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rr:AfterTaxesOnDistributionsAndSalesMember ssga4:C000033262Member 2011-12-15 2012-12-14 0000826686 ssga4:S000005187Member ssga4:SelectClassSharesMember ssga4:MsciEmergingMarketsIndexGrossMember 2011-12-15 2012-12-14 0000826686 ssga4:S000005187Member ssga4:SelectClassSharesMember ssga4:MsciEmergingMarketsIndexNetMember 2011-12-15 2012-12-14 pure iso4217:USD <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAMoneyMarketFund column period compact * ~</div> 2012-12-14 485BPOS SSGA FUNDS 0000826686 2012-12-14 2012-12-14 false 2012-08-31 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgABondMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgABondMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgABondMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgABondMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAU.S.GovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAU.S.GovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAU.S.GovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAU.S.GovernmentMoneyMarketFund column period compact * ~</div> 0 0 0.0025 0.0008 0.0006 40 125 219 493 0 0.0135 0.0175 0.003 0.0007 0.009 0.0001 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. 0.0128 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. -0.0077 0.0051 52 330 628 1477 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAIntermediateFund column period compact * ~</div> 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. <br /><br />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.<br /><br /> 0 0.0025 0.0008 0.0006 0.0039 0.0039 0 40 125 219 493 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAHighYieldBondFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAHighYieldBondFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAHighYieldBondFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAHighYieldBondFund column period compact * ~</div> <b>FUND SUMMARY SSgA U.S. GOVERNMENT MONEY MARKET FUND</b> <b>INVESTMENT OBJECTIVE</b> <b>FEES AND EXPENSES OF THE FUND</b> <b>EXAMPLE</b> <b>Annual Fund Operating Expenses</b><br>     (expenses that you pay each year as a percentage of the value of your investment)</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> SSgA Bond Market Fund seeks to maximize total return by investing in fixed income securities, including, but not limited to, those represented by the Barclays Capital U.S. Aggregate Bond Index. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgABondMarketFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAEnhancedSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAEnhancedSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAEnhancedSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAEnhancedSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAIAMSHARESFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAIAMSHARESFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAIAMSHARESFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAIAMSHARESFund column period compact * ~</div> 0 0.0025 0.0149 0.0006 0.0077 0.002 0.0096 0.0286 0.0051 0.0469 0.0483 0.0198 0.0004 0 0 0 0.0051 0 0.0045 0.0022 0.0091 0.0158 <b>PRINCIPAL RISKS</b> 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). <b>Average Annual Total Returns <br/>For the Periods Ending December 31, 2011:</b> 51 160 <b>Annual Total Returns - SSgA Bond Market Fund</b> 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. 280 <b>PERFORMANCE</b> 628 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Debt Instruments.</li></ul><ul type="square"><li>Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall. </li></ul><ul type="square"><li>Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument.</li></ul><ul type="square"><li> Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li> Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px">Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests.</li></ul><ul type="square"><li style="margin-left:-20px">Significant Exposure to U.S. Government Agencies and Financial Institutions. Events that would adversely affect the market prices of securities issued or guaranteed by one government agency may adversely affect the market price of securities issued or guaranteed by other government agencies. Similarly, events that would affect the market value of instruments issued by one financial institution, including repurchase agreements, may adversely affect the market value of instruments issued by similarly situated financial institutions.</li></ul><ul type="square"><li style="margin-left:-20px">Mortgage-Related and Other Asset-Backed Securities. Defaults on the underlying assets of the mortgage-related and other asset-backed securities held by the fund may impair the value of those securities, and there may be limitations on the enforceability of any security interest granted with respect to those assets. These securities also present a higher degree of prepayment risk and extension risk than do other types of fixed income securities.</li></ul><ul type="square"><li style="margin-left:-20px">Non-Investment Grade Securities. Securities rated below investment grade (that is, below BBB by S&P or Baa by Moody’s) are regarded as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. High yield bonds generally are not as sensitive to interest rate changes as investment grade bonds.</li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments. Most of the foreign securities held by the fund are “Yankee” bonds, that is, U.S. dollar-denominated foreign bonds. The value of non-U.S. dollar denominated foreign bonds in which the fund may invest also may be subject to changes in exchange rates.</li></ul><ul type="square"><li style="margin-left:-20px">Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</li></ul><ul type="square"><li style="margin-left:-20px">Forward-Commitment, When-Issued and Delayed-Delivery Securities. Forward-commitment, delayed-delivery and when-issued transactions involve a risk of loss if the value of the security to be purchased or sold by the fund increases or decreases below the repurchase price of those securities or the other party to the transaction fails to complete the transaction.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgADynamicSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgADynamicSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgADynamicSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgADynamicSmallCapFund column period compact * ~</div> <b>PRINCIPAL RISKS</b> -0.0083 SSgA Bond Market Fund attempts to meet its objective by investing at least 80% of its net assets (plus borrowings, if any) in debt instruments. The fund’s portfolio typically consists of a core portfolio principally drawn from, and that is intended to reflect the overall risk characteristics of, the securities in the Barclays Capital U.S. Aggregate Bond Index, the fund’s benchmark. The fund then selects other securities, which may be securities inside or outside of the benchmark, to overweight or underweight certain industries and sectors represented in the benchmark. The fund also manages its duration (that is, the sensitivity of the fund’s portfolio as a whole to interest rate changes) generally by investing in futures and primarily to correspond to the benchmark. The fund actively trades its portfolio holdings in an effort to benefit from short-term yield disparities among different issues of fixed income securities, or otherwise to increase total return to the fund. <br/><br/>The fund invests primarily in investment grade debt instruments. Many of those instruments are instruments issued or guaranteed as to principal and interest by the U.S. government or its agencies and instrumentalities, obligations of U.S. and foreign corporations (e.g., “Yankee” bonds), including public utilities; obligations of U.S. and foreign financial institutions; repurchase agreements collateralized with high quality securities and other assets; derivatives, including swaps, futures and options; and asset-backed securities, including asset-backed commercial paper and mortgage-related securities. Such instruments typically are denominated in U.S. dollars. The fund may also invest in high yield bonds commonly referred to as “junk bonds.” High yield bonds, and to a lesser extent other types of bonds, may be purchased at a discount to their face value and thereby provide opportunities to the fund for capital appreciation. The fund may buy or sell securities on a forward commitment, delayed-delivery or when-issued basis. These transactions involve the purchase or sale of securities by a fund at an established price with payment or delivery taking place in the future. 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. 0.0075 <b>PRINCIPAL INVESTMENT STRATEGIES</b> The fund pays transaction costs, typically reflected in a bond’s purchase or sale price, 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. <br/><br/>During the most recent fiscal year, the fund’s turnover rate was 205% of the average value of its portfolio. <b>PORTFOLIO TURNOVER</b> <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: 77 417 782 1808 <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) <b>FEES AND EXPENSES OF THE FUND</b> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>PERFORMANCE</b> <b>Annual Total Returns - SSgA U.S. Government Money Market Fund</b> -0.2297 0.2863 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. <b>INVESTMENT OBJECTIVE</b> 0.0913 A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. 0.0369 (800) 647-7327 0.1633 www.ssgafunds.com 0.052 <b>Average Annual Total Returns </b><br/><b>For the Periods Ending December 31, 2011:</b> -0.366 To obtain the fund’s current 7-day yield, please call (800) 997-7327. 0.2637 0.141 0.0181 To obtain the fund’s current 7-day yield (800) 997-7327 <b>FUND SUMMARY</b> <b>SSgA BOND MARKET FUND</b> 0.1 0.0366 0.0403 0.0191 0.0391 -0.0789 -0.0186 0.0966 0.0772 0.0676 0.1829 -0.087 -0.3717 0.2316 0.3016 0.0055 <b>Highest Quarterly Results (2002-2011)</b> 2009-06-30 0.1646 <b>Lowest Quarterly Results (2002-2011)</b> 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. <ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Debt Instruments.</li></ul><ul type="square"><li style="margin-left:00px"> Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall.</li></ul><ul type="square"><li style="margin-left:00px">Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument.</li></ul><ul type="square"><li style="margin-left:00px"> Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li style="margin-left:00px">Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px">Government Securities. Securities of certain U.S. government agencies and instrumentalities are not guaranteed by the U.S. Treasury, and the fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment.</li></ul><ul type="square"><li style="margin-left:-20px">Significant Exposure to U.S. Government Agencies and Financial Institutions. Events that would adversely affect the market prices of securities issued or guaranteed by one government agency may adversely affect the market price of securities issued or guaranteed by other government agencies. Similarly, events that would affect the market value of instruments issued by one financial institution, including repurchase agreements, may adversely affect the market value of instruments issued by similarly situated financial institutions.