Filed Pursuant to Rule 485(b)
As filed with the Securities and Exchange Commission on January 7, 2013
Registration No. 33-19229; 811-5430
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT | ||||||
UNDER | ||||||
THE SECURITIES ACT OF 1933 | x | |||||
Pre-Effective Amendment No. | ¨ | |||||
Post-Effective Amendment No. 116 | x | |||||
REGISTRATION STATEMENT | ||||||
UNDER | ||||||
THE INVESTMENT COMPANY ACT OF 1940 | x | |||||
Amendment No. 114 | x |
(Check appropriate box or boxes)
SSgA FUNDS
(Exact Name of Registrant as Specified in Charter)
One Lincoln Street
Boston, Massachusetts 02111-2900
(Address of Principal Executive Offices)
Registrants telephone number, including area code: (617) 664-2426
Name and Address of Agent for Service: | Copies to: | |
Joshua A. Weinberg | Philip H. Newman, Esq. | |
Vice President and Counsel | Goodwin Procter LLP | |
SSgA Funds Management, Inc. | Exchange Place | |
One Lincoln Street | Boston, Massachusetts 02109 | |
Boston, Massachusetts 02111-2900 |
Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.
It is proposed that this filing will become effective under Rule 485:
x | immediately upon filing pursuant to paragraph (b) |
¨ | on ( ) pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a) |
¨ | on (date) pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on (date) pursuant to paragraph (a)(2) of Rule 485 |
If appropriate, check the following:
¨ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, the SSgA Funds, certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 116 to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston, and Commonwealth of Massachusetts, on the 7th day of January, 2013.
SSGA FUNDS, REGISTRANT |
/s/ Ellen M. Needham |
By Ellen M. Needham |
President |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities as indicated on January 7, 2013.
Signature |
Title | |||
/s/ William L. Marshall* |
Trustee | |||
William L. Marshall | ||||
/s/ Patrick J. Riley* |
Trustee | |||
Patrick J. Riley | ||||
/s/ Richard D. Shirk * |
Trustee | |||
Richard D. Shirk | ||||
/s/ Bruce D. Taber * |
Trustee | |||
Bruce D. Taber | ||||
/s/ Ellen M. Needham* |
President and Chief Executive Officer |
/s/ Ryan M. Louvar |
*By Ryan M. Louvar |
Attorney-in-fact |
Executed pursuant to power of attorney filed with Post-Effective Amendment No. 116 to Registration Statement Nos. No. 33-19229; 811-5430.
SIGNATURES
This Registration Statement contains certain disclosures regarding the State Street Equity 500 Index Portfolio (the Portfolio), a series of State Street Master Funds (the Trust). The Trust has, subject to the next following sentence, duly caused this Post-Effective Amendment No. 116 to the Registration Statement on Form N-1A of SSgA Funds (the Registrant) to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston and the Commonwealth of Massachusetts on January 7, 2013. The Trust is executing this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio, and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.
STATE STREET MASTER FUNDS | ||
By: | /s/ Ellen M. Needham | |
Ellen M. Needham | ||
President, State Street Master Funds |
This Registration Statement on Form N-1A of the Registrant has been signed below by the following persons, solely in the capacities indicated and subject to the next following sentence, on January 7, 2013. Each of the following persons is signing this Post-Effective Amendment No. 116 to this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio, and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.
SIGNATURE | TITLE | |||
James E. Ross* |
Trustee, State Street Master Funds | |||
James E. Ross | ||||
William L. Boyan* |
Trustee, State Street Master Funds | |||
William L. Boyan | ||||
Michael F. Holland* |
Trustee, State Street Master Funds | |||
Michael F. Holland | ||||
Rina K. Spence* |
Trustee, State Street Master Funds | |||
Rina K. Spence | ||||
Douglas T. Williams* |
Trustee, State Street Master Funds | |||
Douglas T. Williams | ||||
/s/ Ellen M. Needham |
President (Principal Executive Officer), State Street Master Funds | |||
Ellen M. Needham | ||||
/s/ Laura F. Dell |
Treasurer (Principal Accounting Officer), State Street Master Funds | |||
Laura F. Dell |
*By: | /s/ Mark E. Tuttle | |
Mark E. Tuttle | ||
as Attorney-in-Fact pursuant to Powers of Attorney |
SSgA FUNDS
POWER OF ATTORNEY
Each of the undersigned Trustees and Officer of SSgA Funds (the Trust) hereby constitutes and appoints Laura Dell, Lance Dial, Esq.; Joshua A. Weinberg, Esq.; Ryan Louvar, Esq.; Mark Tuttle, Esq., each of them with full powers of substitution, as his or her true and lawful attorney-in-fact and agent to execute in his or her name and on his or her behalf in any and all capacities the Registration Statements on Form N-1A, and any and all amendments thereto, and all other documents, filed by the Trust or its affiliates with the Securities and Exchange Commission (the SEC) under the Investment Company Act of 1940, as amended, and (as applicable) the Securities Act of 1933, as amended, and any and all instruments which such attorneys and agents, or any of them, deem necessary or advisable to enable the Trust or its affiliates to comply with such Acts, the rules, regulations and requirements of the SEC, the securities, Blue Sky and/or corporate/trust laws of any state or other jurisdiction, including all documents necessary to ensure the Trust has insurance and fidelity bond coverage, and to file the same with all exhibits thereto and other documents in connection therewith, with the SEC and such other jurisdictions and the undersigned hereby ratifies and confirms as his or her own act and deed any and all acts that such attorneys and agents, or any of them, shall do or cause to be done by virtue hereof. Any one of such attorneys and agents has, and may exercise, all of the powers hereby conferred. The undersigned hereby revokes any Powers of Attorney previously granted with respect to the Trust concerning the filings and actions described herein.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the 1st day of January 2013.
