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SSILX

SSgA International Stock Selection Fund - Class A

Fund Objective

The Fund seeks to provide long-term capital growth by investing primarily in securities of foreign issuers.

Fund Information

As of 12/21/2014
Ticker SymbolSSILX
Primary BenchmarkMSCI EAFE Net Dividend Index
CUSIP784924276
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.

1.37%
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, and distribution, shareholder servicing, and sub-transfer agency fees) exceed 0.75% of average daily net assets on an annual basis.

1.20%
Inception Date07/07/2014
Investment ManagerSSgA Funds Management, Inc.
Management TeamInternational Alpha Portfolio Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyAnnually
ExchangeNASDAQ REGULAR MARKET

Fund Characteristics

As of 11/30/2014
Dividend Yield

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

2.87%
Earnings Growth 5 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.

12.21%
Number of Holdings94
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.

1.67
Price/Cash Flow

Price/Cash Flow

The weighted average of current share price divided by operating cash flow per share for each security in the fund.

N/A
Price/Earnings Ratio FY1

Price/Earnings Ratio FY1

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

14.09
Weighted Average Market Cap$57,822.19 M

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 12/18/2014
1 Day Average Yield (subsidized)0.00%
Percent Change2.11%
Price$10.66
Price Change$0.22
Shares Outstanding867
Total Net Assets$9,235.19

Fund Documents

Fund Performance

Month End
As of 11/30/2014
Quarter End
As of 09/30/2014
At NAV At POP At NAV At POP
1 Month 1.77% -3.61% -3.12% -8.19%
QTD 0.55% -4.70% -5.22% -10.17%
YTD -0.13% -5.35% -0.68% -5.87%
1 Year 2.04% -3.35% 6.66% 1.05%
3 Year 11.79% 9.82% 14.10% 12.05%
5 Year 5.87% 4.73% 6.07% 4.94%
10 Year 4.88% 4.32% 5.88% 5.32%
Inception 
03/07/1995
4.60% 4.31% 4.61% 4.32%

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.

NAV Performance shown for the periods prior to the inception of Class A shares on July 7, 2014, reflect the historical performance of the fund’s Class N shares. Performance at POP for the periods prior to the inception of Class A reflects the historical performance of the fund’s Class N shares including the applicable 12b-1 fees and adjusted for the sales load of Class A.  Had the higher expenses of Class A been reflected, the returns shown for those periods would have been lower.

Purchase Information

Minimum Investments
Initial $2,000.00
Initial AIP $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 International Stock Selection Fund - Class A)
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
03/07/1995
Month End
Fund at NAV11/30/20141.77%0.55%-0.13%2.04%11.79%5.87%4.88%4.60%
Fund at POP11/30/2014-3.61%-4.70%-5.35%-3.35%9.82%4.73%4.32%4.31%
MSCI EAFE Net Dividend Index11/30/20141.36%-0.11%-1.49%-0.02%12.02%6.38%5.25%5.50%
Quarter End
Fund at NAV09/30/2014-3.12%-5.22%-0.68%6.66%14.10%6.07%5.88%4.61%
Fund at POP09/30/2014-8.19%-10.17%-5.87%1.05%12.05%4.94%5.32%4.32%
MSCI EAFE Net Dividend Index09/30/2014-3.84%-5.88%-1.38%4.25%13.65%6.56%6.32%5.56%

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.

NAV Performance shown for the periods prior to the inception of Class A shares on July 7, 2014, reflect the historical performance of the fund’s Class N shares. Performance at POP for the periods prior to the inception of Class A reflects the historical performance of the fund’s Class N shares including the applicable 12b-1 fees and adjusted for the sales load of Class A.  Had the higher expenses of Class A been reflected, the returns shown for those periods would have been lower.

Gross Expense Ratio: 1.37%

Net Expense Ratio: 1.20%

Performance Graphs

Month End as of 11/30/2014

Fund Inception Date: 03/07/1995

Index Inception Date: 03/01/1995

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Quarter End as of 09/30/2014

Fund Inception Date: 03/07/1995

Index Inception Date: 03/01/1995

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Fund Top Holdings

Subject to change.

As of  11/30/2014
Name Weight
Novartis AG 3.54 %
Roche Holding Ltd Genusssch. 3.32 %
Deutsche Telekom AG 2.32 %
Fuji Heavy Industries Ltd. 2.30 %
BT Group plc 2.13 %
ING Groep NV Cert. of Shs 2.04 %
Fujifilm Holdings Corporation 2.01 %
Barclays PLC 1.97 %
Lloyds Banking Group plc 1.90 %
Panasonic Corporation 1.90 %

Subject to change.

