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Short Term Investment Strategy

Investment Objective

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

Investment Strategy

The Strategy invests principally in high quality, short-term securities and other instruments including, but not limited to, U.S. Treasury bills, notes and bonds, other obligations issued or guaranteed as to principal or interest by the U.S. Government, its agencies or instrumentalities, corporate debt obligations (including commercial paper of U.S. and foreign companies), instruments of U.S. and foreign banks, including time deposits (including Eurodollar Time Deposits), certificates of deposit (including Eurodollar and Yankee Certificates of Deposit) and banker's acceptances, supranational and sovereign debt obligations (including obligations of foreign government subdivisions), mortgage-backed and asset-backed securities, repurchase agreements, funding agreements, money market mutual funds subject to SEC Rule 2a-7, and other investment pools that SSGA determines to be consistent with the Strategy's investment objective. All securities held by the Strategy are U.S. dollar denominated. The Strategy may concentrate its investments in one or more industries or groups of industries, such as investments in obligations of U.S. or non-U.S. banks. 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 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.

The Strategy will not typically engage in transactions involving derivatives, although it may purchase securities in which options or other derivatives are embedded. The Strategy would not purchase those securities for purposes of creating what SSGA considers to be investment leverage. (SSGA generally will determine whether an investment has the effect of creating investment leverage by evaluating the effect of the investment on the exposure and risk profile of a Portfolio as a whole.) 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. SSGA may implement the Strategy's asset allocations through investments in other investment vehicles. These will typically include investment pools (which may, but will not necessarily, be registered under the U.S. Investment Company Act of 1940, as amended) managed or sponsored by SSGA or an affiliate. Because of the unit issuance processes employed by the various underlying investment pools, allocations by the Strategy to certain pools on a given trading day may be invested in such pools at the next trading day's net asset value per unit. This will result in the portion of the Strategy's assets being invested in such investment pools being held in cash for the trading day and may result in increased active risk. This could adversely impact the return to any investor. 


Source ICE BofA, used with permission. ICE BofA does not guarantee the suitability, quality, accuracy, timeless, and/or completeness of the ICE BofA indices, and does not sponsor, endorse, or recommend SSGA or 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.