/s/ William L. Marshall |
William L. Marshall, Trustee |
/s/ Patrick J. Riley |
Patrick J. Riley, Trustee |
/s/ Richard D. Shirk |
Richard D. Shirk, Trustee |
/s/ Bruce D. Taber |
Bruce D. Taber, Trustee |
/s/ Ellen M. Needham |
Ellen M. Needham, President and Chief |
Executive Officer |
EXHIBIT INDEX
EXHIBIT | NAME OF EXHIBIT | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
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Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Registrant Name
dei_EntityRegistrantName
SSGA FUNDS
Prospectus Date
rr_ProspectusDate
Dec. 14,
2012
Risk/Return:
rr_RiskReturnAbstract
Risk/Return [Heading]
rr_RiskReturnHeading
FUND SUMMARY SSgA U.S. Treasury Money Market Fund
Objective [Heading]
rr_ObjectiveHeading
INVESTMENT OBJECTIVE
Objective, Primary [Text Block]
rr_ObjectivePrimaryTextBlock
SSgA U.S. Treasury Money Market Fund seeks to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value, by investing in obligations that are issued or guaranteed as to principal and interest by the U.S. government and repurchase agreements backed by such securities.
Expense [Heading]
rr_ExpenseHeading
FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block]
rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees Caption [Text]
rr_ShareholderFeesCaption
Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text]
rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
December 31, 2013
Expense Example [Heading]
rr_ExpenseExampleHeading
EXAMPLE
Expense Example Narrative [Text Block]
rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading]
rr_StrategyHeading
PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block]
rr_StrategyNarrativeTextBlock
SSgA U.S. Treasury Money Market Fund attempts to meet its investment objective by investing principally in U.S. Treasury bills, notes and bonds (which are direct obligations of the U.S. government) and repurchase agreements backed by such securities. The fund also may invest in shares of other money market funds, including funds advised by the fund’s investment advisor.
The fund follows a disciplined investment process in which the fund’s investment advisor bases its decisions on the relative attractiveness of different money market instruments. In the advisor’s opinion, the attractiveness of an instrument may vary depending on the general level of interest rates, as well as imbalances of supply and demand in the market. The fund invests in accordance with regulatory requirements applicable to money market funds, which impose strict conditions on the quality of portfolio securities, the maturity of individual securities and the portfolio as a whole, and portfolio diversification.
Risk [Heading]
rr_RiskHeading
PRINCIPAL RISKS
Risk Narrative [Text Block]
rr_RiskNarrativeTextBlock
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
Risk Money Market Fund [Text]
rr_RiskMoneyMarketFund
Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Risk Not Insured Depository Institution [Text]
rr_RiskNotInsuredDepositoryInstitution
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading]
rr_BarChartAndPerformanceTableHeading
PERFORMANCE
Performance Narrative [Text Block]
rr_PerformanceNarrativeTextBlock
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund. The bar chart and the table provide some indication of the risks of investing in the fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (877) 521-4083 or by visiting our website at www.ssgafunds.com.
Performance Information Illustrates Variability of Returns [Text]
rr_PerformanceInformationIllustratesVariabilityOfReturns
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund.
Performance Availability Phone [Text]
rr_PerformanceAvailabilityPhone
(877) 521-4083
Performance Availability Website Address [Text]
rr_PerformanceAvailabilityWebSiteAddress
www.ssgafunds.com
Performance Past Does Not Indicate Future [Text]
rr_PerformancePastDoesNotIndicateFuture
A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading]
rr_BarChartHeading
Annual Total Returns - SSgA U.S. Treasury Money Market Fund
Bar Chart Closing [Text Block]
rr_BarChartClosingTextBlock
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended December 31, 2006:
1.29% December 31, 2011:
0.00% September 30, 2012:
0.00%
Performance Table Heading
rr_PerformanceTableHeading
Average Annual Total Returns For the Periods Ending December 31, 2011:
Performance Table Narrative
rr_PerformanceTableNarrativeTextBlock
To obtain the fund’s current yield, please call (877) 521-4083.
Money Market Seven Day Yield, Caption [Text]
rr_MoneyMarketSevenDayYieldCaption
To obtain the fund’s current yield
Money Market Seven Day Yield Phone
rr_MoneyMarketSevenDayYieldPhone
(877) 521-4083
Risk/Return:
rr_RiskReturnAbstract
Shareholder Fees (fees paid directly from your investment)
rr_ShareholderFeeOther
none
Management Fee
rr_ManagementFeesOverAssets
0.15%
Distribution and Shareholder Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.05%
Other Expenses
rr_OtherExpensesOverAssets
0.05%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
0.25%
Less Fee Waivers and/or Expense Reimbursements
rr_FeeWaiverOrReimbursementOverAssets
(0.05%)
[1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
rr_NetExpensesOverAssets
0.20%
[1]
1 year
rr_ExpenseExampleYear01
20
3 years
rr_ExpenseExampleYear03
75
5 years
rr_ExpenseExampleYear05
136
10 years
rr_ExpenseExampleYear10
313
2002
rr_AnnualReturn2002
1.55%
2003
rr_AnnualReturn2003
0.94%
2004
rr_AnnualReturn2004
1.14%
2005
rr_AnnualReturn2005
3.02%
2006
rr_AnnualReturn2006
4.87%
2007
rr_AnnualReturn2007
4.80%
2008
rr_AnnualReturn2008
1.50%
2009
rr_AnnualReturn2009
0.00%
2010
rr_AnnualReturn2010
0.00%
2011
rr_AnnualReturn2011
0.00%
Year to Date Return, Label
rr_YearToDateReturnLabel
Year-to- Date Ended
Bar Chart, Year to Date Return, Date
rr_BarChartYearToDateReturnDate
Sep. 30,
2012
Bar Chart, Year to Date Return
rr_BarChartYearToDateReturn
0.00%
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Highest Quarterly Results (2002-2011)
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Dec. 31,
2006
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
1.29%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Lowest Quarterly Results (2002-2011)
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Dec. 31,
2011
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
0.00%
1 Year
rr_AverageAnnualReturnYear01
none
[2]
5 Years
rr_AverageAnnualReturnYear05
1.24%
[2]
10 Years
rr_AverageAnnualReturnYear10
1.77%
[2]
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive 0.05% of its 0.15% management fee. Additionally, the advisor is further contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for all expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 0.20% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Extraordinary expenses that are not subject to the foregoing contractual expense limitation agreement include, but are not limited to, any reimbursement payments made by the fund to the fund's investment advisor of fund fees and expenses that were previously waived or reimbursed by the fund's investment advisor in order to maintain to avoid a non-negative net yield for the fund. The fund's investment advisor may also reduce all or a portion of its fees and/or reimburse expenses of the fund to the extent necessary to maintain a minimum net yield for the fund (the “Voluntary Reduction”) which may vary from time to time in the investment advisor's sole discretion. The fund has agreed, subject to certain limitations, to reimburse its investment advisor for the full dollar amount of any Voluntary Reduction incurred after August 1, 2012. As of August 1, 2012, the fund's investment advisor waived fees and/or reimbursed expenses in the amount of $675,397 under the voluntary yield waiver. Any future reimbursement of previously waived fees by the fund to its investment advisor may cause the total fund annual operating expenses of the fund to exceed the expense limitation under the contractual expense limitation agreement. The investment advisor may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the fund, without limitation. Total Annual Fund Operating Expenses may be higher than the fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the fund including voluntary waivers.
