additional cash payments generally are made monthly to
than as a tax credit. It is anticipated that certain SSgA Funds        financial intermediaries that provide shareholder servicing,
will qualify to make the Foreign Election; however, such               marketing support and/or access to sales meetings, sales
funds cannot be certain that they will be eligible to make such        representatives and management representatives of the finan-
an election or that you will be eligible for the foreign tax           cial intermediary. Cash compensation also may be paid to
credit.                                                                financial intermediaries for inclusion of an SSgA Fund on a
Cost Basis Reporting. Effective January 1, 2012, Department            sales list, including a preferred or select sales list, in other
of the Treasury regulations mandate cost basis reporting to            sales programs or as an expense reimbursement in cases
shareholders and the IRS for redemptions of Fund shares                where the financial intermediary provides shareholder ser-
acquired on or after January 1, 2012 (“Post Effective Date             vices to fund shareholders. Additional cash payments to
Shares”). If you acquire and hold shares directly through the          financial intermediaries will vary. For more information
Funds and not through a Financial Intermediary, BFDS will              regarding these arrangements, please see “Distribution and
use a default average cost basis methodology for tracking and          Shareholder Servicing” in the Statement of Additional
reporting your cost basis on Post Effective Date Shares,               Information.
unless you request, in writing, another cost basis reporting           From time to time, SSgA FM or the SSgA Funds’distributor,
methodology. Information regarding the methods available               or one of their affiliates, also may pay non-cash compensation
for cost-basis reporting are included in the Statement of              to the sales representatives of financial intermediaries. Exam-
Additional Information.                                                ples of such compensation include the following: ordinary
                                                                       and usual gratuities, tickets and other business entertainment;
      DISTRIBUTION ARRANGEMENTS                                        and/or sponsorship of regional or national events of financial
                                                                       intermediaries. The cost of all or a portion of such non-cash
Distribution Plan. The SSgA Funds have adopted a distri-
                                                                       compensation may be borne indirectly by the SSgA Funds as
bution plan (commonly known as a “12b-1 Plan”), under
                                                                       expense reimbursement payments to the SSgA Funds’ dis-
which each SSgA Fund may pay distribution and other fees
                                                                       tributor under the distribution plan.
for the sale and distribution of its shares and for services
provided to its shareholders. Because these fees are paid out          Third-Party Transactions. The SSgA Funds have authorized
of fund assets on an on-going basis, over time, these fees will        certain financial intermediaries to accept purchase, redemp-
increase the cost of your investment and may cost you more             tion and exchange orders on the SSgA Funds’ behalf. The
than paying other types of sales charges.                              financial intermediary is responsible for the timely delivery
                                                                       of any order to the SSgA Funds. Therefore, orders received
Payments under the plan to the SSgA Funds’distributor by an
                                                                       for an SSgA Fund by a financial intermediary that has been
SSgA Fund are not permitted to exceed .25% of the fund’s
                                                                       authorized to accept orders on the fund’s behalf (or other
average annual net assets. Payments to financial intermedi-
                                                                       intermediaries designated by the intermediary) prior to the
aries providing shareholder services to the SSgA Funds are
                                                                       time the fund’s share price is determined will be deemed
not permitted by the distribution plan to exceed .20% of
                                                                       accepted by the fund the same day and will be executed at that
average annual net assets. Any payments that are required to
                                                                       day’s closing share price. The SSgA Funds are not responsible
be made to the SSgA Funds’ distributor or a financial inter-
                                                                       for the failure of a financial intermediary to process a trans-
mediary that cannot be made because of the .25% limitation
                                                                       action for an investor in a timely manner.
may be carried forward and paid in the following two fiscal
years so long as the distribution plan is in effect. The SSgA          If you are purchasing, selling, exchanging or holding SSgA
Funds are offered without imposition of a front-end sales load         Fund shares through a program of services offered by a
or contingent deferred sales load. Long-term shareholders of           financial intermediary, you may be required by the interme-
an SSgA Fund may pay more in Rule 12b-1 fees than the                  diary to pay additional fees. You should contact the interme-
economic equivalent of the maximum front-end sales charge              diary for information concerning what additional fees, if any,
permitted by the Financial Industry Regulatory Authority.              may be charged.
Additional Compensation to Financial Intermediaries. SSgA
FM or the SSgA Funds’ distributor, or one of their affiliates,




                                                                  15
                                                     FINANCIAL HIGHLIGHTS
These financial highlights tables are intended to help you understand the fund’s financial performance for the past 5 years. Certain
information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would
have earned (or lost) on an investment in the fund (assuming reinvestment of all dividends and distributions). The financial
highlights were audited by Deloitte & Touche LLP, whose reports, along with the fund’s financial statements, are included in the
annual reports, which are available upon request by calling State Street Global Markets LLC at (800) 647-7327 or on the SSgA
Funds’ website at www.ssgafunds.com.
For a Share Outstanding Throughout Each Period.