</li></ul><ul type="square"><li style="margin-left:-20px"> Risk Associated with Maintaining a Stable Share Price. To the extent that the aggregate market value of the fund’s assets materially varies from the aggregate of the acquisition prices of those assets, the fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests.</li></ul><ul type="square"><li style="margin-left:-20px"> Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests.</li></ul><ul type="square"><li style="margin-left:-20px">Low Short-Term Interest Rates. As short-term interest rates approach 0%, the fund may maintain substantial cash balances. The fund typically does not receive any income from uninvested cash. In addition, if the fund generates insufficient income to pay its expenses, it may not pay a daily dividend.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 2008-12-31 -0.2224 <b>Year-to-Date Ended</b> 2012-09-30 0.1594 0.0055 0.0026 0.0035 -0.0418 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. 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). 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. -0.0156 -0.0184 -0.014 0.0015 www.ssgafunds.com (800) 647-7327 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. 0.0181 0.0125 0.0117 0.0211 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 0.0039 -0.0042 -0.0077 A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. -0.0046 -0.0025 0.0248 0.0217 0.0204 0.0292 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. 0.0301 0.0251 0.0243 0.0407 December 31, 2013 <b>Highest Quarterly Results (2002-2011)</b> 2002-09-30 0.048 <b>Lowest Quarterly Results (2002-2011)</b> 2007-12-31 <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) -0.0558 <b>Year-to-Date Ended</b> 2012-09-30 0.0451 <b>Year-to- Date Ended</b> 2012-09-30 0 <b>Highest Quarterly Results (2002-2011)</b> 2006-12-31 0.0124 <b>Lowest Quarterly Results (2002-2011)</b> 2011-12-31 0 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. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 0 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br /><br />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:<br /><br /> 0.003 0.0024 0.0058 0.0112 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b></td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> December 31, 2006:<br/>1.24%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">December 31, 2011:<br/>0.00% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 0.00%</td> </tr></table> <b>FUND SUMMARY SSgA MONEY MARKET FUND</b> 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. <br /><br />During the most recent fiscal year, the fund’s turnover rate was less than 3% of the average value of its portfolio.<br /><br /> <b>INVESTMENT OBJECTIVE</b> SSgA 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. <b>FEES AND EXPENSES OF THE FUND</b> 2.05 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAU.S.GovernmentMoneyMarketFundBarChart column period compact * ~</div> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> September 30, 2002: <br/> 4.80%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2007: <br/>(5.58)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 4.51% </td> </tr></table> 0.0676 0.0554 0.0437 0.0784 0.0266 0.0118 0.0138 0.065 0.0366 0.0203 0.0216 0.0578 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.<br /><br />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: <b>Annual Fund Operating Expenses<br></b>     (expenses that you pay each year as a percentage of the value of your investment) -0.0052 0.006 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). 61 304 567 1317 <b>FUND SUMMARY SSgA IAM SHARES FUND</b> <b>INVESTMENT OBJECTIVE</b> <b>FEES AND EXPENSES OF THE FUND</b> <b>EXAMPLE</b> <b>PORTFOLIO TURNOVER</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> 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: <ul type="square"><li style="margin-left:-20px">Have entered into collective bargaining agreements with the IAMAW or affiliated labor unions, or </li><li style="margin-left:-20px">Are listed in the S&P 500® Index, and have not been identified by the IAMAW or affiliated labor unions as having non-union sentiment.</li></ul>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.<br/><br/>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. <br/><br/>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. <br/><br/>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. <b>PRINCIPAL RISKS</b> 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Equity Securities.</li></ul><ul type="square"><li>Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</li></ul><ul type="square"><li style="margin-left:-20px">Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective.</li></ul><ul type="square"><li style="margin-left:-20px">Large-Capitalization Securities. Large-capitalization companies usually cannot respond as quickly as smaller companies to competitive challenges, and their growth rates tend to lag the growth rates of well-managed smaller companies during strong economic periods.</li></ul><ul type="square"><li style="margin-left:-20px">More Volatility than the Fund’s Benchmark. While presenting the opportunity for excess returns relative to the S&P 500 Index, the fund’s strategy may present a greater risk of loss and higher tracking error compared to a fund that follows a strict indexing strategy.</li></ul><ul type="square"><li style="margin-left:-20px">Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</li></ul><ul type="square"><li style="margin-left:-20px">Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 0.0484 0.0314 0.058 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. 0.0241 0.0124 0.0136 0.0588 0.0317 0.0183 0.0192 0.052 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. It is possible to lose money by investing in the fund. <b>Annual Total Returns - SSgA Iam Shares Fund</b> <b>Average Annual Total Returns<br/>For the Periods Ending December 31, 2011:</b> <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) December 31, 2013 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. 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. (800) 647-7327 www.ssgafunds.com 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). A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. <b>FUND SUMMARY SSgA ENHANCED SMALL CAP FUND</b> <b>INVESTMENT OBJECTIVE</b> SSgA Enhanced Small Cap Fund seeks to maximize total return through investment primarily in small capitalization equity securities. <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: <b>PRINCIPAL INVESTMENT STRATEGIES</b> 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. <br/><br/>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. <br/><br/>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. <br/><br/>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.<br/><br/>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. <b>PRINCIPAL RISKS</b> 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Equity Securities.</li></ul><ul type="square"><li>Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</li></ul><ul type="square"><li style="margin-left:-20px">Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective. </li></ul><ul type="square"><li style="margin-left:-20px">More Volatility than the Fund’s Benchmark. While presenting the opportunity for excess returns relative to the Russell 2000 Index, the fund’s strategy may present a greater risk of loss and higher tracking error compared to a fund that follows a strict indexing strategy. </li></ul><ul type="square"><li style="margin-left:-20px">Small-Capitalization Securities. Investments in small-capitalization companies typically present greater risks than investments in larger companies because small companies often have limited product lines and few managerial or financial resources. As a result, the performance of the fund may be more volatile than a fund that invests in large-cap stocks. </li></ul><ul type="square"><li style="margin-left:-20px">Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. </li></ul><ul type="square"><li style="margin-left:-20px">Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>FUND SUMMARY SSgA DYNAMIC SMALL CAP FUND</b> <b>INVESTMENT OBJECTIVE</b> SSgA Dynamic Small Cap Fund seeks to maximize the total return through investment in equity securities. <b>PERFORMANCE</b> <b>FEES AND EXPENSES OF THE FUND </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual Fund Operating Expenses<br/></b>     (expenses that you pay each year as a percentage of the value of your investment) 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). <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>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: <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).<br/><br/>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.<br/><br/>During the most recent fiscal year, the fund’s turnover rate was 160% of the average value of its portfolio. <b>Annual Total Returns - SSgA Enhanced Small Cap Fund</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> 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. <br /><br /> 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. <br /><br /> 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. <br /><br /> 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. <br /><br /> 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. <b>Average Annual Total Returns For the Periods Ending December 31, 2011:</b> <b>PRINCIPAL RISKS</b> 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. <ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Equity Securities. </li></ul> <ul type="square"><li> Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments. </li></ul> <ul type="square"><li> Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all. </li></ul> <ul type="square"><li style="margin-left:-20px"> Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective. </li></ul> <ul type="square"><li style="margin-left:-20px"> Small-Capitalization Securities. Investments in small-capitalization companies typically present greater risks than investments in larger companies because small companies often have limited product lines and few managerial or financial resources. As a result, the performance of the fund may be more volatile than a fund that invests in large-cap stocks. </li></ul> <ul type="square"><li style="margin-left:-20px"> Value Stocks. Certain stocks in which the fund may invest may be inexpensive relative to their earnings or assets compared to other types of stocks. These stocks may continue to be inexpensive for long periods of time and they may never realize their full value. </li></ul> <ul type="square"><li style="margin-left:-20px"> Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. </li></ul> <ul type="square"><li style="margin-left:-20px"> Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected. </li></ul> Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>PERFORMANCE</b> To obtain the fund’s current yield, please call (800) 997-7327. 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. 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. <b> Annual Total Returns - SSgA Dynamic Small Cap Fund</b> <b>Average Annual Total Returns </b><br/><b>For the Periods Ending December 31, 2011:</b> <b>PORTFOLIO TURNOVER</b> 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. <br/><br/>During the most recent fiscal year, the fund’s turnover rate was 64% of the average value of its portfolio. 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). December 31, 2013 1.6 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. December 31, 2013 0.64 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. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. (800) 647-7327 www.ssgafunds.com Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 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). 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. 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. (800) 647-7327 www.ssgafunds.com A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. <b>Year-to-Date Ended</b> 2012-09-30 0.1591 <b>Highest Quarterly Results (2002-2011)</b> 2003-06-30 0.1949 2008-12-31 -0.2607 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. <b>FUND SUMMARY SSgA EMERGING MARKETS FUND</b> <b>INVESTMENT OBJECTIVE</b> SSgA Emerging Markets Fund seeks to provide maximum total return, primarily through capital appreciation, by investing primarily in securities of foreign issuers. <b>FEES AND EXPENSES OF THE FUND</b> <b>Lowest Quarterly Results (2002-2011)</b> <b>Year-to-Date Ended</b> 2012-09-30 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAIAMSHARESFundBarChart column period compact * ~</div> 0.1396 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Highest Quarterly Results (2006-2010)</b> 2009-06-30 0.191 <b>Lowest Quarterly Results (2006-2010)</b> <b>Annual Fund Operating Expenses</b><br />     (expenses that you pay each year as a percentage of the value of your investment) 2008-12-31 <b>EXAMPLE</b> -0.2668 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.<br /><br />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: <b>PORTFOLIO TURNOVER</b> <b>Shareholder Fees<br></b>     (fees paid directly from your investment) <b>PERFORMANCE</b> <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) 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.<br /><br />During the most recent fiscal year, the fund’s turnover rate was 74% of the average value of its portfolio. 0.0001 <b>PRINCIPAL INVESTMENT STRATEGIES</b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2003: 19.49%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2008: <br/>(26.07)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 15.91% </td> </tr></table> The fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities issued by companies domiciled or doing a substantial portion of their business in countries determined by the fund’s advisor to have a developing or emerging economy or securities market. An emerging market is any market included in the MSCI Emerging Markets Index, the fund’s benchmark. <br /><br /> The fund’s advisor employs a proprietary quantitative model to assist in country and stock selection, which the advisor believes are the keys to achieving the fund’s objective. This model is intended to help determine the relative attractiveness of the countries and securities within the fund’s investment universe. In addition, the model assists the advisor in controlling the fund’s exposure to risks relative to the fund’s benchmark. The model is based on the historical relationships of certain economic and financial factors applicable to issuers and/or countries (such as measures of value, sentiment and share price momentum) to past performance. It 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 advisor regularly reexamines the model and, when necessary, makes updates or adjustments to the economic and financial factors considered. The fund periodically rebalances its portfolio to reflect movements in the underlying factors. From time to time, the advisor will make a qualitative judgment to deviate from the model, but only if it believes that certain current information is not fully reflected in the model. <br /><br /> The fund may invest in common and preferred equity securities, publicly traded in the U.S. or in foreign countries in developed or emerging markets, securities convertible into common stocks, initial public offerings, equity swaps, equity futures, currency forwards, index swaps, structured equity notes, equity linked notes, American Depository Receipts and participation certificates. <br /><br /> The fund may use futures, forwards, swaps and certain other instruments to seek to generate returns. The fund’s use of futures, forwards, swaps and certain other instruments provides financial leverage. Through the use of leverage, the fund’s total investment exposure could far exceed the value of its portfolio holdings and its investment returns could depend upon the performance of equities and currencies that the fund does not own. <br /><br /> 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. <b>PRINCIPAL RISKS</b> 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. <br /><br /> Investing in this fund may involve more risk, and consequently, the fund may have a more volatile share price, than a fund investing primarily in equity securities of large, established U.S. corporations.<ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Equity Securities.</li></ul><ul type="square"><li>Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments.</li></ul><ul type="square"><li> Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all. </li></ul><ul type="square"><li style="margin-left:-20px"> Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective. </li></ul><ul type="square"> <li style="margin-left:-20px"> Foreign Securities, including Emerging Market Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments, as well as changes in exchange rates, and the inconvertibility of local currency into U.S. dollars. For emerging market equity securities, these risks tend to be greater than for securities of issuers located in more developed countries.</li></ul><ul type="square"> <li style="margin-left:-20px"> Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. </li></ul><ul type="square"> <li style="margin-left:-20px"> American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). ADRs and GDRs held by the fund have the same currency and economic risks as the underlying shares they represent, as well as the risks associated with foreign securities.</li></ul><ul type="square"> <li style="margin-left:-20px"> Derivatives. Investments in a derivative instrument could lose more than the principal amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a fund’s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk, counterparty risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.</li> </ul><ul type="square"><li style="margin-left:-20px"> Futures Risk. The risk of loss in trading futures contracts in some strategies is potentially unlimited. The entire amount invested in futures contracts could be lost. There also is no assurance that a liquid secondary market will exist for futures contracts and options in which a fund may invest. Participation in the futures markets, as well as the use of various forward contracts, involves investment risks and transaction costs to which the fund would not be subject absent the use of these strategies. If the fund’s predictions of movements in the direction of the securities, fixed income or currencies markets are inaccurate, the adverse consequences to the fund may leave the fund in a worse position than if such strategies were not used.</li> </ul><ul type="square"><li style="margin-left:-20px"> Forward Currency Contracts. The fund may engage in forward currency contracts to hedge against uncertainty in the level of future exchange rates or to effect investment transactions to generate returns consistent with the fund’s investment objective and strategies. A forward contract involves an obligation to purchase or sell a specific currency. Forward currency contracts are subject to the risk that should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold.</li></ul><ul type="square"> <li style="margin-left:-20px"> Swaps. A swap is a two-party contract that generally obligates one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. </li></ul><ul type="square"> <li style="margin-left:-20px"> Participation Certificates. Participation certificates are issued by banks or broker-dealers and are designed to offer a return linked to a security, index of securities or other asset. Investments in participation certificates involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate and are subject to counterparty risk. </li></ul> Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 0.0153 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAEnhancedSmallCapFundBarChart column period compact * ~</div> 0.0187 <b>PERFORMANCE</b> 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. <b>Annual Total Returns - SSgA Emerging Markets Fund</b> <b>Average Annual Total Returns<br /> For the Periods Ending December 31, 2011:</b> 0 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). 0.0075 0.0021 0.0255 0.0351 0.0125 -0.0226 0.0157 0.0084 0.0101 127 0.0292 0.0476 867 1628 3633 December 31, 2013 0.74 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. 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. <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAInternationalStockSelectionFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAInternationalStockSelectionFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAInternationalStockSelectionFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAInternationalStockSelectionFund column period compact * ~</div> 0.05 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 0.0246 0.0028 0.0001 0.0001 A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. (800) 647-7327 www.ssgafunds.com 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). 0.0865 0.0371 December 31, 2013 0.0296 0.0085 0.0368 -0.0517 -0.0068 0.0075 <b>EXAMPLE</b> 0.0762 <b>PRINCIPAL INVESTMENT STRATEGIES</b> 0.06 SSgA Money Market 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, liquidity of portfolio holdings, the maturity of individual securities and the portfolio as a whole, and portfolio diversification.<br /><br />The fund attempts to meet its investment objective by investing in a broad range of money market instruments, including certificates of deposit, bank notes and other bank instruments, commercial paper, repurchase agreements, asset-backed securities, corporate obligations, instruments issued or guaranteed by the U.S. government, its agencies and sponsored entities. These instruments may bear fixed, variable or floating rates of interest or may be zero coupon securities. 0.0484 <b>FUND SUMMARY SSgA INTERNATIONAL STOCK SELECTION FUND</b> <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) -0.1502 <b>PRINCIPAL RISKS</b> 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.<ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Debt Instruments.