SSgA Emerging Markets Fund - Select Class (SEMSX)

FUND OVERVIEW

VIEW SECTION

FUND OBJECTIVE

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

Important risk information

Fund Information
As of 05/22/2013
Ticker Symbol		SEMSX
Primary Benchmark		MSCI Emerging Market Index - Select Shares
CUSIP		784924425
Gross Expense Ratio		1.05%
Net Expense Ratio		1.05%
Inception Date		03/02/2006
Investment Manager		SSgA Funds Management, Inc.
Management Team		Active Emerging Market Equity PM Team
Distributor		State Street Global Markets, LLC
Distribution Frequency		Annually

Fund Characteristics
As of 03/31/2013
Dividend Yield		3.64%
Earnings Growth 3 Year		9.28%
FY 1 P/E Ratio		8.56
Number of Holdings		170
Price/Book Ratio		1.42
Weighted Average Market Cap		$24,450.00 M

30 DAY SEC YIELD
As of 05/21/2013
30 Day SEC Yield		1.88%

Fund Performance
	Month End as of04/30/2013	Quarter End as of03/31/2013
1 Month	1.13%	-2.45%
QTD	1.13%	-2.17%
YTD	-1.06%	-2.17%
1 Year	3.62%	1.71%
3 Year	2.89%	2.83%
5 Year	-2.47%	-0.99%
10 Year	15.13%	15.99%
Inception03/01/1994	7.60%	7.57%

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 for the Emerging Markets Select Class before its inception (March 2, 2006) is derived from the historical performance of the institutional class.

Fund Net Asset Value
As of 05/21/2013
1 Day Average Yield (subsidized)		0.00%
Percent Change		0.00%
Price		$20.71
Price Change		$0.00
Shares Outstanding		11.93 M
Total Net Assets		$247.18 M

PURCHASE INFORMATION

Distribution and Eligible Investors. Shares of the Select Class are offered without a sales commission by State Street Global Markets, LLC (the Distributor). The Select Class of the SSgA Funds may not be purchased by individuals directly, but must be purchased through a third party financial institution which is permitted by contract with the SSgA Funds or the Distributor to offer shares (the Select Intermediary). Select Intermediaries are advisors, securities brokers, banks and financial institutions or other industry professionals or organizations that have entered into a shareholder servicing agreement with the Distributor with respect to investment of its customer accounts in the Select Class. Information on Select Intermediaries offering the Select Class is available through the Distributor.

Minimum Initial Investment and Account Balance. The Select Class requires a minimum initial investment by or at the direction of the Select Intermediary of $20 million and a minimum continuing balance of $15 million. Holdings of all customer accounts of each Select Intermediary shall be aggregated for purposes of determining these account balances ("Select Intermediary Account"). If the Select Intermediary Account balance has fallen below $15 million as a result of shareholder redemptions, subsequent purchases of shares of the fund may at the discretion of the fund or Distributor be rejected unless, after such purchase, the accrued balance of the Select Intermediary Account will be at least $15 million. The fund or the Distributor reserves the right in its discretion to close any account where the balance in the associated Select Intermediary Account has fallen below $15 million. The Transfer Agent will give shareholders 60 days' notice that the account will be closed unless investment is made to increase the Select Intermediary Account's balance to the required minimum.

FEDERAL FUNDS WIRE. In order to assure timely processing of purchase orders, the SSgA Funds strongly recommend that you make initial or subsequent investments by wiring federal funds to State Street Bank and Trust Company as the Transfer Agent by:

Completing the SSgA Funds' Institutional Account Application and fax it to (617) 664-6011. Please confirm that the fax was received by calling 1-800-997-7327.

Telephoning State Street Bank and Trust Company at 1-800-647-7327 and providing: (1) the investor's account registration number, address and social security or tax identification number; (2) the name of the fund; (3) the amount being wired; (4) the name of the wiring bank; and (5) the name and telephone number of the person at the wiring bank to be contacted in connection with the order.

Instructing the wiring bank to wire federal funds to:

State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110

ABA #0110-0002-8

DDA# 9904-631-0

SSgA Emerging Markets Fund Select Class

Account Number and Registration

PERFORMANCE

PERFORMANCE CHART
				Annualized
		AS OF	1 Month	QTD	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception 03/01/1994
Month End	Fund	04/30/13	1.13%	1.13%	-1.06%	3.62%	2.89%	-2.47%	15.13%	7.60%
	Index	04/30/13	0.75%	0.75%	-0.88%	3.97%	3.12%	-0.33%	16.14%	6.50%
Quarter End	Fund	03/31/13	-2.45%	-2.17%	-2.17%	1.71%	2.83%	-0.99%	15.99%	7.57%
	Index	03/31/13	-1.72%	-1.62%	-1.62%	1.96%	3.27%	1.09%	17.05%	6.47%

Performance for the Emerging Markets Select Class before its inception (March 2, 2006) is derived from the historical performance of the institutional class.

