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 Management Fee and to reimburse the Emerging Markets Fund for all expenses to the extent that total expenses (exclusive of non-recurring account fees, extraordinary expenses and acquired Fund fees and expenses) exceed 1.25% 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.

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.

International markets entail different risks than those typically associated with domestic markets, including foreign currency fluctuation, political and economic instability, accounting changes and foreign taxation.  These risks can be increased when investing in emerging markets securities.

The MSCI Emerging Markets Index is comprised of 26 countries. MSCI targets to capture 85% of free float-adjusted companies within each industry group in every country. Designation as an emerging market is determined by a number of factors, such as gross domestic product per capita; local government regulations; perceived investment risk; foreign ownership limits and capital controls; or the general perception by the investment community when determining an “emerging” classification of a market. The index is unmanaged and may not be invested in directly.