</li></ul> <ul type="square"><li> Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall. </li></ul> <ul type="square"><li> Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument. </li></ul><ul type="square"><li>Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px"> Risk Associated with Maintaining a Stable Share Price. To the extent that the aggregate market value of the fund’s assets materially varies from the aggregate of the acquisition prices of those assets, the fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests. </li></ul> <ul type="square"><li style="margin-left:-20px"> Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests. </li></ul> <ul type="square"><li style="margin-left:-20px"> Low Short-Term Interest Rates. As short-term interest rates approach 0%, the fund may maintain substantial cash balances. The fund typically does not receive any income from uninvested cash. In addition, if the fund generates insufficient income to pay its expenses, it may not pay a daily dividend. </li></ul> <ul type="square"><li style="margin-left:-20px"> Concentrated Exposure to Financial Institutions. Many instruments in which the fund invests, including repurchase agreements, are issued or guaranteed by financial institutions, such as banks and brokers, or are collateralized by securities issued or guaranteed by financial institutions. Changes in the credit worthiness of any of these institutions may adversely affect the value of instruments held by the fund. </li></ul> <ul type="square"><li style="margin-left:-20px"> Foreign Securities. The fund may invest in U.S. dollar denominated instruments issued by foreign governments, corporations and financial institutions. Financial information relating to foreign issuers may be more limited than financial information generally available for domestic issuers. In addition, the value of instruments of foreign issuers may be adversely affected by local or regional political and economic developments. </li></ul> Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>INVESTMENT OBJECTIVE</b> 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. 0.4289 <b>PERFORMANCE</b> 0.2001 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. 0.0568 <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. <b>FUND SUMMARY SSgA INTERMEDIATE FUND</b> <b>INVESTMENT OBJECTIVE</b> 0.1086 (800) 647-7327 SSgA Intermediate Fund seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years. www.ssgafunds.com <b>FEES AND EXPENSES OF THE FUND </b> -0.1342 <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. -0.3772 (800) 997-7327 0.1104 <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) 0.2576 <b>Annual Total Returns - SSgA Money Market Fund</b> 0.0453 <b>Average Annual Total Returns <br />for the Periods Ending December 31, 2011:</b> 0 <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, typically reflected in a bond’s purchase or sale price, 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.<br/><br/>During the most recent fiscal year, the fund’s turnover rate was 194% of the average value of its portfolio. <b>Highest Quarterly Results (2002-2011)</b> <b>EXAMPLE</b> 0.0025 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>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: 0.0028 <b>PRINCIPAL INVESTMENT STRATEGIES</b> 0.0128 SSgA Intermediate Fund attempts to meet its objective by investing at least 80% of its net assets (plus borrowings, if any) in debt instruments with dollar-weighted average maturities of between three and ten years. The fund’s portfolio typically consists of a core portfolio principally drawn from securities in the Barclays Capital U.S. Intermediate Government/Credit Bond Index, the fund’s benchmark, as well as other securities that have been selected to overweight or underweight certain securities, industries and sectors represented in the benchmark. The fund also manages its duration (that is, the sensitivity of the fund’s portfolio as a whole to interest rate changes) generally by investing in futures and primarily to correspond to the benchmark.<br/><br/>The fund invests primarily in investment grade debt instruments. Many of those instruments are instruments issued or guaranteed as to principal and interest by the U.S. government or its agencies and instrumentalities, obligations of U.S. and foreign corporations (e.g., “Yankee” bonds), including public utilities; obligations of U.S. and foreign financial institutions; repurchase agreements collateralized with high quality securities and other assets; derivatives, including swaps, futures and options; and asset-backed securities, including asset-backed commercial paper and mortgage-related securities. Such instruments typically are denominated in U.S. dollars. The fund may buy or sell securities on a forward-commitment, delayed-delivery or when-issued basis. These transactions involve the purchase or sale of securities by a fund at an established price with payment or delivery taking place in the future. 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. 2007-09-30 <b>PRINCIPAL RISKS</b> 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Debt Instruments.</li></ul><ul type="square"><li>Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall.</li></ul><ul type="square"><li>Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument.</li></ul><ul type="square"><li>Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px">Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests.</li></ul><ul type="square"><li style="margin-left:-20px">Significant Exposure to U.S. Government Agencies and Financial Institutions. Events that would adversely affect the market prices of securities issued or guaranteed by one government agency may adversely affect the market price of securities issued or guaranteed by other government agencies. Similarly, events that would affect the market value of instruments issued by one financial institution, including repurchase agreements, may adversely affect the market value of instruments issued by similarly situated financial institutions.</li></ul><ul type="square"><li style="margin-left:-20px">Mortgage-Related and Other Asset-Backed Securities. Defaults on the underlying assets of the mortgage-related and other asset-backed securities held by the fund may impair the value of those securities, and there may be limitations on the enforceability of any security interest granted with respect to those assets. These securities also present a higher degree of prepayment risk and extension risk than do other types of fixed income securities.</li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments. Most of the foreign securities held by the fund are “Yankee” bonds, that is, U.S. dollar-denominated foreign bonds. The value of non-U.S. dollar denominated foreign bonds in which the fund may invest also may be subject to changes in exchange rates.</li></ul><ul type="square"><li style="margin-left:-20px">Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</li></ul><ul type="square"><li style="margin-left:-20px">Forward-Commitment, When-Issued and Delayed-Delivery Securities. Forward-commitment, delayed-delivery and when-issued transactions involve a risk of loss if the value of the security to be purchased or sold by the fund increases or decreases below the repurchase price of those securities or the other party to the transaction fails to complete the transaction.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>PERFORMANCE</b> 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. <b>Annual Total Returns - SSgA Intermediate Fund</b> <b>Average Annual Total Returns</b><br/><b>For the Periods Ending December 31, 2011:</b> 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). 0.0126 December 31, 2013 <b>Lowest Quarterly Results (2002-2011)</b> -0.0418 2011-12-31 0.0295 0.0453 0.0453 0 1.94 <b>Year-to- Date Ended</b> 2012-09-30 0.0001 -0.0468 -0.0508 -0.0397 0.0015 SSgA International Stock Selection Fund seeks to provide long-term capital growth by investing primarily in securities of foreign issuers. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: <b>PORTFOLIO TURNOVER</b> 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. <br/><br/>During the most recent fiscal year, the fund’s turnover rate was 90% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> 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. <br /><br /> 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. <br /><br /> 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. <br /><br /> 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. <b>PRINCIPAL RISKS</b> 0.03 0.0255 0.0258 <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) 0.0562 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgADynamicSmallCapFundBarChart column period compact * ~</div> -0.0003 0.0125 It is possible to lose money by investing in the fund. 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. <ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Equity Securities. </li></ul> <ul type="square"><li> Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments. </li></ul> <ul type="square"><li> Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all. </li></ul> <ul type="square"><li style="margin-left:-20px"> Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective. </li></ul> <ul type="square"><li style="margin-left:-20px"> Foreign Securities, including Emerging Market Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments, as well as changes in exchange rates, and the inconvertibility of local currency into U.S. dollars. For emerging market equity securities, these risks tend to be greater than for securities of issuers located in more developed countries.</li></ul> <ul type="square"><li style="margin-left:-20px"> Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. </li></ul> <ul type="square"><li style="margin-left:-20px"> Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected. </li></ul> Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 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. 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. (800) 647-7327 www.ssgafunds.com <b>PERFORMANCE</b> A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. 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. 127 403 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 699 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. 1543 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). <b>Year-to-Date Ended</b> 2012-09-30 0.0366 2002-09-30 0.0454 <b>Lowest QuarterlyResults</b> 2007-09-30 -0.0296 <b>Average Annual Total Returns - SSgA International Stock Selection Fund</b> 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). <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAMoneyMarketFundBarChart column period compact * ~</div> <b>Highest QuarterlyResults </b> -0.0503 0.5397 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/> 16.46%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2008: <br/>(22.24)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 15.94% </td> </tr></table> 0.2467 <b>Average Annual Total Returns </b> <br/><b>For the Periods Ending December 31, 2011:</b> 0.3728 0.3346 0.4096 -0.5633 It is possible to lose money by investing in the fund. <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAIntermediateFundBarChart column period compact * ~</div> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2006-2010) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2006-2010) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/>19.10%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2008: <br/>(26.68)%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">September 30, 2012:<br/> 13.96% </td> </tr></table> 0.7025 0.9 0.1958 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. -0.19 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. 