                                                                $                    $                $               $                 $
                                                         Net Asset Value,           Net          Net Realized     Total from      Distributions
                                                          Beginning of          Investment      and Unrealized   Investment         from Net
                                                              Period         Income (Loss)(a)    Gain (Loss)     Operations    Investment Income

U.S. Treasury Money Market Fund
August   31,   2011                                           1.0000                 —(b)               —(b)           —(b)               —(b)
August   31,   2010                                           1.0000                 —(b)               —(b)           —(b)               —(b)
August   31,   2009                                           1.0000              .0011              .0001          .0012             (.0007)
August   31,   2008                                           1.0000              .0249              .0027          .0276             (.0276)
August   31,   2007                                           1.0000              .0501                 —(b)        .0501             (.0501)
Prime Money Market Fund
August   31,   2011                                           1.0000              .0012                 —(b)        .0012             (.0012)
August   31,   2010                                           1.0000              .0013                 —(b)        .0013             (.0013)
August   31,   2009                                           1.0000              .0094              .0010          .0104             (.0104)
August   31,   2008                                           1.0000              .0376             (.0005)         .0371             (.0371)
August   31,   2007                                           1.0000              .0517                 —(b)        .0517             (.0517)

(a)   Average daily shares outstanding were used for this calculation.
(b)   Less than $.0001 per share.
(c)   May reflect amounts waived and/or reimbursed by the investment adviser and for certain funds, custody credit arrangements. The custody credit
      arrangements had an impact of less than .005% per share.
(d)   Includes expenses related to the U.S. Treasury Guarantee Program.
(e)   Less than .005% of average net assets.
(f)   Less than .005%.




                                                                        16
                                                                                      %                   %                  %
      $                                $                           $         Ratio of Expenses   Ratio of Expenses      Ratio of Net
Distributions         $         Net Asset Value,     %        Net Assets,        to Average          to Average      Investment Income
  from Net          Total            End of         Total    End of Period      Net Assets,         Net Assets,          to Average
Realized Gain   Distributions        Period        Return        (000)              Net(c)              Gross           Net Assets(c)



       —(b)            —(b)         1.0000            —(f)     4,410,166            .11                 .25                  —(e)
       —               —(b)         1.0000            —(f)     4,215,084            .13                 .25                  —(e)
   (.0005)         (.0012)          1.0000           .12       4,120,408            .16                 .25                 .11
       —           (.0276)          1.0000          2.80       4,769,072            .19                 .24                2.49
       —           (.0501)          1.0000          5.13       2,360,963            .20                 .31                4.97


       —           (.0012)          1.0000           .12       9,934,761            .20                 .25                 .12
       —(b)        (.0013)          1.0000           .13      12,043,331            .20                 .26                 .13
       —(b)        (.0104)          1.0000          1.04      18,404,141            .23(d)              .28                 .94
       —           (.0371)          1.0000          3.77      14,717,852            .19                 .24                3.76
       —(b)        (.0517)          1.0000          5.29      14,476,438            .20                 .26                5.17




                                                                  17
                        ADDITIONAL INFORMATION ABOUT THE SSgA FUNDS
For more information about the SSgA Funds, the following documents are available without charge:
Annual and Semi-Annual Reports. Additional information about the SSgA Funds’ investments is available in the SSgA Funds’
most recent annual and semi-annual reports to shareholders. In each fund’s annual report (other than reports of money market
funds), you will find a discussion of the market conditions and investment strategies that significantly affected the fund’s
performance during its last fiscal year.
Statement of Additional Information. The Statement of Additional Information provides more detailed information about the
SSgA Funds, including information about the SSgA Funds’ policies with respect to selective disclosure of each fund’s portfolio
holdings.
The annual report and the Statement of Additional Information for the fund are incorporated into this Prospectus by reference.
You may obtain free copies of the most recent annual report, semi-annual report or the Statement of Additional Information of the
fund, and may request other information or make other inquiries, by contacting:
                                               State Street Global Markets LLC
                                                 State Street Financial Center
                                                      One Lincoln Street
                                              Boston, Massachusetts 02111-2900
                                                        (877) 521-4083
The Prospectus, Statement of Additional Information and annual and semi-annual reports to shareholders also are available, free
of charge, on the SSgA Funds’ website at www.ssgafunds.com.
You may review and copy information about the SSgA Funds (including the Statement of Additional Information) at the
Securities and Exchange Commission’s Public Reference Room in Washington, D.C. You may obtain information on the
operation of the Public Reference Room by calling the Securities and Exchange Commission at (202) 551-8090. Reports and
other information about the SSgA Funds are available on the EDGAR Database on the Securities and Exchange Commission’s
Internet website at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic
request at the following email address: publicinfo@sec.gov, or by writing the Securities and Exchange Commission’s Public
Reference Section, Washington, D.C. 20549-1520.
SSgA Funds’ SEC File No. 811-05430




                                                                                                       SSgA IMM STAT PRO

								
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