Home   »   Mutual Funds : SSgA Clarion Real Estate Fund - Class A (SSRVX)
SSRVX

SSgA Clarion Real Estate Fund - Class A

Fund Objective

The Fund seeks to provide income and capital growth by investing primarily in publicly traded securities issued by real estate investment trusts ("REITS").

Fund Information

As of 10/01/2014
Ticker SymbolSSRVX
Primary BenchmarkDow Jones U.S. Select REIT Index
CUSIP784924144
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.

1.59%
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.
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNASDAQ REGULAR MARKET

Fund Characteristics

As of 08/31/2014
1 yr. FFO Growth8.95%
Number of Holdings49
P/FFO18.98
P/NAV1.02
Weighted Average Dividend Yield3.47%
Weighted Average Market Cap$18,833.16 M

30 DAY SEC YIELD

As of 09/30/2014
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.

2.06%

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 09/30/2014
1 Day Average Yield (subsidized)0.00%
30 Day Average Yield1.38%
30 Day Average Yield (subsidized)2.06%
Percent Change-0.48%
Price$14.60
Price Change-$0.07
Shares Outstanding6,618
Total Net Assets$96,626.99

Fund Documents

Fund Performance

Month End
As of 08/31/2014
Quarter End
As of 06/30/2014
At NAV At POP At NAV At POP
1 Month 2.78% -2.63% 0.96% -4.33%
QTD 2.88% -2.53% 7.21% 1.55%
YTD 21.46% 15.11% 18.06% 11.88%
1 Year 25.10% 18.53% 14.28% 8.25%
3 Year 13.83% 11.81% 10.99% 9.02%
5 Year 17.96% 16.71% 22.18% 20.87%
10 Year 8.03% 7.45% 8.63% 8.05%
Inception 
04/29/1998
9.46% 9.10% 9.37% 9.01%

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.

Performance shown for periods prior to the inception of Class A shares on July 7, 2014 reflect the performance of the fund's Class N shares, and do not reflect any applicable sales charges or 12b-1 distribution fees. Had the fund's Class A fees 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 Clarion Real Estate 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
04/29/1998
Month End
Fund at NAV08/31/20142.78%2.88%21.46%25.10%13.83%17.96%8.03%9.46%
Fund at POP08/31/2014-2.63%-2.53%15.11%18.53%11.81%16.71%7.45%9.10%
Dow Jones U.S. Select REIT Index08/31/20142.79%3.00%21.78%24.30%13.93%18.76%8.81%10.05%
Quarter End
Fund at NAV06/30/20140.96%7.21%18.06%14.28%10.99%22.18%8.63%9.37%
Fund at POP06/30/2014-4.33%1.55%11.88%8.25%9.02%20.87%8.05%9.01%
Dow Jones U.S. Select REIT Index06/30/20140.86%7.15%18.24%13.27%11.38%23.76%9.41%9.96%

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.

Performance shown for periods prior to the inception of Class A shares on July 7, 2014 reflect the performance of the fund's Class N shares, and do not reflect any applicable sales charges or 12b-1 distribution fees. Had the fund's Class A fees been reflected, the returns shown for those periods would have been lower.

Gross Expense Ratio: 1.59%

Net Expense Ratio: 1.20%

Performance Graphs

Month End as of 08/31/2014

Fund Inception Date: 04/29/1998

Index Inception Date: 04/30/1998

<performance fundPerfNavName="Fund at NAV" fundPerfPOPName="Fund at POP" bmarkName="Dow Jones U.S. Select REIT Index"><funds><field>1 Month</field><fund>2.78</fund><fundPOP>-2.63</fundPOP><index>2.79</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.88</fund><fundPOP>-2.53</fundPOP><index>3.00</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>21.46</fund><fundPOP>15.11</fundPOP><index>21.78</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>25.10</fund><fundPOP>18.53</fundPOP><index>24.30</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>13.83</fund><fundPOP>11.81</fundPOP><index>13.93</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>17.96</fund><fundPOP>16.71</fundPOP><index>18.76</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>8.03</fund><fundPOP>7.45</fundPOP><index>8.81</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>9.46</fund><fundPOP>9.10</fundPOP><index>10.05</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 06/30/2014

