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SSEMX

SSgA Emerging Markets Fund - Class N

Closed on 07 August 2014

This fund is closed to new investors.

Fund Objective

The Fund seeks to provide maximum total return, primarily through capital appreciation, by investing primarily in securities of foreign issuers.

Fund Information

As of 10/02/2014
Ticker SymbolSSEMX
Primary BenchmarkMSCI Emerging Market Index
CUSIP784924789
Gross Expense Ratio

The gross expense ratio is the fund’s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus.

1.17%
Net Expense Ratio

The fund's investment advisor is contractually obligated until December 31, 2015 to waive its management fee and/or to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses, acquired fund fees, distribution, shareholder servicing, and sub-transfer agency fees) exceed 1.00% of average daily net assets on an annual basis.

1.17%
Inception Date03/01/1994
Investment ManagerSSgA Funds Management, Inc.
Management TeamActive Emerging Market Equity PM Team
DistributorState Street Global Markets, LLC
Distribution FrequencyAnnually

Fund Characteristics

As of 08/31/2014
Dividend Yield

Dividend Yield measures the weighted average of gross dividend yield of stocks in the fund.

3.01%
Earnings Growth 3 Year

The Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

13.34%
FY 1 P/E Ratio

FY 1 P/E Ratio

Closing price divided by the sum of the forecasted fiscal year earnings per share.

10.33
Number of Holdings249
Price/Book Ratio

Price/Book Ratio

Current market price of the stock divided by the most recent reported book value for the prior fiscal year.

1.45
Weighted Average Market Cap$21,879.28 M

30 DAY SEC YIELD

As of 10/01/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

1.41%

Fund Net Asset Value

NAV

Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding

As of 10/01/2014
1 Day Average Yield (subsidized)0.00%
Percent Change-1.35%
Price$17.49
Price Change-$0.24
Shares Outstanding24.62 M
Total Net Assets$430.62 M

Fund Documents

Fund Performance

NAV Month End
As of 08/31/2014
NAV Quarter End
As of 06/30/2014
1 Month 3.44% 2.27%
QTD 4.32% 6.09%
YTD 8.56% 4.06%
1 Year 15.68% 11.25%
3 Year 2.02% -2.44%
5 Year 6.67% 8.02%
10 Year 10.76% 10.61%
Inception 
03/01/1994
7.23% 7.07%

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.

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 Emerging Markets Fund - Class N)
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

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

Performance Chart

Annualized
As of1 MonthQTDYTD1 Year3 Year5 Year10 YearSince
Inception
03/01/1994
Month End
Fund at NAV08/31/20143.44%4.32%8.56%15.68%2.02%6.67%10.76%7.23%
MSCI Emerging Market Index08/31/20142.25%4.23%10.63%19.98%4.35%7.90%12.16%5.95%
Quarter End
Fund at NAV06/30/20142.27%6.09%4.06%11.25%-2.44%8.02%10.61%7.07%
MSCI Emerging Market Index06/30/20142.66%6.60%6.14%14.31%-0.39%9.24%11.94%7.88%

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.

Gross Expense Ratio: 1.17%

Net Expense Ratio: 1.17%

Performance Graphs

Month End as of 08/31/2014

Fund Inception Date: 03/01/1994

Index Inception Date: 03/01/1994

<performance fundPerfNavName="Fund at NAV" bmarkName="MSCI Emerging Market Index"><funds><field>1 Month</field><fund>3.44</fund><index>2.25</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>4.32</fund><index>4.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>8.56</fund><index>10.63</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>15.68</fund><index>19.98</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>2.02</fund><index>4.35</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>6.67</fund><index>7.90</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>10.76</fund><index>12.16</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>7.23</fund><index>5.95</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 06/30/2014

