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<PAGE>
SSgA FUNDS
SUPPLEMENT DATED NOVEMBER 17, 2000
SSgA ACTIVE INTERNATIONAL FUND
PROSPECTUS DATED DECEMBER 17, 1999
(AS SUPPLEMENTED THROUGH NOVEMBER 8, 2000)
Effective with the annual update of the SSgA Funds' registration statement,
expected to take place on or around December 19, 2000, the name of the SSgA
Active International Fund will be changed to the SSgA International Stock
Selection Fund.
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