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. <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> September 30, 2007: <br/> 1.26%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2011: <br/>0.00% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 0.01% </td> </tr></table> (800) 647-7327 www.ssgafunds.com 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). <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> September 30, 2002: <br/> 4.54%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2007: <br/>(2.96)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 3.66% </td> </tr></table> <b>Highest Quarterly Results (2002-2011)</b> 2009-06-30 <b>Annual Fund Operating Expenses<br></b>     (expenses that you pay each year as a percentage of the value of your investment) 0.3126 <b>Lowest Quarterly Results (2002-2011)</b> 2008-09-30 -0.2994 <b>Year-to-Date Ended</b> 2012-09-30 0.0906 -0.19 -0.1945 -0.1235 -0.1817 -0.1842 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/> 20.47%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2011: <br/>(22.85)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 7.64% </td> </tr></table> 0.003 -0.0054 0.0019 0.027 0.024 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAU.S.TreasuryMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAU.S.TreasuryMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAU.S.TreasuryMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAU.S.TreasuryMoneyMarketFund column period compact * ~</div> -0.1503 -0.1616 -0.0975 -0.1214 -0.0677 -0.0724 -0.0557 -0.0472 0.0486 0.0441 0.0431 0.0467 0.1299 0.1224 0.1168 0.142 0.1386 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAPrimeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAPrimeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAPrimeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAPrimeMoneyMarketFund column period compact * ~</div> 0 0.0075 0.0024 0.0022 0.0121 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgATuckermanActiveREITFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgATuckermanActiveREITFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgATuckermanActiveREITFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgATuckermanActiveREITFund column period compact * ~</div> 0 -0.0021 0.01 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. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 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. 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). <b>Shareholder Fees</b><br />     (fees paid directly from your investment) 0.0015 0.0005 0.0005 102 0.0025 363 645 1447 -0.0005 0.002 0.0155 0.0094 0.0114 0.0302 0.0487 0.048 0.015 0 20 0 75 136 0 313 0 0.0405 0.00045 0.00071 <b>FUND SUMMARY SSgA U.S. Treasury Money Market Fund</b> 0.00074 <b>INVESTMENT OBJECTIVE</b> 0.0019 <b>FEES AND EXPENSES OF THE FUND</b> <b>EXAMPLE</b> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAIntermediateFund column period compact * ~</div> <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) -0.0001 0.0018 0.0174 <b>Annual Fund Operating Expenses</b><br>     (expenses that you pay each year as a percentage of the value of your investment)</b> <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>PRINCIPAL RISKS</b> 0.0103 0.0122 0.0313 0.0497 <b>Highest Quarterly Results (2002-2011) </b> 2009-06-30 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.052 0.2047 0.0276 <b>Lowest Quarterly Results (2002-2011)</b> 0.0042 2011-09-30 0.0012 0.0008 -0.2285 <b>Year-to-Date Ended</b> 2012-09-30 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. 0.0764 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. A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. <b>PERFORMANCE</b> (877) 521-4083 www.ssgafunds.com <b>Annual Total Returns - SSgA U.S. Treasury Money Market Fund</b> <b>Average Annual Total Returns For the Periods Ending December 31, 2011:</b> To obtain the fund’s current yield, please call (877) 521-4083. 18 60 To obtain the fund’s current yield 106 (877) 521-4083 242 <b>Highest Quarterly Results (2002-2011)</b> 2007-09-30 0.0131 <b>Lowest Quarterly Results (2002-2011)</b> 2011-09-30 0.0001 <b>Year-to-Date Ended</b> 2012-09-30 0.0009 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b></td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> December 31, 2006:<br/>1.29%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">December 31, 2011:<br/>0.00% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 0.00%</td> </tr></table> 0.0186 0.0117 0.0121 0.0211 -0.0039 -0.0077 -0.0044 -0.0025 0 0.0276 0.024 0.0227 0.0292 0.0008 0.017 0.0205 <b>FUND SUMMARY SSgA TUCKERMAN ACTIVE REIT FUND</b> <b>INVESTMENT OBJECTIVE</b> 0.0015 <b>FEES AND EXPENSES OF THE FUND</b> 0.0005 0.0005 <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE</b> -0.137 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: <b>PORTFOLIO TURNOVER</b> 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. <br/><br/>During the most recent fiscal year, the fund’s turnover rate was 21% of the average value of its portfolio. 0.4289 <b>PRINCIPAL INVESTMENT STRATEGIES</b> 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<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> 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. <br/><br/>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. 0.2105 <b>PRINCIPAL RISKS</b> 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. <br/><br/>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. <ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Equity Securities. </li><li style="margin-left:00px">Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments.</li><li style="margin-left:00px">Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</li><li style="margin-left:00px">Non-Diversified Investments. To the extent the fund’s investments are weighted heavily in the securities of one or a few issuers, developments affecting those issuers are likely to have a greater impact on the fund’s share price.</li><li style="margin-left:00px">Real Estate Securities. The fund’s investments in companies that hold or manage real estate, including REITs, are subject to many of the risks associated with direct ownership of real estate, and may be affected by changes in general and local economic conditions and lack of diversification.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 0.1704 <b>PERFORMANCE</b> 0.0025 0.3054 <b>Annual Total Returns - SSgA Tuckerman Active REIT Fund</b> 0.069 -0.4149 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> September 30, 2009: <br/> 30.54%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2008: <br/>(41.84)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 13.32% </td> </tr></table> <b>Average Annual Total Returns For the Periods Ending December 31, 2011:</b> 0.2292 0.0784 -0.1503 December 31, 2013 0.21 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. <ul type="square"><li style="margin-left:-20px">Non-Diversified Investments. To the extent the fund’s investments are weighted heavily in the securities of one or a few issuers, developments affecting those issuers are likely to have a greater impact on the fund’s share price. </li></ul> 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. (800) 647-7327 www.ssgafunds.com -0.0005 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 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. 0.002 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). A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain the fund’s current yield, please call (877) 521-4083. 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. <b>Highest Quarterly Results (2002-2011)</b> 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. <br /><br />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. <br /><br /> 2009-09-30 0.3054 20 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br /><br />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:<br /><br /> <b>Shareholder Fees</br></b>     (fees paid directly from your investment) <b>Lowest Quarterly Results (2002-2011)</b> 75 2008-12-31 136 -0.4184 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 313 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. <b>Year-to-Date Ended</b> 2012-09-30 0.1332 0 0.0124 0.0177 0.0656 0.318 0.374 0.142 0.3603 -0.1493 -0.4167 0.2174 0.2511 0.1016 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/> 31.26%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2008: <br/>(29.94)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 9.06% </td> </tr></table> 0.1016 0.0961 0.0658 0.0924 -0.036 -0.0534 -0.0355 -0.0196 0.0958 0.0764 0.0767 0.1016 <b>FUND SUMMARY SSgA PRIME MONEY MARKET FUND </b> <b>INVESTMENT OBJECTIVE</b> December 31, 2013 <b>FEES AND EXPENSES OF THE FUND</b> <b>Year-to- Date Ended</b> 2012-09-30 0 <b>EXAMPLE</b> <b>Highest Quarterly Results (2002-2011)</b> <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) 2006-12-31 0.0129 <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>Lowest Quarterly Results (2002-2011)</b> <b>PRINCIPAL RISKS</b> 2011-12-31 <b>PERFORMANCE</b> 0 <b>Annual Total Returns - SSgA Prime Money Market Fund</b> <b>Average Annual Total Returns For the Periods Ending December 31, 2011:</b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> September 30, 2007: <br/> 1.31%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">September 30, 2011: <br/>0.01% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 0.09% </td> </tr></table> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAInternationalStockSelectionFundBarChart column period compact * ~</div> 102 387 693 1562 0.0065 0.0025 0.0042 0.0132 -0.0032 0.01 -0.2234 0.2859 0.1074 0.0471 0.156 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. <ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Debt Instruments.</li></ul><ul type="square"><li style="margin-left:00px"> Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall.</li></ul><ul type="square"><li style="margin-left:00px">Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument.</li></ul><ul type="square"><li style="margin-left:00px"> Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li style="margin-left:00px">Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px"> Risk Associated with Maintaining a Stable Share Price. To the extent that the aggregate market value of the fund’s assets materially varies from the aggregate of the acquisition prices of those assets, the fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests.</li></ul><ul type="square"><li style="margin-left:-20px">Concentrated Exposure to Financial Institutions. Many instruments in which the fund invests, including repurchase agreements, are issued or guaranteed by financial institutions, such as banks and brokers, or are collateralized by securities issued or guaranteed by financial institutions. Changes in the credit worthiness of any of these institutions may adversely affect the value of instruments held by the fund.</li></ul><ul type="square"><li style="margin-left:-20px"> Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests.</li></ul><ul type="square"><li style="margin-left:-20px">Low Short-Term Interest Rates. As short-term interest rates approach 0%, the fund may maintain substantial cash balances. The fund typically does not receive any income from uninvested cash. In addition, if the fund generates insufficient income to pay its expenses, it may not pay a daily dividend.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 0.0541 -0.3703 0.2622 0.1494 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. 0.0186 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: December 31, 2013 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) 0 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAU.S.TreasuryMoneyMarketFundBarChart column period compact * ~</div> <b>FUND SUMMARY SSgA HIGH YIELD BOND FUND</b> <b>INVESTMENT OBJECTIVE</b> 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. SSgA High Yield Bond Fund seeks to maximize total return by investing primarily in fixed-income securities, including, but not limited to, those represented by the Barclays Capital U.S. Corporate High-Yield Bond Index. 