Fund Inception Date: 03/01/1994

Index Inception Date: 03/01/1994

<performance fundPerfNavName="Fund at NAV" bmarkName="MSCI Emerging Market Index"><funds><field>1 Month</field><fund>2.27</fund><index>2.66</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>6.09</fund><index>6.60</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>4.06</fund><index>6.14</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>11.25</fund><index>14.31</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>-2.44</fund><index>-0.39</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>8.02</fund><index>9.24</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>10.61</fund><index>11.94</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>7.07</fund><index>7.88</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of  08/31/2014
Name Weight
Samsung Electronics Co Ltd 3.37 %
Tencent Holdings Ltd 2.28 %
Hon Hai Precision Industry Co 2.20 %
China Mobile Ltd 1.99 %
Taiwan Semiconductor Manufactu 1.90 %
Banco do Brasil SA 1.65 %
Petroleo Brasileiro SA 1.63 %
China Construction Bk Corp 1.28 %
Industrial & Commercial Bk of 1.17 %
Lukoil OAO 1.11 %
Download All Holdings XLS

Fund Sector Allocation

As of 08/31/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>08/31/2014</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>30.32</rawValue><value>30.32%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>21.4</rawValue><value>21.40%</value><label>Information Technology</label><order>2</order></attribute><attribute><rawValue>9.37</rawValue><value>9.37%</value><label>Energy</label><order>3</order></attribute><attribute><rawValue>7.59</rawValue><value>7.59%</value><label>Telecommunication Services</label><order>4</order></attribute><attribute><rawValue>7.21</rawValue><value>7.21%</value><label>Materials</label><order>5</order></attribute><attribute><rawValue>6.53</rawValue><value>6.53%</value><label>Consumer Discretionary</label><order>6</order></attribute><attribute><rawValue>6.25</rawValue><value>6.25%</value><label>Utilities</label><order>7</order></attribute><attribute><rawValue>6.23</rawValue><value>6.23%</value><label>Industrials</label><order>8</order></attribute><attribute><rawValue>4.32</rawValue><value>4.32%</value><label>Consumer Staples</label><order>9</order></attribute><attribute><rawValue>0.78</rawValue><value>0.78%</value><label>Health Care</label><order>10</order></attribute></attributes></component>

Fund Country Weights

As of 08/31/2014
China20.20%
Korea15.62%
Taiwan13.82%
Brazil12.24%
India7.25%
South Africa6.09%
Mexico5.78%
Russian Federation4.48%
Indonesia2.74%
Malaysia2.35%
Philippines1.77%
Poland1.73%
Czech Republic1.05%
Turkey0.96%
Thailand0.76%
United Arab Emirates0.68%
Greece0.66%
Qatar0.61%
Peru0.54%
Saudi Arabia0.30%
Hungary0.23%
Oman0.14%

Not FDIC Insured * No Bank Guarantee * May Lose Value

Prior to June 20, 2014, the SSgA Emerging Markets Fund - Class N was known as SSgA Emerging Markets Fund.

Unless otherwise noted all information contained herein is that of the SSgA Emerging Markets Fund - Class N.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based.  The Prospectus contains a more detailed description of the limited relationship MSCI has with SSgA Funds Management, Inc and any related funds.

The MSCI Emerging Markets Index is comprised of 26 countries. MSCI targets to capture 85% of free float-adjusted companies within each industry group in every country. Designation as an emerging market is determined by a number of factors, such as gross domestic product per capita; local government regulations; perceived investment risk; foreign ownership limits and capital controls; or the general perception by the investment community when determining an "emerging" classification of a market. The index is unmanaged and may not be invested in directly.

Active Emerging Market Equity PM Team

Global Investment Strategist George R. Hoguet Managing Director Show Bio

George is a Managing Director and Global Investment Strategist in the Investment Solutions Group at SSgA. He specializes in global capital markets, particularly emerging markets, and focuses on economic, investment policy and portfolio management issues facing clients. Previously at SSgA, for several years he was Head of Active Emerging Markets. He is a member of the firm's Senior Leadership Team.

Earlier in his career, George worked in London and Boston with the Chief Investment Officer of Baring Asset Management. He has also worked at the Frank Russell Company, Tacoma, WA, where he consulted to large institutional investors on a wide range of investment topics.

