SSgA Directional Core Equity Fund (SDCQX)

FUND OBJECTIVE

The Fund seeks to achieve long term capital appreciation throughout the course of an economic cycle by investing primarily in large and medium capitalization equity securities whose underlying valuation or business fundamentals indicate prospects for growth, while selling short the equity securities of companies that have deteriorating business fundamentals and/or valuations.

Fund Information
As of  09/07/2010
Ticker SymbolSDCQX
Primary BenchmarkRussell 1000 Index
CUSIP784924466
Short Selling AllowedYes
Gross Expense Ratio4.41%
Net Expense Ratio1.87%
Inception Date05/11/2005
Investment ManagerSSgA Funds Management, Inc.
Management TeamU.S. Active Quantitative Equity Team
DistributorState Street Global Markets, LLC
Distribution FrequencyAnnually
Fund Characteristics
As of  07/31/2010
5 Year Earning Growth6.85%
FY 1 P/E Ratio10.51
Number of Holdings178
Price/Book Ratio1.86
Weighted Average Market Cap$77,225.17 M
Fund Performance
Month End
as of07/31/2010 		Quarter End
as of06/30/2010
1 Month 3.42% -4.02%
QTD 3.42% -8.11%
YTD -2.80% -6.02%
1 Year 2.63% 6.59%
3 Year -7.10% -9.13%
5 Year -1.41% -1.66%
10 Year N/A N/A
Inception05/11/2005 -0.15% -0.81%

Performance quoted represents past performance, which is no guarantee of future results.  Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.  Current performance may be higher or lower than that quoted. Visit ssgafunds.com  for most recent month-end performance.

Fund Net Asset Value  
As of  09/03/2010
1 Day Average Yield (subsidized)0.00%
Percent Change0.88%
Price$9.21
Price Change$0.08
Shares Outstanding423,194
Total Net Assets$3.90 M

PURCHASE INFORMATION

Minimum Investments
Initial $1,000.00
Additional $100.00
Initial IRA $250.00
Additional IRA $100.00
Additional AIP $100.00

Brokerage Availability
SSgA Funds are available through most major broker/dealer and supermarket platforms. If you are an investment advisor and have questions regarding platform availability, please call 800-997-7327. Otherwise, please call 877-521-4083.

To Purchase by wire
You may make initial or subsequent investments by wiring federal funds to State Street, as Transfer Agent by:

1. Telephoning the Customer Service Department at 1-800-647-7327 between 8:00 a.m. and 4:00 p.m., Eastern Time, and stating: (a) your account registration number, address and social security or tax identification number, (b) the name of the fund in which the investment is to be made and the account number, and (c) the exact amount being wired.

2. Instructing the wiring bank to wire federal funds to:
State Street Bank and Trust Co.
225 Franklin Street, Boston, MA 02110
ABA# 0110-0002-8
DDA#9904-631-0
Attn: SSGA (SSgA Directional Core Equity Fund)
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

Correspondence Information
SSgA Funds
One Lincoln Street
Boston, MA 02111-2900
1-800-647-7327



The short- term results of a relatively new fund are not necessarily indicative of its long-term prospects.  The use of short selling entails a high degree of risk, may increase potential losses and is not suitable for all investors.


Not FDIC Insured - No Bank Guarantee - May Lose Value

Unless otherwise noted all information contained herein is that of the Directional Core Equity Fund.

Performance data reflects an expense limitation currently in effect, without which returns would have been lower.

The “Since Inception” performance is as of the Fund’s inception date.


The Russell 1000® Index is a trademark of the Frank Russell Company. Russell TM is a trademark of the Frank Russell Company.

The fund will measure its performance against the Russell 1000® Index.  The Russell 1000 Index offers investors access to the extensive large-cap segment of the US Equity universe representing approximately 92% of the US market.The Russell 1000 is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.  The Russell 1000 includes the largest 1000 securities in the Russell 3000.