Download All Holdings XLS

Fund Sector Allocation

As of 11/30/2014
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Fund Country Weights

As of 11/30/2014
United Kingdom23.43%
Japan22.40%
Switzerland10.79%
Germany9.64%
France7.82%
Australia6.00%
Spain4.71%
Netherlands4.55%
Denmark2.92%
Singapore2.51%
Hong Kong2.03%
Sweden1.62%
Italy0.61%
New Zealand0.60%
Norway0.38%

Public Offering Price (POP) - POP is equal to a Fund’s Net Asset Value plus sales charges, if any. As with the Net Asset Value, the public offering price (POP) will typically change on a day to day basis

Not FDIC Insured * No Bank Guarantee * May Lose Value

Unless otherwise noted all information contained herein is that of the SSgA International Stock Selection Fund - Class A.

The financial products described herein are indexed to an MSCI  index.  The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based.

The MSCI EAFE® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of December 2003 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Index is unmanaged and can not be invested in directly.

International Alpha Portfolio Management Team

Portfolio Strategist Gaurav Mallik Managing Director Show Bio

Gaurav is a Managing Director of State Street Global Advisors and a part of SSGA's senior leadership team (SLT). He is an Emerging Markets specialist and in that capacity, works in both active emerging market equities and Global Macro. Gaurav has 14 years of investment experience spanning research and portfolio management. He has worked cross asset classes and has spent the last seven years at SSGA focused on international equities. He has considerable experience working with clients on strategies for investing in emerging markets.

Prior to assuming this role, he was a part of the quantitative credit research team at State Street Global Markets. He joined State Street Global Markets from SKG, Inc., a company he founded with State Street in 2001 focused on trading illiquid bonds. Gaurav has 7 years' experience in research and quantitative modeling on the sell-side.

Gaurav holds an MBA in Finance from Cornell University, a Master in Electrical Engineering, with a focus on Neural Networks, from Boston University and a BS in Electrical Engineering from Robert Gordon's University in Aberdeen. He has written several papers on liquidity in credit markets and has presented research at academic and practitioner conferences.

Portfolio Manager Rob Spencer Vice President Show Bio
Rob is a Vice President of State Street Global Advisors and a member of the firm's Global Active Quantitative Equity Team. He is responsible for portfolio management, research, product development and positioning across multiple strategies within this group. Prior to joining SSGA in 2005, he was a consultant/relationship manager with State Street Analytics, a division of State Street Corporation. In this position, Rob was responsible for delivering performance measurement and investment analytic solutions to several of State Street's large institutional clients. Rob joined State Street Corporation in 1996. Rob received a BS in Business Administration with concentrations in Finance and Economics from Elizabethtown College. He has earned the Chartered Financial Analyst Designation and is a member of both the Boston Security Analysts Society and the CFA Institute.
Senior Portfolio Manager Eric Chatron Principal Show Bio
Eric Chatron is a Senior Portfolio Manager and Co-Head of the Active Europe Equity Unit at SSGA France in Paris. He joined the firm in June 1998. Before, he worked as a quantitative financial analyst in buy side firms. He has a Masters degree in Finance and another one in International Economics from the University Paris IX Dauphine. He is also a member of the CFA Institute and holds the Chartered Financial Analyst designation and is a qualified Financial Risk Manager, as certified by the Global Association of Risk Professionals. He has been working in the industry since 1997.
Senior Portfolio Manager Olivier Ekambi Vice President Show Bio

Olivier Ekambi is a Senior Portfolio Manager and Co-Head of the Active Europe Equity Unit of SSGA France in Paris. He joined the firm in April 2006. Olivier started his career as an asset and liabilities manager at the French Caisse des Dépots & consignations (CDC). He then worked at Ixis Asset Management as a quantitative portfolio manager and analyst for 8 years. Olivier graduated from the HEC Paris Executive MBA program, he also has a Master's degree in Economics and Statistics and another one in Finance from the Toulouse School of Economics. Olivier is a certified International Investment Analyst(CIIIA) and member of the SFAF (Société Française des Analystes Financiers). He has been working in the industry since 1998.

Olivier Ekambi est Gestionnaire de portefeuille et Co-Responsable du Pôle Gestion Actions Active Européennes de SSGA France à Paris. Il a rejoint SSGA France en avril 2006. Olivier a commencé sa carrière comme gérant actif-passif à la caisse des Dépôts & Consignations. Auparavant, il a travaillé chez Ixis Asset Management en tant qu'analyste-gérant quantitatif pendant 8 ans. Olivier est diplômé du programme Executive MBA de HEC Paris, Il possède aussi un Diplôme d'Etudes Approfondies en Finance et un Magistère d'Economie et de Statistiques de l'Université de Toulouse. Il est également membre du CIIA (Certified International Investment Analyst) et de la SFAF. Il travaille dans la finance depuis 1998.

