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SSSDX

SSgA Dynamic Small Cap Fund - Class A

Fund Objective

The Fund seeks to maximize total return through investments in equity securities; at least 80% of the net assets will be invested in smaller capitalization equity securities.

Fund Information

As of 10/31/2014
Ticker SymbolSSSDX
Primary BenchmarkRussell 2000 Index
CUSIP784924367
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.

2.36%
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 0.85% of average daily net assets on an annual basis.

Includes Acquired Fund Fees and Expenses ("AFFE") of 0.02%. AFFE reflect the Fund's pro rata share of the fees and expenses incurred indirectly through its ownership in other investment companies, such as business development companies ("BDCs"). BDC expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by the Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.

1.32%
Inception Date07/07/2014
Investment ManagerSSgA Funds Management, Inc.
Management TeamActive Quantitative Equity Team
DistributorState Street Global Markets, LLC
Distribution FrequencyAnnually
ExchangeNASDAQ REGULAR MARKET

Fund Characteristics

As of 09/30/2014
Dividend Yield

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

1.77%
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.

14.58%
FY 1 P/E Ratio

FY 1 P/E Ratio

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

14.38
Number of Holdings439
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.

1.78
Weighted Average Market Cap$1,812.75 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 10/30/2014
1 Day Average Yield (subsidized)0.00%
Percent Change0.42%
Price$36.28
Price Change$0.15
Shares Outstanding268
Total Net Assets$9,704.72

Fund Documents

Fund Performance

Month End
As of 09/30/2014
Quarter End
As of 09/30/2014
At NAV At POP At NAV At POP
1 Month -6.22% -11.14% -6.22% -11.14%
QTD -6.46% -11.37% -6.46% -11.37%
YTD -5.63% -10.58% -5.63% -10.58%
1 Year 3.92% -1.53% 3.92% -1.53%
3 Year 24.65% 22.43% 24.65% 22.43%
5 Year 17.09% 15.83% 17.09% 15.83%
10 Year 5.68% 5.11% 5.68% 5.11%
Inception 
07/01/1992
8.63% 8.37% 8.63% 8.37%

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

A one-time voluntary payment was made by SSgA Funds Management, Inc. on August 20, 2013 to the SSgA Dynamic Small Cap Fund. As a result of the payment, the performance of the Fund for periods as of and after August 20, 2013, is expected to be impacted by the increase in the Fund's NAV. If the voluntary payment had not been made, the total return for the period(s) indicated would have been lower.

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 Small Cap 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
07/01/1992
Month End
Fund at NAV09/30/2014-6.22%-6.46%-5.63%3.92%24.65%17.09%5.68%8.63%
Fund at POP09/30/2014-11.14%-11.37%-10.58%-1.53%22.43%15.83%5.11%8.37%
Russell 2000 Index09/30/2014-6.05%-7.36%-4.41%3.93%21.26%14.29%8.19%N/A
Quarter End
Fund at NAV09/30/2014-6.22%-6.46%-5.63%3.92%24.65%17.09%5.68%8.63%
Fund at POP09/30/2014-11.14%-11.37%-10.58%-1.53%22.43%15.83%5.11%8.37%
Russell 2000 Index09/30/2014-6.05%-7.36%-4.41%3.93%21.26%14.29%8.19%N/A

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: 2.36%

Net Expense Ratio: 1.32%

Performance Graphs

Month End as of 09/30/2014

Fund Inception Date: 07/01/1992

Index Inception Date: 01/01/2000

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Quarter End as of 09/30/2014

Fund Inception Date: 07/01/1992

Index Inception Date: 01/01/2000

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Fund Top Holdings

Subject to change.

As of  09/30/2014
Name Weight
RF Micro Devices Inc. 0.71 %
Graphic Packaging Holding Company 0.69 %
Jack in the Box Inc. 0.68 %
JetBlue Airways Corporation 0.66 %
CNO Financial Group Inc. 0.64 %
U.S. Silica Holdings Inc. 0.64 %
Teledyne Technologies Incorporated 0.63 %
Deluxe Corporation 0.62 %
NetScout Systems Inc. 0.62 %
Verint Systems Inc. 0.62 %

Subject to change.

