State Street Defensive Emerging Markets Equity Fund Class N 

This fund is designed to allocate a minimum of 80% of its total assets (including any borrowed funds) to the shares of companies. These companies must either be headquartered in, or derive a significant portion of their business from, nations that the Adviser has identified as having developing or evolving economies or securities markets. The definition of an emerging market aligns with those included in the MSCI® Emerging Markets Index, which also serves as the fund's performance benchmark.