U.S. Equity Select 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: S&P 500^® Index 

The investment universe for this Strategy is made up of equity securities of large- and mid-cap companies domiciled in or trading in the U.S.

The Strategy uses a fundamental research-driven investment process to build a high-conviction portfolio of equities that we believe offer sustainable growth prospects at a reasonable valuation. After screening the investment universe, our analysts perform detailed company due-diligence including quantitative forecasts of financial metrics and a rigorous assessment of quality scored on proprietary metrics. Portfolio construction is based on choosing the companies that we believe offer the best combination of quality, sustainable growth, and valuation, while managing portfolio risk. The investment approach is disciplined and takes a long-term perspective.

The Team employs the following constraints in managing the Strategy:

• Number of Equity Issuer Holdings: 30 - 40
• Maximum position in equity securities of an issuer: greater of 5% or benchmark +3%
• Sector weight versus the Index: ± 15%
• ADRs less than 10% of portfolio market value

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 S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by SSGA. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). SSGA's investment products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates.

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.  

Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations.

Investing involves risk including the risk of loss of principal.  

Actively managed strategies do not seek to replicate the performance of a specified index. The Strategy is actively managed and may underperform its benchmarks. An investment in the strategy is not appropriate for all investors and is not intended to be a complete investment program. Investing in the strategy involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

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.