Gross Expense Ratio:1.05%
Net Expense Ratio:1.05%

Performance Graphs

Month End as of04/30/2013
Fund Inception Date:03/01/1994
Index Inception Date:03/01/2004

Quarter End as of03/31/2013
Fund Inception Date:03/01/1994
Index Inception Date:03/01/2004

HOLDINGS

Fund Top Holdings
As of03/31/2013
Name	Weight
Samsung Electronics Co Ltd	5.15%
Lukoil OAO	2.72%
China Construction Bk Corp	2.67%
China Mobile Ltd	2.37%
Vale SA	2.34%
Bk of China Ltd	1.91%
Taiwan Semiconductor Manufactu	1.65%
Hyundai Motor Co	1.58%
Gazprom OAO	1.46%
Industrial & Commercial Bk of	1.40%

Download All Holdings CSV

Fund Sector Allocation

As of03/31/2013

Fund Country Weights
As of 03/31/2013
CHINA	20.75%
KOREA REPUBLIC OF	17.42%
BRAZIL	11.47%
RUSSIAN FEDERATION	8.94%
TAIWAN	7.97%
INDIA	6.48%
SOUTH AFRICA	4.42%
THAILAND	4.23%
TURKEY	4.05%
MEXICO	4.00%
POLAND	3.28%
PERU	2.76%
PHILIPPINES	2.14%
INDONESIA	1.01%
EGYPT	0.40%
HUNGARY	0.33%
CZECH REPUBLIC	0.28%

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

Initial offering of the SSgA Emerging Market Select Class took place on 3/1/06. Returns prior to that are those of the Institutional Share Class and reflect the Institutional Share Class' expense ratio. Had the Select Class expense ratio been reflected, total returns would have been higher.

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.

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.

FAMILY OF PRODUCTS :ETF| Global SPDRs

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-997-7327, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SSgA Funds.

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	NAME	TITLE	RESPONSIBLITY	HIRE DATE	INDUSTRY START	SCHOOL	DEGREE*
	George R. Hoguet	Managing Director	Strategist; Economist	1998	1991	Harvard Business School	Master of Business Administration
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 Management Group. 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. 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.
	Jean-Christophe de Beaulieu	Vice President	Senior Portfolio Manager	2000	1999	ESSEC Business School	Masters of Applied Finance
Jean-Christophe de Beaulieu is a Managing Director of State Street Global Advisors and Senior Portfolio Manager in Global Active Equity Group. He is responsible for research and portfolio management of different emerging markets investment vehicles. 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.
	Anthony T. Yau	Vice President	Senior Portfolio Manager	1997	1996	Boston University	BSBA
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.
	Stéphane Barthélemy	Vice President	Senior Portfolio Manager	1999	1997	Ecole Superieure de Commerce de Montpellier	Bachelor of Science
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.
	Jay Siegrist	Principal	Assistant Portfolio Manager	1998	1998	Boston College	Master of Business Administration
Jay is a Principal of State Street Global Advisors and an assistant portfolio manager in the Active Emerging Markets group. He is responsible for research and portfolio management across various emerging markets 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.
	Chris Laine	Vice President	Senior Portfolio Manager	2007	1994	Emory University	Master of Business Administration
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 Latin America and India, 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.
	Del Bouafi	Principal	Portfolio Manager	2001	2001	Bentley College	Bachelor of Science
Del is a Principal of State Street Global Advisors and a member of the Active Emerging Markets Investment Team. She is responsible for portfolio management, research, product development and positioning across multiple strategies within this group. Previously, Del was a member of SSgA's Active International Equity team and the Socially Responsible Investment team, which is charged with acting to champion sustainable investments on behalf of SSgA. 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 College and is currently working towards the CFA designation.
	Ismael Pomies	Principal	Portfolio Manager	2007	2007	University of Toulouse	Master of Science
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.
	CY Fung	Principal	Portfolio Manager	2008	2004	The Hong Kong University of Science and Technology	Master of Science
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.

SSgA Emerging Markets Fund - Select Class (SEMSX)

FUND OVERVIEW

FUND OBJECTIVE

PURCHASE INFORMATION

PERFORMANCE

Performance Graphs

HOLDINGS

Fund Sector Allocation

MSCI Emerging Market Index - Select Shares

Important Risk Information

After Tax Returns

Active Emerging Market Equity PM Team