[2]
The returns would have been lower without the contractual and voluntary management fee waiver and/or expense reimbursement.
SSgA Prime Money Market Fund
FUND SUMMARY SSgA PRIME MONEY MARKET FUND
INVESTMENT OBJECTIVE
SSgA Prime Money Market Fund seeks to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value, by investing in dollar denominated securities.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees (fees paid directly from your investment)
none
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
0.15%
Distribution and Shareholder Service (12b-1) Fees
0.05%
Other Expenses
0.05%
Total Annual Fund Operating Expenses
0.25%
Less Fee Waivers and/or Expense Reimbursements
[1]
(0.05%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
[1]
0.20%
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive 0.05% of its 0.15% management fee. Additionally, the advisor is further contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for all expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 0.20% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Extraordinary expenses that are not subject to the foregoing contractual expense limitation agreement include, but are not limited to, any reimbursement payments made by the fund to the fund's investment advisor of fund fees and expenses that were previously waived or reimbursed by the fund's investment advisor in order to maintain to avoid a non-negative net yield for the fund. The fund's investment advisor may also reduce all or a portion of its fees and/or reimburse expenses of the fund to the extent necessary to maintain a minimum net yield for the fund (the "Voluntary Reduction") which may vary from time to time in the investment advisor's sole discretion. The fund has agreed, subject to certain limitations, to reimburse its investment advisor for the full dollar amount of any Voluntary Reduction incurred after August 1, 2012. As of August 1, 2012, the fund's investment advisor has not waived fees and/or reimbursed expenses under the voluntary yield waiver. Any future reimbursement of previously waived fees by the fund to its investment advisor may cause the total fund annual operating expenses of the fund to exceed the expense limitation under the contractual expense limitation agreement. The investment advisor may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the fund, without limitation.
EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
20
75
136
313
PRINCIPAL INVESTMENT STRATEGIES
SSgA Prime Money Market Fund follows a disciplined investment process in which the fund’s investment advisor bases its decisions on the relative attractiveness of different money market instruments. In the advisor’s opinion, the attractiveness of an instrument may vary depending on the general level of interest rates, as well as imbalances of supply and demand in the market. The fund invests in accordance with regulatory requirements applicable to money market funds, which impose strict conditions on the quality of portfolio securities, liquidity of portfolio holdings, the maturity of individual securities and the portfolio as a whole, and portfolio diversification.
The fund attempts to meet its investment objective by investing in a broad range of money market instruments. The fund considers the following instruments or investment strategies to be principal to the achievement of its investment objective: U.S. government securities, including U.S. Treasury bills, notes and bonds and securities issued or guaranteed by U.S. government agencies; certificates of deposits and time deposits of U.S. and foreign banks; commercial paper and other high quality obligations of U.S. or foreign companies; asset-backed securities, including asset-backed commercial paper; and repurchase agreements. These instruments may bear fixed, variable or floating rates of interest or may be zero coupon securities. The fund also may invest in shares of other money market funds, including funds advised by the fund’s investment advisor.
PRINCIPAL RISKS
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
PERFORMANCE
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund. The bar chart and the table provide some indication of the risks of investing in the fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (877) 521-4083 or by visiting our website at www.ssgafunds.com.
Annual Total Returns - SSgA Prime Money Market Fund
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended September 30, 2007:
1.31% September 30, 2011:
0.01% September 30, 2012:
0.09%
Average Annual Total Returns For the Periods Ending December 31, 2011:
[1]
0.08%
1.70%
2.05%
[1]
The returns would have been lower without the contractual and voluntary management fee waiver and/or expense reimbursement.
To obtain the fund’s current yield, please call (877) 521-4083.
Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Registrant Name
dei_EntityRegistrantName
SSGA FUNDS
Prospectus Date
rr_ProspectusDate
Dec. 14,
2012
Risk/Return:
rr_RiskReturnAbstract
Risk/Return [Heading]
rr_RiskReturnHeading
FUND SUMMARY SSgA ENHANCED SMALL CAP FUND
Objective [Heading]
rr_ObjectiveHeading
INVESTMENT OBJECTIVE
Objective, Primary [Text Block]
rr_ObjectivePrimaryTextBlock
SSgA Enhanced Small Cap Fund seeks to maximize total return through investment primarily in small capitalization equity securities.
Expense [Heading]
rr_ExpenseHeading
FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block]
rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees Caption [Text]
rr_ShareholderFeesCaption
Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text]
rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
December 31, 2013
Portfolio Turnover [Heading]
rr_PortfolioTurnoverHeading
PORTFOLIO TURNOVER
Portfolio Turnover [Text Block]
rr_PortfolioTurnoverTextBlock
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
During the most recent fiscal year, the fund’s turnover rate was 64% of the average value of its portfolio.
Portfolio Turnover, Rate
rr_PortfolioTurnoverRate
64.00%
Expense Example [Heading]
rr_ExpenseExampleHeading
EXAMPLE
Expense Example Narrative [Text Block]
rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading]
rr_StrategyHeading
PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block]
rr_StrategyNarrativeTextBlock
SSgA Enhanced Small Cap Fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities of small capitalization companies. A small capitalization company is a company with a market capitalization no larger than the company with the largest capitalization contained in the Russell 2000 Index. The equity securities invested in by the fund are comprised primarily of common stocks and may include IPOs.
