The Strategy seeks to provide safety of principal, a high level of liquidity and a competitive yield.
Portfolios managed using the Strategy are not "money market funds" registered with the U.S. Securities and Exchange Commission ("SEC"), and are not subject to the various rules and limitations that apply to such funds. Although a Portfolio may seek to maintain a stable or constant net asset value, there can be no assurance that it will do so.
BENCHMARK: ICE BofA 3-Month U.S. Treasury Bill Index
The Strategy attempts to achieve its investment objective by investing, under normal circumstances, substantially all of its assets in obligations issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities ("U.S. government securities"), in repurchase agreements collateralized by U.S. government securities, and in money market mutual funds subject to Rule 2a-7 and other investment pools that SSGA determines to be consistent with the Strategy's investment objective, including other vehicles managed by SSGA. All of the Strategy's investments will be denominated in U.S. dollars.
Investments made by the Strategy may satisfy some, but not necessarily all, of the quality, maturity, liquidity, and diversification requirements set forth in Rule 2a-7 under the U.S. Investment Company Act of 1940. For example, the dollar-weighted average maturity and dollar-weighted average life of the Strategy will not normally exceed 60 days and 120 days, respectively, and the maximum expected average time to receipt of principal of any single security purchased by the Strategy will not normally exceed 397 days. The Strategy will not invest in a security or other investment unless SSGA determines at the time of investment that it presents minimal credit risk. The Strategy is not required to comply with the requirements of Rule 2a-7 and thus, does not incorporate all of the requirements of Rule 2a-7, such as, for example, requirements as to board reporting, certain periodic testing requirements, and requirements for certain reports to the SEC, as well as certain substantive limitations on investments contained in Rule 2a-7.
Portfolios managed using the Strategy are expected typically to issue and redeem shares at a "book value" of $1 per share. Portfolios managed using the Strategy are not registered money market funds, and may continue to issue and redeem shares at book value under circumstances where a registered money market fund might not, such as when the variation between book value per share and market value per share exceed levels permissible for a registered money market fund to issue and redeem shares at $1 per share. SSGA may at any time (without notice to investors) cause a Portfolio to issue and redeem shares at their market value, rather than their book value.
Note:
Source ICE BofA, used with permission. ICE BOFA IS LICENSING THE ICE BOFA INDICES "AS IS", MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELESS, AND/OR COMPLETENESS OF THE ICE BOFA INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND SSGA, OR ANY OF ITS PRODUCTS OR SERVICES.
There are risks involved with investing, including possible loss of principal. You should refer to the Strategy's Disclosure Document (SDD) for a complete description of the risks of investing in the Strategy. Please contact SSGA's relationship management team for a copy of the SDD.