Download All Holdings XLS

Fund Sector Allocation

As of 09/30/2014
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Not FDIC Insured * No Bank Guarantee * May Lose Value

Unless otherwise noted all information contained herein is that of the SSgA Dynamic Small Cap Fund - Class A.

The Russell 2000 Index is unmanaged and can not be invested in directly. The Index is composed of the 2,000 smallest securities in the Russell 3000 Index, representing approximately 11% of the Russell 3000 total market capitalization.

The Russell 2000 Index is a trademark of the Frank Russell Company.  RussellTM  is a trademark of the Frank Russell Company.

 

Active Quantitative Equity Team

Chief Quantitative Strategist Marc R. Reinganum Senior Managing Director Show Bio

Marc R. Reinganum, Ph.D., is a Senior Managing Director of State Street Global Advisors and Chief Quantitative Strategist. In this role, Marc spearheads efforts to innovate and create relevant, thoughtful, and proactive equity solutions as well as to engage and passionately communicate with clients on strategic thinking in a post-Modern Portfolio Theory world. Marc assumed direct management of SSgA's U.S. Dynamic Small Cap Mutual Fund (SVSCX) toward the end of 2010, propelling this fund to a Wall Street Journal 'Category King' designation for its 2011 performance, and continues in this capacity.

Previously, Marc served as Global Head of Active Equities Developed Markets and oversaw global and regional strategies managed by teams located across four continents. Prior to joining SSgA at the end of 2009, Marc was co-Head of the Main Street Team and Senior Portfolio Manager and Director of Quantitative Research at OppenheimerFunds, where his group managed $30+ billion in small-cap, large-cap and multi-cap strategies.

Marc is recognized as a leader by peers in the industry, currently serving as Executive Vice President of the Institute for Quantitative Research in Finance (Q-Group), and a member of the Economic Club of New York and the Chicago Quantitative Alliance. He has served on the Investment Committee for the Endowment at SMU University and currently serves on the Investment Committee of Bryn Mawr College.

Marc was the Mary Jo Vaughn Rauscher Chair in Financial Investments at SMU, where he also served as President of the Faculty of the Cox School of Business, Chairman of the Finance Department and Director of the Financial Markets Institute. Marc's previous teaching experience includes the University of Iowa, the University of Southern California and the University of Chicago.

Marc is known as a founding father of stock market anomalies, and particularly the so-called 'Small Firm Effect'. For this pathbreaking research, the Financial Analysts Federation (forerunner to AIMR) honored him with a Graham and Dodd Scroll. Marc has served on the editorial boards and as an ad hoc reviewer for numerous academic and practitioner journals.

Marc earned his A.B. with High Honors from Oberlin College (Phi Beta Kappa), and an MBA (Beta Gamma Sigma) and Ph.D. from the University of Chicago. Marc's recent volunteer activities include the President's Advisory Council at Oberlin College and the Parent Councils of Swarthmore, Bryn Mawr, Hampshire and Emerson Colleges. He is currently a board member of the Founders Council at ArtsEmerson and a member of the Massachusetts Council on Economic Education Advisory Board.

Senior Portfolio Manager Anna Mitelman Lester Vice President Show Bio
Anna is a Vice President of State Street Global Advisors and a Senior Portfolio Manager for the U.S. Active Quantitative Equity Team. She has substantial experience developing quantitative strategies and managing investment portfolios using quantitative disciplines. Anna is responsible for portfolio management and research for the US active small cap investment strategies. Prior to joining SSgA, Anna was an analyst and portfolio manager at Putnam Investments and its subsidiary PanAgora Asset Management. Anna holds a BA in Computer Science and Mathematics from Wellesley College and an MBA from the MIT Sloan School of Management. She is a member of the Boston Security Analysts Society and CFA Institute.

Russell 2000 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

Small company issues can be subject to increased volatility and considerable price fluctuations.

Investments in small-sized companies may involve greater risks than in those of larger, better known companies. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.

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.

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.

Value stocks can perform differently from the market as a whole.  They can remain undervalued by the market for long periods of time.

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