George spent the first part of his career in emerging market and domestic corporate finance at Bankers Trust Company. From 1981-1985 he served at the U.S. Treasury Department, first as U.S. Alternate Executive Director to the World Bank and, subsequently, as Principal Deputy Assistant Secretary of the Treasury for International Affairs.

George is a graduate of Harvard College and Harvard Business School. He earned the Chartered Financial Analyst designation and is a qualified Financial Risk Manager (FRM.). His prior and current affiliations/directorships include: Bretton Woods Committee, Chinese Finance Association. President' Boston Economic Club, Executive Committee of the Boston Committee on Foreign Relations, Executive Committee Boston Society of Security Analysts; Visiting Committee' Weatherhead Center for International Affairs at Harvard, Council on Foreign Relations, New York, New York and Chair of the Investment Committee of the Middle East Institute in Washington, DC. He is currently a Trustee of The Research Foundation of CFA Institute.

Among others, he has published in Bank for International Settlements papers, Emerging Markets Review, the Financial Times, Pensions and Investments and many other industry and academic journals. He is an accredited speaker for the CFA Institute, Charlottesville, Va., and has presented at the National Bureau of Economic Research and other academic and industry fora.

Head of Active Equity Management Jean-Christophe de Beaulieu Managing Director Show Bio

Jean-Christophe is a Managing Director of State Street Global Advisors and Head of Active Emerging Market Equity Portfolio Management. His responsibilities include overseeing portfolio management and contributing to research in traditional cap-weighted funds across the risk spectrum. He is a member of the firm's Senior Leadership Team.

Currently based in Boston, Jean-Christophe joined the company in the Paris office in March 2000 where he was in charge of the emerging markets strategies. Prior to joining SSgA, he was working at the CCF/HSBC and at Paribas as a risk manager assistant. Preceding that, he was working at the CEA (French Nuclear Agency) for intern research.

Jean-Christophe graduated with a degree in Fundamental Mathematics from the University Paris VI. He also holds two post-masters degrees in Numerical Analysis (from University Paris VI) and Financial Techniques (from ESSEC business school). He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society.

Senior Portfolio Manager Anthony T. Yau Vice President Show Bio
Anthony is a Vice President of State Street Global Advisors and the head of the Asian Emerging Markets Active Equity team. As a Senior Portfolio Manager in the firm's Active Emerging Markets team, he is responsible for product development and portfolio management for global emerging markets equity portfolios with a focus on Asian markets. Anthony is the lead portfolio manager for SSgA's QFII quota to invest in the domestic equity markets in China. Currently based in Hong Kong, Anthony was previously a portfolio manager in the Active Developed Markets team in Boston managing Long-only and Market Neutral strategies in EAFE markets. Prior to joining SSgA in 1997, Anthony was a Programmer Analyst in the Quantitative Research Group at Putnam Investments. He has been working in the investment management industry since 1996. Anthony graduated from Boston University with a BSBA with a concentration in Finance and Management Information Systems. He has earned the Chartered Financial Analyst designation and is a member of CFA Institute and the Hong Kong Society of Financial Analysts. Anthony is fluent in Cantonese and Mandarin.
Senior Portfolio Manager Stéphane Barthélemy Vice President Show Bio

Stéphane Barthélemy is a Vice President and Senior Portfolio Manager in the Equity Management Unit at SSgA France. He is the Head of Active Emerging Markets strategies in Paris. He joined the firm in December 1999. Prior his joining SSgA, Stéphane Barthélemy worked at La Compagnie Financière Edmond de Rothschild Banque as Head of the Middle Office - Structured Products department.

He is graduated from the business school Ecole Supérieure de Commerce de Montpellier, with a specialization in Finance. He has earned the Chartered Financial Analyst designation and he has been working in the industry since 1996.

 

Portfolio Manager Jay Siegrist Manager Show Bio

Jay is a Portfolio Manager on the Emerging Markets Active Equity team. He has day to day responsibility for investments in Indonesia, Malaysia, Philippines, and Thailand, and is a portfolio manager on the Emerging Markets Select and Small Cap strategies.

Prior to joining the Active Emerging Markets team in 2004, Jay worked on the international developed markets team as an assistant portfolio manager, as well as in Operations supporting International active equities.

