SSgA FUNDS
SUPPLEMENT DATED AUGUST 27, 1999
TO PROSPECTUSES DATED DECEMBER 29, 1998:
SSgA US GOVERNMENT MONEY MARKET FUND
SSgA US TREASURY MONEY MARKET FUND
SSgA PRIME MONEY MARKET FUND
Effective September 1, 1999, the SSgA US Government Money Market Fund and the
SSgA US Treasury Money Market Fund (the "Funds") will have a trading deadline of
1 p.m. Eastern time for purposes of determining shareholders entitled to receive
that day's dividend. In addition, the US Treasury and US Government Money Market
Funds will determine net asset value at 1 p.m. and 4 p.m. Eastern time.
Effective September 1, 1999, the SSgA Prime Money Market Fund will have a
deadline of 3 p.m. Eastern time for purposes of accepting purchase orders and
redemption requests and determining net asset value.
Therefore, the following sections of the US Treasury and US Government Money
Market Funds prospectuses will read in their entirety as follows:
VALUATION OF FUND SHARES -- Net Asset Value Per Share. Net asset value
per share for the Fund is computed by adding the value of all
securities and other assets of the Fund, deducting accrued liabilities,
dividing by the number of shares outstanding and rounding to the
nearest cent. The Fund determines net asset value twice each business
day, as of 1 p.m. Eastern time and as of the close of the regular
trading session of the New York Stock Exchange (ordinarily 4 p.m.
Eastern time). A business day is one on which the New York Stock
Exchange and Boston Federal Reserve are open for business. The Fund
seeks to maintain a $1.00 per share net asset value and, accordingly,
uses the amortized cost valuation method to value its portfolio
instruments. The amortized cost valuation method initially prices an
instrument at its cost and thereafter assumes a constant amortization
to maturity of any discount or premium, regardless of the impact of
fluctuating interest rates on the market value of the instrument.
PURCHASE OF FUND SHARES -- Offering Dates and Times. Fund shares may be
purchased on any business day without a sales commission. All purchases
must be made in US dollars and in Federal funds (or converted to
Federal funds). Purchase orders which are accepted: (1) prior to 1 p.m.
Eastern time will earn the dividend declared on the date of purchase;
and (2) at or after 1 p.m. Eastern time and before 4 p.m. Eastern time
will not earn the dividend determined on the day of purchase. The Fund
reserves the right to reject any purchase order if payment for Fund
shares has not been received by the Transfer Agent prior to 4 p.m.
Eastern time.
REDEMPTION OF FUND SHARES -- Fund shares may be redeemed on any
business day at the net asset value next determined after the receipt
of a redemption request. Typically, payments will be made as soon as
possible (but will ordinarily not exceed seven days) and will be mailed
to the shareholder's address of record. Upon request, redemption
proceeds will be wire transferred to the shareholder's account at a
domestic commercial bank that is a member of the Federal Reserve
System. Although the Investment Company does not currently charge a fee
for this service, Investment
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Company reserves the right to charge a fee for the cost of
wire-transferred redemptions of less than $1,000. Redemption requests
received at or after 1 p.m. Eastern time and before 4 p.m. Eastern time
will be entitled to that day's dividend. Redemption requests received
before 1 p.m. Eastern time will not be entitled to that day's dividend.
If Fund shares were purchased by check or an automatic investment
program ("AIP") and the shareholder elects to redeem shares within 15
days of such purchase, the shareholder may experience delays in
receiving redemption proceeds. The Fund will generally postpone sending
redemption proceeds from such investment until the Fund can verify that
the check or AIP investment has been collected. There will be no such
delay for redemptions following investments paid by federal funds wire
or by bank cashier's check, certified check or treasurer's check. An
investor will not be permitted to redeem shares from an account until a
completed Application is on file.
The following sections of the Prime Money Market Fund prospectus will read in
their entirety as follows:
VALUATION OF FUND SHARES - Net Asset Value Per Share. Net asset value
per share for the Fund is computed by adding the value of all
securities and other assets of the Fund, deducting accrued liabilities,
dividing by the number of shares outstanding and rounding to the
nearest cent. The Fund determines net asset value as of 3:00 p.m.
Eastern time (or as of the close of the regular trading session of the
new York Stock Exchange, if earlier). A business day is one on which
the New York Stock Exchange and Boston Federal Reserve are open for
business. The Fund seeks to maintain a $1.00 per share net asset value
and, accordingly, uses the amortized cost valuation method to value its
portfolio instruments. The amortized cost valuation method initially
prices an instrument at its cost and thereafter assumes a constant
amortization to maturity of any discount or premium, regardless of the
impact of fluctuating interest rates on the market value of the
instrument.
PURCHASE OF FUND SHARES -- Offering Dates and Times. Fund shares may be
purchased on any business day without a sales commission. All purchases
must be made in US dollars. Payments for Fund shares must be received
by the Transfer Agent, and the accompanying payment must be in federal
funds or converted into federal funds by the Transfer Agent before the
purchase order can be accepted. Shares of the Fund purchased by orders
accepted prior to 3 p.m. Eastern time will earn the dividend determined
on the date of purchase.
REDEMPTION OF FUND SHARES -- Fund shares may be redeemed on any
business day at the net asset value next determined after the receipt
of a redemption request.. Typically, payment will be made as soon as
possible (but will ordinarily not exceed seven days) and will be mailed
to the shareholder's address of record. Upon request, redemption
proceeds will be wire transferred to the shareholder's account at a
domestic commercial bank that is a member of the Federal Reserve
System. Although the Investment Company does not currently charge a fee
for this service, Investment Company reserves the right to charge a fee
for the cost of wire-transferred redemptions of less than $1,000.
Redemption requests received prior to 3:00 p.m. Eastern time will not
be entitled to that day's dividend. If Fund shares were purchased by
check or an automatic investment program ("AIP") and the shareholder
elects to redeem shares within 15 days of such purchase, the
shareholder may experience delays in receiving redemption proceeds. The
Fund will generally postpone sending redemption proceeds from such
investment until the Fund can verify that the check or AIP investment
has been
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collected. There will be no such delay for redemptions following
investments paid by federal funds wire or by bank cashier's check,
certified check or treasurer's check. An investor will not be permitted
to redeem shares from the account until a completed Application is on
file.