To manage the fund’s portfolio, the fund’s advisor employs a proprietary quantitative multi-factor stock-selection model to select securities that maintain similar sector and industry weightings as the fund’s benchmark, while controlling risk exposure of the fund relative to the fund’s benchmark. The securities selected by the model include a core portfolio drawn from securities in the fund’s benchmark and intended to reflect the risk characteristics of the fund’s benchmark, and certain additional securities of small capitalization companies identified by the model in order to overweight or underweight certain securities, industries and sectors represented in the fund’s benchmark. The model evaluates the relative attractiveness of securities of small capitalization companies based on the correlation of certain historical economic and financial factors (such as measures of growth potential, valuation, quality and share price momentum) to past performance and then rank the securities in the order of their attractiveness as fund investments. The model determines the specific securities that the fund invests in, the quantity of a security held by the fund and whether to overweight or underweight certain securities, industries or sectors relative to the benchmark based on an evaluation of a security’s relative return and risk attractiveness.
The fund periodically rebalances its portfolio to reflect movements in the underlying factors used by the model and changes predicted by the model. The advisor regularly reexamines the model and may make updates or adjustments to the economic and financial factors considered.
From time to time, the advisor may make a qualitative judgment and deviate from the model, but only for events that are not quantifiable by the model.
The fund also may lend its securities, and it may invest in various fixed-income securities and money market funds, including money market funds advised by the fund’s investment advisor, in order to manage its cash. The fund also may engage in active trading, which could reduce the returns of fund shareholders investing through a taxable account, and the fund may take temporary defensive positions that are inconsistent with its principal investment strategies.
Risk [Heading]
rr_RiskHeading
PRINCIPAL RISKS
Risk Narrative [Text Block]
rr_RiskNarrativeTextBlock
It is possible to lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
Risk Lose Money [Text]
rr_RiskLoseMoney
It is possible to lose money by investing in the fund.
Risk Not Insured Depository Institution [Text]
rr_RiskNotInsuredDepositoryInstitution
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading]
rr_BarChartAndPerformanceTableHeading
PERFORMANCE
Performance Narrative [Text Block]
rr_PerformanceNarrativeTextBlock
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index. The bar chart and the table provide some indication of the risks of investing in the fund. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Performance Information Illustrates Variability of Returns [Text]
rr_PerformanceInformationIllustratesVariabilityOfReturns
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index.
Performance Availability Phone [Text]
rr_PerformanceAvailabilityPhone
(800) 647-7327
Performance Availability Website Address [Text]
rr_PerformanceAvailabilityWebSiteAddress
www.ssgafunds.com
Performance Past Does Not Indicate Future [Text]
rr_PerformancePastDoesNotIndicateFuture
A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading]
rr_BarChartHeading
Annual Total Returns - SSgA Enhanced Small Cap Fund
Bar Chart Closing [Text Block]
rr_BarChartClosingTextBlock
Highest Quarterly
Results (2006-2010) Lowest Quarterly
Results (2006-2010) Year-to-
Date Ended June 30, 2009:
19.10% December 31, 2008:
(26.68)% September 30, 2012:
13.96%
Performance Table Heading
rr_PerformanceTableHeading
Average Annual Total Returns For the Periods Ending December 31, 2011:
Index No Deduction for Fees, Expenses, Taxes [Text]
rr_IndexNoDeductionForFeesExpensesTaxes
Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund.
Performance Table Uses Highest Federal Rate
rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.
Performance Table Not Relevant to Tax Deferred
rr_PerformanceTableNotRelevantToTaxDeferred
After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Performance Table Narrative
rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Risk/Return:
rr_RiskReturnAbstract
Shareholder Fees (fees paid directly from your investment)
rr_ShareholderFeeOther
none
Management Fee
rr_ManagementFeesOverAssets
0.45%
Distribution and Shareholder Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.22%
Other Expenses
rr_OtherExpensesOverAssets
0.91%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
1.58%
Less Fee Waivers and/or Expense Reimbursements
rr_FeeWaiverOrReimbursementOverAssets
(0.83%)
[1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
rr_NetExpensesOverAssets
0.75%
[1]
1 year
rr_ExpenseExampleYear01
77
3 years
rr_ExpenseExampleYear03
417
5 years
rr_ExpenseExampleYear05
782
10 years
rr_ExpenseExampleYear10
1,808
2006
rr_AnnualReturn2006
18.29%
2007
rr_AnnualReturn2007
(8.70%)
2008
rr_AnnualReturn2008
(37.17%)
2009
rr_AnnualReturn2009
23.16%
2010
rr_AnnualReturn2010
30.16%
2011
rr_AnnualReturn2011
0.55%
Year to Date Return, Label
rr_YearToDateReturnLabel
Year-to-Date Ended
Bar Chart, Year to Date Return, Date
rr_BarChartYearToDateReturnDate
Sep. 30,
2012
Bar Chart, Year to Date Return
rr_BarChartYearToDateReturn
13.96%
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Highest Quarterly Results (2006-2010)
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Jun. 30,
2009
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
19.10%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Lowest Quarterly Results (2006-2010)
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Dec. 31,
2008
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
(26.68%)
1 Year
rr_AverageAnnualReturnYear01
0.55%
[2]
5 Years
rr_AverageAnnualReturnYear05
(1.56%)
[2]
Since Inception
rr_AverageAnnualReturnSinceInception
3.01%
[2],[3]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
0.26%
[2]
5 Years
rr_AverageAnnualReturnYear05
(1.84%)
[2]
Since Inception
rr_AverageAnnualReturnSinceInception
2.51%
[2],[3]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
0.35%
[2]
5 Years
rr_AverageAnnualReturnYear05
(1.40%)
[2]
Since Inception
rr_AverageAnnualReturnSinceInception
2.43%
[2],[3]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(4.18%)
[2]
5 Years
rr_AverageAnnualReturnYear05
0.15%
[2]
Since Inception
rr_AverageAnnualReturnSinceInception
4.07%
[2],[3]
[1]
The fund’s investment advisor is contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 0.75% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval.
[2]
The returns would have been lower without the contractual fee waiver and/or expense reimbursement.
[3]
The Fund began operating on March 22, 2005.
