STATE STREET DIVERSIFIED INCOME FUND CLASS K (SBFYX) Exchange: NMFQS

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its net assets in income securities of varying maturities. SSGA Funds Management, Inc. (the “Adviser”) attempts to diversify the Fund's assets across income-generating types of securities while making adjustments to the portfolio to manage risk through different credit cycles based on the Adviser's risk/return forecasts. The Fund seeks to manage volatility through portfolio diversification across different income-generating securities and manage exposures to duration, credit rating/quality, geography, maturity and different parts of the capital structure of issuers in which the Fund invests. The Fund's investments may include income securities of any credit rating, income securities issued by governmental entities (including supranational entities), their agencies and instrumentalities, collateralized loan obligations, high-yield senior loans, mortgage-related and asset-backed securities and other fixed and floating or variable rate obligations. The Fund may invest in securities of any duration. The Fund may also invest up to 10% of its net assets in convertible securities and up to 10% of its net assets in preferred securities. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, including ETFs advised by the Adviser, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may invest in such income securities of issuers located in the United States and non-U.S. countries, including emerging market entities and may obtain exposure to non-U.S. countries directly or indirectly, such as through investment in depositary receipts. An emerging market country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's political and economic stability, and the development of its financial and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic exposure to an emerging market, including corporate, national and local government, and quasi-government entities. The Fund may invest up to 80% of its net assets in high yield securities (commonly referred to as below-investment-grade bonds or junk bonds) rated below investment grade by Moody's Investors Service, Inc. (“Moody's”), Standard & Poor's Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or if unrated, as determined by the Adviser. In the event that ratings services assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security. The Fund may invest up to 75% of its net assets in income securities of issuers domiciled in emerging market countries. In addition, the Fund may invest up to 50% of its net assets in income securities denominated in foreign currencies (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity). The Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its net assets. The Fund may invest, without limitation, in derivative instruments, which the Fund currently expects would include income-related forwards, options, futures and swaps. The Fund expects to use such instruments primarily to adjust market exposures (including duration and yield curve), to gain broad income market exposures pending investments of cash, or to reduce market exposures pending the sales of securities. The Fund may also enter into foreign currency futures, forward contracts, and options to hedge currency risk. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).