Introducing dual share classes. Built for DC plans.

¹ State Street S&P 500 Index Fund – Institutional Shares are generally available to employer- and state-sponsored retirement plans that qualify as defined contribution plans (collectively, “Eligible Plans”). Certain other institutional investors, including endowments and foundations, defined benefit plans, states, counties, cities, or their instrumentalities, insurance companies, trust companies and bank trust departments, and 529 plans (“Other Eligible Investors”), may be eligible to purchase State Street S&P 500 Index Fund – Institutional Shares. With respect to Eligible Plans, Institutional Class Shares have no investment minimum. With respect to Other Eligible Investors, the initial investment minimum for Institutional Class Shares is generally $100 million, although the Fund may reduce or waive the minimum in some cases.

² The Net Expense Ratio reflects a contractual agreement by SSGA Funds Management Inc., the Fund’s investment adviser, to waive 0.01% of non-portfolio level operating expenses attributable to the State Street S&P 500 Index Fund- Institutional Class Shares. This agreement will remain in effect until October 31, 2031, and may be modified or terminated before that date only with the approval of the Fund's Board of Trustees. The agreement does not apply to any of the Fund's portfolio level operating expenses.

³ Source: State Street Investment Management, as of 9/30/2026.

Important Risk Information

Investing involves risk including the risk of loss of principal.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Investment Management’s express written consent. All information is from State Street Investment Management unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is not representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Market Risk: The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.

Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of smaller and mid-sized companies.

The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”); however, the Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.

Passively managed funds invest by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

The State Street S&P 500 Index Fund – Institutional Shares (the “Mutual Fund Share Class”) is a mutual fund share class of the State Street® SPDR® Portfolio S&P 500® ETF (the “Fund”). The Fund also offers the State Street® SPDR® Portfolio S&P 500® ETF – ETF Class Shares (the “ETF Share Class”), an exchange-traded fund share class of the Fund. Shares of the ETF Share Class are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices. Shares of the Mutual Fund Share Class are purchased and redeemed at the Fund’s net asset value next determined after receipt of the purchase or redemption order.

Intellectual property information: The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect 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 SPDR ETFs.

Before investing in a fund, consider its investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-800-997-7327 or visit ssga.com. Read it carefully.

Not FDIC Insured - No Bank Guarantee - May Lose Value

© 2026 State Street Corporation. All Rights Reserved.

9198454.1.1.AM.RTL

Exp. Date: 10/31/2027