SSgA Small Cap Fund (SVSCX)

FUND OBJECTIVE

The Fund seeks to maximize total return through investments in equity securities; at least 80% of the total assets will be invested in smaller capitalization equity securities.

Important risk information

Fund Information
As of 09/07/2010
Ticker Symbol		SVSCX
Primary Benchmark		Russell 2000
CUSIP		784924706
Gross Expense Ratio		2.70%
Net Expense Ratio		1.25%
Inception Date		07/01/1992
Investment Manager		SSgA Funds Management, Inc.
Management Team		Active Quantitative Equity Team
Distributor		State Street Global Markets, LLC
Distribution Frequency		Annually

Fund Characteristics
As of 07/31/2010
Earnings Growth 5 Year		5.22%
FY 1 P/E Ratio		14.07
Number of Holdings		278
Price/Book Ratio		1.81
Weighted Average Market Cap		$939.45 M

Fund Performance
	Month End as of07/31/2010	Quarter End as of06/30/2010
1 Month	7.33%	-7.96%
QTD	7.33%	-9.75%
YTD	2.97%	-4.06%
1 Year	13.87%	15.89%
3 Year	-14.17%	-18.59%
5 Year	-7.20%	-7.44%
10 Year	0.37%	-0.53%
Inception07/01/1992	6.28%	5.90%

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit ssgafunds.com for most recent month-end performance.

Fund Net Asset Value
As of 09/03/2010
1 Day Average Yield (subsidized)		0.00%
Percent Change		1.75%
Price		$16.89
Price Change		$0.29
Shares Outstanding		541,870
Total Net Assets		$9.15 M

PURCHASE INFORMATION

Minimum Investments
Initial $1,000.00
Additional $100.00
Initial IRA $250.00
Additional IRA $100.00
Additional AIP $100.00

Brokerage Availability
SSgA Funds are available through most major broker/dealer and supermarket platforms. If you are an investment advisor and have questions regarding platform availability, please call 800-997-7327. Otherwise, please call 877-521-4083.

To Purchase by wire
You may make initial or subsequent investments by wiring federal funds to State Street, as Transfer Agent by:

1. Telephoning the Customer Service Department at 1-800-647-7327 between 8:00 a.m. and 4:00 p.m., Eastern Time, and stating: (a) your account registration number, address and social security or tax identification number, (b) the name of the fund in which the investment is to be made and the account number, and (c) the exact amount being wired.

2. Instructing the wiring bank to wire federal funds to:
State Street Bank and Trust Co.
225 Franklin Street, Boston, MA 02110
ABA# 0110-0002-8
DDA#9904-631-0
Attn: SSGA (SSgA Small Cap Fund)
Account Number and Registration
Dollar Amount Per Account (if one wire is to cover more than one purchase)

Correspondence Information
SSgA Funds
One Lincoln Street
Boston, MA 02111-2900
1-800-647-7327

PERFORMANCE CHART
				Annualized
		AS OF	1 Month	QTD	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception 07/01/1992
Month End	Fund	07/31/10	7.33%	7.33%	2.97%	13.87%	-14.17%	-7.20%	0.37%	6.28%
Month End	Index	07/31/10	6.87%	6.87%	4.79%	18.43%	-4.32%	0.47%	4.03%	8.54%
Quarter End	Fund	06/30/10	-7.96%	-9.75%	-4.06%	15.89%	-18.59%	-7.44%	-0.53%	5.90%
Quarter End	Index	06/30/10	-7.75%	-9.92%	-1.95%	21.48%	-8.60%	0.37%	3.00%	8.18%

Gross Expense Ratio:2.70%
Net Expense Ratio:1.25%

Performance Graphs

Month End as of07/31/2010
Fund Inception Date:07/01/1992
Index Inception Date:01/01/2000

Quarter End as of06/30/2010
Fund Inception Date:07/01/1992
Index Inception Date:01/01/2000

Fund Top Holdings
As of07/31/2010
Name	Weight
Hexcel Corp New	1.05%
Polyone Corp	1.02%
Verifone Sys Inc	1.01%
Triumph Group Inc New	0.97%
Complete Production Service	0.97%
Cracker Barrel Old Ctry Sto	0.93%
Isilon Sys Inc	0.93%
American Med Sys Hldgs Inc	0.92%
Brightpoint Inc	0.91%
Monro Muffler Brake Inc	0.91%

The short- term results of a relatively new fund are not necessarily indicative of its long-term prospects. The use of short selling entails a high degree of risk, may increase potential losses and is not suitable for all investors.