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"PGDW,&W4M2'E7,OFRI_IT_P`KON;
SSgA Tuckerman Active REIT Fund
FUND SUMMARY SSgA TUCKERMAN ACTIVE REIT FUND
INVESTMENT OBJECTIVE
SSgA Tuckerman Active REIT Fund seeks to provide income and capital growth by investing primarily in publicly traded securities issued by real estate investment trusts.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees (fees paid directly from your investment)
none
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
0.65%
Distribution and Shareholder Service (12b-1) Fees
0.25%
Other Expenses
0.42%
Total Annual Fund Operating Expenses
1.32%
Less Fee Waivers and/or Expense Reimbursements
[1]
(0.32%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
[1]
1.00%
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 1.00% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval.
EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
102
387
693
1,562
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
During the most recent fiscal year, the fund’s turnover rate was 21% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
SSgA Tuckerman Active REIT Fund invests at least 80% of its net assets (plus borrowings, if any) in real estate investment trusts, or REITs. The fund is non-diversified, that is, compared with other funds, the fund may invest a greater percentage of its assets in a particular issuer. The fund attempts to meet its objective through the active selection of REITs, primarily from those securities in the Dow Jones U.S. Select REIT® Index, and across different industry types and regions based on the fundamental research of the fund’s advisor. The fund invests with a relatively long-term horizon.
In addition to REIT securities, the fund may invest up to 20% of its assets in non-REIT real estate securities, as well as equity and fixed income securities of non-real estate companies. The fund also may lend its securities, and it may invest in various fixed-income securities and money market funds, including money market funds advised by the fund’s investment advisor, in order to manage its cash. The fund may take temporary defensive positions that are inconsistent with its principal investment strategies.
PRINCIPAL RISKS
It is possible to lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Investing in this fund may involve more risks, and consequently, the fund may have a more volatile share price than a fund investing primarily in a diversified portfolio of equity securities of large, established U.S. corporations.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
PERFORMANCE
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index. The bar chart and the table provide some indication of the risks of investing in the fund. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Annual Total Returns - SSgA Tuckerman Active REIT Fund
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended September 30, 2009:
30.54% December 31, 2008:
(41.84)% September 30, 2012:
13.32%
Average Annual Total Returns For the Periods Ending December 31, 2011:
[1]
10.16%
(3.60%)
9.58%
[1]
9.61%
(5.34%)
7.64%
[1]
6.58%
(3.55%)
7.67%
[1]
9.24%
(1.96%)
10.16%
[1]
The returns would have been lower without the contractual fee waiver and/or expense reimbursement.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Registrant Name
dei_EntityRegistrantName
SSGA FUNDS
Prospectus Date
rr_ProspectusDate
Dec. 14,
2012
Risk/Return:
rr_RiskReturnAbstract
Risk/Return [Heading]
rr_RiskReturnHeading
FUND SUMMARY SSgA INTERNATIONAL STOCK SELECTION FUND
Objective [Heading]
rr_ObjectiveHeading
INVESTMENT OBJECTIVE
Objective, Primary [Text Block]
rr_ObjectivePrimaryTextBlock
SSgA International Stock Selection Fund seeks to provide long-term capital growth by investing primarily in securities of foreign issuers.
Expense [Heading]
rr_ExpenseHeading
FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block]
rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees Caption [Text]
rr_ShareholderFeesCaption
Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text]
rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
December 31, 2013
Portfolio Turnover [Heading]
rr_PortfolioTurnoverHeading
PORTFOLIO TURNOVER
Portfolio Turnover [Text Block]
rr_PortfolioTurnoverTextBlock
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
During the most recent fiscal year, the fund’s turnover rate was 90% of the average value of its portfolio.
Portfolio Turnover, Rate
rr_PortfolioTurnoverRate
90.00%
Expense Example [Heading]
rr_ExpenseExampleHeading
EXAMPLE
Expense Example Narrative [Text Block]
rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading]
rr_StrategyHeading
PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block]
rr_StrategyNarrativeTextBlock
SSgA International Stock Selection Fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities issued by companies in the countries and industries represented in the MSCI EAFE Index, the fund’s benchmark. The equity securities invested in by the fund are comprised primarily of common stocks and may include IPOs as well as ETFs for cash equitization purposes.
The fund’s advisor employs a proprietary quantitative stock-selection model. This model is intended to reflect the risk characteristics of the fund’s benchmark, as well as determine the specific securities and quantities the fund purchases, holds and sells. In addition, it is intended to predict the relative attractiveness of securities from a specified investment universe based on the correlation of certain historical economic and financial factors applicable to issuers and/or countries (such as measures of growth potential, valuation, quality, and investor sentiment) to past performance. Additionally the model may also incorporate an element to evaluate the macroeconomic environment for a portion of the model determined by prevailing market conditions. This element allows a disciplined approach to seek to be adaptive to the macroeconomic environment and respond to changing conditions. The quantitative model allows the advisor to evaluate quickly each eligible security and then rank all eligible securities in the fund’s investment universe in the order of their attractiveness as fund investments.
The model generates a portfolio that is drawn primarily from securities in the fund’s benchmark. The remaining securities are drawn from the fund’s investment universe and are determined by the model in order to overweight or underweight certain countries, securities, industries and sectors represented in the benchmark. The fund’s investment universe is the securities in the MSCI EAFE Universe, which is broader than the fund’s benchmark. The fund periodically rebalances its portfolio to reflect movements in the underlying factors used by the model and changes predicted by the model. The model may periodically adjust the quantitative metrics used based on a systematic and objective evaluation of macroeconomic conditions. The advisor also regularly reexamines the model and may make updates and adjustments to the economic and financial conditions and other quantitative metrics considered, and to the weightings among them.
The fund attempts to meet its investment objective by investing primarily in, among other things, common stocks. The fund also may lend its securities, and it may invest in various fixed-income securities, index futures and money market funds in order to manage its cash. The fund also may engage in active trading, which could reduce the returns of fund shareholders investing through a taxable account, the fund may take temporary defensive positions that are inconsistent with its principal investment strategies.
Risk [Heading]
rr_RiskHeading
PRINCIPAL RISKS
Risk Narrative [Text Block]
rr_RiskNarrativeTextBlock
It is possible to lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
Risk Lose Money [Text]
rr_RiskLoseMoney
It is possible to lose money by investing in the fund.