Head of EAFE Strategies Mark Webster Managing Director Show Bio

Mark is a Managing Director of SSGA's Active Equity Group and, as head of the European Active Equity team in London and Paris, he is responsible for overseeing the management of all UK and European-related equity portfolios. Before joining SSGA in 2004, he gained substantial investment experience at several fund management organizations, including - National Mutual, Scottish Widows, Abu Dhabi Investment Authority, Murray Johnstone and Exeter Investment Group.

Mark is an Associate Member (ASIP) of the CFA Society of the UK and has a degree in Financial Services from Bournemouth University.

Portfolio Strategist Anthony Golowenko Vice President Show Bio

Anthony is a Portfolio Strategist for State Street Global Advisors within the Global Product and Marketing Group. In this role Anthony's key responsibilities are in the development, positioning and marketing of a range of investment strategies with a particular focus on Active and Enhanced equity investment solutions in the Asia Pacific Region.

Prior to his current role, Anthony was Head of Active Australian Equities for SSGA. He had primary responsibility across the suite of Active Australian Equity strategies and in this time oversaw the launch of both the short-enabled and more recently the equity total return funds. Anthony has also worked as a Senior Portfolio Manager in the Active Australian Equity group, Portfolio Manager in the Controlled Risk Australian Alpha team, Investment Manager in the Global Structured Products Group, as well as a brief stint in the Global Asset Allocation Group. He has managed a broad range of international and domestic equity portfolios, balanced products and overlays since joining SSGA in January 1997.

Anthony received a Bachelor of Mathematics and Finance degree with First Class Honours from the University of Technology, Sydney, and has earned the Chartered Financial Analyst (CFA) designation.

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 Yosuke Ota Vice President Show Bio

Yosuke Ota is a Vice President of State Street Global Advisors and Senior Portfolio Manager in the firm's Active Quantitative Equities Group. He is responsible for the portfolio management, product development and quantitative research of both Global and Japanese strategies. Prior to the relocation to Boston in 2010, he was a Portfolio Manager in the Japanese Active Equities Group based in Tokyo and responsible for the portfolio management of Long-Only, Long-Short and 130/30 strategies as well as the development of the Japanese stock-selection model. Yosuke joined SSGA in 2001.

Yosuke is a graduate of Keio University with a Bachelor of Arts in Environmental Information, and holds a Master of Science in Financial Economics from the graduate school of Boston University. He was a visiting researcher of RIPPA (Research Institute for Pension and Policies on Aging) in 2005 for the quantitative research on the Japanese equity market. He is a Chartered Member of the Security Analysts Association of Japan (CMA) as well as a member of Japan MENSA.

Senior Portfolio Manager Adel Daghmouri Vice President Show Bio
Adel is a Senior Portfolio Manager in the Global Quantitative Active Equity Group, where he focuses on managing global investment strategies, product development and quantitative research within developed markets. Prior to this he was a founding member of the quantitative Canadian active equity team responsible for portfolio management across active, enhanced and market-neutral strategies. Since joining the firm in 1998, Adel has also worked as a Portfolio Manager in the Global Structured Products Group focusing on a broad range of international and domestic strategies. Adel holds a Bachelor of Business Administration from Laval University and a Master of Science degree in Finance from HEC Montreal.
Portfolio Manager Stuart Hall Vice President Show Bio
Stuart is a Vice President of State Street Global Advisors and a Portfolio Manager in the Global Active Quantitative Equity Team. His responsibilities include management of the global and international small cap strategies, coordination with the European team across all group strategies as well as research within the group. Stuart joined SSGA in 2004 as a Quantitative Research Analyst in the Advanced Research Center (ARC). While with the ARC, Stuart worked with the Global Active Quantitative Equity Team in developing the Growth Capability model used in both the International Alpha Select and Global Alpha Strategies. He also played a key role in developing their Swiss Alpha Strategy based on his earlier research and implemented in the International Small Cap Strategy. His research has also extended to Transaction Cost Analysis and more recently, to a number of strategies within the Global Enhanced Equity Group. Stuart graduated from the University of New Hampshire with degrees in Mathematics and Economics and from Boston College with a Master of Science in Finance. In addition, he has earned the Chartered Financial Analyst Designation and is a member of the Boston Security Analysts Society.

MSCI EAFE Net Dividend Index

N/A

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In addition to normal risks associated with equity investing, international investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, and from adverse political, social and economic instability in other nations.

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.

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.

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.