All International Allocation Strategy

The Strategy seeks to provide a total investment return in excess of the performance of its benchmark index (the "Index") over the long term.

BENCHMARK: MSCI ACWI ex USA Index

SSGA actively allocates the Strategy's assets among two major asset classes, Non-US Developed and Emerging equities, in order to meet its investment objective. SSGA will overweight or underweight the Strategy's asset allocation to different asset classes based principally on its analysis of the relative attractiveness of the various asset classes. SSGA may reallocate the Strategy's assets among asset classes at any time it believes that the reallocation has the potential to increase the Strategy's investment return.

The Strategy seeks to generate excess return above the benchmark through two distinct mechanisms; namely, asset allocation and security selection within underlying managed investments. Broad asset class active weights around the benchmark for tactical positioning are constrained to +/-15% Non U.S. Developed Market ex Canada, +/-5% Canada, +/-15% for Emerging Markets, and +/-10% International Small Cap.

SSGA will typically implement its asset allocation decisions for the Strategy through investments in other investment pools managed by SSGA, exchange traded funds, and exchange traded or OTC derivatives. SSGA reserves the ability to implement all or any portion of the Strategy through investments directly in equities and other investments.

SSGA seeks to enable the Strategy to outperform the benchmark over the long term by employing both asset allocation and security selection investment strategies. There can be no assurance that the Strategy will achieve its investment objective.

As part of its proxy voting program, SSGA is offering eligible investors that hold units in certain Portfolios a range of voting policies that can be applied to the voting of shares held in that Portfolio. Investors in these select Portfolios may, from time to time, enter into arrangements with SSGA pursuant to which such investors direct that a pro rata portion of shares held by the Portfolio attributable to such investors be voted pursuant to a voting policy made available by a third party proxy voting administrator. For a Portfolio structured as a pooled investment vehicle, an investor’s choice of voting policy and the voting of shares in accordance with such policy may not reflect, and may in fact conflict with, the concerns and values of one or more other investors in the Portfolio. To the extent that shares held by the Portfolio are voted pursuant to SSGA’s proxy voting program, there is a risk that such shares may be voted in a way that is different to how other equivalent shares held by the Portfolio are being voted. Please also refer to “Essential SSGA: A Summary of State Street Global Advisors’ U.S.-Domiciled Commingled Funds, U.S.-Managed Separately Managed Accounts and Related Conflicts of Interest” for additional information on SSGA’s policy on proxy voting and the risk factors associated with the SSGA proxy voting program.

The availability of the SSGA proxy voting program is subject to any applicable regulatory, operational (including in respect of fractional voting rights), local market (including any applicable local restrictions on split voting), tax, cost or other constraints of the third party proxy voting or SSGA. SSGA reserves the right to suspend or cancel, in full or in part, the SSGA proxy voting program (in any one instance or more broadly), including with immediate effect, if required by applicable law or regulation or if SSGA otherwise considers that such action is appropriate. This may result in shares being voted in accordance with the SSGA’s proxy voting policy rather than in accordance with an investor’s choice of voting policy.

Note:

The MSCI ACWI ex USA Index is a trademark of MSCI Inc.

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.