Risk Not Insured Depository Institution [Text]
rr_RiskNotInsuredDepositoryInstitution
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading]
rr_BarChartAndPerformanceTableHeading
PERFORMANCE
Performance Narrative [Text Block]
rr_PerformanceNarrativeTextBlock
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index. The bar chart and the table provide some indication of the risks of investing in the fund. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Performance Information Illustrates Variability of Returns [Text]
rr_PerformanceInformationIllustratesVariabilityOfReturns
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index.
Performance Availability Phone [Text]
rr_PerformanceAvailabilityPhone
(800) 647-7327
Performance Availability Website Address [Text]
rr_PerformanceAvailabilityWebSiteAddress
www.ssgafunds.com
Performance Past Does Not Indicate Future [Text]
rr_PerformancePastDoesNotIndicateFuture
A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading]
rr_BarChartHeading
Average Annual Total Returns - SSgA International Stock Selection Fund
Bar Chart Closing [Text Block]
rr_BarChartClosingTextBlock
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended June 30, 2009:
20.47% September 30, 2011:
(22.85)% September 30, 2012:
7.64%
Performance Table Heading
rr_PerformanceTableHeading
Average Annual Total Returns
For the Periods Ending December 31, 2011:
Index No Deduction for Fees, Expenses, Taxes [Text]
rr_IndexNoDeductionForFeesExpensesTaxes
Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund.
Performance Table Uses Highest Federal Rate
rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.
Performance Table Not Relevant to Tax Deferred
rr_PerformanceTableNotRelevantToTaxDeferred
After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Performance Table Narrative
rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Risk/Return:
rr_RiskReturnAbstract
Shareholder Fees (fees paid directly from your investment)
rr_ShareholderFeeOther
none
Management Fee
rr_ManagementFeesOverAssets
0.75%
Distribution and Shareholder Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.24%
Other Expenses
rr_OtherExpensesOverAssets
0.22%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
1.21%
Less Fee Waivers and/or Expense Reimbursements
rr_FeeWaiverOrReimbursementOverAssets
(0.21%)
[1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
rr_NetExpensesOverAssets
1.00%
[1]
1 year
rr_ExpenseExampleYear01
102
3 years
rr_ExpenseExampleYear03
363
5 years
rr_ExpenseExampleYear05
645
10 years
rr_ExpenseExampleYear10
1,447
2002
rr_AnnualReturn2002
(13.70%)
2003
rr_AnnualReturn2003
42.89%
2004
rr_AnnualReturn2004
21.05%
2005
rr_AnnualReturn2005
17.04%
2006
rr_AnnualReturn2006
30.54%
2007
rr_AnnualReturn2007
6.90%
2008
rr_AnnualReturn2008
(41.49%)
2009
rr_AnnualReturn2009
22.92%
2010
rr_AnnualReturn2010
7.84%
2011
rr_AnnualReturn2011
(15.03%)
Year to Date Return, Label
rr_YearToDateReturnLabel
Year-to-Date Ended
Bar Chart, Year to Date Return, Date
rr_BarChartYearToDateReturnDate
Sep. 30,
2012
Bar Chart, Year to Date Return
rr_BarChartYearToDateReturn
7.64%
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Highest Quarterly Results (2002-2011)
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Jun. 30,
2009
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
20.47%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Lowest Quarterly Results (2002-2011)
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Sep. 30,
2011
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
(22.85%)
1 Year
rr_AverageAnnualReturnYear01
(15.03%)
[2]
5 Years
rr_AverageAnnualReturnYear05
(6.77%)
[2]
10 Years
rr_AverageAnnualReturnYear10
4.86%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(16.16%)
[2]
5 Years
rr_AverageAnnualReturnYear05
(7.24%)
[2]
10 Years
rr_AverageAnnualReturnYear10
4.41%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(9.75%)
[2]
5 Years
rr_AverageAnnualReturnYear05
(5.57%)
[2]
10 Years
rr_AverageAnnualReturnYear10
4.31%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(12.14%)
[2]
5 Years
rr_AverageAnnualReturnYear05
(4.72%)
[2]
10 Years
rr_AverageAnnualReturnYear10
4.67%
[2]
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 1.00% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval.
[2]
The returns would have been lower without the contractual fee waiver and/or expense reimbursement.
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Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Registrant Name
dei_EntityRegistrantName
SSGA FUNDS
Prospectus Date
rr_ProspectusDate
Dec. 14,
2012
Risk/Return:
rr_RiskReturnAbstract
Risk/Return [Heading]
rr_RiskReturnHeading
FUND SUMMARY SSgA IAM SHARES FUND
Objective [Heading]
rr_ObjectiveHeading
INVESTMENT OBJECTIVE
Objective, Primary [Text Block]
rr_ObjectivePrimaryTextBlock
SSgA IAM SHARES Fund seeks to maximize total return primarily through investments in equity securities of companies that have entered into collective bargaining agreements with the International Association of Machinists and Aerospace Workers (“IAMAW”) or affiliated labor unions or have not been identified as having non-union sentiment.
Expense [Heading]
rr_ExpenseHeading
FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block]
rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees Caption [Text]
rr_ShareholderFeesCaption
Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text]
rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
December 31, 2013
Portfolio Turnover [Heading]
rr_PortfolioTurnoverHeading
PORTFOLIO TURNOVER
Portfolio Turnover [Text Block]
rr_PortfolioTurnoverTextBlock
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
During the most recent fiscal year, the fund’s turnover rate was less than 3% of the average value of its portfolio.
Expense Example [Heading]
rr_ExpenseExampleHeading
EXAMPLE
Expense Example Narrative [Text Block]
rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading]
rr_StrategyHeading
PRINCIPAL INVESTMENT STRATEGIES
Strategy Narrative [Text Block]
rr_StrategyNarrativeTextBlock
SSgA IAM SHARES Fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities of companies (“IAM Companies”) that:
The fund may invest up to 20% of its assets in securities of non-IAM Companies that have not been deemed to have non-union sentiment by the IAMAW.
The fund’s investment strategy is driven by a quantitative investment process that manages portfolio exposure to fundamental attributes in a multifactor risk model environment. These attributes include industry allocations as well as factors such as size, style, growth expectations and valuation ratios. This model attempts to create a portfolio reflecting risk and return characteristics similar to those of the S&P 500 Index.