Fund Inception Date: 04/29/1998

Index Inception Date: 04/30/1998

<performance fundPerfNavName="Fund at NAV" fundPerfPOPName="Fund at POP" bmarkName="Dow Jones U.S. Select REIT Index"><funds><field>1 Month</field><fund>0.96</fund><fundPOP>-4.33</fundPOP><index>0.86</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>7.21</fund><fundPOP>1.55</fundPOP><index>7.15</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>18.06</fund><fundPOP>11.88</fundPOP><index>18.24</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>14.28</fund><fundPOP>8.25</fundPOP><index>13.27</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>10.99</fund><fundPOP>9.02</fundPOP><index>11.38</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>22.18</fund><fundPOP>20.87</fundPOP><index>23.76</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>8.63</fund><fundPOP>8.05</fundPOP><index>9.41</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>9.37</fund><fundPOP>9.01</fundPOP><index>9.96</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of  08/31/2014
Name Weight
Simon Property Group Inc. 10.06 %
Equity Residential 5.92 %
Prologis Inc. 5.06 %
Health Care REIT Inc. 4.83 %
Host Hotels & Resorts Inc. 4.78 %
Vornado Realty Trust 4.35 %
AvalonBay Communities Inc. 4.23 %
Boston Properties Inc. 3.87 %
Public Storage 3.47 %
General Growth Properties Inc. 3.29 %

Subject to change.

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>19.07</rawValue><value>19.07%</value><label>Apartments</label><order>1</order></attribute><attribute><rawValue>16.7</rawValue><value>16.70%</value><label>Regional Malls</label><order>2</order></attribute><attribute><rawValue>12.31</rawValue><value>12.31%</value><label>Office</label><order>3</order></attribute><attribute><rawValue>9.42</rawValue><value>9.42%</value><label>Healthcare</label><order>4</order></attribute><attribute><rawValue>8.32</rawValue><value>8.32%</value><label>Hotels</label><order>5</order></attribute><attribute><rawValue>7.29</rawValue><value>7.29%</value><label>Industrial</label><order>6</order></attribute><attribute><rawValue>6.91</rawValue><value>6.91%</value><label>Strip Centers</label><order>7</order></attribute><attribute><rawValue>6.15</rawValue><value>6.15%</value><label>Mixed Industrial/Office</label><order>8</order></attribute><attribute><rawValue>5.37</rawValue><value>5.37%</value><label>Diversified</label><order>9</order></attribute><attribute><rawValue>4.76</rawValue><value>4.76%</value><label>Self-Storage</label><order>10</order></attribute><attribute><rawValue>2.4</rawValue><value>2.40%</value><label>Unassigned</label><order>11</order></attribute><attribute><rawValue>1.0</rawValue><value>1.00%</value><label>Manufactured Homes</label><order>12</order></attribute><attribute><rawValue>0.3</rawValue><value>0.30%</value><label>Factory Outlets</label><order>13</order></attribute></attributes></component>

Not FDIC Insured * No Bank Guarantee * May Lose Value

Unless otherwise noted all information contained herein is that of the SSgA Clarion Real Estate Fund - Class A.

The Dow Jones U.S. Select REIT Index is a market capitalization-weighted index composed of publicly traded Real Estate Investment Trusts (REITs). No special purpose or healthcare REITs are included. The Index is rebalanced monthly and reconstituted quarterly. The Index is unmanaged and can not be invested in directly.

Dow Jones and Dow Jones Total Stock Market Indexes are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by State Street Bank and Trust.

