Average annual total return and total return are historical and include change in share value and reinvestment of dividends and capital gains , if any.

♦The Advisor has contractually agreed to waive up to the full amount of the Advisory fee and reimburse the Directional Core Equity Fund for all expenses (exclusive of nonrecurring account fees, extraordinary expenses and dividends and interest on securities sold short) in excess of 1.60% of average daily net assets on an annual basis until December 31, 2008.

Performance data reflects an expense limitation currently in effect, without which returns would have been lower.

The Advisor has contractually agreed to reimburse the Fund for all expenses (exclusive of nonrecurring account fees, extraordinary expenses and dividends and interest on securities sold short) in excess of 1.60% of average daily net assets on an annual basis. The Fund's Expense Ratio reflects 0.14% of Dividends from Short Sales.

The short-term results of a relatively new fund are not necessarily indicative of its long-term prospects.

The SSgA Directional Core Equity Fund presents different risks than those typically associated with long-only equity investing.Specifically, this Fund may utilize leverage as a result of short selling. The use of leverage as a result of short selling could increase the volatility of the Fund's share price and cause the Fund to incur a loss.  The Fund may actively trade portfolio securities and will typically have a turnover rate of 100% - 300%.  Tax-sensitive investors may wish to consult a tax professional prior to investing.

The Russell 1000® Index is a trademark of the Frank Russell Company. Russell TM is a trademark of the Frank Russell Company.

Shares of the SSgA® funds are not insured by the FDIC or by another governmental agency: they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. The SSgA funds pay State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSgA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services.

The fund will measure its performance against the Russell 1000® Index.  The Russell 1000 Index offers investors access to the extensive large-cap segment of the US Equity universe representing approximately 92% of the US market.The Russell 1000 is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.  The Russell 1000 includes the largest 1000 securities in the Russell 3000.