IAM Companies are diverse both geographically and by industry. The portfolio management team will rebalance the fund periodically in order to maintain its relative exposure to IAM Companies, as well as to account for any changes to the universe of IAM Companies. While the fund seeks a high correlation with the S&P 500 Index returns, the fund will not fully replicate the S&P 500 Index; therefore, the fund’s returns will likely vary from those of the S&P 500 Index.
The fund attempts to meet its investment objective by investing primarily in, among other things, domestic common stocks and related securities, which may include securities convertible into common stocks of domestic companies and IPOs. The fund also may lend its securities, and it may invest in various fixed-income securities and money market funds, including money market funds advised by the fund’s investment advisor, in order to manage its cash. The fund may take temporary defensive positions that are inconsistent with its principal investment strategies.
Risk [Heading]
rr_RiskHeading
PRINCIPAL RISKS
Risk Narrative [Text Block]
rr_RiskNarrativeTextBlock
It is possible to lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
Risk Lose Money [Text]
rr_RiskLoseMoney
It is possible to lose money by investing in the fund.
Risk Not Insured Depository Institution [Text]
rr_RiskNotInsuredDepositoryInstitution
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading]
rr_BarChartAndPerformanceTableHeading
PERFORMANCE
Performance Narrative [Text Block]
rr_PerformanceNarrativeTextBlock
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index. The bar chart and the table provide some indication of the risks of investing in the fund. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Performance Information Illustrates Variability of Returns [Text]
rr_PerformanceInformationIllustratesVariabilityOfReturns
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index.
Performance Availability Phone [Text]
rr_PerformanceAvailabilityPhone
(800) 647-7327
Performance Availability Website Address [Text]
rr_PerformanceAvailabilityWebSiteAddress
www.ssgafunds.com
Performance Past Does Not Indicate Future [Text]
rr_PerformancePastDoesNotIndicateFuture
A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading]
rr_BarChartHeading
Annual Total Returns - SSgA Iam Shares Fund
Bar Chart Closing [Text Block]
rr_BarChartClosingTextBlock
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended June 30, 2009:
16.46% December 31, 2008:
(22.24)% September 30, 2012:
15.94%
Performance Table Heading
rr_PerformanceTableHeading
Average Annual Total Returns
For the Periods Ending December 31, 2011:
Index No Deduction for Fees, Expenses, Taxes [Text]
rr_IndexNoDeductionForFeesExpensesTaxes
Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund.
Performance Table Uses Highest Federal Rate
rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.
Performance Table Not Relevant to Tax Deferred
rr_PerformanceTableNotRelevantToTaxDeferred
After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Performance Table Narrative
rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
Risk/Return:
rr_RiskReturnAbstract
Shareholder Fees (fees paid directly from your investment)
rr_ShareholderFeeOther
none
Management Fee
rr_ManagementFeesOverAssets
0.25%
Distribution and Shareholder Service (12b-1) Fees
rr_DistributionAndService12b1FeesOverAssets
0.06%
Other Expenses
rr_OtherExpensesOverAssets
0.20%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
0.51%
Less Fee Waivers and/or Expense Reimbursements
rr_FeeWaiverOrReimbursementOverAssets
none
[1]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
rr_NetExpensesOverAssets
0.51%
1 year
rr_ExpenseExampleYear01
51
3 years
rr_ExpenseExampleYear03
160
5 years
rr_ExpenseExampleYear05
280
10 years
rr_ExpenseExampleYear10
628
2002
rr_AnnualReturn2002
(22.97%)
2003
rr_AnnualReturn2003
28.63%
2004
rr_AnnualReturn2004
9.13%
2005
rr_AnnualReturn2005
3.69%
2006
rr_AnnualReturn2006
16.33%
2007
rr_AnnualReturn2007
5.20%
2008
rr_AnnualReturn2008
(36.60%)
2009
rr_AnnualReturn2009
26.37%
2010
rr_AnnualReturn2010
14.10%
2011
rr_AnnualReturn2011
1.81%
Year to Date Return, Label
rr_YearToDateReturnLabel
Year-to-Date Ended
Bar Chart, Year to Date Return, Date
rr_BarChartYearToDateReturnDate
Sep. 30,
2012
Bar Chart, Year to Date Return
rr_BarChartYearToDateReturn
15.94%
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Highest Quarterly Results (2002-2011)
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Jun. 30,
2009
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
16.46%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Lowest Quarterly Results (2002-2011)
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Dec. 31,
2008
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
(22.24%)
1 Year
rr_AverageAnnualReturnYear01
1.81%
5 Years
rr_AverageAnnualReturnYear05
(0.42%)
10 Years
rr_AverageAnnualReturnYear10
2.48%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
1.25%
5 Years
rr_AverageAnnualReturnYear05
(0.77%)
10 Years
rr_AverageAnnualReturnYear10
2.17%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
1.17%
5 Years
rr_AverageAnnualReturnYear05
(0.46%)
10 Years
rr_AverageAnnualReturnYear10
2.04%
[2]
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
2.11%
5 Years
rr_AverageAnnualReturnYear05
(0.25%)
10 Years
rr_AverageAnnualReturnYear10
2.92%
[2]
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 0.65% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval.
[2]
The returns would have been lower without the contractual fee waiver and/or expense reimbursement.
SSgA Dynamic Small Cap Fund
FUND SUMMARY SSgA DYNAMIC SMALL CAP FUND
INVESTMENT OBJECTIVE
SSgA Dynamic Small Cap Fund seeks to maximize the total return through investment in equity securities.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees (fees paid directly from your investment)
none
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
0.75%
Distribution and Shareholder Service (12b-1) Fees
0.21%
Other Expenses
2.55%
Total Annual Fund Operating Expenses
3.51%
Less Fee Waivers and/or Expense Reimbursements
[1]
(2.26%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
[1]
1.25%
[1]
The fund's investment advisor is contractually obligated until December 31, 2013 to waive its management fee and to reimburse the fund for expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired fund fees) exceed 1.25% of average daily net assets on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval.
EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
127
867
1,628
3,633
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance.