Not FDIC Insured - No Bank Guarantee - May Lose Value

Unless otherwise noted all information contained herein is that of the SSgA Small Cap Fund.

Investments in smaller companies may involve greater risks than those in larger, better known companies.

The Russell 2000 Index is unmanaged and can not be invested in directly. The Index is composed of the 2,000 smallest securities in the Russell 3000 Index, representing approximately 11% of the Russell 3000 total market capitalization. This index is widely regarded in the industry as the premier measure of small cap stocks.

The Russell 2000 Index is a trademark of the Frank Russell Company. RussellTM is a trademark of the Frank Russell Company.

FAMILY OF PRODUCTS :ETF| Global SPDRs

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

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

#10995

	NAME	TITLE	RESPONSIBLITY	HIRE DATE	INDUSTRY START	SCHOOL	DEGREE*
	Brian F. Shannahan	Senior Managing Director	Head of US Active Quantitative Equity	2000	1993	University of Connecticut	Master of Business Administration
Brian is a Senior Managing Director of State Street Global Advisors and the Head of the U.S. Active Quantitative Equity Team. He is also a senior portfolio manager responsible for long and long/short strategies on the U.S. team. Prior to joining SSgA, Brian was with BankBoston where he was Director, Portfolio Management. He was responsible for portfolio management, trading, structured transactions, and security issuance in the capital markets. He has been working in the investment management field since 1993. Brian received an MBA in Finance and Quantitative Methods from the University of Connecticut and a BSE in Chemical Engineering from Princeton University. He is a member of the Board of Directors and is chairman of the Investment Committee for New England Villages, Inc., a private residential community for severely disabled adults. Brian has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and the Association for Investment Management and Research (AIMR).
	Michael Arone	Managing Director	Head of EMEA Product Engineering	1997	1994	Bentley College	Bachelor of Science
Michael is a Managing Director at State Street Global Advisors. He is Head of Europe, Middle East and Africa (EMEA) Product Engineering. Previously Michael was a Senior Portfolio Manager for the Global Active Quantitative Equity Team. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael began his investment career in 1994 as a performance analyst with Frontier Capital Management Company. He is a frequent speaker at industry conferences and is the author of several articles related to institutional investment management practices. Michael holds a BS in Finance from Bentley College. He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and CFA Institute.
	Anna Mitelman Lester	Vice President	Senior Portfolio Manager	2005	1998	MIT Sloan School of Management	Master of Business Administration
Anna is a Vice President of State Street Global Advisors and a Senior Portfolio Manager for the U.S. Active Quantitative Equity Team. She has substantial experience developing quantitative strategies and managing investment portfolios using quantitative disciplines. Anna is responsible for portfolio management and research for the US active small cap investment strategies. Prior to joining SSgA, Anna was an analyst and portfolio manager at Putnam Investments and its subsidiary PanAgora Asset Management. Anna holds a BA in Computer Science and Mathematics from Wellesley College and an MBA from the MIT Sloan School of Management. She is a member of the Boston Security Analysts Society and CFA Institute.
	Jim Johnson	Vice President	Senior Portfolio Manager	2005	1990	University of Minnesota, Carlson School of Business	Master of Business Administration
Jim is a Vice President of State Street Global Advisors and a Senior Portfolio Manager for the U.S. Active Quantitative Equity Team. He has substantial experience developing quantitative strategies and managing investment portfolios using quantitative disciplines. Jim began his investment career in 1990 as a quantitative analyst and has been a portfolio manager since 1998. Prior to joining SSgA in 2005, he managed a market neutral hedge fund and mutual fund portfolios for American Express Financial Advisors. Jim holds a degree in Music Engineering Technology and a minor in Electrical Engineering from The University of Miami. He also holds an M.B.A. in Finance from The University of Minnesota Carlson School of Business. Jim earned the Chartered Financial Analyst designation in 1995.

SSgA Small Cap Fund (SVSCX)

FUND OBJECTIVE

PURCHASE INFORMATION

Performance Graphs

Fund Sector Allocation

Russell 2000

Important Risk Information

After Tax Returns

Active Quantitative Equity Team