Jay graduated from the College of the Holy Cross with a major in Economics and Accounting. He also holds an MBA from the Carroll School of Management at Boston College.

Senior Portfolio Manager Chris Laine Vice President Show Bio

Chris is a Senior Portfolio Manager of State Street Global Advisors on the Active Emerging Markets team. He is also a member of the Active EM investment committee, which is responsible for establishing all the portfolio positions for each of the active emerging market strategies.

Currently, he has day to day responsibility for Emerging Europe, the Middle East, and Africa, and is the lead portfolio manager for the Emerging Market Select Strategy. Chris joined SSgA in 2007. Previously, Chris had been the Head of Asset Allocation for a European-based Emerging Markets Hedge Fund.

Additionally, Chris spent seven years on the sell side at Morgan Stanley (New York) and Citigroup (London), working in both Global Emerging Market Research and Quantitative Analysis. He began his career analyzing Emerging Markets in 1994, working at the Institute of International Finance in Washington, DC.

Chris holds an MBA in Finance from Emory University and an MA in International Transactions and Economics from George Mason University.

Portfolio Manager Del Bouafi Principal Show Bio

Del Bouafi is a Principal of State Street Global Advisors and a Portfolio Manager in the firm's Investment Solutions Group dedicated to Charitable Asset Management. She is responsible for assisting clients in the development of asset allocation and investment strategies for their planned giving portfolios.

Previous to joining the ISG team she was a Portfolio Specialist covering Global Active Quantitative Equities. She was responsible for portfolio management, research, product development and positioning across multiple strategies within this group. Del began her career at SSgA as an associate in the Advanced Research Center (ARC). Del has been working in the investment industry since 2001.

Del received a Bachelor of Science degree in Finance from Bentley University and is currently working towards the CFA designation.

Portfolio Manager Ismael Pomies Principal Show Bio
Ismael Pomies is a Portfolio Manager in the Equity Management Unit at SSgA France. He is responsible for portfolio management and research of Emerging Markets strategies in Paris. He joined the firm in 2007. He is an Economist-Statistician and Econometrician. He graduated from the University of Toulouse and holds an MS in Financial Intermediaries and Markets from the Toulouse School of Economics. He is also a Level 2 CFA candidate and he has been working in the industry since 2007.
Portfolio Manager CY Fung Principal Show Bio
Ching-Yin Fung is a Principal of State Street Global Advisors and a Portfolio Manager in the Active Emerging Markets equity team. He is based in Hong Kong and is responsible for portfolio management and research of emerging markets equity funds, with a focus on Asia. CY also manages SSgA's QFII quota investing in the domestic equity markets in China. CY joins us from Alliance Trust, where he worked as a Quantitative Analyst designing, testing, and implementing quantitative stock screening models. Before this, he worked for the Bank of China (Hong Kong) developing systematic financial models for their wealth management platforms. CY holds an MS in Investment Management from the Hong Kong University of Science and Technology, an MA in Professional Accounting from the City University of Hong Kong, and a BBA (Hons) in Financial Engineering from the Chinese University of Hong Kong. He has earned the Chartered Financial Analyst designation and is a Certified Financial Risk Manager. CY is a member of CFA Institute, the Hong Kong Society of Financial Analysts and the Global Association of Risk Professionals.

MSCI Emerging Market Index

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

International markets entail different risks than those typically associated with domestic markets, including foreign currency fluctuation, political and economic instability, accounting changes and foreign taxation. These risks can be increased when investing in emerging markets securities.

Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions.

Derivative investments may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.

Investing in futures is highly risky. Futures positions are considered highly leveraged because the initial margins are significantly smaller than the cash value of the contracts. The smaller the value of the margin in comparison to the cash value of the futures contract, the higher the leverage. There are a number of risks associated with futures investing including but not limited to counterparty credit risk, currency risk, derivatives risk, foreign issuer exposure risk, sector concentration risk, leveraging and liquidity risks.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations.

Investments in mid/small-sized companies may involve greater risks than in those of larger, better known companies.