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. (877) 521-4083 <b>FEES AND EXPENSES OF THE FUND</b> www.ssgafunds.com A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. December 31, 2013 To obtain the fund’s current yield (877) 521-4083 <b>Shareholder Fees<br></b>     (fees paid directly from your investment) <b>FUND SUMMARY SSgA EMERGING MARKETS FUND</b> <b>INVESTMENT OBJECTIVE</b> SSgA Emerging Markets Fund seeks to provide maximum total return, primarily through capital appreciation, by investing primarily in securities of foreign issuers. <b>FEES AND EXPENSES OF THE FUND </b> <b>Annual Fund Operating Expenses<br/></b>     (expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE</b> <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) This example is intended to help you compare the cost of investing in Select Class Shares of the fund with the cost of investing in other mutual funds.<br/><br/>The example assumes that you invest $10,000 in Select Class Shares of the fund for the time periods indicated, and then redeem all of your Select Class Shares of the fund 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. 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: <b>PORTFOLIO TURNOVER</b> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgATuckermanActiveREITFundBarChart column period compact * ~</div> <b>Annual Fund Operating Expenses<br></b>     (expenses that you pay each year as a percentage of the value of your investment) 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.<br/><br/>During the most recent fiscal year, the fund’s turnover rate was 74% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> The fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities issued by companies domiciled or doing a substantial portion of their business in countries determined by the fund’s advisor to have a developing or emerging economy or securities market. An emerging market is any market included in the MSCI Emerging Markets Index, the fund’s benchmark. <br /><br /> The fund’s advisor employs a proprietary quantitative model to assist in country and stock selection, which the advisor believes are the keys to achieving the fund’s objective. This model is intended to help determine the relative attractiveness of the countries and securities within the fund’s investment universe. In addition, the model assists the advisor in controlling the fund’s exposure to risks relative to the fund’s benchmark. The model is based on the historical relationships of certain economic and financial factors applicable to issuers and/or countries (such as measures of value, sentiment and share price momentum) to past performance. It 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 advisor regularly reexamines the model and, when necessary, makes updates or adjustments to the economic and financial factors considered. The fund periodically rebalances its portfolio to reflect movements in the underlying factors. From time to time, the advisor will make a qualitative judgment to deviate from the model, but only if it believes that certain current information is not fully reflected in the model. <br /><br /> The fund may invest in common and preferred equity securities, publicly traded in the U.S. or in foreign countries in developed or emerging markets, securities convertible into common stocks, initial public offerings, equity swaps, equity futures, currency forwards, index swaps, structured equity notes, equity linked notes, American Depository Receipts and participation certificates. <br /><br /> The fund may use futures, forwards, swaps and certain other instruments to seek to generate returns. The fund’s use of futures, forwards, swaps and certain other instruments provides financial leverage. Through the use of leverage, the fund’s total investment exposure could far exceed the value of its portfolio holdings and its investment returns could depend upon the performance of equities and currencies that the fund does not own. <br /><br /> 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. 0 <b>PRINCIPAL RISKS</b> 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. <br/><br/> Investing in this fund may involve more risk, and consequently, the fund may have a more volatile share price, than a fund investing primarily in equity securities of large, established U.S. corporations. <ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Equity Securities. </li></ul> <ul type="square"><li> Market, Industry and Specific Holdings — The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments. </li></ul> <ul type="square"><li> Liquidity Risk — The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all. </li></ul> <ul type="square"><li style="margin-left:-20px"> Use of a Quantitative Strategy. A quantitative investment strategy generally is based on the assumption that the future performance of a specific security relative to other securities may be predicted based on the correlation of certain historical economic and financial factors to past performance. Over time, the correlation between these factors and performance may diminish, which may impair the fund’s ability to achieve its investment objective. </li></ul> <ul type="square"><li style="margin-left:-20px"> Foreign Securities, including Emerging Market Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments, as well as changes in exchange rates, and the inconvertibility of local currency into U.S. dollars. For emerging market equity securities, these risks tend to be greater than for securities of issuers located in more developed countries. </li></ul> <ul type="square"><li style="margin-left:-20px"> Sector. The fund may have significant investments in one or more specific industry sectors, subjecting it to risks greater than general market risk. </li></ul> <ul type="square"><li style="margin-left:-20px"> American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). ADRs and GDRs held by the fund have the same currency and economic risks as the underlying shares they represent, as well as the risks associated with foreign securities.</li></ul> <ul type="square"><li style="margin-left:-20px"> Derivatives. Investments in a derivative instrument could lose more than the principal amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a fund’s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk, counterparty risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate exactly with the change in the value of the underlying asset, rate or index. </li></ul> <ul type="square"><li style="margin-left:-20px"> Futures Risk. The risk of loss in trading futures contracts in some strategies is potentially unlimited. The entire amount invested in futures contracts could be lost. There also is no assurance that a liquid secondary market will exist for futures contracts and options in which a fund may invest. Participation in the futures markets, as well as the use of various forward contracts, involves investment risks and transaction costs to which the fund would not be subject absent the use of these strategies. If the fund’s predictions of movements in the direction of the securities, fixed income or currencies markets are inaccurate, the adverse consequences to the fund may leave the fund in a worse position than if such strategies were not used. </li></ul> <ul type="square"><li style="margin-left:-20px"> Forward Currency Contracts. The fund may engage in forward currency contracts to hedge against uncertainty in the level of future exchange rates or to effect investment transactions to generate returns consistent with the fund’s investment objective and strategies. A forward contract involves an obligation to purchase or sell a specific currency. Forward currency contracts are subject to the risk that should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. </li></ul> <ul type="square"><li style="margin-left:-20px"> Swaps. A swap is a two-party contract that generally obligates one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</li></ul> <ul type="square"><li style="margin-left:-20px"> Participation Certificates. Participation certificates are issued by banks or broker-dealers and are designed to offer a return linked to a security, index of securities or other asset. Investments in participation certificates involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate and are subject to counterparty risk. </li></ul> Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>PERFORMANCE</b> The following bar chart shows how the performance fund’s Select Class Shares has varied from year to year, and the table immediately below the chart shows the performance of the fund’s Select Class Shares 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 information for Select Class Shares before their inception (March 1, 2006) is derived from the historical performance of the fund’s Institutional Class Shares, adjusted for differences in the operating expenses of the two classes 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. The 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. 0.003 <b> Annual Total Returns - SSgA Emerging Markets Fund</b> 0.0024 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/> 31.35%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2008: <br/>(29.88)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: <br/> 9.26% </td> </tr></table> 0.0034 <b>Average Annual Total Returns </b><b>For the Periods Ending December 31, 2011:</b> 0.0002 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). 0.009 -0.0013 0.0077 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 0.74 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. The following bar chart shows how the performance fund’s Select Class Shares has varied from year to year, and the table immediately below the chart shows the performance of the fund’s Select Class Shares 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. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. The fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. (800) 647-7327 www.ssgafunds.com 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). <b>Year-to-Date Ended</b> 2012-09-30 0.0926 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. <br /><br />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.<br /><br /> <b>Highest Quarterly Results (2002-2011)</b> 2009-06-30 0.3135 <b>Lowest Quarterly Results (2002-2011)</b> 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. 2008-09-30 -0.2988 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Debt Instruments.</li></ul><ul type="square"><li>Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall.</li></ul><ul type="square"><li>Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument.</li></ul><ul type="square"><li>Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><br/><ul type="square"><li style="margin-left:-20px">Risk Associated with Maintaining a Stable Share Price. To the extent that the aggregate market value of the fund’s assets materially varies from the aggregate of the acquisition prices of those assets, the fund may not be able to maintain a stable share price of $1.00. This risk typically is higher during periods of rapidly changing interest rates or when issuer credit quality generally is falling, and is made worse when the fund experiences significant redemption requests.</li></ul><ul type="square"><li style="margin-left:-20px">Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests.</li></ul><ul type="square"><li style="margin-left:-20px">Low Short-Term Interest Rates. As short-term interest rates approach 0%, the fund may maintain substantial cash balances. The fund typically does not receive any income from uninvested cash. In addition, if the fund generates insufficient income to pay its expenses, it may not pay a daily dividend.</li><li style="margin-left:-20px">Concentrated Exposure to Financial Institutions. Many instruments in which the fund invests, including repurchase agreements, are issued or guaranteed by financial institutions, such as banks and brokers, or are collateralized by securities issued or guaranteed by financial institutions. Changes in the credit worthiness of any of these institutions may adversely affect the value of instruments held by the fund.</li></ul><ul type="square"><li style="margin-left:-20px">Asset-Backed Securities Risk. Defaults on the underlying assets of the asset-backed securities held by the fund may impair the value of the securities, and there may be limitations on the enforceability of any security interest granted with respect to those assets. These securities also present a higher degree of prepayment risk (when repayment of principal occurs before scheduled maturity) and extension risk (when rates of repayment of principal are slower than expected) than do other types of fixed income securities.</li></ul><ul type="square"><li style="margin-left:-20px">Foreign Securities. The fund may invest in U.S. dollar denominated instruments issued by foreign governments, corporations and financial institutions. Financial information relating to foreign issuers may be more limited than financial information generally available for domestic issuers. In addition, the value of instruments of foreign issuers may be adversely affected by local or regional political and economic developments.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 0 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). <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.<br /><br />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: <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAPrimeMoneyMarketFundBarChart column period compact * ~</div> 107 334 579 1283 <b>FUND SUMMARY SSgA S&P 500 INDEX FUND</b> <b>INVESTMENT OBJECTIVE</b> SSgA S&P 500 Index Fund seeks to replicate as closely as possible, before expenses, the performance of the Standard & Poor’s® 500 Index. <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. As a shareholder in the State Street Equity 500 Index Portfolio (the “Portfolio”), the fund bears and the table reflects its ratable share of the Portfolio’s expenses, including advisory and administrative fees, and at the same time continues to pay its own fees and expenses. The example below also reflects the expenses of both the fund and the Portfolio. <b>Annual Fund Operating Expenses</b><br/>     (expenses that you pay each year as a percentage of the value of your investment) <b>EXAMPLE</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>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: <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). As a shareholder of the Portfolio, the fund bears its ratable share of the transaction costs associated with the portfolio turnover of the 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. <br/><br/>During the most recent fiscal year, the Portfolio’s turnover rate was 19% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> There is no assurance that the fund will achieve its investment objective, and you could lose money by investing in the fund. SSgA S&P 500 Index Fund seeks to achieve its investment objective by investing substantially all of its assets in the Portfolio, the “master fund” that has the same investment objective as, and investment policies that are substantially similar to those of, the fund. This is commonly referred to as a “master/feeder” complex, with the fund serving as the “feeder” fund and the Portfolio serving as the “master” fund. The Portfolio uses a passive management strategy designed to track the performance of the S&P 500. The Index is a well-known stock market index that includes common stocks of 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. <br/><br/>The Portfolio is not managed according to traditional methods of “active” investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Instead, the Portfolio, using a “passive” or “indexing” investment approach, attempts to replicate, before expenses, the performance of the S&P 500.<br/><br/>Under normal market conditions, the Portfolio will not invest less than 80% of its total assets in stocks in the Index. The fund attempts to replicate the investment performance of the S&P 500 Index and generally intends to invest, via the Portfolio, in all 500 stocks comprising the S&P 500 in approximate proportion to their weightings in the Index. However, it may not be possible or practicable to purchase all 500 stocks of the S&P 500 Index in those weightings. When it is not possible or practicable to purchase all 500 stocks of the S&P 500 Index in those weightings, the Portfolio may purchase a representative sample of the stocks listed in the S&P 500 Index in proportion expected by the investment advisor to match generally the performance of the Index as a whole. In addition, from time to time stocks are added to or removed from the Index. The Portfolio may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index. Shareholders will receive 60 days’ notice prior to a change in the 80% investment policy.<br/><br/>In addition to common stocks in the S&P 500 Index, the Portfolio may at times purchase or sell futures contracts on the Index, or options on those futures, in lieu of investing directly in the stocks making up the Index. The Portfolio might do so, for example, in order to increase its investment exposure pending investment of cash in the stocks comprising the Index. Alternatively, the Portfolio might use futures or options on futures to reduce its investment exposure in situations where it intends to sell a portion of the stocks in its portfolio but the sale has not yet been completed. The Portfolio may also enter into other derivatives transactions, including the use of options or swap transactions, to assist in attempting to replicate the performance of the Index. The Portfolio may also, to the extent permitted by applicable law, invest in shares of other mutual funds whose investment objectives and policies are similar to those of the Portfolio. <b>PRINCIPAL RISKS</b> 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.<ul type="square"><li style="margin-left:-20px">Risks Common to Funds Investing Principally in Equity Securities.</li></ul><ul type="square"><li>Market, Industry and Specific Holdings—The share price of the fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry in which the fund has significant holdings, or weaknesses associated with one or more specific companies in which the fund may have substantial investments.</li></ul><ul type="square"><li style="margin-left:-20px">Index Tracking Risk. The Portfolio’s return may not match the return of the Index for a number of reasons. For example, the return on the securities and other investments selected by the investment advisor may not correlate precisely with the return on the Index. The Portfolio incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. The Portfolio may not be fully invested at times, either as a result of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The return on the sample of securities purchased by the Portfolio, or futures or other derivative positions taken by the Portfolio, to replicate the performance of the Index may not correlate precisely with the return of the Index.</li></ul><ul type="square"><li style="margin-left:-20px">Large-Capitalization Securities. Because the S&P 500 includes mainly large U.S. companies, the Portfolio’s emphasis on securities issued by large capitalization companies makes it susceptible to the risks of investing in larger companies. Large-capitalization companies usually cannot respond as quickly as smaller companies to competitive challenges, and their growth rates tend to lag the growth rates of well-managed smaller companies during strong economic periods. </li></ul><ul type="square"><li style="margin-left:-20px"> Master/Feeder Structure Risk. The ability of the fund to meet its investment objective and redeem investors is directly related to the ability of the master fund to meet its objective and redeem fund interests in the master fund. The ability of the fund to meet its objective may be adversely affected by the purchase and redemption activities of other investors in the Portfolio. SSgA Funds Management, Inc., the fund’s investment advisor, also serves as investment advisor to the Portfolio. For example, the investment advisor may have an economic incentive to maintain the fund’s investment in the Portfolio at a time when it might otherwise choose not to do so. The trustees and officers of the fund will consider any conflict between the fund and the Portfolio and take such actions as they deem appropriate. </li></ul><ul type="square"><li style="margin-left:-20px">Derivatives. The Portfolio’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected. Derivative transactions typically involve leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Portfolio may not be able to close out a derivative transaction at a favorable time or price. </li></ul><ul type="square"><li style="margin-left:-20px">Passive Strategy/Index Risk. The Portfolio is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Portfolio may hold constituent securities of the S&P 500 regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. </li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. <b>PERFORMANCE</b> 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. <b>Annual Total Returns - SSgA S&P 500 Index Fund</b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results(2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results(2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: <br/>15.84%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">December 31, 2008:<br/>(21.89)%</td> <td valign="bottom"> </td> <td valign="bottom" align="center">September 30, 2012:<br/> 16.53% </td> </tr></table> <b>Average Annual Total Returns for the Periods Ending December 31, 2011:</b> 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). <b>PORTFOLIO TURNOVER</b> The fund pays transaction costs, typically reflected in a bond’s purchase or sale price, 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.<br /><br />During the most recent fiscal year, the fund’s turnover rate was 196% of the average value of its portfolio. 1.96 <b>PRINCIPAL INVESTMENT STRATEGIES</b> SSgA High Yield Bond Fund attempts to meet its objective by investing at least 80% of its net assets (plus borrowings, if any) in high yield bonds commonly referred to as “junk bonds”. The fund’s portfolio typically consists of a core portfolio principally drawn from securities in the Barclays Capital U.S. High-Yield 2% Issuer Capped Index, the fund’s benchmark, as well as other securities that have been selected to overweight or underweight certain securities, industries and sectors represented in the benchmark. Intensive credit analysis of specific issuers is an important component of the fund’s securities selection process. High yield bonds, and to a lesser extent other types of bonds, may be purchased at a discount to their face value and thereby provide opportunities to the fund for capital appreciation. The duration of the fund (that is, its sensitivity to changes in interest rates) is monitored against the benchmark.