Real Estate Securities - Tuckerman

Chairman and CEO Chip Lauckhardt Principal Show Bio

Chip is Chairman and Chief Executive Officer of The Tuckerman Group. He chairs the firm's Investment Committee and is responsible for the design and launch of new investment programs.

Prior to his joining The Tuckerman Group in 1998, he had been Vice-Chairman and Chief Investment Officer of Greystone Realty Corporation. In this capacity, he supervised the firm's acquisition programs and oversaw asset management of the company's $2.3 billion portfolio. Prior to this, Chip was a Vice President at Eastdil Realty, Inc., where he was in charge of the asset management for the company's $400 million portfolio along the East Coast. Chip had previously been Operations Manager of Friendswood Development, the real estate development subsidiary of Exxon. At Friendswood, Chip supervised local property managers and leasing agents responsible for the company's office buildings and shopping centers. He is an associate member of the Urban Land Institute.

A graduate of the United States Military Academy at West Point with a BS in Engineering, Chip holds an MA in International Management Systems from the University of Texas at Dallas.

Senior Portfolio Manager Amos Rogers III Managing Director Show Bio
Amos is a Managing Director of the Tuckerman Group with over 20 years of commercial real estate lending, investment and asset management experience. In his Tuckerman role, Amos leads the real estate securities business and is the portfolio manager for the REIT investment strategies. Previously, Amos spent 8 years at Citicorp, holding various positions in their real estate division, before leaving to join Pioneer Real Estate Advisors where he served as Senior Vice President and Chief Operating Officer. Prior to joining The Tuckerman Group Amos was the Principal of ARC Realty advisors, a boutique advisory and consulting firm focused on providing strategic and transactional solutions for individual and institutional real estate clients. Amos is a member of the Investment Advisory Council of the National Association of Real Estate Investment Trusts (NAREIT). He received his undergraduate degree in engineering management from Clarkson University, and holds a Master of Science degree in management with a concentration in real estate finance from the M.I.T. Sloan School of Management.
Assistant Portfolio Manager Sophia V. Banar Senior Analyst Show Bio
Sophia is a Securities Analyst and an Assistant Portfolio Manager for the Tuckerman Group. She performs fundamental analysis of the REIT universe for the active strategy and provides oversight on implementation of US and Global/International real estate index strategies. Prior to joining the Tuckerman Group, she was an Analyst for the State Street Corporation Wealth Manager Services division. Prior to joining State Street Corporation in 2004, Sophia spent five years as a consultant with CSC Consulting Inc., a professional services organization of Computer Science Corporation. Sophia received her BS in Management degree from Bentley College, and holds an MBA with a concentration in Finance from Columbia University Graduate Business School.
Portfolio Analyst Tristan A. Cunha Associate Show Bio
Tristan is a Portfolio Analyst for the Tuckerman Group. He provides oversight on implementation of US and Global/International real estate index strategies as well as fundamental analysis of the REIT universe for the active strategy. Prior to joining the Tuckerman Group, he was an Analyst for SSgA in the Performance Measurement Group. Tristan received his BA in Economics from Tufts University, and is also a member of the Boston Securities Analyst Society and the CFA Institute.

Dow Jones U.S. Select REIT Index

The Dow Jones U.S. Select REIT IndexSM is comprised of companies whose charters are the equity ownership and operation of commercial real estate and which operate under the REIT Act of 1960.  Each REIT in the REIT Index is weighted by its float-adjusted market capitalization. That is, each security is weighted to reflect the attainable market performance of the security which reflects that portion of securities shares that are accessible to investors.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

REIT funds may be subject to a high degree of market risk due to lack of industry diversification. REIT funds may be subject to other risks including, but not limited to, changes in real estate values or economic conditions, credit risk and interest rate fluctuations and changes in the value of the underlying property owned by the trust and defaults by borrowers.

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.

Non-diversified funds that focus on a relatively small number of stocks tend to be more volatile than diversified funds and the market as a whole.

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.