During the most recent fiscal year, the fund’s turnover rate was 160% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
SSgA Dynamic Small Cap Fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities of companies in the Russell 2000® Index, the fund’s benchmark. The fund may from time to time invest up to 20% of its assets in equity securities not included in the Russell 2000® Index. The equity securities invested in by the fund are comprised primarily of common stocks and may include IPOs as well as ETFs for cash equitization purposes.
To manage the fund’s portfolio, the fund’s advisor employs a proprietary quantitative multi-factor stock-selection model. The model evaluates the relative attractiveness of each eligible security based on the correlation of certain historical economic and financial factors (such as measures of growth potential, valuation, quality and investor sentiment), and other historical quantitative metrics. Additionally the model may also incorporate an element to evaluate the macroeconomic environment for a portion of the model determined by prevailing market conditions. This element allows a disciplined approach to seek to be adaptive to the macroeconomic environment and respond to changing conditions. The quantitative model allows the advisor to evaluate quickly each eligible security and then rank all eligible securities in the fund’s investment universe in the order of their attractiveness as fund investments.
The fund periodically rebalances its portfolio to reflect movements in the underlying factors used by the model and changes predicted by the model. The model may periodically adjust the quantitative metrics used based on a systematic and objective evaluation of macroeconomic conditions. The advisor also regularly reexamines the model and may make updates and adjustments to the economic and financial conditions and other quantitative metrics considered, and to the weightings among them.
From time to time, the advisor may make a qualitative judgment and deviate from the model, but only for events that are not quantifiable by the model.
The fund also may lend its securities, and it may invest in various fixed-income securities and money market funds, including money market funds advised by the fund’s investment advisor, in order to manage its cash. The fund also may engage in active trading, which could reduce the returns of fund shareholders investing through a taxable account, and the fund may take temporary defensive positions that are inconsistent with its principal investment strategies.
PRINCIPAL RISKS
It is possible to lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
PERFORMANCE
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund, and compares the fund’s performance to the performance of a broad-based securities market index. The bar chart and the table provide some indication of the risks of investing in the fund. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Annual Total Returns - SSgA Dynamic Small Cap Fund
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended June 30, 2003: 19.49% December 31, 2008:
(26.07)% September 30, 2012:
15.91%
Average Annual Total Returns
For the Periods Ending December 31, 2011:
[1]
4.53%
(4.68%)
3.00%
[1]
4.53%
(5.08%)
2.55%
[1]
2.95%
(3.97%)
2.58%
[1]
(4.18%)
0.15%
5.62%
[1]
The returns would have been lower without the contractual fee waiver and/or expense reimbursement.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. After-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs).
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SSgA U.S. Government Money Market Fund
FUND SUMMARY SSgA U.S. GOVERNMENT MONEY MARKET FUND
INVESTMENT OBJECTIVE
SSgA U.S. Government Money Market Fund seeks to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value, by investing in obligations of the U.S. government or its instrumentalities with remaining maturities of one year or less.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Shareholder Fees (fees paid directly from your investment)
none
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
0.25%
Distribution and Shareholder Service (12b-1) Fees
0.08%
Other Expenses
0.06%
Total Annual Fund Operating Expenses
[1]
0.39%
[1]
The fund's investment advisor may also voluntarily reduce all or a portion of its fees and/or reimburse expenses of the fund to the extent necessary to maintain a minimum net yield for the fund (the "Voluntary Reduction") which may vary from time to time in the investment advisor's sole discretion. The fund has agreed, subject to certain limitations, to reimburse its investment advisor for the full dollar amount of any Voluntary Reduction incurred after August 1, 2012. As of August 1, 2012, the fund's investment advisor waived fees and/or reimbursed expenses in the amount of $2,024,943 under the voluntary yield waiver. Any future reimbursement of previously waived fees by the fund to its investment advisor may cause the total fund annual operating expenses of the fund to exceed the expense limitation under the contractual expense limitation agreement. The investment advisor may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the fund, without limitation. Total Annual Fund Operating Expenses may be higher than the fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the fund including voluntary waivers.
EXAMPLE
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the fund for the time periods indicated, and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested, and that the fund’s operating expenses remain the same. The calculation of costs for the one-year period takes into account the effect of any current contractual fee waivers and/or reimbursements; and the calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
40
125
219
493
PRINCIPAL INVESTMENT STRATEGIES
SSgA U.S. Government Money Market Fund typically invests at least 80% of its net assets (plus borrowings, if any) in instruments issued or guaranteed as to principal and interest by the U.S. government or its agencies and instrumentalities, as well as repurchase agreements secured by such instruments. These instruments may bear fixed, variable or floating rates of interest or may be zero coupon securities. The fund may make significant investments in certain mortgage-related securities, including obligations of the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Bank, that are neither insured nor guaranteed by the U.S. Treasury. The fund will not invest more than 5% of its net assets (taken at current market value) in repurchase agreements maturing in more than seven days.
The fund follows a disciplined investment process that attempts to provide stability of principal, liquidity and current income through all market conditions by investing in high quality money market instruments. The fund invests in accordance with regulatory requirements applicable to money market funds, which impose strict conditions on the quality of portfolio securities, the maturity of individual securities and the portfolio as a whole, and portfolio diversification.
PRINCIPAL RISKS
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details.
PERFORMANCE
The following bar chart shows how the fund’s performance has varied from year to year, and the table immediately below the chart shows the performance of the fund over the past 1-, 5- and 10-year periods, and over the life of the fund. The bar chart and the table provide some indication of the risks of investing in the fund. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. Current performance information for the fund is available toll free by calling (800) 647-7327 or by visiting our website at www.ssgafunds.com.
Annual Total Returns - SSgA U.S. Government Money Market Fund
Highest Quarterly
Results (2002-2011) Lowest Quarterly
Results (2002-2011) Year-to-
Date Ended December 31, 2006:
1.24% December 31, 2011:
0.00% September 30, 2012:
0.00%
Average Annual Total Returns
For the Periods Ending December 31, 2011:
none
[1]
1.35%
1.75%
[1]
The returns would have been lower without the voluntary management fee waiver and/or expense reimbursement.
To obtain the fund’s current 7-day yield, please call (800) 997-7327.
5