<br /><br />The fund invests primarily in debt securities that have been publicly issued or privately placed, with fixed, zero coupon, payment-in-kind, variable or floating interest rates. The fund’s investments may include: obligations of U.S. and foreign corporations (e.g., “Yankee” bonds); privately issued bank loans; equity securities; derivatives (e.g., credit default swap indices); asset-backed securities; and repurchase agreements. 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. <b>PRINCIPAL RISKS</b> 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. <ul type="square"><li style="margin-left:-20px"> Risks Common to Funds Investing Principally in Debt Instruments.</li></ul> <ul type="square"><li> Interest Rate Risk—The risk that interest rates will rise, causing the value of the fund’s assets to fall. </li></ul> <ul type="square"><li> Credit Risk—The risk that an issuer, guarantor or liquidity provider of an instrument held by the fund will fail to make scheduled interest or principal payments, which may reduce the fund’s income and the market value of the instrument. </li></ul><ul type="square"><li>Prepayment Risk (when repayment of principal occurs before scheduled maturity) and Extension Risk (when rates of repayment of principal are slower than expected)—Applicable primarily to mortgage-related securities, the risks that the underlying loan obligations may be refinanced (repaid) faster or slower than expected, causing the fund to invest repayment proceeds in, or continue to hold, lower yielding securities, as the case may be.</li></ul><ul type="square"><li>Liquidity Risk—The risk that the fund may not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all, because of a lack of demand in the market for such securities, or a liquidity provider defaults on its obligation to purchase the securities when properly tendered by the fund.</li></ul><ul type="square"><li style="margin-left:-20px"> Non-Investment Grade Securities. Securities rated below investment grade (that is, below BBB by S&P or Baa by Moody’s) are regarded as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. High yield bonds generally are not as sensitive to interest rate changes as investment grade bonds. </li></ul> <ul type="square"><li style="margin-left:-20px"> Rapid Changes in Interest Rates. Rapid changes in interest rates may cause significant requests to redeem fund shares, and possibly cause the fund to sell portfolio securities at a loss to satisfy those requests. </li></ul> <ul type="square"><li style="margin-left:-20px"> Privately Negotiated Loans and Other Indebtedness. The fund may acquire interests in certain corporate loans and other forms of indebtedness that restrict the fund’s ability to sell those interests. As a result, the fund may not be able to sell those interests, or sell those interests for full value, when it otherwise may be advantageous to the fund to do so. </li></ul> <ul type="square"><li style="margin-left:-20px"> Asset-Backed Securities. Defaults on the underlying assets of the asset-backed securities held by the fund may impair the value of an asset-backed security, and there may be limitations on the enforceability of any security interest granted with respect to those assets. </li></ul> <ul type="square"><li style="margin-left:-20px"> Foreign Securities. To the extent the fund holds securities of foreign issuers, financial information concerning those issuers may be unavailable or more limited than information generally available from U.S. issuers, and it may have difficulty selling the securities or protecting its investment. Foreign securities also tend to be adversely affected by local or regional political and economic developments. Most of the foreign securities held by the fund are “Yankee” bonds, that is, U.S. dollar-denominated foreign bonds. The value of non-U.S. dollar denominated foreign bonds in which the fund may invest also may be subject to changes in exchange rates. </li></ul><ul type="square"><li style="margin-left:-20px">Equities. To the extent the fund holds equities, the fund will be exposed to the risks inherent in equities. The share price of the fund may fall because of weakness in the stock markets, generally, weakness with respect to a particular industry in which it has significant holdings, or weakness associated with one or more specific companies in which the fund may have substantial investments. Moreover, the fund may not be able to sell some or all of its securities at desired prices.</li></ul><ul type="square"><li style="margin-left:-20px"> Derivatives. The fund’s investments in derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</li></ul>Please refer to “Fund Objectives, Strategies and Risks” in the Prospectus for further details. 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. 0.19 <b>PERFORMANCE</b> 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. Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. December 31, 2013 A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. (800) 647-7327 www.ssgafunds.com It is possible to lose money by investing in the fund. <b>Annual Total Returns - SSgA High Yield Bond Fund</b> 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. <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr> <td valign="bottom" nowrap="nowrap" align="center"><b> Highest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"> <b> Lowest Quarterly <br/> Results (2002-2011) </b> </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap" align="center"><b>Year-to-<br/>Date Ended</b> </td> </tr> <tr> <td valign="bottom" align="center"> June 30, 2009: 16.46%</td> <td valign="bottom"> </td> <td valign="bottom" align="center"> December 31, 2008: <br/>(17.13)% </td> <td valign="bottom"> </td> <td valign="bottom" align="center"> September 30, 2012: 11.42% </td> </tr></table> 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. <b>Average Annual Total Returns <br />For the Periods Ending December 31, 2011:</b> A fund’s past performance (both before and after taxes) is not necessarily an indication of how the fund will perform in the future. (800) 647-7327 www.ssgafunds.com 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). 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. <b>Highest Quarterly Results (2002-2011)</b> 2009-06-30 0.1646 <b> Lowest Quarterly Results (2002-2011) </b> 2008-12-31 -0.1713 <b>Year-to-Date Ended</b> 2012-09-30 0.1142 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. 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). -0.1883 79 274 0.1981 486 1096 0.7077 -0.5624 0.412 0.3373 0.3728 0.2467 0.5397 -0.0503 0.0218 0.1972 0.0898 0.0199 0.0838 0.0265 -0.2365 0.5124 0.1527 0.0363 0.0363 0.0124 0.0235 0.0496 0.072 0.0416 0.0429 0.0774 0.0763 0.0474 0.0478 0.0896 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgASP500IndexFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAEmergingMarketsFundSelectClass column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgASP500IndexFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAHighYieldBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAEmergingMarketsFundSelectClass column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgASP500IndexFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAEmergingMarketsFundSelectClass column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgASP500IndexFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgASP500IndexFund column period compact * ~</div> To obtain the fund’s current yield <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAEmergingMarketsFundSelectClassBarChart column period compact * ~</div> December 31, 2013 Index returns do not reflect deductions for fees, taxes or expenses associated with investment in a fund. <b>Shareholder Fees</b><br/>     (fees paid directly from your investment) <b>Year-to-Date Ended</b> 2012-09-30 0.1653 <b>Highest Quarterly Results (2002-2011)</b> 2009-06-30 0.1584 <b>Lowest Quarterly Results (2002-2011)</b> 2008-12-31 -0.2189 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. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. -0.1883 -0.1935 -0.1224 0.0052 -0.0037 0.0036 0.1313 0.1236 0.118 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). -0.1817 -0.1842 0.027 0.024 0.142 0.1386 <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAEmergingMarketsFundSelectClass column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleShareholderFeesSSgAEmergingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleExpenseExampleTransposedSSgAEmergingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualTotalReturnsSSgAEmergingMarketsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSSgAEmergingMarketsFund column period compact * ~</div> <div style="display:none">~ http://www.ssgafunds.com/role/ScheduleAnnualFundOperatingExpensesSSgAEmergingMarketsFund column period compact * ~</div> 0.0075 0.0003 0.0027 0.0105 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 0.50% 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. 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. The returns would have been lower without the contractual fee waiver and/or expense reimbursement. The Fund began operating on March 22, 2005. 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. The returns would have been lower without the voluntary management fee waiver and/or expense reimbursement. The returns would have been lower without the contractual fee waiver and/or expense reimbursement. 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 0.60% 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. 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. 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 fee and expenses) 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. The fund's investment advisor is 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 0.40% 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 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 $685,760 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. The returns would have been lower without the contractual and voluntary management fee waiver and/or expense reimbursement. 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. Amounts reflect the total expenses of the Portfolio and the fund. The fund’s investment advisor is contractually obligated until December 31, 2013 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 0.18% 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. 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. 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. 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. The returns would have been lower without the contractual fee waiver and/or expense reimbursement. 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. The returns would have been lower without the contractual fee waiver and/or expense reimbursement. The Select Class began operating on March 1, 2006. Performance for the fund's Select Class before inception is derived from the historical performance of the Institutional Class. The returns shown above do not reflect deduction of the lower distribution fees and shareholder services fees applicable to the Select Class. The returns of the Select Class would have been higher than the Institutional Class due to the lower distribution and shareholder servicing fees.